Document:

exv10w84

Exhibit 10.84

FIRST AMENDMENT TO

$10,000,000 CREDIT FACILITY

AMENDED AND RESTATED CREDIT AGREEMENT

As of January 13, 2010

by and among

AKORN, INC. and AKORN (NEW JERSEY), INC.,

as Borrowers,

THE OTHER PERSONS PARTY HERETO THAT ARE

DESIGNATED AS CREDIT PARTIES

EJ FUNDS LP

for itself, as a Lender and as the Agent for all Lenders,

THE OTHER FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO

as Lenders

(amending the Amended and Restated Credit Agreement

dated as of August 17, 2009)

 

 

FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     This First Amendment to the Amended and Restated Credit Agreement (this “Amendment”) is
entered into as of January 13, 2010, by and among Akorn, Inc., a Louisiana corporation (“Akorn”),
Akorn (New Jersey), Inc., an Illinois corporation (“Akorn NJ”; together with Akorn, each a
“Borrower” and together the “Borrowers”), the other Persons party hereto that are now or hereafter
designated as a “Credit Party”, EJ Funds LP, a Delaware limited partnership (successor to General
Electric Capital Corporation, a Delaware corporation (“GE Capital”) and herein, in its individual
capacity, “EJ Funds”) as Agent for the several financial institutions from time to time party to
this Agreement (collectively, the “Lenders” and individually each a “Lender”) and for itself as a
Lender, and such Lenders.

W I T N E S S E T H:

     WHEREAS, Borrowers the Agent and each of the Lenders are parties to that Amended and Restated
Credit Agreement dated August 17, 2009 (the “Credit Amendment”);

     WHEREAS, the Lenders have agreed to amend the Credit Agreement to reflect certain
modifications to the Credit Agreement.

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

          1. Definitions. Capitalized terms used and not otherwise defined in this First
Amendment are used as defined in the Credit Agreement.

          2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows:

          a) Section 4.1 is hereby amended by deleting the last sentence thereof in its entirety
and substituting in lieu thereof the following: “Upon request of the Agent, the Borrowers
shall make available to the Agent and each Lender in detail reasonably satisfactory to the
Agent and the Lenders:”.

          b) Subsections 4.1(a)-(c) are amended by eliminating the first phrase of each
subsection.

          c) Section 4.2. is hereby amended by eliminating it in its entirety and replacing it
with: “Certificates; Other Information. Upon request of the Agent, the Borrowers
shall make available to the Agent and each Lender in detail reasonably satisfactory to the
Agent and the Lenders:”.

          d) Subsections 4.2(a)-(f) and (l)-(n) are amended by eliminating the first phrase of
each subsection.

          e) Subsection 4.2(g) is amended by eliminating the first phrase of the subsection and
by eliminating the last phrase of the subsection.

 

 

          f) Subsection 4.2(h) is amended by eliminating it in its entirety and replacing it
with: “upon request of the Agent;”.

          g) Subsections 4.2 (i) and (j) are amended by eliminating the first phrase of each
subsection, and replacing it with: “upon request of the Agent;”.

          h) Section 6.1 is hereby deleted in its entirety.

          i) Section 6.2 is hereby deleted in its entirety.

          j) Section 6.3 is hereby amended and restated as follows, “Minimum Liquidity.
The Credit Parties shall maintain positive Liquidity at all times on or after April 1, 2010.
“Liquidity” shall be calculated in the manner set forth in Exhibit 4.2(b).

          k) Section 11.1 is amended by eliminating “EBITDA” and “Fixed Charge Coverage Ratio”
from the Defined Terms.

          l) Exhibit 4.2(b) Compliance Certificate is hereby deleted in its entirety and replaced
with the attached Amended Exhibit 4.2(b).

          m) Subsection 9.18 is hereby amended to reflect that any legal action or proceeding
with respect to any Loan Document or this Amendment may be brought in the courts of the
State of Illinois, or of the United States of America for the Northern District of Illinois.

          3. Effectiveness. The effectiveness of this Amendment is subject to the following
conditions precedent:

               a. Loan Documents. Each Borrower, each Lender and the Agent shall have signed
a counterpart of this First Amendment (whether the same or different counterparts) and shall
have delivered the same to the Agent.

               b. Closing Documents. The Agent shall have received all documents required by
this First Amendment satisfactory in form and substance to the Agent in its exclusive
discretion.

               c. Waivers. The Lenders and the Agent hereby waive each and every Event of
Default existing or occurring on or before this Amendment Effective Date and any event, fact
or circumstance which could have constituted an Event of Default under the Credit Agreement
or any other Loan Document, all of which are being waived in connection with this First
Amendment.

          4. Choice of Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF ILLINOIS.

          5. Full Force and Effect. Except as specifically amended or waived hereby, all of the
terms and conditions of the Credit Agreement shall remain in full force and effect.

          6. Counterparts; Electronic Signatures. This Amendment may be executed in any number
of counterparts, each of which shall constitute an original, but all of which taken

 

 

together shall constitute one and the same agreement. The Agent may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications.

          7. Headings. Section headings used herein are for convenience only and are not to
affect the construction of or be taken into consideration in interpreting this Amendment.

Signatures on Following Pages

 

 

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

	 	 	 	 	 	 	 
	 	 	AKORN, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

 

 

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

	 	 	 	 	 	 	 
	 	 	AKORN (NEW JERSEY), INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

 

 

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

	 	 	 	 	 	 	 
	 	 	EJ FUNDS LP, as the Agent and as a Lender	 	 
	 

	 	By:
	 	EJ Financial Enterprises, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

John N. Kapoor
	 	 
	 

	 	 	 	President	 	 

 

 

EXHIBIT 4.2(b)

COMPLIANCE CERTIFICATE

Akorn, Inc.

Date:           , 20___

     This Compliance Certificate (this “Certificate”) is given by Akorn, Inc., a Louisiana
corporation (the “Borrower Representative”), pursuant to subsection 4.2(b) of that certain Amended
and Restated Credit Agreement dated as of August 17, 2009 among Borrower Representative, Akorn (New
Jersey), Inc. (together with Borrower Representative, the “Borrowers”), the other Credit Parties
party thereto, EJ Funds LP, as administrative agent (in such capacity, “Agent”), and as a Lender,
and the additional Lenders party thereto (as such agreement may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein
without definition shall have the meanings set forth in the Credit Agreement.

     The officer executing this Certificate is a Responsible Officer of the Borrower Representative
and as such is duly authorized to execute and deliver this Certificate on behalf of Borrowers.
By executing this Certificate, such officer hereby certifies to Agent and Lenders on behalf of
Borrowers, that:

     (a) the financial statements delivered with this Certificate in accordance with subsection
4.1(a), 4.1(b) and/or 4.1(c) of the Credit Agreement are correct and complete in all material
respects and fairly present, in all material respects, in accordance with GAAP, the financial
position and the results of operations of Borrowers and their Subsidiaries as of the dates of and
for the periods covered by such financial statements (subject, in the case of interim financial
statements, to normal year-end adjustments and the absence of footnote disclosure);

     (b) to the best of such officer’s knowledge, each Credit Party and each of their Subsidiaries,
during the period covered by such financial statements, has observed and performed all of their
respective covenants and other agreements in the Credit Agreement and the other Loan Documents to
be observed, performed or satisfied by them, and such officer had not obtained knowledge of any
Default or Event of Default [except as specified on the written attachment hereto];

     (c) if the date as of the date of this Certificate is on or after April 1, 2010, Exhibit A
hereto is a correct calculation of each of the financial covenants contained in Article VI of the
Credit Agreement; and

     (d) since the Closing Date and except as disclosed in prior Compliance Certificates delivered
to Agent, no Credit Party and no Subsidiary of any Credit Party has:

1. changed its legal name, identity, jurisdiction of incorporation, organization or
formation or organizational structure or formed or acquired any Subsidiary except as
follows:                                                                ;

 

 

2. acquired the assets of, or merged or consolidated with or into, any Person,
except as follows:                                                                ; or

3. changed its address or otherwise relocated, acquired fee simple title to any real
property or entered into any real property leases, except as follows:
                                                                                   
                     .

     IN WITNESS WHEREOF, Borrower Representative has caused this Certificate to be executed by one
of its Responsible Officers this ___day of                     , 20___.

	 	 	 	 	 	 	 
	 	 	AKORN, INC., as Borrower	 	 
	 	 	Representative	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

Note: Unless otherwise specified, all financial covenants are calculated for Borrowers and their
Subsidiaries on a consolidated basis in accordance with GAAP and all calculations are without
duplication.

 

 

Covenant 6.3 Minimum Liquidity

For purposes of Covenant 6.3, Liquidity is defined as follows:

	 	 	 	 	 
	The “Borrowing Base” (as calculated pursuant to the Borrowing Base
Certificate) then in effect from time to time
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Less: Such Reserves as may be imposed by Agent in its reasonable
credit judgment but not reflected in the Borrowing Base Certificate
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Plus: Available cash and Cash Equivalents in bank accounts and
investment accounts in which the Agent has a first priority
perfected Lien
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Less: The aggregate outstanding principal amount of the Revolving
Credit Exposure:
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Liquidity as of the date of measurement
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Required Minimum Liquidity
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	In Compliance
	 	Yes/No

 

 

Covenant 6.4 Maximum Capital Expenditures

For purposes of Covenant 6.4, Capital Expenditures are defined as follows:

	 	 	 	 	 
	The aggregate of all expenditures and obligations, for the relevant
test period set forth in Section 6.4 of the Credit Agreement, which
should be capitalized under GAAP
	 	$	 	 
	 
	 	 	 
	 	 	 	 	 
	Less: Net Proceeds from Dispositions and/or Events of Loss which
Borrower is permitted to reinvest pursuant to subsection 1.8(c) and
which are included above
	 	 	 	 
	 
	 	 	 
	 	 	 	 	 
	Less: To the extent included above, expenditures financed with cash
proceeds from Excluded Equity Issuances
	 	 	 	 
	 
	 	 	 
	 	 	 	 	 
	Capital Expenditures
	 	 	 	 
	 
	 	 	 
	 	 	 	 	 
	Permitted Capital Expenditures (including carry forward of $______
from prior period)
	 	 	 	 
	 
	 	 	 
	 	 	 	 	 
	In Compliance
	 	Yes/Noexv4w1

Exhibit 4.1

ANADARKO PETROLEUM CORPORATION

Officers’ Certificate

March 9, 2010

     Pursuant to the authority delegated to the undersigned by the Board of Directors of Anadarko
Petroleum Corporation (the “Company”) by resolution dated February 16, 2010, the undersigned
officers of the Company hereby adopt this Officers’ Certificate for the purpose of establishing one
series of Securities (the “Notes”) under the Indenture, dated as of September 19, 2006, between the
Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank of New York Trust
Company, N.A.), as trustee, as supplemented by that certain First Supplemental Indenture, dated as
of October 10, 2006, and that certain Second Supplemental Indenture, dated as of July 15, 2009 (as
so supplemented, the “Indenture”). This Officers’ Certificate is executed pursuant to Section
301 of the Indenture. In addition to the terms provided in the Indenture with respect to any
series of Securities issued thereunder, the terms of the Notes shall be as follows (capitalized
terms used herein but not otherwise defined herein having the respective meanings ascribed to them
in the Indenture):

     1. The title of the Notes shall be the “6.200% Senior Notes due 2040” of the Company.

     2. The aggregate principal amount of Notes which may be authenticated and delivered
under the Indenture is limited to $750,000,000 (plus such additional amounts of Notes as
may be authorized for issuance from time to time by or pursuant to a Board Resolution and
set forth in an Officers’ Certificate prior to the issuance thereof) except for Notes
authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Notes pursuant to Section 304, 305, 306, 906
or 1107 of the Indenture.

     3. The principal of the Notes shall be payable on March 15, 2040.

     4. The Notes shall bear interest at the rate of 6.200% per annum, from March 16, 2010
or the most recent March 15 or September 15 to which interest has been paid or duly
provided for on the Notes. Each such March 15 or September 15, commencing September 15,
2010, shall be an “Interest Payment Date” for the Notes. The March 1 or September 1
(whether or not a Business Day), as the case may be, next preceding an Interest Payment
Date shall be the “Regular Record Date” for the interest payable on such Interest Payment
Date. Interest shall be calculated on the basis of a 360-day year composed of twelve
30-day months.

     5. The principal of (and premium, if any) and interest on the Notes shall be payable
at the office or agency of the Company maintained for that purpose in New York, New York;
provided, however, that (x) if the Notes are not Global Securities,
(i) payment of interest may be made by check mailed to the

 

 

address of the Person entitled thereto as such address shall appear in the Security
Register and all other payments will be made by check against surrender of the Notes; and
(ii) notwithstanding the first proviso, if the Notes are in denominations of at least
$1,000,000 and the holder at the time of surrender or on the related Regular Record Date of
any payment of interest on any Interest Payment Date delivers a written request to the
Paying Agent to make such payment by wire transfer, the Company may make such payments by
wire transfer until new instructions are given; and (y) if the Notes are Global Securities,
payment will be made pursuant to the Applicable Procedures of the relevant Depositary.

     6. The Notes shall be subject to redemption upon not less than 30 days’ nor more than
60 days’ notice, at any time, as a whole or in part, at the election of the Company, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to
be redeemed or (ii) as determined by the Quotation Agent, the sum of the present values of
the remaining scheduled payments of principal and interest on the Notes to be redeemed, not
including any portion of these payments of interest accrued to the date on which the Notes
are to be redeemed, discounted to the date on which the Notes are to be redeemed on a
semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the
Adjusted Treasury Rate plus 0.25% plus accrued interest on the Notes to be redeemed to the
date on which the Notes are to be redeemed.

     “Adjusted Treasury Rate” means the semi-annual equivalent yield to maturity of a
security whose price, expressed as a percentage of its principal amount, is equal to the
Comparable Treasury Price.

     “Calculation Agent” means The Bank of New York Mellon Trust Company, N.A.

     “Comparable Treasury Issue” means a United States Treasury security selected by the
Quotation Agent which has a maturity comparable to the remaining maturity of the Series of
the Notes being redeemed that would be used in accordance with customary financial practice
to price new issues of corporate debt securities with a maturity comparable to the
remaining maturity of the Notes being redeemed.

     “Comparable Treasury Price” means the result of the calculation of the Calculation
Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue
provided by each Reference Dealer, after the Calculation Agent has eliminated the highest
and lowest Reference Dealer Quotations; provided, that, if the Calculation
Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average
of all of the Reference Dealer Quotations and not eliminate any Reference Dealer
Quotations.

     “Quotation Agent” means UBS Securities LLC or its successor.

 

 

     “Reference Dealers” means UBS Securities LLC or its successor and two or more other
primary U.S. Government securities dealers in New York City appointed by the Company as
reference dealers. If UBS Securities LLC or its successor is no longer a primary U.S.
Government securities dealer, the Company will substitute another primary U.S. Government
securities dealer in its place as a Reference Dealer and as Quotation Agent.

     “Reference Dealer Quotations” means each of the bid and ask prices for the Comparable
Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as
provided by the Reference Dealers to the Quotation Agent, Calculation Agent and Trustee.

     7. The Notes shall not be subject to redemption at the option of the Holders or to a
sinking fund requirement.

     8. The Notes shall be issuable in denominations of $1,000 and any integral multiple
thereof, with a minimum denomination of $2,000.

     9. The provisions of Section 1302 and Section 1303 of the Indenture
with respect to defeasance of the Securities of a series and covenant defeasance of the
Securities of a series, respectively, shall be applicable to the Notes.

     10. The Notes shall be issued initially wholly in the form of Global Securities and
The Depository Trust Company shall be the initial Depositary with respect thereto.

     11. The form of the Notes shall be in substantially the form set forth in Exhibit
1 attached hereto pursuant to Article II of the Indenture.

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, each of the undersigned has duly executed this Officers’ Certificate on
the date first set forth above.

	 	 	 	 	 
	 	 	 
	 	/s/ Bruce W. Busmire
 	 
	 	Bruce W. Busmire 	 
	 	Vice President, Finance and Treasurer 	 
	 
	 	 	 
	 	/s/ Robert G. Gwin
 	 
	 	Robert G. Gwin 	 
	 	Senior Vice President, Finance and

Chief Financial Officer 	 
	 

 

 

EXHIBIT 1

Form of 6.200% Notes due 2040

[See Attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]