Document:

Unassociated Document

 

UNCONDITIONAL CONTINUING GUARANTY OF PAYMENT

BY: TRIGEN LABORATORIES INC.

BORROWER:

 

JUBILANT PHARMACEUTICALS INC.

 

 

	TO:        STATE BANK OF INDIA
	               NEW YORK BRANCH
	               460 Park Avenue
	               New York, New York 10022

The following terms have the following meanings unless otherwise specified:

	
1.

	
“Lender” means State Bank of India, New York Branch, 460 Park Avenue, New York, N.Y. 10022, U.S.A.;

	
2.

	
“Borrower” means Jubilant Pharmaceuticals Inc., 207 Kiley Drive, Salisbury, Maryland.

	
3.

	
“Collateral” means all property that secures the payment of the Obligations, and any proceeds thereof;

	
4.

	
“Credit Agreement” means that certain Credit Agreement dated the date hereof between Borrower, Lender and Bank of Baroda

	
5.

	
“Guarantor” means the undersigned;

	
6.

	
“Guaranty” means this agreement;

	
7.

	
“Liabilities” means the undertakings of the Guarantor to Lender, as specified in this Guaranty

	
8.

	
“Obligations” means any and all indebtedness, obligations, and liabilities of the Borrower to Lender arising under the Credit Agreement, and all claims of Lender against the Borrower now existing or hereafter arising, direct or indirect (including participation or any interest of Lender in indebtedness of the Borrower to others), acquired outright, conditionally, or as collateral security from another, absolute or contingent, joint or several, secured or unsecured, matured or not matured, monetary or non-monetary, arising out of contract or tort, liquidated or unliquidated, arising by operation of law or otherwise and all extensions, renewals, refunding, replacements, and modifications of any of the foregoing;

	
9.

	
“Security” means any property that secures payment of the Liabilities and all proceeds thereof.

  

  

  

 

FOR THE PURPOSE OF INDUCING STATE BANK OF INDIA, NEW YORK BRANCH to grant credit facilities, lend money, advance credit, etc. to the benefit of the Borrower named above, the undersigned, unconditionally guaranties the prompt, complete, and full payment to Lender when due and payable (whether at the stated maturity or by required prepayment, acceleration, or otherwise) of all indebtedness and liabilities of any kind (including without limitation principal, interest and any attorneys’ fees and any and all costs of collection) for which Borrower is now or may hereafter become liable to Lender in any manner, either primarily or secondarily, absolutely or contingently, directly or indirectly, and whether incurred directly with Lender or acquired by Lender by assignment or otherwise and however evidenced, and any and all renewals or extensions of or substitutes for any of the foregoing indebtedness or liabilities or any part thereof, notwithstanding the fact that from time to time there may be no indebtedness outstanding. Should Borrower, for any reason, fail to pay any such indebtedness or liability when due, Guarantor promises to pay the same upon demand to Lender at its listed address, or any other address that Lender shall hereafter designate in writing.

This is an unconditional, continuing guaranty, remaining in effect until all the obligations of Guarantor to Lender under this Guaranty is fully satisfied.

The obligations of the Guarantor under this Agreement, and those of any other Guarantor or Guarantors who may have guaranteed or who hereafter guaranty any indebtedness of Borrower are, and will be, joint and several, and Lender may release or settle with any one or more of the Guarantors at any time without affecting the continuing liability of the remaining Guarantor or Guarantors.

The liability of the Guarantor under this Agreement shall be direct, absolute, continuing and unconditional irrespective of any lack of validity, regularity, or enforceability of the Borrower’s Obligations or any note, instrument, or agreement evidencing the same or relating thereto, or any other circumstances that might otherwise constitute a defense available to, or a discharge of, the Borrower. The Liabilities of the Guarantor under this Agreement shall not be conditional or contingent upon the pursuit by Lender of whatever remedies it may have against the Borrower or its successors or assigns or the Security of the liens it may possess, including other guaranties.

The renewals, extensions and substitutions of and for indebtedness and liabilities of Borrower guaranteed hereunder may be made by Lender upon terms and conditions and with such modifications and changes as Lender may see fit and made at any time and from time to time without further notice to or consent from Guarantor.

Guarantor waives (a) notice of acceptance of this Guaranty and all notice of the creation, extension, or accrual of any of the Borrower’s Obligations guaranteed hereby; (b) presentment, demand for payment, protest, notice of protest and notice of dishonor of any note or other obligation guaranteed hereby; (c) notice of any other nature whatsoever; (d) any requirement that Bank take any action whatsoever against the Borrower or any other party or file any claim in the event of bankruptcy of the Borrower; or (e) failure to protect, preserve, or resort to any Collateral held by Lender as Security for the Borrower’s Obligations.

  

  

  

 

No extensions of time or other indulgence granted by Lender to Borrower or Guarantor, or any of them, will release or affect the obligations of Guarantor and no omission or delay on Lender’s part in exercising any right hereunder or in taking any action to collect or enforce payment of any obligation guaranteed hereby will be a waiver of any such right or release or affect the Guarantor’s obligations hereunder.

No dissolution, bankruptcy, assignment for the benefit of creditors, or any other discharge of the Borrower’s debt, in whole or in part, shall discharge the Guarantor of any and all obligations herein. If any amount received by Lender from the Borrower in respect of its Obligations is subsequently recovered from or repaid by Lender as the result of any bankruptcy, dissolution, reorganization, arrangement, or liquidation proceedings (or proceedings similar thereto), this Guaranty shall continue to be effective as though such payment had not been made. The provisions of this paragraph shall survive termination of this Guaranty.

Guarantor also hereby waives any claim, right or remedy which such Guarantor may now have or hereafter acquire against the Borrower that arises hereunder and/or from the performance by any Guarantor hereunder, including without limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, indemnification, or participation in any claim, right or remedy of Lender against the Borrower or any Security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise.

Guarantor hereby consents that from time to time, and without further notice to or consent of the Guarantor, Lender may take any or all of the following actions without affecting the liability of the Guarantor: (a) extend, renew, modify, compromise, settle, or release the Obligations of the Borrower (including any increase or decrease in the interest rate); (b) release or compromise any liability of any party or parties with respect to the customer’s Obligations; (c) release its Security interest in any Collateral held by Lender as Security for the Borrower’s Obligations or exchange, surrender, or otherwise deal with the Collateral as the Lender may determine; or (d) exercise or refrain from exercising any right or remedy of Lender.

Lender will have no duty to sue or otherwise attempt collection from Borrower or any other party, or to take any action of any sort prior to demanding and enforcing payment by Guarantor. Guarantor waives any right to have Borrower joined in a suit brought against Guarantor on this guaranty and also any right to require Lender to sue Borrower forthwith on any obligation guaranteed hereby as a prerequisite to any action by Lender against the Guarantor. Lender, at its option and without notice, may apply to payment of the Obligations guaranteed hereby the balances in any deposit, checking or savings account maintained with Lender by the Guarantor or any deposit evidenced by a certificate of deposit (whether or not matured) issued by Lender and held by the Guarantor. Any payment received by Lender from Borrower, from the Guarantor, or from any other source may be applied to the Obligations of Borrower to Lender in whatever order Lender elects.

  

  

  

 

Lender may, without notice, assign the Obligations of the Borrower, in whole or in part. If any debt, obligation or liability of Borrower should be assigned by Lender, this Guaranty will inure to the benefit of Lender’s assignee to the extent of such assignment, provided that such assignment will not operate to relieve the Guarantor from any obligation to Lender hereunder with respect to any unassigned debt, obligation or liability and further that the rights of any assignee will be subordinate to the rights of Lender under this guarantee as to any unassigned debt, obligation or liability.

Notwithstanding any payment or payments made by the Guarantor hereunder, or any setoff or application of the Security by Lender, the Guarantor will not exercise any rights of Lender against the Borrower, nor shall the Guarantor seek contribution from any other Guarantor, until all of the Obligations of the Borrower shall have been paid in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all Obligations will not have been paid in full, such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited and applied to the Obligations, whether matured or unmatured. If (i) the Guarantor shall make payment to Lender of all or any part of the Obligations and (ii) all the Obligations shall be paid in full, Lender will, at the Guarantor’s request, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the Obligations resulting from such payment by the Guarantor.

Guarantor agrees that any and all of Guarantor’s rights and claims against Borrower or any of its property or revenues, however arising, shall be subordinate and subject in right of payment to the prior payment and satisfaction in full of all of the Borrower’s Obligations to Lender.

The Guarantor agrees that in the event that any of the Obligations, debts and/or liabilities hereby guaranteed are paid by the Borrower, the liability of the undersigned as Guarantor shall continue and remain in full force and effect in the event that all or any part of any such payments is recovered from Lender as a preference. The undersigned agrees that if Lender gives to the Guarantor, written notification of the institution of any action or proceeding, legal or otherwise, between Lender and the Borrower, the Guarantor shall be conclusively bound by the adjudication thereof.

  

  

  

It is in the best interest of the Guarantor to execute and deliver this written Guaranty of Payment, as said Guarantor shall realize a direct benefit from credit facilities granted to the Borrower, as, among other reasons, Guarantor owns all of the shares of stock of Borrower. Sufficient and valid consideration, in exchange for the said Guaranty is expressly and specifically acknowledged, represented, and warranted herein by Guarantor, and Lender has a right to, and is, reasonably relying thereon.

No agreement exists between Guarantor and Lender that the obligations of Guarantor under this guaranty are or will be other than as set forth herein. The rights and remedies of Lender under the guaranty, and any others otherwise created, are cumulative and may be exercised singly or concurrently, and the exercise of any one or more of them will not be a waiver of any other. No act, delay, omission or course of dealings between Lender and Borrower or Guarantor, or any of them, will be a waiver of any of Lender’s rights or remedies under this guaranty, and no waiver, change, modification or discharge of this agreement or any obligation created hereby will be effective unless in writing signed by Lender.

Guarantor hereby agrees to pay any and all expenses incurred in enforcing any rights under this Guaranty. Without limiting the foregoing, Guarantor agrees that whenever any attorney is used by Lender to obtain payment hereunder, to enforce this Guaranty, to adjudicate the rights of the parties hereunder, or to advise Lender of its rights, Lender shall be entitled to recover attorneys’ fees, all Court costs, and expenses attributable thereto.

Only payment in full of the Obligations of the Customer under the loan(s) and the Agreement(s) executed by it shall extinguish this guaranty.

BEING FULLY AWARE OF THE CONSEQUENCES, GUARANTOR SPECIFICALLY AND IRREVOCABLY WAIVES TRIAL BY JURY, TO THE FULLEST EXTENT OF THE LAW, OF ANY ISSUE THAT MAY ARISE IN ANY LITIGATION BETWEEN GUARANTOR AND LENDER WITH RESPECT TO THIS GUARANTY.

Guarantor also waives the right to assert in any action or proceedings upon this guaranty, any defenses, offsets or counterclaims which the undersigned may have with respect thereto, to the fullest extent of the law.

This guaranty shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, without reference to any conflicts of law provisions.

Guarantor agrees to the personal jurisdiction of the Courts of the State of New York and the United States District Court for the Southern District of New York, and legal process may be served upon or delivered to the undersigned by registered mail addressed to the undersigned at the address appearing below. Guarantor waives any defenses based on lack of personal jurisdiction, improper venue, or inconvenient forum.

  

  

  

 

Guarantor further agrees and consents that any judgment obtained by Lender against it in the Courts of the State of New York and/or the United States District Court for the Southern District of New York, may be registered in any Court of competent jurisdiction.

This guaranty cannot be altered or discharged orally. It constitutes the full and final understanding and agreement of the parties hereto. It can only be modified or amended in any way by a writing signed by the parties hereto. There are absolutely no oral promises, oral representations, course of conduct, custom, etc. that are effective. Notice of acceptance of this guaranty is hereby waived.

Where the Borrower purports to act on behalf of another person or Corporation or Company, Lender shall not be bound to inquire into the powers of such Principal and all moneys borrowed by it will be covered by this Guaranty notwithstanding any absence or insufficiency of or irregularity in the exercise of the powers.

If an amount is specified below, such amount will, nevertheless, be in addition to all liabilities otherwise incurred by Guarantor, or any of them by indorsement of or in any other manner.

Guarantor agrees that, In the event of default hereunder, Lender shall have the right to hold any funds of Guarantor up to the total amount of indebtedness, that may be in its possession, custody or control in any of Lender’s Branches, and set off such funds against Guarantor’s indebtedness herein.

 

LIABILITY UNDER THIS GUARANTY SHALL NOT EXCEED THE PRINCIPAL SUM OF UP TO AND INCLUDING U.S. DOLLARS 8,000,000.00, PLUS INTEREST AT THE RATE SET FORTH IN THE CREDIT AGREEMENT WITH BORROWER, FEES (INCLUDING REASONABLE ATTORNEYS’ FEES), COSTS, AND EXPENSES OF COLLECTION AND ENFORCEMENT, IT BEING EXPRESSLY UNDERSTOOD AND AGREED THAT THE GUARANTOR SHALL BE LIABLE FOR ALL SUCH ACCRUED INTEREST, FEES (INCLUDING LEGAL FEES), COSTS, AND EXPENSES OF COLLECTION AND ENFORCEMENT, AND IT IS UNDERSTOOD AND AGREED THAT THE OBLIGATIONS MAY FROM TIME TO TIME EXCEED THE PRINCIPAL SUM OF USD 8,000,000.00 WITHOUT IMPAIRING OR AFFECTING THIS GUARANTY OR THE LENDER’S RIGHTS HEREUNDER.

 

  

  

  

 

Dated: This 22 day of September, 2006

 

GUARANTOR:

 

TRIGEN LABORATORIES INC.

	
By:

	
/s/ Ram Potti

	  
	
Name: Ram Potti

	  
	
Title:   President

	  

 

Address: 

 

207 Kiley Drive

Salisbury, MD

  

  

  

	
STATE OF

	
)

	  
	
COUNTY OF

	
)   ss

	
  

 

On the 22 day of September, 2006, before me personally came Ram Potti, to me known, who being duly sworn by me, did depose and say that he is the President of TRIGEN LABORATORIES INC., the corporation described in and which executed the foregoing instrument, that he is authorized to execute the foregoing instrument on behalf of said corporation, that he signed his name thereto for and on behalf of said corporation by order of the Board of Directors of said corporation, and that his signature is the act and deed of the corporation.

	  	

/s/ Richard S. Last

	  
	  	
Notary Public

	  
	 	 	 
	  	
RICHARD S. LAST

	  
	  	
Notary Public, State of New York

	  
	  	
No. 31-4761834

	  
	  	
Qualified in Westchester County

	  
	  	
Certificate filed in New York County

	  
	  	
Term Expires Dec. 31, 2006Unassociated Document

 

PLEDGE AGREEMENT OF JUBILANT PHARMA PTE. LIMITED

 

Pledge Agreement made this 22 day of September, 2006, among JUBILANT PHARMA PTE. LTD. (hereinafter “Pledgor”), a Singapore corporation, with its registered address at 42 B Horne Road, Singapore, 209066, and STATE BANK OF INDIA, NEW YORK BRANCH, a banking corporation duly licensed by the Superintendent of Banks of the State of New York and having its place of business at 460 Park Avenue, New York, N.Y. 10022, Facility Arranger, Administrative Agent, and Senior Lender (hereinafter, “Agent”), BANK OF BARODA, a banking corporation duly licensed by the Superintendent of Banks of the State of New York, and having its place of business at 1 Park Avenue, New York, NY 10016 (hereinafter, “BOB”), JUBILANT PHARMACEUTICALS INC., a Delaware corporation with its principal place of business at 207 Kiley Drive, Salisbury MD (hereinafter “Borrower”), TRIGEN LABORATORIES INC., a Delaware corporation, having its principal place of business at 207 Kiley Drive, Salisbury, MD (hereinafter, “Trigen”), and a corporate guarantor of the facilities being granted to Borrower.

 

WHEREAS Agent and BOB have each granted credit facilities to Borrower pursuant to a written Credit Agreement dated as of the date hereof, Notes issued pursuant thereof, and other documentation, and

 

WHEREAS Pledgor has guarantied the full repayment of the total facilities granted by Agent and BOB, by written unconditional, corporate guaranties of payment, issued, respectively, to Agent and to BOB, and

 

WHEREAS as partial collateral security for the repayment of the said facilities, and as partial collateral security for Pledgor’s said corporate guaranties of payment, Pledgor has agreed to pledge to Agent and to BOB, certain share (s) of stock as set forth herein below.

 

	
  

	
1.

	
COLLATERAL AND GRANT OF SECURITY INTEREST.

 

Pledgor hereby grants Agent and BOB, on a PARI PASSU BASIS, a first security interest in and LIEN upon those shares of stock in Trigen that are owned by Pledgor (hereinafter the “Collateral”) AND ALL PROCEEDS THEREOF:

	
Share Certificate (s) No. ___________

	
Amount of Shares:

	
C 1160

	
36,532,069

	
2000

	
4,461,585

	
2005

	
8,831,034

 

Together with all bonus and/or additional shares, options, instruments, and other rights which may be issued from time to time by Trigen to Pledgor, provided, however that while no Event of Default is in existence and continuing, Pledgor shall be entitled to use and dispose of only the cash dividends and distributions from Trigen, free and clear of any lien or security interests; and further provided that while no Event of Default is in existence and continuing, Pledgor shall have all incidents of ownership of the Collateral, including, without limitation, the right to vote all shares of stock constituting the Collateral.

  

  

  

	
  

	
2.

	
DESCRIPTION OF OBLIGATION SECURED.

 

The security interest granted by this instrument partially secures Pledgor’s corporate guaranty of repayment of an aggregate of US$8,000,000.00 in credit facilities granted by Agent to Borrower, and a total of US$3,000,000.00 in credit facilities granted to Borrower by BOB, all with interest thereon at the rates and conditions set forth in the Credit Agreement, and as further set forth in respective Notes to Agent and to BOB, signed by Borrower and by Pledgor, as guarantor, and delivered to the Agent and to BOB.

 

Pledgor hereby expressly represents that it is in its best interest to grant this Pledge to Agent and to BOB, and acknowledges that it has and/or will receive a direct and indirect economic benefit from the issuance of the said credit facilities to Borrower, and has and will receive valuable consideration in exchange therefor, the receipt and sufficiency of which is acknowledged by Pledgor.

 

Pledgor agrees that it is a condition precedent to the grant of the said credit facilities by each said Lender, that the Pledgor shall have created this Pledge and granted to Agent and to BOB, a first, priority security interest in the Collateral, in order to secure the prompt payment, observance, and performance of all of the Pledgor’s obligations to Agent and to BOB under the said guaranties and the said Notes.

 

	
  

	
3.

	
DELIVERY OF COLLATERAL:

 

Pledgor has delivered the Certificate (s) representing the Collateral, to Agent, to hold as security, on behalf of State Bank of India, New York Branch, and Bank of Baroda.

 

	
  

	
4.

	
PLEDGOR’S REPRESENTATIONS.

 

Pledgor is the sole legal and beneficial owner of the Collateral, in its entirety, free and clear of any claim, right, or interest of any third party. No one except Pledgor has any ownership or security interest in the Collateral, except the security interest being created herein in favor of Agent and BOB.

 

Pledgor has full authority to enter into this Pledge Agreement and the creation of a first priority security interest in favor of the Agent and BOB. Such creation does not in any way or manner, violate any contractual, legal or other obligations of Pledgor under any contract or under any law.

  

2

  

 

Pledgor has the right to vote, pledge, and/or grant this security interest in the shares, and transfer such collateral to Agent, FREE AND CLEAR OF ANY LIENS.

 

No authorization, approvals, or other actions by, and no notice to or filing with any governmental or regulatory agency is required for this pledge, for execution, acknowledgment and delivery of this Agreement, or for exercise by the Agent and/or BOB of any right or remedies herein.

 

The pledge as set forth in this Agreement creates a valid and perfected first priority security interest in the said Collateral, and is recognized as such by Pledgor and Borrower.

 

	
  

	
5.

	
PLEDGOR TO HELP MAINTAIN VALID SECURITY INTEREST IN LENDER.

 

Pledgor shall do such acts as Agent may reasonably require from time to time to maintain a valid security interest in the Collateral by Agent, as Lender, and by BOB, free of all other liens and claims, to secure payment of Pledgor’s indebtedness under its said guaranties, including depositing and increasing the amount of this pledge, and executing any additional agreements to cover any shortfall in the security, as may reasonably be required by Agent and/or BOB.

 

	
  

	
6.

	
EVENTS OF DEFAULT.

 

The following are, without exclusive effect, events of default under the Agreement:

 

	
  

	
(a)

	
Failure by Borrower to pay any amount payable to Agent and/or BOB on the date due, plus any applicable grace period, and/or default by Borrower in any of the terms, conditions, covenants, obligations, etc. under the Credit Agreement, after opportunity to cure any applicable grace period;

 

	
  

	
(b)

	
Failure by Pledgor, as Guarantor, to pay any amount payable to Agent and/or BOB on the due date, plus any applicable grace period, and/or default by Pledgor in any of the terms, conditions, covenants, obligations, etc. under its guaranties or this Pledge Agreement, after notice and 30-day opportunity to cure.

 

	
  

	
(c)

	
Any other default under any terms of the Notes, or any other agreements or documents signed by the Pledgor in connection with the indebtedness described herein, after opportunity to cure any applicable grace period..

  

3

  

 

	
  

	
7.

	
RIGHTS ON DEFAULT.

 

Agent, on its behalf as Lender, and on behalf of BOB, has all the rights of a secured creditor under Article 9 of the Uniform Commercial Code of the State of New York. It may, without limitation, market, sell, cause to be sold, etc, in its sole discretion, at any exchange, broker’s board, public auction, private sale, or in other commercially reasonable manner, in any one or more sales, at such prices as the Agent may decide best, for cash, credit, or otherwise,  all or part of the said Collateral. Such sale(s) shall be free from any claim, encumbrance, or right of Pledgor. Agent may, in its own name, or the name of its designee, buy any part of the Collateral. Pledgor shall be liable for all costs, disbursements, reasonable attorneys’ fees, Court costs, broker’s commissions, referee’s or auctioneer’s fees, advertisement expenses, and any other costs, expenses, etc., in connection therewith.

 

Pledgor appoints Agent, as its Attorney-in Fact, in the event of default, with full authority in the name of Pledgor or its own name or otherwise, to take any action and to execute any instrument which Agent may deem necessary to accomplish the purposes of this Agreement.

 

IT IS UNDERSTOOD AND AGREED THAT IN THE EVENT OF DEFAULT, WHICH CONTINUES AND REMAINS UNCURED THROUGH ANY GRACE PERIOD, IF APPLICABLE, TITLE TO ALL OF THE SAID SHARES SHALL VEST IN THE NAME OF AGENT AS OWNER THEREOF.

 

	
  

	
8.

	
NOTICE OF DISPOSITION OF COLLATERAL.

 

In the event that the Agent elects to sell the Collateral, or part thereof, the Agent shall have the power and right in connection with any such sale, exercisable at its option and in its absolute discretion, to sell, assign, and/or deliver the whole or any part of the Collateral, or any additions thereto, at a private or public sale for cash, on credit, or for future delivery, and at such commercially reasonable prices as the Agent, in its discretion, deems to be satisfactory. Any such disposition which shall be made by private sale or other private proceeding, shall be made upon not less than ten (10) calendar days’ prior written notice to Pledgor, specifying the date and time at which such disposition is to be made. Notice of any public sale shall be sufficient if it describes the Collateral to be sold in general terms, and is published at least once in a newspaper of general circulation in New York, NY, as the Agent may select, not less than ten (10) days prior to the date of sale. If any notice of a proposed sale or other disposition of the Collateral shall be required by law, such notice shall be deemed reasonable and proper if mailed, be registered mail, postage prepaid, to the Pledgor at its address set forth above, or such other address as the Pledgor may have, in writing, provided to the Agent. Notice may also be given, and deemed sufficient, to Pledgor if made by email, fax, courier, or other method generating a receipt. The Agent, may, if it deems it reasonable, postpone or adjourn any sale of any Collateral from time to time by an announcement at the time and place of the sale to be so postponed or adjourned without being required to give a new notice of sale.

  

4

  

 

	
  

	
9.

	
TERM:

 

This Pledge Agreement shall remain in full force and effect until ALL the obligations of Pledgor/Borrower have been fully performed and satisfied, and the said Credit Agreement, Notes, Guaranties, etc have terminated pursuant to their terms and conditions. Upon termination of this Pledge Agreement as provided above, other than as a result of Agent’s application of the Collateral, Agent will release the security interest created hereunder, and will deliver the Collateral to Pledgor.

 

	
  

	
10.

	
CONTINUITY OF APPLICATION:

 

This Pledge Agreement, and all terms and conditions therein, shall apply to, and cover any and all other shares, bonus shares, options, rights, instruments, etc. that may be pledged or required to be pledged by Pledgor/Guarantor to Agent, as Lender, and on behalf of BOB, as part of the Collateral herein.

 

	
  

	
11.

	
GOVERNING LAW.

 

This instrument shall be governed by the laws of the State of New York, and enforceable in the Courts of the State of New York. Pledgor waives any defenses based on lack of personal jurisdiction, improper service of process, improper venue, and BOTH PARTIES, TO THE FULLEST EXTENT PERMITTED BY LAW, UPON FULL KNOWLEDGE OF THE CONSEQUENCES IRREVOCABLY WAIVE RIGHT TO TRIAL BY JURY.

 

	
  

	
12.

	
ENTIRE AGREEMENT

 

This Agreement represents the full and final understanding of the parties with respect to the subject matter herein, incorporating all discussions and prior negotiations. There are no oral promises or representations. This Agreement shall be binding on the parties hereto, their respective heirs, successors and assigns. It can only be modified in any way by a writing signed by all the parties hereto. No alleged oral statements, alleged course of conduct, custom, practice, etc., shall have any effect herein.

 

	
  

	
13.

	
NO LIABILITY OF AGENT:

 

Agent shall not be liable for any acts, omissions, errors of fact or law, with respect to the Collateral, its handling, disposition, sale, etc. except for willful misconduct or gross negligence. Pledgor shall indemnify Agent and hold it harmless against any and all claims arising therefrom, and/or from any person or entity claiming any interest, legal or equitable in the Collateral or any part thereof, etc.

  

5

  

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first indicated.

	  	
PLEDGOR:

	  
	  	
JUBILANT PHARMA PTE. LIMITED

	  
	  	  	  	  
	  	
By:

	/s/ R. Sankaraiah	  
	  	
Name: R. Sankaraiah

	  
	  	
Title:   Director

	  
	  	  
	  	
AGENT/FACILITY ARRANGER/SENIOR LENDER:

	  	
STATE BANK OF INDIA, NEW YORK BRANCH

	  	  	  	  
	  	
By:

	
/s/ R. Chandra

	  
	  	
Name: R. Chandra

	  
	  	
Title:   Vice President & Head (Credit)

	  
	  	  	  	  
	  	
LENDER:

	  
	  	
BANK OF BARODA

	  
	  	  	  	  
	  	
By:

	/s/ Jatin J. Vyas  	  
	  	
Name: Jatin J. Vyas

	  
	  	
Title:   Chief Manager (Credit)

	  
	  	  	  	  
	  	
BORROWER:

	  	
JUBILANT PHARMACEUTICALS INC

	  	  	  	  
	  	
By:

	 /s/ Christopher Worrell	  
	  	
Name: Christopher Worrell

	  	
Title:   President/CEO

	  	  	  	  
	  	
By:

	
/s/ Kamal Mandan

	  
	  	
Name: Kamal Mandan

	  	
Title:   CFO

	  	  	  	  
	  	
GUARANTOR:

	  	
TRIGEN LABORATORIES INC

	  	  	  	  
	  	
By:

	
/s/ Ram Potti

	  
	  	
Name: Ram Potti

	  
	  	
Title:   President

	  

  

6

  

 

	
STATE OF

	
)

	
REPUBLIC OF INDIA

	
)

On the 20th day of September, 2006, before me personally came MR R. SANKARAIAH who being sworn by me, did depose and say that he is the DIRECTOR of JUBILANT PHARMA PTE LIMITED, the corporation described in and which executed the foregoing instrument, that he is authorized by the Board of Directors to execute this instrument, and that he signed his name thereto by like order.

	 	
  

	 
	 	
Notary Public

	 

 

	
[SEAL]

	
ATTESTED

/s/ S. K. Sharma

S. K. SHARMA

NOTARY PUBLIC

NOIDA, U.P.

	
[SEAL]

	  	  	
20 SEP 2006

 

  

7

  

 

	
STATE OF NEW YORK

	
)

	  
	
COUNTY OF NEW YORK

	
)

	
ss

On the 22 day of September, 2006, before me personally came R. Chandra, to me known, who being by me duly sworn, did depose and say that he is the Vice President & Head (Credit) of STATE BANK OF INDIA, NEW YORK BRANCH, the banking corporation described in and which executed the foregoing instrument; that he is authorized by the Board of Directors of said corporation to execute said instrument; and that he signed his name thereto by like order.

	
RICHARD S. LAST

	

/s/ Richard S. Last

	 
	
Notary Public, State of New York

	
Notary Public

	 
	
No. 31-4761834

	  	 
	
Qualified in Westchester County

	  	 
	
Certificate filed in New York County

	  	 
	Term Expires Dec. 31, 2006 	 	 

	
STATE OF NEW YORK

	
)

	  
	
COUNTY OF NEW YORK

	
)

	
ss

On the 22 day of September, 2006, before me personally came Jatin Vyas, who being duly sworn by me, did depose and say that he is the Chief Manager of BANK OF BARODA, the corporation described in and which executed the foregoing instrument, that he is authorized by the Board of Directors of said corporation to execute said instrument, and that he signed his name thereto by like order.

	
RICHARD S. LAST

	

/s/ Richard S. Last

	 
	
Notary Public, State of New York

	
Notary Public

	 
	
No. 31-4761834

	  	 
	
Qualified in Westchester County

	  	 
	
Certificate filed in New York County

	  	 
	Term Expires Dec. 31, 2006 	 	 

	
STATE OF NEW YORK

	
)

	  
	
COUNTY OF NEW YORK

	
)

	
ss

On the 22 day of September, 2006, before me personally came Kamal Mandan, who being sworn by me, did depose and say that he is the CFO of JUBILANT PHARMACEUTICALS INC, the corporation described in and which executed the foregoing instrument, that he is authorized by the Board of Directors of said corporation to execute this instrument, and that he signed his names thereto by like order.

	
RICHARD S. LAST

	

/s/ Richard S. Last

	 
	
Notary Public, State of New York

	
Notary Public

	 
	
No. 31-4761834

	  	 
	
Qualified in Westchester County

	  	 
	
Certificate filed in New York County

	  	 
	
Term Expires Dec. 31, 2006

	 	 

 

  

8

  

 

	
STATE OF NEW YORK

	
)

	  
	
COUNTY OF NEW YORK

	
)

	
ss

On the 22 day of September, 2006, before me personally came Ram Potti, who being sworn by me, did depose and say that he is the President of TRIGEN LABORATORIES INC, the corporation described in and which executed the foregoing instrument, that he is authorized by the Board of Directors to execute this instrument, and that he signed his name thereto by like order.

	
RICHARD S LAST

	

/s/ Richard S. Last

	 
	
Notary Public, State of New York

	
Notary Public

	 
	
No. 31-4761834

	  	 
	
Qualified in Westchester County

	  	 
	
Certificate filed in New York County

	  	 
	Term Expires Dec. 31, 2006 	 	 

	
STATE OF

	
)

	  
	
REPUBLIC OF INDIA

	
)

	
ss

On the               day of                   , 2006, before me personally came                         , who being sworn by me, did depose and say that he is the                       of JUBILANT PHARMA PTE LIMITED, the corporation described in and which executed the foregoing instrument, that he is authorized by the Board of Directors to execute this instrument, and that he signed his name thereto by like order.

	  	 	
  

	 
	   	 	
Notary Public

	 

  

9

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