Document:

Exhibit 10.20

Exhibit 10.20

EXECUTION COPY

AMENDMENT NO. 3

Dated as of April 28, 2011

to

CREDIT AGREEMENT

Dated as of March 15, 2010

THIS AMENDMENT NO. 3 (this “Amendment”) is made as of April 28, 2011 by and among
Kendle International Inc., an Ohio corporation (the “Borrower”), the financial institutions
listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent‘), under that certain Credit Agreement dated as of March 15, 2010 by
and among the Borrower, the Lenders and the Administrative Agent as amended by Amendment No. 1 to
Credit Agreement, dated as of April 27, 2010 and Amendment No. 2 to Credit Agreement, dated as of
January 24, 2011 (as further amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent
agree to certain amendments to the Credit Agreement;

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on
the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby
agree to enter into this Amendment.

Amendments to the Credit Agreement. Effective as of the date of satisfaction of the
conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit
Agreement is hereby amended as follows:

The definition of “Letter of Credit” set forth in Section 1.01 of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:

““Letter of Credit” means any letter of credit or similar instrument (including
without limitation a bank guarantee) acceptable to the Issuing Bank issued for the purpose
of providing credit support issued pursuant to this Agreement. All references in this
Agreement to account party, beneficiary, reimbursements, draws and similar terms used with
respect to any letter of credit constituting a Letter of Credit shall be interpreted in a
similar manner as determined by the Issuing Bank when used with respect to any similar
instrument (including without limitation a bank guarantee) acceptable to the Issuing Bank
constituting a Letter of Credit.”

Section 6.10(a) of the Credit Agreement is hereby restated in its entirety as follows:

“(a) Maximum Total Leverage Ratio. Permit the Total Leverage Ratio, for (i)
the Test Period ending on March 31, 2010, to exceed 4.25 to 1.00, (ii) for the Test Periods
ending on June 30, 2010 or September 30, 2010, to exceed 4.50 to 1.00, (iii) for the Test
Period ending on December 31, 2010, to exceed 4.65 to 1.00, (iv) for the Test Periods ending
on March 31, 2011, June 30, 2011 or September 30, 2011, to exceed 5.50 to 1.00 and (v) for any Test Period
ending on or after December 31, 2011, to exceed 4.25 to 1.00.”

 

 

 

Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that the Administrative Agent shall have received (i) counterparts of this
Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent, (ii)
counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the
Subsidiary Guarantors, and (iii) payment and/or reimbursement of the Administrative Agent’s and its
affiliates’ fees and expenses (including, to the extent invoiced on or prior to the date hereof,
fees and expenses of counsel for the Administrative Agent) in connection with this Amendment and
the other Loan Documents and payable by the Borrower pursuant to the Credit Agreement.

Representations and Warranties of the Borrower. The Borrower hereby represents and
warrants as follows:

This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default
shall have occurred and be continuing, and (ii) the representations and warranties of the Borrower
set forth in the Credit Agreement are true and correct, except for representations and warranties
made with reference solely to an earlier date in which case such representations and warranties
shall have been true and correct as of such earlier date.

Reference to and Effect on the Credit Agreement.

Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement
or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

Each Loan Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and
confirmed.

Except with respect to the subject matter hereof, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan
Documents or any other documents, instruments and agreements executed and/or delivered in
connection therewith.

Governing Law. This Amendment shall be construed in accordance with and governed by the
law of the State of New York.

Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

 

2

 

Counterparts. This Amendment may be executed by one or more of the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

[Signature Pages Follow]

 

3

 

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

	 	 	 	 	 
	 	KENDLE INTERNATIONAL INC.,

as the Borrower

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 15, 2010

Kendle International Inc.

 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

individually as a Lender, as the Swingline Lender, as

the Issuing Bank and as Administrative Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 15, 2010

Kendle International Inc.

 

 

 

EXHIBIT A

Consent and Reaffirmation

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 3
to the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”) by and among Kendle International Inc., an Ohio
corporation (the “Borrower”), the Lenders and JPMorgan Chase Bank, N.A., as Administrative
Agent (the “Administrative Agent”), which Amendment No. 3 is dated as of April 28, 2011 and
is by and among the Borrower, the financial institutions listed on the signature pages thereof and
the Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.
Without in any way establishing a course of dealing by the Administrative Agent or any Lender,
each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the
Subsidiary Guaranty and any other Loan Document executed by it and acknowledges and agrees that the
Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection
with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and
confirmed. All references to the Credit Agreement contained in the above-referenced documents
shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may
from time to time hereafter be amended, modified or restated.

Dated as of April 28, 2011

[Signature Page Follows]

 

 

 

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and
year above written.

	 	 	 	 	 	 	 	 	 
	AAC CONSULTING GROUP, INC.	 	ACER/EXCEL INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE AMERICAS HOLDING INC.	 	KENDLE AMERICAS INVESTMENT INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE AMERICAS MANAGEMENT INC.	 	 KENDLE INTERNATIONAL CPU LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE DELAWARE LLC	 	KENDLE NC LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:Exhibit 10.21

Exhibit 10.21

EXECUTION COPY

AMENDMENT NO. 4

Dated as of May 3, 2011

to

CREDIT AGREEMENT

Dated as of March 15, 2010

THIS AMENDMENT NO. 4 (this “Amendment”) is made as of May 3, 2011 by and among Kendle
International Inc., an Ohio corporation (the “Borrower”), the financial institutions listed
on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent‘), under that certain Credit Agreement dated as of March 15, 2010 by
and among the Borrower, the Lenders and the Administrative Agent as amended by Amendment No. 1 to
Credit Agreement, dated as of April 27, 2010, Amendment No. 2 to Credit Agreement, dated as of
January 24, 2011 and Amendment No. 3 to Credit Agreement, dated as of April 28, 2011 (as further
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent
agree to certain amendments to the Credit Agreement;

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on
the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby
agree to enter into this Amendment.

Amendments to the Credit Agreement. Effective as of the date of satisfaction of the
conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit
Agreement is hereby amended as follows:

Section 6.05 of the Credit Agreement is hereby amended to delete the words “(or agree
to do any of the foregoing at any future time)” appearing therein.

Section 6.06 of the Credit Agreement is hereby amended to delete the words “or agree
to effect any Asset Sale,” appearing therein.

Section 6.11 of the Credit Agreement is hereby amended to delete the words, “(or give
any notice in respect thereof)” appearing therein.

Section 6.12 of the Credit Agreement is hereby amended to insert the following prior
to the period at the end thereof:

“or (xiii) customary provisions in asset purchase or sale agreements or agreements and
plans of merger relating to any sale, transfer or disposition of assets pending the
effectiveness of such purchase, sale or merger transaction”

 

 

 

Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that the Administrative Agent shall have received (i) counterparts of this
 Amendment duly executed by the Borrower, the Required Lenders and the Administrative
Agent, (ii) counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly
executed by the Subsidiary Guarantors, and (iii) payment and/or reimbursement of the Administrative
Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced on or prior to the
date hereof, fees and expenses of counsel for the Administrative Agent) in connection with this
Amendment and the other Loan Documents and payable by the Borrower pursuant to the Credit
Agreement.

Representations and Warranties of the Borrower. The Borrower hereby represents and
warrants as follows:

This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default
shall have occurred and be continuing, and (ii) the representations and warranties of the Borrower
set forth in the Credit Agreement are true and correct, except for representations and warranties
made with reference solely to an earlier date in which case such representations and warranties
shall have been true and correct as of such earlier date.

Reference to and Effect on the Credit Agreement.

Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement
or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

Each Loan Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and
confirmed.

Except with respect to the subject matter hereof, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan
Documents or any other documents, instruments and agreements executed and/or delivered in
connection therewith.

Governing Law. This Amendment shall be construed in accordance with and governed by the
law of the State of New York.

Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

Counterparts. This Amendment may be executed by one or more of the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

[Signature Pages Follow]

 

2

 

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

	 	 	 	 	 
	 	KENDLE INTERNATIONAL INC.,

as the Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Signature Page to Amendment No. 4 to

Credit Agreement dated as of March 15, 2010

Kendle International Inc.

 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

individually as a Lender, as the Swingline Lender, as

the Issuing Bank and as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Signature Page to Amendment No. 4 to

Credit Agreement dated as of March 15, 2010

Kendle International Inc.

 

 

 

EXHIBIT A

Consent and Reaffirmation

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 4
to the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”) by and among Kendle International Inc., an Ohio
corporation (the “Borrower”), the Lenders and JPMorgan Chase Bank, N.A., as Administrative
Agent (the “Administrative Agent”), which Amendment No. 4 is dated as of May 3, 2011 and is
by and among the Borrower, the financial institutions listed on the signature pages thereof and the
Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.
Without in any way establishing a course of dealing by the Administrative Agent or any Lender,
each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the
Subsidiary Guaranty and any other Loan Document executed by it and acknowledges and agrees that the
Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection
with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and
confirmed. All references to the Credit Agreement contained in the above-referenced documents
shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may
from time to time hereafter be amended, modified or restated.

Dated as of May 3, 2011

[Signature Page Follows]

 

 

 

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and
year above written.

	 	 	 	 	 	 	 	 	 
	AAC CONSULTING GROUP, INC.	 	ACER/EXCEL INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE AMERICAS HOLDING INC.	 	KENDLE AMERICAS INVESTMENT INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE AMERICAS MANAGEMENT INC.	 	 KENDLE INTERNATIONAL CPU LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	KENDLE DELAWARE LLC	 	KENDLE NC LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	Title:

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