Document:

Exhibit

EXHIBIT 10.6
EXECUTION VERSION

AMENDMENT NO. 1 TO CREDIT AGREEMENT
This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of July 13, 2018 (this “Amendment”), is entered into among INTERNATIONAL FLAVORS & FRAGRANCES INC. (the “Borrower”), the Lenders signatory hereto and MORGAN STANLEY SENIOR FUNDING, INC., as administrative agent (in such capacity, the “Administrative Agent”).
WHEREAS, the Borrower, the Lenders from time to time party thereto and the Administrative Agent have entered into that certain Term Loan Credit Agreement, dated as of June 6, 2018 (the “Credit Agreement”).
WHEREAS, pursuant to Section 9.01 of the Credit Agreement, the Borrowers, the Lenders party hereto (constituting the Required Lenders) and the Administrative Agent have agreed to amend the Credit Agreement as provided for herein.
NOW, THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto hereby agree as follows:
1.Defined Terms.  Capitalized terms used herein and not otherwise defined herein have the meanings given in the Credit Agreement.
2.Amendment.  Upon satisfaction of the conditions set forth in Section 3 hereof, Section 5.03 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
SECTION 5.03        Financial Covenant. So long as any Advance shall remain unpaid, from and after the Closing Date the Company shall maintain a Leverage Ratio as of the end of any Relevant Period of not more than 4.50 to 1.00, which limit shall step down to (i) 4.25 to 1.00 as of the end of the third full fiscal quarter ended after the Closing Date, (ii) 4.00 to 1.00 as of the end of the fifth full fiscal quarter ended after the Closing Date and (iii) 3.50 to 1.00 as of the end of the ninth full fiscal quarter after the Closing Date; provided that if the Specified Equity Offering shall not have been consummated on or prior to the Closing Date, instead of being required to maintain a Leverage Ratio of not more than 4.50 to 1.00 as of the end of any Relevant Period ending during the period starting from the Closing Date through and including the end of the first full fiscal quarter after the Closing Date, the Company shall instead be required to maintain a Leverage Ratio of not more than 6.00 to 1.00 as of the end of any Relevant Period ending during the period starting from the Closing Date through and including the end of the first full fiscal quarter after the Closing Date and thereafter shall step down to 4.50 to 1.00 and shall further step down as set forth above; provided, further, that commencing on and after the end of the eighth full fiscal quarter after the Closing Date, if the Company consummates an acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, for which it paid at least $500,000,000 in consideration (a “Qualifying Acquisition”), the maximum Leverage Ratio shall step up to no greater than 3.75 to 1.00, which shall be reduced to 3.50 to 1.00 as of the end of the third full fiscal quarter after such Qualifying Acquisition.
3.Effectiveness.  This Amendment will become effective upon the date on which the following conditions precedent are first satisfied (the “Amendment Effective Date”):
(a)The Administrative Agent shall have received from the Borrower and from the Required Lenders an executed counterpart of this Amendment (or photocopies thereof sent by fax, .pdf or other electronic means, each of which shall be enforceable with the same effect as a signed original).
(b)The Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a duly authorized officer of the Company, confirming (i) the representations and warranties set forth in this Amendment shall be true and correct in all material respects on and as of the Amendment Effective 

Date and (ii) no event shall have occurred and be continuing, or would result from this Amendment or the transactions contemplated hereby, that would, as of the Amendment Effective Date, constitute a Default.
(c)The Administrative Agent shall have received all expenses due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced two (2) Business Days prior to the Amendment Effective Date, reimbursement or payment of all out-of‐pocket expenses required to be reimbursed or paid by the Borrowers under the Credit Agreement.
4.Representations and Warranties.  The Borrower represents and warrants, as of the date hereof, that, after giving effect to the provisions of this Amendment, (a) each of the representations and warranties made by the Borrower in Section 4.01 of the Credit Agreement is true in all material respects on and as of the date hereof as if made on and as of the date hereof, except (i) to the extent that such representations and warranties refer to an earlier date, in which case they were true in all material respects as of such earlier date or (ii) to the extent that such representations and warranties are qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true in all respects, and (b) no event shall have occurred and be continuing, or would result from this Amendment or the transactions contemplated hereby, that would, as of the Amendment Effective Date, constitute a Default.
5.Effect of the Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which, as amended, amended and restated, supplemented or otherwise modified hereby, are ratified and affirmed in all respects and shall continue in full force and effect.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement and in any exhibits attached thereto to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement after giving effect to this Amendment.
6.Miscellaneous.  The provisions of Sections 9.02 (Notices, Etc.); 9.03 (No Waiver; Remedies); 9.04 (Costs and Expenses) (except clauses (c) and (d) thereof); 9.08 (Confidentiality); 9.10 (Governing Law; Jurisdiction; Etc.); 9.11 (Execution in Counterparts); 9.14 (Acknowledgement and Consent to Bail-In of EEA Financial Institutions); and 9.19 (Waiver of Jury Trial) of the Credit Agreement shall apply with like effect to this Amendment.  This Amendment shall be a “Loan Document” for all purposes under the Credit Agreement.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
	
		
	 
	INTERNATIONAL FLAVORS & FRAGRANCES INC.,

	 
	By: /s/ John Taylor _________________________
Name: John Taylor
Title:   Treasurer

	
		
	 
	MORGAN STANLEY SENIOR FUNDING, INC., 
as Agent

	 
	By: /s/ Subhalakshmi Ghosh-Kohli_____________
Name: Subhalakshmi Ghosh-Kohli 
Title:   Authorized Signatory 

	
	
	MORGAN STANLEY BANK, N.A.,

	as a Lender

	By: /s/ Subhalakshmi Ghosh-Kohli_____________

	Name: Subhalakshmi Ghosh-Kohli

	Title:   Authorized Signatory 

	
	
	BNP Paribas, as a Lender 

	 

	 

	By: /s/ Pamela J. Fitton________________
Name: Pamela J. Fitton 
Title:   Managing Director 

	
	
	 

	By: /s/ Richard Pace__________________
        Name: Richard Pace 
        Title:   Managing Director

	
	
	CITIBANK, N.A., as a Lender 

	 

	 

	By: /s/ Michael Vondriska ________________
Name: Michael Vondriska 
Title:   Vice President 

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

	 

	 

	By: /s/ Joon Hur________________
Name: Joon Hur 
Title:   Executive Director 

	
	
	Citizens Bank, N.A., as a Lender 

	 

	 

	By: /s/ Angela Reilly________________
Name: Angela Reilly
Title:   Senior Vice President 

	
	
	CoBank, ACB,
as a Lender 

	 

	 

	By: /s/ Patrick Sauer________________
Name: Patrick Sauer  
Title:   Vice President 

	
	
	HSBC Bank USA, National Association as a 
Lender 

	 

	 

	By: /s/ Robert Levins___________________
Name: Robert Levins 
Title:   Senior Portfolio Manager 

	
	
	ING Bank N.V., Dublin Branch, as a Lender 

	 

	 

	By: /s/ Barry Fehily________________
Name: Barry Fehily  
Title:   Country Manager

	By: /s/ Shaun Hawley_______________
Name: Shaun Hawley   
Title:   Director

	
	
	MUFG Bank, Ltd., as a Lender 

	 

	 

	By: /s/ Liwei Liu________________
Name: Liwei Liu
Title:   Vice President 

	
	
	Standard Chartered Bank, as a Lender 

	 

	 

	By: /s/ Daniel Mattern________________
Name: Daniel Mattern
Title:   Associate Director 

	
	
	U.S. Bank National Association, as a Lender 

	 

	 

	By: /s/ Harry J. Brown________________
Name: Harry J. Brown
Title:   Vice President 

	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender 

	 

	 

	By: /s/ Denis Waltrich________________
Name: Denis Waltrich
Title:   Directorcytk-ex101_12.htm

Exhibit 10.1

Confidential

 

May 15, 2018

 

Masao Kaku

Business Development

Astellas Pharma Inc.

2-5-1, Nihonbashi-Honcho

Chuo-ku, Tokyo 103-8411

Japan

 

RE:Amendment to Collaboration Agreement; Joint Development Committee Membership 

 

Dear Masao:

 

As you know, Astellas Pharma Inc. (“Astellas”) and Cytokinetics, Inc. (“Cytokinetics”) are parties to that certain Amended and Restated License and Collaboration Agreement dated December 22, 2014, as amended by the Amendment to the Amended and Restated License and Collaboration Agreement dated July 27, 2016 and the Amendment to Collaboration Agreement dated April 11, 2017 and the Amendment to Collaboration Agreement dated December 21, 2017 (as so amended, the “Collaboration Agreement”).  Capitalized terms used in this letter and not otherwise defined shall have the meaning ascribed to them in the Collaboration Agreement.  The Parties hereby agree to amend the Collaboration Agreement as follows, effective as of the date first set forth above:

The first sentence of Section 2.4 is hereby deleted in its entirety and replaced with the  following:  “The Parties shall establish a joint development committee (the “Joint Development Committee” or the “JDC”), composed of up to four (4) representatives of each Party that have knowledge and expertise in the development of products similar to the Compounds and Collaboration Products, to monitor and coordinate the Development of the Compounds and Collaboration Products under the Collaboration.”  

If the foregoing is acceptable to and agreed by Astellas, please so indicate by having an authorized representative of Astellas sign this letter in the appropriate signature line below, and return such signed copy to Elisabeth Schnieders, Ph.D., Senior Vice President, Business Development, at your earliest convenience.  If you have any questions or comments, please do not hesitate to contact Elisabeth at (650) 624-3083 or by e-mail at eschnieders@cytokinetics.com.

 

	
Sincerely,
	
Agreed and accepted:

	
 
	
 
	
 
	
 

	
/s/ Robert I. Blum
	
Astellas Pharma Inc.

	
 
	
 
	
 
	
 

	
Robert I. Blum
	
By:
	
 
	
/s/ Jun Kono

	
President & CEO
	
 
	
 
	
 

	
 
	
Name: 
	
 
	
Jun Kono

	
 
	
 
	
 
	
 

	
 
	
Title:
	
 
	
Corporate VP, Business Development

	
 
	
 
	
 
	
 

	
 
	
Date:
	
 
	
May 18, 2018

 

280 East Grand Avenue • South San Francisco • CA •94080

Cytokinetics.com

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