Document:

Exhibit 10.21

 

EXECUTION VERSION

 

ABBVIE INC.

 

Purchase Agreement

 

November 5, 2012

 

Morgan Stanley & Co. LLC

1585 Broadway
 New York, New York 10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York 10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York 10179

 

Merrill Lynch, Pierce, Fenner & Smith
 Incorporated

One Bryant Park
 New York, New York 10036

 

As representatives of the several initial purchasers
 named in Schedule I hereto

 

c/o Morgan Stanley & Co. LLC

1585 Broadway
 New York, New York 10036

 

Ladies and Gentlemen:

 

AbbVie Inc., a Delaware corporation (the “Company”), proposes to issue and sell to Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (collectively, the “Representatives”) and the other several purchasers named in Schedule I hereto (the “Initial Purchasers”) pursuant to this Purchase Agreement (this “Agreement”) $3,500,000,000 principal amount of its 1.200% senior notes due 2015 (the “Fixed  2015  Notes”), $4,000,000,000 principal amount of its 1.750% senior notes due 2017 (the “2017  Notes”), $1,000,000,000 principal amount of its 2.000% senior notes due 2018 (the “2018 Notes”), $2,600,000,000 principal amount of its 4.400% senior notes due 2042 (the “2042 Notes”) and $500,000,000 principal amount of its floating rate senior notes due 2015 (the “Floating 2015 Notes”).  Additionally, Morgan Stanley & Co. LLC (in its capacity as an offeror of the 2022 Notes (defined below), the “Selling Noteholder”), proposes to sell to the Initial Purchaser, pursuant to this Agreement, $3,037,486,000 principal amount of the Company’s 2.900% senior notes due 2022 (the “2022 Notes” and, together with the Fixed 2015

 

 

Notes, the 2017 Notes, the 2018 Notes, the 2042 Notes and the Floating 2015 Notes, the “Notes,” and each of the Fixed 2015 Notes, the 2017 Notes, the 2018 Notes, the 2022 Notes, the 2042 Notes and the Floating 2015 Notes, a “Series”).

 

The Notes will be issued pursuant to the provisions of an Indenture dated as of November 8, 2012 between the Company and U.S. Bank National Association, as Trustee (the “Trustee”), as supplemented by the Supplemental Indenture No. 1 dated as of November 8, 2012 among the Company and the Trustee (such indenture as so supplemented, the “Indenture”). The payment of principal of, premium, if any, and interest on the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Abbott Laboratories, an Illinois Corporation (“Abbott” and in its capacity as a guarantor of the Notes, the “Guarantor”), and its successors and assigns pursuant to a Guarantee Agreement, dated November 8, 2012, between the Guarantor and the Trustee until terminated and released in accordance with the terms thereof (the “Guarantee”).  The Notes and the Guarantee are herein collectively referred to as the “Securities.”  The Notes, the Guarantee and the Indenture are more fully described in each Memorandum (as defined below) as amended or supplemented with respect to such Notes.

 

The Securities will be offered without registration under the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in compliance with the exemption from registration provided by Rule 144A under the Securities Act and in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”).

 

The Initial Purchasers and their direct and indirect transferees will be entitled to the benefits of a Registration Rights Agreement, dated November 8, 2012, among the Company, the Guarantor and the Representatives on behalf of the Initial Purchasers (the “Registration Rights Agreement”).

 

In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum (the “Preliminary Memorandum”) and will prepare a final offering memorandum (the “Final Memorandum”) including or incorporating by reference a description of the terms of the Securities, the terms of the offering and a description of the Company.  For purposes of this Agreement, “Additional Written Offering Communication” means any written communication (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities other than the Preliminary Memorandum or the Final Memorandum, and “Time of Sale Memorandum” means the Preliminary Memorandum together with the Additional Written Offering Communications, if any, identified in Schedule II hereto.  The Preliminary Memorandum, Time of Sale Memorandum and Final Memorandum are each referred to herein as a “Memorandum.”  As used herein, the terms Preliminary Memorandum, Time of Sale Memorandum and Final Memorandum shall include the documents, if any, expressly incorporated by reference therein on the date hereof.  The terms “supplement,” “amendment” and “amend” as used herein with respect to the Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum or any Additional Written Offering Communication shall include all documents subsequently filed by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are incorporated by reference therein.

 

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The Notes are being issued in connection with the distribution (the “Distribution”) of all of the common stock of the Company to holders of common stock of Abbott, which, as of the date of this Agreement, is the Company’s parent company.  In connection with the Distribution, the Company and Abbott will complete a series of transactions described in each Memorandum under the heading “Summary3⁄4The Separation and Distribution” (such transactions, the “Transactions”).  On or prior to the Closing Date, and as part of the Transactions, (i) as partial consideration for the contribution of the Company’s business by Abbott or subsidiaries of Abbott to the Company or subsidiaries of the Company, the Company will issue to Abbott a portion of the 2022 Notes and (ii) pursuant to the Exchange Agreement, dated November 5, 2012, among Abbott and the Selling Noteholder (the “Exchange Agreement”), Abbott will exchange the 2022 Notes it receives with the Selling Noteholder for an equivalent fair value of Abbott commercial paper owned by the Selling Noteholder (the “Debt for Debt Exchange”).

 

In connection with the participation of the Initial Purchasers in the offering of the Securities pursuant to the terms hereof, and in recognition of the arm’s-length contractual relationship among the Initial Purchasers, the Company, the Guarantor and the Selling Noteholder created hereby (including the arm’s-length negotiation of the terms of the offering), each of the Company, the Guarantor and the Selling Noteholder acknowledges and agrees that (i) the Initial Purchasers are not acting as financial advisors or fiduciaries to the Company, the Guarantor or the Selling Noteholder or as agents of the Company, the Guarantor or the Selling Noteholder in any respect; (ii) the Initial Purchasers owe the Company, the Guarantor and the Selling Noteholder only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any; and (iii) the Initial Purchasers may have interests that differ from those of the Company, the Guarantor and the Selling Noteholder.  In further recognition of such arm’s-length contractual relationship and the limitations thereof, each of the Company, the Guarantor and the Selling Noteholder hereby acknowledges and agrees that no Initial Purchaser is advising the Company, the Guarantor or the Selling Noteholder as to any legal, tax, investment, accounting or regulatory matter in connection with the offering and each of the Company, the Guarantor and the Selling Noteholder shall consult with its own advisors concerning such matters, including conducting with such advisors its own independent analysis of such offering, and the Initial Purchasers shall have no responsibility or liability to the Company, the Guarantor or the Selling Noteholder with respect thereto.  Each of the Company, the Guarantor and the Selling Noteholder waives to the full extent permitted by applicable law any claims it may have against the Initial Purchasers arising from an alleged breach of fiduciary duty in connection with the offering of the Securities.

 

1.                                      Representations and Warranties of the Company.  The Company represents and warrants to, and agrees with, each of the Representatives that:

 

(a)                                 (i) The Time of Sale Memorandum does not, and at the time of each sale of the Securities in connection with the offering when the Final Memorandum is not yet available to prospective purchasers, and at the Closing Date (as defined in Section 6), the Time of Sale Memorandum, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) the Preliminary

 

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Memorandum does not contain, and the Final Memorandum, in the form used by the Initial Purchasers to confirm sales and on the Closing Date (as defined in Section 6), will not contain, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum based upon the Selling Noteholder Information (as defined below) or information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use therein;

 

(b)                                 Except for the Additional Written Offering Communications, if any, identified in Schedule II hereto, and the electronic road show related to the Notes furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives’ prior consent, prepare, use or refer to, any Additional Written Offering Communication;

 

(c)                                  Neither the Company nor any of its subsidiaries has sustained since the date of the latest audited financial statements included or incorporated by reference in the Time of Sale Memorandum any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, which is material to the Company and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in each Memorandum; and, since the respective dates as of which information is given in each Memorandum, there has not been any material change in the consolidated capital stock or any material increase in the consolidated long-term debt of the Company and its subsidiaries, taken as a whole, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, financial position, shareholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, otherwise than as set forth or contemplated in each Memorandum;

 

(d)                                 The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with the corporate power and authority to own its properties and conduct its business as described in the Time of Sale Memorandum, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified or in good standing would not, in the aggregate, have a material adverse effect upon the Company and its subsidiaries, taken as a whole;

 

(e)                                  Each of the “Significant Subsidiaries” of the Company (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated under the Securities Act) has been duly organized, is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization, is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified

 

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or in good standing would not, in the aggregate, have a material adverse effect upon the Company and its subsidiaries, taken as a whole;

 

(f)                                   This Agreement has been duly authorized, executed and delivered by the Company;

 

(g)                                  The Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement, will be valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and general principles of equity (collectively, the “Enforceability Exceptions”), and will be entitled to the benefits of the Indenture, the Guarantee and the Registration Rights Agreement, subject to the Enforceability Exceptions and except as rights to indemnification and contribution may be limited under applicable law;

 

(h)                                 The Indenture has been duly authorized and, assuming due execution and delivery by the Trustee, when executed and delivered by the Company, will be a valid and binding agreement of the Company, enforceable in accordance with its terms, subject to the Enforceability Exceptions;

 

(i)                                     The Indenture conforms, and the Notes will conform, to the descriptions thereof contained in each Memorandum as amended or supplemented with respect to such Notes;

 

(j)                                    The Registration Rights Agreement has been duly authorized and, assuming due delivery and execution by the Representatives, when executed and delivered by the Company, will be a valid and binding agreement of the Company, enforceable in accordance with its terms, subject to the Enforceability Exceptions and except as rights to indemnification and contribution may be limited under applicable law;

 

(k)                                 The issue and sale of the Securities and the compliance by the Company with all of the provisions of the Notes, the Indenture, the Registration Rights Agreement, the Exchange Agreement and this Agreement, and the consummation of the transactions herein and therein contemplated, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the articles of incorporation or by-laws, each as amended, of the Company or (iii) result in a violation of any applicable law, statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, in any such case described in clause (i)

 

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or (iii) the effects of which would, individually or in the aggregate, be materially adverse to the Company and its subsidiaries taken as a whole; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by the Company of the transactions contemplated by this Agreement, the Notes, the Indenture, the Registration Rights Agreement or the Exchange Agreement except such as have already been obtained or may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Securities and by Federal and state securities laws with respect to the Company’s obligations under the Registration Rights Agreement and except as would not, individually or in the aggregate, be materially adverse to the Company’s ability to consummate the transactions contemplated by this Agreement, the Notes, the Indenture, the Registration Rights Agreement or the Exchange Agreement or perform its obligations thereunder;

 

(l)                                     Other than as set forth in the Time of Sale Memorandum, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject (including, without limitation, any proceedings before the United States Food and Drug Administration or comparable Federal, state, local or foreign governmental bodies) that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the business, financial position, shareholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole; and, to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others;

 

(m)                             Except as noted therein, the combined financial statements of the Company, and the related notes thereto, contained in each Memorandum present fairly in all material respects the combined financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and changes in their combined cash flows for the periods specified; and such financial statements have been prepared in conformity with accounting principles generally accepted in the United States applied on a consistent basis; the selected financial data of the Company and its subsidiaries contained in each Memorandum present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements of the Company contained in each Memorandum; and the pro forma financial information of the Company, and the related notes thereto, contained in each Memorandum has been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved and in accordance with the requirements of Regulation S-X;

 

(n)                                 The Company and its subsidiaries (i) make and keep accurate books and records in all material respects and (ii) maintain internal accounting controls which provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to permit preparation of their financial statements and to maintain accountability for their assets, (C) access to their assets is permitted only in accordance with management’s authorization and (D) the reported accountability for their assets is compared with

 

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existing assets at reasonable intervals and appropriate action is taken with respect to any difference;

 

(o)                                 The Company has established, maintains and will maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) which are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported in accordance with the Exchange Act and the rules and regulations thereunder.  The Company has carried out and will carry out evaluations, under the supervision and with the participation of the Company’s management, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures in accordance with Rule 13a-15 of the Exchange Act;

 

(p)                                 Deloitte & Touche LLP, which has audited and reported on certain financial statements of the Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries as required by the Securities Act and the Exchange Act and the rules and regulations of the Commission and the Public Company Accounting Oversight Board;

 

(q)                                 Neither the Company nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act, an “Affiliate”) of the Company has directly, or through any agent, (other than the Selling Noteholder and the Initial Purchasers, as to whom no representation or warranty is made) (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities or (ii) offered, solicited offers to buy or sold the Securities by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act;

 

(r)                                    None of the Company, its Affiliates or any person acting on its or their behalf (other than the Selling Noteholder and the Initial Purchasers, as to whom no representation or warranty is made) has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities and the Company and its Affiliates, and any person acting on its or their behalf has complied and will comply with the offering restrictions requirement of Regulation S;

 

(s)                                   Assuming the accuracy of the representations and warranties of the Selling Noteholder and the Initial Purchasers, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchasers and the initial resale of the Securities by the Initial Purchasers to investors in the manner contemplated by this Agreement to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended;

 

(t)                                    The Securities satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act;

 

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(u)                                 Neither the Company nor any of its subsidiaries or Affiliates, directors or officers, nor to the Company’s knowledge any, employees, agents or representatives of the Company or of any of its subsidiaries or Affiliates, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to improperly influence official action or secure an improper advantage; and the Company and its subsidiaries and Affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained in this paragraph;

 

(v)                                 The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened, except for any such action, suit or proceeding as would not have a material adverse effect on the Company and its subsidiaries, taken as a whole;

 

(w)                               (i) To the Company’s knowledge, none of the Company and its subsidiaries or any of their respective officers or directors is an individual or entity (“Person”) that is an Embargoed Person; provided that if any subsidiary of the Company becomes an Embargoed Person pursuant to clause (B)(3) of the definition thereof as a result of a country or territory becoming subject to any applicable Sanctions program after the Closing Date, such Person shall not be an Embargoed Person so long as  (A) the Company is taking reasonable steps to either obtain an appropriate license for transacting business in such country or territory or to cause such Person to no longer reside, be organized or chartered or have a place of business in such country or territory and (B) such Person’s residing, being organized or chartered or having a place of business in such country or territory would not be reasonably expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole;

 

(ii) “Embargoed Person” means (A) any country or territory that is the target of a sanctions program administered by U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”)  or (B) any Person that (1) is or is owned or controlled by a Person publicly identified on the most current list of “Specially Designated

 

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Nationals and Blocked Persons” published by OFAC, (2) is the target of a sanctions program or sanctions list (x) administered by OFAC, the European Union or Her Majesty’s Treasury, or (y) under the Iran Sanctions Act, as amended, section 1245 of the National Defense Authorization Act for Fiscal Year 2012 or Executive Order 13590 “Authorizing the Imposition of Certain Sanctions with respect to the Provision of Services, Technology or Support for Iran’s Energy and Petro-chemical Sectors,” effective November 21, 2011 (collectively, “Sanctions”) or (3) resides, is organized or chartered, or has a place of business in a country or territory that is the subject of a Sanctions program administered by OFAC that prohibits dealing with the government of such country or territory (unless such Person has an appropriate license to transact business in such country or territory or otherwise is permitted to reside, be organized or chartered or maintain a place of business in such country or territory without violating any Sanctions); and

 

(iii)  Except as permitted by Sanctions, the Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(A)  to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

 

(B)  in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

 

2.                                      Representations and Warranties of the Guarantor.  The Guarantor represents and warrants to, and agrees with, each of the Representatives that:

 

(a)                                 (i) Each document, if any, filed or to be filed by the Guarantor pursuant to the Exchange Act and incorporated by reference in the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, (ii) the Time of Sale Memorandum does not, and at the time of each sale of the Securities in connection with the offering when the Final Memorandum is not yet available to prospective purchasers, and at the Closing Date (as defined in Section 6), the Time of Sale Memorandum, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) the Preliminary Memorandum does not contain, and the Final Memorandum, in the form used by the Initial Purchasers to confirm sales and on the Closing Date (as defined in Section 6), will not contain, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Preliminary Memorandum, the Time of Sale Memorandum or the Final

 

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Memorandum based upon the Selling Noteholder Information (as defined below) or information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use therein;

 

(b)                                 Except for the Additional Written Offering Communications, if any, identified in Schedule II hereto, and the electronic road show related to the Notes furnished to the Representatives before first use, the Guarantor has not prepared, used or referred to, and will not, without the Representatives’ prior consent, prepare, use or refer to, any Additional Written Offering Communication;

 

(c)                                  Neither the Guarantor nor any of its subsidiaries has sustained since the date of the latest audited financial statements included or incorporated by reference in the Time of Sale Memorandum any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, which is material to the Guarantor and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in each Memorandum; and, since the respective dates as of which information is given in each Memorandum, there has not been any material change in the consolidated capital stock or any material increase in the consolidated long-term debt of the Guarantor and its subsidiaries, taken as a whole, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, financial position, shareholders’ equity or results of operations of the Guarantor and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in each Memorandum;

 

(d)                                 The Guarantor has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Illinois, with the corporate power and authority to own its properties and conduct its business as described in the Time of Sale Memorandum, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified or in good standing would not, in the aggregate, have a material adverse effect upon the Guarantor and its subsidiaries, taken as a whole;

 

(e)                                  Each of the “Significant Subsidiaries” of the Guarantor (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated under the Securities Act) has been duly organized, is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization, is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified or in good standing would not, in the aggregate, have a material adverse effect upon the Guarantor and its subsidiaries, taken as a whole;

 

(f)                                   This Agreement has been duly authorized, executed and delivered by the Guarantor;

 

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(g)                                  The Guarantee has been duly authorized and, assuming due execution and delivery by the Trustee, when executed and delivered by the Guarantor, will be a valid and binding agreement of the Guarantor, enforceable in accordance with its terms, subject to the Enforceability Exceptions; and the Guarantee conforms to the description thereof contained in each Memorandum;

 

(h)                                 The Registration Rights Agreement has been duly authorized and, assuming due delivery and execution by the Representatives, when executed and delivered by the Guarantor, will be a valid and binding agreement of, the Guarantor, enforceable in accordance with its terms, subject to the Enforceability Exceptions and except as rights to indemnification and contribution may be limited under applicable law;

 

(i)                                     The issue and sale of the Securities and the compliance by the Guarantor with all of the provisions of the Guarantee, the Registration Rights Agreement, the Exchange Agreement and this Agreement, and the consummation of the transactions herein and therein contemplated, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Guarantor or any of its subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Guarantor or any of its subsidiaries is a party or by which the Guarantor or any of its subsidiaries is bound or to which any of the property or assets of the Guarantor or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the articles of incorporation or by-laws, each as amended, of the Guarantor or (iii) result in a violation of any applicable law, statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Guarantor or any of its subsidiaries or any of their respective properties, in any such case described in clause (i) or (iii) the effects of which would, individually or in the aggregate, be materially adverse to the Guarantor and its subsidiaries taken as a whole; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by the Guarantor of the transactions contemplated by this Agreement, the Guarantee, the Registration Rights Agreement or the Exchange Agreement except such as have already been obtained or may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Securities and by Federal and state securities laws with respect to the Guarantor’s obligations under the Registration Rights Agreement and except as would not, individually or in the aggregate, be materially adverse to the Guarantor’s ability to consummate the transactions contemplated by this Agreement, the Guarantee, the Registration Rights Agreement or the Exchange Agreement or to perform its obligations thereunder;

 

(j)                                    Other than as set forth in the Time of Sale Memorandum, there are no legal or governmental proceedings pending to which the Guarantor or any of its subsidiaries is a party or of which any property of the Guarantor or any of its subsidiaries is the subject (including, without limitation, any proceedings before the United States Food and Drug Administration or comparable Federal, state, local or foreign governmental bodies) that, individually or in the aggregate, would reasonably be

 

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expected to have a material adverse effect on the business, financial position, shareholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole; and, to the Guarantor’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others;

 

(k)                                 Except as noted therein, the consolidated financial statements of the Guarantor, and the related notes thereto, contained in each Memorandum present fairly in all material respects the consolidated financial position of the Guarantor and its consolidated subsidiaries as of the dates indicated and the results of their operations and changes in their consolidated cash flows for the periods specified; and such financial statements have been prepared in conformity with accounting principles generally accepted in the United States applied on a consistent basis; and the pro forma financial information of the Guarantor, and the related notes thereto, contained or incorporated by reference in each Memorandum fairly present in all material respects the information contained therein and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved and in accordance with the requirements of Regulation S-X;

 

(l)                                     The Guarantor and its subsidiaries (i) make and keep accurate books and records in all material respects and (ii) maintain internal accounting controls which provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to permit preparation of their financial statements and to maintain accountability for their assets, (C) access to their assets is permitted only in accordance with management’s authorization and (D) the reported accountability for their assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any difference;

 

(m)                             The Guarantor has established, maintains and will maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) which are designed to ensure that information required to be disclosed by the Guarantor in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported in accordance with the Exchange Act and the rules and regulations thereunder.  The Guarantor has carried out and will carry out evaluations, under the supervision and with the participation of the Guarantor’s management of the effectiveness of the design and operation of the Guarantor’s disclosure controls and procedures in accordance with Rule 13a-15 of the Exchange Act;

 

(n)                                 There is and has been no failure on the part of the Guarantor or, to the knowledge of the Guarantor, any of the Guarantor’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications;

 

(o)                                 Deloitte & Touche LLP, which has audited and reported on certain financial statements of the Guarantor and its subsidiaries and the effectiveness of the

 

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Guarantor’s internal control over financial reporting, is an independent registered public accounting firm with respect to the Guarantor and its subsidiaries as required by the Securities Act and the Exchange Act and the rules and regulations of the Commission and the Public Company Accounting Oversight Board;

 

(p)                                 Neither the Guarantor nor any Affiliate of the Guarantor has directly, or through any agent (other than the Selling Noteholder and the Initial Purchasers, as to whom no representation or warranty is made), (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities or (ii) offered, solicited offers to buy or sold the Securities by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act;

 

(q)                                 None of the Guarantor, its Affiliates or any person acting on its or their behalf (other than the Selling Noteholder and the Initial Purchasers, as to whom no representation or warranty is made) has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities and the Guarantor and its Affiliates, and any person acting on its or their behalf has complied and will comply with the offering restrictions requirement of Regulation S;

 

(r)                                    Assuming the accuracy of the representations and warranties of the Selling Noteholder and the Initial Purchasers and compliance by the Selling Noteholder and Initial Purchasers with the terms of the Agreement, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchasers  and the initial resale of the Securities by the Initial Purchasers to investors in the manner contemplated by this Agreement to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended;

 

(s)                                   The Securities satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act;

 

(t)                                    Neither the Guarantor nor any of its subsidiaries or Affiliates, directors or officers, nor to the Guarantor’s knowledge any employees, agents or representatives of the Guarantor or of any of its subsidiaries or Affiliates, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to improperly influence official action or secure an improper advantage; and the Guarantor and its subsidiaries and Affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies and

 

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procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained in this paragraph;

 

(u)                                 The operations of the Guarantor and its subsidiaries are and have been conducted at all times in compliance with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Guarantor or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Guarantor, threatened, except for any such action, suit or proceeding as would not have a material adverse effect on the Company and its subsidiaries, taken as a whole;

 

(v)                                 (i)  To the Guarantor’s knowledge, none of the Guarantor and its subsidiaries or any of their respective officers or directors is a Person that is an Embargoed Person; provided that if any subsidiary of the Guarantor becomes an Embargoed Person pursuant to clause (B)(3) of the definition thereof as a result of a country or territory becoming subject to any applicable Sanctions program after the Closing Date, such Person shall not be an Embargoed Person so long as (A) the Guarantor is taking reasonable steps to either obtain an appropriate license for transacting business in such country or territory or to cause such Person to no longer reside, be organized or chartered or have a place of business in such country or territory and (B) such Person’s residing, being organized or chartered or having a place of business in such country or territory would not be reasonably expected to have a material adverse effect on the Guarantor and its subsidiaries, taken as a whole; and

 

(ii)  Except as permitted by Sanctions, the Guarantor will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(A)  to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

 

(B)  in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

 

3.                                      Representations and Warranties of the Selling Noteholder.  The Selling Noteholder represents and warrants to, and agrees with, each Representative that:

 

(a)                                 The information relating to the Selling Noteholder furnished to the Company in writing by the Selling Noteholder expressly for use in each Memorandum and any written communication prepared by such Selling Noteholder approved by the Company for delivery and delivered to potential investors in connection with the sale of the Securities does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, it being understood and

 

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agreed that any such information appears under the heading “Selling Noteholder” in each Memorandum (the “Selling Noteholder Information”);

 

(b)                                 This Agreement has been duly authorized, executed and delivered by the Selling Noteholder;

 

(c)                                  The sale of the 2022 Notes by the Selling Noteholder pursuant to this Agreement is not prompted by any material information concerning the Company or any of its subsidiaries that is not set forth in each Memorandum.

 

(d)                                 The execution, delivery and performance by the Selling Noteholder of this Agreement, the Exchange Agreement and the sale of the 2022 Notes and compliance by the Selling Noteholder with the terms of this Agreement and the Exchange Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Selling Noteholder is a party or by which the Selling Noteholder is bound or to which any of the property or assets of such Selling Noteholder is subject, (ii) result in any violation of the provisions of the charter or bylaws or similar organizational documents of the Selling Noteholder or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except in the case of clauses (i) or (iii) above, where such contravention would not, singly or in the aggregate, have a material adverse effect on the power and ability of the Selling Noteholder to perform its obligations under this Agreement or the Exchange Agreement or to consummate the sale of the 2022 Notes;

 

(e)                                  None of the Selling Noteholder, any of its Affiliates or any person acting on its or their behalf (other than the Company, the Guarantor and their Affiliates, as to whom the Selling Noteholder makes no representation) has engaged, in connection with the offering of the Securities, in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.  With respect to those Securities sold in reliance on Regulation S, (i) none of the Selling Noteholder, its Affiliates or any person acting on its or their behalf (other than the Company, the Guarantor and their Affiliates, as to whom the Selling Noteholder makes no representation) has engaged in any directed selling efforts within the meaning of Regulation S and (ii) the Selling Noteholder, each of its Affiliates and each person acting on its or their behalf (other than the Company, the Guarantor and their Affiliates, as to whom such Selling Noteholder makes no representation) has complied with the offering restrictions requirement of Regulation S;

 

(f)                                   The Selling Noteholder is an accredited investor within the meaning of Rule 501(a) under the Securities Act and, at the Closing Date, will have the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the 2022 Notes to be sold by the Selling Noteholder or a valid security entitlement in respect of such Securities;

 

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(g)                                  Except as permitted by law, the Selling Noteholder has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company or the Guarantor to facilitate the sale or resale of the 2022 Notes;

 

(h)                                 The Selling Noteholder agrees that it has not, in its capacity as Selling Noteholder, entered into, and will not prior to the Closing Date or the termination of this Agreement enter into, any contractual arrangement with respect to the distribution of the Securities except for this Agreement, it being understood that the Selling Noteholder will, in its capacity as an Initial Purchaser, enter into customary agreements related to the distribution of the securities including this Agreement, the Registration Rights Agreement, and arrangements with the other Initial Purchasers and customers to whom the Securities are sold; and

 

(i)                                     The Selling Noteholder will deliver to the Company prior to or on the Closing Date a properly completed and executed United States Treasury Department Form W-9 (or other applicable form or statement specified by Treasury Department regulations in lieu thereof).

 

4.                                      Agreements to Sell and Purchase.  Each of the Company and the Selling Noteholder, severally and not jointly, hereby agrees to sell to the several Initial Purchasers, and each Initial Purchaser, upon the basis of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company and the Selling Noteholder, at purchase prices as set forth on Schedule III, in the respective principal amount of each Series set forth opposite its name in Schedule I hereto.

 

5.                                      Terms of Offering.  The Representatives have advised the Company and the Selling Noteholder that the Initial Purchasers will make an offering of the Securities purchased by the Initial Purchasers hereunder as soon as practicable after this Agreement is entered into as in the judgment of the Representatives is advisable.

 

6.                                      Payment and Delivery.  Payment for the Securities shall be made to the Company and the Selling Noteholder in Federal or other funds immediately available in New York City against delivery of such Securities for the respective accounts of the several Initial Purchasers at 10:00 a.m., New York City time, on November 8, 2012, or at such other time on the same or such other date as shall be designated in writing by the Representatives.  The time and date of such payment are hereinafter referred to as the “Closing Date.”

 

The Securities shall be in definitive form or global form, as specified by the Representatives, and registered in such names and in such denominations as the Representatives shall request in writing not later than one full business day prior to the Closing Date.  The Securities shall be delivered to the Representatives on the Closing Date for the respective accounts of the several Initial Purchasers, with any transfer taxes payable in connection with the transfer of the Securities to the Initial Purchasers duly paid, against payment of the purchase price therefor plus accrued interest, if any, to the date of payment and delivery.

 

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7.                                      Conditions to the Initial Purchasers’ Obligations.  The several obligations of the Initial Purchasers to purchase and pay for the Securities on the Closing Date are subject, in the discretion of the Representatives, to the condition that all representations and warranties and other statements of the Company, the Guarantor and the Selling Noteholder in this Agreement are, at and as of the Closing Date, true and correct, the condition that each of them shall have performed in all material respects all of their respective obligations hereunder theretofore to be performed; provided, that in the case of the representations and warranties and other statements of the Selling Noteholder, such representations and warranties and other statements shall be subject to the waiver by the Company to the extent legally permissible; and to the following additional conditions:

 

(a)                                 The Initial Purchasers shall have received on the Closing Date an opinion of Shearman & Sterling LLP, counsel for the Initial Purchasers, dated the Closing Date, with respect to such matters as may be reasonably requested by the Initial Purchasers;

 

(b)                                 The Initial Purchasers shall have received on the Closing Date an opinion of John A. Berry, Divisional Vice President, Associate General Counsel and Assistant Secretary of the Guarantor on behalf of the Company (or such other person who shall be a senior legal officer of the Company or Guarantor on the Closing Date), dated the Closing Date, to the effect set forth in Exhibit A hereto;

 

(c)                                  The Initial Purchasers shall have received on the Closing Date an opinion of John A. Berry, Divisional Vice President, Associate General Counsel and Assistant Secretary (or such other person who shall be Divisional Vice President, and Associate General Counsel and Assistant Secretary of the Guarantor on the Closing Date), dated the Closing Date, to the effect set forth in Exhibit B hereto;

 

(d)                                 The Initial Purchasers shall have received on the Closing Date an opinion of Wachtell, Lipton, Rosen & Katz LLP, outside counsel for the Company and the Guarantor, dated the Closing Date, to the effect set forth in Exhibit C-1 and a negative assurance letter, dated the Closing Date, to the effect set forth in Exhibit C-2;

 

(e)                                  The Initial Purchasers shall have received on the Closing Date an opinion of Mayer Brown LLP, outside counsel for the Company and the Guarantor, dated the Closing Date, to the effect set forth in Exhibit D-1 and a negative assurance letter, dated the Closing Date, to the effect set forth in Exhibit D-2;

 

(f)                                   The Initial Purchasers shall have received on each of the date hereof and the Closing Date a letter, dated the date hereof or the Closing Date, as applicable, in form and substance satisfactory to the Initial Purchasers, from Deloitte & Touche LLP, independent public accountants for the Company, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in the Time of Sale Memorandum and the Final Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off date” not earlier than the date hereof;

 

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(g)                                  The Initial Purchasers shall have received on each of the date hereof and the Closing Date a letter, dated the date hereof or the Closing Date, as applicable, in form and substance satisfactory to the Initial Purchasers, from Deloitte & Touche LLP, independent public accountants for the Guarantor, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in or incorporated by reference into the Time of Sale Memorandum and the Final Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off date” not earlier than the date hereof;

 

(h)                                 (i) Neither the Company, nor the Guarantor nor any of their respective subsidiaries shall have sustained since the date of the latest financial statements included in the Time of Sale Memorandum any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Time of Sale Memorandum, and (ii) since the respective dates as of which information is given in the Time of Sale Memorandum there shall not have been any change in the consolidated capital stock or any increase in the consolidated long-term debt of the Company and its subsidiaries or the Guarantor and its subsidiaries, in each case, taken as a whole, or any change, or any development involving a prospective change, in or affecting the business, financial position, shareholders’ equity or results of operations of the Company and its subsidiaries or the Guarantor and its subsidiaries, in each case, taken as a whole, otherwise than as set forth or contemplated in the Time of Sale Memorandum, the effect of which, in any such case described in clause (i) or (ii), is in the reasonable judgment of the Representatives so material and adverse as to make it impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum;

 

(i)                                     On or after the date of this Agreement (i) no downgrading shall have occurred, nor shall any notice have been given of any intended or potential downgrading, in the rating accorded the Company (if any) or the Guarantor or any of the securities of the Company, the Guarantor or any of their subsidiaries by Moody’s Investor Services or Standard & Poor’s Ratings Service and (ii) neither organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s nor the Guarantor’s debt securities;

 

(j)                                    The Company and the Guarantor shall have furnished or caused to be furnished to the Representatives on the Closing Date a certificate or certificates of officers of the Company or the Guarantor, as applicable, satisfactory to the Representatives as to the accuracy of the representations and warranties of the Company or the Guarantor, as applicable, herein at and as of the Closing Date, as to the performance by the Company or the Guarantor, as applicable, of all of its respective obligations hereunder to be performed at or prior to the Closing Date and as to the matters set forth in Section 7(h) and 7(i);

 

(k)                                 The Debt for Debt Exchange shall have been consummated or shall occur substantially concurrently with the issuance and sale of the Securities; and

 

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(l)                                     The private letter ruling Abbott received from the Internal Revenue Service on October 25, 2012 shall continue to be valid as of the Closing Date and shall not have been revoked or modified in any material respect that is adverse to the Guarantor or the Company.

 

8.                                      Covenants of the Company and the Guarantors.  The Company and the Guarantor covenant to each Initial Purchaser as follows:

 

(a)                                 To furnish to the Representatives in New York City, without charge, prior to 10:00 a.m. New York City time on the second business day next succeeding the date of this Agreement and during the period mentioned in Section 8(d) or (e), as many copies of the Time of Sale Memorandum, the Final Memorandum, any documents incorporated by reference therein and any supplements and amendments thereto as the Representatives may reasonably request;

 

(b)                                 Before amending or supplementing the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to use any such proposed amendment or supplement to which the Representatives reasonably object, except as may be required by applicable law;

 

(c)                                  To furnish to the Representatives a copy of each proposed Additional Written Offering Communication to be prepared by or on behalf of, used by, or referred to by the Company or the Guarantor and not to use or refer to any proposed Additional Written Offering Communication to which the Representatives reasonably object;

 

(d)                                 If the Time of Sale Memorandum is being used to solicit offers to buy the Securities at a time when the Final Memorandum is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Memorandum in order to make the statements therein, in the light of the circumstances, not misleading, or if, in the opinion of counsel for the Initial Purchasers, it is necessary to amend or supplement the Time of Sale Memorandum to comply with applicable law, forthwith to prepare and furnish, at its own expense, to the Initial Purchasers and to any dealer upon request, either amendments or supplements to the Time of Sale Memorandum so that the statements in the Time of Sale Memorandum as so amended or supplemented will not, in the light of the circumstances when delivered to a prospective purchaser, be misleading or so that the Time of Sale Memorandum, as amended or supplemented, will comply with applicable law;

 

(e)                                  If, during such period after the date hereof and prior to the date on which all of the Securities shall have been sold by the Initial Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Final Memorandum in order to make the statements therein, in the light of the circumstances when the Final Memorandum is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Initial Purchasers, it is necessary to amend or supplement the Final Memorandum to comply with applicable law, forthwith to prepare and furnish, at its own expense (unless such amendment or supplement shall be made more than six

 

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months after the date of this Agreement, in which case at the sole expense of the Initial Purchasers), to the Initial Purchasers, either amendments or supplements to the Final Memorandum so that the statements in the Final Memorandum as so amended or supplemented will not, in the light of the circumstances when the Final Memorandum is delivered to a purchaser, be misleading or so that the Final Memorandum, as amended or supplemented, will comply with applicable law;

 

(f)                                   To endeavor to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and to continue such qualifications, if any, in effect so long as required for the initial resale of the Securities by the Initial Purchasers; provided that neither the Company nor the Guarantor shall be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction or subject itself to taxation in a jurisdiction in which it is not otherwise subject to tax;

 

(g)                                  Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid the following:  (i) the fees, disbursements and expenses of the counsel and accountants for the Company and the Guarantor in connection with the preparation, printing and filing of each Memorandum, and amendments and supplements thereto and the mailing and delivering of copies thereof to the Initial Purchasers and dealers; (ii) the cost of printing or producing this Agreement, the Indenture, the Registration Rights Agreement any Blue Sky survey and any other documents in connection with the offering, purchase, sale and delivery of the Securities; (iii) all expenses in connection with the qualification of the Securities for offering and sale under state securities laws as provided in Section 8(f) hereof, including the reasonable fees and disbursements of counsel for the Initial Purchasers in connection with such qualification and in connection with the Blue Sky survey; (iv) any reasonable fees charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for any Trustee in connection with the Indenture and the Securities; and (vii) all other costs and expenses incident to the performance of their obligations hereunder which are not otherwise specifically provided for in this Section.  It is understood, however, that, except as provided in this Section, Section 11 and Section 13 hereof, the Initial Purchasers will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them, and any advertising expenses connected with any offers they may make;

 

(h)                                 Neither the Company, the Guarantor nor any of their respective Affiliates will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) which could be integrated with the sale of the Securities in a manner which would require the registration under the Securities Act of the Securities;

 

(i)                                     Not to solicit any offer to buy or offer or sell the Securities by means of any form of general solicitation or general advertising (as those terms are used in

 

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Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act;

 

(j)                                    While any of the Securities remain “restricted securities” within the meaning of the Securities Act, to make available, upon request, to any seller of such Securities the information specified in Rule 144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act;

 

(k)                                 During the period of one year after the Closing Date, neither the Company or the Guarantor will be, or become, an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act;

 

(l)                                     None of the Company, the Guarantor, their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) will engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Securities, and the Company, the Guarantor and their Affiliates and each person acting on its or their behalf (other than the Initial Purchasers) will comply with the offering restrictions requirement of Regulation S;

 

(m)                             During the period from the Closing Date to the earlier of (i) one year after the Closing Date and (ii) the date of effectiveness of a registration statement as contemplated in the Registration Rights Agreement, neither the Company nor the Guarantor will, and will not permit any of their respective “affiliates” (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been reacquired by them, except for Securities purchased by the Company  or the Guarantor or any of their respective affiliates and resold in a transaction registered under the Securities Act;

 

(n)                                 Not to take any action prohibited by Regulation M under the Exchange Act in connection with the distribution of the Securities contemplated hereby;

 

(o)                                 The Company shall use the proceeds from the sale of the Securities in the manner described in the Times of Sale Memorandum and the Final Memorandum; and

 

(p)                                 During the period of one year hereafter, the Company and the Guarantor will furnish to the Initial Purchasers, as soon as available, a copy of each of the reports, notices or communications sent to securityholders, if not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval system.

 

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The Company also agrees that, without the prior written consent of the Representatives on behalf of the Initial Purchasers, it will not, during the period beginning on the date hereof and continuing to and including the Closing Date, offer, sell, contract to sell or otherwise dispose of any debt securities of the Company or warrants to purchase debt securities of the Company substantially similar to the Securities (other than the sale of the Securities under this Agreement).

 

9.             Covenants of the Selling Noteholder.  The Selling Noteholder covenants with each Representative as follows:

 

(a)           None of the Selling Noteholder, any of its Affiliates or any person acting on its or their behalf (other than the Company, the Guarantor and their Affiliates, as to whom the Selling Noteholder makes no representation) will engage, in connection with the offering of the Securities, in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.  With respect to those Securities sold in reliance on Regulation S, (A) none of the Selling Noteholder, its Affiliates or any person acting on its or their behalf (other than the Company, the Guarantor and their Affiliates, as to whom the Selling Noteholder makes no representation) will engage in any directed selling efforts within the meaning of Regulation S and (B) the Selling Noteholder, each of its Affiliates and each person acting on its or their behalf (other than the Company, the Guarantor, and their Affiliates, as to whom the Selling Noteholder makes no representation) has complied and will comply with the offering restrictions requirement of Regulation S; and

 

(b)           Not to take any action prohibited by Regulation M under the Exchange Act in connection with the distribution of the Securities contemplated hereby.

 

10.          Offering of Securities; Restrictions on Transfer.  (a) Each Initial Purchaser, severally and not jointly, represents and warrants that such Initial Purchaser is a qualified institutional buyer as defined in Rule 144A under the Securities Act (a “QIB”).  Each Initial Purchaser, severally and not jointly, agrees with the Company and the Selling Noteholder that (i) it will not solicit offers for, or offer or sell, such Securities by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act and (ii) it will solicit offers for such Securities only from, and will offer such Securities only to, persons that it reasonably believes to be (A) in the case of offers inside the United States, QIBs, and (B) in the case of offers outside the United States, to persons other than U.S. persons (“foreign purchasers,” which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for foreign beneficial owners (other than an estate or trust)) in reliance upon Regulation S under the Securities Act that, in each case, in purchasing such Securities are deemed to have represented and agreed as provided in the Final Memorandum under the caption “Transfer Restrictions”.

 

(b)           Each Initial Purchaser, severally and not jointly, represents, warrants, and agrees with respect to offers and sales outside the United States that:

 

(i)           such Initial Purchaser understands that no action has been or will be taken in any jurisdiction by the Company or the Selling Noteholder that would permit a public offering of the Securities, or possession or distribution of the

 

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Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum or any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required;

 

(ii)          such Initial Purchaser will comply with all applicable laws and regulations in each jurisdiction in which it acquires, offers, sells or delivers Securities or has in its possession or distributes the Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum or any such other material, in all cases at its own expense;

 

(iii)         the Securities have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Rule 144A or Regulation S under the Securities Act or pursuant to another exemption from the registration requirements of the Securities Act;

 

(iv)         such Initial Purchaser has offered the Securities and will offer and sell the Securities (A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 of Regulation S or as otherwise permitted in Section 10(a); accordingly, neither such Initial Purchaser, its Affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities, and any such Initial Purchaser, its Affiliates and any such persons have complied and will comply with the offering restrictions requirement of Regulation S;

 

(v)          such Initial Purchaser, in relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State it has not made and will not make an offer of Securities to the public in that Relevant Member State, other than:

 

(A)         to any legal entity which is a qualified investor as defined in the Prospectus Directive;

 

(B)         to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the Representatives on behalf of the Initial Purchasers for any such offer; or

 

(C)         in any other circumstances falling within Article 3 of the Prospectus Directive, provided that no such offer of Securities shall

 

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require the Company or any Initial Purchaser to publish a prospectus pursuant to Article 3 of the Prospectus Directive.

 

For the purposes of the above, the expression an “offer of Securities to the public” in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an  investor to decide to purchase or subscribe for the Securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in that Member State, and the expression “2010 PD Amending Directive” means Directive 3010/73/EU.

 

(vi)         such Initial Purchaser has represented and agreed that it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) received by it in connection with the issue or sale of the Securities in circumstances in which Section 21(1) of such Act does not apply to us, and it has complied and will comply with all applicable provisions of such Act with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom;

 

(vii)        such Initial Purchaser understands that the Securities have not been and will not be registered under the Securities and Exchange Law of Japan, and represents that it has not offered or sold, and agrees not to offer or sell, directly or indirectly, any Securities in Japan or for the account of any resident thereof except pursuant to any exemption from the registration requirements of the Securities and Exchange Law of Japan and otherwise in compliance with applicable provisions of Japanese law; and

 

(viii)       such Initial Purchaser agrees that, at or prior to confirmation of sales of the Securities, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the restricted period a confirmation or notice to substantially the following effect:

 

“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered and sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, except in either case in accordance with Regulation S (or Rule 144A if available) under the Securities Act.  Terms used above have the meaning given to them by Regulation S.”

 

24

 

Terms used in this Section 10 (b) have the meanings given to them by Regulation S.

 

11.          Indemnity and Contribution.

 

(a)           Each of the Company and the Guarantor will, jointly and severally, indemnify and hold harmless each Initial Purchaser, its directors, officers and employees, each person, if any, who controls any Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Initial Purchaser within the meaning of Rule 405 under the Securities Act, from and against any and all losses, claims, damages and liabilities, joint or several, to which such Initial Purchaser, director, officer, employee, controlling person or affiliate may become subject under such Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Time of Sale Memorandum or any amendment or supplement thereto, any Additional Written Offering Communication identified in Schedule II hereto, the Final Memorandum or any amendment or supplement thereto or the electronic road-show related to the Notes, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary in order to make the statements therein in the light of the circumstances under which they were made not misleading, and will reimburse each Initial Purchaser, director, officer, employee, controlling person or affiliate for any legal or other expenses reasonably incurred by such Initial Purchaser, director, officer, employee or controlling person in connection with investigating or defending any such loss, damage, liability, action or claim as such expenses are incurred; provided, however, that the Company and the Guarantor shall not be liable in any such case to the extent that any such loss, harm, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any Memorandum or Additional Written Offering Communication identified in Schedule II hereto or any amendment or supplement thereto in reliance upon and in conformity with the Selling Noteholder Information or information relating to any Initial Purchaser furnished to the Company and the Guarantor in writing by such Initial Purchaser through the Representatives expressly for use therein, and provided further, that the foregoing indemnity agreement shall not inure to the benefit of any Initial Purchaser from whom the person asserting any such loss, liability, claim, damage or expense purchased Securities, or any person controlling such Initial Purchaser, if the Company provides a copy of an amendment or supplement to a Memorandum or Additional Written Offering Communication as theretofore provided to such Initial Purchaser by the Company (with notice that such amendment or supplement contains additional or different material information from that previously provided) sufficiently far enough in advance of the time of sale in order to enable such Initial Purchaser to convey such amendment or supplement to the purchaser of the Securities, and such amendment or supplement (x) was not conveyed by or on behalf of such Initial Purchaser to such person at or prior to the entry into the contract of sale of the Securities by such person, and (y) would have cured the defect giving rise to such loss, liability, claim, damage or expense.

 

(b)           The Selling Noteholder will indemnify and hold harmless each Initial Purchaser, its directors, officers and employees, each person, if any, who controls any Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Initial Purchaser within the meaning of Rule 405 under the Securities Act to the same extent as the foregoing indemnity from the Company and the

 

25

 

Guarantor to each Initial Purchaser, but only with reference to the Selling Noteholder Information.

 

(c)           Each Initial Purchaser will, severally and not jointly, indemnify and hold harmless the Company, the Guarantor, the Selling Noteholder and their respective directors, officers and employees and each person, if any, who controls the Company, the Guarantor or the Selling Noteholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Company, the Guarantor, the Selling Noteholder or any of their respective directors, officers, employees or controlling persons may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liability (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Preliminary Memorandum, the Time of Sale memorandum, any Additional Written Offering Communication identified in Schedule II hereto or the Final Memorandum, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary in order to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement, or omission or alleged omission was made in any Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Offering Communication identified in Schedule II hereto or the Final Memorandum, or any such amendment or supplement, in reliance upon and conformity with written information furnished to the Company and the Guarantor by such Initial Purchaser through the Representatives expressly for use therein; and each Initial Purchaser will reimburse the Company, the Guarantors and the Selling Noteholder, or any director, officer, employee or controlling person of the Company, the Guarantor or the Selling Noteholder for any legal or other expenses reasonably incurred by the Company, the Guarantor or the Selling Noteholder or any such director, officer, employee or controlling person in connection with investigating, or defending any such loss, damage, liability, action or claim as such expenses are incurred, but only with reference to information relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through you expressly for use in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Offering Communication identified in Schedule II hereto or the Final Memorandum or any amendment or supplement thereto.

 

(d)           Each of the Company and the Guarantor agree, jointly and severally, to indemnify and hold harmless the Selling Noteholder, its directors, officers and employees and each person, if any, who controls the Selling Noteholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company and Guarantor to each Initial Purchaser.

 

(e)           The Selling Noteholder agrees to indemnify and hold harmless the Company and the Guarantor and their respective directors, officers and employees and each person, if any, who controls the Company or the Guarantor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Selling Noteholder to each Initial Purchaser.

 

(f)            Promptly after receipt by an indemnified party under Sections 11(a) through 11(e) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection,

 

26

 

notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party except to the extent such omission materially prejudices the indemnifying party.  In case any such action shall be brought against any indemnified party, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.

 

(g)           To the extent the indemnification provided for in Sections 11(a) through 11(e) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein (or actions in respect thereof), then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, the Guarantor and the Selling Noteholder on the one hand and the Initial Purchasers on the other hand from the offering of the Securities (provided that in the case of clause (i), the amount to be contributed by the Company and the Guarantor on the one hand and the Selling Noteholder on the other shall be determined in accordance with clause (iii) below) or (ii) if the allocation provided by clause 11(g)(i) above is not permitted by applicable law or if the indemnified party failed to give notice required under Section 11(f) above, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Guarantor in one regard, of the Selling Noteholder in the second regard and of the Initial Purchasers in the third regard in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations and (iii) as between the Company and the Guarantors on the one hand and the Selling Noteholder on the other in such proportion as is appropriate to reflect the relative fault of the Company and the Guarantor on the one hand and the Selling Noteholder on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company, the Guarantor and the Selling Noteholder on the one hand and the Initial Purchasers on the other hand in connection with the offering of the Securities shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Securities (before deducting expenses) received by the Company and the Selling Noteholder and the total discounts and commissions received by the Initial Purchasers bear to the aggregate offering price of the Securities.  The relative fault of the Company and the Guarantor in one regard, of the Selling Noteholder in the second regard and of the Initial Purchasers in the third regard shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, the Guarantor, the Selling Noteholder or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Initial Purchasers’ respective

 

27

 

obligations to contribute pursuant to this Section 11 are several in proportion to the respective principal amount of Securities they have purchased hereunder, and not joint.

 

(h)           The Company, the Guarantor, the Selling Noteholder and the Initial Purchasers agree that it would not be just or equitable if contribution pursuant to this Section 11 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 11(g).  The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 11(g) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 11, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities resold by it in the initial placement of such Securities were offered to investors exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

 

(i)            The indemnity and contribution provisions contained in this Section 11 and the representations, warranties and other statements of the Company, the Guarantor and the Selling Noteholder contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Initial Purchaser, any person controlling any Initial Purchaser or any affiliate of any Initial Purchaser or by or on behalf of the Company, the Guarantor, their officers or directors or any person controlling the Company or the Guarantor and (iii) acceptance of and payment for any of the Securities.

 

12.          Termination.  The Initial Purchasers may terminate this Agreement by notice given by Representatives to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date there shall have occurred (i) a suspension of trading of the Guarantor’s common shares by the Commission, the New York Stock Exchange or the Chicago Stock Exchange; (ii) a suspension or material limitation in trading in securities generally on the New York Stock Exchange; (iii) a general moratorium on commercial banking activities in New York declared by either Federal or New York State authorities; (iv) a material disruption in commercial banking or securities settlement, payment or clearance services in the United States; or (v) the outbreak or escalation of hostilities or the occurrence of any other calamity or crisis or any material adverse change in financial markets, if the effect of any such event specified in this clause (v) makes it, in the Representatives judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum or the Final Memorandum.

 

13.          Effectiveness; Defaulting Initial Purchasers.  This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

 

28

 

If, on the Closing Date, any one or more of the Initial Purchasers shall fail or refuse to purchase the portion of a Series that it or they have agreed to purchase hereunder on such date, and the aggregate principal amount of such Series which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of such Series to be purchased on such date, the other Initial Purchasers that have agree to purchase hereunder a portion of such Series shall be obligated severally in the proportions that the principal amount of such Series set forth opposite their respective names in Schedule I bears to the aggregate principal amount of such Series set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as Representatives may specify, to purchase the portion of such Series which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on such date; provided that in no event shall the principal amount of such Series that any Initial Purchaser has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 13 by an amount in excess of one-ninth of such principal amount of such Series without the written consent of such Initial Purchaser. If, on the Closing Date any Initial Purchaser or Initial Purchasers shall fail or refuse to purchase the portion of a Series which it or they have agreed to purchase hereunder on such date and the aggregate principal amount of such Series with respect to which such default occurs is more than one-tenth of the aggregate principal amount of such Series to be purchased on such date, and arrangements satisfactory to Representatives, the Company or the Selling Noteholder, as applicable, for the purchase of such Series are not made within 36 hours after such default, this Agreement shall terminate with respect to only such Series without liability on the part of any non-defaulting Initial Purchaser and the Company or the Selling Noteholder, as applicable. In any such case, Representatives and the Company or the Selling Noteholder, as applicable, shall have the right to postpone the Closing Date with respect to only such Series, but in no event for longer than seven days, in order that the required changes, if any, in the Time of Sale Memorandum, the Final Memorandum or in any other documents or arrangements may be effected.  Any action taken under this paragraph shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such Initial Purchaser under this Agreement.

 

If this Agreement shall be terminated by the Initial Purchasers, or any of them, because of any failure or refusal on the part of the Company or the Guarantor to comply with the terms or to fulfill any of the conditions of this Agreement, if for any reason the Company or the Guarantor shall be unable to perform its obligations under this Agreement, or the Selling Noteholder fails to tender the 2022 Notes for eventual delivery to the Initial Purchaser due to a failure by Abbott to consummate the Debt for Debt Exchange, the Company will reimburse the Initial Purchasers or such Initial Purchasers as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Initial Purchasers in connection with this Agreement or the offering contemplated hereunder but the Company shall then be under no further liability to any Initial Purchaser with respect this Agreement except as provided in Section 8(g) and Section 11 hereof.

 

14.          Entire Agreement.  This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement between the Company, the Guarantor, the Selling Noteholder and the Initial Purchasers with respect to the

 

29

 

preparation of the Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum, the conduct of the offering, and the purchase and sale of the Securities.

 

15.          Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, electronic delivery or otherwise) to the other parties.  Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

 

16.          Applicable Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

 

17.          Headings.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

 

18.          Notices.  All communications hereunder shall be in writing and effective only upon receipt and if to the Initial Purchasers shall be delivered, mailed or sent to the Representatives in care of Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Liability Management Group, with a copy to the Legal Department; Barclays Capital Inc., 745 7th Avenue, New York, New York 10019, Attention: Syndicate Registration, J.P. Morgan Securities LLC, 383 Madison Ave., 3rd Floor, New York, New York 10179, Attention: High Grade Syndicate Desk; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 50 Rockefeller Plaza, NY1-050-12-01, New York, NY  10020 Attention:  Debt Capital Markets Transaction Management/Legal; and if to the Company or the Guarantor shall be delivered, mailed or sent to 100 Abbott Park Road, Abbott Park, Illinois  60064-6400, Attention: Treasurer.

 

[Signature page(s) follow]

 

30

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
ABBVIE   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Valentine Yien
    
	
 
    	
Name:   Valentine Yien
    
	
 
    	
Title:   Treasurer and Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ABBOTT   LABORATORIES, as Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Valentine Yien
    
	
 
    	
Name:   Valentine Yien
    
	
 
    	
Title:   Treasurer and Vice President
    

 

 

	
 
    	
Morgan Stanley & Co. LLC, as Selling   Noteholder
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Yurij Slyz
    
	
 
    	
Name:   Yurij Slyz
    
	
 
    	
Title:   Executive Director
    

 

 

Accepted as of the date hereof

 

Morgan Stanley & Co. LLC

Barclays Capital Inc.

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

 

Acting severally on behalf of themselves and the several

Initial Purchasers named in Scheduled I hereto.

 

 

	
MORGAN   STANLEY & CO. LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Yurij Slyz
    	
 
    
	
Name:   Yurij Slyz
    	
 
    
	
Title:   Executive Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BARCLAYS   CAPITAL INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Pamela Au
    	
 
    
	
Name:   Pamela Au
    	
 
    
	
Title:   Authorized Signatory
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
J.P.   MORGAN SECURITIES LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Maria Sramek
    	
 
    
	
Name:   Maria Sramek
    	
 
    
	
Title:   Executive Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MERRILL   LYNCH, PIERCE, FENNER & SMITH
    	
 
    
	
INCORPORATED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Doug Muller
    	
 
    
	
Name:   Doug Muller
    	
 
    
	
Title:   Authorized Signatory
    	
 
    

 

 

SCHEDULE I

 

	
Initial Purchaser
    	
 
    	
Principal 
   Amount of Fixed
   2015 Notes to be
   Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley   & Co. LLC
    	
 
    	
$
    	
559,860,000
    	
 
    
	
Barclays Capital   Inc.
    	
 
    	
$
    	
559,860,000
    	
 
    
	
J.P. Morgan   Securities LLC
    	
 
    	
$
    	
559,860,000
    	
 
    
	
Merrill Lynch,   Pierce, Fenner & Smith
   Incorporated
    	
 
    	
$
    	
559,860,000
    	
 
    
	
BNP Paribas   Securities Corp.
    	
 
    	
$
    	
177,940,000
    	
 
    
	
Deutsche Bank   Securities Inc.
    	
 
    	
$
    	
177,940,000
    	
 
    
	
SG Americas   Securities, LLC
    	
 
    	
$
    	
177,940,000
    	
 
    
	
RBS Securities   Inc.
    	
 
    	
$
    	
177,940,000
    	
 
    
	
Mitsubishi UFJ   Securities (USA), Inc.
    	
 
    	
$
    	
119,000,000
    	
 
    
	
HSBC Securities   (USA) Inc.
    	
 
    	
$
    	
91,350,000
    	
 
    
	
Standard   Chartered Bank
    	
 
    	
$
    	
91,350,000
    	
 
    
	
Santander   Investment Securities Inc.
    	
 
    	
$
    	
35,000,000
    	
 
    
	
Goldman, Sachs   & Co.
    	
 
    	
$
    	
35,000,000
    	
 
    
	
UBS Securities   LLC
    	
 
    	
$
    	
35,000,000
    	
 
    
	
The Williams   Capital Group, L.P.
    	
 
    	
$
    	
17,000,000
    	
 
    
	
Loop Capital   Markets LLC
    	
 
    	
$
    	
11,700,000
    	
 
    
	
ING Financial   Markets LLC
    	
 
    	
$
    	
21,350,000
    	
 
    
	
Svenska   Handelsbanken AB (publ)
    	
 
    	
$
    	
21,350,000
    	
 
    
	
Mizuho   Securities USA Inc.
    	
 
    	
$
    	
21,350,000
    	
 
    
	
RBC Capital   Markets, LLC
    	
 
    	
$
    	
21,350,000
    	
 
    
	
U.S. Bancorp   Investments, Inc.
    	
 
    	
$
    	
14,000,000
    	
 
    
	
Banca IMI S.p.A.
    	
 
    	
$
    	
14,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
3,500,000,000
    	
 
    

 

	
Initial Purchaser
    	
 
    	
Principal 
   Amount of 2017
   Notes to be
   Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley & Co. LLC
    	
 
    	
$
    	
639,840,000
    	
 
    
	
Barclays Capital Inc.
    	
 
    	
$
    	
639,840,000
    	
 
    
	
J.P. Morgan Securities LLC
    	
 
    	
$
    	
639,840,000
    	
 
    
	
Merrill Lynch, Pierce,   Fenner & Smith
   Incorporated
    	
 
    	
$
    	
639,840,000
    	
 
    
	
BNP Paribas Securities Corp.
    	
 
    	
$
    	
203,360,000
    	
 
    
	
Deutsche Bank Securities Inc.
    	
 
    	
$
    	
203,360,000
    	
 
    
	
SG Americas Securities, LLC
    	
 
    	
$
    	
203,360,000
    	
 
    
	
RBS Securities Inc.
    	
 
    	
$
    	
203,360,000
    	
 
    
	
Mitsubishi UFJ Securities (USA), Inc.
    	
 
    	
$
    	
136,000,000
    	
 
    
	
HSBC Securities (USA) Inc.
    	
 
    	
$
    	
104,400,000
    	
 
    
	
Standard Chartered Bank
    	
 
    	
$
    	
104,400,000
    	
 
    
	
Santander Investment Securities Inc.
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Goldman, Sachs & Co.
    	
 
    	
$
    	
40,000,000
    	
 
    
	
UBS Securities LLC
    	
 
    	
$
    	
40,000,000
    	
 
    
	
The Williams Capital Group, L.P.
    	
 
    	
$
    	
19,500,000
    	
 
    
	
Loop Capital Markets LLC
    	
 
    	
$
    	
13,300,000
    	
 
    
	
ING Financial Markets LLC
    	
 
    	
$
    	
24,400,000
    	
 
    
	
Svenska Handelsbanken AB (publ)
    	
 
    	
$
    	
24,400,000
    	
 
    
	
Mizuho Securities USA Inc.
    	
 
    	
$
    	
24,400,000
    	
 
    
	
RBC Capital Markets, LLC
    	
 
    	
$
    	
24,400,000
    	
 
    
	
U.S. Bancorp Investments, Inc.
    	
 
    	
$
    	
16,000,000
    	
 
    
	
Banca IMI S.p.A.
    	
 
    	
$
    	
16,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
4,000,000,000
    	
 
    

 

 

	
Initial Purchaser
    	
 
    	
Principal 
   Amount of 2018
   Notes to be
   Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley & Co. LLC
    	
 
    	
$
    	
159,960,000
    	
 
    
	
Barclays Capital   Inc.
    	
 
    	
$
    	
159,960,000
    	
 
    
	
J.P. Morgan   Securities LLC
    	
 
    	
$
    	
159,960,000
    	
 
    
	
Merrill Lynch,   Pierce, Fenner & Smith
   Incorporated
    	
 
    	
$
    	
159,960,000
    	
 
    
	
BNP Paribas   Securities Corp.
    	
 
    	
$
    	
50,840,000
    	
 
    
	
Deutsche Bank   Securities Inc.
    	
 
    	
$
    	
50,840,000
    	
 
    
	
SG Americas   Securities, LLC
    	
 
    	
$
    	
50,840,000
    	
 
    
	
RBS Securities   Inc.
    	
 
    	
$
    	
50,840,000
    	
 
    
	
Mitsubishi UFJ   Securities (USA), Inc.
    	
 
    	
$
    	
34,000,000
    	
 
    
	
HSBC Securities   (USA) Inc.
    	
 
    	
$
    	
26,100,000
    	
 
    
	
Standard Chartered   Bank
    	
 
    	
$
    	
26,100,000
    	
 
    
	
Santander   Investment Securities Inc.
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Goldman, Sachs   & Co.
    	
 
    	
$
    	
10,000,000
    	
 
    
	
UBS Securities   LLC
    	
 
    	
$
    	
10,000,000
    	
 
    
	
The Williams   Capital Group, L.P.
    	
 
    	
$
    	
4,900,000
    	
 
    
	
Loop Capital   Markets LLC
    	
 
    	
$
    	
3,300,000
    	
 
    
	
ING Financial   Markets LLC
    	
 
    	
$
    	
6,100,000
    	
 
    
	
Svenska   Handelsbanken AB (publ)
    	
 
    	
$
    	
6,100,000
    	
 
    
	
Mizuho   Securities USA Inc.
    	
 
    	
$
    	
6,100,000
    	
 
    
	
RBC Capital   Markets, LLC
    	
 
    	
$
    	
6,100,000
    	
 
    
	
U.S. Bancorp   Investments, Inc.
    	
 
    	
$
    	
4,000,000
    	
 
    
	
Banca IMI S.p.A.
    	
 
    	
$
    	
4,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
1,000,000,000
    	
 
    

 

 

	
Initial Purchaser
    	
 
    	
Principal
   Amount of
   2022 Notes to
   be Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan   Stanley & Co. LLC  
    	
 
    	
$
    	
3,100,000,000
    	
(1)
    
	
Total 
    	
 
    	
$
    	
3,100,000,000
    	
 
    

 

	
Initial Purchaser
    	
 
    	
Principal
   Amount of 2042
   Notes to be
   Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley & Co. LLC
    	
 
    	
$
    	
415,896,000
    	
 
    
	
Barclays Capital Inc.
    	
 
    	
$
    	
415,896,000
    	
 
    
	
J.P. Morgan Securities LLC
    	
 
    	
$
    	
415,896,000
    	
 
    
	
Merrill Lynch, Pierce,   Fenner & Smith
   Incorporated
    	
 
    	
$
    	
415,896,000
    	
 
    
	
BNP Paribas Securities Corp.
    	
 
    	
$
    	
132,184,000
    	
 
    
	
Deutsche Bank Securities Inc.
    	
 
    	
$
    	
132,184,000
    	
 
    
	
SG Americas Securities, LLC
    	
 
    	
$
    	
132,184,000
    	
 
    
	
RBS Securities Inc.
    	
 
    	
$
    	
132,184,000
    	
 
    
	
Mitsubishi UFJ Securities (USA), Inc.
    	
 
    	
$
    	
88,400,000
    	
 
    
	
HSBC Securities (USA) Inc.
    	
 
    	
$
    	
67,860,000
    	
 
    
	
Standard Chartered Bank
    	
 
    	
$
    	
67,860,000
    	
 
    
	
Santander Investment Securities Inc.
    	
 
    	
$
    	
26,000,000
    	
 
    
	
Goldman, Sachs & Co.
    	
 
    	
$
    	
26,000,000
    	
 
    
	
UBS Securities LLC
    	
 
    	
$
    	
26,000,000
    	
 
    
	
The Williams Capital Group, L.P.
    	
 
    	
$
    	
12,600,000
    	
 
    
	
Loop Capital Markets LLC
    	
 
    	
$
    	
8,720,000
    	
 
    
	
ING Financial Markets LLC
    	
 
    	
$
    	
15,860,000
    	
 
    
	
Svenska Handelsbanken AB (publ)
    	
 
    	
$
    	
15,860,000
    	
 
    
	
Mizuho Securities USA Inc.
    	
 
    	
$
    	
15,860,000
    	
 
    
	
RBC Capital Markets, LLC
    	
 
    	
$
    	
15,860,000
    	
 
    
	
U.S. Bancorp Investments, Inc.
    	
 
    	
$
    	
10,400,000
    	
 
    
	
Banca IMI S.p.A.
    	
 
    	
$
    	
10,400,000
    	
 
    
	
Total
    	
 
    	
$
    	
2,600,000,000
    	
 
    

 

(1)  Morgan Stanley & Co. LLC will acquire substantially all of the 2022 Notes in the Debt for Debt Exchange. A small portion of the 2022 Notes are being acquired directly from the Company.

 

 

	
Initial Purchaser
    	
 
    	
Principal
   Amount of
   Floating 2015
   Notes to be
   Purchased
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Morgan Stanley & Co. LLC
    	
 
    	
$
    	
79,980,000
    	
 
    
	
Barclays Capital Inc.
    	
 
    	
$
    	
79,980,000
    	
 
    
	
J.P. Morgan Securities LLC
    	
 
    	
$
    	
79,980,000
    	
 
    
	
Merrill Lynch, Pierce,   Fenner & Smith
   Incorporated
    	
 
    	
$
    	
79,980,000
    	
 
    
	
BNP Paribas Securities Corp.
    	
 
    	
$
    	
25,420,000
    	
 
    
	
Deutsche Bank Securities Inc.
    	
 
    	
$
    	
25,420,000
    	
 
    
	
SG Americas Securities, LLC
    	
 
    	
$
    	
25,420,000
    	
 
    
	
RBS Securities Inc.
    	
 
    	
$
    	
25,420,000
    	
 
    
	
Mitsubishi UFJ Securities (USA), Inc.
    	
 
    	
$
    	
17,000,000
    	
 
    
	
HSBC Securities (USA) Inc.
    	
 
    	
$
    	
13,050,000
    	
 
    
	
Standard Chartered Bank
    	
 
    	
$
    	
13,050,000
    	
 
    
	
Santander Investment Securities Inc.
    	
 
    	
$
    	
5,000,000
    	
 
    
	
Goldman, Sachs & Co.
    	
 
    	
$
    	
5,000,000
    	
 
    
	
UBS Securities LLC
    	
 
    	
$
    	
5,000,000
    	
 
    
	
The Williams Capital Group, L.P.
    	
 
    	
$
    	
2,400,000
    	
 
    
	
Loop Capital Markets LLC
    	
 
    	
$
    	
1,700,000
    	
 
    
	
ING Financial Markets LLC
    	
 
    	
$
    	
3,050,000
    	
 
    
	
Svenska Handelsbanken AB (publ)
    	
 
    	
$
    	
3,050,000
    	
 
    
	
Mizuho Securities USA Inc.
    	
 
    	
$
    	
3,050,000
    	
 
    
	
RBC Capital Markets, LLC
    	
 
    	
$
    	
3,050,000
    	
 
    
	
U.S. Bancorp Investments, Inc.
    	
 
    	
$
    	
2,000,000
    	
 
    
	
Banca IMI S.p.A.
    	
 
    	
$
    	
2,000,000
    	
 
    
	
Total
    	
 
    	
$
    	
500,000,000
    	
 
    

 

 

SCHEDULE II

 

Time of Sale Memorandum

 

1.                                          Preliminary Memorandum issued November 5, 2012.

 

2.                                          Pricing term sheet issued November 5, 2012.

 

 

SCHEDULE III

 

Fixed 2015 Notes

 

Net Proceeds to the Company from Fixed 2015 Notes (before expenses):  $3,488,905,000

 

Initial Purchaser Purchase Price of Fixed 2015 Notes:  99.683%

 

2017 Notes

 

Net Proceeds to the Company from 2017 Notes (before expenses):  $3,977,640,000

 

Initial Purchaser Purchase Price of 2017 Notes:  99.441%

 

2018 Notes

 

Net Proceeds to the Company from 2018 Notes (before expenses):  $990,980,000

 

Initial Purchaser Purchase Price of 2018 Notes:  99.098%

 

2022 Notes

 

Net Proceeds to the Company from 2022 Notes (before expenses):  $61,830,097(2)

 

2042 Notes

 

Net Proceeds to the Company from 2042 Notes (before expenses):  $2,550,314,000

 

Initial Purchaser Purchase Price of 2042 Notes:  98.089%

 

Floating 2015 Notes

 

Net Proceeds to the Company from Floating 2015 Notes (before expenses):  $498,750,000

 

Initial Purchaser Purchase Price of Floating 2015 Notes:  99.750%

 

(2)  Represents the proceeds to the Company for the portion of the 2022 Notes being sold directly to the Initial Purchaser. Morgan Stanley & Co. LLC will retain all of the proceeds from the sale of the 2022 Notes obtained by it in the Debt for Debt Exchange.

 

 

EXHIBIT A

 

November 8, 2012

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

One Bryant Park
 New York, New York  10036

 

(as representatives to the several Initial Purchasers named in Schedule I to the Purchase Agreement referred to below)

 

Ladies and Gentlemen:

 

I am the Divisional Vice President, Associate General Counsel and Assistant Secretary of Abbott Laboratories (the “Guarantor”), an Illinois corporation.  In such capacity,  I have advised AbbVie Inc. (the “Company”), a Delaware corporation and wholly owned subsidiary of Abbott Laboratories, in connection with the sale of $3,500,000,000 principal amount of its 1.200% senior notes due 2015 (the “Fixed 2015 Notes”), $4,000,000,000 principal amount of its 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 principal amount of its 2.000% senior notes due 2018 (the “2018 Notes”), $2,600,000,000 principal amount of its 4.400% senior notes due 2042 (the “2042 Notes”) and $500,000,000 principal amount of its floating rate senior notes due 2015 (the “Floating 2015 Notes”) and the sale by Morgan Stanley & Co. LLC (the “Selling Noteholder”), $3,100,000,000 principal amount of the Company’s 2.900% senior notes due 2022 (the “2022 Notes” and, together with the Fixed 2015 Notes, the 2017 Notes, the 2018  Notes, the 2042 Notes and the Floating 2015 Notes, the “Notes”), pursuant to the Purchase Agreement, dated as of November 5, 2012, by and among the Company, the Guarantor, the Selling Noteholder, and the Initial Purchasers (the “Purchase Agreement”).  This opinion letter is rendered to you at the request of the Company pursuant to Section 7(b) of the Purchase Agreement.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

A-1

 

I, or members of my staff, have examined or are otherwise familiar with (i) the Restated Articles of Incorporation of the Company, as amended to date; (ii) the By-Laws of the Company, as amended to date; (iii) the Time of Sale Memorandum, as amended to date, and the Final Memorandum; (iv) the unanimous written consent of the Company’s sole director dated as of October [·], 2012, relating to the issuance of the Notes and certain related matters; (v) a copy of the Indenture; (vi) an executed copy of the Registration Rights Agreement; (vii) an executed copy of the Guarantee; (viii) specimens of the Notes; and (ix) such other records, certificates and other documents as I have deemed necessary or appropriate for the purposes of rendering the opinions contained herein.

 

In rendering my opinions below, I have relied as to matters of fact that I did not independently establish or verify, to the extent I deem proper, on certificates of responsible officers of the Company and upon certificates from public officials, and I have assumed, to the extent I deem proper, the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to me as originals and the conformity to original documents of all documents submitted to me as copies and that any representations made “to our knowledge,” in the “belief” of, or similarly qualified in any such documents are true, correct and complete without such qualification.  Wherever a statement is qualified by my “knowledge,” it is intended to indicate that I do not have actual knowledge of the inaccuracy of such statement.

 

On the basis of the foregoing and in reliance thereon, and subject to the limitations, qualifications and exceptions set forth below, I am of the opinion that:

 

(i)            The Company is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Time of Sale Memorandum as amended or supplemented, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of property requires such qualification, except where the failure to be so qualified or in good standing would not in the aggregate have a material adverse effect upon the Company and its subsidiaries, taken as a whole;

 

(ii)           Each of the “Significant Subsidiaries” (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated under the Securities Act) of the Company has been duly organized and is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified or in good standing would not, in the aggregate, have a material adverse effect upon the Company and its subsidiaries, taken as a whole;

 

(iii)          To my knowledge and other than as set forth in the Time of Sale Memorandum, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the consolidated

 

A-2

 

financial position of the Company and its subsidiaries, taken as a whole, and to my knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others;

 

(iv)          The Purchase Agreement has been duly authorized, executed and delivered by the Company;

 

(v)           The Registration Rights Agreement has been duly authorized, executed and delivered by the Company;

 

(vi)          The Notes have been duly authorized, executed, authenticated, issued and delivered by the Company;

 

(vii)         The Indenture has been duly authorized, executed and delivered by the Company; and

 

(viii)        The issue and sale of the Notes and the compliance by the Company with all of the provisions of the Notes, the Indenture, the Registration Rights Agreement, the Purchase Agreement and the Exchange Agreement by and among the Guarantor and the Selling Stockholder, dated as of November 5, 2012 (together, the “Transaction Documents”), and the consummation of the transactions therein contemplated will not (A) result in any violation of the provisions of the articles of incorporation or the by-laws, each as amended, of the Company, nor, to my knowledge, either (B) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, or (C) result in any violation of any applicable law, statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, in any such case described in clause (B) or (C) the effects of which would, individually or in the aggregate, be materially adverse to the Company and its subsidiaries taken as a whole; and to my knowledge, no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale by the Company of the Notes or the consummation by the Company of the transactions contemplated by the Transaction Documents, except such as have been obtained and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Notes by the Selling Noteholder and the Initial Purchasers and by federal and state securities laws with respect to the Company’s obligations under the Registration Rights Agreement.

 

A-3

 

In addition, I, or members of my staff, have participated in conferences with other officers and representatives of the Company and the Guarantor, representatives of special counsel and the independent registered public accountants for the Company, the Guarantor, the Selling Noteholder and the Initial Purchasers and their representatives at which the contents of the Preliminary Memorandum, the Time of Sale Memorandum and the Final Memorandum and related matters were discussed.  However, except as specifically noted above, I do not pass upon and assume no responsibility for the accuracy, completeness or fairness of the statements contained in the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, nor do I make any representation that I have independently verified or checked the accuracy, completeness or fairness of such statements.  Notwithstanding the foregoing, no facts have come to my attention that would lead me to believe that (except for financial statements and schedules and other financial and statistical data as to which I express no belief) (i) the Time of Sale Memorandum as of the date of the Purchase Agreement or as amended or supplemented, if applicable, as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) the Final Memorandum when issued contained, or as of the date hereof contains, any untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

The opinions expressed herein are subject to the following qualifications and comments:

 

1.     Enforcement of the Transaction Documents is subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights,  the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and applicable law and public policy with respect to rights of indemnification and contribution.

2.     I have assumed that (i) each signatory to the Transaction Documents (other than the Company) is duly organized, validly existing and in good standing under the jurisdiction of its organization and has all the necessary power and authority under applicable federal, state, local and foreign law to enter into the relevant agreement and perform its respective obligations thereunder, (ii) the Transaction Documents have been duly authorized, executed and delivered by each signatory thereto and are enforceable against such other party (other than the Company) in accordance with its terms, (iii) the execution, delivery and performance by each party (other than the Company) of its obligations under the Transaction Documents (A) will comply with applicable laws and with any requirement or restriction imposed by any consent, authorization, approval, exemption or validation of, order, writ, judgment, injunction, decree, determination or award of any court or governmental body having jurisdiction over it or any of its assets and will not result in a default under or breach of any agreement or instrument then binding upon it and (B) will not

 

A-4

 

        violate, conflict with or result in a breach of, or require any consent under, the charter, bylaws, limited liability company agreement, partnership agreement or equivalent organizational documents of any such party and (iv) all of the representations and warranties contained in the Transaction Documents are accurate, true and correct and that all covenants contained in the Transaction Documents have been complied with (except to the extent they contain legal conclusions that are otherwise the subject of the opinions expressed herein).

3.     The provisions of the Transaction Documents that permit any party thereto to take action or make determinations, or to benefit from indemnities and similar undertakings of any part to the Transaction Documents, may be subject to the requirement that such action be taken or such determinations be made, and any action or inaction by such party that may give rise to a request for payment under such an undertaking be taken or not taken, on a reasonable basis and in good faith.

4.     I express no opinion as to the effect of non-compliance by any party to the Transaction Documents with any Federal, state or foreign laws or regulations applicable to transactions because of the nature of its business.

5.     I express no opinion with respect to (1) broadly or vaguely stated waivers or waivers of rights granted by law where such waivers are against public policy or prohibited by law, (2) the enforceability of confession of judgment provisions and (3) the enforceability of provisions imposing penalties, liquidated damages or other economic remedies.

 

I am admitted to practice law in the State of Illinois and my opinions expressed herein are limited solely to the federal laws of the United States of America, the General Corporation Law of the State of Delaware and the laws of the State of Illinois, in each case as in effect on the date hereof.  I express no opinion herein concerning the laws of any other jurisdiction.  The Transaction Documents are governed by the laws of the State of New York, and therefore I assume for purposes of the opinions that the laws of the State of Illinois and the laws of the State of New York are the same in all applicable respects.

 

This opinion letter is rendered only to you and is solely for your benefit in connection with the Purchase Agreement.  This opinion letter may not be relied upon by you for any other purpose, or relied upon by any other person, entity, firm or corporation for any purpose without my prior written consent.  This opinion may not be used, circulated, quoted or otherwise referred to for any purpose without my specific prior written approval.  The opinions contained herein are limited to the matters expressly stated herein, and no opinion may be inferred or may be implied beyond the matters expressly stated herein.  The opinions contained herein are rendered as of the date hereof only, and I assume no obligation to supplement this opinion letter if any applicable law changes after the date hereof or if I become aware of any fact that might change the opinions expressed herein after the date hereof.

 

	
 
    	
Very   Truly Yours,
    

 

A-5

 

	
 
    	
 
    
	
 
    	
John   A. Berry
    
	
 
    	
Divisional   Vice President, Associate
    
	
 
    	
General   Counsel and
    
	
 
    	
Assistant   Secretary
    

 

A-6

 

EXHIBIT B

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

One Bryant Park
 New York, New York  10036

 

(as representatives to the several Initial Purchasers named in Schedule I to the Purchase Agreement referred to below)

 

November 8, 2012

 

Ladies and Gentlemen:

 

I am the Divisional Vice President, Associate General Counsel and Assistant Secretary of Abbott Laboratories, an Illinois corporation (the “Company”).  In such capacity, I have advised the Company in connection with the sale by AbbVie, Inc. (the “Issuer”) of $3,500,000,000 principal amount of its 1.200% senior notes due 2015 (the “Fixed 2015 Notes”), $4,000,000,000 principal amount of its 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 principal amount of the its 2.000% senior notes due 2018 (the “2018 Notes”), $2,600,000,000 principal amount of its 4.400% senior notes due 2042 (the “2042 Notes”) and $500,000,000 principal amount of its floating rate senior notes due 2015 (the “Floating 2015 Notes”) and the sale by Morgan Stanley & Co. LLC (the “Selling Noteholder”), $3,100,000,000 principal amount of the Company’s 2.900% senior notes due 2022 (the “2022 Notes” and, together with the Fixed 2015 Notes, the 2017 Notes, the 2018 Notes, the 2042 Notes and the Floating 2015 Notes, the “Notes”), pursuant to the Purchase Agreement, dated as of November 5, 2012, by and among the Issuer, the Company, as Guarantor, the Selling Noteholder, and the Initial Purchasers (the “Purchase Agreement”).  This opinion letter is rendered to you at the request of the Company pursuant to Section 7(c) of the Purchase Agreement.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

B-1

 

I, or members of my staff, have examined or are otherwise familiar with (i) the restated articles of incorporation of the Company, as amended to date; (ii) the By-Laws of the Company, as amended to date; (iii) the Time of Sale Memorandum, as amended to date, and the Final Memorandum; (iv) the resolutions of the board of directors of the Company adopted on September [·], 2012, relating to the issuance of the Guarantees and certain related matters; (v) a copy of the Indenture; (vi) an executed copy of the Registration Rights Agreement; (vii) an executed copy of the Guarantee; (viii) specimens of the Notes; and (ix) such other records, certificates and other documents as I have deemed necessary or appropriate for the purposes of rendering the opinions contained herein.

 

In rendering my opinions below, I have relied as to matters of fact that I did not independently establish or verify, to the extent I deem proper, on certificates of responsible officers of the Company and upon certificates from public officials, and I have assumed, to the extent I deem proper, the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to me as originals and the conformity to original documents of all documents submitted to me as copies and that any representations made “to our knowledge,” in the “belief” of, or similarly qualified in any such documents are true, correct and complete without such qualification.  Wherever a statement is qualified by my “knowledge,” it is intended to indicate that I do not have actual knowledge of the inaccuracy of such statement.

 

On the basis of the foregoing and in reliance thereon, and subject to the limitations, qualifications and exceptions set forth below, I am of the opinion that:

 

(i)            The Company is validly existing as a corporation in good standing under the laws of the State of Illinois, with corporate power and authority to own its properties and conduct its business as described in the Time of Sale Memorandum as amended or supplemented, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of property requires such qualification, except where the failure to be so qualified or in good standing would not in the aggregate have a material adverse effect upon the Company and its subsidiaries taken as a whole;

 

(ii)           Each of the “Significant Subsidiaries” (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated under the Securities Act) of the Company has been duly organized and is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except where failure to be so qualified or in good standing would not, in the aggregate, have a material adverse effect upon the Company and its subsidiaries, taken as a whole;

 

(iii)          To my knowledge and other than as set forth in the Time of Sale Memorandum, there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the consolidated

 

B-2

 

financial position of the Company and its subsidiaries, taken as a whole, and to my knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others;

 

(iv)          The Purchase Agreement has been duly authorized, executed and delivered by the Company;

 

(v)           The Registration Rights Agreement has been duly authorized, executed and delivered by the Company;

 

(vi)          The Guarantee has been duly authorized, executed and delivered by the Company;

 

(vii)         The issue and sale of the Notes and the compliance by the Company with all of the provisions of the Guarantee, the Registration Rights Agreement, the Purchase Agreement and the Exchange Agreement by and among the Company and the Selling Stockholder, dated as of November 5, 2012 (together, the “Transaction Documents”), and the consummation of the transactions therein contemplated will not (A) result in any violation of the provisions of the articles of incorporation or the by-laws, each as amended, of the Company, nor, to my knowledge, either (B) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, or (C) result in any violation of any applicable law, statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, in any such case described in clause (B) or (C) the effects of which would, individually or in the aggregate, be materially adverse to the Company and its subsidiaries taken as a whole; and to my knowledge, no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale by the Company of the Notes or the consummation by the Company of the transactions contemplated by the Transaction Documents, except such as have been obtained and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Notes by the Selling Noteholder and the Initial Purchasers and by federal and state securities laws with respect to the Company’s obligations under the Registration Rights Agreement; and

 

(viii)        The documents expressly incorporated by reference into the each Memorandum as amended or supplemented (other than the financial statements and related schedules and other financial and statistical data therein, as to which I express no opinion), when they became effective or were filed with the Securities and Exchange Commission (the “Commission”), as the case may be, complied as to

 

B-3

 

form in all material respects with the requirements of the Securities Exchange Act of 1934, as amended, as applicable, and the rules and regulations of the Commission thereunder.

 

In addition, I, or members of my staff, have participated in conferences with other officers and representatives of the Company and the Issuer, representatives of special counsel and the independent registered public accountants for the Company, the Issuer, the Selling Noteholder and the Initial Purchasers and their representatives at which the contents of the Preliminary Memorandum, the Time of Sale Memorandum and the Final Memorandum and related matters were discussed.  However, except as specifically noted above, I do not pass upon and assume no responsibility for the accuracy, completeness or fairness of the statements contained in the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, nor do I make any representation that I have independently verified or checked the accuracy, completeness or fairness of such statements.  Notwithstanding the foregoing, no facts have come to my attention that would lead me to believe that (except for financial statements and schedules and other financial and statistical data as to which I express no belief) (i) the Time of Sale Memorandum as of the date of the Purchase Agreement or as amended or supplemented, if applicable, as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) the Final Memorandum when issued contained, or as of the date hereof contains, any untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

The opinions expressed herein are subject to the following qualifications and comments:

 

6.     Enforcement of the Transaction Documents is subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights,  the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and applicable law and public policy with respect to rights of indemnification and contribution.

7.     I have assumed that (i) each signatory to the Transaction Documents (other than the Company) is duly organized, validly existing and in good standing under the jurisdiction of its organization and has all the necessary power and authority under applicable federal, state, local and foreign law to enter into the relevant agreement and perform its respective obligations thereunder, (ii) the Transaction Documents have been duly authorized, executed and delivered by each signatory thereto and are enforceable against such other party (other than the Company) in accordance with its terms, (iii) the execution, delivery and performance by each party (other than the Company) of its obligations under the Transaction Documents (A) will comply with applicable laws and with any requirement or restriction imposed by any consent, authorization,

 

B-4

 

approval, exemption or validation of, order, writ, judgment, injunction, decree, determination or award of any court or governmental body having jurisdiction over it or any of its assets and will not result in a default under or breach of any agreement or instrument then binding upon it and (B) will not violate, conflict with or result in a breach of, or require any consent under, the charter, bylaws, limited liability company agreement, partnership agreement or equivalent organizational documents of any such party and (iv) all of the representations and warranties contained in the Transaction Documents are accurate, true and correct and that all covenants contained in the Transaction Documents have been complied with (except to the extent they contain legal conclusions that are otherwise the subject of the opinions expressed herein).

8.     The provisions of the Transaction Documents that permit any party thereto to take action or make determinations, or to benefit from indemnities and similar undertakings of any part to the Transaction Documents, may be subject to the requirement that such action be taken or such determinations be made, and any action or inaction by such party that may give rise to a request for payment under such an undertaking be taken or not taken, on a reasonable basis and in good faith.

9.     I express no opinion as to the effect of non-compliance by any party to the Transaction Documents with any Federal, state or foreign laws or regulations applicable to transactions because of the nature of its business.

10.  I express no opinion with respect to (1) broadly or vaguely stated waivers or waivers of rights granted by law where such waivers are against public policy or prohibited by law, (2) the enforceability of confession of judgment provisions and (3) the enforceability of provisions imposing penalties, liquidated damages or other economic remedies.

 

I am admitted to practice law in the State of Illinois and my opinions expressed herein are limited solely to the federal laws of the United States of America and the laws of the State of Illinois, in each case as in effect on the date hereof.  I express no opinion herein concerning the laws of any other jurisdiction.  The Transaction Documents are governed by the laws of the State of New York, and therefore I assume for purposes of the opinions that the laws of the State of Illinois and the laws of the State of New York are the same in all applicable respects.

 

This opinion letter is rendered only to you and is solely for your benefit in connection with the Purchase Agreement.  This opinion letter may not be relied upon by you for any other purpose, or relied upon by any other person, entity, firm or corporation for any purpose without my prior written consent.  This opinion may not be used, circulated, quoted or otherwise referred to for any purpose without my specific prior written approval.  The opinions contained herein are limited to the matters expressly stated herein, and no opinion may be inferred or may be implied beyond the matters expressly stated herein.  The opinions contained herein are rendered as of the date hereof only, and I assume no obligation to supplement this opinion letter if any applicable law changes after the date hereof or if I become aware of any fact that might change the opinions expressed herein after the date hereof.

 

	
 
    	
Very   Truly Yours,
    

 

B-5

 

	
 
    	
 
    
	
 
    	
John   A. Berry
    
	
 
    	
Divisional   Vice President, Associate
    
	
 
    	
General   Counsel and
    
	
 
    	
Assistant   Secretary
    

 

B-6

 

EXHIBIT C-1

 

[Letterhead of Wachtell, Lipton, Rosen & Katz]

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

One Bryant Park
 New York, New York  10036

 

(as representatives to the several Initial Purchasers named in Schedule I to the Purchase Agreement referred to below)

 

Ladies and Gentlemen:

 

We have acted as special counsel to AbbVie Inc., a Delaware corporation (the “Company”), in connection with the issuance and sale to the Initial Purchasers of $3,500,000,000 principal amount of the Company’s 1.200% senior notes due 2015 (the “Fixed 2015 Notes”), $4,000,000,000 principal amount of the Company’s 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 principal amount of the Company’s 2.000% senior notes due 2018 (the “2018 Notes”), $2,600,000,000 principal amount of the Company’s 4.4000% senior notes due 2042 (the “2042 Notes”) and $500,000,000 principal amount of the Company’s floating rate senior notes due 2015 (the “Floating 2015 Notes”) and the sale by Morgan Stanley & Co. LLC (the “Selling Noteholder”), $3,100,000,000 principal amount of the Company’s 2.900% senior notes due 2022 (the “2022 Notes” and, together with the Fixed 2015 Notes, the 2017 Notes, the 2018 Notes, the 2042 Notes and the Floating 2015 Notes, the “Notes”) pursuant to the Purchase Agreement, dated as of November 5, 2012 (the “Purchase Agreement”), by and among the Company, Abbott Laboratories, an Illinois corporation (the “Guarantor”), the Selling Noteholder, and the Initial Purchasers.  We are furnishing the opinions set forth below to you at the request of the Company pursuant to Section 7(d) of the Purchase Agreement.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

C-1-1

 

In connection with the opinions set forth herein, we have examined originals or copies certified or otherwise identified to our satisfaction of such documents, corporate records, agreements, certificates of public officials and other instruments as we have deemed necessary or appropriate for the purposes of the opinions contained herein, including, among others, the following:  (a) the Time of Sale Memorandum, as amended to date, and the Final Memorandum; (b) a copy of the Indenture; (c) the executed Registration Rights Agreement; (d) the executed Guarantee; (e) the executed Purchase Agreement; (f) the Certificate of Incorporation and By-laws of the Company, as amended to date; (g) the unanimous written consent of the sole director of the Company adopting certain resolutions relating to the Transactions; and (h) specimens of the Notes.  The items referred to in clauses (b), (c), (d), (e) of the preceding sentence and the Notes are referred to herein as the “Transaction Documents”.

 

For purposes of the opinions expressed herein we have assumed:  (a) that each party to the Transaction Documents (other than the Company) is, and was at the relevant time of execution, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and that each party to the Transaction Documents has, and had at the relevant time of execution, all necessary corporate or other power and authority to enter into the Transaction Documents and perform its obligations thereunder; (b) the truth and accuracy of all representations and warranties, and compliance with all covenants, contained in the Transaction Documents; (c) that each of the Transaction Documents was duly authorized, executed and delivered by each party thereto (other than the Company); (d) that the Notes have been paid for and delivered to you in accordance with the terms of the Purchase Agreement and executed and delivered by the Company; (e) that each of the Transaction Documents constitutes the valid and binding obligation of each party thereto (other than the Company), enforceable against each such party in accordance with its terms; (f) that, to the extent that the Time of Sale Memorandum and the Final Memorandum contain disclosure that you or your representatives have provided in writing expressly for inclusion therein, such disclosure is accurate in all material respects; and (g) that the execution and delivery of the Transaction Documents by each of the parties thereto, and the performance and consummation of the transactions contemplated by the Transaction Documents by each of the parties thereto, will comply with all applicable laws and regulations and with any requirement or restriction imposed by any order, writ, judgment, injunction, decree, determination or award of any court or governmental body having jurisdiction over it or any of its assets and will not (i) result in a default under or breach of any agreement or instrument then binding upon it or (ii) violate, conflict with or result in a breach of, or require any consent under, the charter, bylaws, limited liability company agreement, partnership agreement or other organizational or governing documents of any such party or (iii) result in the creation or imposition of any lien or encumbrance upon or with respect to any property or assets now owned or hereafter acquired by such party or any of its subsidiaries pursuant to any agreement or instrument then binding upon it.  We have also assumed that the Notes will conform to the specimen thereof examined by us and that the Notes will be duly authenticated and delivered in accordance with the requirements of the Transaction Documents, and that the issuance, offer and sale of the Notes will be made in accordance with the Transaction Documents, the resolutions of the Board of Directors of the Company adopted by unanimous written consent of its sole director on October [·], 2012 and the resolutions of the Board of Directors of the Guarantor adopted on September 11-13, 2012.

 

C-1-2

 

We have further assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of documents submitted to us as certified, facsimile, conformed, electronic or photostatic copies and the authenticity of the originals of such copies.  As to all questions of fact relevant to the opinions contained herein that have not been independently established, we have relied with your consent upon certificates or comparable documents, and oral and written statements and representations, of officers and representatives of the Company and the Guarantor and of public officials, and upon the representations and warranties of the Company, the Guarantor and the Initial Purchasers contained in the Purchase Agreement.  We have not independently verified such information and assumptions.

 

Based upon the foregoing, and subject to the assumptions, exceptions, limitations, qualifications and comments stated herein, we are of the opinion that, as of the date of this opinion:

 

11.          The Company is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own, lease or operate its properties and to conduct its business as described in the Final Memorandum, except where the failure to have such power or authority or be in good standing would not, in the aggregate, have a material adverse effect on the business, financial position or results of operations of the Company and its subsidiaries, taken as a whole, or the ability of the Company to enter into and perform its obligations under the Transaction Documents.

 

12.          The Purchase Agreement has been duly authorized, executed and delivered by the Company.

 

13.          The Indenture has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.

 

14.          The Registration Rights Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.

 

15.          The Notes have been duly authorized by the Company and, when executed by the Company and authenticated by the Trustee in the manner provided in the Indenture and issued and delivered against payment of the purchase price therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, and will be entitled to the benefits of the Indenture and the Registration Rights Agreement.

 

16.          The statements set forth in the Time of Sale Memorandum and in the Final Memorandum under the captions “Description of the Notes,” insofar as they purport to constitute a summary of the Indenture, the Registration Rights Agreement, the Notes and the Guarantee, fairly summarize such documents in all material respects.

 

17.          Assuming the accuracy of the representations, warranties and agreements of the Company, the Guarantor, the Selling Noteholder and the Initial

 

C-1-3

 

Purchasers in the Purchase Agreement, it is not necessary in connection with the offer, sale and delivery of the Notes to and by the Initial Purchasers, in each case, solely in the manner contemplated by the Purchase Agreement, the Time of Sale Memorandum and the Final Memorandum, to register the Notes under the Securities Act of 1933 or to qualify the Indenture under the Trust Indenture Act of 1939, it being understood that no opinion is expressed as to any subsequent resale of any Notes.

 

The opinions expressed herein are subject to the following qualifications and comments:

 

a)            Our opinions and each of the Transaction Documents are subject to the effect of (1) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally; (2) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity); and (3) applicable law and public policy with respect to rights to indemnification and contribution.

 

b)            The provisions of the Transaction Documents that permit any party thereto to take action or make determinations, or to benefit from indemnities and similar undertakings of any party to the Transaction Documents may be subject to the requirement that such action be taken or such determinations be made, and any action or inaction by such party that may give rise to a request for payment under such an undertaking be taken or not taken, on a reasonable basis and in good faith and may also be subject to public policy and equitable limitations.

 

c)             Insofar as any provisions of the Transaction Documents may provide for indemnification or contribution or similar undertakings with respect to liabilities resulting from or based upon a party’s own negligence, gross negligence, recklessness or willful misconduct or violations of federal, state or foreign securities or blue sky laws or regulations, the enforceability thereof may be limited.

 

d)            We are not expressing any opinion with respect to, or as to the effect of compliance by the Company or the Guarantor with, any federal, state or foreign securities laws, other antifraud laws, tax laws, the Employee Retirement Income Security Act of 1974, as amended, antitrust laws or any state, federal, foreign or other laws or regulations applicable to the transactions contemplated by the Transaction Documents because of the nature of the businesses of the Company.

 

e)             We express no opinion as to the effect of the laws of any jurisdiction (other than federal laws of the United States and the laws of the State of New York) wherein any holder of the Notes may be located which limits rates of interest that may be charged or collected by such holder.

 

f)             We have assumed that the Company will apply the proceeds from the sale of the Notes as contemplated in the Final Memorandum.

 

C-1-4

 

g)             We express no opinion with respect to the lawfulness or enforceability of (1) broadly or vaguely stated waivers or waivers of rights granted by law where such waivers are against public policy or prohibited by law, (2) the enforceability of confession of judgment provisions and (3) the enforceability of provisions imposing penalties, liquidated damages or other economic remedies.

 

h)            We express no opinion as to the effect of any applicable law (including Section 548 of the Bankruptcy Code or Article 10 of the New York Debtor and Creditor Law) regarding fraudulent transfers or fraudulent conveyances, or of provisions of the law of the jurisdiction of the Guarantor restricting dividends, loans or distributions by a corporation or limited liability company or for the benefit of its stockholders or members, on the validity or enforceability of the Transaction Documents against the Guarantor or any other obligation of the Guarantor under the Transaction Documents.

 

i)              Insofar as any of the following are contained in the Transaction Documents, we express no opinion with respect to the validity or enforceability of (1) provisions in the Transaction Documents relating to delay or omission of enforcement of rights or remedies, waivers of defenses, waivers of notices, or waivers of benefits of usury, appraisement, valuation, stay, extension, moratorium, redemption, statutes of limitation or other non-waivable benefits bestowed by operation of law, (2) exculpation provisions, provisions relating to releases of unmatured claims, provisions purporting to waive immaterial rights, severability provisions and provisions similar in substance or nature to those described in the foregoing clause (1) and this clause (2), (3) any provisions in the Transaction Documents which subject the Company or the Guarantor to any claim for deficiency resulting from a judgment being rendered in a currency other than the currency called for in the Transaction Documents, (4) the effect of any provision of the Transaction Documents which is intended to permit modification thereof only by means of an agreement in writing signed by the parties thereto; or (5) any provision in the Transaction Documents imposing penalties or forfeitures.

 

j)             We express no opinion as to (1) whether a federal, state or any other court outside of the State of New York would give effect to the choice of New York law provided for in the Transaction Documents, (2) provisions of the Transaction Documents that relate to the subject matter jurisdiction of any federal court of the United States of America sitting in New York City to adjudicate any controversy related to the Transaction Documents, or the transactions contemplated thereby, (3) any waiver of inconvenient forum set forth in the Transaction Documents, (4) the waiver of jury trial set forth in the Transaction Documents, or (5) the effect (if any) of any law of any jurisdiction (except the State of New York) in which any enforcement of any of the Transaction Documents may be sought.

 

k)            Our opinions as to compliance with certain statutes, rules and regulations are based upon a review of those statutes, rules and regulations which, in our experience, are normally applicable to transactions of the type contemplated by the Transaction Documents.

 

l)              We express no opinion with respect to any provisions of the Transaction Documents insofar as they purport to create rights of set-off.

 

C-1-5

 

m)           We express no opinion as to the effect of Section 210(p) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

n)            The provisions of the Transaction Documents (insofar as any are contained therein) that permit any person or entity to take action or make determinations, or to benefit from indemnification and similar undertakings of the Company or the Guarantor, may be subject to a requirement that such action, inaction or determination by such person or entity be taken or made, or not taken or made, on a reasonable basis and in good faith and may also be subject to public policy and equitable limitations.

 

Members of our firm are admitted to the Bar of the State of New York, and opinions expressed in this letter are limited to the effects of (a) the federal securities laws of the United States, (b) the internal laws of the State of New York (excluding any political subdivision) and (c) to the extent expressly stated herein, the General Corporation Law of the State of Delaware, in each case as in effect on the date hereof.  We have relied, to the extent we deem appropriate, on written guidance of the Securities and Exchange Commission (including the Staff thereof).

 

This letter is being furnished to you at the request of the Company by us as special counsel to the Company in connection with the Purchase Agreement.  This letter is rendered only to you and is solely for your benefit in connection with the Purchase Agreement.  This letter may not be relied upon by you for any other purpose, or relied upon by any other person, entity, firm or corporation for any purpose, and may not be used, circulated, quoted or otherwise referred to for any other purpose, without our prior written consent (including by any person, entity, firm or corporation that acquires Notes from you).  The opinions contained herein are limited to the matters expressly stated herein, and no opinion may be inferred or may be implied beyond the matters expressly stated herein.  The opinions contained herein are rendered as of the date hereof only, and you expressly acknowledge that we shall have no obligation to, and will not, update any statement herein.

 

*        *        *

 

Any tax statements contained herein (i) were not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer and (ii) were written to support the promotion or marketing of the transactions or matters addressed herein.  Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

 

*        *        *

 

	
 
    	
Very   truly yours,
    

 

C-1-6

 

EXHIBIT C-2

 

[Letterhead of Wachtell, Lipton, Rosen & Katz]

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith  Incorporated

One Bryant Park
 New York, New York  10036

 

(as Representatives to the several Initial Purchasers named in Schedule I to the Purchase Agreement referred to below)

 

Ladies and Gentlemen:

 

We have acted as special counsel to AbbVie Inc., a Delaware corporation (the “Company”), in connection with the issuance and sale to the Initial Purchasers of $3,500,000,000 principal amount of the Company’s 1.200% senior notes due 2015 (the “Fixed 2015 Notes”), $4,000,000,000 principal amount of the Company’s 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 principal amount of the Company’s 2.000% senior notes due 2018 (the “2018 Notes”), $2,600,000,000 principal amount of the Company’s 4.400% senior notes due 2042 (the “2042 Notes”) and $500,000,000 principal amount of the Company’s floating rate senior notes due 2015 (the “Floating 2015 Notes”) and the sale by Morgan Stanley & Co. LLC (the “Selling Noteholder”), $3,100,000,000 principal amount of the Company’s 2.900% senior notes due 2022 (the “2022 Notes” and, together with the Fixed 2015 Notes, the 2017 Notes, the 2018 Notes, the 2042 Notes and the Floating 2015 Notes, the “Notes”) pursuant to the Purchase Agreement, dated as of November 5, 2012 (the “Purchase Agreement”), by and among the Company, Abbott Laboratories, an Illinois corporation (the “Guarantor”), the Selling Noteholder, and the Initial Purchasers.  We are furnishing this letter to you at the request of the Company pursuant to Section 7(d) of the Purchase Agreement.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

 

C-2-1

 

We have participated in conferences with officers and representatives of and counsel for the Company, the Guarantor, the Selling Noteholder, representatives of the independent registered public accounting firm of the Company, Deloitte & Touche LLP, and representatives of, and counsel for, the Initial Purchasers, at which conferences the disclosures in the Preliminary Memorandum, the Time of Sale Memorandum, as amended to date, and the Final Memorandum were discussed, and, although we have not independently checked or verified, and, except to the extent expressly indicated in numbered paragraph 6 of our separate letter, dated as of the date hereof, delivered to you in our capacity as special counsel to the Company, we are not passing upon and assume no responsibility for the accuracy, completeness or fairness of the disclosures contained in the Preliminary Memorandum, the Time of Sale Memorandum and the Final Memorandum, nothing has come to our attention that causes us to believe:  (i) the Time of Sale Memorandum, as of the date of the Purchase Agreement or, if applicable, as amended or supplemented as of the date of this letter and (ii) the Final Memorandum, as of its date or the date of this letter (other than, in each of clauses (i) and (ii), financial statements, related notes or statistical, financial or accounting data or related schedules contained or incorporated by reference therein, documents filed by the Guarantor with the Commission pursuant to the Exchange Act and incorporated by reference into the Preliminary Memorandum and the Final Memorandum together with the information in the Preliminary Memorandum[, as amended or supplemented as of the date of the Purchase Agreement,] under the captions “Summary — Recent Developments[,]” [and] “Summary — About Abbott Laboratories” [and “Business — Legal Proceedings”] as such information relates to the Guarantor and its subsidiaries, taken as whole, as to which, in each case, we express no belief) contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided, however, that the foregoing shall not apply to disclosure therein that you or your representatives have expressly provided in writing for inclusion therein).

 

This letter is furnished by us as special counsel for the Company to you the Initial Purchasers, and is solely for your benefit, and is not to be otherwise used, quoted, circulated, referred to or relied upon without our express prior written consent.  This letter is rendered only to you and is solely for your benefit in connection with the offering of the Notes contemplated by the Purchase Agreement.  This letter may not be relied upon by you for any other purpose, or relied upon by, nor a copy of this letter provided to, any other person, entity, firm or corporation for any purpose, without our prior written consent (other than your successor in interest by means of merger, consolidation, transfer of a business or other similar transaction).  This letter is limited to the matters expressly stated herein and is given as of the date hereof only, and nothing may be inferred or may be implied beyond the matters expressly stated herein and you acknowledge that we have no obligation to, and will not, update this letter or any statement contained herein.

 

*        *        *

 

Any tax statements herein (i) were not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer and (ii) were written to support the promotion or marketing of the transactions or matters addressed herein.  Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

 

C-2-2

 

*        *        *

 

	
 
    	
Very   truly yours,
    

 

C-2-3

 

EXHIBIT D-1

 

November 8, 2012

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park
 New York, New York  10036

 

(as representatives to the several Initial Purchasers named

in Schedule I to the Purchase Agreement referred to below)

 

Ladies and Gentlemen:

 

We have acted as special counsel to Abbott Laboratories, an Illinois corporation (the “Guarantor”), in connection with the issuance and sale by AbbVie, Inc., a Delaware corporation (the “Company”), of $3,500,000,000 aggregate principal amount of its 1.200% senior notes due 2015 (the “2015 Fixed Rate Notes”), $500,000,000 aggregate principal amount of its floating rate senior notes due 2015 (the “2015 Floating Rate Notes”), $4,000,000,000 aggregate principal amount of its 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 aggregate principal amount of its 2.000% senior notes due 2018 (the “2018 Notes”), $3,100,000,000 aggregate principal amount of its 2.900% senior notes due 2022 (the “2022 Notes”), and $2,600,000,000 principal amount of its 4.400% senior notes due 2042 (the “2042 Notes” and, together with the 2015 Fixed Rate Notes, the 2015 Floating Rate Notes,  the 2017 Notes, the 2018 Notes and the 2022 Notes, the “Notes”), pursuant to that certain purchase agreement, dated November 5, 2012 (the “Purchase Agreement”), among the Company, the Guarantor, Morgan Stanley & Co. LLC, as selling noteholder (the “Selling Noteholder”) and Morgan Stanley & Co.

 

D-1-1

 

LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several initial purchasers named in Schedule I thereto (collectively, the “Initial Purchasers”).  The Notes will be issued under an indenture, dated November 8, 2012, between the Company and U.S. Bank National Association, as Trustee, as supplemented by the First Supplemental Indenture, dated November 8, 2012, between the Company and U.S. Bank National Association, as Trustee (the indenture as so supplemented, the “Indenture”), and will be fully and unconditionally guaranteed by the Guarantor pursuant to a guarantee agreement, dated November 8, 2012 (the “Guarantee Agreement”), between the Guarantor and the Trustee, until released in accordance with the terms thereof. This opinion is delivered to you at the request of the Company and the Guarantor pursuant to Section 7(e) of the Purchase Agreement.  Capitalized terms used herein without being defined have the meanings ascribed to such terms in the Purchase Agreement.

 

The 2015 Fixed Rate Notes, the 2015 Floating Rate Notes, the 2017 Notes and the 2042 Notes are being issued and sold by the Company to the Initial Purchasers pursuant to the terms and conditions of the Purchase Agreement.  The 2022 Notes are being initially issued by the Company to the Guarantor as partial consideration for the Guarantor’s contribution of the certain properties and assets to the Company and its subsidiaries.  Pursuant to the Exchange Agreement, the Guarantor will exchange the 2022 Notes for an equivalent fair value of the Guarantor’s commercial paper owned by the Selling Noteholder, and the Selling Noteholder will sell the 2022 Notes to the Initial Purchasers pursuant to the Purchase Agreement.

 

In rendering the opinions set forth below, we have examined such questions of law and the originals, or copies certified or otherwise identified to our satisfaction as being true copies, of such corporate documents and records, certificates of public officials and of officers of the Guarantor, and agreements, instruments and other documents, as we have deemed necessary as a basis for the opinions expressed below.  As to matters of fact (but not as to legal conclusions), to the extent we deemed proper, we have relied on certificates of responsible officers of the Guarantor and of public officials and on the representations, warranties and agreements of the Guarantor contained in the Purchase Agreement.

 

In addition, in rendering the opinions set forth below, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to the original documents of all documents submitted to us as certified, conformed or photostatic copies and the legal competence of each individual executing any document.  As to all parties other than the Guarantor, we have assumed the due authorization, execution and delivery of all documents and the validity and enforceability thereof against all parties thereto, other than the Guarantor, in accordance with their respective terms.

 

Whenever our opinion with respect to the existence or absence of facts is indicated to be based on our knowledge, we are referring solely to the actual knowledge of the particular Mayer Brown LLP attorneys who have represented the Guarantor in connection with the offer and sale of the Notes by the Company, without having made independent investigation.  Except as expressly set forth in this opinion, we have not undertaken any independent investigation to determine the existence or absence of such facts and no inference as to our knowledge concerning such facts should be drawn from the fact that such representation has been undertaken by us.

 

D-1-2

 

Our opinions expressed herein are limited to the laws of the State of Illinois, the State of New York and the Federal laws of the United States (other than maritime law), and we do not express any opinion herein concerning any other law.

 

Based upon, and subject to, the matters stated herein, we are of the opinion that:

 

1.             The Guarantor is validly existing as a corporation in good standing under the laws of the State of Illinois, with corporate power and authority to own its properties and conduct its business as described in the documents filed by the Guarantor with the Commission pursuant to the Exchange Act and incorporated by reference into the Preliminary Memorandum and the Final Memorandum;

 

2.             Each of the Purchase Agreement, the Guarantee Agreement and the Registration Rights Agreement has been duly authorized, executed and delivered by the Guarantor; and

 

3.             When the Notes have been issued, executed and authenticated in accordance with the Indenture and the 2022 Notes have been delivered to the Guarantor and exchanged with the Selling Noteholder in accordance with Exchange Agreement and the Notes have subsequently been delivered to and paid for by the Initial Purchasers in accordance with the terms of the Purchase Agreement, the Guarantee will constitute a valid and legally binding obligation of the Guarantor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

Our opinion in paragraph 1 above with respect to the valid existence and good standing of the Guarantor is based solely upon a certificate of the Secretary of State of the State of Illinois, as delivered to you in connection with the closing of the transactions contemplated by the Purchase Agreement.

 

The opinions expressed herein are as of the date hereof.  We assume no obligation to update or supplement this letter to reflect any facts or circumstances that may hereafter come to our attention or any changes in applicable law that may hereafter occur.

 

This letter is furnished by us in accordance with Section 7(e) of the Purchase Agreement, is solely for your benefit in your capacity as Initial Purchasers and is not to be used, quoted or otherwise relied upon by any other person (including any person purchasing any of the Notes from you), or by you for any other purpose, or filed or furnished to any governmental agency or any other person (including any person purchasing any of the Notes from you), without our prior written consent, which may be granted or withheld in our sole discretion.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mayer   Brown LLP
    

 

D-1-3

 

PJN/JPB

 

D-1-4

 

EXHIBIT D-2

 

November 8, 2012

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York  10036

 

Barclays Capital Inc.

745 7th Avenue

New York, New York  10019

 

J.P. Morgan Securities LLC

383 Madison Ave., 3rd Floor
 New York, New York  10179

 

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park
 New York, New York  10036

 

(as representatives to the several Initial Purchasers named

in Schedule I to the Purchase Agreement referred to below)

 

Ladies and Gentlemen:

 

We have acted as special counsel to Abbott Laboratories, an Illinois corporation (the “Guarantor”), in connection with the issuance and sale by AbbVie, Inc., a Delaware corporation (the “Company”), of $3,500,000,000 aggregate principal amount of its 1.200% senior notes due 2015 (the “2015 Fixed Rate Notes”), $500,000,000 aggregate principal amount of its floating rate senior notes due 2015 (the “2015 Floating Rate Notes”), $4,000,000,000 aggregate principal amount of its 1.750% senior notes due 2017 (the “2017 Notes”), $1,000,000,000 aggregate principal amount of its 2.000% senior notes due 2018 (the “2018 Notes”), $3,100,000,000 aggregate principal amount of its 2.900% senior notes due 2022 (the “2022 Notes”), and $2,600,000,000 principal amount of its 4.400% senior notes due 2042 (the “2042 Notes” and, together with the 2015 Fixed Rate Notes, the 2015 Floating Rate Notes, the 2017 Notes, the 2018 Notes and the 2022 Notes, the “Notes”), pursuant to that certain purchase agreement, dated November 5, 2012 (the “Purchase Agreement”), among the Company, the Guarantor, Morgan

 

D-2-1

 

Stanley & Co. LLC, as selling noteholder (the “Selling Noteholder”) and Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several initial purchasers named in Schedule I thereto (collectively, the “Initial Purchasers”).  The Notes will be issued under an indenture, dated November 8, 2012, between the Company and U.S. Bank National Association, as Trustee, as supplemented by the First Supplemental Indenture, dated November 8, 2012, between the Company and U.S. Bank National Association, as Trustee (the indenture as so supplemented, the “Indenture”), and will be fully and unconditionally guaranteed by the Guarantor pursuant to a guarantee agreement, dated November 8, 2012 (the “Guarantee Agreement”), between the Guarantor and the Trustee, until released in accordance with the terms thereof. This letter is delivered to you at the request of the Company and the Guarantor pursuant to Section 7(e) of the Purchase Agreement.  Capitalized terms used herein without being defined have the meanings ascribed to such terms in the Purchase Agreement.

 

We have participated in conferences with representatives of the Company and the Guarantor, their respective accountants, the Company’s counsel, representatives of the Selling Noteholder and the Initial Purchasers and counsel for the Selling Noteholder and the Initial Purchasers at which times the contents of the Preliminary Memorandum and the Final Memorandum and related matters were discussed.  However, we did not participate in the preparation or drafting of any of the documents filed by the Guarantor with the Commission pursuant to the Exchange Act and incorporated by reference into the Preliminary Memorandum and the Final Memorandum (collectively, the “Incorporated Documents”).  The purpose of our professional engagement was not to establish or to confirm factual matters set forth or incorporated by reference in the Preliminary Memorandum or the Final Memorandum, and we are not passing upon and assume no responsibility for the accuracy, completeness or fairness of the statements contained or incorporated by reference in the Preliminary Memorandum and the Final Memorandum or making any representation that we have independently verified or checked the accuracy, completeness or fairness of such statements.  Moreover, many of the determinations required to be made in the preparation of the Preliminary Memorandum, the Final Memorandum and the Incorporated Documents involve matters of a non-legal nature.  In addition, we express no view as to the financial statements and related schedules or the other financial and statistical data included or incorporated by reference in the Preliminary Memorandum or the Final Memorandum or omitted therefrom.  Subject to the foregoing, we advise you that nothing came to our attention that caused us to believe that (i) the information in the Incorporated Documents, together with the information in the Preliminary Memorandum[, as amended or supplemented as of the date of the Purchase Agreement,] under the captions “Summary — Recent Developments[,]” [and] “Summary — About Abbott Laboratories” [and “Business — Legal Proceedings”]  as such information relates to the Guarantor and its subsidiaries, taken as whole (the “Guarantor Information”), as of the date of the Purchase Agreement included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) the information in the Incorporated Documents, together with the information in the Final Memorandum under the captions “Summary — Recent Developments[,]” [and] “Summary — About Abbott Laboratories” [and “Business — Legal Proceedings”] as such information relates to the Guarantor Information, as of the date of the Final Memorandum or at the date hereof, included or includes an untrue statement of a material

 

D-2-2

 

fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  As used in this paragraph, the term “Guarantor Information” does not include any information regarding the Company and its subsidiaries on a stand-alone basis, separate and apart from the Guarantor and its consolidated subsidiaries.

 

We assume no obligation to update or supplement this letter to reflect any facts or circumstances that may hereafter come to our attention or any changes in applicable law that may hereafter occur.

 

This letter is furnished by us in accordance with Section 7(e) of the Purchase Agreement, is solely for your benefit in your capacity as Initial Purchasers and is not to be used, quoted or otherwise relied upon by any other person (including any person purchasing any of the Notes from you), or by you for any other purpose, or filed or furnished to any governmental agency or any other person (including any person purchasing any of the Notes from you), without our prior written consent, which may be granted or withheld in our sole discretion.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mayer   Brown LLP
    

 

PJN/JPB

 

D-2-3Quartz Mountain Resources Ltd.: Exhibit 4.1 - Filed by newsfilecorp.com

SALE AGREEMENT 

THIS AGREEMENT made as of the 27th day of July, 2012

BETWEEN: 

FINSBURY EXPLORATION LTD.,
a corporation incorporated 

  under the laws of the Province of British Columbia

(“Finsbury”) 

AND: 

QUARTZ MOUNTAIN RESOURCES
LTD., a corporation incorporated 

  under the laws of the Province of British Columbia

(“Quartz” and together with
Finsbury, the “Parties”) 

WHEREAS: 

	A. 	
      Finsbury is a party to a mineral property purchase
      agreement (the “Bearclaw Agreement”) dated October 4, 2011 (as
      amended effective as of the date that this Agreement becomes unconditional
      pursuant to Section 3 hereof) with Bearclaw Capital Corp.
      (“Bearclaw”) pursuant to which Bearclaw agreed to sell to Finsbury,
      and Finsbury agreed to acquire a 100% interest in certain “Purchased
      Assets” (as that term is defined in the Bearclaw Agreement), including,
      for greater certainty, those mineral claims described in Schedule A hereto
      (the “Gnat Pass Claims”) as depicted on the map therein.

	 	 
	B. 	
      Finsbury is also a party to a net smelter return royalty
      agreement (the “NSR Royalty Agreement”) dated October 31, 2011 with
      Bearclaw pursuant to which Finsbury granted to Bearclaw a one percent (1%)
      net smelter royalty, up to a maximum aggregate amount of $7,500,000 (the
      “NSR Royalty”).

	 	 
	C. 	
      Finsbury has staked those mineral claims described in
      Schedule B hereto (the “Finsbury Staked Claims”).

	 	 
	D. 	
      Finsbury has, as of the date of this Agreement, entered
      into an amending agreement (the “Amending Agreement”) with Bearclaw
      pursuant to which Finsbury and Bearclaw have agreed to amend certain of
      the obligations of Finsbury with respect to the payment of consideration
      to Bearclaw thereunder and such Amending Agreement is conditional upon
      this Agreement becoming unconditional upon its terms.

	 	 
	E. 	
      Pursuant to an option agreement between Finsbury and
      Quartz dated July 1, 2012 (the “Option Agreement”), Finsbury agreed
      to grant to Quartz an option to acquire a fifty percent (50%) interest in
      the Purchased Assets and the Finsbury Staked Claims, subject to the
      obligations to Bearclaw pursuant to the Bearclaw Agreements, upon Quartz
      completing the work obligations set out
therein.

	F. 	
      Subject to the terms and conditions hereof, Finsbury
      wishes to sell one hundred percent (100%) of its interest in and to the
      Finsbury Staked Claims, the Purchased Assets and its rights and
      obligations under the Bearclaw Agreement and the NSR Royalty Agreement to
      Quartz and Quartz wishes to purchase the Finsbury Staked Claims, the
      Purchased Assets and the rights and obligations of Finsbury under the
      Bearclaw Agreement and the NSR Royalty Agreement and the Parties wish to
      terminate the Option Agreement as of the Effective
Date.

THEREFORE this Agreement witnesses that, in
consideration of the premises and mutual covenants and conditions hereinafter
contained and other good and valuable consideration (the receipt and sufficiency
of which is hereby acknowledged), the Parties agree as follows: 

	1. 	
      Sale and Purchase

	 	 	 	 
		(a) 	
      Effective as of the date on which each of the conditions
      set forth in Section 3(a) is satisfied or waived by the Parties (the
      “Effective Date”), Finsbury hereby sells to Quartz:

	 	 	 	 
			(i) 	
      the Purchased Assets, including, for greater certainty,
      the Gnat Pass Claims;

	 	 	 	 
			(ii) 	
      all of Finsbury’s right, title and interest in and to the
      Bearclaw Agreement and the NSR Royalty Agreement and all of the benefits
      and advantages to be derived therefrom; and

	 	 	 	 
			(iii) 	
      the Finsbury Staked Claims,

	 	 	 	 
			
      (collectively, the “Acquired Assets and
      Rights”).

	 	 	 	 
		(b) 	
      Effective as of the Effective Date, Quartz hereby (i)
      purchases and acquires the Acquired Assets and Rights and agrees with
      Finsbury to assume, be bound by and observe, carry out and perform and
      fulfill all of the covenants, obligations and liabilities of Finsbury
      under the Bearclaw Agreement and the NSR Royalty Agreement, including, for
      greater certainty, payment to Bearclaw of the NSR Royalty (collectively,
      the “Assumed Obligations”), to the same extent and with the same
      force and effect as though Quartz had been a party thereto in the place
      and stead of Finsbury, and (ii) agrees to release, indemnify and hold
      harmless Finsbury, its directors, managers, employees, affiliates,
      successors and assigns from and against any loss, cost, damage, claim,
      demand, action or cause of action (including all actual legal costs on a
      solicitor and own client basis) (collectively, “Losses”) in any way
      resulting from, connected with, or arising out of the Acquired Assets and
      Rights or any failure by Quartz to fulfill its obligations under this
      Section 1(b), except to the extent that such Losses arise out of or are
      connected with any breach by Finsbury of any provision of this
      Agreement.

2 

2.         
  Purchase Price 

As consideration for the sale by Finsbury of the Acquired
Assets and Rights to Quartz pursuant to Section 1(a), Quartz shall, subject to
Section 3(a) (and in addition to assuming the Assumed Obligations pursuant to
Section 1(b)) on the Effective Date, issue 2,038,111 common shares in the
capital of Quartz (“Quartz Shares”) to Finsbury. 

3.          Conditions
  Precedent

	 	(a) 	
      The obligations of the Parties pursuant to Sections 1 and
      2 are conditional upon satisfaction, or waiver by each of the Parties, of
      each of the following conditions:

	 	 	 	 
	 		(i) 	
      the Amending Agreement having been duly executed by
      Finsbury and Bearclaw and being in full force and effect as of the date
      hereof subject only to this Agreement becoming unconditional in accordance
      with its terms;

	 	 	 	 
	 		(ii) 	
      the TSX Venture Exchange (the “Exchange”) either
      unconditionally or conditionally approving the issuance of the Quartz
      Shares issuable to Finsbury pursuant to Section 2, subject only to
      customary conditions acceptable to the Parties acting
reasonably;

	 	 	 	 
	 		(iii) 	
      the Exchange either unconditionally or conditionally
      approving the issuance of the Quartz Shares issuable to Bearclaw pursuant
      to Section 2.02 of the Bearclaw Agreement, subject only to customary
      conditions acceptable to the Parties acting reasonably; and

	 	 	 	 
	 		(iv) 	
      if required pursuant to applicable securities laws or the
      rules and regulations of the Exchange, Finsbury or Quartz, as the case may
      be, obtaining any shareholder approvals required to be obtained in order
      for Finsbury or Quartz, as the case may be, to perform its obligations
      hereunder.

	 	 	 	 
	 	(b) 	
      Notwithstanding any other provision of this Agreement,
      the obligations of Quartz pursuant to Sections 1 and 2 are conditional
      upon delivery to Quartz, on the Effective Date, of a certificate of an
      officer of Finsbury confirming that the representations and warranties of
      Finsbury set forth in Section 4 continue to be true and accurate as if
      made on and as of the Effective Date.

	 	 	 	 
	 	(c) 	
      If the conditions contained in Sections 3(a) and 3(b)
      have not been either satisfied, or waived by each of the parties, on or
      before August 20, 2012 or such other date mutually agreed to by the
      Parties (the “Deadline Date”), then this Agreement shall, at the
      option of either Party by written notice to the other Party, terminate and
      be of no further force and effect and neither Party shall have any claim
      against the other under the terms hereof or arising from the failure of
      the conditions precedent.

3 

4.         
  Finsbury’s Representations and Warranties 

Finsbury makes the following representations and warranties to
Quartz as of the date hereof and such representations and warranties shall be
deemed to be repeated as of the closing date of the transactions contemplated
hereunder: 

General Corporate Matters 

	 	(a) 	
      It is a corporation duly incorporated and subsisting
      under the laws of the Province of British Columbia with the corporate
      power to own its assets and to carry on its business and Finsbury holds
      all material permits that are required to carry on its business, and has
      made all necessary filings under all applicable laws.

	 	 	 	 
	 	(b) 	
      It has the power, authority and right (i) to enter into
      and deliver this Agreement; and (ii) to complete the transactions to be
      completed by it as contemplated herein and therein.

	 	 	 	 
	 	(c) 	
      This Agreement has been duly authorized, executed and
      delivered by it and constitute valid and legally binding obligations of
      and enforceable against it in accordance with its terms subject to
      applicable bankruptcy, insolvency, reorganization and other laws of
      general application limiting the enforcement of creditors’ rights
      generally and to the fact that specific performance is an equitable remedy
      available only in the discretion of the court.

	 	 	 	 
	 	(d) 	
      The execution, delivery and performance by Finsbury of
      this Agreement:

	 	 	 	 
	 		(i) 	
      shall not (and shall not with the giving of notice, the
      lapse of time or the happening of any other event or condition) result in
      a breach or violation of, or a conflict with, or allow any other person to
      exercise any rights under, any of the terms or provisions of Finsbury’s
      constating documents;

	 	 	 	 
	 		(ii) 	
      shall not (and shall not with the giving of notice, the
      lapse of time or the happening of any other event or condition) result in
      a breach or violation of, or a conflict with, or allow any other person to
      exercise any rights under any contracts or instruments to which it is a
      party or by which it is bound or pursuant to which any of the Acquired
      Assets and Rights may be affected; and

	 	 	 	 
	 		(iii) 	
      shall not result in the violation of any applicable
      law.

	 	 	 	 
	 	(e) 	
      Other than the Exchange approvals described in Section
      3(a) (the “Exchange Approvals”) and the approval of Bearclaw with
      respect to the assignment by Finsbury to Quartz of the NSR Royalty
      Agreement, no approvals and consents are required by Finsbury in
      connection with the observance and performance by Finsbury of its
      obligations under this Agreement.

4 

Title, Encumbrances and Obligations Concerning the Acquired
Assets and Rights 

	 	(f) 	
      Finsbury is the recorded holder of the Gnat Pass Claims
      and the Finsbury Staked Claims (the “Mineral Properties”) and is
      the owner of a 100% undivided beneficial interest in and to the Acquired
      Assets and Rights, free and clear of any encumbrances except the rights of
      Bearclaw to receive those payments therefor described in the Bearclaw
      Agreement, the “Permitted Encumbrances” as defined in the Bearclaw
      Agreement and the NSR Royalty (the “Bearclaw Encumbrances”), and
      there are no other existing rights or options to acquire any interest in,
      or explore, prospect or mine on, the Mineral Properties held by any third
      party.

	 	 	 
	 	(g) 	
      Finsbury has the unfettered right to transfer its 100%
      undivided beneficial interest in the Acquired Assets and Rights to Quartz
      in the manner set out in this Agreement.

	 	 	 
	 	(h) 	
      Except for this Agreement and the Bearclaw Encumbrances,
      there does not exist any contract, option or other right of another
      binding upon or which at any time in the future may become binding upon
      Finsbury to sell or transfer, or that would have the effect of imposing
      any encumbrance upon, any of the Acquired Assets and Rights.

	 	 	 
	 	(i) 	
      Except for Quartz’s rights under this Agreement and the
      Bearclaw Encumbrances, there are no adverse interests or rights or options
      to acquire or purchase any of the Mineral Properties or any portion
      thereof or any right, title or interest therein or any minerals, metals,
      concentrates or any other products or materials removed or produced from
      the Mineral Properties.

	 	 	 
	 	(j) 	
      Finsbury is not in default or breach of any contract or
      commitment concerning any of the Acquired Assets and Rights and there
      exists no condition, event or act that, with the giving of notice or lapse
      of time or both, would constitute such a default or breach of any such
      contract or commitment.

	 	 	 
	 	(k) 	
      All material obligations of Finsbury arising under or in
      connection with the Mineral Properties prior to the date hereof, and all
      payments due or accrued thereunder or in connection therewith prior to the
      date hereof, have been fulfilled and paid in full.

	 	 	 
	 	(l) 	
      To the knowledge of Finsbury, the Mineral Properties are
      not subject to any reservations of surface rights or other property rights
      by the Crown, and the lands comprising the Mineral Properties are not
      subject to any other rights granted by the Crown in favour of or for the
      benefit of any third party, in each case which could interfere materially
      with the commercial exploitation of the Mineral
  Properties.

5 

Royalties 

	 	(m) 	
      Other than in respect of the NSR Royalty, no person is
      entitled to any royalty or other payment in the nature of a royalty on any
      minerals, metals or concentrates or any other products removed or produced
      from the Mineral Properties.

Permits and Compliance with Laws 

	 	(n) 	
      To the knowledge of Finsbury, the Mineral Properties have
      been duly issued and are validly registered in accordance with all
      applicable laws and are in good standing in all material respects with
      respect to the performance of all material obligations required under
      applicable laws (including the payment of all rents, taxes maintenance
      costs and other charges thereon, the performance of all minimum assessment
      work and the filing of reports with respect to minimum assessment work)
      with respect thereto and, so far as Finsbury is aware, there are no facts
      or circumstances which might give rise to a breach of the terms of the
      Mineral Properties or render any of the Mineral Properties liable to
      forfeiture.

	 	 	 
	 	(o) 	
      To the knowledge of Finsbury, the physical condition of
      the Mineral Properties is in material compliance with all applicable laws
      and all orders of all governmental authorities having jurisdiction
      thereover.

	 	 	 
	 	(p) 	
      Except as is disclosed in writing to Quartz prior to the
      date hereof, all material permits relating to the current status of the
      Mineral Properties, if any, are in good standing and no orders impacting
      their validity have been issued.

	 	 	 
	 	(q) 	
      Finsbury has provided Quartz with complete and accurate
      information regarding all permits, of which Finsbury is aware, which have
      in the past been obtained or requested from any governmental authority in
      relation to the commercial exploitation of the Mineral
  Properties.

Claims and Proceedings 

	 	(r) 	
      No litigation or other proceeding or inquiry exists, or
      is pending or threatened either against Finsbury or in respect of any of
      the Acquired Assets and Rights, which may affect the Acquired Assets and
      Rights or the completion of the transactions contemplated
herein.

	 	 	 
	 	(s) 	
      There is no adverse claim or challenge against or to the
      ownership of or title to any of the Acquired Assets and Rights, and, to
      Finsbury’s knowledge, there is not any basis for any such adverse claim or
      challenge.

Environmental Issues 

	 	(t) 	
      Finsbury is in material compliance with all applicable
      environmental laws pertaining to the Mineral Properties and all activities
      on or in relation to the Mineral Properties carried out by or on behalf of
      Finsbury have been carried out in material compliance with all applicable
      environmental laws. Finsbury has not received any notice from any governmental authority
      alleging that Finsbury or any of its predecessors in interests in respect
      of the Mineral Properties have violated or are violating in any material
      respect any environmental law to which the Mineral Properties are subject,
      and, except as expressly set forth herein, there are no outstanding orders
      or directions relating to the environment requiring any work, repairs,
      construction or capital expenditures. Finsbury has no knowledge regarding
      historical compliance with applicable environmental laws pertaining to the
  Mineral Properties.

6 

	 	(u) 	
      Finsbury has not received any notice, formal or informal,
      of any proceeding, with respect to any actual or potential environmental
      liability, which is pending as of the date hereof, and no legal or
      administrative action exists or, to the knowledge of Finsbury, is
      threatened or pending, against Finsbury or the Mineral Properties in
      respect of environmental liabilities. To the knowledge of Finsbury, there
      are no (i) facts with respect to the Mineral Properties that could give
      rise to a notice of non-compliance with any environmental law, or (ii)
      environmental liabilities associated with the Mineral
Properties.

	 	 	 
	 	(v) 	
      Finsbury has not been convicted of an offence or been
      subjected to any judgment, injunction or other proceeding or been fined or
      otherwise sentenced for non- compliance with any environmental laws, and
      it has not settled any prosecution or other proceeding short of conviction
      in connection therewith, in relation to the Acquired Assets and
    Rights.

	 	 	 
	 	(w) 	
      Neither Finsbury nor to the knowledge of Finsbury any of
      its predecessors in title has caused or permitted the release of any
      hazardous substance at, on, under or near the Mineral Properties, except
      in compliance in all material respects with environmental laws.

	 	 	 
	 	(x) 	
      There are no conditions that directly or indirectly
      relate to environmental matters or to the condition of the soil or the
      groundwater that would adversely affect the Acquired Assets and Rights in
      a material manner.

	 	 	 
	 	(y) 	
      Neither Finsbury nor, to the knowledge of Finsbury, any
      of its predecessors in title has received written notice of, and Finsbury
      does not have knowledge of any facts that could give rise to any notice,
      that Finsbury or its predecessors are potentially responsible for any
      remedial action under any environmental law in connection with the
      Acquired Assets and Rights.

First Nations and Treaty Rights 

	 	(z) 	
      To the knowledge of Finsbury, there are no First Nations
      or treaty rights, titles or claims, proven or unproven, that are
      reasonably related to, or may reasonably affect, the Mineral Properties
      and no person has purported to be or to represent an identified First
      Nations person or group in connection with the Mineral Properties or other
      lands or resources that might be affected by the development and
      exploitation of the Mineral Properties.

7 

	 	(aa) 	
      Finsbury is not aware of any First Nations opposition to,
      or concerns about, the development or exploitation of the Mineral
      Properties, including anything related to the Crown's duty to consult
      First Nations peoples.

	 	 	 
	 	(bb) 	
      Finsbury has not engaged, and so far as Finsbury is aware
      its predecessors in title to the Mineral Properties have not engaged, in
      any negotiations with any First Nations or aboriginal group in respect of
      the Mineral Properties or entered into any agreements, understandings or
      commitments, including any impact and benefit agreements with any First
      Nations or aboriginal groups in respect of the Mineral
  Properties.

Books and Records

	 	(cc) 	
      The books and records of Finsbury relating to the
      Acquired Assets and Rights are true and correct and present fairly and
      disclose in all material respects the financial position of the Acquired
      Assets and Rights; all material financial transactions of Finsbury
      relating to the Acquired Assets and Rights have been accurately recorded
      in such books and records; and, to the extent possible, such books and
      records have been prepared in accordance with generally accepted
      accounting principles consistently applied.

	 	 	 
	 	(dd) 	
      Finsbury has made available to Quartz all books, records,
      agreements, and all financial, technical and other information or
      documents, in each case concerning the Acquired Assets and Rights, in the
      possession or control of Finsbury or its affiliates, including, without
      limitation (i) all analyses and monitoring data for soil, groundwater and
      surface water and all reports pertaining to any environmental assessments
      or audits relating to the Mineral Properties and (ii) all information
      regarding, and all correspondence and other documentation evidencing, any
      contact with or from, or any arrangements or agreements with or
      representations made to, any person, in relation to aboriginal persons or
      issues, in each case which may have any relation to the Mineral Properties
      or other lands or resources that might be affected by the development or
      exploitation thereof.

Improvements to Land; Buildings and
Equipment

	 	(ee) 	
      All improvements (including all plants, buildings,
      structures, erections, appurtenances and fixtures, and any other
      improvements related to environmental protection or remediation) situated
      on or forming part of the Mineral Properties have been completed in a good
      and competent manner and in accordance with the requirements of all
      applicable governmental authorities and all such improvements are free of
      material defect.

Tax and Similar Matters

	 	(ff) 	
      There are no liens for taxes upon the Acquired Assets and
      Rights, except for statutory liens for current taxes not yet
  due.

8 

	 	(gg) 	
      Finsbury is not a non-resident of Canada within the
      meaning of Section 116 of the Income Tax Act (Canada).

	 	 	 
	 	(hh) 	
      Finsbury has not received notice of any assessment or any
      capital charges or levies assessed or proposed to be assessed against any
      of the Acquired Assets and Rights by a governmental authority or that any
      governmental authority intends to require Finsbury to pay for any future
      roads, utilities or services relating to the Mineral
  Properties.

Securities Laws

	 	(ii) 	
      Finsbury acknowledges that the issuance of the Quartz
      Shares will be made pursuant to an appropriate exemption (the
      “Exemption”) from the registration and prospectus or equivalent
      requirements of all rules, policies, notices, orders and legislation of
      any kind whatsoever (collectively, the “Securities Rules”) of all
      the jurisdictions applicable to such issuance and, as a consequence of
      acquiring the Quartz Shares pursuant to this Exemption:

	 	 	 	 
	 		(i) 	
      certain protections, rights and remedies provided by the
      Securities Rules, including statutory rights of rescission or damages,
      will not be available to Finsbury;

	 	 	 	 
	 		(ii) 	
      Finsbury may not receive information that might otherwise
      be required to be provided to Finsbury, and Quartz is relieved from
      certain obligations that would otherwise apply under the applicable
      Securities Rules if the Exemption were not being used;

	 	 	 	 
	 		(iii) 	
      no securities commission, stock exchange or similar
      regulatory authority has reviewed or passed on the merits of the Quartz
      Shares;

	 	 	 	 
	 		(iv) 	
      there is no government or other insurance covering the
      Quartz Shares;

	 	 	 	 
	 		(v) 	
      there are risks associated with the acquisition of the
      Quartz Shares; and

	 	 	 	 
	 		(vi) 	
      there are trade restrictions on Finsbury’s ability to
      resell the Quartz Shares and it is the responsibility of Finsbury to find
      out what those trade restrictions are and to comply with them before
      selling the Quartz Shares.

	 	 	 	 
	 	(jj) 	
      Any Quartz Shares issued to Finsbury will be acquired by
      Finsbury as principal for its own account and not for the benefit of any
      other person.

	 	 	 	 
	 	(kk) 	
      Because of the trade restrictions imposed by operation of
      the Securities Rules, the certificates representing the Quartz Shares or
      where such Quartz Shares are entered into a direct registration or other
      electronic book-entry system, the written notice delivered to Finsbury in
      respect of such Quartz Shares, will bear such legend notation as may be
      required by the Securities Rules and, if applicable, by the rules and
      policies of the Exchange.

9 

	 	(ll) 	
      Without in any way limiting the generality of the
      foregoing, the trade restrictions provide that Finsbury must hold and not
      sell, transfer or in any manner dispose of the Quartz Shares except in
      accordance with applicable securities laws and, for purposes of securities
      laws in Canada, not before the date that is four months and a day after
      the distribution date of the Quartz Shares unless the disposition is made
      in accordance with all applicable Securities
Rules.

Other 

	 	(mm) 	
      Finsbury is not in default under any of the provisions of
      the Bearclaw Agreement and the NSR Royalty Agreement and the Bearclaw
      Agreement and the NSR Royalty Agreement remain in full force and
      effect;

	 	 	 
	 	(nn) 	
      No representation or warranty or other statement made by
      Finsbury in this Agreement contains any untrue statement or omits to state
      a material fact necessary to make any of them, in light of the
      circumstances in which it was made, not
misleading.

5.          Conveyance
  

Upon the satisfaction or waiver by each of the Parties of the
conditions in Sections 3(a) and 3(b), Finsbury shall promptly: 

	 	(a) 	
      release to Quartz duly executed transfers and conveyances
      of the Mineral Properties, to and in favour of Quartz, in each case in
      registrable form, together with anything reasonably required by Quartz to
      evidence or give full effect thereto; and

	 	 	 
	 	(b) 	
      release to Quartz the “Technical Information” and the
      “Documents and Records”, as those terms are defined in the Bearclaw
      Agreement and any other similar records or information acquired by
      Finsbury in relation to the Mineral Properties subsequent to the date of
      the Bearclaw Agreement.

	6. 	
      Transfers

	 	 	 
		(a) 	
      Quartz will not assign, transfer or convey any of its
      rights under this Agreement without the prior written consent of Finsbury,
      such consent not to be unreasonably withheld or conditioned.

	 	 	 
		(b) 	
      Subject to applicable laws and the Parties obtaining any
      required approvals of the Exchange or such other recognized stock exchange
      on which the Quartz Shares are then listed or quoted on for trading,
      Finsbury shall have the right to assign, transfer or convey its rights
      under this Agreement, including the right to receive the Quartz Shares
      pursuant to Section 2, to any third party.

10 

7.          Termination
  of Option Agreement 

The Parties agree that, effective as of the Effective Date, the
Option Agreement shall be terminated in its entirety, shall be of no further
force or effect and the Parties shall have no further liability to each other
with respect to the Option Agreement and each of them shall be released and
discharged from any further obligations or liabilities, past, present or future,
under the Option Agreement without the necessity for any further instrument or
formality. 

8.          General

	 	(a) 	
      This Agreement shall enure to the benefit of and be
      binding upon the parties hereto and their respective successors and
      assigns.

	 	 	 
	 	(b) 	
      This Agreement and the rights of the parties hereunder
      shall be governed by and construed according to the laws of the Province
      of British Columbia and the laws of Canada applicable therein without
      giving effect to any choice of law or conflict of law provision or rule
      that would cause the application of the laws of any jurisdiction other
      than the Province of British Columbia and the laws of Canada applicable
      therein.

	 	 	 
	 	(c) 	
      This Agreement may be executed by the parties hereto by
      facsimile signature in one or more counterparts, each of which shall be
      deemed to be an original and all of which will constitute together the one
      and the same agreement.

	 	 	 
	 	(d) 	
      Each of the parties hereto will from time to time execute
      and deliver all such further documents and instruments and do all acts and
      things as the other party may reasonably require to effectively carry out
      the full intent and meaning of this Agreement.

IN WITNESS WHEREOF the Parties hereto have executed this
Agreement as of the date first set out above. 

FINSBURY EXPLORATION LTD. 

By:
_______________________________________
       
Name: Marchand Snyman 
       
Position: Director 

QUARTZ MOUNTAIN RESOURCES LTD. 

By:
_______________________________________
       
Name: Gordon
Fretwell 
        Position:
Director 

11 

SCHEDULE A 

Gnat Pass Claims

  	Tenure No. 	Claim Name 	FMC# 	Area (ha) 
	512878 	  	145966 	681.329 
	604847 	GNAT3 	145966 	340.59 
	525819 	GNAT NORTH 	145966 	272.423 

SCHEDULE B 

Finsbury Staked Claims

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	871889 	STU 074 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871890 	STU 080 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871892 	STU 155 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871893 	STU 070 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871894 	STU 019 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871895 	STU 082 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871909 	STU 067 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871910 	STU 023 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871911 	STU 020 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871912 	STU 202 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871913 	STU 063 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871914 	STU 153 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871915 	STU 081 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871916 	STU 018 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871917 	STU 055 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871918 	STU 022 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871919 	STU 050 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871920 	STU 014 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871921 	STU 157 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871929 	STU 015 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871930 	STU 084 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871931 	STU 158 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	681.329 
	871949 	STU 201 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.6927 
	871950 	STU 056 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.3287 
	871969 	STU 13 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.6119 
	871989 	STU 075 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	237.9892 
	872009 	STU 162 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.4231 
	872011 	STU 086 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.5456 
	872012 	STU 163 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	271.8003 
	872013 	STU 021 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.324 
	872014 	STU 093 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.7743 
	872015 	STU 161 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	255.3781 
	872016 	STU 203 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.625 
	872017 	STU 071 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.0287 
	872018 	STU 072 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7614 
	872019 	STU 154 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.7672 
	872020 	STU 090 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	341.4619 
	872021 	STU 016 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.5002 
	872022 	STU 065 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7708 
	872023 	STU 156 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.7615 
	872024 	STU 091 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.7671 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	872025 	STU 204 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.4282 
	872026 	STU 066 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.0315 
	872027 	STU 088 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.7028 
	872028 	STU
      159 	104I
    	2011/jul/28 	2012/nov/05 	GOOD
    	425.7588 
	872029 	STU 062 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.0378 
	872030 	STU 078 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.8201 
	872031 	STU 061 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7821 
	872032 	STU 160 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.7533 
	872033 	STU 089 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.7739 
	872034 	STU 054 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.0451 
	872035 	STU 205 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.2316 
	872036 	STU 068 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.5818 
	872037 	STU 053 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7906 
	872038 	STU 139 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0263 
	872039 	STU 100 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	341.6168 
	872040 	STU 069 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.5797 
	872041 	STU 009 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.8014 
	872042 	STU 141 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0232 
	872043 	STU 206 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.0346 
	872044 	STU 073 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	339.6999 
	872045 	STU 103 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	341.6088 
	872046 	STU 076 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.575 
	872047 	STU 143 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0241 
	872049 	STU 052 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.045 
	872050 	STU 008 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.8042 
	872051 	STU 079 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.7906 
	872052 	STU 145 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0203 
	872053 	STU 099 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.287 
	872055 	STU 049 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.0623 
	872056 	STU 007 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.8155 
	872057 	STU 147 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0192 
	872058 	STU 104 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.2481 
	872059 	STU 051 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.774 
	872060 	STU 077 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	391.5588 
	872061 	STU 149 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0196 
	872062 	STU 107 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.94 
	872063 	STU 200 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.4752 
	872064 	STU 048 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	339.8504 
	872065 	STU 005 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.8918 
	872066 	STU 140 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2724 
	872067 	STU 064 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.4498 
	872068 	STU 046 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	374.1315 
	872069 	STU 112 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.1905 
	872070 	STU 142 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2699 
	872071 	STU 024 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0597 
	872072 	STU 044 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.7283 

14 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	872073 	STU 004 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.8617 
	872074 	STU 199 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.2306 
	872075 	STU 045 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.9486 
	872076 	STU 060 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	374.7752 
	872077 	STU 003 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.8653 
	872078 	STU
      144 	104I
    	2011/jul/28 	2012/nov/05 	GOOD
    	426.2707 
	872079 	STU 115 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.1413 
	872080 	STU 040 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.1421 
	872081 	STU 058 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.559 
	872082 	STU 146 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2684 
	872083 	STU 002 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	341.5682 
	872084 	STU 198 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.9373 
	872085 	STU 148 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2678 
	872086 	STU 057 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.6624 
	872087 	STU 039 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.8328 
	872088 	STU 113 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.5093 
	872089 	STU 150 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2681 
	872090 	STU 059 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.5928 
	872091 	STU 043 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.6827 
	872092 	STU 006 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	426.8274 
	872093 	STU 116 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.5013 
	872095 	STU 037 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	425.1375 
	872096 	STU 197 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.0825 
	872097 	STU 151 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0973 
	872098 	STU 083 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.0757 
	872099 	STU 118 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.212 
	872100 	STU 012 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	426.62 
	872101 	STU 038 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	424.805 
	872102 	STU 152 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.0457 
	872103 	STU 085 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.2647 
	872104 	STU 120 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.5001 
	872105 	STU 175 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.8542 
	872106 	STU 030 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.2134 
	872107 	STU 017 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	426.3691 
	872108 	STU 087 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.5663 
	872109 	STU 119 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	358.9266 
	872110 	STU 196 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.5519 
	872111 	STU 182 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.8529 
	872112 	STU 031 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.0059 
	872113 	STU 001 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	409.8621 
	872114 	STU 094 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.7817 
	872115 	STU 174 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	204.3277 
	872116 	STU 032 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	305.7929 
	872117 	STU 122 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.4224 
	872118 	STU 181 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.6575 
	872119 	STU 092 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.9243 

15 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	872120 	STU 033 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	407.6028 
	872121 	STU 128 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	341.7577 
	872122 	STU 010 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	409.6719 
	872123 	STU 173 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.468 
	872124 	STU 096 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.022 
	872125 	STU 127 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.417 
	872126 	STU 192 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.2742 
	872127 	STU
      011 	104J
    	2011/jul/28 	2012/nov/05 	GOOD
    	409.3831 
	872128 	STU 130 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	358.715 
	872129 	STU 180 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.4698 
	872130 	STU 95 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.9916 
	872131 	STU 025 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	375.0417 
	872132 	STU 129 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.0941 
	872133 	STU 193 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.0911 
	872134 	STU 121 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.4959 
	872135 	STU 047 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.376 
	872136 	STU 101 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	256.1003 
	872137 	STU 026 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.9503 
	872138 	STU 126 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.771 
	872139 	STU 041 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.3909 
	872140 	STU 102 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	256.1039 
	872141 	STU 125 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.6275 
	872142 	STU 195 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.8865 
	872143 	STU 036 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	425.4075 
	872144 	STU 027 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.8353 
	872145 	STU 98 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	273.4715 
	872146 	STU 124 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.6288 
	872147 	STU 029 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.4206 
	872148 	STU 172 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.2539 
	872149 	STU 123 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.6317 
	872150 	STU 194 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	356.8847 
	872151 	STU 034 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	425.9138 
	872152 	STU 028 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	408.6279 
	872153 	STU 097 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	273.451 
	872154 	STU 179 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.282 
	872155 	STU 035 	104J 	2011/jul/28 	2012/nov/05 	GOOD 	425.6776 
	872156 	STU 105 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	376.201 
	872157 	STU 042 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.6395 
	872158 	STU 117 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	342.1898 
	872159 	STU 106 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.5136 
	872160 	STU 171 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.0923 
	872161 	STU 191 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	425.5205 
	872162 	STU 178 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	408.0938 
	872163 	STU 109 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.5245 
	872164 	STU 108 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	341.828 
	872165 	STU 190 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.6688 

16 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	872166 	STU 168 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	391.0051 
	872167 	STU 111 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	427.0979 
	872168 	STU 114 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.6291 
	872169 	STU 170 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.9037 
	872170 	STU 132 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.878 
	872171 	STU 177 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.9061 
	872172 	STU 110 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	410.6443 
	872173 	STU 183 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7537 
	872174 	STU 176 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	424.7062 
	872175 	STU
      131 	104I
    	2011/jul/28 	2012/nov/05 	GOOD
    	426.851 
	872176 	STU 169 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.7134 
	872177 	STU 184 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	356.9255 
	872178 	STU 133 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	409.654 
	872179 	STU 167 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.7155 
	872180 	STU 185 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.0526 
	872181 	STU 134 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.6144 
	872182 	STU 166 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.7126 
	872183 	STU 135 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	358.3119 
	872185 	STU 186 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.1796 
	872186 	STU 165 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	407.7062 
	872187 	STU 136 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	358.1866 
	872188 	STU 164 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	339.7521 
	872189 	STU 137 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.3657 
	872191 	STU 187 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.3064 
	872193 	STU 138 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	426.2563 
	872194 	STU 188 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.4334 
	872197 	STU 189 	104I 	2011/jul/28 	2012/nov/05 	GOOD 	357.5605 
	872629 	STU 207 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.5166 
	872649 	STU 208 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.7613 
	872669 	STU 209 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.9964 
	872689 	STU 210 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	136.6952 
	872709 	STU 213 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.5164 
	872729 	STU 212 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.7611 
	872749 	STU 211 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	358.6655 
	872769 	STU 214 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.5164 
	872789 	STU 215 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.7608 
	872809 	STU 216 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	358.6367 
	872829 	STU 218 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.5175 
	872849 	STU 217 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.7594 
	872869 	STU 219 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	426.5165 
	872889 	STU 220 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	290.174 
	872909 	STU 221 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	409.5276 
	872929 	STU 222 	104I 	2011/jul/29 	2012/nov/05 	GOOD 	409.5297 
	880449 	STU 244 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9063 
	880450 	STU 262 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.4747 
	880469 	STU 260 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2333 

17 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	880489 	STU 254 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.4979 
	880509 	STU 263 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.501 
	880529 	STU 294 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7169 
	880549 	STU 223 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	407.5542 
	880569 	STU 270 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9699 
	880589 	STU 259 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2574 
	880609 	STU 277 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.52 
	880610 	STU 289 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2145 
	880629 	STU 264 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.5241 
	880649 	STU 245 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9099 
	880669 	STU 281 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.7096 
	880670 	STU
      290 	104J
    	2011/aug/03 	2012/nov/05 	GOOD
    	425.466 
	880689 	STU 224 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	407.551 
	880709 	STU 235 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2729 
	880729 	STU 246 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9458 
	880749 	STU 280 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.704 
	880769 	STU 240 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.5278 
	880789 	STU 247 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.2065 
	880809 	STU 293 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7154 
	880829 	STU 225 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	407.5126 
	880849 	STU 255 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.682 
	880869 	STU 236 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2501 
	880889 	STU 239 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.4993 
	880909 	STU 289 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.4673 
	880929 	STU 248 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.1744 
	880949 	STU 226 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.4825 
	880969 	STU 256 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9538 
	880989 	STU 237 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2425 
	881009 	STU 249 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.1657 
	881029 	STU 295 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.997 
	881049 	STU 238 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.4941 
	881069 	STU 227 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.4993 
	881089 	STU 282 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9683 
	881109 	STU 241 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7828 
	881129 	STU 283 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9674 
	881130 	STU 268 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.0038 
	881131 	STU 271 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.1985 
	881132 	STU 242 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7483 
	881189 	STU 228 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.5164 
	881209 	STU 243 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7461 
	881210 	STU 269 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9951 
	881211 	STU 288 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2181 
	881212 	STU 273 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.2319 
	881213 	STU 265 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7907 
	881214 	STU 287 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2165 
	881215 	STU 272 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.2211 

18 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	881216 	STU 253 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	407.4994 
	881217 	STU 266 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7687 
	881219 	STU 252 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4674 
	881220 	STU 279 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.6959 
	881221 	STU 267 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.7351 
	881222 	STU 229 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.6693 
	881223 	STU 300 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	358.0354 
	881224 	STU 278 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	356.5742 
	881227 	STU 251 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4386 
	881228 	STU 230 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.6718 
	881229 	STU 285 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	135.8779 
	881230 	STU 299 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.2356 
	881231 	STU 292 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.6933 
	881232 	STU
      231 	104J
    	2011/aug/03 	2012/nov/05 	GOOD
    	254.8035 
	881233 	STU 250 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4247 
	881234 	STU 284 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9579 
	881235 	STU 296 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.0042 
	881236 	STU 297 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.9875 
	881237 	STU 286 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.2031 
	881238 	STU 234 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.0183 
	881239 	STU 276 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4266 
	881240 	STU 298 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.2263 
	881241 	STU 291 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.4481 
	881242 	STU 233 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	425.0006 
	881243 	STU 301 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	392.3482 
	881244 	STU 275 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.447 
	881245 	STU 274 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4598 
	881246 	STU 232 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9905 
	881247 	STU 303 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	426.4647 
	881248 	STU 302 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	358.2415 
	881249 	STU 258 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9908 
	881250 	STU 257 	104J 	2011/aug/03 	2012/nov/05 	GOOD 	424.9654 
	881252 	STU 304 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	427.9485 
	881253 	STU 307 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	427.9454 
	881254 	STU 261 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	427.954 
	881255 	STU 306 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	427.9493 
	881256 	STU 305 	104I 	2011/aug/03 	2012/nov/05 	GOOD 	342.5021 
	888389 	STU 308 	104I 	2011/aug/11 	2012/nov/05 	GOOD 	407.4082 
	888429 	STU 309 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.463 
	888449 	STU 310 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.7064 
	888469 	STU 311 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.4675 
	888489 	STU 312 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.4643 
	888509 	STU 313 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.7147 
	888529 	STU 314 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.7045 
	888549 	STU 315 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.4673 
	888569 	STU 316 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	426.7151 

19 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	888589 	STU 317 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	324.4302 
	888609 	STU 318 	104J 	2011/aug/11 	2012/nov/05 	GOOD 	170.7451 
	940640 	STU332 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.2219 
	940641 	STU319 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.7034 
	940643 	STU333 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.2222 
	940644 	STU320 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.6908 
	940645 	STU334 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.2201 
	940646 	STU335 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.2194 
	940647 	STU321 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.6878 
	940648 	STU336 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.2189 
	940649 	STU319 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.6979 
	940650 	STU341 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.9806 
	940651 	STU322 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.6728 
	940652 	STU340 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.9799 
	940653 	STU339 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.9725 
	940654 	STU338 	104J
    	2012/jan/10 	2013/jan/10 	GOOD
    	425.9716 
	940655 	STU337 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.9684 
	940656 	STU324 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.655 
	940657 	STU342 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.6916 
	940658 	STU325 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.6839 
	940659 	STU343 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.6974 
	940660 	STU344 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.692 
	940661 	STU326 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.703 
	940662 	STU345 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.6949 
	940663 	STU346 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.6949 
	940664 	STU351 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.4482 
	940665 	STU327 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.7282 
	940666 	STU350 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.4537 
	940667 	STU349 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.4462 
	940668 	STU328 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	375.6573 
	940669 	STU348 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.4493 
	940670 	STU347 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.4496 
	940671 	STU329 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	375.6582 
	940672 	STU352 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	408.1964 
	940673 	STU330 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	375.6605 
	940674 	STU353 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	408.2015 
	940675 	STU354 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.2008 
	940676 	STU331 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	409.7972 
	940677 	STU355 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.2035 
	940678 	STU356 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	425.2043 
	940679 	STU370 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.4692 
	940680 	STU361 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.9612 
	940681 	STU360 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.9659 
	940683 	STU359 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.955 
	940684 	STU371 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	426.7197 
	940685 	STU358 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.9576 

20 

  	Tenure 

        Number 	Claim 

        Name 	Map 

        Number 	

        Issue Date 	Good To 

        Date 	

        Status 	Area 

        (ha) 
	940686 	STU357 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.9587 
	940688 	STU362 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.6942 
	940689 	STU363 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.6936 
	940690 	STU364 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.6859 
	940691 	STU365 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.6953 
	940692 	STU366 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	424.7018 
	940694 	STU369 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	407.515 
	940695 	STU368 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	407.5126 
	940696 	STU367 	104J 	2012/jan/10 	2013/jan/10 	GOOD 	407.5243 
	942614 	STU 372 	104I 	2012/jan/25 	2013/jan/25 	GOOD 	51.0262 
	983855 	STU 372 	104I 	2012/may/03 	2013/may/03 	GOOD 	102.3957 
	983863 	STU 373 	104I 	2012/may/03 	2013/may/03 	GOOD 	34.1325 
	983874 	STU 374 	104I 	2012/may/03 	2013/may/03 	GOOD 	51.1933 
	983876 	STU 374 	104I 	2012/may/03 	2013/may/03 	GOOD 	17.07
    
	991847 	STU373 	104J 	2012/may/31 	2013/may/31 	GOOD 	16.9871 
	991824 	STU374 	104I 	2012/may/31 	2013/may/31 	GOOD 	17.0031 
	999623 	STU 375 	104I 	2012/jun/21 	2013/jun/21 	GOOD 	85.126 
	999624 	STU 376 	104I 	2012/jun/21 	2013/jun/21 	GOOD 	85.1474 
	1011415 	STU
      377 	  	2012/jul/23 	2013/jul/23 	GOOD
    	17.06 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]