Document:

EX-10.13

 Exhibit 10.13 
 ALL ASSETS SECURITY AGREEMENT 
 (PLEDGE OF RECEIVABLES, MOVABLE ASSETS
AND INTELLECTUAL PROPERTY RIGHTS) 
 between 
 Bausch & Lomb B.V. 
 as Original Security Provider 

and 

Citibank, N.A. 
 as Administrative Agent 
  
 

 

 TABLE OF CONTENTS 

 

					
	Clause       Headings	  	Page	 
	 1.           DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 1.1.       Definitions
	  	 	1	  
	 1.2.       Interpretation
	  	 	5	  
		
	 2.           RIGHTS OF PLEDGE
	  	 	6	  
	 2.1.       Title and creation Rights of Pledge
	  	 	6	  
	 2.2.       Future assets
	  	 	6	  
	 2.3.       Accessory rights and ancillary rights
	  	 	7	  
	 2.4.       Ranking
	  	 	7	  
		
	 3.           PERFECTION RIGHTS OF PLEDGE
	  	 	7	  
	 3.1.       General
	  	 	7	  
	 3.2.       Perfection Right of Pledge over Intra-Group Receivables
	  	 	8	  
	 3.3.       Perfection Right of Pledge over Account Bank Receivables
	  	 	8	  
	 3.4.       Perfection Right of Pledge over Insurance Receivables
	  	 	8	  
	 3.5.       Perfection Right of Pledge over Third Party Receivables and Movable
Assets
	  	 	8	  
	 3.6.       Perfection Right of Pledge over Intellectual Property Rights
	  	 	9	  
	 3.7.       Registration by Administrative Agent
	  	 	9	  
		
	 4.           INFORMATION AND FURTHER ASSURANCES
	  	 	9	  
	 4.1.       Information
	  	 	9	  
	 4.2.       Further assurance
	  	 	10	  
		
	 5.           REPRESENTATIONS
	  	 	10	  
	 5.1.       Representations
	  	 	10	  
	 5.2.       Times when representations made
	  	 	11	  
		
	 6.           COVENANTS
	  	 	11	  
	 6.1.       General
	  	 	11	  
	 6.2.       Movable Assets
	  	 	11	  
	 6.3.       Insurance Receivables
	  	 	11	  
	 6.4.       Intellectual Property Rights
	  	 	11	  
		
	 7.           AUTHORISATION AND DEFAULT NOTICE
	  	 	12	  
	 7.1.       Authorisation Intra-Group Receivables
	  	 	12	  
	 7.2.       Authorisation Bank Account Receivables
	  	 	12	  
	 7.3.       Authorisation Insurance Receivables
	  	 	12	  

  

			
	Bausch & Lomb B.V. – All Asset Security Agreement	 	

					
	Clause       Headings	  	Page	 
	 7.4.       Authorisation Intellectual Property Rights
	  	 	12	  
	 7.5.       Default Notice
	  	 	12	  
	 7.6.       Receipt payments by Security Provider
	  	 	13	  
		
	 8.           ENFORCEMENT AND APPLICATION OF PROCEEDS
	  	 	13	  
	 8.1.       Enforcement
	  	 	13	  
	 8.2.       Application of proceeds
	  	 	14	  
		
	 9.           CONTINUING SECURITY
	  	 	14	  
		
	 10.        ACCESSION ADDITIONAL SECURITY PROVIDERS
	  	 	14	  
		
	 11.        POWER OF ATTORNEY
	  	 	14	  
		
	 12.        LIABILITY
	  	 	15	  
		
	 13.        RELEASE AND TERMINATION
	  	 	15	  
	 13.1.     Termination
	  	 	15	  
	 13.2.     Release
	  	 	15	  
	 13.3.     Reinstatement
	  	 	15	  
		
	 14.        COSTS AND EXPENSES
	  	 	16	  
		
	 15.        ASSIGNMENT
	  	 	16	  
		
	 16.        NOTICES
	  	 	16	  
		
	 17.        WAIVERS
	  	 	16	  
		
	 18.        MISCELLEANEOUS
	  	 	17	  
	 18.1.     Accounts
	  	 	17	  
	 18.2.     Partial invalidity
	  	 	17	  
	 18.3.     Prevalence
	  	 	17	  
	 18.4.     Amendment
	  	 	17	  
	 18.5.     Financial assistance
	  	 	17	  
		
	 19.        COUNTERPARTS
	  	 	17	  
		
	 20.        GOVERNING LAW AND JURISDICTION
	  	 	17	  

  

			
	Bausch & Lomb B.V. – All Asset Security Agreement	 	

 THIS DEED is made on      June 2012 between: 

 

	(1)	Bausch & Lomb B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under the laws of the
Netherlands, having its corporate seat (statutaire zetel) in Haarlemmermeer, the Netherlands, its registered office at Koolhovenlaan 110, 1119 NH Schiphol-Rijk, the Netherlands and registered with the Chamber of Commerce of Amsterdam under
number 34034628 (the “Company”); and 

  

	(2)	Citibank, N.A., in the present matter acting as: 

  

	 	(i)	the Administrative Agent under the Credit Agreement (as defined below), on behalf of itself as Lender (as defined in the Credit Agreement) and also for the Lenders (as
defined in the Credit Agreement); and 

  

	 	(ii)	the Administrative Agent under the Parallel Debt (as defined below), 

 (the “Administrative Agent”). 
 WHEREAS: 

 

	(A)	Each Security Provider enters into this Deed in connection with the Credit Agreement. 

 

	(B)	It is a condition precedent under the Credit Agreement that this Deed becomes effective as security for the Secured Obligations. 

 

	(C)	Pursuant to section 10.26 of the Credit Agreement, the Administrative Agent is the parallel creditor of the obligations of each Loan Party under the Loan Documents and
accordingly the Administrative Agent has its own independent right to demand performance by each Security Provider of its obligations when due. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	Definitions 

 In each
Collateral Document: 
 “Accession Letter” means a document substantially in the form of Schedule 7 (Form of
Accession Letter). 
 “Account” means each bank account held by a Security Provider and any account
substituted therefore from time to time (including, for the avoidance of doubt, any sub-account of each bank account), including: 
  

	 	(a)	in relation to the Original Security Provider, the bank accounts as further specified in Part I of Schedule 1 (List of assets) to this Deed; and

  

			
	Bausch & Lomb B.V. – All Asset Security Agreement	 	

	 	(b)	in relation to the Additional Security Providers, the bank accounts as further specified in the annex to the relevant Accession Letter. 

“Account Bank” means each financial institution with which a Security Provider (now or in the future) maintains a bank
account in the Netherlands. 
 “Account Bank Notice” means a notice (mededeling) to an Account Bank
substantially in the form of Schedule 2 (Form of Account Bank Notice) to this Deed. 
 “Account Bank
Receivables” means all present and future receivables (vorderingen) of any Security Provider vis-à-vis any Account Bank in respect of an Account. 

“Additional Security Provider” means a company which becomes a Security Provider in accordance with Clause 10
(Accession Additional Security Providers). 
 “Assets” means the Receivables, the Movable Assets, the
Intellectual Property Rights and the Future Intellectual Property Rights. 
 “Clause” means a clause of this
Deed. 
 “Collateral Document” means this Deed, any Supplemental Deed, any Accession Letter and any other
document designated as such by the Administrative Agent and the Company. 
 “Credit Agreement” means the US
$2,835,000,000/ €460,000,000 Credit Agreement dated 18 May 2012 between, inter alios, Bausch & Lomb Incorporated and the Company as Borrowers, WP Prism Inc., Citibank, N.A. as Administrative Agent, Swing Line Lender and an
L/C Issuer, JPMorgan Chase Bank, N.A. as an L/C Issuer and the Lenders from time to time party thereto. 

“Deed” means this all assets security agreement. 
 “Default Notice” means: 
  

	 	(a)	in relation to any Intra-Group Receivable, Bank Account Receivable, Insurance Receivable or Intellectual Property Right, a notice from the Administrative Agent to a
Security Provider that an Event of Default has occurred; and 

  

	 	(b)	in relation to any Third Party Receivable, a notice from the Administrative Agent to a counterparty, substantially in the form of Schedule 3 (Default Notice) to
this Deed. 

 “Event of Default” has the meaning ascribed thereto in section 8.01 of the Credit
Agreement. 
 “Future Account Bank Receivables” means all receivables (vorderingen) of any Security
Provider vis-à-vis any Account Bank in respect of a bank account to be opened, or deposit to be placed, in the name of a Security Provider after the date of the most recent Collateral Document to which it is a party. 

“Future Insurance Receivables” means all receivables (vorderingen) of any Security Provider vis-à-vis any
insurer under or in connection with each insurance policy or contract of insurance to be entered into by a Security Provider with an insurer other than a Notified Insurer after the date of the most recent Collateral Document to which it is a party.

  

			
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 “Future Intellectual Property Right” means all copyrights, database rights,
designs, licensee rights, internet domain names, patents, trade marks, trade secrets and any other intellectual property rights which a Security Provider will obtain from time to time, whether registered or unregistered, after the date of the most
recent Collateral Document to which it is a party and to the extent these rights can be pledged under the laws of the Netherlands. 
 “Future Intra-Group Receivables” means all receivables (vorderingen) of any Security Provider vis-à-vis any Intra-Group Debtor to the extent such Intra-Group Debtor has not
yet been notified of the creation of the Right of Pledge over the Intra-Group Receivables. 
 “Future Third Party
Receivables” means all receivables (vorderingen) of any Security Provider vis-à-vis any Third Party under or in connection with each agreement or legal relationship to be acquired after the date of this Deed or, in case of a
Supplemental Deed after the date of that Supplemental Deed, other than receivables (vorderingen) that will be acquired pursuant to an agreement or legal relationship in existence on the date of the most recent Collateral Document to which it
is a party. 
 “Insurance Notice” means a notice to an insurer, substantially in the form of Schedule 6 (Form
of Insurance Notice) to this Deed. 
 “Insurance Policy” means all existing and future insurance policies or
contracts of insurance entered into or to be entered into between a Security Provider as beneficiary and a Notified Insurer and: 
  

	 	(a)	in relation to the Original Security Provider, to the extent these policies or contracts of insurance are existing on the date of this Deed, as further specified in
Part III of Schedule 1 (List of assets) to this Deed; and 

  

	 	(b)	in relation to the Additional Security Providers, to the extent these policies or contracts of insurance are existing on the date of the relevant Accession Letter, as
further specified in the annex to that Accession Letter. 

 “Insurance Receivables” means all
present and future receivables (vorderingen) of any Security Provider vis-à-vis any insurer under or in connection with any Insurance Policy. 
 “Intellectual Property Right” means all present or future copyrights, database rights, designs, licensee rights, internet domain names, patents, brands, names, trade marks, trade secrets
and any other intellectual property rights which a Security Provider has, or will obtain from time to time, whether registered or unregistered, including: 
  

	 	(a)	in relation to the Original Security Provider, to the extent existing on the date of this Deed, the copyrights, database rights, designs, licensee rights, internet
domain names, patents, brands, names, trade marks, trade secrets and other intellectual property rights as further specified in Part V of Schedule 1 (List of assets) to this Deed; and 

 

	 	(b)	in relation to the Additional Security Providers, to the extent existing on the date of the relevant Accession Letter, the copyrights, database rights, designs,
licensee rights, internet domain names, patents, brands, names, trade marks, trade secrets and other intellectual property rights as further specified in the annex to that Accession Letter, 

  

			
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 in each case to the extent these rights can be pledged under the laws of the Netherlands.

 “Intra-Group Debtor” means any member of the Group. 

“Intra-Group Loan Agreements” means all existing and future intra-group loan agreements entered into or to be entered
into between a Security Provider as lender and an Intra-Group Debtor as borrower and: 
  

	 	(a)	in relation to the Original Security Provider, to the extent entered into on or before the date of this Deed as further specified in Part II of Schedule 1 (List of
assets) to this Deed; and 

  

	 	(b)	in relation to the Additional Security Providers, as further specified in the annex to the relevant Accession Letter. 

“Intra-Group Notice” means a notice to an Intra-Group Debtor, substantially in the form of Schedule 8 (Form of
Intra-Group Notice) to this Deed. 
 “Intra-Group Receivables” means all present or future receivables
(vorderingen op naam) which a Security Provider has, or will obtain from time to time, against an Intra-Group Debtor, including any present or future receivables arising from the Intra-Group Loan Agreements. 

“Movable Assets” means all present or future movable assets (roerende zaken), including equipment
(productiemiddelen), inventory (inventaris) and stock (voorraden), presently owned or hereafter to be acquired by a Security Provider, including: 
  

	 	(a)	in relation to the Original Security Provider, those located at the premises specified in Part IV of Schedule 1 (List of assets) to this Deed; and

  

	 	(b)	in relation to the Additional Security Providers, those located at the premises specified in the annex to the relevant Accession Letter. 

“Notified Insurer” means an insurer to which an Insurance Notice is sent. 

“Original Security Provider” means the Company. 
 “Parallel Debt” has the meaning ascribed thereto in the Credit Agreement. 
 “Receivables” means the Intra-Group Receivables, the Account Bank Receivables, the Insurance Receivables, the Third Party Receivables, the Future Intra-Group Receivables, the Future
Account Bank Receivables, the Future Insurance Receivables and the Future Third Party Receivables. 
 “Right of
Pledge” means each right of pledge (pandrecht) created pursuant to the Collateral Documents. 
 “Secured
Obligations” means all present and future moneys, debts and liabilities due, owing or incurred by a Security Provider to the Administrative Agent pro se under or in connection with any Loan Document (in each case, whether alone or jointly
and severally, 

  

			
	Bausch & Lomb B.V. – All Asset Security Agreement	 	(4)

 with any other person, whether actually or contingently and whether as principal, surety or
otherwise) including pursuant to section 10.26 (Parallel Debt) of the Credit Agreement, and any section having the same effect in any other Loan Document to which any Security Provider is a party including, for the avoidance of doubt, any change or
increase in the relevant Security Provider’s Parallel Debt pursuant to or in connection with any amendment or supplement to any Loan Document or this Pledge or any restatement or novation of any Loan Document, whether or not anticipated as of
the date of this Agreement; 
 “Security Provider” means the Original Security Provider and each Additional
Security Provider. 
 “Supplemental Deed” means: 

 

	 	(a)	for the creation of a right of pledge over Future Account Bank Receivables, Future Insurance Receivables, Future Intra-Group Receivables and Future Intellectual
Property Rights, the supplemental deed of pledge substantially in the form of Schedule 4 (Form of Supplemental Deed for disclosed right of pledge) to this Deed; and 

 

	 	(b)	for the creation of a right of pledge over Future Third Party Receivables, the supplemental deed of pledge substantially in the form of Schedule 5 (Form of
Supplemental Deed for undisclosed right of pledge) to this Deed. 

 “Third Party” means any
debtor, customer or client of any Security Provider other than the Account Banks, the Notified Insurers and the Intra-Group Debtors. 
 “Third Party Receivables” means all receivables (vorderingen) of any Security Provider vis-à-vis any Third Party under or in connection with each agreement or legal
relationship which: 
  

	 	(a)	exists on the date of the most recent Collateral Document to which it is a party; or 

 

	 	(b)	will be acquired after the date of the most recent Collateral Document to which it is a party, pursuant to a legal relationship in existence on the date of the most
recent Collateral Document to which it is a party. 

  

	1.2.	Interpretation 

  

	 	1.2.1.	All capitalised terms used and not otherwise defined in a Collateral Document shall have the meaning assigned to them in the Credit Agreement. 

 

	 	1.2.2.	Save where the contrary is indicated, any reference in a Collateral Document to the parties or a party to that Collateral Document shall be construed so as to include
its or their respective successors, transferees and assigns from time to time and any successor of such a successor, transferee or assign in accordance with their respective interests. 

 

	 	1.2.3.	Any Event of Default shall also constitute a default (verzuim) as meant in section 3:248 (1) and 6:81 of the Dutch Civil Code without any further demand
(sommatie) or notice of default (ingebrekestelling) being required. 

  

	 	1.2.4.	References to “include” and “including” shall be treated as references to “include without limitation” or “including without
limitation”. 

  

			
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	 	1.2.5.	Any reference in a Collateral Document to a Loan Document shall be deemed to be a reference to such Loan Document as it may from time to time be amended, extended,
renewed, restated, supplemented or novated, including any accession, resignation or release in relation to a party to any Loan Document and including any increase, reduction, extension, prolongation, restatement, or cancellation of any Facility made
available under any Loan Document. 

  

	2.	RIGHTS OF PLEDGE 

  

	2.1.	Title and creation Rights of Pledge 

  

	 	2.1.1.	As security for the payment of the Secured Obligations, each Security Provider agrees to grant, and hereby grants, where relevant in advance (bij voorbaat), to
the Administrative Agent: 

  

	 	(A)	a first priority ranking disclosed right of pledge (openbaar pandrecht eerste in rang) over all its: 

 

	 	(1)	Intra-Group Receivables; 

  

	 	(2)	Account Bank Receivables; and 

  

	 	(3)	Insurance Receivables; 

  

	 	(B)	a first priority ranking undisclosed right of pledge (stil pandrecht eerste in rang) over all its Third Party Receivables; 

 

	 	(C)	a first priority ranking non-possessory right of pledge (bezitloos pandrecht eerste in rang) over all its Movable Assets; and 

 

	 	(D)	a first priority ranking right of pledge (pandrecht eerste in rang) over all its Intellectual Property Rights. 

 

	 	2.1.2.	The Administrative Agent accepts the Rights of Pledge granted pursuant to this Deed. 

 

	 	2.1.3.	The Rights of Pledge are indivisible (ondeelbaar) within the meaning of section 3:230 of the Dutch Civil Code and shall not be affected by one or more but not
all of the Secured Obligations being discharged, increased, reduced, extended, prolonged, restated or cancelled. 

  

	2.2.	Future assets 

  

	 	2.2.1.	Each Security Provider shall procure that a first priority ranking right of pledge (pandrecht eerste in rang) is created in favour of the Administrative Agent
over: 

  

	 	(A)	Future Account Bank Receivables, by delivery of a Supplemental Deed to the Administrative Agent at the latest 45 Business Days from the opening of a new bank account in
the Netherlands; 

  

			
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	 	(B)	Future Intra-Group Receivables, by delivery of a Supplemental Deed to the Administrative Agent, subject to Clause 2.2.2, at the latest quarterly or with such other
frequency as the Administrative Agent may reasonably decide; 

  

	 	(C)	Future Third Party Receivables, by delivery of a Supplemental Deed to the Administrative Agent, subject to Clause 2.2.2, at the latest quarterly or with such other
frequency as the Administrative Agent may reasonably decide; 

  

	 	(D)	Future Insurance Receivables, by delivery of a Supplemental Deed to the Administrative Agent at the latest 45 Business Days from its entering into a new insurance
policy or contract of insurance with an insurer other than a Notified Insurer; and 

  

	 	(E)	Future Intellectual Property Right, by delivery of a Supplemental Deed to the Administrative Agent, subject to Clause 2.2.2, at the latest quarterly or with such other
frequency as the Administrative Agent may reasonably decide. 

  

	 	2.2.2.	If on any date that a Security Provider has to deliver a Supplemental Deed in relation to any Future Intra-Group Receivables, Future Third Party Receivables or Future
Intellectual Property Rights any of these rights do not exist, it shall promptly confirm this to the Administrative Agent and no Supplemental Deed in relation to that right shall be required on that date. 

 

	2.3.	Accessory rights and ancillary rights 

 The Rights of Pledge include all rights attached to the Assets such as, but not limited to, accessory rights (afhankelijke rechten) and ancillary rights (nevenrechten). 

 

	2.4.	Ranking 

 If, and to the
extent at any time it appears that, a Right of Pledge is not or will not be first priority ranking (eerste in rang), each Security Provider and the Administrative Agent agree that valid rights of pledge have or shall nevertheless have been
created over its Assets with the highest possible ranking as shall then be possible, such without prejudice to any rights of the Administrative Agent under any Loan Document. 

 

	3.	PERFECTION RIGHTS OF PLEDGE 

  

	3.1.	General 

 Each Security
Provider irrevocably and unconditionally undertakes to take such action (including the execution of documents to be made up in form and substance satisfactory to the Administrative Agent) as and when the Administrative Agent reasonably deems
necessary from time to time to create, perfect and maintain a valid and enforceable first priority Right of Pledge. 

  

			
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	3.2.	Perfection Right of Pledge over Intra-Group Receivables 

  

	 	3.2.1.	Each Security Provider and the Administrative Agent hereby notify each Intra-Group Debtor that is a party to this Deed of the Right of Pledge and each Intra-Group
Debtor that is a party to this Deed acknowledges such Right of Pledge by countersigning this Deed. 

  

	 	3.2.2.	On the date of each relevant Collateral Document to which it is a party, each Security Provider shall send an Intra-Group Notice to each of its Intra-Group Debtors that
is not a party to this Deed and has not received an Intra-Group Notice from that Security Provider and shall procure that such Intra-Group Debtor acknowledges such notice by returning, as soon as reasonably possible, a signed copy of that
Intra-Group Notification. 

  

	3.3.	Perfection Right of Pledge over Account Bank Receivables 

  

	 	3.3.1.	On the date of each relevant Collateral Document, each Security Provider shall send an Account Bank Notice to the relevant Account Banks and shall use reasonable
endeavours to ensure that each such Account Bank acknowledges such notice by returning, as soon as reasonably possible, a signed copy of that Account Bank Notice. 

 

	 	3.3.2.	Unless permitted otherwise by the Loan Documents, the Security Provider shall procure that in connection with each Account, each Account Bank shall waive any right of
set-off or pledge under its general banking conditions. 

  

	3.4.	Perfection Right of Pledge over Insurance Receivables 

 On the date of each relevant Collateral Document, each Security Provider shall send an Insurance Notice to each of its relevant insurers and shall use reasonable endeavours to ensure that each insurer
acknowledges such notice by returning, as soon as reasonably possible, a signed copy of that Insurance Notice. 
  

	3.5.	Perfection Right of Pledge over Third Party Receivables and Movable Assets 

 Each Security Provider shall: 
  

	 	3.5.1.	on the date of each Collateral Document, deliver such Collateral Document for registration and filing to the relevant Dutch tax authorities (Belastingdienst,
Afdeling Registratie Unit); 

  

	 	3.5.2.	promptly upon receipt thereof from the Dutch tax authorities, 

  

	 	(A)	deliver to the Administrative Agent a copy of the Dutch tax authorities’ confirmation of receipt of the relevant Collateral Document or other written evidence that
the relevant Collateral Document has been offered for registration; and 

  

	 	(B)	deliver to the Administrative Agent a registered copy of the relevant Collateral Document. 

  

			
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	3.6.	Perfection Right of Pledge over Intellectual Property Rights 

 Each Security Provider shall: 
  

	 	3.6.1.	promptly following the date of each relevant Collateral Document, deliver that Collateral Document for registration and filing to any relevant intellectual property
register in the Netherlands or any other jurisdiction which the Administrative Agent deems relevant, including: 

  

	 	(A)	in relation to patents only, the Patent Register of the Bureau of Industrial Property (Bureau voor de Industriële Eigendom) in the Netherlands;

  

	 	(B)	in relation to trademarks only, the Trademarks Register with the Benelux Office for Intellectual Property (Benelux-Bureau voor de Intellectuele Eigendom) in the
Netherlands; 

  

	 	(C)	in relation to designs only, the Design Register with the Benelux Office for Intellectual Property (Benelux-Bureau voor de Intellectuele Eigendom) in the
Netherlands; 

  

	 	(D)	in relation to Dutch domain names only, the Foundation for Internet Domain Registration in the Netherlands (Stichting Internet Domeinregistratie Nederland); and

  

	 	3.6.2.	promptly upon receipt thereof from the relevant register, deliver to the Administrative Agent evidence that the relevant Collateral Document has been offered for
registration. 

  

	3.7.	Registration by Administrative Agent 

 Notwithstanding the other paragraphs of this Clause 3, the Administrative Agent is irrevocably authorised to present any Collateral Document or any other deed or agreement connected herewith for
registration to the relevant Dutch tax authorities (Belastingdienst, Afdeling Registratie Unit) or any other relevant register if it deems such, at its sole discretion, necessary in order to perfect any Right of Pledge and at the expense of
the Security Providers. 
  

	4.	INFORMATION AND FURTHER ASSURANCES 

  

	4.1.	Information 

  

	 	4.1.1.	Each Security Provider shall promptly notify the Administrative Agent of: 

  

	 	(A)	its opening of a new bank account in the Netherlands; 

  

	 	(B)	its entering into an insurance policy or contract of insurance with an insurer other than a Notified Insurer; and 

 

	 	(C)	its obtaining of any new material Intellectual Property Right. 

  

	 	4.1.2.	 Each Security Provider shall promptly on reasonable request of the 

  

			
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Administrative Agent supply to the Administrative Agent an up-to-date, accurate and complete overview of any of its Assets in form and substance satisfactory to the Administrative Agent.

  

	 	4.1.3.	Each Security Provider shall promptly upon becoming aware of it notify the Administrative Agent of any event or circumstance which could adversely affect the Right of
Pledge or any of the Administrative Agent’s other rights under or in connection with any Collateral Document, including an attachment on (beslag), or a dispute in relation to, any of its Assets; 

 

	 	4.1.4.	Each Security Provider shall promptly upon becoming aware of it notify such persons as a liquidator in bankruptcy (curator), an administrator
(bewindvoerder) in a preliminary suspension of payment or any person making an attachment (beslag) of the existence of the Right of the Pledge. The Administrative Agent may at any time notify such persons of the existence of the Right
of Pledge. 

  

	4.2.	Further assurance 

 Each
Security Provider shall, at its own expense, promptly on reasonable request execute such further instruments or documents or take such other action (including registration at any registry) as the Administrative Agent may deem reasonably necessary or
desirable to: 
  

	 	4.2.1.	create, protect or preserve each Right of Pledge or its ranking; 

  

	 	4.2.2.	to protect or preserve any of its Assets; or 

  

	 	4.2.3.	otherwise give effect to the terms of any Collateral Document. 

  

	5.	REPRESENTATIONS 

  

	5.1.	Representations 

 Each
Security Provider makes the following representations to the Administrative Agent: 
  

	 	5.1.1.	it holds full and exclusive title to any of its Assets, free and clear of any security interest (other than created under any Collateral Document or permitted by the
Loan Documents), attachment (beslag) or rights in rem (beperkte rechten); 

  

	 	5.1.2.	it has not limited in any way its right to transfer (overdragen) its rights under any of its Receivables (as meant in section 3:83 (2) of the Dutch Civil
Code); 

  

	 	5.1.3.	it has the power (beschikkingsbevoegdheid) to create a Right of Pledge over its Assets; 

 

	 	5.1.4.	any Collateral Document creates a valid first priority ranking right of pledge it purports to create in accordance with the terms of that Collateral Document, except as
permitted by the Loan Documents; and 

  

	 	5.1.5.	its rights under the Intra-Group Loan Agreements and the Insurance Policies are legally binding, valid and enforceable, it is has taken all necessary action to
authorise its entry into such Intra-Group Loan Agreements and Insurance Policies and it is not in default of any of its obligations under these Intra-Group Loan Agreements and Insurance Policies. 

  

			
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	5.2.	Times when representations made 

 All representations in this Clause 5 are made by each Security Provider on the date of this Deed and are deemed to be made by each Security Provider on each date representations are to be repeated under
the Credit Agreement. 
  

	6.	COVENANTS 

  

	6.1.	General 

 Except to the
extent permitted pursuant to the Credit Agreement, no Security Provider shall without the prior written consent of the Administrative Agent: 
  

	 	6.1.1.	waive any accessory rights (afhankelijke rechten) or ancillary rights (nevenrechten) attached to its Assets; 

 

	 	6.1.2.	transfer or further pledge or otherwise encumber any of its Assets; and 

  

	 	6.1.3.	do, or permit to be done, in general anything which would, or would be likely to, prejudice the validity, enforceability or priority of any Right of Pledge.

  

	6.2.	Movable Assets 

 Each
Security Provider shall, at its own expense and subject to the Credit Agreement: 
  

	 	6.2.1.	keep and maintain its Movable Assets in good condition (reasonable wear and tear excepted), take care of and handle the same in a careful and diligent manner and, if
applicable effect any necessary repair or replacement; and 

  

	 	6.2.2.	keep its Movable Assets at all times sufficiently insured with an insurer of reputable standing. 

 

	6.3.	Insurance Receivables 

  

	 	6.3.1.	No Security Provider shall, without prior written consent of the Administrative Agent, perform or consent to any action or omission which would or might render any
Insurance Policy invalid, void, voidable or unenforceable or render any Insurance Receivable repayable in whole or in part. 

  

	 	6.3.2.	Each Security Provider shall, at its own expense, arrange that the Administrative Agent is and remain entered as co-assured under each Insurance Policy under such terms
that, as far as legally possible, the Administrative Agent bears no responsibility or liability whatsoever vis-à-vis a Security Provider, the insurer or any other person. 

 

	6.4.	Intellectual Property Rights 

  

	 	6.4.1.	No Security Provider shall allow any material Intellectual Property Right to expire or become de-registered or of lower value as a result of a failure to properly
maintain, safeguard or defend any material Intellectual Property Right. 

  

			
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	 	6.4.2.	Each Security Provider shall, to the extent under foreign rules of private international law the creation of a security interest over any material Intellectual Property
Right is governed by any law other than Dutch law, do all such acts as may be required to create or perfect such security interest. 

  

	7.	AUTHORISATION AND DEFAULT NOTICE 

  

	7.1.	Authorisation Intra-Group Receivables 

  

	 	7.1.1.	The Administrative Agent hereby authorises (within the meaning of section 3:246 (4) of the Dutch Civil Code) each Security Provider to demand specific performance
at law and otherwise (in en buiten rechte nakoming eisen), and seize, collect or claim payment (betaling in ontvangst nemen) of, and enforce by way of proceedings or otherwise, any of its Intra-Group Receivables.

  

	 	7.1.2.	Each Intra-Group Debtor that is a party to this Deed acknowledges such authorisation by countersigning this Deed. 

 

	7.2.	Authorisation Bank Account Receivables 

 The Administrative Agent hereby authorises (within the meaning of section 3:246 (4) of the Dutch Civil Code) each Security Provider to collect any payments made to any of its Accounts and give
payment instructions to any Account Bank to make payments from any of its Accounts. 
  

	7.3.	Authorisation Insurance Receivables 

 Subject to the provisions of the Credit Agreement, the Administrative Agent hereby authorises (within the meaning of section 3:246 (4) of the Dutch Civil Code) each Security Provider to apply any
Insurance Receivables towards the purpose it deems fit. 
  

	7.4.	Authorisation Intellectual Property Rights 

 Without prejudice to section 67(3) of the Dutch Patent act (Rijksoctrooiwet 1995) and, to the extent applicable, in accordance with section 3:246(4) of the Dutch Civil Code, the Administrative
Agent hereby authorizes each Security Provider to demand performance judicially and extra-judicially of and to receive payments with respect to any of its Intellectual Property Rights in the ordinary course of its business. The authorization of this
paragraph includes the granting of licenses by a Security Provider to third parties and receiving income, royalties, damages and payment in respect of such licenses. 
  

	7.5.	Default Notice 

  

	 	7.5.1.	The authorisation mentioned in paragraph 7.1, 7.2, 7.3 and 7.4 shall automatically terminate if the Administrative Agent delivers a Default Notice to a Security
Provider. The Administrative Agent may, or may request that Security Provider to, send a copy of that Default Notice to each Intra-Group Debtor, Account Bank, Notified Insurer or, in relation to the Intellectual Property Rights, relevant third
party, respectively (without prejudice to any of the Administrative Agent’s right by not doing so). 

  

			
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	 	7.5.2.	Upon the occurrence of an Event of Default that is continuing the Administrative Agent may, or may request a Security Provider to, deliver a Default Notice to each
counterparty in connection with any Third Party Receivables (without prejudice to any of the Administrative Agent’s right by not doing so). 

  

	7.6.	Receipt payments by Security Provider 

 If, upon delivery of a Default Notice, a Security Provider receives any payment relating to an Asset (the “Original Payment”), the relevant Security Provider shall immediately transfer to
the Administrative Agent a sum equal to the Original Payment. This is without prejudice to any right the Administrative Agent may have against any person that made the Original Payment. 

 

	8.	ENFORCEMENT AND APPLICATION OF PROCEEDS 

  

	8.1.	Enforcement 

  

	 	8.1.1.	The Administrative Agent may, upon the occurrence of an Event of Default that is continuing, immediately enforce the Rights of Pledge and exercise any of its other
rights under any Collateral Document and applicable law, including: 

  

	 	(A)	collect payment of (betaling in ontvangst nemen) and terminate (opzeggen) any of the Receivables; 

 

	 	(B)	require the Movable Assets to be brought into its possession or into the possession of a third party appointed by it; 

 

	 	(C)	sell any Asset, or cause it to be sold; 

  

	 	(D)	notify any debtor, third party or other person of a Right of Pledge; and 

  

	 	(E)	demand specific performance at law and otherwise (in en buiten rechte nakoming eisen) of any of the Receivables and enforce all rights attached to such
Receivables such as, but not limited to, accessory rights (afhankelijke rechten) and ancillary rights (nevenrechten). 

  

	 	8.1.2.	The Administrative Agent has no obligation to notify a Security Provider or any person having a limited right in rem (beperkt recht) or having made an attachment
(beslag) on any of the Assets of a sale of such Assets as referred to in section 3:249 and 3:252 of the Dutch Civil Code. 

  

	 	8.1.3.	Each Security Provider unconditionally waives (which waiver the Administrative Agent hereby accepts): 

 

	 	(A)	its right to file a request with the relevant court for a sale of any of its Assets in a manner deviating as referred to in section 3:251(1) of the Dutch Civil Code;
and 

  

	 	(B)	any right it may have to demand that the Administrative Agent shall first enforce any other security interest granted as security for the Secured Obligations as
referred to in section 3:234 of the Dutch Civil Code. 

  

			
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	8.2.	Application of proceeds 

The Administrative Agent shall apply the proceeds of the Assets and the foreclosure of any Right of Pledge (or any part thereof) in
accordance with the relevant provisions of the Credit Agreement, subject to the relevant mandatory provisions of Netherlands law, including section 3:253 Dutch Civil Code and the right of the Administrative Agent to recover any shortfall from each
Security Provider or any other party or person liable in connection with such shortfall. 
  

	9.	CONTINUING SECURITY 

  

	 	9.1.1.	The Rights of Pledge are a continuing security and extend to the ultimate balance of the Secured Obligations payable by any Security Provider, regardless of any
intermediate payment or discharge in whole or in part. 

  

	 	9.1.2.	The rights of the Administrative Agent under or in connection with any Collateral Document are cumulative and are without prejudice to any other right the
Administrative Agent may have under any Loan Document or applicable law. 

  

	10.	ACCESSION ADDITIONAL SECURITY PROVIDERS 

 Subject to the provisions on the Credit Agreement, the Company shall procure that each company that has to provide a security interest shall deliver to the Administrative Agent a duly completed and
executed Accession Letter. 
  

	11.	POWER OF ATTORNEY 

  

	 	11.1.1.	Each Security Provider hereby grants to the Administrative Agent an irrevocable power of attorney, with full power of substitution, to execute all documents and take
such other action (including registration at any registry) as the Administrative Agent may deem reasonably necessary or desirable to create, protect or preserve any Right of Pledge or its ranking, to protect or preserve any of its Assets, or to give
effect to the terms, intent and purpose of any Collateral Document. 

  

	 	11.1.2.	The Administrative Agent shall only be authorized to exercise the power of attorney granted in Clause 11.1.1 upon the occurrence of an Event of Default that is
continuing or the failure by a Security Provider to comply with a further assurance or perfection obligation. 

  

	 	11.1.3.	The Parties agree that section 3:68 (Selbsteintritt) of the Dutch Civil Code will not apply and to the extent necessary, each Security Provider hereby
unconditionally waives any right it may have under section 3:68 of the Dutch Civil Code (which waiver the Administrative Agent hereby accepts). 

  

			
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	12.	LIABILITY 

  

	    	The Administrative Agent shall not be liable to a Security Provider on any ground whatsoever, including, for the avoidance of doubt, for any loss, damage or liability
arising from: 

  

	 	12.1.1.	any sale, collection or termination of any Asset; or 

  

	 	12.1.2.	the enforcement of any Asset or any right attached to any Asset such as, but not limited to, accessory rights (afhankelijke rechten) and ancillary rights
(nevenrechten); 

  

	 	12.1.3.	the performance of any of its rights under any Collateral Document, 

  

	    	except for its wilful misconduct (opzet) or gross negligence (grove schuld). 

 

	13.	RELEASE AND TERMINATION 

  

	13.1.	Termination 

  

	    	The Administrative Agent is at any time (at its discretion) entitled to terminate (opzeggen) in whole or in part any Right of Pledge on all or part of the Assets and
the contractual arrangements set forth herein. 

  

	    	Notice of termination must be given in writing by the Administrative Agent to the relevant Security Provider. 

 

	13.2.	Release 

  

	    	The Right of Pledge shall terminate by operation of law upon the unconditional and irrevocable payment and discharge in full of the Secured Obligations and, if earlier,
the Administrative Agent shall discharge the Assets from the Right of Pledge and promptly do all that is reasonably required to effect a release if in accordance with the provisions of the Credit Agreement. 

 

	    	Subject to the relevant sections of the Credit Agreement, if the Administrative Agent considers that any amount paid or credited to it under any Collateral Document is
capable of being avoided or otherwise set aside, that amount shall not be considered to have been paid for the purposes of determining whether all the Parallel Debt and/or the Secured Obligations have been irrevocably paid. 

 

	    	At the request of a Security Provider, the Administrative Agent shall confirm such termination to the relevant Security Provider promptly in writing and will execute
all documents reasonably requested by the relevant Security Provider in relation thereto (at the expense of such Security Provider). 

  

	13.3.	Reinstatement 

  

	    	If any payment by a Security Provider or any recovery or discharge by the Administrative Agent is avoided or reduced (on whatever grounds): 

 

	 	13.3.1.	the liability of the Security Provider shall be deemed to have continued as if the payment, recovery or discharge (or the part thereof subject to the avoidance or
reduction) had not occurred; and 

  

	 	13.3.2.	notwithstanding any confirmation as referred to in section 13.1 (Termination), 

  

			
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 the Right of Pledge and this Deed (including, for the avoidance of doubt, all provisions
expressed to end upon the Administrative Agent’s confirmation that the Right of Pledge has terminated) shall be deemed to have continued and the Right of Pledge shall serve (without limitation) as security for the payment of the amount subject
to the avoidance or reduction as a Right of Pledge. 
  

	14.	COSTS AND EXPENSES 

 Each
Security Provider shall promptly on demand pay the Pledgee the amount of all costs and expenses (including legal fees) incurred by it in connection with any Collateral Document, including, for the avoidance of doubt, the amount of all such costs and
expenses incurred by it in connection with: 
  

	 	14.1.1.	the creation, perfection, preservation and enforcement of the Right of Pledge; 

 

	 	14.1.2.	the sale, collection and termination of any of the Intra-Group Receivables; and 

 

	 	14.1.3.	any proceedings instituted by or against the Pledgee as a consequence of taking, holding or enforcing the Right of Pledge. 

 

	15.	ASSIGNMENT 

  

	15.1.	Subject to the relevant provisions of the Credit Agreement, the Administrative Agent (but not, for the avoidance of doubt, a Security Provider) shall be entitled to
assign and/or transfer all or part of its rights and obligations under this Deed to any permitted assignee and/or transferee. 

  

	15.2.	Each Security Provider hereby in advance gives its irrevocable consent to (geeft toestemming bij voorbaat) within the meaning of section 6:156 Dutch Civil Code
and hereby in advance irrevocably co-operates with (verleent bij voorbaat medewerking aan), within the meaning of sections 6:159 and 6:156 Dutch Civil Code, any such assignment and/or transfer, pursuant to section 15.1 and/or the relevant
sections of the Credit Agreement, including by means of an assumption of debt (schuldoverneming) or transfer of agreement (contractsoverneming), as the case may be, hereunder. 

 

	16.	NOTICES 

 Any notice and
other communication under or in connection with a Collateral Document shall be given in accordance with clause 10.02 of the Credit Agreement. The contact details of each Security Provider for this purpose are specified below or in the relevant
Accession Letter. 
  

	17.	WAIVERS 

 To the extent
permitted by applicable law, each Security Provider unconditionally waives (which waiver the Administrative Agent hereby accepts) any right it may have: 
  

	 	17.1.1.	under any applicable law, including sections 6:52, 6:262 and 6:263 of the Dutch Civil Code, to suspend (opschorten) its obligations under any Collateral
Document; 

  

			
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	 	17.1.2.	under any applicable law, including section 6:265 of the Dutch Civil Code, to rescind (ontbinden) any Collateral Document; and 

 

	 	17.1.3.	under any applicable law, including section 6:228 of the Dutch Civil Code, to nullify (vernietigen) any Collateral Document. 

 

	18.	MISCELLEANEOUS 

  

	18.1.	Accounts 

 Subject to
proof to the contrary, the entries made in the accounts maintained by the Administrative Agent are prima facie evidence (dwingend bewijs) of the existence and amounts of the Secured Obligations, save for manifest error. 

 

	18.2.	Partial invalidity 

 The
invalidity or unenforceability of any provision of any Collateral Document shall not affect the validity or enforceability of any other provision of that Collateral Document. Any such invalid or unenforceable provision shall be replaced or deemed to
be replaced by a provision that is considered to be valid and enforceable. The interpretation of the replacing provision shall be as close as possible to the intent of the invalid or unenforceable provision. 

 

	18.3.	Prevalence 

 To the extent
there is a conflict between the provisions of the Credit Agreement and the provisions of a Collateral Document, the provisions of the Credit Agreement shall prevail (but only to the extent that the validity and enforceability of the Rights of Pledge
and the powers of attorney given pursuant to any Collateral Document are not affected as a consequence). 
  

	18.4.	Amendment 

 Any Collateral
Document may only be amended by mutual agreement in writing. 
  

	18.5.	Financial assistance 

 No
Security Provider shall be liable to pay any amount to the extent that a Right of Pledge or any part thereof would constitute a violation of articles 2:98c and/or 2:207c of the Dutch Civil Code. 

 

	19.	COUNTERPARTS 

 Any
Collateral Document may be executed in any number of counterparts each of which, when executed by one or more of the parties, shall constitute an original. Delivery of an executed counterpart of a signature page of a Collateral Document by fax or
PDF-file shall be effective as delivery of an original counterpart of that Collateral Document. 
  

	20.	GOVERNING LAW AND JURISDICTION 

  

	 	20.1.1.	This Deed is governed by the laws of the Netherlands. 

  

			
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	 	20.1.2.	The courts (rechtbank) of Amsterdam, the Netherlands, judging in first instance (eerste aanleg), have exclusive jurisdiction to settle any dispute arising
out or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed). This paragraph (b) is for the benefit of the Administrative Agent only and shall not limit its right to bring proceedings
in connection with this Deed in any other courts with jurisdiction. 

  

			
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 This Deed has been entered into on the date stated at the beginning of this Deed. 

 

			
	Bausch & Lomb B.V.
	 (in its capacity as Original Security Provider)

	  

	 By:
	 	
	 Title:
	 	Director

  

			
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 This Deed has been entered into on the date stated at the beginning of this Deed. 

 

							
	Citibank, N.A. as Administrative Agent	 		  		  	
				
	  
	 		  	  
	  	
	 By:
	 		  	 By:
	  	
	 Title:
	 		  	 Title:
	  	

  

			
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 SCHEDULE 2 – FORM OF ACCOUNT BANK NOTICE 

To: [account bank] (the “Account Bank”) 
        [Address details] 
 From: [Security
Provider] (the “Security Provider”) 
 Copy: [Administrative Agent] (the “Administrative Agent”)

 [place] [date] 
 Dear Sirs,

 all assets security agreement dated [—] between,
inter alios, the Security Provider and the 
 Administrative Agent (the “Security
Agreement”) 
 We refer to the Security Agreement. This is an Account Bank Notice. 

All capitalised terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Security Agreement. 

 

	(1)	Notification 

 We hereby
notify you that by means of the Security Agreement a Right of Pledge was granted over all the present and future receivables (vorderingen) of the Security Provider in respect of its Accounts, including Accounts no. [—] and [—]. 
 In order to perfect
such disclosed Right of Pledge (openbaar pandrecht), we hereby give you notice (mededeling) of the Right of Pledge. 
  

	(2)	Authorisation 

 Please be
informed that pursuant to the Security Agreement the Security Provider will remain authorised to operate the Accounts, including to demand the performance judicially and extra-judicially of and to receive payment with respect to, the Accounts and
consequently you are authorised to continue to execute its payment instructions in connection with the above mentioned accounts, until the Administrative Agent terminates this authorisation (the “Authorisation”). 

The Authorisation shall automatically terminate if the Administrative Agent gives notice to the Security Providers that an Event of
Default has occurred. The Administrative Agent may, or may request the Security Providers to, send a copy of such notification to you (without prejudice to any of the Administrative Agent’s right by not doing so). 

 

	(3)	Governing law. 

 This
Account Bank Notice is governed by the laws of the Netherlands. 
 Please sign the enclosed copy of this letter for acknowledgement of receipt
and return to us per mail to the above mentioned address. 
 Yours sincerely, 

 

			
	  

	 By: [name Security Provider]

	Title:

  

			
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 For acknowledgement of receipt: 
 The Account Bank: 
  

	(a)	confirms that it accepts the instructions and authorisations of this Account Bank Notice and will comply with the terms of this Account Bank Notice [; and

  

	(b)	waives (doet afstand van) any right of pledge or other security interest it may have over any of the Accounts pursuant to its general banking conditions or
otherwise]. 

 [name account bank] 
  

	
	  

	By:
	Title:

  

			
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 SCHEDULE 5 – FORM OF SUPPLEMENTAL DEED 

FOR UNDISCLOSED RIGHTS OF PLEDGE 
 To: [Administrative Agent] (the “Administrative Agent”) 
 From:
[Security Provider] (the “Security Provider”) 
 [place] [date] 

Dear Sirs, 
 Supplemental
Deed to all assets security agreement dated [—] between, inter alios, the 
 Security Provider and the Administrative Agent (the “Security Agreement”) 
 We
refer to the Security Agreement. This is a Supplemental Deed. 
 All capitalised terms used herein and not otherwise defined herein shall have
the meaning assigned to them in the Security Agreement. 
  

	(1)	Definitions and interpretation 

 In this Supplemental Deed: 
 “Supplemental Third Party
Receivables” means (to the extent not already validly pledged under any Collateral Document) all rights of any Security Provider to receive payments under any agreement, or arising from any legal relationship with any Third Party which:

  

	 	(a)	exists on the date of this Supplemental Deed; or 

  

	 	(b)	will be acquired after the date of this Supplemental Deed pursuant to a legal relationship in existence on the date of this Supplemental Deed, 

 

	(2)	Right of Pledge 

  

	 	(a)	As security for the payment of the Secured Obligations, the Security Provider agrees to grant, and hereby grants, where relevant in advance (bij voorbaat), to
the Administrative Agent a first priority ranking undisclosed right of pledge (stil pandrecht eerste in rang) over its Supplemental Third Party Receivables. 

 

	 	(b)	The Administrative Agent accepts the Rights of Pledge granted pursuant to this Supplemental Deed. 

 

	 	(c)	This pledge does not include any Right of Pledge created before the date of this Supplemental Deed by or in connection with the Security Agreement.

  

	 	(d)	The provisions (including Clause 3 (perfection Rights of Pledge)) of the Security Agreement apply mutatis mutandis to this Supplemental Deed and are read
and construed as explicitly agreed by means of cross-reference. 

  

			
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	(3)	Ranking 

 If, and to the
extent at any time it appears that, a Right of Pledge created by this Supplemental Deed is not or will not be first priority ranking (eerste in rang), each Security Provider and the Administrative Agent agree that valid rights of pledge have
or shall nevertheless have been created over the Supplemental Third Party Receivable with the highest possible ranking as shall then be possible, such without prejudice to any rights of the Administrative Agent under any Loan Document. 

 

	(4)	Representations 

 All
representations in Clause 5 of the Security Agreement are made by the Security Provider on the date of this Supplemental Deed and are deemed to be made by the Security Provider on each date representations are to be repeated under the Credit
Agreement. 
  

	(5)	Governing law. 

 This
Supplemental Deed is governed by the laws of the Netherlands. 
 [name Security Provider] 

(in its capacity as Security Provider) 
  

							
			
	  
	 		 	  

	By:	  	[—]	 		 	By:  [—]
	Title:	  	[director] [attorney-in-fact pursuant to a power of attorney dated [—]]	 		 	Title:  [director]

 [name Administrative Agent] 
 (in its capacity as Security Provider) 
  

							
			
	  
	 		 	  

	By:	  	[—]	 		 	By:  [—]
	Title:	  	[director] [attorney-in-fact pursuant to a power of attorney dated [—]]	 		 	Title:  [director]

  

			
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 SCHEDULE 6 – FORM OF INSURANCE NOTICE 

To: [insurer] (the “Insurer”) 
 From: [Security Provider] (the “Security Provider”) 
 Copy:
[Administrative Agent] (the “Administrative Agent”) 
 [place] [date] 

Dear Sirs, 
 all assets
security agreement dated [—] between, inter alios, the Security Provider and the 
 Administrative Agent (the “Security Agreement”) 
 We refer to the Security
Agreement. This is an Insurance Notice. 
 All capitalised terms used herein and not otherwise defined herein shall have the meaning assigned to
them in the Security Agreement. 
  

	(1)	Notification 

 We hereby
notify you that by means of the Security Agreement a Right of Pledge was granted over all the present and future receivables (vorderingen) of the Security Provider in respect of each Insurance Policy, including [—] and [—]. 
 In order to perfect
such disclosed Right of Pledge (openbaar pandrecht), we hereby give you notice (mededeling) of the Right of Pledge. 
  

	(2)	Autorisation 

 Please be
informed that pursuant to the Security Agreement the Security Provider will remain authorised to demand the performance judicially and extra-judicially of and to receive payment with respect to, each Insurance Policy and consequently you are
authorised to continue to execute its instructions in connection until the Administrative Agent terminates this authorisation (the “Authorisation”). 
 The Authorisation shall automatically terminate if the Administrative Agent gives notice to the Security Providers that an Event of Default has occurred. The Administrative Agent may, or may request the
Security Providers to, send a copy of such notification to you (without prejudice to any of the Administrative Agent’s right by not doing so). 
  

	(3)	Loss payee 

 We hereby
instruct you to arrange that, until further notice of the Administrative Agent, the Administrative Agent is appointed as loss payee in connection to each Insurance Policy (except for claims which are paid directly to injured third parties).

  

	(4)	Governing law. 

 This
Insurance Notice is governed by the laws of the Netherlands. 

  

			
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 Please sign the enclosed copy of this letter for acknowledgement of receipt and return to us per mail to the
above mentioned address. 
 Yours sincerely, 
  

	
	
	  

	By: [name Security Provider]
	Title:

 For acknowledgement of receipt: 
 The insurer confirms that it accepts the instructions and authorisations of this Insurance Notice and will comply with the terms of this Insurance Notice (including the loss payee paragraph). 

[name insurer] 
  

	
	
	  

	By:
	Title:

  

			
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 SCHEDULE 7 – FORM OF ACCESSION LETTER 

To: [Administrative Agent] (the “Administrative Agent”) 
 From: [additional Security Provider] and the Company 
 [place] [date] 

Dear Sirs, 
 all assets
security agreement dated [—] between, inter alios, the Security Provider and the 
 Administrative Agent (the “Security Agreement”) 
 We refer to the Security
Agreement. This is an Accession Letter. 
 All capitalised terms used herein and not otherwise defined herein shall have the meaning assigned to
them in the Security Agreement. 
  

	(1)	Accession 

 [name
Additional Security Provider] agrees to become hereby an Additional Security Provider and to be bound by the terms of the Security Agreement as an Additional Security Provider pursuant to Clause 10 (Accession Additional Security
Providers) of the Security Agreement. 
  

	(2)	Right of Pledge 

 By
acceding to the Security Agreement as an Additional Security Provider, and subject to the provisions of the Security Agreement, [name Additional Security Provider] agrees to grant, and grants, where relevant in advance (bij voorbaat),
as security for the payment of the Secured Obligations to the Administrative Agent: 
  

	 	(a)	a first priority ranking disclosed right of pledge (openbaar pandrecht eerste in rang) over all its: 

 

	 	(i)	Intra-Group Receivables; 

  

	 	(ii)	Account Bank Receivables; and 

  

	 	(iii)	Insurance Receivables; 

  

	 	(b)	a first priority ranking undisclosed right of pledge (stil pandrecht eerste in rang) over all its Third Party Receivables; 

 

	 	(c)	a first priority ranking non-possessory right of pledge (bezitloos pandrecht eerste in rang) over all its Movable Assets; and 

 

	 	(d)	a first priority ranking right of pledge (pandrecht eerste in rang) over all its Intellectual Property Rights. 

  

			
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	(3)	Representations 

 All
representations in Clause 5 of the Security Agreement are made by [name Additional Security Provider] and the Company on the date of this Accession Letter and are deemed to be made by [name Additional Security Provider] and the Company
on each date representations are to be repeated under the Credit Agreement. 
  

	(4)	Governing law. 

 This
Accession Letter is governed by the laws of the Netherlands. 
 [name Additional Security Provider] 

(in its capacity as Additional Security Provider) 
  

					
	  
	 	  

	By:	  	[—]	 	By: [—]
	Title:	  	[director] [attorney-in-fact pursuant to a power of attorney dated [—]]	 	Title: [director—]

 [name Company] 
  

					
	  
	 	  

	By:	  	[—]	 	By: [—]
	Title:	  	[director] [attorney-in-fact pursuant to a power of attorney dated [—]]	 	Title: [director—]

  

			
	Bausch & Lomb B.V. – All Asset Security Agreement	 	(28)EX-10.14

 Exhibit 10.14 
 PLEDGE OF SHARES 
 relating to the pledge of shares (part sociale /
Stammanteile) 
 of BAUSCH & LOMB FRIBOURG SÀRL 

dated 15 June 2012 
 between 
 BAUSCH & LOMB B.V. 

as Pledgor 
 and

 CITIBANK, N.A. 
 acting as Administrative Agent for itself and for and on behalf of the Secured Parties 
 and 
 the entities named in Schedule 1 as the Secured Parties 

as Pledgees 

BOREL & BARBEY 
 Geneva 

 THIS PLEDGE OF SHARES (the “Agreement”) is dated 15 June 2012 and entered into BETWEEN

  

	(1)	Bausch & Lomb B.V., a private company with limited liability incorporated under the laws of the Netherlands, having its corporate seat in
Haarlemmermeer, the Netherlands, its registered office at Koolhovenlaan 110, 119 NH Schiphol-Rijk, the Netherlands, and registered with the Chamber of Commerce of Amsterdam under file number 34034628, (the “Pledgor”) of the one
part; and 

  

	(2)	Citibank, N.A., with registered offices at 1615 Brett Road, Building III, New Castle, Delaware 19720, United States of America, acting for itself and as
administrative agent (as defined below) for and on behalf of all present and future Secured Parties (as defined below) pursuant to and under the Credit Agreement (as defined below) (the “Administrative Agent”) (the Secured Parties
and the Administrative Agent collectively referred to as the “Pledgees”); and 

  

	(3)	the entities named in Schedule 1 (as amended, extended or otherwise modified from time to time) (the “Secured Parties”) of the second part.

 RECITALS 
  

	(A)	Pursuant to a $2,835,000,000 and €460,000,000 credit agreement dated as of 18 May 2012 as amended, restated or varied from time to time made between (among
others) Bausch & Lomb Incorporated as parent borrower, Bausch & Lomb B.V. as Dutch subsidiary borrower, WP Prism Inc as Holdings, Citibank, N.A, as administrative agent, swing line lender and an L/C issuer, JP Morgan Chase Bank,
N.A. as an L/C issuer and each lender from time to time party thereto (the “Credit Agreement”) certain facilities were made available on the terms and conditions thereof. 

 

	(B)	The Pledgor is the owner of one (1) share (“part sociale/Stammanteil”) of CHF 1,000,000, representing 100% of the share capital of the Swiss
Company (as defined below). 

  

	(C)	 The Administrative Agent is entitled and duly empowered to represent the Secured Parties in any respect and for any action under this Agreement and the
security created by or pursuant to this Agreement is to be administered by the Administrative 

  
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Agent for and on behalf of (“représentant/Stellvertreter”) the Secured Parties pursuant to the relevant provisions of the Credit Agreement and the Foreign Subsidiary
Guaranty (as defined below). 

  

	(D)	Pursuant to the Credit Agreement and the Foreign Subsidiary Guaranty the parties enter into this Agreement in order to secure the performance of the Secured Obligations
(as defined below). 

 NOW IT IS AGREED as follows: 

 

	1.	DEFINITIONS 

  

	(a)	In this Agreement, unless the context otherwise requires or unless otherwise defined or provided for in this Agreement, words and expressions shall have the same
meanings as are attributed to them under the Credit Agreement or under the Foreign Subsidiary Guaranty. In addition, the following words and expressions shall have the respective meanings ascribed to them: 

“Administrative Agent” means Citibank, N.A., acting through one or more of its affiliates and branches, in its capacity
as administrative agent and collateral agent under the Loan Documents, or any successor administrative agent and collateral agent. 
 “Dividends” means all dividend payments resolved by the partners’ meeting of the Swiss Company and effected by the
 manager(s) of the Swiss Company (as defined below), whether in
cash or in the form of additional company share(s) in the Swiss Company (share dividend) or in any other form. 

“Enforcement Event” means an Event of Default as specified in Section 8.01 of the Credit Agreement. 

“Foreign Subsidiary Guaranty” has the meaning ascribed to such term in the Credit Agreement. 

  
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 “Guaranty Party” shall have the meaning ascribed to it under the Foreign
Subsidiary Guaranty. 
 “Loan Documents” means, collectively, (i) the Credit Agreement, (ii) the
Notes, (iii) the U.S. Guaranty, (iv) the Foreign Subsidiary Guaranty, (v) the Dutch Holdings Guaranties, (vi) the U.S. Collateral Documents, (vii) the Non-U.S. Collateral Documents, (viii) the Issuer Documents,
(ix) any Incremental Revolving Facility Amendment, (x) any Incremental Term Facility Amendment, (xi) any Refinancing Amendment and (xii) following the execution thereof, any First Lien Intercreditor Agreement and Second Lien
Intercreditor Agreement (all such terms as defined in the Credit Agreement). 
 “Pledge” means the pledge of the
Shares (as defined below) pursuant to art. 899 et seqq. of the Swiss Civil Code (“CC”) as constituted in this Agreement. 
 “Pledged Assets” means the Shares, including all rights, benefits and proceeds in respect of or derived from the Shares and the Dividends. 

“SchKG” means the Swiss federal statute on debt collection and bankruptcy (“Bundesgesetz über
Schuldbetreibung und Konkurs”) dated 11 April 1889, as amended from time to time, carrying the official designation SR 281.1. 
 “Secured Obligations” means “Foreign Obligations” as defined in the Foreign Subsidiary Guaranty. No obligations shall be included in the definition of “Secured
Obligations” to the extent that, if included, the security interest granted pursuant to this Pledge of Shares or any part thereof would be void as a result of a violation of the prohibition on financial assistance as contained in Articles 2:98c
and 2:207c Dutch Civil Code or any other applicable financial assistance rules under any relevant jurisdiction (the “Prohibition”) and all provisions hereof will be construed accordingly. For the avoidance of doubt, this Pledge of
Shares will continue to secure those obligations which, if included in the definition of “Secured Obligations”, would not constitute a violation of the Prohibition. 
 “Secured Parties” shall have the meaning ascribed to it under the Credit Agreement. The Secured Parties on and as of the date hereof are specified in Schedule 1 (Secured Parties)
hereto (as amended, extended or otherwise modified from time to time). 

  
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 “Shares” means all of the company share(s) (in French/German: part(s)
sociale(s)/ Stammanteil(e)) pursuant to art. 774 of the Swiss Code of Obligations (“CO”) presently or in the future owned by the Pledgor in the Swiss Company and as listed in the Schedule 2 hereto, and in addition thereto, and
in accordance with Swiss law, all company share(s), certificates or rights offered, issued or paid by the Swiss Company in substitution or in addition to such Shares, following exchange, merger, redemption, consolidation, division, dividend,
subscription for each or otherwise and, generally, all such company share(s), certificates and rights in the capital of the Swiss Company, now or at any time hereafter owned by the Pledgor, together with all present or future accessory rights,
interests, benefits, remedies and claims associated with the Shares including but not limited to the right to Dividends or compensation of any kind paid to the Pledgor as owner of the Shares. 

“Swiss Company” means the company whose share(s) is(are) subject to the pledge created hereby, i.e. Bausch &
Lomb Fribourg Sàrl, a limited liability company (in French/German: “société à responsabilité limitée” / “Gesellschaft mit beschränkter Haftung”) incorporated under the
laws of Switzerland, having its registered office at Rue de Lausanne 36, CH 1700 Fribourg, Switzerland, and registered in the Commercial Register of the Canton of Fribourg with the federal register number CH-217.0.135.999-9. 

 

	(b)	Reference to a person in this Agreement includes its successors and assigns including, without limitation, any successor or assignee of the Pledgor by way of merger,
amalgamation, novation or otherwise. 

  

	2.	PLEDGE 

  

	(a)	As continuing security for the payment of the Secured Obligations, the Pledgor hereby agrees to pledge and hereby pledges to the Administrative Agent (acting for itself
and for and on behalf of the Secured Parties) the Shares and the Dividends (including any Dividend owned as of the date hereof by the Pledgor) until such time when any and all Secured Obligations have been discharged and paid in full and until this
Agreement shall be released in accordance with Clause 17 hereof or the terms of the Credit Agreement. 

  
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	(b)	The Administrative Agent is hereby authorised to notify the Swiss Company of all and any rights arising under this Agreement and on the date of this Agreement the
Pledgor shall procure that the Swiss Company promptly registers this Pledge in the Swiss Company’s share register and executes and delivers to the Administrative Agent, simultaneously with the signing of this Agreement, and within seven
Business Days of the issue of any future Shares, an acknowledgement of pledge and an undertaking in favour of the Pledgees in the form of Schedule 3 hereof. 

 

	(c)	This Agreement is independent of and separate from any other security or guarantee, except the Foreign Subsidiary Guaranty, which may have been given on or before the
date hereof to the Administrative Agent or to the Pledgees with respect to any Secured Obligations. None of such other securities shall prejudice, or be prejudiced by, or shall be merged in any way with this Agreement as defined therein.

  

	(d)	The Pledgor and the Administrative Agent acknowledge that the Secured Obligations shall rank in accordance with the terms of the Credit Agreement and that accordingly
the security interest created by this Pledge Agreement shall secure the Secured Obligations on a first ranking basis. 

  

	(e)	The Pledge includes all accessory rights, interest, benefits, remedies and claims appertaining to or derived from the Shares whether already existing or due, or to come
into existence or become due in the future including but not limited to interest, distributions, dividends (subject to Clause 6 hereof) or compensation of any kind to be paid to the Pledgor as owner of the Shares, share certificates, subscription
rights (including preemptive right (Vorhand-und Vorkaufsrechte) and priority subscription right (Bezugsrecht)), option rights, and liquidation proceeds as well as all securities or rights whatsoever which may substitute or may be
offered in exchange for any of the Shares whether by operation of law or otherwise now or thereafter. 

  

	(f)	The supervision, observation and exercise of rights arising from calls, conversions and exchanges offers, repayments in full or in part, subscription rights, as well as
all other notices, offers and communications concerning the Shares shall be the responsibility of the Pledgor. Provided an Enforcement Event has occurred and is continuing, the Administrative Agent shall be entitled but not obliged to use or
exercise such rights or to do such acts on behalf of the Pledgor. 

  

	(g)	The Pledgor acknowledges and agrees that each entity that becomes a Secured Party after the date of this Agreement shall be a Pledgee under this Pledge. Such entity
shall become a Pledgee on the date on which it becomes a Secured Party under the Credit Agreement. 

  
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	3.	PRESERVATION OF SECURITY 

  

	(a)	The security constituted by this Pledge shall be continuing and will extend to the ultimate balance of the Secured Obligations, regardless of any intermediate payment
or discharge in part (whether in respect of this Pledge, any other security or otherwise). 

  

	(b)	The obligations of the Pledgor hereunder shall not be affected by any act, omission or circumstances which, but for this provision, might operate to release or
otherwise exonerate the Pledgor from its obligations hereunder or affect such obligations whether or not known to the Pledgor or any of the Pledgees including without limitation: 

 

	 	(i)	any time, waiver or concession granted to or composition with the Pledgor or any other party to the Loan Documents; 

 

	 	(ii)	the taking, variation, extension, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any terms of any Loan Document or
any rights or remedies against, or securities granted by the Pledgor or any party to the Loan Documents; 

  

	 	(iii)	any irregularity, partial invalidity or unenforceability of any obligations of the Pledgor or any party to the Loan Documents or any present or future law or order of
any government or authority (whether of right or in fact) purporting to reduce or otherwise affect any of such obligations and the Pledgor’s obligations under this Pledge and this security shall remain in full force and this Pledge shall be
construed accordingly as if there were no such irregularity, unenforceability, invalidity, law or order; and 

  

	 	(iv)	any legal limitation, disability, incapacity or other circumstances relating to the Pledgor or any party to the Loan Documents or any other person or any amendment to
or variation of the terms of the Loan Documents or any other document or security. 

  
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	(c)	Provided an Enforcement Event has occurred and is continuing, the Pledgor waives any right it may have of first requiring the Administrative Agent (acting for itself
and for and on behalf of the Secured Parties) to proceed or to take legal action against or claim payment from the Pledgor or any party to the Loan Documents or to enforce any guarantee, pledge or other security before enforcing and realising this
Pledge. In particular, the Pledgor waives its right of objection pursuant to art. 41 SchKG of first requiring the Administrative Agent (acting for itself and for and on behalf of the Secured Parties) to enforce and realise the Shares subject of this
Pledge. 

  

	(d)	This Pledge shall be cumulative, independent of, in addition to and shall not in any way be prejudiced by any other pledge or other security or guarantee now or
hereafter held by the Administrative Agent (acting for itself and for and on behalf of the Pledgees) or the Pledgees with respect to any Secured Obligations. None of such other securities shall prejudice, or be prejudiced by, or shall be merged in
any way with this Agreement. 

  

	4.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	(a)	The Pledgor hereby warrants and represents to the Administrative Agent and to the Secured Parties that on the date of this Agreement with reference to the facts and
circumstances then existing: 

  

	 	(i)	any and all representations and warranties made by the Parent Borrower in the Credit Agreement, including, but not limited to, in Section 5.01 (Existence,
Qualification and Power; Compliance with Laws), 5.02 (Authorization; No Contravention), 5.04 (Binding Effect), 5.06 (Litigation), 5.10 (Taxes) and 5.16 (Solvency) of the Credit Agreement are mutatis mutandis
true and accurate as regards the Pledgor and this Pledge; 

  
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	 	(ii)	the Pledgor is and will be the sole owner of the Shares and the Shares are and will continue to be free and clear of any third party rights or of any Lien (except as
created under this Agreement or expressly permitted pursuant to Section 7.01 of the Credit Agreement); 

  

	 	(iii)	the Shares represent 100% of the entire issued and fully paid-up capital of the Swiss Company and the Shares have been validly issued, are fully paid-in, duly
authorized and there are no moneys or liabilities outstanding in respect of the Shares; 

  

	 	(iv)	no partners’ resolutions regarding changes in the articles of association of the Swiss Company have been passed that are not entered into the commercial register
of the Swiss Company; 

  

	 	(v)	the Swiss Company has no loan or similar arrangement outstanding which could result in a violation of art. 800 and 678 et seqq. CO nor will any such loans or similar
arrangements be made in the future; 

  

	 	(vi)	the written information provided by the Pledgor to the Pledgees is correct and complete in all material respects in relation to this Agreement;

  

	 	(vii)	the Swiss Company has not issued any nominative security (Namenpapier) in respect of the Shares in accordance with art. 784 para. 1 of the Swiss Code of
Obligations; 

  

	 	(viii)	the Shares are not and will not be subject to any options to purchase or similar rights of any person or to any outstanding agreements between the Pledgor and any third
party that could negatively affect the validity and/or enforceability of this Pledge. 

  

	(b)	The Pledgor undertakes that during the lifetime of this Agreement (i) it will remain the sole owner of the Shares and (ii) it shall ensure that the security
interest created by or pursuant to this Agreement will at all times be a first ranking pledge pursuant to art. 884 et seqq. CC, in particular pursuant to art. 893 CC. 

  
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	(c)	The Pledgor hereby further undertakes that it shall not, save as contemplated in the Credit Agreement, during the lifetime of this Agreement: 

 

	 	(i)	take or permit to be taken any action whereby the security created hereby would be prejudiced or the rights attaching hereunder to the Shares are altered or diluted in
such way that it would have a material adverse effect on the Pledgees and their rights hereunder or on the value of the Shares, including the right to enforce the security interest created hereunder or to freely transfer the Shares upon enforcement
of said security interest or amending the nominal value of the Shares; 

  

	 	(ii)	amend the articles of association of the Swiss Company to an extent which would materially adversely affect the rights of the Pledgees hereunder, including the right to
enforce the security interest created hereunder or to freely transfer the Shares upon enforcement of said security interest; 

  

	 	(iii)	in the event of any increase in the capital of the Swiss Company, allow any party other than itself to subscribe for and fully pay any newly issued Shares of the Swiss
Company; 

  

	 	(iv)	subscribe to or acquire any newly issued Shares of the Swiss Company without promptly pledging such Shares thereafter to the Administrative Agent (acting for itself and
for and on behalf of the Secured Parties); 

  

	 	(v)	cause the distribution, payment or delivery of any Pledged Assets to anyone other than the Administrative Agent (acting for itself and for and on behalf of the Secured
Parties) unless permitted under the Credit Agreement; and 

  

	 	(vi)	cause the Swiss Company to issue any certificate evidencing the ownership over the Shares in accordance with art. 784 para. 1 of the Swiss Code of Obligations.

  

	(d)	The Pledgor shall inform the Administrative Agent on any litigation process whatsoever which have been started after the date of this Agreement with respect to the
Shares and which might materially adversely affect the security interest of the Pledgees. 

  
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	5.	VOTING RIGHTS 

  

	(a)	Provided no Enforcement Event has occurred and is continuing, all voting rights in the Shares shall remain with the Pledgor provided that such rights shall not be
exercised in any manner which would be inconsistent with the terms of any of the Loan Documents or would have a material and adverse effect on the Administrative Agent, the Pledgees or on the Pledged Assets, in particular on the existence or value
of all or part of the Shares, or on the ability of the Administrative Agent to transfer all or part of the Shares by or pursuant to this Agreement or by law. 

 

	(b)	Provided an Enforcement Event has occurred and is continuing and the Administrative Agent has notified in writing the Dutch Subsidiary Borrower and the Pledgor of the
suspension of the Pledgor’s voting rights as set forth in this Clause 5, the Administrative Agent may, at its discretion, exercise any voting rights relating to the Shares and all other powers, rights and benefits conferred on or exercisable by
the holders of such securities. 

  

	(c)	In order to enable the Administrative Agent to exercise such voting rights, the Pledgor shall deliver to the Administrative Agent, simultaneously with the signing of
this Agreement, a power of attorney in favour of the Administrative Agent in the form set out in Schedule 4 hereto, and at any time thereafter, such forms of proxy or other appropriate forms of authorisation. 

 

	(d)	Given the case that all Enforcement Events have been cured or waived, the Pledgor shall have the exclusive right to exercise the voting rights that the Pledgor would
otherwise be authorized to exercise pursuant to the terms of this Clause 5. 

  

	6.	DIVIDENDS 

  

	(a)	Unless an Enforcement Event has occurred and is continuing, the payment of Dividends shall be made to the Pledgor as well as other moneys paid on or derived from the
Shares. 

  

	(b)	 Provided an Enforcement Event has occurred and is continuing and the Administrative Agent has notified in writing the Dutch Subsidiary Borrower and the
Pledgor of the suspension of the Pledgor’s right to receive Dividends, the Pledgor 

  
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shall cause the Swiss Company to distribute Dividends according to the instructions of the Administrative Agent and shall do all acts and things which are necessary to enable the Administrative
Agent (acting for itself and for and on behalf of the Secured Parties) to collect such Dividends and other moneys paid directly from the Swiss Company. Such Dividends to be applied as though they were the proceeds of enforcement under this
Agreement. 

  

	(c)	Given the case that all Enforcement Events have been cured or waived, the Administrative Agent shall promptly repay to the Pledgor (without interest) all Dividends that
the Pledgor would otherwise be permitted to retain pursuant to the terms of this Clause 6. 

  

	7.	ENFORCEMENT AND APPLICATION OF PROCEEDS 

  

	(a)	Upon the occurrence and during the continuance of an Enforcement Event, the Administrative Agent shall be entitled to exercise, upon ten days written notice to the
Pledgor, all the rights and powers conferred to it under or pursuant to this Agreement and in particular, without regard to the provisions of SchKG, to realize any or all of the Pledged Assets by private sale (“vente de gréà
gré/Private Verwertung”) as, in its sole and absolute discretion, is necessary or appropriate to cover the Secured Obligations and to apply the net proceeds in settlement of all the Secured Obligations, including, but not
limited to, principal, contractual and penalty interests, commissions, charges and costs in accordance with the terms of the Credit Agreement. Any surplus following satisfaction of the Secured Obligations shall be paid by the Administrative Agent to
the Pledgor or as directed by the Pledgor. 

  

	(b)	The Administrative Agent shall be entitled to notify the Swiss Company of the occurrence of an Enforcement Event. The Pledgor hereby agrees that on or after the date of
such notification the Swiss Company, subject to the applicable provisions of Swiss law, shall follow the instructions given by the Administrative Agent in relation to the Pledged Assets 

 

	(c)	Upon the occurrence and during the continuance of an Enforcement Event, the Administrative Agent shall also be entitled to acquire from the Pledgor all or part of the
Pledged Assets for cash consideration equal to the fair market value of the Pledged Assets, such fair market value to be computed by an independent expert 

  
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using a valuation methodology generally recognized as standard market practice in the field of corporate finance, it being understood that the Administrative Agent (acting for itself and for and
on behalf of the Secured Parties) will be entitled to set off the proceeds of such acquisition against the Secured Obligations. 

  

	(d)	The Pledgor hereby consents to approve the transfer of the Shares to any transferee who/which would acquire the Shares in connection with the enforcement of this Pledge
and the Pledgor authorises the Administrative Agent to notify this approval to the Swiss Company to enable the registration of said transferee in the share register of the Swiss Company. 

 

	(e)	The Administrative Agent shall incur no liability in the event that it does not exercise, or exercise only partially, its rights to realise the Pledged Assets.

  

	8.	FURTHER ASSURANCE 

  

	(a)	The Pledgor shall promptly upon reasonable request of the Administrative Agent do at its own costs – or cause to be done – all things (including, without
limitation, grant access to records the delivery, transfer, assignment or payment of all or part of the Pledged Assets to the Administrative Agent (acting for and on behalf of the Secured Parties), and the passing of partners’ resolutions
(including, without limitations, partners’ resolutions which effect the transfer of all or part of the Pledged Assets to the Administrative Agent (acting for itself and for and on behalf of the Secured Parties) and execute all documents that
are required or are reasonably requested by the Administrative Agent for the purpose of the exercise of the rights of the Administrative Agent or the Pledgees hereunder or under any Loan Document or for perfecting the Pledge.

  

	(b)	The Pledgor shall, upon demand from the Administrative Agent, after the security constituted by this Agreement has become enforceable under Clause 7, (i) execute
all documents and do all other things that the Administrative Agent may reasonably require to facilitate the enforcement of this Pledge and (ii) subject to the applicable provisions of Swiss law, shall follow the instructions given by the
Administrative Agent in relation to the Pledged Assets. 

  
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	9.	WAIVERS, REMEDIES CUMULATIVE 

  

	(a)	The rights, powers and remedies provided in this Agreement are cumulative and are not, nor are they to be construed as, exclusive of any rights, powers or remedies
provided by law or otherwise. 

  

	(b)	No failure on the part of the Administrative Agent or the Pledgees to exercise, nor any delay on their part in exercising, any of their respective rights, powers and
remedies provided by this Agreement or by law (collectively the “Rights”) shall operate as a waiver thereof, nor shall any single or partial waiver of any of the Rights preclude any further or other exercise of that one of the
Rights concerned or the exercise of any other of the Rights. 

  

	10.	INDEMNITY 

Section 5.03 of the Foreign Subsidiary Guaranty shall be applicable mutatis mutandis to this Agreement and to the
indemnification obligations of the Pledgor under this Agreement. 
  

	11.	POWER OF ATTORNEY 

  

	(a)	The Pledgor hereby by way of security and in order to more fully secure the performance of its obligations hereunder appoints the Administrative Agent to be its
attorney acting severally, and on its behalf and in its name or otherwise to do all acts and things and to sign, execute, deliver, perfect and do all deeds, instruments, documents, acts and things which are required after the security interest
created hereunder has become enforceable for carrying out any obligation imposed on the Pledgor by or pursuant to this Agreement and provided that the Pledgor has not carried out such obligation in accordance with the terms of this Agreement
(should such obligation be performed by the Pledgor and not by the Administrative Agent), for enabling the Administrative Agent to exercise its respective powers conferred on it by or pursuant to this Pledge or by law, in particular in connection
with a private realization (“Private Verwertung”) of the Pledged Assets. 

  

	(b)	The Pledgor hereby ratifies and confirms and agrees to ratify and confirm any and all acts carried out by the Administrative Agent in the proper exercise of the powers
conferred on it pursuant to Clause 11 (a) above. 

  
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	12.	NOTICES 

  

	(a)	Each notice or other communication to be given under this Agreement shall be given in writing (including by facsimile transmission) in English and shall be given as
provided in Section 10.02 of the Credit Agreement. 

  

	(b)	Without prejudice to any other method of service of notices and communications provided by law, any notice or other communication to be given by one party to another
under this Agreement shall (unless one party has by 15 days’ prior notice to the other party specified another address) be given to that other party, in the case of the Pledgor and the Administrative Agent, at the respective addresses given in
section (c) below and shall be effective only when received. 

  

	(c)	The addresses referred to in section (b) above are: 

  

	 	(i)	the Pledgor: 

 Bausch &
Lomb B.V. 
 Koolhovenlaan 110 
 1119 NH Schiphol-Rijk 
 The Netherlands 

Fax:           +31 20 6554 651 

Attention:  Financial Controller 
 With a copy to: 
 Bausch & Lomb Incorporated 

One Bausch & Lomb Place 
 Rochester, NY 14604 – 2701, USA 
 Fax:
           +1 585 338 6007 
 Telephone: +1 585 338 6409 

Electronic Mail: rstiles@bausch.com 
 Attention: Robert B. Stiles 

  
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	 	(ii)	the Administrative Agent: 

Citibank, N.A., as Administrative Agent 
 1615 Brett Road, Building III, 
 New Castle, DE 19720, USA 

Telephone: +1 302 894 6010 
 Fax:            +1 212 994 0847 
 Email: global.loans.support@citi.com 
  

	13.	AMENDMENTS 

 To the extent
permitted under the Credit Agreement, changes and amendments to this Agreement, including this clause 13, shall be made in writing and signed by all parties hereto. 
  

	14.	THE ADMINISTRATIVE AGENT 

  

	(a)	For Swiss Law purposes, the Administrative Agent shall be and shall be deemed to be the agent and representative (“représentant/Stellvertreter”)
of each of the Secured Parties for the purposes of this Agreement, without any prejudice to Section 9.01 (c) of the Credit Agreement or to the rights and duties laid upon the Administrative Agent under the laws applicable to the Loan
Documents. 

  

	(b)	The Administrative Agent shall have a full and unfettered right to assign or otherwise transfer the whole or any part of the benefit of this Agreement to any person to
whom all or any part of its rights, benefits and obligations under the Loan Documents are assigned or transferred in accordance with the provisions of the Loan Documents. The Administrative Agent shall be entitled to disclose any information
concerning this Agreement to any such assignee or successor or any participant or proposed assignee, successor or participant subject to the provisions of the Loan Documents. 

 

	15.	COSTS AND EXPENSES 

 The
Pledgor shall bear all reasonable documented costs and expenses (including, without limitation, reasonable legal fees, stamp duties or other duties) incurred in connection with the preparation, the execution, perfection, implementation or release

  
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of the Pledge hereby constituted or the exercise of any rights hereunder and the Pledgor shall reimburse and indemnify the Administrative Agent and the Pledgees for any such costs or expenses
reasonably incurred by them. 
  

	16.	SEVERABILITY OF PROVISIONS 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the terms of a
jurisdiction, such illegality invalidity or unenforceability shall neither (i) affect or impair the remaining provisions of this Agreement, nor (ii) affect or impair the legality, validity or enforceability of such provisions in any other
jurisdiction, and the parties will negotiate in good faith to replace the relevant provision by another provision reflecting as closely as possible the original intention and purpose of the parties. 

 

	17.	RELEASE 

 Upon
(i) the Secured Obligations being paid and discharged in full in accordance with Section 5.10(a) of the Foreign Subsidiary Guaranty, or (ii) the Pledgor ceasing to be a Guarantor as provided in Section 5.10(b) of the Foreign
Subsidiary Guaranty provided that the Lenders shall have consented to such transaction (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise or (iii) any sale or other transfer by the Pledgor
of the Pledged Assets that is permitted under the Credit Agreement to any Person that is not the Parent Borrower or a Guarantor (each as defined in the Credit Agreement), or upon the effectiveness of any written consent to the release of the
security granted hereby pursuant to Section 9.11 of the Credit Agreement, the Administrative Agent (acting for itself and for and on behalf of the Secured Parties) shall release and/or return the Pledged Assets to the Pledgor. 

In connection with any termination or release pursuant to this Clause 17, the Administrative Agent shall execute and deliver to the
Pledgor, at the Pledgor’s expenses, all documents that the Pledgor shall reasonably request to evidence such termination or release, in each case in accordance with the terms of Section 9.11 of the Credit Agreement. 

  
 Pledge of
Shares of Bausch & Lomb Fribourg Sàrl 
 - 17 - 

 Any Pledged Assets so to be released and/or returned, as the case may be, shall be delivered
net of any transfer taxes or other expenses in connection with such release and return or reassignment, respectively. The Administrative Agent shall not be deemed to have made any representation or warranty with respect to any Pledged Assets so
released or returned. 
  

	18.	NON-ASSIGNMENT 

 The
rights, interests and obligations of the Pledgor under this Agreement are personal to it. Accordingly, they are not capable of being assigned, transferred or delegated in any manner. The Pledgor undertakes that it shall not at any time assign or
transfer, or attempt to assign or transfer, any of its rights, interests or obligations under or in respect of this Agreement to any person. 
  

	19.	GOVERNING LAW AND JURISDICTION 

  

	(a)	This Pledge shall be governed by and construed in accordance with the substantive laws of Switzerland. 

 

	(b)	Any and all litigation to which this Agreement may give rise shall be subject to the exclusive jurisdiction of the Court of the Canton of Fribourg, venue being
Fribourg, with reservation of the right of appeal to the Swiss Federal Court in Lausanne. The Parties hereto submit hereby to the jurisdiction of said Court. The Administrative Agent and each Pledgee reserve the right to bring an action against the
Pledgor at its place of domicile or before any other competent court or authority. 

 The Pledgor hereby elects
special legal domicile pursuant to art. 50 para. 2 SchKG at the offices of the Swiss Company, being presently 36, rue de Lausanne, CH-1700 Fribourg, Switzerland. 
  

	20.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

  
 Pledge of
Shares of Bausch & Lomb Fribourg Sàrl 
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 IN WITNESS WHEREOF this Agreement has been duly executed and delivered on the date which appears first on
page 1. 
  

			
	BAUSCH & LOMB B.V.,
		
	By:	 	

	Name:	 	A. Robert D. Bailey
	Title:	 	Management Board member

 [Signature Page to Pledge of Shares of Bausch & Lomb Fribourg Sàrl]

							
	BAUSCH & LOMB B.V., by
	
	  

	
	CITIBANK, N.A., as Administrative Agent
			
		 	By:	 	

		 		 	Name:	 	Michael Zicari
		 		 	Title:	 	Vice President
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	
	THE SECURED PARTIES, REPRESENTED BY CITIBANK, N.A.
			
		 	By:	 	 

		 		 	Name:	 	Michael Zicari
		 		 	Title:	 	Vice President
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 Pledge of
Shares of Bausch & Lomb Fribourg Sàrl 
 - 20 - 

 SCHEDULE 4 
 FORM OF POWER OF ATTORNEY 
 Power of Attorney for the representation at partners’
meetings 
 In connection with the Pledge of Shares of Bausch & Lomb Fribourg Sàrl between Bausch & Lomb B.V. as Pledgor and
Citibank, N.A., acting as Administrative Agent for itself and for and on behalf of the Secured Parties as Pledgees, dated on or about 15 June 2012, the undersigned hereby authorises by way of power of attorney Citibank, N.A. to represent it
upon the occurrence and during the continuance of an Enforcement Event (as defined in the Pledge of Shares) and at any time thereafter at any ordinary or extraordinary partners’ meeting of Bausch & Lomb Fribourg Sàrl.

 The grantor of the Power of Attorney hereby authorises Citibank, N.A., upon the occurrence and during the continuance of an Enforcement Event
to vote for, approve of and to implement any and all resolutions in the name of the undersigned, to participate at all meetings, to draw up and sign all documents and certificates, to apply for registration and to give confirmation. 

Citibank, N.A., is authorised to represent several principals, to act itself as a party and/or to substitute itself by a third party. 

This Power of Attorney shall not lapse on bankruptcy of Bausch & Lomb B.V.. 
 This Power of Attorney is subject to the substantive laws of Switzerland. 
  

			
	Place, date:	 	  

	
	Bausch & Lomb B.V.

  

			
	  

	By:	 	
	Title:	 	

  
 Pledge of
Shares of Bausch & Lomb Fribourg Sàrl 
 - 21 -

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