Document:

Exhibit
4.1(b)

 

Execution Version

 

GENZYME
CORPORATION,

 

 

FIRST
SUPPLEMENTAL INDENTURE

 

Dated
as of June 17, 2010

 

 

3.625%
Senior Notes due 2015

 

5.000%
Senior Notes due 2020

 

 

(First
Supplemental Indenture to the Indenture Dated as of June 17, 2010)

 

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

as Trustee

 

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST  SUPPLEMENTAL
INDENTURE (this “First Supplemental Indenture”), dated as of June 17,
2010, between Genzyme Corporation, a Massachusetts corporation (the “Company”),
the Subsidiary Guarantors party hereto from time to time and The Bank of New
York Mellon Trust Company, N.A. as Trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company and the
Trustee executed and delivered an Indenture, dated as of June 17, 2010 (the
“Indenture”), to provide for the issuance by the Company from time to
time of Securities to be issued in one or mores series as provided in the
Indenture;

 

WHEREAS, the issuance and
sale of $500,000,000 aggregate principal amount of a new series of the Securities
of the Company designated as its 3.625% Senior Notes due 2015 (the “2015
Notes”) and $500,000,000 aggregate principal amount of a new series of the
Securities of the Company designated as its 5.000% Senior Notes due 2020 (the “2020
Notes”, and together with the 2015 Notes, the “Notes”) have been
authorized by resolutions adopted by the Board of Directors of the Company;

 

WHEREAS, the Company desires
to issue and sell $1,000,000,000 aggregate principal amount of the Notes on the
date hereof, with a guarantee by such of its domestic subsidiaries that also
guarantee the Company’s obligations under its senior credit facility;

 

WHEREAS, Sections 2.1 and
10.1 of the Indenture provide that the Company, when authorized by a Board
Resolution, and the Trustee may amend or supplement the Indenture to provide
for the issuance of and to establish the form or terms and conditions of
Securities of any series as permitted by the Indenture;

 

WHEREAS, the Company desires
to establish the form, terms and conditions of the Notes; and

 

WHEREAS, all things
necessary to make this First Supplemental Indenture a legal, valid and binding
supplement to the Indenture according to its terms and the terms of the
Indenture have been done;

 

NOW, THEREFORE, for and in
consideration of the premises stated herein and the purchase of the Notes by
the Holders thereof, the parties hereto hereby enter into this First
Supplemental Indenture, for the equal and proportionate benefit of all Holders
of the Notes, as follows:

 

ARTICLE I.

 

DEFINITIONS

 

SECTION 1.1. Certain
Terms Defined in the Indenture; Additional Terms.

 

For purposes of this First
Supplemental Indenture, all capitalized terms used but not defined herein shall
have the meanings ascribed to such terms in the Indenture, as amended
hereby.  The following capitalized terms
used herein shall be defined accordingly:

 

“Certificated Note”
means a Note that does not bear a Global Security Legend.

 

“Exchange Notes”
means the Notes of the Company issued pursuant to the Indenture in exchange
for, and in an aggregate principal amount equal to, the Initial Notes, in
compliance with the terms of the Registration Rights Agreement and containing
terms substantially identical to the Initial Notes (except that (i) such
Exchange Notes will be registered under the Securities Act and will not be
subject to transfer restrictions or bear the Restricted Securities Legend, and (ii) the
provisions relating to rights under the Registration Rights Agreement will be
eliminated).

 

“Exchange Offer”
means the registered exchange offer to the holders of the Notes conducted by
the Company in accordance with the terms of the Registration Rights Agreement.

 

“Global Note” means a
Note in registered global form.

 

1

 

“Global Security Legend”
means a legend substantially in the form identified as the “Global Security
Legend” in the forms of Notes attached as Exhibits A and B hereto.

 

“Initial
Notes” means the Notes issued on the Issue Date and any Notes issued in
replacement thereof, but not including any Exchange Notes issued in exchange
therefor.

 

“Initial Purchasers”
means the initial purchasers party to a purchase agreement dated June 14,
2010 with the Company relating to the sale of the Notes by the Company.

 

“Issue Date” means
the date on which the Notes are originally issued under this Indenture.

 

“Registration
Rights Agreement” means the Registration Rights Agreement dated June 17,
2010 among the Company and the Initial Purchasers party thereto with respect to
the Initial Notes.

 

“Regulation
S” means Regulation S under the Securities Act.

 

“Regulation
S Certificate” means a certificate substantially in the form identified as
the “Regulation S Certificate” in the form of Notes attached as Exhibits
A and B hereto.

 

“Regulation
S Global Note” means a Global Note bearing a Restricted Security Legend and
representing Notes sold pursuant to Regulation S.

 

“Restricted
Global Note” means a Rule 144A Global Note or a Regulation S Global
Note.

 

“Restricted
Note” means a Note bearing a Restricted Security Legend.

 

“Restricted
Period” means the period beginning on the date hereof and ending 40 days
thereafter.

 

“Restricted
Security Legend” means a legend substantially in the form identified as the
“Restricted Security Legend” in the forms of Notes attached as Exhibits
A and B hereto.

 

“Rule 144A”
means Rule 144A under the Securities Act.

 

“Rule 144A
Certificate” means a certificate substantially in the form identified as
the “Rule 144A Certificate” in the forms of Notes attached as Exhibits
A and B hereto.

 

“Rule 144A Global
Note” means a Global Note that bears the Restricted Legend representing
Notes sold pursuant to Rule 144A.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Transfer Certification”
means a certification substantially in the form identified as the “Transfer
Certification” in the forms of Notes attached as Exhibits A and B
hereto.

 

“Unrestricted Global Note”
means a Global Note that does not bear the Restricted Security Legend.

 

SECTION 1.2. Definitions
Incorporated into the Indenture.

 

For the benefit of the
Holders of the Notes, Section 1.1 of the Indenture shall be amended by
adding the following new definitions:

 

“Attributable Debt”
means, with respect to a Sale and Leaseback Transaction, an amount equal to the
lesser of: (1) the fair market value of the property (as determined in
good faith by the Board of Directors of the Company); and (2) the present
value of the total net amount of rent payments to be made under the lease
during its remaining term, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually.

 

“Capitalized Lease”
means any obligation of a Person to pay rent or other amounts incurred with
respect to real property or equipment acquired or leased by such Person and
used in its business that is required to be recorded as a capital lease in
accordance with generally accepted accounting principles.

 

2

 

“Change of Control”
means the occurrence of any of the following: (1) the consummation of any
transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d) of
the Exchange Act ) (other than the Company or one of its Subsidiaries) becomes
the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of
the Company or other Voting Stock into which the Voting Stock of the Company is
reclassified, consolidated, exchanged or changed, measured by voting power
rather than number of shares; (2) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or more series of related transactions, of all or substantially all of
the assets of the Company and the assets of its Subsidiaries, taken as a whole,
to one or more “persons” (as that term is used in Section 13(d) of
the Exchange Act) (other than to the Company or one of its Subsidiaries); (3) the
Company consolidates with, or merges with or into, any “person” (as that term
is used in Section 13(d) of the Exchange Act) or any such person
consolidates with, or merges with or into, the Company, in either case,
pursuant to a transaction in which any of the Company’s outstanding Voting
Stock or the Voting Stock of such other person is converted into or exchanged
for cash, securities or other property, other than pursuant to a transaction in
which shares of the Voting Stock of the Company outstanding immediately prior
to the transaction constitute, or are converted into or exchanged for, a
majority of the Voting Stock of the surviving person immediately after giving
effect to such transaction; (4) the adoption of a plan relating to the
Company’s liquidation or dissolution; or (5) the first day on which a
majority of the members of the Board of Directors of the Company are not
Continuing Directors.

 

“Change of Control Offer”
shall have the meaning set forth in Section 3.9 of this Indenture.

 

“Change of Control
Payment” shall have the meaning set forth in Section 3.9 of this
Indenture.

 

“Change of Control
Payment Date” shall have the meaning set forth in Section 3.9 of this
Indenture.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a
Rating Event in respect thereof.

 

“Claiming Guarantor”
shall have the meaning set forth in Section 5A.2 of this Indenture.

 

“Comparable Treasury
Issue” means the United States Treasury security or securities selected by
an Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a comparable
maturity to the remaining term of such Notes.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if
the Trustee is given fewer than four such Reference Treasury Dealer Quotations,
the average of all such quotations.

 

“Consolidated Total
Assets” means, with respect to any Person as of any date, the amount of
total assets as shown on the consolidated balance sheet of such Person for the
most recent fiscal quarter for which financial statements have been filed with
the Securities and Exchange Commission, prepared in accordance with accounting
principles generally accepted in the United States.

 

“Continuing Director”
means, as of any date of determination, any member of the Board of Directors of
the Company who (1) was a member of such Board of Directors on the date
the Notes were originally issued, (2) was nominated for election to such
Board of Directors with the approval of a committee of the Board of Directors
consisting of a majority of independent Continuing Directors or (3) was
nominated for election, elected or appointed to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of the
Board of Directors of the Company at the time of such nomination, election or
appointment (either by a specific vote or by approval of the proxy statement of
the Company in which such member was named as a nominee for election as a
director).

 

“Contributing Party”
shall have the meaning set forth in Section 5A.2 of this Indenture.

 

“Credit Agreement”
means the Credit Agreement dated as of July 14, 2006, as amended,
supplemented, or otherwise modified from time to time, among the Company, the
subsidiaries party thereto, the lenders from time to

 

3

 

time party thereto, and
JPMorgan Chase Bank, N.A., as administrative agent, including any related
notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith, in each case together with any refinancing, replacement,
extension, renewal, refund, repayment or prepayment thereof, whether by the
same or any other agent, lender or group of lenders.

 

“Credit Facilities”
means, with respect to the Company, one or more debt or commercial paper
facilities with banks or other institutional lenders (including the Credit
Agreement) providing for revolving credit loans, term loans or trade letters of
credit, in each case together with any refinancing, extension, renewal, refund,
repayment or prepayment thereof.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Guaranteed Obligations”
shall have the meaning set forth in Section 5A.1 of this Indenture.

 

“Indebtedness” of any
Person means, without duplication (1) any obligation of such Person for
money borrowed, (2) any obligation of such Person evidenced by bonds,
debentures, notes or other similar instruments, (3) any reimbursement
obligation of such Person in respect of letters of credit or other similar
instruments which support financial obligations which would otherwise become
Indebtedness, and (4) any obligation of such Person under Capitalized
Leases; provided, however, that “Indebtedness” of such Person shall not include
any obligation of such Person to any Subsidiary of such Person or to any Person
with respect to which such Person is a Subsidiary.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the
Company.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and
BBB- (or the equivalent) by S&P, and the equivalent investment grade
credit rating from any additional rating agency or Rating Agencies selected by
the Company.

 

“Lien” means any
pledge, mortgage, lien, encumbrance or other security interest.

 

“Moody’s” means Moody’s
Investors Service, Inc., or any successor thereto.

 

“Person” means any
individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof or other similar
entity.

 

“Property” means any
property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Rating Agencies”
means (1) each of Moody’s and S&P and (2) if any of Moody’s and
S&P ceases to rate the Notes or fails to make a rating of the Notes
publicly available for reasons outside of the control of the Company, a “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act selected by the Company (as certified by a resolution of the
Board of Directors of the Company) and which is a replacement agency for Moody’s
or S&P, or both of them, as the case may be.

 

“Rating Event” means (A) with
respect to the 2015 Notes, the rating on the 2015 Notes is lowered by each of
the Rating Agencies and the 2015 Notes are rated below an Investment Grade
Rating by each of the Rating Agencies and (B) with respect to the 2020
Notes, the rating on the 2020 Notes is lowered by each of the Rating Agencies
and the 2020 Notes are rated below an Investment Grade Rating by each of the
Rating Agencies, in either case, on any day during the period commencing on the
earlier of the date of the first public notice of the occurrence of a Change of
Control or the Company’s intention to effect a Change of Control and ending 60
days following consummation of such Change of Control (which period will be
extended so long as the rating of the applicable series of Notes is under
publicly announced consideration for a possible downgrade by any of the Rating
Agencies).

 

“Reference Treasury
Dealer” means each of Credit Suisse Securities (USA) LLC, Goldman, Sachs &
Co., Banc of America Securities LLC, or their respective affiliates, which are
primary U.S. Government securities dealers in The City of New York, and their
respective successors plus one other primary U.S. Government securities dealer
in The City of New York selected by the Company; provided, however, that if any
of the foregoing or their affiliates shall cease to be a primary U.S.
Government securities dealer in The City of New York (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer.

 

4

 

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Company, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by the
Reference Treasury Dealers at 3:30 p.m. New York time on the third
Business Day preceding such Redemption Date.

 

“S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc. or any successor thereto.

 

“Sale and Leaseback
Transaction” means any arrangement with any Person providing for the
leasing by the Company or any Subsidiary of the Company of any Property that
has been or is to be sold or transferred by the Company or such Subsidiary, as
the case may be, to such Person.

 

“Subsidiary” of any
Person means (1) a corporation, a majority of the outstanding Voting Stock
of which is, at the time, directly or indirectly, owned by such Person, by one
or more Subsidiaries of such Person, or by such Person and one or more
Subsidiaries thereof or (2) any other Person (other than a corporation),
including, without limitation, a partnership or joint venture, in which such
Person, one or more Subsidiaries thereof or such Person and one or more
Subsidiaries thereof, directly or indirectly, at the date of determination
thereof, has at least majority ownership interest entitled to vote in the
election of directors, managers or trustees thereof (or other Person performing
similar functions).

 

“Subsidiary Guarantee” means a guarantee of a Subsidiary Guarantor
on the terms set forth herein.

 

“Subsidiary Guarantor” means Genzyme Therapeutic Products Limited
Partnership, a Massachusetts limited partnership, and each of the Company’s
domestic Subsidiaries that becomes a guarantor of any Indebtedness under any
Credit Facilities.

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated (on a day count basis)
of the applicable Comparable Treasury Issue, assuming a price for the
applicable Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such
Redemption Date.

 

“Voting Stock” means,
with respect to any specified “person” (as that term is used in Section 13(d) of
the Exchange Act) as of any date, the capital stock of such person that is at
the time entitled to vote generally in the election of the Board of Directors
of such person.

 

ARTICLE II.

 

FORM AND TERMS OF THE NOTES

 

SECTION 2.1. Form and
Dating.

 

(a) The 2015 Notes and
the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A attached hereto. The 2020 Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit B
attached hereto. The Notes shall be executed on behalf of the Company by any
Officer and attested by its Secretary or one of its Assistant Secretaries.  The signature of any of these Officers on the
Notes may be manual or facsimile The Notes may have notations, legends or
endorsements required by law, stock exchange rules or usage. Each Note
shall be dated the date of its authentication. The Notes shall be in
denominations of $2,000 and higher integral multiples of $1,000.

 

The terms and notations
contained in the Notes shall constitute, and are hereby expressly made, a part
of the Indenture as supplemented by this First Supplemental Indenture and the
Company and the Trustee, by their execution and delivery of this First
Supplemental Indenture, expressly agree to such terms and provisions and to be
bound thereby.

 

(b) Global Notes.
The Notes of each series designated herein shall be issued initially in the
form of one or more fully registered Global Securities, which shall be
deposited on behalf of the purchasers of the Notes represented thereby with The
Depository Trust Company, New York, New York (the “Depository”) and
registered in the name of Cede & Co., the Depository’s nominee, duly
executed by the Company, authenticated by the Trustee and with guarantees
endorsed thereon as hereinafter provided. The aggregate principal amount of
outstanding Notes may from time to time be increased or decreased by
adjustments made on the records of the Trustee and the Depository or its
nominee as hereinafter provided.

 

5

 

The Global Notes may not be
transferred in whole, except by the Depository to another nominee of the
Depository or to a successor of the Depository or its nominee. If at any time
the Depository for a series of Notes notifies the Company that the Depository
is unwilling to continue as Depository for the Global Notes representing such
series or ceases to be a clearing agency, or if the Company so elects or if
there is an Event of Default under a series of the Notes, then the Company
shall execute, and the Trustee shall, upon receipt of a Company Order for
authentication, authenticate and deliver, certificated Notes in an aggregate
principal amount equal to the principal amount of the Global Notes in exchange
for such Global Note, which the Depository will distribute to its participants.

 

(c) Book-Entry
Provisions. This Section 2.1(c) shall apply only to the Global
Notes deposited with or on behalf of the Depository.

 

The Company shall execute
and the Trustee shall, in accordance with this Section 2.1(b),
authenticate and deliver the Global Notes that shall be registered in the name
of the Depository or the nominee of the Depository and shall be delivered by the
Trustee to the Depository or pursuant to the Depository’s instructions.

 

Depository participants
shall have no rights either under the Indenture or with respect to any Global
Notes held on their behalf by the Depository or under such Global Notes. The Depository
shall be treated by the Company, the Trustee and any agent of the Company or
the Trustee as the absolute owner of such Global Note for all purposes under
the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the
Company or the Trustee from giving effect to any written certification, proxy
or other authorization furnished by the Depository or impair, as between the
Depository and the Depository participants, the operation of customary
practices of such Depository governing the exercise of the rights of an owner
of a beneficial interest in the Global Notes.

 

(d) Certificated
Notes. Except as provided above in subsection (b), owners of beneficial
interests in the Global Notes will not be entitled to receive physical delivery
of certificated Notes.

 

(e) Transfer and
Exchange of the Notes. The transfer and exchange of beneficial interests in
the Global Notes shall be effected through the Depository, in accordance with
the Indenture and the procedures of the Depository therefor.  Beneficial interests in the Global Notes may
be transferred to Persons who take delivery thereof in the form of a beneficial
interest in the Global Notes.

 

(f) Paying Agent.
The Company appoints the Trustee as the initial agent of the Company for the
payment of the principal of (and premium, if any) and interest on the Notes,
and The Bank of New York Mellon, an affiliate of the Trustee, in the Borough of
Manhattan, the City of New York, be and hereby is, designated as the office or
agency where the Notes may be presented for payment and where notices to or
demands upon the Company in respect of the Notes and the Indenture pursuant to
which the Notes are to be issued may be served.

 

SECTION 2.2. Restricted
Legend.

 

(a) Each Note
originally issued under this First Supplemental Indenture will bear the
Restricted Security Legend.

 

(b) By its acceptance
of any Note bearing the Restricted Security Legend (or any beneficial interest
in such a Note), each Holder thereof and each owner of a beneficial interest
therein acknowledges the restrictions on transfer of such Note (and any such
beneficial interest) set forth in this Indenture and in the Restricted Security
Legend and agrees that it will transfer such Note (and any such beneficial
interest) only in accordance with the Indenture and the Restricted Securities
Legend.

 

(c) (1) If the
Company determines (upon the advice of counsel and such other certifications
and evidence as the Company may reasonably require) that the Restricted
Security Legend on a Note is no longer necessary or appropriate in order to
ensure that subsequent transfers of the Note (or a beneficial interest therein)
are effected in compliance with the Securities Act, or

 

(2) after a
Certificated Note that bears the Restricted Security Legend or a beneficial
interest in a Restricted Global Note is (x) sold pursuant to an effective
registration statement under the Securities Act, pursuant to the Registration
Rights Agreement or otherwise, or (y) is validly tendered for exchange
into an Exchange Note pursuant to an Exchange Offer,

 

the Company may instruct the
Trustee to cancel the Certificated Note or reduce the principal amount of the
Restricted Global Note by the principal amount of the beneficial interest no
longer requiring a Restricted Security Legend or sold or exchanged and issue to
the Holder thereof (or to its transferee) a new Note of like tenor and amount,
registered in the name of the Holder thereof (or its transferee), that does not
bear the Restricted Legend or increase the principal amount of an Unrestricted
Global Note by the principal amount of the beneficial interest no longer
requiring a Restricted Security Legend or sold or exchanged, and the Trustee
will comply with such 

 

6

 

instruction. If an
Unrestricted Global Note is not then outstanding, the Company shall execute and
the Trustee shall authenticate and deliver a Unrestricted Global Note to the
Depository.

 

SECTION 2.3. Restrictions
on Transfer and Exchange of Restricted Notes.

 

The transfer or exchange of
any Restricted Note that is a Certificated Note may only be made if the
Transfer Certification on the Certificated Note is completed.  If the Rule 144A Certificate or the
Regulation S Certificate is required to be completed in connection with the
transfer or exchange, the Notes issued upon transfer or exchange shall bear the
Restricted Securities Legend. The transfer or exchange of any Restricted Global
Note (or a beneficial interest therein) may only be made in accordance with the
applicable rules and procedures of the Depository, the Indenture and the
Restricted Securities Legend.

 

SECTION 2.4. Registration,
Transfer and Exchange of Global Notes.

 

(a) Global Note to
Global Note.  If a beneficial
interest in a Global Note is transferred or exchanged for a beneficial interest
in another Global Note, the Trustee will (x) record a decrease in the
principal amount of the Global Note being transferred or exchanged equal to the
principal amount of such transfer or exchange and (y) record a like increase
in the principal amount of the other Global Note; provided that a
beneficial interest in a Restricted Note may be transferred or exchanged only
in compliance with the Restricted Securities Legend pursuant to the applicable rules and
procedures of the Depository.  Any
beneficial interest in one Global Note that is transferred to a Person who
takes delivery in the form of an interest in another Global Note, or exchanged
for an interest in another Global Note, will, upon transfer or exchange, cease
to be an interest in such Global Note and become an interest in the other
Global Note and, accordingly, will thereafter be subject to all transfer and
exchange restrictions, if any, and other procedures applicable to beneficial
interests in such other Global Note for as long as it remains such an interest.

 

(b) Global Note to
Certificated Note.  If a beneficial
interest in a Global Note is transferred or exchanged for a Certificated Note,
the Trustee will (x) record a decrease in the principal amount of such Global
Note equal to the principal amount of such transfer or exchange and (y) deliver
one or more new Certificated Notes in authorized denominations having an equal
aggregate principal amount to the transferee (in the case of a transfer) or the
owner of such beneficial interest (in the case of an exchange), registered in
the name of such transferee or owner, as applicable; provided that a
beneficial interest in a Restricted Note may be transferred or exchanged only
in compliance with the Restricted Securities Legend pursuant to the applicable rules and
procedures of the Depository.  If the
Global Note does not bear the Restricted Legend, then the Certificated Notes
issued in exchange therefor will not bear the Restricted Legend.  If the Global Note bears the Restricted
Securities Legend, then the Certificated Notes issued in exchange therefor will
bear the Restricted Securities Legend. 
Notwithstanding the foregoing, Certificated Notes may not be issued upon
the transfer or exchange of beneficial interests in a Regulation S Global Note
prior to the expiration of the Restricted Period and the receipt by the Trustee
of a certification of beneficial ownership of the Regulation S Global Note by
one or more non-U.S. persons as required pursuant to Rule 903(b)(3)(ii)(B) under
Regulation S.

 

(c) Certificated
Note to Global Note.  If a
Certificated Note is transferred or exchanged for a beneficial interest in a
Global Note, the Trustee will (x) cancel such Certificated Note, (y) record
an increase in the principal amount of such Global Note equal to the principal
amount of such transfer or exchange and (z) in the event that such
transfer or exchange involves less than the entire principal amount of the
canceled Certificated Note, deliver to the Holder thereof one or more new
Certificated Notes in authorized denominations having an aggregate principal
amount equal to the untransferred or unexchanged portion of the canceled
Certificated Note, registered in the name of the Holder thereof; provided
that a Restricted Note may be transferred or exchanged for a Global Note only
in compliance with the Restricted Securities Legend pursuant to the applicable rules and
procedures of the Depository. Only a Certificated Note that does not bear the
Restricted Securities Legend may be transferred or exchanged for an
Unrestricted Global Note.  Only a
Restricted Note with a completed Transfer Certification together with a Rule 144A
Certificate may be transferred or exchanged for a Rule 144A Global
Note.  Only a Restricted Note with a completed
Transfer Certification and Regulation S Certificate may be transferred or
exchanged for a Regulation S Global Note.

 

(d) Certificated
Note to Certificated Note.  If a
Certificated Note is transferred or exchanged for another Certificated Note,
the Trustee will (x) cancel the Certificated Note being exchanged or
transferred and (y) deliver one or more new Certificated Notes in
authorized denominations having an equal aggregate principal amount to the
transferee (in the case of a transfer) or the owner of such beneficial interest
(in the case of an exchange), registered in the name of such transferee or
owner, as applicable; provided that a beneficial interest in a Restricted Note
may be transferred or exchanged only in compliance with the Restricted Securities
Legend pursuant to the applicable rules and procedures of the Depository.

 

7

 

SECTION 2.5. Terms of the
Notes.

 

The following terms relating
to the Notes are hereby established:

 

(a) Title. The 2015 Notes shall constitute a series
of Securities having the title “3.625% Senior Notes due 2015” and the 2020
Notes shall constitute a separate series of Securities having the title “5.000%
Senior Notes due 2020”.

 

(b) Principal Amount. The aggregate principal amount of the
2015 Notes that may be initially authenticated and delivered under the
Indenture (except for 2015 Notes authenticated and delivered upon registration
of, transfer of, or in exchange for, or in lieu of, other 2015 Notes pursuant
to Sections 2.4, 2.5, 2.6, 3.7 or 10.6 of the Indenture) shall be
$$500,000,000. The aggregate principal amount of the 2020 Notes that may be
initially authenticated and delivered under the Indenture (except for 2020
Notes authenticated and delivered upon registration of, transfer of, or in
exchange for, or in lieu of, other 2020 Notes pursuant to Sections 2.4, 2.5,
2.6, 3.7 or 10.6 of the Indenture) shall be $500,000,000. The Company may from
time to time, without the consent of the Holders of Notes of either series, issue
additional Notes (in any such case “Additional Notes”) of either series
having the same ranking and the same interest rate, maturity and other terms as
the Notes of that series, except for the issue date, the public offering price
and, in some cases, the first Interest Payment Date. Any Additional Notes of a
series and the existing Notes of that series will constitute a single series
under the Indenture and all references to the relevant Notes shall include the
Additional Notes unless the context otherwise requires.

 

(c) Maturity Date. The entire outstanding principal of the
2015 Notes shall be payable on June 15, 2015, and the entire outstanding
principal of the 2020 Notes shall be payable on June 15, 2020.

 

(d) Interest Rate.  The
rate at which the 2015 Notes shall bear interest shall be 3.625% per annum and
the rate at which the 2020 Notes shall bear interest shall be 5.000% per annum;
the date from which interest shall accrue on the Notes shall be June 17,
2010, or the most recent Interest Payment Date to which interest has been paid
or provided for; the Interest Payment Dates for the Notes shall be June 15
and December 15 of each year, beginning December 15, 2010; the
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date, will be paid, in immediately available funds, to the Persons in
whose names the Notes (or one or more predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall
be the June 1 or December 1, as the case may be, next preceding such
Interest Payment Date.  Payment of
principal and interest on the Notes will be made at the Corporate Trust Office
of the Trustee or such other office or agency of the Company as may be
designated for such purpose, in such currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts; provided, however, that each installment of interest and
principal on the Notes may at the Company’s option be paid in immediately
available funds by transfer to an account maintained by the payee located in
the United States of America.

 

(e) Currency.
The currency of denomination of the Notes is United States Dollars. Payment of
principal of and interest and premium, if any, on the Notes will be made in
United States Dollars.

 

SECTION 2.6. Optional
Redemption.

 

(a) The provisions of Article 3
of the Indenture shall apply to the Notes.

 

(b) For the benefit of
the Holders of the Notes, a new Section 3.8 shall be added to the Indenture
as follows:

 

“Section 3.8.          Notice to Holders; Redemption
Price; etc.

 

(a) At any time and
from time to time, the Notes of each series will be redeemable, as a whole or
in part, at the Company’s option, on at least 30 days, but not more than 60 days,
prior notice mailed to the registered address of each holder of the Notes of
the applicable series, or provided by email or facsimile to the Trustee for
transmission to the Depository or its nominee or such other notice method in
accordance with the Indenture as determined by a resolution of the Board of
Directors of the Company or a certificate executed by certain Officers of the
Company, at a redemption price equal to the greater of (i) 100% of
principal amount of the Notes to be redeemed, or (ii) the sum of the
present values of the remaining scheduled payments of interest and principal
thereon (exclusive of interest accrued and unpaid to, but not including, the
date of redemption) discounted to the date of redemption on a semi-annual
basis, assuming a 360-day year consisting of twelve 30-day months, at the
Treasury Rate plus 25 basis points in the case of the 2015 Notes and 30 basis
points in the case of the 2020 Notes, plus, in the case of either (i) or
(ii), accrued and unpaid interest to, but not including, the date of
redemption; provided that the principal amount of
any Note remaining outstanding after a redemption in part shall be $2,000 or a
higher integral multiple of $1,000.

 

(b) On and after the
Redemption Date for the Notes of either series, interest will cease to accrue
on the Notes of such series or any portion thereof called for redemption,
unless the Company defaults in the payment of the redemption price. On or
before the Redemption Date for the Notes of such series, the Company will deposit
with a

 

8

 

Paying Agent, or the
Trustee, funds sufficient to pay the redemption price of and accrued and unpaid
interest on the Notes to be redeemed on such date. If less than all of the
Notes of a series are to be redeemed, the Notes of that series to be redeemed
will be selected by the Trustee pro rata, by lot, or by a method that complies
with applicable legal requirements.”

 

(c) For the benefit of
the Holders of the Notes, a new Section 3.9 shall be added to the
Indenture as follows:

 

“Section 3.9.          Repurchase of Notes Upon a Change
of Control.

 

(a) If a Change of
Control Triggering Event occurs with respect to the Notes of a series, unless
the Company shall have exercised its option to redeem the Notes of such series
as described in Section 2.3 of this First Supplemental Indenture, the
Company shall be required to make an offer (the “Change of Control Offer”)
to each holder of the Notes of such series to repurchase all or any part (equal
to $2,000 principal amount or a higher integral multiple of $1,000) of such
Holder’s Notes of such series on the terms set forth in this Section 2.4
and in the Notes. In the Change of Control Offer, the Company shall offer
payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased
to but not including the date of repurchase (the “Change of Control Payment”).
With respect to the Notes of each series, within 30 days following any Change
of Control Triggering Event or, at the option of the Company, prior to any
Change of Control, but after the public announcement of the transaction that
constitutes or may constitute the Change of Control, the Company shall mail a
notice to Holders of Notes of the applicable series, or in the case of Global
Notes provide by email or facsimile to the Trustee for transmission to the
Depository or its nominee or such other notice method in accordance with the
Indenture as determined by a resolution of the Board of Directors of the
Company or a certificate executed by certain Officers of the Company,
describing the transaction that constitutes or may constitute the Change of
Control Triggering Event and offering to repurchase the Notes of such series on
the date specified in the notice, which date shall be no earlier than 30 days
and no later than 60 days from the date such notice is mailed or otherwise
provided or, if the notice is mailed or otherwise provided prior to the Change
of Control, no earlier than 30 days and no later than 60 days from the date on
which the Change of Control Triggering Event occurs (the “Change of Control
Payment Date”). The notice shall, if mailed or otherwise provided prior to
the date of consummation of the Change of Control, state that the offer to
purchase is conditioned on the Change of Control Triggering Event occurring on
or prior to the Change of Control Payment Date.

 

(b) On the Change of
Control Payment Date, the Company shall, to the extent lawful:

 

(1) accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer;

 

(2) deposit with the
Paying Agent an amount equal to the Change of Control Payment in respect of all
Notes or portions of Notes properly tendered; and

 

(3) deliver or cause to
be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or
portions of Notes being repurchased.

 

(c) The Company shall
not be required to make a Change of Control Offer upon the occurrence of a
Change of Control Triggering Event if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for an
offer made by the Company and the third party repurchases all Notes properly
tendered and not withdrawn under its offer. In addition, the Company shall not
repurchase any Notes if there has occurred and is continuing on the Change of
Control Payment Date an Event of Default under the Indenture, other than an
Event of Default arising as a result of a default in the payment of the Change
of Control Payment upon a Change of Control Triggering Event.

 

(d) The Company shall
comply in all material respects with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder to
the extent such laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control Triggering Event. To
the extent that the provisions of any such securities laws or regulations
conflict with the Change of Control Offer provisions of the Notes, the Company
shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under the Change of Control Offer
provisions of the Notes by virtue of any such conflict.”

 

SECTION 2.7. Limitation
on Liens.

 

For the benefit of the
Holders of the Notes, a new Section 5.6 shall be added to the Indenture as
follows:

 

“Other than as provided in Section 5.8,
the Company shall not, and shall not permit any Subsidiaries of the Company to,
create or assume any Indebtedness secured by any Lien on any of the Company’s
or such Subsidiary’s respective Properties unless the Notes are secured by such
Lien equally and ratably with, or prior to, the

 

9

 

Indebtedness secured by such
Lien.  This restriction does not apply to
Indebtedness that is secured by (i) Liens existing on the date of the
issuance of the Notes; (ii) Liens securing only the Notes; (iii) Liens
on Property or shares of stock in respect of Indebtedness of a Person existing
at the time such Person becomes a Subsidiary of the Company or is merged into
or consolidated with, or its assets are acquired by, the Company or any
Subsidiary of the Company (provided that
such Lien was not incurred in anticipation of such transaction and was in
existence prior to such transaction) so long as such Lien does not extend to
any other Property and the Indebtedness so secured is not increased; (iv) Liens
to secure Indebtedness incurred for the purpose of all or any part of a
Property’s purchase price or cost of construction or additions, repairs,
alterations, or other improvements; provided
that (1) the principal amount of any Indebtedness secured by such Lien
does not exceed 100% of such Property’s purchase price or cost, (2) such
Lien does not extend to or cover any other Property other than the Property so
purchased, constructed or on which such additions, repairs, alterations or
other improvements were so made, and (3) such Lien is incurred prior to or
within 270 days after the acquisition of such Property or the completion of
construction or such additions, repairs, alterations or other improvements and
the full operation of such Property thereafter; (v) Liens in favor of the
United States or any state thereof, or any instrumentality of either, to secure
certain payments pursuant to any contract or statute; (vi) Liens for taxes
or assessments or other governmental charges or levies which are not overdue
for a period exceeding 60 days unless such Liens are being contested in good
faith and for which adequate reserves are being maintained, to the extent
required by generally accepted accounting principles; (vii) title
exceptions, easements, licenses, leases and other similar Liens that are not
consensual and that do not materially impair the use of the Property subject
thereto; (viii) Liens to secure obligations under worker’s compensation
laws, unemployment compensation, old-age pensions and other social security
benefits or similar legislation; (ix) Liens arising out of legal
proceedings, including Liens arising out of judgments or awards; (x) warehousemen’s,
materialmen’s, carrier’s, landlord’s and other similar Liens for sums not
overdue for a period exceeding 60 days unless such Liens are being contested in
good faith and for which adequate reserves are being maintained, to the extent
required by generally accepted accounting principles; (xi) Liens incurred
to secure the performance of statutory obligations, surety or appeal bonds,
performance or return-of-money bonds, insurance, self-insurance or other
obligations of a like nature incurred in the ordinary course of business; (xii) Liens
that are rights of set-off relating to the establishment of depository
relations with banks not given in connection with the issuance of Indebtedness;
(xiii) Liens on the assets of a special purpose Subsidiary resulting from
securitization transactions with respect to accounts receivable, royalties and
similar assets included in such securitization transactions; or (xiv) Liens
to secure any extension, renewal, refinancing or refunding (or successive
extensions, renewals, refinancings or refundings), in whole or in part, of any
Indebtedness secured by Liens referred to in clauses (i) to (xiii) or
Liens created in connection with any amendment, consent or waiver relating to
such Indebtedness, so long as such Lien does not extend to any other Property
and the Indebtedness so secured does not exceed the fair market value (as
determined by the Board of Directors of the Company) of the assets subject to
such Liens at the time of such extension, renewal, refinancing or refunding, or
such amendment, consent or waiver, as the case may be.”

 

SECTION 2.8. Limitation
on Sale and Leaseback Transactions.

 

For the benefit of the
Holders of the Notes, a new Section 5.7 shall be added to the Indenture as
follows:

 

“Other than as provided
under Section 5.8, the Company shall not, and shall not permit any of its
Subsidiaries to, enter into any Sale and Leaseback Transaction with respect to
any of the Company’s or such Subsidiary’s respective Properties, the
acquisition or completion of construction and commencement of full operations
of which has occurred more than 270 days prior thereto, unless (i) the
lease is for a period not in excess of five years, including renewal rights; or
(ii) the Company or the Subsidiary, prior to or within 270 days after the
sale of such Property in connection with the Sale and Leaseback Transaction is
completed, applies the net cash proceeds of the sale of the Property leased to (1) the
retirement of the Notes or debt of the Company ranking equally with the Notes
or to the retirement of any debt of a Subsidiary of the Company, or (2) the
acquisition of different property, facilities or equipment or the expansion of
the Company’s existing business, including the acquisition of other businesses.”

 

SECTION 2.9. Exempted
Liens and Sale and Leaseback Transactions.

 

For the benefit of the
Holders of the Notes a new Section 5.8 shall be added to the Indenture as
follows:

 

“Notwithstanding the
restrictions described under Sections 5.6 or 5.7, the Company or any Subsidiary
of the Company may create or assume any Liens or enter into any Sale and
Leaseback Transactions not otherwise permitted as described above, if the sum
of the following does not exceed 10% of Consolidated Total Assets: (i) the
outstanding Indebtedness secured by such Liens (not including any Liens
permitted under Section 5.6 which amount does not include any Liens
permitted under the provisions of this Section 5.8); plus (ii) all
Attributable Debt in respect of such Sale and Leaseback Transaction entered
into (not including any Sale and Leaseback Transactions

 

10

 

permitted under Section 5.7
which amount does not include any Sale and Leaseback Transactions permitted
under the provisions of this Section 5.8), measured, in each case, at the
time such Lien is incurred or any such Sale and Leaseback Transaction is
entered into by the Company or such Subsidiary of the Company.”

 

SECTION 2.10. Subsidiary
Guarantees.

 

For the benefit of the
Holders of the Notes, a new Section 5.9 shall be added to the Indenture as
follows:

 

“The Company shall cause
each domestic Subsidiary that guarantees any Indebtedness of the Company under
any Credit Facilities to execute and deliver to the Trustee (a) a
supplemental indenture in the form of Exhibit A hereto pursuant to
which such Subsidiary shall become a Subsidiary Guarantor under Article VA
and shall guarantee the Guaranteed Obligations and (b) a Subsidiary
Guarantee in the form of Exhibit B hereto.”

 

In lieu of delivering a
supplemental indenture in the form of Exhibit A to the Indenture
and a Subsidiary Guarantee in the form of Exhibit B to the
Indenture, Genzyme Therapeutic Products Limited Partnership shall become a
party to this First Supplemental Indenture.

 

SECTION 2.11. Consolidation,
Merger, Conveyance, Transfer or Lease.

 

For the benefit of the
Holders of the Notes, a new Section 6.1A shall be added to the Indenture
as follows:

 

“Section 6.1A.  Subsidiary Guarantors May Consolidate, Etc.,
Only on Certain Terms.

 

A Subsidiary Guarantor shall
not consolidate with or merge into any other corporation or convey, transfer or
lease its properties and assets substantially as an entirety to any Person
(excluding the Company or another Subsidiary Guarantor), and a Subsidiary
Guarantor shall not permit any Person (excluding the Company or another
Subsidiary Guarantor) to consolidate with or merge into such Subsidiary
Guarantor, unless either: (a) as a result of such transaction, such
Subsidiary Guarantor will be released from its Subsidiary Guarantee hereunder
in accordance with Section 5A.8 or

 

(b) (1)     in case a Subsidiary
Guarantor shall consolidate with or merge into another corporation or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the corporation formed by such consolidation or into which such
Subsidiary Guarantor is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of such Subsidiary
Guarantor substantially as an entirety shall be a corporation organized and
existing under the laws of the United States of America, any State thereof or
the District of Columbia and shall expressly assume, by an indenture
supplemental hereto and a Subsidiary Guarantee in the form of Exhibit B
hereto, in each case executed and delivered to the Trustee the due and punctual
payment of the principal of (and premium, if any) and interest on all the
Securities and the performance and observance of every covenant of this
Indenture on the part of such Subsidiary Guarantor to be performed or observed;

 

(2)           immediately after giving
effect to such transaction and treating any Indebtedness which becomes an
obligation of the Subsidiary Guarantor as a result of such transaction as
having been incurred by the Subsidiary Guarantor at the time of such
transaction, no Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have occurred and be
continuing; and

 

(3)           the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, conveyance, transfer or lease and, if a
supplemental indenture is required in connection with such transaction, such
supplemental indenture complies with this Article and is authorized and
permitted by this Indenture and that all conditions precedent herein provided
for relating to such transaction have been complied with.”

 

SECTION 2.12. Events of
Default.

 

For the benefit of the
Holders of each series of the Notes, Sections 7.1(6) and (7) of the
Indenture are amended by restating them in their entirety as follows:

 

“(6) the entry by a
court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company or a Subsidiary Guarantor in an involuntary
case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company or a Subsidiary Guarantor a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company or a Subsidiary
Guarantor under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or Subsidiary Guarantor, as the case may be, or of any
substantial part of its property, or ordering the winding up or liquidation of
its affairs, and the continuance of any such decree or order for relief or any
such other decree or order unstayed and in effect for a period of 90
consecutive days; or

 

11

 

(7) the commencement by
the Company or a Subsidiary Guarantor of a voluntary case or proceeding under
any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company or a Subsidiary Guarantor in an involuntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under any applicable Federal
or State law, or the consent by it to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Company or  Subsidiary Guarantor, as the case may be, or of
any substantial part of its property, or the making by the Company or a
Subsidiary Guarantor of an assignment for the benefit of creditors, or the
admission by the Company or a Subsidiary Guarantor in writing of its inability
to pay its debts generally as they become due, or the taking of corporate
action by the Company or a Subsidiary Guarantor, as the case may be, in
furtherance of any such action; or”

 

ARTICLE III.

 

SUBSIDIARY GUARANTEE

 

For the benefit of the
Holders of the Notes a new Article VA shall be added to the Indenture as
follows:

 

“ARTICLE VA

 

SUBSIDIARY GUARANTEE

 

Section 5A.1.        Subsidiary Guarantees.

 

Each Subsidiary Guarantor
hereby fully and unconditionally guarantees, jointly and severally, to each
Holder and to the Trustee and its successors and assigns (a) the full and
punctual payment of principal of and interest (and premium, if any) on the
Securities when due, whether at maturity, by acceleration, by redemption or
otherwise, and (b) the full and punctual performance within applicable
grace periods of all other obligations of the Company under this Indenture and
the Securities (the Indenture and the Securities being hereinafter collectively
called the “Guaranteed Obligations”). 
Each Subsidiary Guarantor further agrees that the Guaranteed Obligations
may be extended or renewed, in whole or in part, without notice or further
assent from such Subsidiary Guarantor, and that such Subsidiary Guarantor will
remain bound under this Article notwithstanding any extension or renewal
of any Guaranteed Obligation.

 

Each Subsidiary Guarantor
waives presentation to, demand of, payment from and protest to the Company of
any of the Guaranteed Obligations and also waives notice of protest for
nonpayment.  Each Subsidiary Guarantor
waives notice of any default under the Securities or the Guaranteed
Obligations.  The obligations of each
Subsidiary Guarantor hereunder shall not be affected by (a) the failure of
any Holder or the Trustee to assert any claim or demand or to enforce any right
or remedy against the Company or any other Person (including the Subsidiary
Guarantors) under this Indenture, the Securities or any other agreement or
otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture or the Securities; (d) the failure of any Holder or the
Trustee to exercise any right or remedy against any other guarantor of the
Guaranteed Obligations; or (e) except as set forth in Section 5A.8,
any change in the ownership of such Subsidiary Guarantor.

 

Each Subsidiary Guarantor
further agrees that its Subsidiary Guarantee herein constitutes a guarantee of
payment, performance and compliance when due (and not a guarantee of
collection) and waives any right to require that any resort be had by any
Holder or the Trustee to any security held for payment of the Guaranteed
Obligations.

 

Except as expressly set
forth in Section 5A.7, 5A.8, 6.1A, 11.3 and 11.4 of the Indenture, the
obligations of each Subsidiary Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any
claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of
the Guaranteed Obligations or otherwise. 
Without limiting the generality of the foregoing, the obligations of
each Subsidiary Guarantor herein shall not be discharged or impaired or
otherwise affected by the failure of any Holder or the Trustee to assert any
claim or demand or to enforce any remedy under this Indenture or the
Securities, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the obligations,
or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of such
Subsidiary Guarantor or would otherwise operate as a discharge of such
Subsidiary Guarantor as a matter of law or equity.

 

12

 

Each Subsidiary Guarantor
further agrees that its Subsidiary Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of principal of or interest on any Guaranteed Obligation is
rescinded or must otherwise be restored by any Holder or the Trustee upon the
bankruptcy or reorganization of the Company or otherwise.

 

In furtherance of the
foregoing and not in limitation of any other right which any Holder or the
Trustee has at law or in equity against any Subsidiary Guarantor by virtue
hereof, upon the failure of the Company to pay the principal of or interest
(and premium, if any) on any Guaranteed Obligation when and as the same shall
become due, whether at maturity, by acceleration, by redemption, by repurchase
or otherwise, or to perform or comply with any other Guaranteed Obligation,
each Subsidiary Guarantor hereby promises to and will, upon receipt of written
demand by the Trustee or the Holders pursuant to this Indenture, forthwith pay,
or cause to be paid, in cash, to the Holders or the Trustee an amount equal to
the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued
and unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by law) and (iii) all other monetary Guaranteed Obligations of
the Company to the Holders and the Trustee.

 

Each Subsidiary Guarantor
agrees that it shall not be entitled to any right of subrogation in respect of
any Guaranteed Obligations guaranteed hereby until payment in full in cash of
all Guaranteed Obligations.  Each
Subsidiary Guarantor further agrees that, as between it, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the
Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VII
for the purposes of such Subsidiary Guarantor’s Subsidiary Guarantee herein,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (y) in
the event of any declaration of acceleration of such Guaranteed Obligations as
provided in Article VII, such Guaranteed Obligations (whether or not due
and payable) shall forthwith become due and payable by such Subsidiary
Guarantor for the purposes of this Section. 
Each Subsidiary Guarantor agrees that any right of indemnity,
subrogation or contribution it may have under applicable law or otherwise shall
be fully subordinated to the indefeasible payment in full in cash of the
Guaranteed Obligations.

 

Each Subsidiary Guarantor
also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights
under this Article.

 

Section 5A.2.        Contribution.

 

Each Subsidiary Guarantor (a
“Contributing Party”) agrees that, in the event a payment shall be made
by any other Subsidiary Guarantor under any Subsidiary Guarantee (the “Claiming
Guarantor”), the Contributing Party shall indemnify the Claiming Guarantor
in an amount equal to the amount of such payment multiplied by a fraction, the
numerator of which shall be the net worth of the Contributing Party on the date
of such payment and the denominator of which shall be the aggregate net worth
of all the Subsidiary Guarantors on the date of such payment.

 

Section 5A.3.        Successors and Assigns.

 

This Article shall be
binding upon each Subsidiary Guarantor and its successors and assigns and shall
inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this
Indenture and in the Securities shall automatically extend to and be vested in
such transferee or assignee, all subject to the terms and conditions of this
Indenture.

 

Section 5A.4.        No Waiver.

 

Neither a failure nor a
delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article shall operate as a waiver thereof,
nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. 
The rights, remedies and benefits of the Trustee and the Holders herein
expressly specified are cumulative and not exclusive of any other rights,
remedies or benefits which either may have under this Article at law, in
equity, by statute or otherwise.

 

Section 5A.5.        Modification.

 

No modification, amendment
or waiver of any provision of this Article, nor the consent to any departure by
any Subsidiary Guarantor therefrom, shall in any event be effective (a) unless
the same shall be in writing and signed by the Trustee and (b) with
respect to the Holder of a Security adversely affected thereby, unless such
Holder consents thereto, and, in each case, then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given.

 

No notice to or demand on
any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to
any other or further notice or demand in the same, similar or other
circumstances.

 

13

 

Section 5A.6.        Execution of Supplemental
Indenture for Future Subsidiary Guarantors.

 

Each Subsidiary which is
required to become a Subsidiary Guarantor pursuant to Section 5.9 of the
Indenture shall promptly execute and deliver to the Trustee (a) a
supplemental indenture in the form of Exhibit A hereto pursuant to
which such Subsidiary shall become a Subsidiary Guarantor under this Article and
shall guarantee the Guaranteed Obligations and (b) a Subsidiary Guarantee
in the form of Exhibit B hereto. 
Concurrently with the execution and delivery of such supplemental
indenture and Subsidiary Guarantee, the Company shall deliver to the Trustee an
Officers’ Certificate and an Opinion of Counsel to the effect that (a) such
supplemental indenture and Subsidiary Guarantee have been duly authorized,
executed and delivered by such Subsidiary, (b) such supplemental indenture
is authorized and permitted by this Indenture and all conditions precedent
herein provided for relating to such transaction have been complied with and(c) subject
to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance
or transfer and other similar laws relating to creditors’ rights generally and
to the principles of equity, whether considered in a proceeding at law or in
equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a legal, valid
and binding obligation of such Subsidiary Guarantor, enforceable against such
Subsidiary Guarantor in accordance with its terms.

 

Section 5A.7.        Limitation on Liability.

 

Any term or provision of
this Indenture to the contrary notwithstanding, the maximum aggregate amount of
the Guaranteed Obligations guaranteed hereunder by any Subsidiary Guarantor
shall not exceed the maximum amount that can be hereby guaranteed without
rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer
or similar laws affecting the rights of creditors generally.

 

Section 5A.8         Release of Subsidiary
Guarantor.

 

The guarantee by a
Subsidiary Guarantor shall terminate without any further action required on the
part of the Trustee or any Holder:

 

(a)  upon a sale or other disposition (including
by way of consolidation or merger) of the Subsidiary Guarantor or the sale or
disposition of all or substantially all the assets of the Subsidiary Guarantor
(other than to the Company or one of the Subsidiaries), or

 

(b) if the Subsidiary Guarantor is released from
its guarantee of the Company’s Indebtedness under any Credit Facilities for
which the Subsidiary Guarantor becomes a guarantor.

 

In each case, the Company
shall provide an Officers’ Certificate to the Trustee to the effect that the
release complies therewith, the Trustee shall execute and deliver an
appropriate instrument evidencing such release.

 

ARTICLE IV.

 

EXHIBITS TO INDENTURE

 

SECTION 4.1. Exhibits
Incorporated into the Indenture.

 

(a) Annex I
hereto is hereby incorporated into the Indenture as Exhibit A
thereto.

 

(b) Annex II
hereto is hereby incorporated into the Indenture as Exhibit B
thereto.

 

ARTICLE V.

 

MISCELLANEOUS

 

SECTION 5.1. Trust
Indenture Act Controls.

 

If any provision of this
First Supplemental Indenture limits, qualifies or conflicts with another
provision which is required to be included in this First Supplemental Indenture
by the Trust Indenture Act, the required provision shall control. If any
provision of this First Supplemental Indenture modifies or excludes any
provision of the Trust Indenture Act which may be so modified or excluded, the
latter provision shall be deemed to apply to this First Supplemental Indenture
as so modified or to be excluded, as the case may be.

 

SECTION 5.2. Governing
Law.

 

This First Supplemental
Indenture and the Notes shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule that

 

14

 

would cause the application
of the laws of any other jurisdiction.

 

SECTION 5.3. Multiple
Counterparts.

 

The parties may sign
multiple counterparts of this First Supplemental Indenture. Each signed
counterpart shall be deemed an original, but all of them together represent one
and the same First Supplemental Indenture.

 

SECTION 5.4. Severability.

 

Each provision of this First
Supplemental Indenture shall be considered separable and if for any reason any
provision which is not essential to the effectuation of the basic purpose of
this First Supplemental Indenture or the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby and a Holder
shall have no claim therefor against any party hereto.

 

SECTION 5.5. Relation to
Indenture.

 

This First Supplemental
Indenture constitutes a part of the Indenture, the provisions of which (as
modified by this First Supplemental Indenture) shall apply to the series of
Securities established by this First Supplemental Indenture but shall not
modify, amend or otherwise affect the Indenture insofar as it relates to any
other series of Securities or modify, amend or otherwise affect in any manner
the terms and conditions of the Securities of any other series.

 

SECTION 5.6. Ratification.

 

The Indenture, as
supplemented and amended by this First Supplemental Indenture, is in all
respects ratified and confirmed.  The
Indenture and this First Supplemental Indenture shall be read, taken and
construed as one and the same instrument. All provisions included in this First
Supplemental Indenture supersede any conflicting provisions included in the
Indenture unless not permitted by law. The Trustee accepts the trusts created
by the Indenture, as supplemented by this First Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Indenture, as
supplemented by this First Supplemental Indenture.

 

SECTION 5.7. Effectiveness.

 

The provisions of this First
Supplemental Indenture shall become effective as of the date hereof.

 

SECTION 5.8. Trustee Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the
Trustee or any Authenticating Agent assumes no responsibility for their
correctness.  The Trustee makes no
representations as to the validity or sufficiency of this First Supplemental
Indenture or of the Securities.  The
Trustee or any Authenticating Agent shall not be accountable for the use or
application by the Company of Securities or the proceeds thereof.

 

[Remainder
of this page intentionally left blank]

 

15

 

IN WITNESS WHEREOF, the
parties hereto have caused this First Supplemental Indenture to be duly
executed as of the date first above written.

 

	
   

  	
  GENZYME
  CORPORATION, as the Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael S. Wyzga

  
	
   

  	
  Name:
  Michael S. Wyzga

  
	
   

  	
  Title:
  Executive Vice President, Finance & Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  GENZYME
  THERAPEUTIC PRODUCTS LIMITED PARTNERSHIP, as a Subsidiary
  Guarantor

  
	
   

  	
   

  
	
   

  	
  By
  GENZYME THERAPEUTIC PRODUCTS CORPORATION, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael S. Wyzga

  
	
   

  	
  Name:
  Michael S. Wyzga

  
	
   

  	
  Title:
  Vice President & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Leslie Lockhart

  
	
   

  	
  Name:
  Leslie Lockhart

  
	
   

  	
  Title:
  Senior Associate

  

 

Signature Page to First Supplemental Indenture

 

 

EXHIBIT A

 

Form of
3.625% Senior Note due 2015

 

[Global Security Legend;
include in a Global Note]

 

[THIS NOTE IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY.  THIS NOTE IS EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE
OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY.  TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY
ARE LIMITED TO TRANSFERS PERMITTED BY INDENTURE.]

 

[Restricted Security Legend;
include in any Restricted Note]

 

[THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’),
OR ANY STATE SECURITIES LAWS.  NEITHER
THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION
TERMINATION DATE’’) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (‘‘RULE 144A’’), TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED
INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE
END OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN
EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING
ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS
LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.]

 

GENZYME CORPORATION

 

3.625% Senior Note due 2015

 

	
   

  	
  PRINCIPAL AMOUNT

  
	
  No.

  	
  $[         ]

  
	
   

  	
   

  
	
  CUSIP:

  	
   

  
	
  ISIN:

  	
   

  

 

 

Genzyme Corporation, a
Massachusetts corporation (herein called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to [Include in Global Note: Cede &
Co.; ], or registered assigns, the principal sum [Include in Certificated Note:
of $[           ]] [Include in Global
Note: set forth in the attached Schedule of Increases and Decreases in Global
Note] on June 15, 2015 (the “Maturity Date”) (except to the extent
redeemed or repaid prior to the Maturity Date) and to pay interest thereon from
[              ] (the “Original Issue
Date”) or from the most recent Interest Payment Date to which interest has
been paid or duly provided for semi-annually at the rate of 3.625% per annum,
on June 15 and December 15 (each such date, an “Interest Payment
Date”), commencing [              ],
until the principal hereof is paid or made available for payment.

 

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest
Payment Date, will, as provided in the Indenture, be paid, in immediately
available funds, to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the June 1
or December 1 (whether or not a Business Day, as defined in the
Indenture), as the case may be, next preceding such Interest Payment Date (the “Regular
Record Date”). Any such interest not punctually paid or duly provided for (“Defaulted
Interest”) will forthwith cease to be payable to the Holder on such Regular
Record Date, and such Defaulted Interest, may be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on a special record date (the “Special Record Date”)
for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than ten days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

 

Place of Payment. Payment of
principal, premium, if any, and interest on this Note will be made at the
Corporate Trust Office of the Trustee or such other office or agency of the
Company as may be designated for such purpose, in such currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that each
installment of interest, premium, if any, and principal on this Note may at the
Company’s option be paid in immediately available funds by transfer to an
account maintained by the payee located in the United States of America.

 

Time of Payment. In any case
where any Interest Payment Date, the Maturity Date or any date fixed for
redemption or repayment of the Notes shall not be a Business Day, then
(notwithstanding any other provision of the Indenture or this Note), payment of
principal or interest, if any, need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made
on such Interest Payment Date, the Maturity Date or the date so fixed for
redemption or repayment, and no interest shall accrue in respect of the delay.

 

General. This Note is
one of a duly authorized issue of Securities of the Company, issued and to be
issued in one or more series under an indenture (the “Base Indenture”),
dated as of June 17, 2010, between the Company and The Bank of New York
Mellon Trust Company, N.A. (herein called the “Trustee,” which term
includes any successor Trustee under the Indenture with respect to a series of
which this Note is a part), as supplemented by a First Supplemental Indenture
thereto, dated as of June 17, 2010 (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”), among the
Company, the Subsidiary Guarantors party thereto from time to time and the
Trustee. Reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities, and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Note is one of a duly authorized series of Securities designated as “3.625%
Senior Notes due 2015” (collectively, the “Notes”), initially limited in
aggregate principal amount to $500,000,000.

 

Further Issuance. The Company
may from time to time, without the consent of the Holders of the Notes, issue
additional Securities (the “Additional Securities”) of this series
having the same ranking and the same interest rate, maturity and other terms as
the Notes. Any Additional Securities of this series and the Notes will
constitute a single series under the Indenture and all references to the Notes
shall include the Additional Securities unless the context otherwise requires.

 

Events of Default. If an Event
of Default with respect to the Notes shall have occurred and be continuing, the
principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

 

Sinking Fund. The Notes are
not subject to any sinking fund.

 

Optional Redemption. The Notes
will be redeemable at any time, at the option of the Company, in whole or from
time to time in part, upon not less than 30 nor more than 60 days’ prior
notice, on any date prior to their

 

 

Maturity at a redemption
price, calculated pursuant to the Indenture, which includes accrued interest
thereon, if any, to, but not including, the Redemption Date. In the case of any
partial redemption, selection of the Notes for redemption will be made by the
Trustee pro rata, by lot, or by a method that complies with applicable legal
requirements. If any Note is to be redeemed in part only, the notice of redemption
relating to such Note shall state the portion of the principal amount thereof
to be redeemed; provided that the principal
amount of any Note remaining outstanding after a redemption in part shall be
$2,000 or a higher integral multiple of $1,000. A new Note in principal amount
equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of this Note.

 

Repurchase upon a Change of
Control Triggering Event. Upon the occurrence of a Change of Control
Triggering Event with respect to the Notes, the Company shall be required to
make an offer to repurchase the Notes on the terms set forth in the Indenture.

 

Restrictive Covenants.  The Indenture contains certain covenants
that, among other things, limit the ability of the Company and its Subsidiaries
to create liens or the ability of the Company or a Subsidiary Guarantor to
consolidate, merge or sell, transfer or lease all or substantially all of its
assets.

 

Defeasance and Covenant
Defeasance. The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on this Note and
(b) certain restrictive covenants and the related Defaults and Events of
Default, upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

 

Modification and Waivers;
Obligations of the Company Absolute. The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Securities of each series. Such amendment may be effected under
the Indenture at any time by the Company, and the Trustee with the consent of
the Holders of not less than a majority in aggregate principal amount of the
outstanding Notes of each series affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Securities at the time outstanding, on behalf of the
Holders of all outstanding Securities, to waive compliance by the Company with
certain provisions of the Indenture. Furthermore, provisions in the Indenture
permit the Holders of not less than a majority in aggregate principal amount of
the outstanding Securities of individual series to waive on behalf of all of
the Holders of Securities of such individual series certain past defaults under
the Indenture and their consequences. Any such consent or waiver shall be
conclusive and binding upon the Holder of this Note and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest on this Note at the time, place, and rate,
and in the currency, herein prescribed.

 

Subsidiary Guarantees.  This Note will be entitled to the benefits of
certain Subsidiary Guarantees made for the benefit of the Holders.  Reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Subsidiary Guarantors, the Trustee and the
Holders.

 

No Recourse Against Others.  No director, officer, agent, employee,
incorporator, stockholder, partner, member, or manager of the Company or any
Subsidiary Guarantor shall have any liability for any obligations of the
Company or any Subsidiary Guarantor under any Notes, the Indenture or any
Subsidiary Guarantee or for any claim based on, in respect of, or by reason of,
such obligations or their creation.  Each
Holder of the Notes by accepting a Note waives and releases all such
liability.  The waiver and release are
part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note will
have any right to institute any proceeding with respect to the Indenture or for
any remedy thereunder, unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default with respect to this
series, the Holders of not less than 25% in principal amount of the outstanding
Notes shall have made written request, and offered indemnity satisfactory to
the Trustee, to the Trustee to institute such proceedings as Trustee, and the
Trustee shall not have received from the Holders of a majority in principal
amount of the outstanding Notes a direction inconsistent with such request and
shall have failed to institute such proceeding within 60 days; provided, however,
that such limitations do not apply to a suit instituted by the Holder hereof
for the enforcement of payment of the principal of or interest on this Note on
or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes are
issuable only in registered form without coupons in minimum denominations of
$2,000 or a higher integral multiple of $1,000.

 

Registration of Transfer or
Exchange. As provided in the Indenture and subject to
certain limitations herein

 

 

and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by
the Security Registrar upon surrender of this Note for registration of
transfer, at the office or agency of the Company in any place where the
principal of and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar, duly executed by the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

As provided in the Indenture
and subject to certain limitations herein and therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of different
authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Holder as the owner hereof for all
purposes (except with respect to certain payments of Defaulted Interest),
whether or not this Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

 

[Include in any Restricted
Note:

 

Additional Rights of Holders
of Restricted Global Notes and Restricted Certificated Notes.  Pursuant to, but subject to the exceptions
in, the Registration Rights Agreement (as amended, supplemented or otherwise
modified, the “Registration Rights Agreement”) among the Company and the
Representatives of the Initial Purchasers party thereto with respect to the
Notes, the Company will be obligated to consummate an exchange offer pursuant
to which the Holder of this Note shall have the right to exchange this Note for
a like principal amount of debt securities of the Company which shall have been
registered under the Securities Act having terms identical in all material
respects to this Note (except for the transfer restrictions relating to this
Note and except that such note shall not be entitled to Additional Interest (as
defined in the Registration Rights Agreement)). 
The Holders shall be entitled to receive certain Additional Interest (as
defined in the Registration Rights Agreement) in the event such exchange offer
is not consummated or the Notes are not offered for resale and upon certain
other conditions, all pursuant to the terms of the Registration Rights
Agreement.]

 

Defined Terms. All terms
used in this Note, which are defined in the Indenture and are not otherwise
defined herein, shall have the meanings assigned to them in the Indenture.

 

Governing
Law. This Note shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

[Remainder
of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed and its seal to be
hereunto affixed and attested.

 

Dated:

 

	
   

  	
   

  	
  GENZYME
  CORPORATION, as the Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of
the series designated therein referred to in the within-mentioned Indenture, as
such is supplemented by the within-mentioned First Supplemental Indenture.

 

	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

Dated:

 

 

ASSIGNMENT
FORM

 

I or we assign and transfer
this Note to

 

 

 

 

 

 

(Print or type name, address
and zip code of assignee or transferee)

 

 

 

(Insert Social Security or
other identifying number of assignee or transferee)

 

and irrevocably appoint
                                                                                                  
agent to transfer this Note on the books of the Company.  The agent may substitute another to act for
him.

 

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name
  appears on the other side of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  Participant in a
  recognized Signature Guarantee Medallion Program (or other signature guarantor
  program reasonably acceptable to the Trustee)

  

 

[Include
in any Restricted Securities: Transfer Certification for Restricted Securities:

 

In connection with any
transfer of this Note occurring prior to the date following the first
anniversary of the original issuance of this Note, the undersigned confirms
that it has not utilized any general solicitation or general advertising in
connection with the transfer:

 

[Check
One]

 

	
  (1)

  	
  o

  	
  to the Company or a
  subsidiary thereof; or

  
	
   

  	
   

  	
   

  
	
  (2)

  	
  o

  	
  pursuant to and in
  compliance with Rule 144A under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  o

  	
  outside the United States
  in compliance with Regulation S under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (4)

  	
  o

  	
  pursuant to the exemption
  from registration provided by Rule 144 under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (5)

  	
  o

  	
  pursuant to an effective
  registration statement under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (6)

  	
  o

  	
  pursuant to another
  available exemption from the registration statement requirements of the Securities
  Act.

  

 

 

Unless one of the items is
checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof;
provided, however, that if item
(3), (4) or (6) is checked, the Company or the Trustee may require,
prior to registering any such transfer of the Notes, in their sole discretion,
such written legal opinions, certifications) and other information as the
Company or the Trustee has reasonably requested to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act.

 

If none of the foregoing
items are checked, the Trustee or Registrar shall not be obligated to  register this Note in the name of any person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein shall have been satisfied.

 

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name
  appears on the other side of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  Participant in a
  recognized Signature Guarantee Medallion Program (or other signature guarantor
  program reasonably acceptable to the Trustee)]

  

 

 

Rule 144A Certificate

 

TO BE COMPLETED BY PURCHASER
IF (2) ABOVE IS CHECKED

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NOTICE:

  	
  To be executed by an
  executive officer

  

 

 

Regulation S Certificate

 

TO BE COMPLETED BY TRANSFEROR
IF (3) ABOVE IS CHECKED

 

Terms
are used in below are as used in Regulation S (“Regulation S”) under the
Securities Act of 1933, as amended (the “Securities Act”), except as otherwise
stated herein.

 

The
undersigned represents and warrants:

 

1.             The offer and
sale of the Notes was not and will not be made to a person in the United States
(unless such person is excluded from the definition of “U.S. person” pursuant
to Rule 902(k)(2)(vi) or the account held by it for which it is
acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under
the circumstances described in Rule 902(h)(3)) and such offer and sale was
not and will not be specifically targeted at an identifiable group of U.S.
citizens abroad.

 

2.             Unless the
circumstances described in the parenthetical in paragraph 1 above are
applicable, either (a) at the time the buy order was originated, the buyer
was outside the United States or the undersigned and any person acting on our
behalf reasonably believed that the buyer was outside the United States or (b) the
transaction was executed in, on or through the facilities of a designated
offshore securities market, and neither the undersigned nor any person acting
on behalf of the undersigned knows that the transaction was pre-arranged with a
buyer in the United States.

 

3.             Neither the
undersigned, any affiliate of the undersigned, nor any person acting on behalf
of the undersigned or its affiliates has made any directed selling efforts in
the United States with respect to the Notes.

 

4.             The proposed
transfer of Notes is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

 

 

	
  Dated:

  	
   

  	
   

  

 

 

[Attach to
Global Note only]

 

SCHEDULE OF
INCREASES AND DECREASES IN GLOBAL NOTE

 

Genzyme
Corporation

 

3.625% Senior
Note due 2015

 

The initial principal amount of this Global Note is $[        ]. The following increases or decreases
in this Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of

  decrease in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Amount of

  increase in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal Amount

  of this Global

  Note following

  such decrease or

  increase

  	
   

  	
  Signature of

  authorized

  signatory of

  Trustee or Note

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT B

 

Form of
5.000% Senior Note due 2020

 

[Global Security Legend;
include in a Global Note]

 

[THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY.  THIS NOTE IS EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE
OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY.  TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY
ARE LIMITED TO TRANSFERS PERMITTED BY INDENTURE.]

 

[Restricted Security Legend;
include in any Restricted Note]

 

[THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’),
OR ANY STATE SECURITIES LAWS.  NEITHER
THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION
TERMINATION DATE’’) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (‘‘RULE 144A’’), TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED
INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE
END OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO
THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED
AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.]

 

GENZYME CORPORATION

 

5.000% Senior Note due 2020

 

	
   

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  No.

  	
   

  	
  $[        ]

  
	
   

  	
   

  	
   

  
	
  CUSIP:

  	
   

  	
   

  
	
  ISIN:

  	
   

  	
   

  

 

 

Genzyme Corporation, a
Massachusetts corporation (herein called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to [Include in Global Note: Cede &
Co.; ], or registered assigns, the principal sum [Include in Certificated Note:
of $[          ]] [Include in
Global Note: set forth in the attached Schedule of Increases and Decreases in
Global Note] on June 15, 2020 (the “Maturity Date”) (except to the
extent redeemed or repaid prior to the Maturity Date) and to pay interest
thereon from [          ]
(the “Original Issue Date”) or from the most recent Interest Payment
Date to which interest has been paid or duly provided for semi-annually at the
rate of 5.000% per annum, on June 15 and December 15 (each such date,
an “Interest Payment Date”), commencing [          ],
until the principal hereof is paid or made available for payment.

 

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest
Payment Date, will, as provided in the Indenture, be paid, in immediately
available funds, to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the June 1
or December 1 (whether or not a Business Day, as defined in the
Indenture), as the case may be, next preceding such Interest Payment Date (the “Regular
Record Date”). Any such interest not punctually paid or duly provided for (“Defaulted
Interest”) will forthwith cease to be payable to the Holder on such Regular
Record Date, and such Defaulted Interest, may be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on a special record date (the “Special Record Date”)
for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than ten days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

 

Place of Payment. Payment of
principal, premium, if any, and interest on this Note will be made at the
Corporate Trust Office of the Trustee or such other office or agency of the
Company as may be designated for such purpose, in such currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that each
installment of interest, premium, if any, and principal on this Note may at the
Company’s option be paid in immediately available funds by transfer to an
account maintained by the payee located in the United States of America.

 

Time of Payment. In any case
where any Interest Payment Date, the Maturity Date or any date fixed for
redemption or repayment of the Notes shall not be a Business Day, then
(notwithstanding any other provision of the Indenture or this Note), payment of
principal or interest, if any, need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made
on such Interest Payment Date, the Maturity Date or the date so fixed for
redemption or repayment, and no interest shall accrue in respect of the delay.

 

General. This Note is
one of a duly authorized issue of Securities of the Company, issued and to be
issued in one or more series under an indenture (the “Base Indenture”),
dated as of June 17, 2010, between the Company and The Bank of New York
Mellon Trust Company, N.A. (herein called the “Trustee,” which term
includes any successor Trustee under the Indenture with respect to a series of
which this Note is a part), as supplemented by a First Supplemental Indenture thereto,
dated as of June 17, 2010 (the “First Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), among the Company,
the Subsidiary Guarantors party thereto from time to time and the Trustee.
Reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Note is one of
a duly authorized series of Securities designated as “5.000% Senior Notes due
2020” (collectively, the “Notes”), initially limited in aggregate
principal amount to $500,000,000.

 

Further Issuance. The Company
may from time to time, without the consent of the Holders of the Notes, issue
additional Securities (the “Additional Securities”) of this series
having the same ranking and the same interest rate, maturity and other terms as
the Notes. Any Additional Securities of this series and the Notes will
constitute a single series under the Indenture and all references to the Notes
shall include the Additional Securities unless the context otherwise requires.

 

Events of Default. If an Event
of Default with respect to the Notes shall have occurred and be continuing, the
principal of the Notes may be declared due and payable in the manner and with
the effect provided in the Indenture.

 

Sinking Fund. The Notes are
not subject to any sinking fund.

 

Optional Redemption. The Notes
will be redeemable at any time, at the option of the Company, in whole or from
time to time in part, upon not less than 30 nor more than 60 days’ prior
notice, on any date prior to their

 

 

Maturity at a redemption
price, calculated pursuant to the Indenture, which includes accrued interest
thereon, if any, to, but not including, the Redemption Date. In the case of any
partial redemption, selection of the Notes for redemption will be made by the
Trustee pro rata, by lot, or by a method that complies with applicable legal
requirements. If any Note is to be redeemed in part only, the notice of
redemption relating to such Note shall state the portion of the principal
amount thereof to be redeemed; provided that
the principal amount of any Note remaining outstanding after a redemption in
part shall be $2,000 or a higher integral multiple of $1,000. A new Note in
principal amount equal to the unredeemed portion thereof will be issued in the
name of the Holder thereof upon cancellation of this Note.

 

Repurchase upon a Change of Control
Triggering Event. Upon the occurrence of a Change of Control
Triggering Event with respect to the Notes, the Company shall be required to
make an offer to repurchase the Notes on the terms set forth in the Indenture.

 

Restrictive Covenants.  The Indenture contains certain covenants
that, among other things, limit the ability of the Company and its Subsidiaries
to create liens or the ability of the Company or a Subsidiary Guarantor to
consolidate, merge or sell, transfer or lease all or substantially all of its
assets.

 

Defeasance and Covenant
Defeasance. The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on this Note and
(b) certain restrictive covenants and the related Defaults and Events of
Default, upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

 

Modification and Waivers;
Obligations of the Company Absolute. The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Securities of each series. Such amendment may be effected under
the Indenture at any time by the Company, and the Trustee with the consent of
the Holders of not less than a majority in aggregate principal amount of the
outstanding Notes of each series affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Securities at the time outstanding, on behalf of the
Holders of all outstanding Securities, to waive compliance by the Company with
certain provisions of the Indenture. Furthermore, provisions in the Indenture
permit the Holders of not less than a majority in aggregate principal amount of
the outstanding Securities of individual series to waive on behalf of all of
the Holders of Securities of such individual series certain past defaults under
the Indenture and their consequences. Any such consent or waiver shall be
conclusive and binding upon the Holder of this Note and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest on this Note at the time, place, and rate,
and in the currency, herein prescribed.

 

Subsidiary Guarantees.  This Note will be entitled to the benefits of
certain Subsidiary Guarantees made for the benefit of the Holders.  Reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Subsidiary Guarantors, the Trustee and the
Holders.

 

No Recourse Against Others.  No director, officer, agent, employee,
incorporator, stockholder, partner, member, or manager of the Company or any
Subsidiary Guarantor shall have any liability for any obligations of the
Company or any Subsidiary Guarantor under any Notes, the Indenture or any
Subsidiary Guarantee or for any claim based on, in respect of, or by reason of,
such obligations or their creation.  Each
Holder of the Notes by accepting a Note waives and releases all such
liability.  The waiver and release are
part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note will
have any right to institute any proceeding with respect to the Indenture or for
any remedy thereunder, unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default with respect to this
series, the Holders of not less than 25% in principal amount of the outstanding
Notes shall have made written request, and offered indemnity satisfactory to
the Trustee, to the Trustee to institute such proceedings as Trustee, and the
Trustee shall not have received from the Holders of a majority in principal
amount of the outstanding Notes a direction inconsistent with such request and
shall have failed to institute such proceeding within 60 days; provided, however,
that such limitations do not apply to a suit instituted by the Holder hereof
for the enforcement of payment of the principal of or interest on this Note on
or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes are
issuable only in registered form without coupons in minimum denominations of
$2,000 or a higher integral multiple of $1,000.

 

Registration of Transfer or
Exchange. As provided in the Indenture and subject to
certain limitations herein

 

 

and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by
the Security Registrar upon surrender of this Note for registration of
transfer, at the office or agency of the Company in any place where the
principal of and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar, duly executed by the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

As provided in the Indenture
and subject to certain limitations herein and therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of different
authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Holder as the owner hereof for all
purposes (except with respect to certain payments of Defaulted Interest),
whether or not this Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

 

[Include in any Restricted
Note:

 

Additional Rights of Holders
of Restricted Global Notes and Restricted Certificated Notes.  Pursuant to, but subject to the exceptions
in, the Registration Rights Agreement dated as of June 17, 2010 (as amended,
supplemented or otherwise modified, the “Registration Rights Agreement”)
among the Company and the Representatives of the Initial Purchasers party
thereto with respect to the Notes, the Company will be obligated to consummate
an exchange offer pursuant to which the Holder of this Note shall have the
right to exchange this Note for a like principal amount of debt securities of
the Company which shall have been registered under the Securities Act having
terms identical in all material respects to this Note (except for the transfer
restrictions relating to this Note and except that such note shall not be
entitled to Additional Interest (as defined in the Registration Rights
Agreement)).  The Holders shall be entitled
to receive certain Additional Interest (as defined in the Registration Rights
Agreement) in the event such exchange offer is not consummated or the Notes are
not offered for resale and upon certain other conditions, all pursuant to the
terms of the Registration Rights Agreement.]

 

Defined Terms. All terms
used in this Note, which are defined in the Indenture and are not otherwise
defined herein, shall have the meanings assigned to them in the Indenture.

 

Governing
Law. This Note shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

[Remainder
of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed and its seal to be
hereunto affixed and attested.

 

Dated:

 

	
   

  	
   

  	
  GENZYME
  CORPORATION, as the Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of
the series designated therein referred to in the within-mentioned Indenture, as
such is supplemented by the within-mentioned First Supplemental Indenture.

 

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  

 

 

ASSIGNMENT
FORM

 

I or we assign and transfer
this Note to

 

 

 

 

 

 

(Print or type name, address
and zip code of assignee or transferee)

 

 

 

(Insert Social Security or
other identifying number of assignee or transferee)

 

 

and irrevocably appoint
                                                                                                  
agent to transfer this Note on the books of the Company.  The agent may substitute another to act for
him.

 

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name
  appears on the other side of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  Participant in a
  recognized Signature Guarantee Medallion Program (or other signature
  guarantor program reasonably acceptable to the Trustee)

  

 

[Include
in any Restricted Securities: Transfer Certification for Restricted Securities:

 

In connection with any
transfer of this Note occurring prior to the date following the first
anniversary of the original issuance of this Note, the undersigned confirms
that it has not utilized any general solicitation or general advertising in
connection with the transfer:

 

[Check
One]

 

	
  (1)

  	
  o

  	
  to the Company or a
  subsidiary thereof; or

  
	
   

  	
   

  	
   

  
	
  (2)

  	
  o

  	
  pursuant to and in
  compliance with Rule 144A under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  o

  	
  outside the United States
  in compliance with Regulation S under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (4)

  	
  o

  	
  pursuant to the exemption
  from registration provided by Rule 144 under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (5)

  	
  o

  	
  pursuant to an effective
  registration statement under the Securities Act; or

  
	
   

  	
   

  	
   

  
	
  (6)

  	
  o

  	
  pursuant to another
  available exemption from the registration statement requirements of the
  Securities Act.

  

 

 

Unless one of the items is
checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof;
provided, however, that if item
(3), (4) or (6) is checked, the Company or the Trustee may require,
prior to registering any such transfer of the Notes, in their sole discretion,
such written legal opinions, certifications) and other information as the
Company or the Trustee has reasonably requested to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act.

 

If none of the foregoing
items are checked, the Trustee or Registrar shall not be obligated to  register this Note in the name of any person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name
  appears on the other side of this Note)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  Participant in a
  recognized Signature Guarantee Medallion Program (or other signature
  guarantor program reasonably acceptable to the Trustee)]

  

 

 

Rule 144A Certificate

 

TO BE COMPLETED BY PURCHASER
IF (2) ABOVE IS CHECKED

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NOTICE:

  	
  To be executed by an
  executive officer

  

 

 

Regulation S Certificate

 

TO BE COMPLETED BY TRANSFEROR
IF (3) ABOVE IS CHECKED

 

Terms
are used in below are as used in Regulation S (“Regulation S”) under the
Securities Act of 1933, as amended (the “Securities Act”), except as otherwise
stated herein.

 

The
undersigned represents and warrants:

 

1.             The offer and
sale of the Notes was not and will not be made to a person in the United States
(unless such person is excluded from the definition of “U.S. person” pursuant
to Rule 902(k)(2)(vi) or the account held by it for which it is
acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under
the circumstances described in Rule 902(h)(3)) and such offer and sale was
not and will not be specifically targeted at an identifiable group of U.S.
citizens abroad.

 

2.             Unless the circumstances
described in the parenthetical in paragraph 1 above are applicable, either (a) at
the time the buy order was originated, the buyer was outside the United States
or the undersigned and any person acting on our behalf reasonably believed that
the buyer was outside the United States or (b) the transaction was
executed in, on or through the facilities of a designated offshore securities
market, and neither the undersigned nor any person acting on behalf of the
undersigned knows that the transaction was pre-arranged with a buyer in the
United States.

 

3.             Neither the
undersigned, any affiliate of the undersigned, nor any person acting on behalf
of the undersigned or its affiliates has made any directed selling efforts in
the United States with respect to the Notes.

 

4.             The proposed
transfer of Notes is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

 

 

	
  Dated:

  	
   

  	
   

  

 

 

[Attach to
Global Note only]

 

SCHEDULE OF
INCREASES AND DECREASES IN GLOBAL NOTE

 

Genzyme
Corporation

 

5.000% Note
Due 2020

 

The initial principal amount of this Global Note is $[        ]. The following increases or decreases
in this Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of

  decrease in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Amount of

  increase in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal Amount

  of this Global

  Note following

  such decrease or

  increase

  	
   

  	
  Signature of

  authorized

  signatory of

  Trustee or Note

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

Annex I

 

 

[FORM OF]

 

[          ] SUPPLEMENTAL
INDENTURE

 

[            ]
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [             ]
among [                      
], (a “New Subsidiary Guarantor”), a subsidiary of Genzyme Corporation,
a Massachusetts corporation (the “Company”),
the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
under the Indenture referred to below (the “Trustee”).

 

RECITALS:

 

WHEREAS,
the Company and the existing Subsidiary Guarantors have heretofore executed and
delivered to the Trustee an indenture (as supplemented by the First
Supplemental Indenture, dated as of June 17, 2010, among the Company, the
Subsidiary Guarantors party thereto from time to time and the Trustee, and as
otherwise amended, supplemented or modified, the “Indenture”), dated as
of June 17, 2010 providing for the issuance of the Company’s 3.625% Senior
Notes due 2015 (the “2015 Notes”) and 5.000% Senior Notes due 2020 (the “2020
Notes” and, together with the 2015 Notes, the “Notes”);

 

WHEREAS,
Section 5A.6 of the Indenture provides that under certain circumstances
the New Subsidiary Guarantor shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the New Subsidiary Guarantor shall
unconditionally guarantee all of the Company’s Guaranteed Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and

 

WHEREAS,
pursuant to Section 10.01 of the Indenture, the Trustee and the Company
are authorized to execute and deliver this Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Subsidiary
Guarantor, the Company and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders as follows:

 

1.             Defined Terms.  Defined terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

2.             Agreement to Guarantee.  The New Subsidiary Guarantor hereby agrees,
jointly and severally with all existing Subsidiary Guarantors (if any), to
provide an unconditional guarantee on the terms and subject to the conditions
set forth in Article VA of the Indenture and to be bound by all other
applicable provisions of the Indenture and the Notes and to perform all of the
obligations and agreements of a Subsidiary Guarantor under the Indenture.

 

3.             No Recourse Against Others.  No director, officer, agent, employee,
incorporator, stockholder, partner, member or manager of the Company or any
Subsidiary Guarantor shall have any liability for any obligations of the
Company or any Subsidiary Guarantor under any Notes, the Indenture, any
Subsidiary Guarantee or for any claim based on, in respect of, or by reason of,
such obligations or their creation.  Each
Holder, by accepting a Note, waives and releases all such liability and
acknowledges that the waiver and release are part of the consideration for
issuance of the Notes.

 

 

4.             Ratification of Indenture,
Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every Holder of the Notes heretofore or
hereafter authenticated and delivered shall be bound hereby.

 

5.             Governing Law.  THE INDENTURE, THE NOTES AND THE GUARANTEES
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

6.             Counterparts.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

 

7.             Effect of Headings.  The Section headings herein are for
convenience only and shall not affect the construction hereof.

 

8.             Trustee Makes No
Representation.  The Trustee
makes no representation as to the validity or sufficiency of this Supplemental
Indenture.

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed, all as of the date first above written.

 

 

	
   

  	
  GENZYME
  CORPORATION, as the Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NEW
  SUBSIDIARY GUARANTOR]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

Annex II

 

 

[FORM OF]

 

SUBSIDIARY GUARANTEE

 

For
value received, each of the undersigned hereby unconditionally guarantees, as
principal obligor and not only as a surety, to the Holder of this Note the cash
payment in United States dollars of principal of, premium, if any, and interest
on this Note in the amounts and at the times when due and interest on the
overdue principal, premium, if any, and interest, if any, of this Note, if
lawful, and the payment or performance of all other obligations of the Company
under the Indenture (each term as defined below) or the Notes, to the Holder of
this Note and the Trustee (as defined below), all in accordance with and
subject to the terms and limitations of this Note, Article VA of the
Indenture and this Subsidiary Guarantee. 
This Subsidiary Guarantee will become effective in accordance with Article VA
of the Indenture and its terms shall be evidenced therein.  The validity and enforceability of this
Subsidiary Guarantee shall not be affected by the fact that it is not affixed
to any particular Note.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the indenture dated as of June 17, 2010 (the “Base Indenture”),
between Genzyme Corporation, a Massachusetts corporation (the “Company”),
and The Bank of New York Mellon Trust Company, N.A. (in such capacity, the “Trustee”),
as amended and supplemented, including by a First Supplemental Indenture
thereto, dated as of June 17, 2010 (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”) among the
Company, the Subsidiary Guarantors party thereto from time to time and the
Trustee.

 

The
obligations of the undersigned to the Holders of Notes and to the Trustee
pursuant to this Subsidiary Guarantee and the Indenture are expressly set forth
in Article VA of the Indenture and reference is hereby made to the
Indenture for the precise terms of the Subsidiary Guarantee and all of the
other provisions of the Indenture to which this Subsidiary Guarantee relates.

 

No
director, officer, agent, employee, incorporator, stockholder, partner, member
or manager of the Company or any Subsidiary Guarantor shall have any liability
for any obligations of the Company or any Subsidiary Guarantor under any Notes,
the Indenture or any Subsidiary Guarantee or for any claim based on, in respect
of, or by reason of, such obligation or its creation.

 

This
Subsidiary Guarantee shall be governed by, and construed in accordance with,
the laws of the State of New York.

 

This
Subsidiary Guarantee is subject to release upon the terms set forth in the
Indenture.

 

 

IN
WITNESS WHEREOF, each Subsidiary Guarantor has caused its Subsidiary Guarantee
to be duly executed.

 

 

	
   

  	
  [SUBSIDIARY
  GUARANTOR],

  
	
   

  	
  as
  a Subsidiary Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 10.1

 

GENZYME CORPORATION

 

$500,000,000 3.625% Senior Notes
Due 2015

$500,000,000 5.000% Senior Notes
Due 2020

 

REGISTRATION RIGHTS AGREEMENT

 

June 17, 2010

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010-3629

 

Goldman, Sachs & Co.

200 West Street

New York, New York 10282-2198

 

Banc of America Securities LLC

One Bryant Park 

New York, New York 10036

 

As Representatives of the Initial Purchasers
(as defined below)

 

Dear Sirs:

 

Genzyme Corporation, a Massachusetts corporation (the “Company”), proposes to issue and sell, upon the terms set
forth in a purchase agreement, dated as of June 14, 2010 (the “Purchase Agreement”), U.S. $500,000,000 aggregate principal
amount of its 3.625% Senior Notes Due 2015 (the “2015 Notes”)
and U.S. $500,000,000 aggregate principal amount of its 5.000% Senior Notes Due
2020 (the “2020 Notes”) (the 2015 Notes and
the 2020 Notes are collectively referred to herein as the “Initial
Securities”) to the several initial purchasers named in Schedule A
to the Purchase Agreement (collectively, the “Initial
Purchasers”).  The Initial
Securities will be issued pursuant to an Indenture, dated as of even date
herewith, between the Company and The Bank of New York Mellon Trust Company,
N.A., as Trustee (the “Trustee”), as
supplemented by the First Supplemental Indenture, dated as of even date
herewith, among the Company, the Subsidiary Guarantor(s) party thereto
from time to time and the Trustee (as so supplemented, the “Indenture”).  As an
inducement to the Initial Purchasers, the Company agrees with the Initial
Purchasers, for the benefit of the holders of the Initial Securities
(including, without limitation, the Initial Purchasers), the Exchange
Securities (as defined below) and the Private Exchange Securities (as defined
below) (collectively, the “Holders”), as
follows:

 

1.             Registered Exchange Offer.  The Company shall, at its own cost, prepare
and, not later than 180 days after (or if the 180th day is not a business day,
the first business day thereafter) the date of original issue of the Initial
Securities (the “Issue Date”), file with the
Securities and Exchange Commission (the “Commission”) a
registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities
Act of 1933, as amended (the “Securities Act”),
with respect to a proposed offer (the “Registered Exchange Offer”)
to the Holders of Transfer Restricted Securities (as defined in Section 7(d) hereof),
who are not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer, to issue and deliver to such
Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities (the “Exchange Securities”)
of the Company issued under the Indenture and identical in all material
respects to the Initial Securities (except for the transfer restrictions
relating to the Initial Securities and the provisions relating to the matters
described in Section 7 hereof) that would be registered under the Securities
Act.  The Company shall use its
reasonable efforts to cause such Exchange Offer Registration Statement to
become effective under the Securities Act within 210 days (or if the 210th day
is not a business day, the first business day thereafter) after the Issue Date
of the Initial Securities and shall keep the Exchange Offer Registration
Statement effective for not less than 20 business

 

 

days (or longer, if required
by applicable law) after the date notice of the Registered Exchange Offer is
mailed to the Holders.

 

If the Company effects the Registered Exchange Offer,
the Company (i) will be entitled to consummate the Registered Exchange
Offer 20 business days after the commencement thereof provided that the Company
has accepted all the Initial Securities theretofore validly tendered in
accordance with the terms of the Registered Exchange Offer and (ii) will be required to consummate the
Registered Exchange Offer no later than 30 business days after the date on
which the Exchange Offer Registration Statement is declared effective.

 

Following the declaration of the effectiveness of the
Exchange Offer Registration Statement, the Company shall as promptly as
practicable commence the Registered Exchange Offer, it being the objective of
such Registered Exchange Offer to enable each Holder of Transfer Restricted
Securities electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the
meaning of the Securities Act, acquires the Exchange Securities in the ordinary
course of such Holder’s business and has no arrangements with any person to
participate in the distribution of the Exchange Securities and is not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the Securities Act
and without material restrictions under the securities laws of the several
states of the United States.

 

The Company acknowledges that, pursuant to current
interpretations by the Commission’s staff of Section 5 of the Securities
Act, in the absence of an applicable exemption therefrom, (i) each Holder
which is a broker-dealer electing to exchange Securities acquired for its own
account as a result of market making activities or other trading activities for
Exchange Securities (an “Exchanging Dealer”)
is required to deliver a prospectus containing the information substantially
set forth in (a) Annex A hereto on the cover, (b) Annex B
hereto in the “Exchange Offer Procedures” section and the “Purpose of the
Exchange Offer” section, and (c) Annex C hereto in the “Plan of
Distribution” section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to
sell Exchange Securities acquired in exchange for Securities (as defined below)
constituting any portion of an unsold allotment is required to deliver a
prospectus containing the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in connection with such
sale.

 

The Company shall use its reasonable efforts to keep
the Exchange Offer Registration Statement effective, and to amend and
supplement the prospectus contained therein, in order to permit such prospectus
to be lawfully delivered by all persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such persons must
comply with such requirements in order to resell the Exchange Securities;
provided, however, that (i) in the case where such prospectus and any
amendment or supplement thereto must be delivered by an Exchanging Dealer or an
Initial Purchaser, such period shall be the lesser of 180 days and the date on
which all Exchanging Dealers and the Initial Purchasers have sold all Exchange
Securities held by them (unless such period is extended pursuant to Section 3(j) below)
and (ii) the Company shall make such prospectus and any amendment or
supplement thereto available to any broker-dealer for use in connection with
any resale of any Exchange Securities for a period of not less than 90 days
after the consummation of the Registered Exchange Offer.

 

If, upon consummation of the Registered Exchange
Offer, any Initial Purchaser holds Initial Securities acquired by it as part of
its initial distribution, the Company, simultaneously with the delivery of the
Exchange Securities pursuant to the Registered Exchange Offer, shall issue and
deliver to such Initial Purchaser upon the written request of such Initial
Purchaser, in exchange (the “Private Exchange”)
for the Initial Securities held by such Initial Purchaser, a like principal
amount of debt securities of the Company issued under the Indenture and
identical in all material respects (including the existence of restrictions on
transfer under the Securities Act and the securities laws of the several states
of the United States, but excluding provisions relating to the matters
described in Section 7 hereof) to the Initial Securities (the “Private Exchange Securities”).  The Initial Securities, the Exchange
Securities and the Private Exchange Securities are herein collectively referred
to as the “Securities.”

 

In connection with the Registered Exchange Offer, the
Company shall:

 

(a)           mail
to each Holder a copy of the prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and
related documents;

 

2

 

(b)           keep
the Registered Exchange Offer open for not less than 20 business days (or
longer, if required by applicable law) after the date notice thereof is mailed
to the Holders;

 

(c)           utilize
the services of a depositary for the Registered Exchange Offer with an address
in the Borough of Manhattan, The City of New York, which may be the Trustee or
an affiliate of the Trustee;

 

(d)           permit
Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Registered
Exchange Offer shall remain open; and

 

(e)           otherwise
comply with all applicable laws.

 

As soon as practicable after the close of the
Registered Exchange Offer or the Private Exchange, as the case may be, the
Company shall:

 

(x)            accept for exchange all the Securities validly tendered and not withdrawn
pursuant to the Registered Exchange Offer and the Private Exchange, as the case
may be;

 

(y)           deliver
to the Trustee for cancellation all the Initial Securities so accepted for
exchange; and

 

(z)            cause the Trustee to authenticate and deliver promptly to each Holder of
the Initial Securities, Exchange Securities or Private Exchange Securities, as
the case may be, equal in principal amount to the Initial Securities of such
Holder so accepted for exchange.

 

The Indenture will provide that the Exchange
Securities will not be subject to the transfer restrictions set forth in the
Indenture and that the Securities of any series will vote and consent together
on all matters as one class; provided that, according to the terms of the
Indenture, the Holders of at least a majority in aggregate principal amount of
the outstanding Securities of any series can waive certain defaults under the
Indenture and consent to certain modifications and amendments to the Indenture,
in each case with respect to such series.

 

Interest on each Exchange Security and Private
Exchange Security issued pursuant to the Registered Exchange Offer and in the
Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor
or, if no interest has been paid on the Initial Securities, from the date of
original issue of the Initial Securities.

 

Each Holder participating in the Registered Exchange
Offer shall be required to represent to the Company that at the time of the
consummation of the Registered Exchange Offer (i) any Exchange Securities
received by such Holder will be acquired in the ordinary course of business, (ii) such
Holder will have no arrangements or understanding with any person to
participate in the distribution of the Securities or the Exchange Securities
within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,”
as defined in Rule 405 of the Securities Act, of the Company, or if it is
an affiliate, such Holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, (iv) if
such Holder is not a broker-dealer, that it is not engaged in, and does not
intend to engage in, the distribution of the Exchange Securities and (v) if
such Holder is a broker-dealer, that it will receive Exchange Securities for
its own account in exchange for the Initial Securities that were acquired as a
result of market-making activities or other trading activities and that it will
be required to acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Securities.

 

Notwithstanding any other provisions hereof, the
Company will ensure that (i) any Exchange Offer Registration Statement and
any amendment thereto, and any prospectus forming part thereof and any
supplement thereto, complies in all material respects with the Securities Act
and the rules and regulations thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any
Exchange Offer Registration Statement, and any supplement to such prospectus,
does not include an untrue statement of a material fact or omit to

 

3

 

state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

2.             Shelf Registration.  If, (i) because of any change in law or
in applicable interpretations thereof by the staff of the Commission, the
Company is not permitted to effect a Registered Exchange Offer, as contemplated
by Section 1 hereof, (ii) the Registered Exchange Offer is not
consummated within 240 days of the Issue Date, (iii) any Initial Purchaser
notifies the Company prior to the 20th day following the consummation of the
Registered Exchange Offer that the Initial Securities (or the Private Exchange
Securities) held by such Initial Purchaser are not eligible to be exchanged for
Exchange Securities in the Registered Exchange Offer following such
consummation or (iv) any Holder (other than an Exchanging Dealer) notifies
the Company prior to the 20th day following the consummation of the Registered
Exchange Offer that such Holder is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such
Holder does not receive freely tradeable Exchange Securities on the date of the
exchange, the Company shall take the following actions:

 

(a)           The
Company shall, at its cost, as promptly as practicable (but in no event more
than 30 days after so required or requested pursuant to this Section 2)
file with the Commission and thereafter shall use its reasonable efforts to
cause to be declared effective (unless it becomes effective automatically upon
filing) a registration statement (the “Shelf Registration
Statement” and, together with the Exchange Offer Registration
Statement, a “Registration Statement”) on an
appropriate form under the Securities Act relating to the offer and sale of the
Transfer Restricted Securities by the Holders thereof in accordance with the
methods of distribution set forth in the Shelf Registration Statement and Rule 415
under the Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no Holder (other than an
Initial Purchaser) shall be entitled to have the Securities held by it covered
by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder.

 

(b)           The
Company shall use its reasonable efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included
therein to be lawfully delivered by the Holders of the relevant Securities for
a period of one year (or for such longer period if extended pursuant to Section 3(j) below)
from the Issue Date or such shorter period that will terminate when all the
Securities covered by the Shelf Registration Statement (i) have been sold
pursuant thereto or (ii) are no longer restricted securities (as defined
in Rule 144 of the Securities Act, or any successor rule thereof (“Rule 144”)) (such period being referred to herein as
the “Shelf Registration Period”).

 

(c)           Notwithstanding
any other provisions of this Agreement to the contrary, the Company shall cause
the Shelf Registration Statement and the related prospectus and any amendment
or supplement thereto, as of its respective effective date, (i) to comply
in all material respects with the applicable requirements of the Securities Act
and the rules and regulations of the Commission and (ii) not to
contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein (in the case of the prospectus, in the light of the circumstances under
which they were made) not misleading.

 

3.             Registration Procedures.  In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any
Registered Exchange Offer contemplated by Section 1 hereof, the following
provisions shall apply:

 

(a)           The
Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each
amendment thereof and each supplement, if any, to the prospectus included
therein and, in the event that an Initial Purchaser (with respect to any
portion of an unsold allotment from the original offering) is participating in
the Registered Exchange Offer or the Shelf Registration Statement, the Company
shall use its reasonable efforts to reflect in each such document, when so
filed with the Commission, such comments as such Initial Purchaser reasonably
may propose within two business days of the delivery thereof; (ii) include
the information substantially set forth in Annex A hereto on the cover,
in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose
of the Exchange Offer” section and in Annex C hereto in the “Plan of
Distribution” section of the

 

4

 

prospectus
forming a part of the Exchange Offer Registration Statement and include the
information substantially set forth in Annex D hereto in the Letter of
Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if
requested by an Initial Purchaser within two business days of the delivery of a
copy thereof, include the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement; (iv) include
within the prospectus contained in the Exchange Offer Registration Statement a
section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or
policies made by the staff of the Commission with respect to the potential “underwriter”
status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such
broker-dealer in the Registered Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been
publicly disseminated by the staff of the Commission or such positions or
policies, in the reasonable judgment of the Initial Purchasers based upon
advice of counsel (which may be in-house counsel), represent the prevailing
views of the staff of the Commission; and (v) in the case of the Shelf
Registration Statement, include in the prospectus included in the Shelf
Registration Statement (or, if permitted by Rule 430B(b) of the
Securities Act, in a prospectus supplement that becomes a part thereof pursuant
to Rule 430B(f) of the Securities Act) that is delivered to any
Holder pursuant to Section 3(d) and (f), the names of the Holders who
propose to sell Securities pursuant to the Shelf Registration Statement as
selling securityholders.

 

(b)           As
promptly as practicable, the Company shall give written notice to the Initial
Purchasers, the Holders of the Securities and any Participating Broker-Dealer
from whom the Company has received prior written notice that it will be a
Participating Broker-Dealer in the Registered Exchange Offer (which notice
pursuant to clauses (ii) through (v) hereof shall be accompanied by
an instruction to suspend the use of the prospectus until the requisite changes
have been made):

 

(i)            when the Registration Statement or any amendment thereto has been filed
with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective;

 

(ii)           of
any request by the Commission for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional information;

 

(iii)          of
the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that
purpose, of the issuance by the Commission of a notification of objection to
the use of the form on which the Registration Statement has been filed, and of
the occurrence of any event that causes the Company to become an “ineligible
issuer,” as defined in Rule 405 of the Securities Act;

 

(iv)          of
the receipt by the Company or its legal counsel of any notification with
respect to the suspension of the qualification of the Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and

 

(v)           of
the occurrence of any event that requires the Company to make changes in the
Registration Statement or the prospectus in order that the Registration
Statement or the prospectus do not contain an untrue statement of a material
fact nor omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the prospectus, in the
light of the circumstances under which they were made) not misleading.

 

(c)           The
Company shall make reasonable efforts to obtain the withdrawal, at the earliest
possible time, of any order suspending the effectiveness of the Registration
Statement.

 

(d)           The
Company shall furnish to each Holder of Securities included within the coverage
of the Shelf Registration, if requested by such Holder, without charge, at
least one copy of the Shelf Registration Statement and any post-effective
amendment or supplement thereto, including financial statements and schedules,
and, if the Holder so requests in writing, all exhibits thereto (including
those, if 

 

5

 

any,
incorporated by reference).  The Company
shall not, without the prior consent of the Initial Purchasers, make any offer
relating to the Securities that would constitute a “free writing prospectus,”
as defined in Rule 405 of the Securities Act.

 

(e)           If
so requested by any Exchanging Dealer, Initial Purchaser or Holder, the
Company shall deliver to each such person who so requests, without charge, at
least one copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
and, if so requested, all exhibits thereto (including those incorporated by
reference).

 

(f)            The Company shall, during the Shelf Registration Period, deliver to each
Holder of Securities included within the coverage of the Shelf Registration,
without charge, as many copies of the prospectus (including each preliminary
prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such person may reasonably request. The Company consents,
subject to the provisions of this Agreement, to the use of the prospectus or
any amendment or supplement thereto by each of the selling Holders of the
Securities in connection with the offering and sale of the Securities covered
by the prospectus, or any amendment or supplement thereto, included in the
Shelf Registration Statement.

 

(g)           The
Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement and any amendment or supplement thereto as such persons may
reasonably request.  The Company
consents, subject to the provisions of this Agreement, to the use of the prospectus
or any amendment or supplement thereto by any Initial Purchaser, if necessary,
any Participating Broker-Dealer and such other persons required to deliver a
prospectus following the Registered Exchange Offer in connection with the
offering and sale of the Exchange Securities covered by the prospectus, or any
amendment or supplement thereto, included in such Exchange Offer Registration
Statement.

 

(h)           Prior
to any public offering of the Securities pursuant to any Registration
Statement, the Company shall register or qualify or cooperate with the Holders
of the Securities included therein and their respective counsel in connection
with the registration or qualification of the Securities for offer and sale
under the securities or “blue sky” laws of such states of the United States as
any Holder of the Securities reasonably requests in writing and do any and all
other acts or things reasonably necessary or advisable to enable the offer and
sale in such jurisdictions of the Securities covered by such Registration
Statement; provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (ii) take any action which would subject it to general service of
process or to taxation in any jurisdiction where it is not then so subject.

 

(i)            The Company shall cooperate with the Holders of the Securities to
facilitate the timely preparation and delivery of certificates representing the
Securities to be sold pursuant to any Registration Statement free of any
restrictive legends and in such denominations and registered in such names as
the Holders may request in writing a reasonable period of time prior to sales
of the Securities pursuant to such Registration Statement (but in any event at
least two business days prior thereto).

 

(j)            Upon the occurrence of any event contemplated by clauses (ii) through (v) of
Section 3(b) above during the period for which the Company is
required to maintain an effective Registration Statement, the Company shall as
promptly as practicable prepare and file, if necessary pursuant to applicable
law, a post-effective amendment to the Registration Statement or a supplement
to the related prospectus and any other required document so that, as
thereafter delivered to Holders of the Securities or purchasers of Securities,
the prospectus will not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading (it being understood that the Company may rely on
information provided by each Holder with respect to such Holder); provided,
however, that the Company may delay preparing, filing and distributing any such
amendment or supplement (and continue the suspension of the use of any
prospectus) if the Company determines in good faith that such amendment

 

6

 

or
supplement would, in the reasonable judgment of the Company, (i) interfere
with or affect the negotiation or completion of a transaction that is being
contemplated by the Company (whether or not a final decision has been made to
undertake such transaction) or (ii) involve initial or continuing
disclosure obligations that are not in the best interests of the Company or its
shareholders at such time.  If the
Company is required to file any post-effective amendment to the Shelf
Registration Statement or a new Shelf Registration Statement for the sole
purpose of adding Holders to the Shelf Registration Statement, the Company
shall not be required to file such post-effective amendment or new Shelf
Registration Statement more frequently than once every calendar quarter. If the
Company notifies the Initial Purchasers, the Holders of the Securities and any
known Participating Broker-Dealer in accordance with clauses (ii) through (v) of
Section 3(b) above to suspend the use of the prospectus until the
requisite changes to the prospectus have been made, then the Initial
Purchasers, the Holders of the Securities and any such Participating
Broker-Dealers shall suspend use of such prospectus, and the period of
effectiveness of the Shelf Registration Statement provided for in Section 2(b) above
and the Exchange Offer Registration Statement provided for in Section 1
above shall each be extended by the number of days from and including the date
of the giving of such notice to and including the date when the Initial
Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer shall have received such amended or supplemented prospectus
pursuant to this Section 3(j). 
During the period during which the Company is required to maintain an
effective Shelf Registration Statement pursuant to this Agreement, the Company
will prior to the three year expiration of that Shelf Registration Statement
file, and use its reasonable efforts to cause to be declared effective (unless
it becomes effective automatically upon filing) within a period that avoids any
interruption in the ability of Holders of Securities covered by the expiring
Shelf Registration Statement to make registered dispositions, a new
registration statement relating to the Securities, which shall be deemed the “Shelf
Registration Statement” for purposes of this Agreement.

 

(k)           Not
later than the effective date of the applicable Registration Statement, the
Company will provide a CUSIP number for the Initial Securities, the Exchange
Securities or the Private Exchange Securities, as the case may be, and provide
the applicable trustee with printed certificates for the Initial Securities,
the Exchange Securities or the Private Exchange Securities, as the case may be,
in a form eligible for deposit with, or to be held by such trustee as custodian
for, The Depository Trust Company in book-entry-only form.

 

(l)            The Company will use its reasonable efforts to comply with all rules and
regulations of the Commission to the extent and so long as they are applicable
to the Registered Exchange Offer or the Shelf Registration and will make
generally available to its security holders (or otherwise provide in accordance
with Section 11(a) of the Securities Act) an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act, no
later than 45 days after the end of a 12-month period (or 90 days, if such
period is a fiscal year) beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of the Registration
Statement, which statement shall cover such 12-month period.

 

(m)          The
Company shall cause the Indenture to be qualified under the Trust Indenture Act
of 1939, as amended, in a timely manner and containing such changes, if any, as
shall be necessary for such qualification. 
In the event that such qualification would require the appointment of a
new trustee under the Indenture, the Company shall appoint a new trustee
thereunder pursuant to the applicable provisions of the Indenture.

 

(n)           The
Company may, in addition to the information required to be provided in a
Completed Questionnaire (as defined below), require each Holder of Securities
to be sold pursuant to the Shelf Registration Statement to furnish to the
Company such additional information regarding the Holder and the distribution
of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from
such registration the Securities of any Holder that fails to furnish such
information within a reasonable time after receiving such request.

 

(o)           [Reserved.]

 

7

 

(p)           In
the case of any Shelf Registration, the Company shall (i) make reasonably
available for inspection during normal business hours by the Holders of the
Securities, any underwriter participating in any disposition pursuant to the
Shelf Registration Statement and any attorney or accountant retained by the
Holders of the Securities or any such underwriter all relevant financial and
other records, pertinent corporate documents and properties of the Company and (ii) cause
the Company’s officers, directors, employees, accountants and auditors to make
available during normal business hours all relevant information reasonably
requested by the Holders of the Securities or any such underwriter, attorney or
accountant in connection with the Shelf Registration Statement, in each case,
as is customary for similar “due diligence” examinations; provided, however,
that each such person shall first agree in writing with the Company that any
information that is confidential at the time of delivery of such information
shall be kept confidential by such person and shall be used solely for the
purposes of exercising rights under this Agreement, unless (i) disclosure
of such information is required by court or administrative order or is
necessary to respond to inquiries of governmental or regulatory authorities, (ii) disclosure
of such information is required by law or necessary to defend or prosecute a
claim brought against or by any such persons (e.g., to establish a “due diligence”
defense), (iii) such information becomes generally available to the public
other than as a result of a disclosure or failure to safeguard by any such
person or (iv) such information becomes available to any such person from
a source other than the Company and such source is not bound by a
confidentiality agreement or is not otherwise under a duty of trust to the
Company; provided, further, that the foregoing inspection and information
gathering shall, to the greatest extent possible, be coordinated on behalf of
the Holders and the other parties entitled thereto by one counsel for such
Holders and such other parties as described in Section 5 hereof.

 

(q)           The
Company will use its reasonable efforts to,, if the Initial Securities have
been rated prior to the initial sale of such Initial Securities, confirm such
ratings will apply to the Securities covered by a Registration Statement.

 

(r)            The Company shall use its reasonable efforts to take all other steps
necessary to effect the registration of the Securities covered by a
Registration Statement contemplated hereby.

 

4.             Holders’ Obligations.  Each Holder agrees, by acquisition of the
Securities, that no Holder of Securities shall be entitled to sell any of such
Securities pursuant to the Shelf Registration Statement, or to receive a
prospectus relating thereto, unless such Holder has furnished the Company,
prior to any attempted or actual distribution of Securities under the Shelf
Registration Statement, with a written notice and questionnaire delivered to
the Company by the deadline for response set forth therein and containing
substantially the information called for by the Selling Securityholder Notice
and Questionnaire substantially in the form attached as Annex E hereto
(a “Completed Questionnaire”) and the
information set forth in the next sentence. 
Each Holder agrees promptly to furnish to the Company all information
required to be disclosed in order to make the information previously furnished
to the Company by such Holder not misleading and any other information
regarding such Holder and the distribution of such Securities as the Company
may from time to time reasonably request. Any sale of any Securities by any
Holder shall constitute a representation and warranty by such Holder that the
information relating to such Holder and its plan of distribution is as set
forth in the prospectus delivered by such Holder in connection with such
disposition, that such prospectus does not, as of the time of such sale,
contain any untrue statement of a material fact relating to or provided by such
Holder or its plan of distribution and that such prospectus does not, as of the
time of such sale, omit to state any material fact relating to or provided by
such Holder or its plan of distribution necessary in order to make the
statements in such prospectus, in the light of the circumstances under which
they were made, not misleading.  Each
Holder agrees to keep confidential the receipt of any notice received pursuant
to clauses (ii) through (v) of Section 3(b) and the contents
thereof, except as required pursuant to applicable law.  Notwithstanding anything to the contrary
herein, the Company shall be under no obligation to name any Holder that has
not provided a Completed Questionnaire by the deadline for response set forth
therein with respect to such Holder as a selling securityholder in the Shelf
Registration Statement or any related prospectus.

 

5.             Registration Expenses.  The Company shall bear all fees and expenses
incurred in connection with the performance of its obligations under Sections 1
through 3 hereof whether or not the Registered Exchange Offer or a Shelf
Registration is filed or becomes effective. 
Each Holder shall bear all fees and expenses incurred in connection with
the performance of such Holder’s obligations under Section 4 hereof and
shall pay all brokerage 

 

8

 

fees and commissions, all
transfer taxes, the fees and expenses of any legal counsel and any other
advisors such Holder engages, and all similar fees and commissions relating to
such Holder’s disposition of Securities.

 

6.             Indemnification.  (a)  The Company agrees to indemnify and
hold harmless each Holder of the Securities, any Participating Broker-Dealer
and each person, if any, who controls such Holder or such Participating
Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as “Indemnified Parties”
and, each individually, an “Indemnified Party”)
from and against any losses, claims, damages or liabilities, joint or several,
or any actions in respect thereof, to which each Indemnified Party may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as
such losses, claims, damages, liabilities or actions arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or
supplement thereto, or in any preliminary prospectus or “issuer free writing
prospectus” (as defined in Rule 433 of the Securities Act (“Issuer FWP”)) relating to the Shelf Registration, or arise
out of, or are based upon, the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus, preliminary prospectus or Issuer FWP,
or any supplement thereto, in the light of the circumstances under which they
were made) not misleading, and shall reimburse, as incurred, such Indemnified
Party for any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such loss, claim,
damage, liability or action in respect thereof; provided, however, that the
Company shall not be liable in any such case to the extent that such loss,
claim, damage or liability arises out of or is based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or Issuer FWP relating to a Shelf Registration in
reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein, including, without limitation, the information provided
by such Holder in such Holder’s Completed Questionnaire; provided further,
however, that (i) this indemnity agreement will be in addition to any
liability which the Company may otherwise have to such Indemnified Party and (ii) this
indemnity will not apply to any loss, claim, damage or liability arising from
an offer or sale, occurring during a period during which the availability of
the Shelf Registration Statement or any related prospectus may be suspended (a “Suspension Period”), of Securities by a Holder to whom the
Company theretofore provided a notice pursuant to clauses (ii) through (v) of
Section 3(b).

 

(b)           Each
Holder of the Securities, severally and not jointly, agrees to indemnify and
hold harmless the Company and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act from and against
any losses, claims, damages or liabilities, or any actions in respect thereof,
to which the Company or any such controlling person may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions (i) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained
in a Registration Statement or prospectus or in any amendment or supplement
thereto, or in any preliminary prospectus or Issuer FWP relating to a Shelf
Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements
therein (in the case of any prospectus, preliminary prospectus or Issuer FWP or
any supplement thereto, in the light of the circumstances under which they were
made) not misleading, but in each case only to the extent that the untrue
statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein or (ii) arise out of or are based upon a sale of
Securities during a Suspension Period by a Holder to whom the Company
theretofore provided a notice pursuant to clauses (ii) through (v) of
Section 3(b); and, subject to the limitation set forth immediately
preceding this clause, shall reimburse, as incurred, the Company for any legal
or other expenses reasonably incurred by the Company or any such controlling
person in connection with investigating or defending any loss, claim, damage,
liability or action in respect thereof. 
This indemnity agreement will be in addition to any liability which such
Holder may otherwise have to the Company or any of its controlling persons.

 

(c)           Promptly
after receipt by an indemnified party under this Section 6 of notice of
the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is
to be made against the indemnifying party under this Section 6, notify the
indemnifying party of the commencement thereof; but the failure to notify the
indemnifying 

 

9

 

party
shall not relieve the indemnifying party from any liability that it may have
under subsection (a) or (b) above except to the extent that it has
been materially prejudiced thereby by such failure.  Such indemnified party shall have the right
to employ its own counsel in any such case, but the fees and expenses of such
counsel shall be at the expense of such indemnified party unless the employment
of such counsel shall have been authorized in writing by such indemnifying
party in connection with the defense of such proceeding or such indemnifying
party shall not have employed counsel to have charge of the defense of such
proceeding within 30 days of the receipt of notice thereof or such indemnified
party shall have reasonably concluded upon the written advice of counsel that
there may be one or more defenses available to it that are different from,
additional to or in conflict with those available to such indemnifying party
(in which case such indemnifying party shall not have the right to direct that
portion of the defense of such proceeding on behalf of the indemnified party,
but such indemnifying party may employ counsel and participate in the defense
thereof but the fees and expenses of such counsel shall be at the expense of
such indemnifying party), in any of which events such reasonable fees and
expenses shall be borne by such indemnifying party and paid as incurred (it
being understood, however, that such indemnifying party shall not be liable for
the expenses of more than one separate counsel in any one proceeding or series
of related proceedings together with reasonably necessary local counsel
representing the indemnified parties who are parties to such action).  An indemnifying party shall not be liable for
any settlement of such proceeding effected without the written consent of such
indemnifying party, but if settled with the written consent of such
indemnifying party, such indemnifying party agrees to indemnify and hold
harmless an indemnified party from and against any loss or liability by reason
of such settlement.  No indemnifying
party shall, without the prior written consent of any indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which such
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.

 

(d)           If
the indemnification provided for in this Section 6 is unavailable or
insufficient to hold harmless an indemnified party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of the losses, claims,
damages or liabilities (or actions in respect thereof) referred to in
subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if
the allocation provided by the foregoing clause (i) is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative
fault of the indemnifying party or parties on the one hand and the indemnified
party on the other in connection with the statements or omissions that resulted
in such losses, claims, damages or liabilities (or any actions in respect
thereof) as well as any other relevant equitable considerations.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company on the one
hand or such Holder or such other indemnified party, as the case may be, on the
other, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The amount paid by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (d) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this
subsection (d).  Notwithstanding any
other provision of this Section 6(d), the Holders of the Securities shall
not be required to contribute any amount in excess of the amount by which the
net proceeds received by such Holders from the sale of the Securities pursuant
to a Registration Statement exceeds the amount of damages which such Holders
have otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. 
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.  For purposes of this paragraph (d), each
person, if any, who controls such indemnified party within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution
as such indemnified party and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as the Company.

 

10

 

(e)           The
agreements contained in this Section 6 shall survive the sale of the
Securities pursuant to a Registration Statement and shall remain in full force
and effect, regardless of any termination or cancellation of this Agreement or
any investigation made by or on behalf of any indemnified party.

 

7.             Additional Interest Under Certain Circumstances.  (a)  Additional interest (the
“Additional Interest”) with respect to
the Initial Securities shall be assessed as follows if any of the following
events occur (each such event in clauses (i) through (iii) below is
referred to herein as a “Registration Default”):

 

(i)            the Company fails to file any Registration Statement required to be filed
by this Agreement on or prior to the applicable deadline;

 

(ii)           any
Registration Statement is not declared effective on or prior to the applicable
effectiveness deadline; or

 

(iii)          if
after either the Exchange Offer Registration Statement or the Shelf
Registration Statement becomes effective (A) such Registration Statement
thereafter ceases to be effective; or (B) such Registration Statement or
the related prospectus ceases to be usable (except as permitted in paragraph
(b)) in connection with resales of Transfer Restricted Securities during the
periods specified herein because (1) any event occurs as a result of which
the related prospectus forming part of such Registration Statement would
include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein in the light of the circumstances
under which they were made not misleading, (2) it shall be necessary to
amend such Registration Statement, or supplement the related prospectus, to
comply with the Securities Act or the Exchange Act or the respective rules thereunder,
or (3) such Registration Statement is a Shelf Registration Statement that
has expired before a replacement Shelf Registration Statement has become
effective.

 

Additional Interest shall
accrue on the Initial Securities over and above the interest set forth in the
title of the Securities from and including the date on which any such
Registration Default shall occur to and including the date immediately
preceding the date on which all such Registration Defaults have been cured, at
a rate of 0.25% per annum for the first 90 days of such period and at a rate of
0.50% per annum thereafter.

 

(b)           A
Registration Default referred to in Section 7(a)(iii)(B) hereof shall
be deemed not to have occurred and be continuing in relation to a Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a
post-effective amendment to such Shelf Registration Statement to incorporate
annual audited financial information with respect to the Company where such
post-effective amendment is not yet effective and needs to be declared
effective to permit Holders to use the related prospectus or (y) other
material events, with respect to the Company that would need to be described in
such Shelf Registration Statement or the related prospectus and (ii) in
the case of clause (y), the Company is proceeding promptly and in good faith to
amend or supplement such Shelf Registration Statement and related prospectus to
describe such events; provided, however, that in any case if such Registration
Default occurs for a continuous period in excess of 45 days, Additional
Interest shall be payable in accordance with the above paragraph from the day
such Registration Default occurs until the day on which such Registration
Default is cured.

 

(c)           Any
amounts of Additional Interest due pursuant to clause (i), (ii) or (iii) of
Section 7(a) above will be payable in cash on the regular interest
payment dates with respect to the Initial Securities. The amount of Additional
Interest will be determined by multiplying the applicable Additional Interest
rate by the principal amount of the Initial Securities, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is
360.  The obligation of the Company to
pay the Additional Interest in the case of any Registration Default shall be
the sole and exclusive remedy of the Holders for any such Registration
Default.  Notwithstanding anything to the
contrary herein, (i) the amount of Additional Interest payable shall not
increase because more than one Registration Default has occurred and is
continuing and (ii) a Holder that is not entitled to the benefits of

 

11

 

the
Shelf Registration Statement shall not be entitled to Additional Interest with
respect to any Registration Default that pertains to the Shelf Registration.

 

(d)           “Transfer Restricted Securities” means each Security until,
in the case of any such Security, the earliest of (i) the date on which
such Transfer Restricted Security has been exchanged by a person other than a
broker-dealer for a freely transferable Exchange Security in the Registered
Exchange Offer, (ii) following the exchange by a broker-dealer in the
Registered Exchange Offer of an Initial Security for an Exchange Security, the
date on which such Exchange Security is sold to a purchaser who receives from
such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the
date on which such Security has been effectively registered under the
Securities Act and disposed of in accordance with the Shelf Registration
Statement, (iv) the date on which such Security is distributed to the
public pursuant to Rule 144 or (v) the first anniversary of the date
hereof; provided, further, that each Security will cease to be deemed a Transfer
Restricted Security for so long as such Security may be resold by the Holder
thereof pursuant to Rule 144(b)(1)(i).

 

8.             Rules 144 and 144A.  The Company shall use its reasonable efforts
to file the reports required to be filed by it under the Securities Act and the
Exchange Act in a timely manner and, if at any time the Company is not required
to file such reports, it will, upon the request of any Holder of Initial
Securities, make publicly available other information so long as necessary to
permit sales of such Holder’s securities pursuant to Rule 144 and Rule 144A
of the Securities Act (“Rule 144A”).  The Company covenants that it will take such
further action as any Holder of Initial Securities may reasonably request, all
to the extent required from time to time to enable such Holder to sell Initial
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144, Rule 144A (including the
requirements of Rule 144A(d)(4)) and Regulation S under the Securities
Act.  The Company will provide a copy of
this Agreement to prospective purchasers of Initial Securities identified to
the Company by the Initial Purchasers upon request.  Upon the request of any Holder of Initial
Securities, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements. Notwithstanding the foregoing,
nothing in this Section 8 shall be deemed to require the Company to
register any of its securities pursuant to the Exchange Act.

 

9.             Underwritten Registrations.  Notwithstanding anything herein to the
contrary, no Securities covered by the Shelf Registration Statement may be sold
in an underwritten offering under the Shelf Registration Statement without the
prior written consent of the Company.

 

No person may participate in any underwritten offering
hereunder unless such person (i) agrees to sell such person’s Transfer
Restricted Securities on the basis reasonably provided in any underwriting
arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

 

10.           Miscellaneous.

 

(a)           Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in aggregate principal amount of the
Securities affected by such amendment, modification, supplement, waiver or
consent; provided, however, that no consent is necessary from any of the
Holders of any series of Securities in the event that this Agreement is
amended, modified or supplemented for the purpose of curing any ambiguity,
defect or inconsistency that does not adversely affect the rights of any
Holders.  Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of the Holders of Securities
whose Securities are being sold pursuant to a Shelf Registration Statement and
that does not directly or indirectly affect the rights of other Holders of Securities
may be given by Holders of at least a majority in aggregate principal amount of
the Securities being sold by such Holders pursuant to such Shelf Registration
Statement; provided that the provisions of this sentence may not be amended,
modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence. Each Holder of Securities outstanding at the
time of any such

 

12

 

amendment,
modification, supplement, waiver or consent or thereafter shall be bound by any
such amendment, modification, supplement, waiver or consent effected pursuant
to this Section 10(a), whether or not any notice, writing or marking
indicating such amendment, modification, supplement, waiver or consent appears
on the Securities or is delivered to such Holder.

 

(b)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air courier which guarantees
overnight delivery:

 

(1)           if
to a Holder of the Securities, at the most current address given by such Holder
to the Company in such Holder’s Completed Questionnaire or any amendment
thereto.

 

(2)           if
to the Initial Purchasers;

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.:  (212)
325-4296

Attention: 
LCD-IBD Group

 

Goldman, Sachs & Co.

200 West Street

New York, New York 10282

Fax No.:  (866)
471-2526

Attention: 
Registration Department

 

Banc of America Securities LLC

One Bryant Park

New York, New York 
10036

Fax No.:  (212)
901-7881

Attention:  High Grade Debt Capital Markets Transaction
Management/Legal

 

(3)           if
to the Company, at its address as follows:

 

Genzyme Corporation

500 Kendall Street

Cambridge, Massachusetts 02142

Fax No.: (617) 252-7553

Attention: Chief Financial Officer and General Counsel

 

All such notices and communications shall be deemed to
have been duly given:  at the time
delivered by hand, if personally delivered; three business days after being
deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged
by recipient’s facsimile machine operator, if sent by facsimile transmission;
and on the day delivered, if sent by overnight air courier guaranteeing next
day delivery.

 

(c)           No Inconsistent Agreements.  The Company has not, as of the date hereof,
entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions
hereof.

 

(d)           Successors and Assigns.   This Agreement shall be binding upon the
respective successors and assigns of each of the parties hereto.

 

(e)           Counterparts.  This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

13

 

(f)            Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(g)           Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS.

 

(h)           Severability.  If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

(i)            Securities Held by the Company.  Whenever the consent or approval of Holders
of a specified percentage of principal amount of Securities is required
hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be
counted in determining whether such consent or approval was given by the
Holders of such required percentage.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

14

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement among the several Initial Purchasers and the
Company in accordance with its terms.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  GENZYME CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael S. Wyzga

  
	
   

  	
   

  	
  Name:

  	
  Michael S. Wyzga

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
  Finance & Chief Financial Officer

  

 

[Signature
Page to Registration Rights Agreement]

 

 

	
  The foregoing Registration  Rights Agreement is hereby confirmed and accepted as of the date first above
  written.

  	
   

  
	
   

  	
   

  
	
  CREDIT SUISSE SECURITIES (USA) LLC

  GOLDMAN, SACHS & CO.

  	
   

  
	
  BANC OF AMERICA SECURITIES
  LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CREDIT SUISSE SECURITIES (USA) LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Sharon Harrison

  	
   

  
	
   

  	
  Name:

  	
  Sharon Harrison

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GOLDMAN, SACHS &
  CO.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Goldman,
  Sachs & Co

  	
   

  
	
   

  	
  (GOLDMAN, SACHS &
  CO.)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BANC OF AMERICA SECURITIES
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ David Muller

  	
   

  
	
   

  	
  Name:

  	
  David Muller

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acting as the
  Representatives of  the
  Initial Purchasers

  	
   

  

 

[Signature Page to
Registration Rights Agreement]

 

 

ANNEX A

 

Each broker-dealer that receives Exchange Securities
for its own account pursuant to the Exchange Offer must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange
Securities.  The Letter of Transmittal
states that by so acknowledging and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an “underwriter” within the meaning of
the Securities Act.  This Prospectus, as
it may be amended or supplemented from time to time, may be used by a
broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading
activities.  The Company has agreed that,
for a period of 180 days after the Expiration Date (as defined herein), it will
make this Prospectus available to any broker-dealer for use in connection with
any such resale.  See “Plan of
Distribution.”

 

 

ANNEX B

 

Each broker-dealer that receives Exchange Securities
for its own account in exchange for Securities, where such Initial Securities
were acquired by such broker-dealer as a result of market-making activities or
other trading activities, must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities.  See “Plan of Distribution.”

 

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives Exchange Securities
for its own account pursuant to the Exchange Offer must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange
Securities.  This prospectus, as it may
be amended or supplemented from time to time, may be used by a broker-dealer in
connection with resales of Exchange Securities received in exchange for Initial
Securities where such Initial Securities were acquired as a result of
market-making activities or other trading activities.  The Company has agreed that, for a period of
180 days after the Expiration Date, it will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any
such resale.  In addition, until                    ,
20[  ] ,  all dealers effecting
transactions in the Exchange Securities may be required to deliver a
prospectus.(1)

 

The Company will not receive any proceeds from any
sale of Exchange Securities by broker-dealers. 
Exchange Securities received by broker-dealers for their own account
pursuant to the Exchange Offer may be sold from time to time in one or more
transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the Exchange Securities or a combination of
such methods of resale, at market prices prevailing at the time of resale, at
prices related to such prevailing market prices or negotiated prices.  Any such resale may be made directly to
purchasers or to or through brokers or dealers who may receive compensation in
the form of commissions or concessions from any such broker dealer or the
purchasers of any such Exchange Securities. 
Any broker-dealer that resells Exchange Securities that were received by
it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such Exchange Securities may be deemed
to be an “underwriter” within the meaning of the Securities Act and any profit
on any such resale of Exchange Securities and any commission or concessions
received by any such persons may be deemed to be underwriting compensation
under the Securities Act.  The Letter of
Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an “underwriter” within the meaning of the Securities Act.

 

For a period of 180 days after the Expiration Date the
Company will promptly send additional copies of this prospectus and any
amendment or supplement to this prospectus to any broker-dealer that requests
such documents in the Letter of Transmittal. 
The Company has agreed to pay all expenses incident to the Exchange
Offer (including the expenses of one counsel for the Holders of the Securities)
other than commissions or concessions of any brokers or dealers and will
indemnify the Holders of the Securities (including any broker-dealers) against
certain liabilities, including liabilities under the Securities Act.

 

(1)  In
addition, the legend required by Item 502(e) of Regulation S-K will appear on
the back cover page of the Exchange Offer prospectus.

 

 

ANNEX D

 

CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO
RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS
OR SUPPLEMENTS THERETO.

 

	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

If the undersigned is not a broker-dealer, the
undersigned represents that it is not engaged in, and does not intend to engage
in, a distribution of Exchange Securities. 
If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale
of such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.

 

 

ANNEX E

 

FORM OF
SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

 

The undersigned beneficial owner of 3.625% senior
notes due 2015 (the “2015 notes”)
and the 5.000% senior notes due 2020 (the “2020 notes”
and, together with the 2015 notes, the “Registrable Securities”)
of Genzyme Corporation (“the Company”),
understands that the Company has filed or intends to file with the Securities
and Exchange Commission a registration statement on an appropriate form for the
registration of the resale under Rule 415 of the Securities Act of 1933,
as amended (the “Shelf Registration Statement”), of
the Registrable Securities in accordance with the terms of the Registration
Rights Agreement, dated as of June 17, 2010, by and among the Company and
the initial purchasers party thereto (the “Registration Rights
Agreement”).  A copy of the
Registration Rights Agreement is available from the Company upon request at the
address set forth below.

 

Each beneficial owner of Registrable Securities is
entitled to the benefits of the Registration Rights Agreement.  In order to sell or otherwise dispose of any
Registrable Securities pursuant to the Shelf Registration Statement, a
beneficial owner of Registrable Securities generally will be required to be
named as a selling securityholder in the related prospectus, deliver a
prospectus to purchasers of Registrable Securities and be bound by those
provisions of the Registration Rights Agreement applicable to such beneficial
owner (including certain indemnification provisions, as described below).  Beneficial owners are encouraged to complete
and deliver this Notice and Questionnaire prior to the effectiveness of the
Shelf Registration Statement so that such beneficial owners may be named as
selling securityholders in the related prospectus at the time of effectiveness
of the Shelf Registration Statement.  Any
beneficial owner of Registrable Securities wishing to include its Registrable
Securities in the Shelf Registration Statement must deliver to the Company a
properly completed and signed selling securityholder Notice and Questionnaire
no later than [DATE].

 

Certain legal consequences arise from being named as a
selling securityholder in the Shelf Registration Statement and the related
prospectus.  Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and the
related prospectus.

 

Notice

 

The undersigned beneficial owner of Registrable
Securities (the “Selling Securityholder”) hereby
gives notice to the Company of its intention to sell or otherwise dispose of
Registrable Securities beneficially owned by it and listed below in Item 3 (unless
otherwise specified under Item 3) pursuant to the Shelf Registration
Statement.  The undersigned, by signing
and returning this Notice and Questionnaire, understands and agrees that it
will be bound by the terms and conditions of this Notice and Questionnaire and
the Registration Rights Agreement.  The
undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate and complete:

 

Questionnaire

 

	
  1.

  	
  (a)

  	
  Full legal name of Selling Securityholder:                                                                                                                                

  	
   

  
	
   

  	
  (b)

  	
  Full legal name of registered holder (if not the
  same as (a) above) through which Registrable Securities listed in
  (3) below are held:                                                                                                                                                                                     

  	
   

  
	
   

  	
  (c)

  	
  Full legal name of Depository Trust Company
  Participant (if applicable and if not the same as (b) above) through
  which Registrable Securities listed in (3) below are held:                                                                                                                   

  	
   

  
	
   

  	
  (d)

  	
  Taxpayer identification or social security number of
  Selling Securityholder:                                                                          

  	
   

  
	
  2.

  	
   

  	
  Mailing address for notices to Selling
  Securityholder:

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  

 

 

	
   

  	
   

  	
  Telephone:
  (        )
             -          

  	
   

  
	
   

  	
   

  	
  Home
  Fax: (        )
              -           
     Business Fax: (        )
            
  -          

  	
   

  
	
   

  	
   

  	
  Email Address:                                                                                                                                                                           

  	
   

  
	
   

  	
   

  	
  Contact Person:                                                                                                                                                                          

  	
   

  
	
  3.

  	
   

  	
  Beneficial ownership of Registrable Securities:  

  	
   

  
	
   

  	
   

  	
  (a)  Type and principal amount or number of
  shares of Registrable Securities beneficially owned:                            

  	
   

  
	
   

  	
   

  	
  (b)  CUSIP No(s). of such Registrable
  Securities beneficially owned:

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                         

  	
   

  
	
  4.

  	
   

  	
  Beneficial ownership of the Company’s securities
  owned by the Selling Securityholder:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Except as set forth below in this item (4), the
  undersigned is not the beneficial or registered owner of any securities of
  the Company other than the Registrable Securities listed above in item (3).

  	
   

  
	
   

  	
   

  	
  (a)  Type and amount of other securities of the
  Company beneficially owned by the Selling Securityholder:

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
  (b)  CUSIP No(s). of such other securities of
  the Company beneficially owned:

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                        

  	
   

  
	
  5.

  	
   

  	
  Relationship with the Company:

  	
   

  
	
   

  	
   

  	
  Except as set forth below, neither the
  undersigned nor any of its affiliates, directors or principal equity holders
  (5% or more) has held any position or office or has had any other material
  relationship with the Company (or its predecessors or affiliates) during the
  past three years.

  	
   

  
	
   

  	
   

  	
  State any exceptions here:

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
   

  	
   

  	
                                                                                                                                                                                                      

  	
   

  
	
  6.

  	
   

  	
  Plan of distribution:

  	
   

  
	
   

  	
   

  	
  Except as set forth below, the undersigned
  (including its donees, transferees, pledgees and other successors in
  interest) intends to distribute the Registrable Securities listed above in
  Item (3) pursuant to the Registration Statement only as follows (if at
  all):

  Such Registrable Securities may be sold from time to
  time directly by the Selling Securityholder or, alternatively, through
  broker-dealers or agents. If the Registrable Securities are sold through
  broker-dealers or agents, the Selling Securityholder will be responsible for
  discounts and commissions. Such Registrable Securities may be sold in one or
  more transactions at fixed prices, at prevailing market prices at the time of
  sale, at varying prices determined at the time of sale, or at negotiated
  prices. Such sales may be effected in transactions (which may involve block
  transactions) (1) on any national securities exchange or quotation
  service on which the Registrable Securities may be listed or quoted at the
  time of sale, (2) in the over-the-counter market, (3) in
  transactions otherwise than on such exchanges or services or in the
  over-the-counter market, or (4) through the writing of options. In
  connection with sales of the Registrable Securities or otherwise, the Selling
  Securityholder may enter into hedging transactions with broker-dealers, which
  may in turn engage in short sales of the Registrable Securities and deliver
  Registrable Securities to close out such short positions, or loan or pledge
  Registrable Securities to broker-dealers that in turn may sell such
  securities.

  	
   

  

 

The undersigned acknowledges that it understands the
prospectus delivery obligations under the Securities Act of 1933, as amended.
The undersigned agrees that it and those acting on its behalf will comply with
such requirements. In addition, the undersigned agrees to notify the Company
promptly following any sales under the Registration Statement so that the
Company is able to comply with the undertakings contained in the Registration
Statement.

 

The undersigned acknowledges that it understands its
obligation to comply with the provisions of the Securities Exchange Act of
1934, as amended, and the rules thereunder relating to security
manipulation, particularly Regulation M, in connection with any offering of
Registrable Securities pursuant to the Registration Statement. The undersigned
agrees that neither it nor any person acting on its behalf will engage in any
transaction in violation of such provisions.

 

 

The Selling Securityholder hereby acknowledges its
obligations under the Registration Rights Agreement to indemnify and hold
harmless certain persons set forth therein.

 

Pursuant to the Registration Rights Agreement, the
Company has agreed under certain circumstances to indemnify the Selling Securityholders
against certain liabilities.

 

The undersigned agrees to promptly notify the Company
of any inaccuracies or changes in the information provided herein that may
occur subsequent to the date hereof at any time while the Registration
Statement remains effective. All notices hereunder shall be made in writing to
the address set forth below.

 

By signing below, the undersigned consents to the
disclosure of the information contained herein in its answers to items (1) through
(6) above and the inclusion of such information in the Shelf Registration
Statement and the related prospectus. The undersigned understands that such
information will be relied upon by the Company in connection with the
preparation or amendment of the Shelf Registration Statement and the related
prospectus.

 

Please complete and return by mail and facsimile the
Notice and Questionnaire to:

 

Ropes & Gray LLP

Attention: Naomi Hauptman, Esq.

1211 Avenue of the Americas

New York, NY 10036-8704

Facsimile: (646) 728-2817

 

IN WITNESS WHEREOF, the undersigned, by authority duly
given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent.

 

 

	
   

  	
  Authorized Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]