Exhibit 10(b)
FOREIGN SUBSIDIARY BORROWER AGREEMENT
THIS FOREIGN SUBSIDIARY BORROWER AGREEMENT (this "Agreement"), dated
as of September 26, 2005, is entered into by Chemagis (Germany) GmbH, an entity
organized under the laws of the Federal Republic of Germany (the "New Foreign
Subsidiary Borrower"), Xxxxxxx Company (the "U.S. Borrower") and JPMorgan Chase
Bank, N.A., as Administrative Agent, pursuant to the Credit Agreement (as
amended or modified from time to time, the "Credit Agreement"), dated as of
March 16, 2005, among the U.S. Borrower, the Foreign Subsidiary Borrowers party
hereto, the Lenders party hereto, JPMorgan Chase Bank, N.A., as Administrative
Agent, Bank Leumi USA, as Syndication Agent, and Bank Of America, N.A., Standard
Federal Bank N.A. and National City Bank Of The Midwest as Documentation Agents.
WITNESSETH:
WHEREAS, the parties to this Foreign Subsidiary Borrower Agreement
wish to designate the New Foreign Subsidiary Borrower as a Foreign Subsidiary
Borrower under the Credit Agreement in the manner hereinafter set forth; and
WHEREAS, this Foreign Subsidiary Borrower Agreement is entered into
pursuant to the Credit Agreement;
NOW, THEREFORE, in consideration of the premises, the parties hereto
hereby agree as follows:
1. The New Foreign Subsidiary Borrower hereby acknowledges that it has
received and reviewed a copy of the Credit Agreement and the other Loan
Documents and unconditionally agrees to: (a) join the Credit Agreement and the
other Loan Documents as a Foreign Subsidiary Borrower, (b) be bound by, and
hereby ratifies and confirms, all covenants, agreements, consents, submissions,
appointments, acknowledgments and other terms and provisions attributable to a
Foreign Subsidiary Borrower in the Credit Agreement and the other Loan
Documents; and (c) perform all obligations required of it as a Foreign
Subsidiary Borrower by the Credit Agreement and the other Loan Documents.
2. The New Foreign Subsidiary Borrower hereby represents and warrants
to the Agents and the Lenders that:
(a) The New Foreign Subsidiary Borrower is a Wholly-Owned Subsidiary of the
U.S. Borrower and satisfies all conditions to becoming a Foreign Subsidiary
Borrower under the Credit Agreement.
(b) The representations and warranties with respect to it contained in, or
made or deemed made by it in, the Credit Agreement and any other Loan Document
are true and correct in all material respects on the date hereof.
(c) The execution, delivery and performance by the New Foreign Subsidiary
Borrower of this Agreement are within its corporate powers and have been duly
authorized by all necessary corporate, stockholder and other action. This
Agreement has been duly executed and delivered by the New Foreign Subsidiary
Borrower and constitutes a legal, valid and binding obligation of the New
Foreign Subsidiary Borrower, enforceable in accordance with its 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.
(d) The execution, delivery and performance by the New Foreign Subsidiary
Borrower of this Agreement (i) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect, (ii)
will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of the New Foreign Subsidiary Borrower or any of
its Subsidiaries or any order of any Governmental Authority, (iii) will not
violate or result in a default under any indenture, agreement or other
instrument binding upon the New Foreign Subsidiary Borrower or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any
payment to be made by the New Foreign Subsidiary Borrower or any of its
Subsidiaries, and (iv) will not result in the creation or imposition of any Lien
on any asset of the New Foreign Subsidiary Borrower or any of its Subsidiaries.
(e) The address and jurisdiction of incorporation of the Foreign Subsidiary
Borrower is set forth in Schedule A to this Agreement.
3. The U.S. Borrower represents and warrants to the Agents and the
Lenders that (a) no Default shall have occurred and be continuing hereunder as
of the date hereof; and (b) the representations and warranties made by the
Borrowers and contained in Article III of the Credit Agreement are true and
correct in all material respects on and as of the date hereof with the same
effect as if made on and as of such date (other than those representations and
warranties that by their terms speak as of a particular date, which
representations and warranties shall be true and correct in all material
respects as of such particular date).
4. The U.S. Borrower and each other Guarantor agrees that its Guaranty
shall remain in full force and effect after giving effect to this Foreign
Subsidiary Borrower Agreement, including without limitation after including the
New Foreign Subsidiary Borrower as a Foreign Subsidiary Borrower under the
Credit Agreement.
5. The New Foreign Subsidiary shall be entitled to obtain Revolving
Loans.
6. The New Foreign Subsidiary Borrower shall not become a Foreign
Subsidiary Borrower under the Credit Agreement until (a) this Agreement is
signed by all parties hereto and by the Administrative Agent and where indicated
below and (b) the Administrative Agent shall have received such documents
(including legal opinions) and certificates as the Administrative Agent or its
counsel may reasonably request relating to the formation, existence and good
standing of the New Foreign Subsidiary Borrower, the authorization of Borrowings
as they relate to the New Foreign Subsidiary Borrower and any other legal
matters relating to the New Foreign Subsidiary Borrower and this Agreement, all
in form and substance reasonably satisfactory to the Administrative Agent and
its counsel.
7. Capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Credit Agreement. This Foreign Subsidiary
Borrower Agreement shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. Except as expressly
amended hereby, each Borrower agrees that the Credit Agreement and the other
Loan Documents are ratified and confirmed and shall remain in full force and
effect, and that it has no set off, counterclaim, or defense with respect to any
of the foregoing. This Foreign Subsidiary Borrower Agreement may be executed in
any number of counterparts, which together shall constitute one instrument.
Delivery of an executed counterpart of a signature page of this Foreign
Subsidiary Borrower Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Foreign Subsidiary Borrower Agreement.
This Foreign Subsidiary Borrower Agreement shall be governed by, and construed
in accordance with, the law of the State of Michigan.
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IN WITNESS WHEREOF, each of the undersigned has caused this Foreign
Subsidiary Borrower Agreement to be duly executed and delivered as of the day
and year set forth above.
Chemagis (Germany) GmbH, as a Foreign
Subsidiary Borrower
By /s/ Xx. Xxxxxx Xxxxxx
-------------------------------------
Name: Xx. Xxxxxx Xxxxxx
Title: General Manager
XXXXXXX COMPANY, as the U.S Borrower
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
X. XXXXXXX COMPANY, as a Guarantor
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
PERRIGO COMPAY OF SOUTH CAROLINA, INC.
as a Guarantor
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
PERRIGO PHARMACEUTICALS COMPANY, as a
Guarantor
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
PERRIGO INTERNATIONAL, INC. as a
Guarantor
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
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PERRIGO INTERNATIONAL HOLDINGS, INC. as
a Guarantor
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Treasurer
Acknowledged and Consented to:
JPMORGAN CHASE BANK, N.A., as
Administrative Agent
By /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxxxxxxxx X. Xxxxxxxx
Title: Vice President
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SCHEDULE A
ADMINISTRATIVE INFORMATION
Jurisdiction of organization: Germany
Address: Chemagis (Germany) GmbH
Xxxxxxxxxxxxxxx 000-000
00000 Xxxxxxxxx, Xxxxxxx
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