Document:

Prepared by MERRILL CORPORATION www.edgaradvantage.com

QuickLinks
 -- Click here to rapidly navigate through this document

EXHIBIT 10.32  

 
 

FIRST AMENDMENT TO CREDIT AGREEMENT    
  

    THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "First Amendment") is entered into as of November 13, 2000 among Covance Inc. (the "Borrower"),
certain of the Borrower's Subsidiaries (individually a "Guarantor" and collectively the "Guarantors"), the Lenders party to the Credit Agreement defined below (the "Lenders") and Bank of America,
N.A., as Administrative Agent (the "Administrative Agent"). Capitalized terms used herein and not otherwise defined herein have the respective meanings given to them in the Credit Agreement. 

 
 

RECITALS    
  

    WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to a Credit Agreement dated as of June 28, 2000 (as amended,
modified, supplemented or restated from time to time, the "Credit Agreement"); 

    WHEREAS,
the Borrower has requested that the Lenders consent to an amendment of certain provisions of the Credit Agreement; and 

    WHEREAS,
the Lenders executing below have agreed to such amendment of the Credit Agreement on the terms and subject to the conditions contained in this First Amendment. 

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

I. AMENDMENTS  

    1.1 The definition of "Applicable Percentage" in Section 1.1 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows: 

    "Applicable Percentage" means (a) for Eurocurrency Loans, 2.00% and (b) for Facility Fees, 0.50%.

    1.2
The definition of "Existing Credit Agreement" in Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 

    "Existing Credit Agreement" means that certain Credit Agreement dated as of November 26, 1996 among the Borrower, the
Guarantors, the lenders party thereto, Bank of America, as administrative agent and Wachovia Bank, N.A., as syndication agent, as amended by that certain First Amendment to Credit Agreement dated as
of October 24, 1997, that certain Second Amendment to Credit Agreement dated as of October 1, 1999, that certain Third Amendment to Credit Agreement dated as of June 28, 2000,
that certain Fourth Amendment to Credit Agreement dated as of November 13, 2000 and as further amended, modified, supplemented, extended or restated from time to time.

    1.3
Section 3.3(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    (b) Mandatory Prepayments.

    ************

    (ii) Asset Dispositions. Within two Business Days after the closing of any Asset Disposition, (A) the
Borrower shall prepay the Loans and the loans outstanding under the Existing Credit Agreement, on a pro rata basis (determined based on the amount of obligations outstanding thereunder on the date of
such Asset Disposition), in an aggregate amount equal to 100% of the Net Cash Proceeds of such Asset Disposition and (B) the Revolving Committed Amount and the ECA Revolving Committed Amount
shall be reduced, on
a pro rata basis (determined based on the amount of the Revolving Committed Amount and the ECA Revolving Committed Amount on  

 

 the date of such Asset Disposition), by an aggregate amount equal to 100% of the Net Cash Proceeds of such Asset Disposition.  

    1.4 The Lenders hereby consent to the amendments to the Incorporated Covenants and the Incorporated Terms set forth in that certain Fourth Amendment to the
Existing Credit Agreement dated as of the date hereof (the "Fourth Amendment to Existing Credit Agreement"), a copy of which is attached hereto as  Exhibit A, and agree that the Incorporated
Covenants and the Incorporated Terms shall hereafter be modified as set forth in such Fourth Amendment
to Existing Credit Agreement. 

II. CONDITIONS PRECEDENT  

    2.1 This First Amendment shall be effective upon the Fourth Amendment to Existing Credit Agreement becoming effective and upon receipt by the Administrative
Agent of each of the following: 

    (a)
Counterparts of this First Amendment duly executed by the Credit Parties and the Required Lenders; 

    (b)
An amendment fee, for the benefit of each Lender that approves, executes and delivers to the Administrative Agent this First Amendment on or prior to November 13, 2000,
equal to 0.15% of the Commitment of such Lender; 

    (c)
Copies of resolutions of the Board of Directors of each Credit Party (or its general partner, as applicable) approving and adopting this First Amendment, the transactions
contemplated herein and authorizing execution and delivery hereof, certified by a secretary or assistant secretary of such Credit Party (or its general partner, as applicable) to be true and correct
and in force and effect as of the date hereof; 

    (d)
An opinion from legal counsel to the Credit Parties (which shall cover, among other things, authority, legality, validity, binding effect and enforceability), reasonably
satisfactory to the Administrative Agent, addressed to the Agents and the Lenders and dated as of the date hereof; and 

    (e)
All fees due and payable to the Administrative Agent pursuant to the terms of that certain fee letter, dated as of November 8, 2000, between the Borrower and the
Administrative Agent. 

III. MISCELLANEOUS  

    3.1 The term "Credit Agreement" as used in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this First Amendment. Except as
herein specifically agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

    3.2
Each of the Credit Parties represents and warrants as follows: 

    (a)
It has taken all necessary action to authorize the execution, delivery and performance of this First Amendment. 

    (b)
This First Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party's legal, valid and binding obligations, enforceable in accordance
with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors'
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

    (c)
No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with
the execution, delivery or performance by such Credit Party of this First Amendment. 

2

 

    (d) The representations and warranties of such Credit Party set forth in Section 6 of the Credit Agreement (including, without limitation, the Incorporated Representations) are
true and correct in all material respects as of the date hereof except to the extent they expressly relate to an earlier date. 

    (e)
No Default or Event of Default exists and is continuing. 

    3.3
This First Amendment shall constitute a Credit Document. 

    3.4
The Guarantors acknowledge and consent to all of the terms and conditions of this First Amendment and agree that this First Amendment and all documents executed in connection
herewith do not operate to reduce or discharge the Guarantors' obligations under the Credit Documents. 

    3.5
In consideration of the Agents and the Required Lenders entering into this First Amendment, the Credit Parties hereby release the Agents, such Lenders, and the Agents' and such
Lenders' respective officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature,
in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act on or prior to the date hereof. 

    3.6
This First Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and
the same instrument. 

    3.7  THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

3

 

    IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to be duly executed and delivered by their proper and duly authorized officer as of the
day and year first above written. 

	BORROWER:	 	COVANCE INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Corporate Senior Vice President

	
GUARANTORS:	
 	

COVANCE PERIAPPROVAL SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
COVANCE PHARMACEUTICAL PACKAGING

SERVICES INC., a Pennsylvania corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
COVANCE LABORATORIES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

4

 

	

 	
 	
COVANCE RESEARCH PRODUCTS INC.,
 a Pennsylvania corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
COVANCE CENTRAL LABORATORY SERVICES

LIMITED PARTNERSHIP, an Indiana limited partnership
	

 	
 	

By Covance Central Laboratory Services Inc., a Delaware corporation, its General Partner
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
COVANCE PRECLINICAL CORPORATION,
 a Washington corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
COVANCE CENTRAL LABORATORY SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	

 	
 	
CJB INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

5

 

	

 	
 	
COVANCE BIOTECHNOLOGY SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
ADMINISTRATIVE AGENT:	
 	

BANK OF AMERICA, N.A.,
 in its capacity as Administrative Agent and as a Lender
	

 	
 	

By:	

/s/ MARTY V. MITCHELL   

	 	 	Name:	Marty V. Mitchell

	 	 	Title:	Principal

	
LENDERS:	
 	

THE FUJI BANK, LIMITED
	

 	
 	

By:	

/s/ YUJI TANAKA   

	 	 	Name:	Yuji Tanaka

	 	 	Title:	Vice President and Manager

	

 	
 	
BARCLAYS BANK PLC
 
	

 	
 	
By:	

/s/ MATTHEW TUCK   

	 	 	Name:	Matthew Tuck

	 	 	Title:	Associate Director and Vice President

	

 	
 	
BANK OF TOKYO – MITSUBISHI TRUST COMPANY
	

 	
 	
By:	

/s/ JEFFREY K. STANTON   

	 	 	Name:	Jeffrey K. Stanton

	 	 	Title:	Vice President

6

 
 
 

Exhibit A
  
    Fourth Amendment to Existing Credit Agreement    
  

7

QuickLinks

FIRST AMENDMENT TO CREDIT AGREEMENT

RECITALS

Exhibit A Fourth Amendment to Existing Credit AgreementPrepared by MERRILL CORPORATION www.edgaradvantage.com

QuickLinks
 -- Click here to rapidly navigate through this document

EXHIBIT 10.33  

 
 

FOURTH AMENDMENT TO CREDIT AGREEMENT    
  

    THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth Amendment") is entered into as of November 13, 2000 among Covance Inc. (the "Borrower"),
certain of the Borrower's Subsidiaries (individually a "Guarantor" and collectively the "Guarantors"), the Lenders party to the Credit Agreement defined below (the "Lenders"), Bank of America, N.A.,
formerly NationsBank, N.A., as Administrative Agent (the "Administrative Agent") and Wachovia Bank, N.A., successor by merger to Wachovia Bank of Georgia, N.A., as Syndication Agent (the "Syndication
Agent"; the Administrative Agent, together with the Syndication Agent, may be referred to herein as the "Agents"). Capitalized terms used herein and not otherwise defined herein have the respective
meanings given to them in the Credit Agreement. 

 
 

RECITALS    
  

    WHEREAS, the Borrower, the Guarantors, the Lenders, the Administrative Agent and the Syndication Agent are parties to a Credit Agreement dated as of
November 26, 1996 (as previously amended and as further amended, modified, supplemented or restated from time to time, the "Credit Agreement"); 

    WHEREAS,
the Borrower has requested that the Lenders consent to an amendment of certain provisions of the Credit Agreement; and 

    WHEREAS,
the Lenders executing below have agreed to such amendment of the Credit Agreement on the terms and subject to the conditions contained in this Fourth Amendment. 

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

I. AMENDMENTS  

    1.1 The definition of "Applicable Percentage" in Section 1.1 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows: 

    "Applicable Percentage" means (a) for Eurocurrency Loans and Letter of Credit Fees, 2.00% and (b) for Facility Fees,
0.50%.

    1.2
The definition of "Fifty Million Credit Agreement" in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    "Fifty Million Credit Agreement" means that certain Credit Agreement dated as of June 28, 2000 among the Borrower, the
Guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended by that certain First Amendment to Credit Agreement dated as of November 13, 2000 and as
further amended, modified, supplemented, extended or restated from time to time.

    1.3
The definition of "Permitted Acquisition" in Section 1.1 of the Credit Agreement is hereby deleted. 

    1.4
The definition of "Permitted Investments" in Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 

    "Permitted Investments" means Investments which are (a) cash or Cash Equivalents, (b) accounts receivable created,
acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms, (c) inventory, raw materials and general intangibles (to the extent
such general intangible is not a Capital Expenditure) acquired in the ordinary course of business, (d) Investments in the Borrower or a Subsidiary of the Borrower, (e) loans to
directors, officers or  

 

 employees in the ordinary course of business for reasonable business expenses, not to exceed in the aggregate $5,000,000 at any one time, (f) the investments existing on the date hereof, as set
forth on Schedule 8.7, (g) Investments in Capital Expenditures, (h) contributions or allocations of the Borrower's capital stock to
any of the Benefits Plans, (i) as long as no Default or Event of Default exists and is continuing, additional Investments, if any, pursuant to (A) the Benefits Plans of the type referred
to in subsection (a) and (b) of the
definition of "Benefit Plans", (B) the Benefits Plans of the type referred to in subsections (c), (d), (e) and (f) of the definition of "Benefits Plans" in an aggregate amount not
to exceed $50,000,000 during the term of this Credit Agreement and (C) the Rights Plan in an aggregate amount not to exceed $2,000,000, and (j) received as consideration in connection
with an asset sale permitted pursuant to Section 8.5; provided, however, "Permitted Investments" shall not include any Investment consisting of
the acquisition of all of the capital stock of another Person or all or substantially all of the assets of another Person.

    1.5
The definition of "Pro Forma Basis" in Section 1.1 of the Credit Agreement is hereby deleted. 

    1.6
Section 3.3(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    (b) Mandatory Prepayments.

    ************

	(ii)
	Asset Dispositions. Within two Business Days after the closing of any Asset Disposition, (A) the Borrower shall
prepay the Loans and the loans outstanding under the Fifty Million Credit Agreement, on a pro rata basis (determined based on the amount of obligations outstanding thereunder on the date of such Asset
Disposition), in an aggregate amount equal to 100% of the Net Cash Proceeds of such Asset Disposition and (B) the Revolving Committed Amount and the FMCA Revolving Committed Amount shall be
reduced, on a pro rata basis (determined based on the amount of the Revolving Committed Amount and the FMCA Revolving Committed Amount on the date of such Asset Disposition), by an aggregate amount
equal to 100% of the Net Cash Proceeds of such Asset Disposition.  

    1.7 Section 6.16 of the Credit Agreement is hereby amended by deleting the phrase "and after giving effect to any Permitted Acquisition" in the third
sentence of such Section. 

    1.8
Section 7.2 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    7.2 Financial Covenants.

    (a) Leverage Ratio. The Leverage Ratio, as of the end of each fiscal quarter of the Borrower for the twelve
month period ending on such date, shall be less than or equal to:  

	(i)
	 On June 30, 2000 and September 30, 2000, 3.0 to 1.0;

 
	(ii)
	 On December 31, 2000, 3.25 to 1.0; and

 
	(iii)
	 On March 31, 2001 and on the last day of each fiscal quarter of the Borrower thereafter, 2.75 to 1.0.  

    (b) Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the end of each fiscal quarter of the
Borrower for the twelve month period ending on such date, shall be greater than or equal to:  

	(i)
	 On June 30, 2000 and September 30, 2000, 2.0 to 1.0;

 
	(ii)
	 On December 31, 2000 and March 31, 2001, 1.4 to 1.0; provided, however, if at any time during such fiscal quarters the Borrower sells
Covance Pharmaceutical Packaging  

2

 

 Services Inc. and/or all or substantially all of its assets, the required Fixed Charge Coverage Ratio level shall be reduced to 1.25 to 1.0; provided further, however, if at any time during
such fiscal quarters the Borrower sells its phase III clinical business, the required Fixed Charge Coverage Ratio level shall be increased to 1.75 to 1.0 and shall remain at such level notwithstanding
any subsequent Asset Dispositions;  

	(iii)
	 On June 30, 2001, 1.75 to 1.0; and

 
	(iv)
	 On September 30, 2001 and on the last day of each fiscal quarter of the Borrower thereafter, 2.25 to 1.0.  

    1.9 A new Section 7.16 is hereby added to the Credit Agreement to read as follows: 

    7.16 Sale of Pharmaceutical Packaging Services Business.

    On or before December 31, 2000, the Administrative Agent shall have received evidence that the Borrower has entered into a definitive agreement for the
sale of the pharmaceutical packaging services business of the Borrower and its Subsidiaries (which sale may be consummated through one or more mergers or stock or asset sales).

    1.10
Section 8.5 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    8.5 Sale or Lease of Assets.  

    No Credit Party will, nor will it permit any of its Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or any part of its business or assets whether now owned or hereafter acquired, including, without limitation, inventory, receivables, equipment, real
property interests (whether owned or leasehold), and securities, other than (a) any inventory sold or otherwise disposed of in the ordinary course of business; (b) the sale, lease,
transfer or other disposal by a Credit Party (other than the Borrower) of any or all of its assets to the Borrower or to another Credit Party; (c) obsolete, slow-moving, idle or
worn-out assets (including inventory) no longer used or useful in its business; (d) the transfer of assets which constitute a Permitted Investment; (e) the lease of assets as
provided in the Lease; (f) any issuance of capital stock by the Borrower to an employee of a Credit Party in connection with the exercise by such employee of an employee stock option; or
(g) such other transfer of assets if (i) such transfer is for fair market value, (ii) at the time of such transfer no Default or Event of Default exists and is continuing,
(iii) as a result of such transfer no Material Adverse Effect would occur or be reasonably likely to occur, and (iv) the Net Cash Proceeds from such transfer are used to prepay Loans in
accordance with the terms of Section 3.3(b)(ii).  

    1.11 Section 8.8 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

    8.8 Restricted Payments.  

    No Credit Party will, directly or indirectly, nor will it permit its Subsidiaries to, (a) declare or pay any dividends or make
any other distribution upon any shares of its capital stock of any class (each such dividend or distribution a "Dividend Restricted Payment") or (b) purchase, redeem or otherwise acquire or
retire or make any provisions for redemption, acquisition or retirement of any shares of its capital stock of any class or any warrants or options to purchase any such shares (each such repurchase,
redemption, acquisition or retirement a "Stock Repurchase Restricted Payment"); provided that (i) any Subsidiary of the Borrower may make Dividend Restricted Payments or Stock Repurchase
Restricted Payments to the Borrower or a Guarantor, (ii) Dividend Restricted Payments in the form of stock may be paid pursuant to the Rights Plan and the Benefits Plans and (iii) as
long as no Default or Event of Default exists and is continuing, Dividend Restricted Payments may be made with respect to (A) the Benefits Plans of the type referred to in subsection
(a) and (b) of the definition of "Benefits Plans", (B) the Benefits Plans of the type referred to in  

3

 

 subsection (c), (d), (e) and (f) of the definition of "Benefits Plans" in an aggregate amount not to exceed $50,000,000 during the term of this Credit Agreement and (C) the Rights
Plans in an aggregate amount not to exceed $2,000,000 during the term of this Credit Agreement.  

    1.12 A new Section 8.11 is hereby added to the Credit Agreement to read as follows: 

    8.11 Limitation on Restricted Actions.  

    No Credit Party will, directly or indirectly, nor will it permit its Subsidiaries to, create or otherwise cause or suffer to exist or
become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Credit Party on its capital stock or with respect
to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit
Party, (d) sell, lease or transfer any of its properties or assets to any Credit Party, or (e) grant Liens on or security interests in its assets, except for such encumbrances or
restrictions existing under or by reason of (i) this Credit Agreement and the other Credit Documents, (ii) the Fifty Million Credit Agreement and the other Credit Documents (as defined
in the Fifty Million Credit Agreement), (iii) applicable law, (iv) any document or instrument governing Indebtedness incurred pursuant to Section 8.1(d),  provided that any
such restriction contained therein relates only to the fixed asset or assets purchased in connection therewith, (v) any
Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such restriction contained therein relates only to the
asset or assets subject to such Permitted Lien, (vi) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 8.5
pending the consummation of such sale, (vii) the Amended and Restated Revolving Credit Agreement, dated as of August 29, 1997, between Covance Biotechnology Services Inc. and Bank
of America, N.A., formerly NationsBank, N.A or (viii) the Master Lease Agreement, dated as of May 27, 1999, between Chase Equipment Leasing, Inc., a New York corporation, and the
Borrower.  

II. CONDITIONS PRECEDENT  

    2.1
This Fourth Amendment shall be effective upon the First Amendment to the Fifty Million Credit Agreement, dated as of the date hereof, becoming effective and upon receipt by the
Administrative Agent of each of the following: 

    (a)
Counterparts of this Fourth Amendment duly executed by the Credit Parties and the Required Lenders; 

    (b)
An amendment fee, for the benefit of each Lender that approves, executes and delivers to the Administrative Agent this Fourth Amendment on or prior to November 13, 2000,
equal to 0.15% of the Commitment of such Lender; 

    (c)
Copies of resolutions of the Board of Directors of each Credit Party (or its general partner, as applicable) approving and adopting this Fourth Amendment, the transactions
contemplated herein and authorizing execution and delivery hereof, certified by a secretary or assistant secretary of such Credit Party (or its general partner, as applicable) to be true and correct
and in force and effect as of the date hereof; 

    (d)
An opinion from legal counsel to the Credit Parties (which shall cover, among other things, authority, legality, validity, binding effect and enforceability), reasonably
satisfactory to the Administrative Agent, addressed to the Agents and the Lenders and dated as of the date hereof; and 

    (e)
All fees due and payable to the Administrative Agent pursuant to the terms of that certain fee letter, dated as of November 8, 2000, between the Borrower and the
Administrative Agent. 

4

 

III. MISCELLANEOUS  

    3.1 The term "Credit Agreement" as used in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this Fourth Amendment. Except
as herein specifically agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

    3.2
Each of the Credit Parties represents and warrants as follows: 

    (a)
It has taken all necessary action to authorize the execution, delivery and performance of this Fourth Amendment. 

    (b)
This Fourth Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party's legal, valid and binding obligations, enforceable in accordance
with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors'
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

    (c)
No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with
the execution, delivery or performance by such Credit Party of this Fourth Amendment. 

    (d)
The representations and warranties of such Credit Party set forth in Section 6 of the Credit Agreement are true and correct in all material respects as of the date hereof
except to the extent they expressly relate to an earlier date. 

    (e)
No Default or Event of Default exists and is continuing. 

    3.3
This Fourth Amendment shall constitute a Credit Document. 

    3.4
The Guarantors acknowledge and consent to all of the terms and conditions of this Fourth Amendment and agree that this Fourth Amendment and all documents executed in connection
herewith do not operate to reduce or discharge the Guarantors' obligations under the Credit Documents. 

    3.5
In consideration of the Agents and the Required Lenders entering into this Fourth Amendment, the Credit Parties hereby release the Agents, such Lenders, and the Agents' and such
Lenders' respective officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature,
in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act on or prior to the date hereof. 

    3.6
This Fourth Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and
the same instrument. 

    3.7
THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

5

 
    IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Fourth Amendment to be duly executed and delivered by their proper and duly authorized officer as of
the day and year first above written. 

	BORROWER:	 	COVANCE INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
GUARANTORS:	
 	

COVANCE PERIAPPROVAL SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE PHARMACEUTICAL PACKAGING

SERVICES INC., a Pennsylvania corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE LABORATORIES INC.,
 a Delaware corporation

	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE RESEARCH PRODUCTS INC.,
 a Pennsylvania corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

6

 

	
 	
 	

COVANCE CENTRAL LABORATORY

SERVICES LIMITED PARTNERSHIP, 

an Indiana limited partnership
	

 	
 	

By Covance Central Laboratory Services Inc., a Delaware corporation, its General Partner
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE PRECLINICAL CORPORATION,
 a Washington corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE CENTRAL LABORATORY SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

CJB INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

	
 	
 	

COVANCE BIOTECHNOLOGY SERVICES INC.,
 a Delaware corporation
	

 	
 	

By:	

/s/ WILLIAM E. KLITGAARD   

	 	 	Name:	William E. Klitgaard

	 	 	Title:	Vice President

7

 

	
AGENTS:	
 	

BANK OF AMERICA, N.A.,
 formerly NationsBank, N.A., in its capacity as

Administrative Agent and as a Lender
	

 	
 	

By:	

/s/ MARTY V. MITCHELL   

	 	 	Name:	Marty V. Mitchell

	 	 	Title:	Principal

	
LENDERS:	
 	

BANK OF MONTREAL
 
	

 	
 	

By:	

/s/ MICHAEL E. JOYCE   

	 	 	Name:	Michael E. Joyce

	 	 	Title:	Managing Director

	
 	
 	

THE FUJI BANK, LIMITED
	

 	
 	
By:	

/s/ YUJI TANAKA   

	 	 	Name:	Yuji Tanaka

	 	 	Title:	Vice President and Manager

	
 	
 	

MORGAN GUARANTY TRUST COMPANY

OF NEW YORK
	

 	
 	
By:	

/s/ ROBERT BOTTAMEDI   

	 	 	Name:	Robert Bottamedi

	 	 	Title:	Vice President

	
 	
 	

THE BANK OF NOVA SCOTIA
	

 	
 	
By:	

/s/ BRIAN S. ALLEN   

	 	 	Name:	Brian S. Allen

	 	 	Title:	Managing Director

8

 

	 	 	BNP PARIBAS
	

 	
 	
By:	

/s/ STEPHANIE ROGERS   

	 	 	Name:	Stephanie Rogers

	 	 	Title:	Vice President

	

 	
 	

By:	

/s/ DUANE P. HELKOWSKI   

	 	 	Name:	Duane P. Helkowski

	 	 	Title:	Director

	
 	
 	

BARCLAYS BANK PLC
	

 	
 	
By:	

/s/ MATTHEW TUCK   

	 	 	Name:	Matthew Tuck

	 	 	Title:	Associate Director and Vice President

	
 	
 	

THE CHASE MANHATTAN BANK
	

 	
 	
By:	

/s/ WING LEE ONG   

	 	 	Name:	Wing Lee Ong

	 	 	Title:	Vice President

	
 	
 	

CREDIT SUISSE FIRST BOSTON
	

 	
 	
By:	

/s/ WILLIAM S. LUTKINS   

	 	 	Name:	William S. Lutkins

	 	 	Title:	Vice President

	

 	
 	

By:	

/s/ ROBERT N. FINNEY   

	 	 	Name:	Robert N. Finney

	 	 	Title:	Managing Director

	
 	
 	

THE DAI-ICHI KANGYO BANK, LTD.
	

 	
 	
By:	

/s/ ANDREAS PANTELI   

	 	 	Name:	Andreas Panteli

	 	 	Title:	Senior Vice President

9

 

	
 	
 	

BANK OF TOKYO – MITSUBISHI TRUST COMPANY
	

 	
 	
By:	

/s/ JEFFREY K. STANTON   

	 	 	Name:	Jeffrey K. Stanton

	 	 	Title:	Vice President

	
 	
 	

MELLON BANK, N.A.
	

 	
 	
By:	

/s/ DONALD G. CASSIDY, JR.   

	 	 	Name:	Donald G. Cassidy, Jr.

	 	 	Title:	Senior Vice President

	
 	
 	

PNC BANK, NATIONAL ASSOCIATION
	

 	
 	
By:	

/s/ JEFFREY A. BLAKEMORE   

	 	 	Name:	Jeffrey A. Blakemore

	 	 	Title:	Senior Vice President

	
 	
 	

THE SANWA BANK LTD.
	

 	
 	
By:	

/s/ JEAN-MICHEL EATOVIC   

	 	 	Name:	Jean-Michel Eatovic

	 	 	Title:	Vice President

10

QuickLinks

FOURTH AMENDMENT TO CREDIT AGREEMENT

RECITALS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]