Document:

EX-10.3

 Exhibit 10.3 

SALE AGREEMENT 
 This Sale
Agreement, dated as of July 28, 2014 (this “Agreement”), is between LIEBEL-FLARSHEIM COMPANY LLC, a Delaware limited liability company (the “Seller”), and MALLINCKRODT LLC, a Delaware limited liability company (the
“Buyer”). 
 W I T N E S S E T H : 

WHEREAS, the Seller is a direct wholly-owned subsidiary of the Buyer; 

WHEREAS, the Seller generates Receivables in the ordinary course of its business; 

WHEREAS, the Receivables generated by the Seller are not tracked or accounted for separately from those of the Buyer and are serviced by the
Buyer, so that the Buyer receives all collections on such Receivables; 
 WHEREAS, the Buyer from time to time and as necessary makes
capital contributions to or otherwise provides funding to Seller, as its direct wholly-owned subsidiary; 
 WHEREAS, the Seller, in
consideration of such capital contributions and funding, wishes to sell all of its Receivables and all of the related Related Rights to the Buyer, the Buyer is willing to acquire such Receivables and the related Related Rights from the Seller, on
the terms and subject to the conditions set forth herein, and the Seller and the Buyer believe that the Seller is receiving fair consideration for the Receivables and the related Related Rights; 

WHEREAS, the Seller and the Buyer intend each such transaction to be a true sale of Receivables and the related Related Rights by the Seller
to the Buyer, providing the Buyer with the full benefits of ownership of the Receivables, and the Seller and the Buyer do not intend the transactions hereunder to be characterized as a loan from the Buyer to the Seller; 

WHEREAS, the Buyer and certain other originators, Mallinckrodt LLC, as initial servicer and Mallinckrodt Securitization S.à r.l., as
buyer, have entered into that certain Purchase and Sale Agreement (the “PSA”), dated July 28, 2014, wherein the Buyer has agreed to sell Receivables and related Related Rights to Mallinckrodt Securitization S.à r.l. (in such
capacity, the “Issuer”); and 
 WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings set forth
in the PSA. 
 NOW, THEREFORE, in consideration of the premises and of the commitments made hereunder the parties hereto agree as follows:

 1. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Seller hereby sells to the Buyer
on the Closing Date and on each Sale Date thereafter that is prior to the Purchase and Sale Termination Date, without recourse or representation or warranty of any kind except as provided herein, all of its right, title and interest in all its
Receivables and the related Related Rights that it has not previously sold to the Buyer hereunder. 

  
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 2. It is the express intent of the parties hereto that each transfer of Receivables and the
related Related Rights by the Seller to the Buyer as provided in this Agreement be, and be construed as, an absolute sale of the Receivables and the related Related Rights. It is, further, not the intention of the parties that any such transfer be
deemed the grant of a security interest in the Receivables and the related Related Rights by the Seller to the Buyer to secure a debt or other obligation of the Seller. In the event, however, that, notwithstanding the intent of the parties, any
Receivables or related Related Rights are held to be the property of the Seller, or if for any other reason this Agreement is held or deemed to create a security interest in the Receivables and the related Related Rights, then (a) this
Agreement shall constitute a security agreement, and (b) each transfer provided for in this Agreement shall be deemed to be a grant by the Seller to the Buyer of, and the Seller hereby grants to the Buyer, to secure all of the Seller’s
obligations hereunder, a security interest in all of the Seller’s right, title, and interest, whether now owned or hereafter acquired, in and to the Receivables and the related Related Rights and all proceeds thereof. 

3. Representations and Warranties. In order to induce the Buyer to enter into this Agreement and to make purchases hereunder, Seller
hereby represents and warrants that each representation and warranty set forth in this Section is true and correct with respect to it and the Receivables and Related Rights sold by it hereunder on the applicable Sale Date: 

 

	 	a.	Binding Obligations. This Agreement constitutes legal, valid and binding obligations of Seller, enforceable against Seller in accordance with its terms, except (i) as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 

  

	 	b.	Compliance with Applicable Law. The Seller (i) shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Receivables and the Related Rights sold by it hereunder and
(ii) has complied in all material respects with all Applicable Law in connection with the Receivables sold by it hereunder. 

  

	 	c.	Valid Sale. Each sale of Receivables and the Related Rights made by Seller pursuant to this Agreement shall constitute a valid sale, transfer and assignment of Receivables and Related Rights to the Buyer,
enforceable against creditors of, and purchasers from, the Buyer, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

  
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	 	d.	No Sanctions. Seller is not a Sanctioned Person. To Seller’s knowledge, no Obligor was a Sanctioned Person at the time of origination of any Receivable owing by such Obligor. Seller, either in its own right
or through any third party, (a) does not have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does not do business in or with, or derives
any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) does not engages in any dealings or transactions prohibited by any Anti-Terrorism Law.

  

	 	e.	Perfection; Good Title. Immediately preceding its sale of each Receivable hereunder, Seller was the owner of such Receivable sold or purported to be sold free and clear of any Adverse Claims, and each such sale
hereunder constitutes a valid sale, transfer and assignment to the Buyer of all of Seller’s right, title and interest in, to and under the Receivables sold by it, free and clear of any Adverse Claims. On or before the date hereof and before the
generation by Seller of any new Receivable to be sold or otherwise conveyed hereunder, all financing statements and other documents, if any, required to be recorded or filed in order to perfect and protect the Buyer’s ownership interest in such
Receivable against all creditors of and purchasers from Seller will have been duly filed in each filing office necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full.
Upon the transfer to the Buyer of each new Receivable sold or otherwise conveyed or purported to be conveyed hereunder and on the date hereof for then existing Receivables, the Buyer shall have a valid and perfected first priority ownership or
security interest in each Receivable sold to it hereunder, free and clear of any Adverse Claim. 

  

	 	f.	Solvent. After giving effect to the transactions contemplated by this Agreement, Seller is Solvent. 

4. Covenants. From the date hereof until the Final Payout Date (unless earlier terminated as provided herein), Seller will,
unless the Administrative Agent (as assignee of Issuer, which is the assignee of the Buyer) and the Buyer shall otherwise consent in writing, perform the following covenants: 
  

	 	a.	Compliance with Laws. Seller will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Material Adverse Effect. 

 

	 	b.	 Sales, Liens, etc. Except as otherwise provided herein, Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose
of, or create or suffer to exist any Adverse Claim arising through or under it upon (including, 

  
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without limitation, the filing of any financing statement) or with respect to, any Receivable or other Related Rights sold or purported to be sold by it hereunder, or assign any right to receive
income in respect thereof. 

  

	 	c.	Ownership Interest, Etc. Seller shall, at its expense, take all action necessary or reasonably desirable to establish and maintain a valid and enforceable ownership or first priority perfected security interest
in the Receivables, the Related Rights and Collections with respect thereto, transferred or purported to be transferred by it hereunder, free and clear of any Adverse Claim, in favor of the Buyer (and Issuer and the Administrative Agent (on behalf
of the Secured Parties), as the assignee of the Issuer), including taking such action to perfect, protect or more fully evidence the interest of the Buyer (and Issuer and the Administrative Agent (on behalf of the Secured Parties), as the assignee
of the Issuer) as the Buyer, Issuer, the Administrative Agent or any Purchaser may reasonably request. 

  

	 	d.	Further Assurances. Seller hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further
actions, that may be necessary or desirable, or that the Buyer, Issuer or the Administrative Agent (as assignee of the Issuer) may reasonably request, to perfect, protect or more fully evidence the purchases made hereunder and/or security interest
granted pursuant to this Agreement, or to enable the Buyer, Issuer or the Administrative Agent (as assignee of the Issuer) to exercise and enforce their respective rights and remedies hereunder. 

 

	 	e.	 Mergers, Acquisitions, Sales, etc. Seller shall not (i) be a party to any merger, consolidation or other corporate restructuring, except
(I) a merger of Seller into an Originator or (II) a merger, consolidation or other corporate restructuring where the Buyer, the Administrative Agent (as Issuer’s assignee) and each Purchaser have each (A) received notice thereof no
later than or promptly after the effective date, (B) within thirty (30) days following the effectiveness thereof, received executed copies of all documents, certificates and opinions (including, without limitation, opinions relating to
corporate, bankruptcy and UCC matters) as the Buyer or the Administrative Agent shall reasonably request and (C) within thirty (30) days following the effectiveness thereof, been satisfied that all other action to perfect and protect the
interests of the Buyer and the Administrative Agent, on behalf of the Purchasers, as the Issuer’s assignee, in and to the Receivables to be sold by it hereunder and other Related Rights, as reasonably requested by the Buyer or the
Administrative Agent (as Issuer’s assignee) shall have been taken by, and at the expense of, Seller (including the filing of any UCC financing statements, the receipt of certificates and other requested documents from public officials) or
(ii) directly or indirectly sell, transfer, assign, convey or lease (A) whether in one or a series of transactions, all or substantially all of its assets except (I) to an Originator or (II) if prior to the effective date thereof or
in connection therewith (i) this Agreement is or has been terminated and (ii) the 

  
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Administrative Agent (as Issuer’s assignee) and each Purchaser shall have received notice thereof or (B) any Receivables or Related Rights or any interest therein (other than pursuant
to this Agreement) except if prior to the effective date thereof or in connection therewith (i) this Agreement is or has been terminated and (ii) the Administrative Agent (as Issuer’s assignee) and each Purchaser shall have received
notice thereof. 

 5. Amendments. The provisions of this Agreement may from time to time be amended, modified or waived,
if such amendment, modification or waiver is in writing and executed by the Buyer and Seller, with (prior to the Final Payout Date) the prior written consent of the Administrative Agent (as assignee of the Issuer) and the Majority Purchasers (as
assignee of the Issuer). 
 6. Binding Effect; Termination. This Agreement shall be binding upon and inure to the benefit of the Buyer
and Seller and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as
the parties hereto shall agree. 
 7. Third-Party Beneficiaries. By execution below, Seller expressly acknowledges and agrees that all
of the Buyer’s rights, title, and interests in, to, and under this Agreement, shall be assigned by the Buyer to the Issuer, which shall in turn assign all such right, title and interest to the Administrative Agent (for the benefit of the
Secured Parties) pursuant to the Purchase and Sale Agreement and the Note Purchase Agreement, and Seller consents to such assignment. Each of the parties hereto acknowledges and agrees that the Issuer and, prior to the Final Payout Date, the
Purchasers and the Administrative Agent are third-party beneficiaries of the rights of the Buyer arising hereunder, and notwithstanding anything to the contrary contained herein or in any other Transaction Document, upon the occurrence and during
the continuation of an Event of Default under the Note Purchase Agreement, the Administrative Agent, and not the Buyer or the Issuer, shall have the sole right to exercise all such rights and related remedies. 

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

  
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 IN WITNESS whereof this Agreement has been entered into the date first above written. 

 

					
	LIEBEL-FLARSHEIM COMPANY LLC
			
		 	By:	 	 /s/ Matt Mainer

		 		 	Name: Matt Mainer
		 		 	Title:   Vice President and Assistant Treasurer
		
		 	MALLINCKRODT LLC
			
		 	By:	 	 /s/ Matt Mainer

		 		 	Name: Matt Mainer
		 		 	Title   Vice President and Assistant Treasurer

  
 6EX-10.4

 Exhibit 10.4 

EXECUTION COPY 

PERFORMANCE GUARANTY 

This PERFORMANCE GUARANTY (as amended, supplemented or otherwise modified from time to time, this “Performance Guaranty”),
dated as of July 28, 2014, is made by MALLINCKRODT INTERNATIONAL FINANCE S.A., a public limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg having its registered office at
42-44, avenue de la Gare, L-1601 Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 172.865 (the “Performance Guarantor”), in favor of PNC BANK, NATIONAL ASSOCIATION, as administrative agent
(together with its successors and assigns in such capacity, the “Administrative Agent”), for the benefit of itself, the Purchasers and their respective successors and assigns under the Note Purchase Agreement (as defined below).
Capitalized terms used, but not otherwise defined herein shall have the respective meanings assigned thereto in the Note Purchase Agreement referred to below or, if not defined therein, the respective meanings assigned thereto in the Purchase and
Sale Agreement (as defined below). 
 PRELIMINARY STATEMENTS: 

(1) Concurrently herewith, Mallinckrodt Securitization S.à r.l., a public limited liability company (société à
responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg (the “SPV”), as buyer, Mallinckrodt LLC (“Mallinckrodt”), as initial servicer (in such capacity, together with
its successor and assigns in such capacity, the “Servicer”), and the various other entities party thereto as originators are entering into that certain Purchase and Sale Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Purchase and Sale Agreement”). Each entity from time to time party to the Purchase and Sale Agreement as an originator thereunder is herein referred to as an
“Originator” and, collectively, as the “Originators”. Pursuant to the Purchase and Sale Agreement, the Originators will from time to time sell Receivables and Related Rights to the SPV. 

(2) Concurrently herewith, the SPV, as issuer, Mallinckrodt, as initial Servicer, the Persons from time to time party thereto as Purchasers
and the Administrative Agent are entering into that certain Note Purchase Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), pursuant
to which (i) the Purchasers will from time to time make Advances to the SPV on a revolving basis, (ii) the SPV has granted to the Administrative Agent (on behalf of the Secured Parties) a security interest in the Collateral and
(iii) Mallinckrodt, as Servicer, will service the Pool Receivables. 
 (3) As of the date hereof, the Performance Guarantor is the
direct or indirect owner of 100% of the outstanding Capital Stock of Mallinckrodt, the Servicer, each Originator and the SPV. 
 (4) The
Performance Guarantor’s execution and delivery of this Performance Guaranty are conditions precedent to the effectiveness of the Note Purchase Agreement. 

 (5) The Performance Guarantor has determined that its execution and delivery of this Performance
Guaranty is in its best interests because, inter alia, the Performance Guarantor (individually) and the Performance Guarantor and its Affiliates (collectively) will derive substantial direct and indirect benefit from (i) each
Originator’s sales of Receivables to the SPV from time to time, (ii) the Servicer’s servicing of the Receivables, (iii) the financial accommodations made by the Purchasers to the SPV from time to time under the Note Purchase
Agreement and (iv) the other transactions contemplated under the Purchase and Sale Agreement and the Note Purchase Agreement. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Performance Guarantor hereby agrees as follows: 

SECTION 1. Unconditional Undertaking; Enforcement. The Performance Guarantor hereby unconditionally and irrevocably undertakes and
assures for the benefit of the Administrative Agent (including, without limitation, as assignee of the SPV’s rights, interests and claims under the Purchase and Sale Agreement), the Purchasers and each of the other Secured Parties the due and
punctual performance and observance by Mallinckrodt, the Servicer and each Originator (together with their respective successors and assigns, collectively, the “Covered Entities”, and each, a “Covered Entity”) of
the terms, covenants, indemnities, conditions, agreements, undertakings and obligations on the part of such Covered Entity to be performed or observed by it under the Purchase and Sale Agreement and each of the other Transaction Documents to which
such Covered Entity is a party, including, without limitation, any agreement or obligation of such Covered Entity to pay any indemnity or make any payment in respect of any applicable dilution adjustment or repurchase obligation under any such
Transaction Document, in each case on the terms and subject to the conditions set forth in the applicable Transaction Documents as the same shall be amended, restated, supplemented or otherwise modified and in effect from time to time (all such
terms, covenants, indemnities, conditions, agreements, undertakings and obligations on the part of the Covered Entities to be paid, performed or observed by them being collectively called the “Guaranteed Obligations”). Without
limiting the generality of the foregoing, the Performance Guarantor agrees that if any Covered Entity shall fail in any manner whatsoever to perform or observe any of its Guaranteed Obligations when the same shall be required to be performed or
observed under any applicable Transaction Document, then the Performance Guarantor will itself duly and punctually cause to be performed or observed such Guaranteed Obligations. It shall not be a condition to the accrual of the obligation of the
Performance Guarantor hereunder to cause to be performed or observed any Guaranteed Obligation that the Administrative Agent, any Purchaser, the SPV or any other Person shall have first made any request of or demand upon or given any notice to the
Performance Guarantor, any Covered Entity or any of their respective successors and assigns or have initiated any action or proceeding against the Performance Guarantor, any Covered Entity or any of their respective successors and assigns in respect
thereof. The Administrative Agent (on behalf of itself, the Purchasers and the other Secured Parties) may proceed to enforce the obligations of the Performance Guarantor under this Performance Guaranty without first pursuing or exhausting any right
or remedy which the Administrative Agent or any Purchaser may have against any Covered Entity, the SPV, any other Person, the Pool Receivables or any other property. The Performance Guarantor agrees that its obligations under this Performance
Guaranty shall be irrevocable. It is expressly acknowledged that this Performance Guaranty is a guarantee of performance only and is not a guarantee of the payment of any Pool Receivables 

  
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and there shall be no recourse to the Performance Guarantor for any non-payment or delay in payment of any Pool Receivables solely by reason of the bankruptcy, insolvency or lack of
creditworthiness of the related Obligor or the uncollectability of any such Pool Receivables or for any Guaranteed Obligations the payment of which could otherwise constitute recourse to the Performance Guarantor or any Covered Entity for
uncollectible Pool Receivables. 
 SECTION 2. Validity of Obligations. 

(a) The Performance Guarantor agrees that its obligations under this Performance Guaranty shall be absolute and unconditional,
irrespective of (i) the validity, enforceability, avoidance, subordination, discharge or disaffirmance by any Person (including a trustee in bankruptcy) of the Guaranteed Obligations, (ii) the absence of any attempt by the Administrative
Agent, any Purchaser or the SPV to collect any Receivables, or to obtain performance or observance of the Guaranteed Obligations from any Covered Entity or any other Person, (iii) the waiver, consent, amendment, modification, extension,
forbearance or granting of any indulgence by the Administrative Agent, any Purchaser or the SPV with respect to any provision of any agreement or instrument evidencing the Guaranteed Obligations, (iv) any change of the time, manner or place of
performance of, or in any other term or provision of any of the Guaranteed Obligations, including, without limitation, any amendment to or modification of any of the Transaction Documents, (v) any law, rule, regulation or order of any
jurisdiction affecting any term of any of the Guaranteed Obligations, or rights of the Administrative Agent, any Purchaser or the SPV with respect thereto, (vi) the failure by the Administrative Agent, any Purchaser or the SPV to take any steps
to perfect and maintain perfected its interest in any Receivable, the Collateral or any portion thereof or other property or in any security or collateral related to the Guaranteed Obligations, (vii) any failure to obtain any authorization or
approval from or other action by or to notify or file with, any Governmental Authority required in connection with the performance of the obligations hereunder by the Performance Guarantor, (viii) any impossibility or impracticability of
performance, illegality, force majeure, any act of government, or other circumstances which might constitute a defense available to, or a discharge of any Covered Entity or the Performance Guarantor, or any other circumstance, event or
happening whatsoever whether foreseen or unforeseen and whether similar to or dissimilar to anything referred to above, (ix) any manner of application of Collateral or any assets of any Covered Entity or the SPV, or proceeds thereof, to satisfy
all or any of the Guaranteed Obligations or as otherwise permitted under the Transaction Documents, or any manner of sale or other disposition of any Collateral for all or any of the Guaranteed Obligations or as otherwise permitted under the
Transaction Documents and (x) any change, restructuring or termination of the corporate structure or existence of any Covered Entity, the Performance Guarantor or any other Person or the equity ownership, existence, control, merger,
consolidation or sale, lease or transfer of any of the assets of any such Person, or any bankruptcy, insolvency, winding up, dissolution, liquidation, receivership, assignment for the benefit of creditors, arrangement, composition, readjustment or
reorganization of, or similar proceedings affecting, any Covered Entity, the SPV or any of their assets or obligations. The Performance Guarantor waives all set-offs and counterclaims and all presentments, demands of performance, notices of
nonperformance, protests, notices of protest, notices of dishonor and notices of 

  
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acceptance of this Performance Guaranty. The Performance Guarantor’s obligations under this Performance Guaranty shall not be limited if the Administrative Agent or any Purchaser is
precluded for any reason (including, without limitation, the application of the automatic stay under Section 362 of the Bankruptcy Code) from enforcing or exercising any right or remedy with respect to the Guaranteed Obligations, and the
Performance Guarantor shall perform or observe, upon demand, the Guaranteed Obligations that could otherwise have been due and performable or observable by any Covered Entity had such right and remedies been permitted to be exercised. 

(b) Should any money due or owing under this Performance Guaranty not be recoverable from the Performance Guarantor due to any
of the matters specified above in Section 2(a), then, in any such case, such money shall nevertheless be recoverable from the Performance Guarantor as though the Performance Guarantor were a principal debtor in respect thereof and not
merely a guarantor and shall be paid by the Performance Guarantor forthwith. 
 SECTION 3. Reinstatement, etc. The Performance
Guarantor further agrees that, to the extent that any Person makes a payment or payments to the Administrative Agent or any Purchaser in respect of any Guaranteed Obligation, which payment or payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to such Person or to the estate, trustee, or receiver of such Person or to any other party, including, without limitation, the Performance Guarantor,
under any bankruptcy, insolvency or similar state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, the Guaranteed Obligations or any part thereof which has been paid, reduced or satisfied by such
amount shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred. 

SECTION 4. Waiver. The Performance Guarantor hereby waives promptness, diligence, notice of acceptance, notice of default by the
Covered Entities, notice of the incurrence of any Guaranteed Obligation and any other notice with respect to any of the Guaranteed Obligations and this Performance Guaranty, and any other document related thereto or to any of the Transaction
Documents and any requirement that the Administrative Agent, any Purchaser or the SPV exhaust any right or take any action against any Covered Entity, the SPV, any other Person or any property. The Performance Guarantor acknowledges to the
Administrative Agent (for the benefit of itself, the Purchasers and the other Secured Parties) that it is not relying on the Administrative Agent, any Group Agent or any Purchaser to provide any information with respect to any Covered Entity and the
SPV either now or in the future. 
 SECTION 5. Subrogation. The Performance Guarantor hereby waives all rights of subrogation
(whether contractual or otherwise) to the claims, if any, of the Administrative Agent or any Purchaser against the Originators and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from the Covered Entities
which may otherwise have arisen in connection with this Performance Guaranty until one year and one day have elapsed since the payment and performance in full of all Guaranteed Obligations. 

SECTION 6. Representations and Warranties. The Performance Guarantor hereby represents and warrants to the Administrative Agent and
each Purchaser on the date hereof, on each Settlement Date and each day on which an Advance shall have occurred under the Note Purchase Agreement, that: 

(a) Organization and Good Standing. The Performance Guarantor is a duly organized and validly existing public limited
liability company (société anonyme) in good standing under the laws of the Grand Duchy of Luxembourg, with the power and authority under its organizational documents and under the laws of the Grand Duchy of Luxembourg to own its
properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

  
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 (b) Due Qualification. The Performance Guarantor is duly qualified to do
business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to do so
could not reasonably be expected to have a material adverse effect on the performance by the Performance Guarantor of its obligations hereunder, or the validity or enforceability of this Performance Guaranty or any of the other Transaction Documents
to which it is a party. 
 (c) Power and Authority; Due Authorization. The Performance Guarantor has all necessary
power and authority to (i) execute and deliver this Performance Guaranty and the other Transaction Documents to which it is a party, (ii) perform its obligations under this Performance Guaranty and the other Transaction Documents to which
it is a party, and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Performance Guaranty and the other Transaction Documents to which it is a party have been duly authorized by the
Performance Guarantor by all necessary action and (iii) subject to mandatory law provisions. 
 (d) Binding
Obligations. This Performance Guaranty and each of the other Transaction Documents to which the Performance Guarantor is a party constitutes legal, valid and binding obligations of the Performance Guarantor, enforceable against the Performance
Guarantor in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e) No Conflict or Violation. The execution and delivery of this Performance Guaranty and each other Transaction
Document to which the Performance Guarantor is a party, the performance of the transactions contemplated by this Performance Guaranty and the other Transaction Documents and the fulfillment of the terms of this Performance Guaranty and the other
Transaction Documents by the Performance Guarantor will not (i) conflict with, result in any breach of any of the terms or provisions of or constitute (with or without notice or lapse of time or both) a default under, the organizational
documents of the Performance Guarantor or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Performance Guarantor is a party or by which it or
any of its property is 

  
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bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, agreement,
mortgage, deed of trust or other agreement or instrument, other than this Performance Guaranty and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except to the extent that any such conflict, breach,
default, Adverse Claim or violation could not reasonably be expected to have a material adverse effect on the performance by the Performance Guarantor of its obligations hereunder, or the validity or enforceability of this Performance Guaranty or
any of the other Transaction Documents to which it is a party. 
 (f) Litigation and Other Proceedings. There is no
action, suit, proceeding or investigation pending, or to the Performance Guarantor’s knowledge threatened, against the Performance Guarantor before any Governmental Authority: (i) asserting the invalidity of this Performance Guaranty or
any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Performance Guaranty or any other Transaction Document; or (iii) seeking any determination or ruling that
could have a material adverse effect on the performance by the Performance Guarantor of its obligations under, or the validity or enforceability of, this Performance Guaranty or any of the other Transaction Documents to which it is a party. 

(g) No Consents. The Performance Guarantor is not required to obtain the consent of any other party or any consent,
license, approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery or performance of this Performance Guaranty or any other Transaction Document to which it is a party that
has not already been obtained or the failure of which to obtain could not reasonably be expected to have a material adverse effect on the performance by the Performance Guarantor of its obligations hereunder, or the validity or enforceability of
this Performance Guaranty of any of the other Transaction Documents. 
 (h) Accuracy of Information. All certificates,
reports, statements, documents and other information furnished to the Administrative Agent or any other Credit Party by the Performance Guarantor pursuant to any provision of this Performance Guaranty or any other Transaction Document to which it is
a party, or in connection with or pursuant to any amendment or modification of, or waiver under, this Performance Guaranty or any other Transaction Document to which it is a party, is, at the time the same are so furnished, complete and correct in
all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party. 
 (i) No
Material Adverse Effect. Since December 31, 2013 there have been no Material Adverse Effect with respect to the Performance Guarantor. 

(j) Investment Company Act. The Performance Guarantor is not an “investment company,” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

(k) Solvency. The Performance Guarantor is Solvent. 

  
 6 

 (l) Opinions. The facts regarding the Performance Guarantor set forth or
assumed in each of the opinions of counsel delivered in connection with the Note Purchase Agreement and the Transaction Documents are true and correct in all material respects. 

(m) No Sanctions. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any
third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from
investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by any Anti-Terrorism Law. 

(n) Preliminary Statements. Each of the statements set forth in the preliminary statements of this Performance Guaranty
with respect to the Performance Guarantor and the Covered Entities are true and correct. 
 Notwithstanding any other provision of this
Performance Guaranty or any other Transaction Document, the representations contained in this Section shall be continuing, and shall remain in full force and effect until the Final Payout Date. 

SECTION 7. Certain Covenants. At all times from the Closing Date until the Final Payout Date: 

(a) Ownership and Control. The Performance Guarantor shall continue to be the direct or indirect owner of 100% of the of
the issued and outstanding Capital Stock of each Covered Entity and the SPV. The Performance Guarantor shall not permit the Issuer’s certificate of formation or other organizational documents to be amended, restated, supplemented or terminated
prior to the Final Payout Date without the prior written consent of the Administrative Agent. 
 (b) Preservation of
Existence. The Performance Guarantor will do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation and maintain all requisite authority to conduct
its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a material adverse effect on the performance by the Performance Guarantor of its obligations hereunder,
or the validity or enforceability of this Performance Guaranty or any of the other Transaction Documents. 
 (c)
Compliance with Laws. The Performance Guarantor will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a material adverse effect on the performance by the Performance
Guarantor of its obligations hereunder, or the validity or enforceability of this Performance Guaranty or any of the other Transaction Documents to which it is a party. 

  
 7 

 (d) Actions Contrary to Separateness. The Performance Guarantor will not
take any action inconsistent with the terms of Section 8.03 of the Note Purchase Agreement. 
 (e) Anti-Money
Laundering/International Trade Law Compliance. The Performance Guarantor shall not become a Sanctioned Person. The Performance Guarantor, either in its own right or through any third party, will not (a) have any of its assets in a
Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country
or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the proceeds of Advances to fund any operations in, finance any investments or
activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law. The Performance Guarantor shall comply with all Anti-Terrorism Laws. The Performance Guarantor shall promptly notify the
Administrative Agent in writing upon the occurrence of a Reportable Compliance Event. 
 (f) Payments on Receivables;
Lock-Box Accounts. If any payments on the Pool Receivables or other Collections are received by the Performance Guarantor, it shall hold such payments in trust for the benefit of the Administrative Agent, the Purchasers and the other Secured
Parties and promptly (but in any event within one (1) Business Day after receipt) remit such funds into a Lock-Box Account. 

(g) Change in Accountants. The Performance Guarantor will promptly notify the Administrative Agent and each Purchaser in
writing of any change in the external accountants of the Performance Guarantor. 
 (h) Further Assurances. The
Performance Guarantor hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the
Administrative Agent may reasonably request, to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Performance Guaranty. Without limiting the foregoing, the
Performance Guarantor hereby agrees from time to time, at its own expense, promptly to provide such information (including non-financial information) with respect to itself and each Covered Entity as the Administrative Agent may reasonably request.

 SECTION 8. Amendments, Etc. No amendment or waiver of any provision of this Performance Guaranty, and no consent to any departure
by the Performance Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. 
 SECTION 9. Addresses for Notices. All notices and other communications provided for hereunder shall,
unless otherwise stated herein, be in writing (including facsimile or 

  
 8 

 
electronic mail communication) and shall be delivered or sent by facsimile, electronic mail or by overnight mail, to the intended party at the mailing address or electronic mail or facsimile
number of such party (a) if to the Administrative Agent, to its address specified for notices in the Note Purchase Agreement and (b) if to the Performance Guarantor, to its address set forth below, or in either case, to such other address
or facsimile number as shall be designated by such party in a written notice to the other parties hereto. 
  

			
	Mallinckrodt International Finance S.A.
	42-44, avenue de la Gare
	L-1610 Luxembourg
	Attention:	  	Marie Dhersin-Luporsi
	Facsimile:	  	352 28 48 78 11 00
	Email:	  	marie.luporsi@mallinckrodt.com
	
	With a copy to:
	
	Mallinckrodt LLC
	675 McDonnell Boulevard
	Hazelwood, MO 63042
	Attention:	  	John E. Einwalter, Treasurer
	Telephone	  	314 654 3178
	Email:	  	John.einwalter@mallinckrodt.com

 All such notices and communications shall be effective (i) if delivered by overnight mail, when received
and (ii) if transmitted by facsimile or electronic mail, when sent, receipt confirmed by telephone or electronic means. 
 SECTION 10.
No Waiver; Remedies. No failure on the part of the Administrative Agent, any Purchaser or the SPV to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by applicable law. 

SECTION 11. Continuing Agreement; Miscellaneous. This Performance Guaranty is a continuing agreement and shall (i) remain in full
force and effect until the later of (x) the payment and performance in full of the Guaranteed Obligations and all other amounts payable under this Performance Guaranty and (y) one year and a day after the Final Payout Date, (ii) be
binding upon the Performance Guarantor, its successors and assigns and (iii) inure to the benefit of, and be enforceable by, the Administrative Agent, the Purchasers, the other Secured Parties and their respective successors and assigns.
Without limiting the generality of the foregoing clause (iii) upon any assignment by a Purchaser permitted pursuant to the Note Purchase Agreement, the applicable assignee shall thereupon become vested with all the benefits in respect
thereof granted to the Purchasers herein or otherwise. Each of the parties hereto hereby agrees that each of the Purchasers and the Secured Parties shall be a third-party beneficiary of this Performance Guaranty. The Performance Guarantor shall not
assign, delegate or otherwise transfer any of its obligations or duties under this Performance Guaranty without the prior written consent of the Administrative Agent in its sole discretion. Any payments hereunder shall

  
 9 

 
be made in full in U.S. dollars without any set-off, deduction or counterclaim and the Performance Guarantor’s obligations hereunder shall not be satisfied by any tender or recovery of
another currency except to the extent such tender or recovery results in receipt of the full amount of U.S. dollars required hereunder. 

SECTION 12. Right of Setoff. The Administrative Agent and each other Secured Party is hereby authorized (in addition to any other
rights it may have), at any time to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any
branches or agencies of such Credit Party) to, or for the account of, the Performance Guarantor against amounts owing by the Performance Guarantor hereunder (even if contingent or unmatured); provided that such Credit Party shall notify the
Performance Guarantor promptly following such setoff. 
 SECTION 13. Mutual Negotiations. This Performance Guaranty is the product of
mutual negotiations by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Performance Guaranty or any provision hereof or to have provided the same. Accordingly, in the event of any inconsistency or
ambiguity of any provision of this Performance Guaranty, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in the drafting thereof. 

SECTION 14. Costs and Expenses. The Performance Guarantor hereby agrees to pay on demand all reasonable out-of-pocket costs and
expenses in connection with the preparation, negotiation, execution, delivery and administration of this Performance Guaranty (or any supplement or amendment hereto), including, without limitation, the reasonable Attorney Costs for the
Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the other Credit Parties and their respective Affiliates as to their rights and
remedies under this Performance Guaranty. In addition, the Performance Guarantor agrees to pay on demand all reasonable out-of-pocket costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties
and their respective Affiliates, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this Performance Guaranty. 

SECTION 15. GOVERNING LAW. THIS PERFORMANCE GUARANTY, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). 

SECTION 16. CONSENT TO JURISDICTION. 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT
SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS PERFORMANCE 

  
 10 

 
GUARANTY, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT
PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

(b) THE PERFORMANCE GUARANTOR CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF
COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 9. NOTHING IN THIS SECTION 16 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 SECTION 17. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS PERFORMANCE GUARANTY OR ANY OTHER TRANSACTION DOCUMENT.

 SECTION 18. Severability. If any term or provision of this Performance Guaranty shall be determined to be illegal or unenforceable
to any extent with respect to any person or circumstance, the enforceability of such term or provision shall not be affected with respect to any other person or circumstance, and such term or provision shall be enforceable to the fullest extent
permitted by applicable law. 
 [Signature Pages Follow] 

  
 11 

 IN WITNESS WHEREOF, the Performance Guarantor has caused this Performance Guaranty to be duly
executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	MALLINCKRODT INTERNATIONAL FINANCE S.A.,
	as Performance Guarantor
		
	By:	 	 /s/ Marie Dhersin Luporsi

	Name:	 	Marie Dhersin Luporsi
	Title:	 	Managing Director

  

					
		  	S-1	  	Performance Guaranty

			
	Accepted as of the
	date hereof:                    
	
	PNC BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	 /s/ Mark Falcione

	Name:	 	Mark Falcione
	Title:	 	Executive Vice President

  

					
		  	S-2	  	Performance Guaranty

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