Document:

a63939_exhibit10-11.htm

EXHIBIT 10.11

 

FORM OF REVOLVING LIQUIDITY NOTE AGREEMENT

 

TOYOTA AUTO LEASE TRUST [______]-[_]

 

as Issuer

 

and

 

TOYOTA MOTOR CREDIT CORPORATION

 

as Initial Holder

 

 

Dated as of [_______________]

 

REVOLVING LIQUIDITY NOTE AGREEMENT (this “Agreement”) dated as of [_______________] (this “Agreement”), by and between TOYOTA AUTO LEASE TRUST [______]-[_], a Delaware business trust, as issuer (the “Issuer”) of the revolving liquidity note (the “Revolving Liquidity Note”) issued hereunder, and TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as the initial holder of the Revolving Liquidity Note.

 

W I T N E S S E T H:

 

WHEREAS Toyota Auto Lease Trust [______]-[_] is issuing the Toyota Auto Lease Trust [______]-[_] $ [______] [_]% Asset Backed Notes, Class A-1, the Toyota Auto Lease Trust [______]-[_] $ [______] [_]% Asset Backed Notes Class A-2, the Toyota Auto Lease Trust [______]-[_] $[______] [_]% Asset Backed Notes, Class A-3, the Toyota Auto Lease Trust [______]-[_] $[______] [_]% Asset Backed Notes, Class A-4 and the Toyota Auto Lease Trust [______]-[_] $[______] [_]% Asset Backed Notes, Class B  (collectively, the “Notes”) pursuant to the Indenture dated as of [____________] (as amended and supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee;

 

WHEREAS the Issuer desires to enter into a credit and liquidity enhancement arrangement that will provide funding for certain required payments of principal and interest on the Notes in the event that Available Collections and any amounts on deposit in the Reserve Account that are available to be paid in respect thereof to Noteholders on any Payment Date are insufficient to fund such payments;

 

WHEREAS TMCC is willing to provide such credit and liquidity enhancement on the terms described herein against delivery to it of the Revolving Liquidity Note evidencing the obligation of the Issuer to repay amounts so funded on the terms set forth herein and in the Revolving Liquidity Note;

 

  

  

  

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

Article I

 

Definitions

 

Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Amended and Restated Trust and Servicing Agreement dated as of October 1, 1996, among TMCC, TMTT, Inc., as titling trustee and U.S. Bank National Association (formerly First Bank National Association), as supplemented by the 20[__]-[__] SUBI Supplement, among the same parties (collectively the “Servicing Agreement”).

 

Article II

 

Funding by Holder of Revolving Liquidity Note

 

Section 2.1.       General Funding Obligation.  Pursuant to Section 8.03 of the Indenture, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 of the Indenture exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date.  If, in accordance with the Indenture, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “Holder”) to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation).  The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

 

Section 2.2.       Additional Funding Obligations.  If at any time prior to the Final Scheduled Payment Date either (i) the short-term unsecured debt rating of TMCC falls below [__] by [____] or [__] by [___] (or in either case, such lower ratings as may be permitted by [______] and [___]), or (ii) the Holder fails to fund the amount specified in any Draw Request prepared and submitted to the Holder in accordance with Sections 2.1 and 2.3 of this Agreement, then the Indenture Trustee on behalf of the Issuer will have the right to request that the entire

 

  

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Undrawn Amount of the Revolving Liquidity Note be funded.  To the extent the entire Undrawn Amount is fully funded pursuant to this Section 2.2, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws.

 

Section 2.3.       Draw Mechanics.  Not fewer than two Business Days prior to the relevant Payment Date, in the case of a Draw described in Section 2.1, and on any Business Day, in the case of a Draw described in Section 2.2, the Issuer, by action of the Indenture Trustee or of the Administrator on behalf of the Indenture Trustee (following the assignment of this Agreement to the Indenture Trustee pursuant to Section 2.5 and until the Indenture terminates in accordance with its provisions), may deliver a written request (each such request, a “Draw Request”) for funds in the amount of the shortfall described in Section 2.1 or the entire Undrawn Amount in the case of a Draw pursuant to Section 2.2.  Any such Draw Request may be delivered by facsimile transmission and hard copy to: Toyota Motor Credit Corporation, (310) 468-5715, Attn: Vice President, Treasury, Re: Toyota Auto Lease Trust [______]-[_] Revolving Liquidity Note Draw Request.  Not later than 2:00 p.m.  on the Business Day following delivery of any Draw Request, the Holder will fund the indicated draw by wire transfer of immediately available funds to the following account:

 

ABA No.:

BFN:

A/C:

For further credit to:

Attn:

 

Section 2.4.       Repayment of Funded Draws.  Subject to the following sentences, the Issuer is obligated to repay all funded Draws together with interest accrued on the daily outstanding balance of all funded Draws from the date made until the date all funded Draws are repaid at [___]% per annum, calculated daily on the basis of a year of 365 or 366 days, as applicable.  The parties hereto (and the assignees and third-party beneficiaries hereof, by accepting the assignment of this Agreement as contemplated in Section 2.5 hereof) agree that Draws will be repaid in part or in whole on any each succeeding Payment Date on which amounts are available therefor in accordance with the provisions of Section 8.03(b)(viii) or 8.03(c)(vii) of the Indenture, and interest accrued on the daily outstanding amount of funded Draws will be payable on and after the Payment Date on which all funded Draws are repaid and on which amounts are available therefore in accordance with the provisions of Section 8.03(b)(viii) or 8.03(c)(vii) of the Indenture.  Payments to the Holder in respect of funded Draws or accrued interest will be made either (i) from amounts available in accordance with the provisions of Section 8.03(b)(viii) or 8.03(c)(vii) of the Indenture or (ii) by wire transfer of immediately available funds to the following account:

 

ABA No.

A/C No.

A/C

 

Notwithstanding the foregoing, if following liquidation of the Trust Estate pursuant to Article V of the Indenture the Trust has insufficient funds to make required payments to the Holder of the Revolving Liquidity Note pursuant to Section 8.03(c)(vii) of the Indenture,

 

  

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then all amounts due under the Revolving Liquidity Note will be deemed to have been paid in full and this Agreement shall terminate with no further payment owing from the Trust.

 

Section 2.5.       Assignment; Third Party Beneficiaries.  The parties hereto acknowledge and agree that the right to receive amounts funded by the Holder under the Revolving Liquidity Note and all other rights of the Issuer under this Agreement will be assigned by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders, and that the Indenture Trustee, on behalf of the Noteholders, and such Noteholders, are intended to be third-party beneficiaries of this Agreement from and after such assignment and until the Indenture is terminated in accordance with its terms.  In addition, the Holder expressly acknowledges that, pursuant to the Indenture, the Indenture Trustee will exercise its right to request funds hereunder in every circumstance when such request may be made in accordance with the terms of this Agreement.  Nothing in this Agreement or in the Revolving Liquidity Note, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim under or in respect of this Agreement or the Revolving Liquidity Note, or any covenants, conditions or provisions contained herein or therein.

 

Article III

 

Revolving Liquidity Note

 

Section 3.1.       Issuance of Revolving Liquidity Note.  On the date hereof, the Issuer will execute and deliver to the Holder, and the Owner Trustee will authenticate, a physical certificate evidencing the Revolving Liquidity Note, substantially in the form of Exhibit A hereto.  Each Revolving Liquidity Note issued hereunder will evidence the repayment obligations of the Issuer set forth in Section 2.4 hereof and the funding obligations of the Holder thereof set forth in Section 2.1 and 2.2 hereof, and will be dated the date of its issuance.

 

Section 3.2.       Upon issuance, the Undrawn Amount of the Revolving Liquidity Note shall be $[_________].  The Undrawn Amount will be reduced by the amount of each Draw funded by the Holder, and increased by amounts repaid to the Holder pursuant to Section 2.4 up to a maximum of $[_________], excluding interest paid on the Revolving Liquidity Note.  Interest will accrue on the average daily outstanding excess of $[_________] over the Undrawn Amount from and including the date of any Draw to but excluding the date on which the Undrawn Amount is reduced to zero.  Although the Revolving Liquidity Note is secured by the Trust Estate ([excluding assets of the Sub-Trust as defined in the Amended and Restated Trust Agreement of the Issuer]), all payments in respect of funded Draws and interest accrued thereon shall be fully subordinated to required payments to the Noteholders and to required deposits into the Reserve Account as set forth in the Servicing Agreement.

 

Section 3.3.      Transfer.  Prior to the termination of the Indenture, the Holder may not transfer, assign or convey the Revolving Liquidity Note or this Agreement unless: (i) the purported transferee, assignee or recipient of such conveyance has executed a written agreement to be bound by all of the terms and provisions of this Agreement; (ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder; and (iii) the Rating Agency Condition is satisfied.  The Revolving Liquidity Note may not be

 

  

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transferred, assigned or conveyed in part; any transfer, conveyance or assignment must be in respect of 100% of the Revolving Liquidity Note.  The Issuer (or the Administrator on behalf of the Issuer) will maintain a register in which it will record the name and contact information for each Holder.  No transfer, assignment or conveyance of the Revolving Liquidity Note will be effective prior to notice to the Issuer and the Indenture Trustee and recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register.

 

Section 3.4.       No Set-Off.  Without affecting the provisions of this Agreement requiring the calculation of payment amounts, all payments under this Agreement will be made without set-off [or counterclaims against payments to or from the Swap Counterparty under the [Interest Rate Swap Agreement or other Basic Documents] or payments owing to the Servicer under the Basic Documents, and the parties hereto waive any right of set-off or counterclaim that any such party may have at law or equity.

 

Article IV

 

Miscellaneous Provisions

 

Section 4.1.       Fees and Expenses.  No party shall receive fees or expenses in connection with this Agreement.

 

Section 4.2.       Assignment by Issuer.  The Holder hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer to and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee.

 

Section 4.3.       Amendment.  Prior to the termination of the Indenture, this Agreement may be amended by the Issuer and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder, and (ii) the Rating Agency Condition is satisfied.  After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and the Holder without notice to or consent of any other Person.

 

Section 4.4.      Notices.  All demands, notices, communications and instructions upon or to the Issuer, the initial Holder, the Owner Trustee or the Indenture Trustee under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the initial Holder, to Toyota Motor Credit Corporation, 19001 South Western Avenue, Torrance, California 90501, Attention: Vice President, Treasury, (310) 468-4001, (b) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in the Trust Agreement), (c) in the case of the Indenture Trustee, at the Corporate Trust Office specified in the Indenture, (d) in the case

 

  

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of [Rating Agency], [_________], (f) in the case of [Rating Agency], [_________]; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

 

Section 4.5.       Holder’s Nonpetition Covenant.

 

Notwithstanding any prior termination of this Agreement, the Holder will not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or Seller.

 

Section 4.6.       No Proceedings.  There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the Holder’s knowledge, threatened, against or affecting the Holder: (i) asserting the invalidity of this Agreement or the Revolving Liquidity Note, (ii) seeking to prevent the issuance of the Revolving Liquidity Note or the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Holder of its obligations under, or the validity or enforceability of, this Agreement, or (iv) relating to the Holder and which might adversely affect the federal income tax attributes of the Issuer or the Revolving Liquidity Note.

 

Section 4.7.       Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 4.8.       Termination.  This Agreement shall terminate upon the termination of the Amended and Restated Trust Agreement.

 

Section 4.9.       Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 4.10.     Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section 4.11.     Limitation on Liability.  Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by [_________], not in its individual capacity, but solely in its capacity as Owner Trustee on behalf of the Issuer.  In no event shall [_________] in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the

 

  

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certificates, notices or agreements delivered by the Holder, or prepared by the Holder for delivery by the Owner Trustee on behalf of the Issuer, pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.  For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 

Section 4.12.     Governing Law.  This Agreement shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

 

[Remainder of this page intentionally left blank]

 

  

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IN WITNESS WHEREOF, the Issuer and the initial Holder have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

 

	  	
TOYOTA AUTO LEASE TRUST [______]-[_], as

Issuer

	  	  
	  	  
	  	
By:  _______________________, not in

	  	
       its individual  capacity but solely in

	  	
       its capacity as Owner Trustee

	  	  
	  	  
	  	
By:     ______________________________

	  	
  Name:

	  	
  Title:

	  	  
	  	
TOYOTA MOTOR CREDIT CORPORATION, as

Holder

	  	  
	  	  
	  	  
	  	
By:     ______________________________

	  	
  Name:

	  	
  Title:

  

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EXHIBIT A

 

FORM OF REVOLVING LIQUIDITY NOTE

 

THIS REVOLVING LIQUIDITY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION IN RELIANCE ON EXEMPTIONS PROVIDED BY THE 1933 ACT AND SUCH STATE OR FOREIGN SECURITIES LAWS.  NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE SHALL BE MADE EXCEPT IN COMPLIANCE WITH SECTION 3.3 OF THE REVOLVING LIQUIDITY NOTE AGREEMENT AND EITHER (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR (ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS.

 

THE PRINCIPAL OF THIS REVOLVING LIQUIDITY NOTE IS PAYABLE SOLELY FROM FUNDS AVAILABLE THEREFOR PURSUANT TO ARTICLE [__] OF THE SERVICING AGREEMENT REFERRED TO HEREIN.  THE HOLDER HEREOF IS REQUIRED TO FUND CERTAIN DRAWS REQUESTED BY THE ISSUER HEREOF (OR BY CERTAIN OTHER PERSONS REFERRED TO HEREIN) UP TO A MAXIMUM PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME OF $[_________].  THE OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE AT ANY TIME MAY BE LESS THAN SUCH MAXIMUM AMOUNT.  REPAYMENT OF THE OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE, AND OF INTEREST ACCRUED HEREON, IS SUBJECT TO THE AVAILABILITY OF FUNDS FOR SUCH PURPOSE AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN, AND IS FULLY SUBORDINATED TO THE PAYMENT OF INTEREST ON AND PRINCIPAL OF CERTAIN OTHER SECURITIES ISSUED BY THE ISSUER HEREOF AND TO THE DEPOSIT INTO THE RESERVE ACCOUNT REFERRED TO HEREIN OF AMOUNTS REQUIRED TO BE DEPOSITED THEREIN.

 

THIS REVOLVING LIQUIDITY NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, TOYOTA MOTOR CREDIT CORPORATION, TOYOTA LEASING, INC., THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.

 

THIS REVOLVING LIQUIDITY NOTE, OR A BENEFICIAL INTEREST HEREIN, MAY NOT BE TRANSFERRED UNLESS THE TRUSTEE HAS RECEIVED (I) A CERTIFICATE FROM THE TRANSFEREE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN, TRUST OR ACCOUNT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN DEFINED IN SECTION 3(32) OF ERISA OR SECTION 414(d) OF THE CODE SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “BENEFIT

 

  

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PLAN”) AND IS NOT AN ENTITY INCLUDING AN INSURANCE COMPANY SEPARATE ACCOUNT OR AN INSURANCE COMPANY GENERAL ACCOUNT IF THE ASSETS IN ANY SUCH ACCOUNTS CONSTITUTE “PLAN ASSETS” FOR PURPOSES OF REGULATION SECTION 2510.3-101 OF ERISA WHOSE UNDERLYING ASSETS INCLUDE BENEFIT PLAN ASSETS BY REASON OF A BENEFIT PLAN’S INVESTMENT IN THE ENTITY AND (II) A CERTIFICATE TO THE EFFECT THAT IF THE TRANSFEREE IS A PARTNERSHIP, GRANTOR TRUST OR S CORPORATION FOR FEDERAL INCOME TAX PURPOSES (A “FLOW-THROUGH ENTITY”), ANY REVOLVING LIQUIDITY NOTES OWNED BY SUCH FLOW-THROUGH ENTITY WILL REPRESENT LESS THAN 50% OF THE VALUE OF ALL THE ASSETS OWNED BY SUCH FLOW-THROUGH ENTITY AND NO SPECIAL ALLOCATION OF INCOME, GAIN, LOSS, DEDUCTION OR CREDIT FROM SUCH REVOLVING LIQUIDITY NOTES WILL BE MADE AMONG THE BENEFICIAL OWNERS OF SUCH FLOW-THROUGH ENTITY.

 

IN ADDITION, NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE OR ANY INTEREST THEREIN SHALL BE PERMITTED UNLESS IMMEDIATELY AFTER GIVING EFFECT TO SUCH RESALE OR OTHER TRANSFER, THERE WOULD BE FEWER THAN 100 REVOLVING LIQUIDITY NOTEHOLDERS.

 

  

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TOYOTA AUTO LEASE TRUST [______]-[_]

 

REVOLVING LIQUIDITY NOTE

 

Representing a

Maximum Amount of Funded Draws

outstanding at any time not to exceed

$[_________]

 

This certifies that TOYOTA MOTOR CREDIT CORPORATION (the “Holder”) is the registered owner of this Revolving Liquidity Note representing the right to receive the payment of certain Draws funded as described in the Revolving Liquidity Note Agreement (the “Revolving Liquidity Note Agreement”) dated as of [_________], between Toyota Auto Receivables Owner Trust [_____]-[_], as issuer (the “Issuer”) and Toyota Motor Credit Corporation as initial holder hereof.  Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Revolving Liquidity Note Agreement and in the Amended and Restated Trust and Servicing Agreement dated as of October 1, 1996, among TMCC, TMTT, Inc., as titling trustee and U.S. Bank National Association (formerly First Bank National Association), as supplemented by the 20[__]-[__] SUBI Supplement, among the same parties (collectively the “Servicing Agreement”).

 

This Revolving Liquidity Note represents a 100% undivided interest in the right of the Holder to receive repayment in full of the aggregate amount of funded Draws and interest accrued thereon as and to the extent such amounts are payable in accordance with the Revolving Liquidity Note Agreement.  All of the provisions of the Revolving Liquidity Note Agreement and Servicing Agreement are incorporated by reference and comprise integral parts of this Revolving Liquidity Note.  The following summary of certain provisions thereof is not and does not purport to be complete.  By its acceptance hereof, the holder of this Revolving Liquidity Note (the “Holder”) assents to and is bound by the terms, provisions and conditions of the Revolving Liquidity Note Agreement, including the provisions thereof (i) setting forth the obligation of the Holder of this Revolving Liquidity Note to fund Draws as and when properly requested pursuant to Article II thereof, (ii) specifying that this Revolving Liquidity Note is secured only by certain assets of the Issuer and is payable only from certain collections in respect thereof that are available for such purpose in accordance with the priority of payments set forth in the Indenture, and (iii) specifying that all payments in respect of funded Draws and interest accrued thereon shall be fully subordinated to required payments to the holders of certain other securities issued by the Issuer and to required deposits into a specified reserve account established for the benefit of the holders of such other securities in accordance with the Servicing Agreement.

 

The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests that have not yet been repaid pursuant to Section 2.4 of the Revolving Liquidity Note Agreement, and increased by amounts repaid to the Holder pursuant to Section 2.4 of the Revolving Liquidity Note Agreement up to a maximum of $[_________] (interest accrued on the Revolving Liquidity Note not being considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not

 

  

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be considered to increase the Undrawn Amount).  To the extent the entire Undrawn Amount is fully funded pursuant to Section 2.2 of the Revolving Liquidity Note Agreement, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws.  Interest will accrue on the average daily outstanding excess of $[_________] over the Undrawn Amount from and including the date of any Draw to but excluding the date on which the Undrawn Amount is reduced to zero at [____]% per annum, calculated daily on the basis of a year of 365 or 366 days, as applicable.

 

Subject to the more detailed provisions concerning payments to be made to the Holder of the Revolving Liquidity Note set forth in the Revolving Liquidity Note Agreement and the Servicing Agreement, generally, repayment of Draws previously funded by the (or a) Holder of the Revolving Liquidity Note, and interest accrued thereon as described below, will be made on the [__]th day of each calendar month, or if such day is not a Business Day, then on the next succeeding Business Day, to the extent funds are available therefor.  Notwithstanding the foregoing, if following liquidation of the Trust Estate pursuant to the Indenture the Trust has insufficient funds to make required payments to the Holder of the Revolving Liquidity Note, then all amounts due under the Revolving Liquidity Note will be deemed to have been paid in full and this Agreement shall terminate with no further payment owing from the Trust.

 

Prior to the termination of the Indenture, this Agreement may be amended by the Issuer and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholders, and (ii) the Rating Agency Condition is satisfied.  After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and the Holder without notice to or consent of any other Person.

 

Prior to the termination of the Indenture, the Holder may not transfer, assign or convey this Revolving Liquidity Note or the Revolving Liquidity Note Agreement unless: (i) the purported transferee, assignee or recipient of such conveyance has executed a written agreement to be bound by all of the terms and provisions of the Revolving Liquidity Note Agreement; (ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholders; and (iii) the Rating Agency Condition is satisfied.  The Revolving Liquidity Note may not be transferred, assigned or conveyed in part; any transfer, conveyance or assignment must be in respect of 100% of this Revolving Liquidity Note.  The Issuer (or the Administrator on behalf of the Issuer) will maintain a register in which it will record the name and contact information for each Holder.  No transfer, assignment or conveyance of this Revolving Liquidity Note will be effective prior to notice to the Issuer and the Indenture Trustee and recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register.

 

  

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No recourse may be taken, directly or indirectly, with respect to the obligations of the Holder of this Revolving Liquidity Note under the Revolving Liquidity Note Agreement or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any Certificateholder or other owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee, in their capacities as such, have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

By its acceptance of this Revolving Liquidity Note, the Holder agrees that it will not, prior to the date which is one year and one day after the termination of the Revolving Liquidity Note Agreement with respect to the Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or Seller.

 

THIS REVOLVING LIQUIDITY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

  

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IN WITNESS WHEREOF, the Issuer has caused this Revolving Liquidity Note to be duly executed.

 

	  	
TOYOTA AUTO LEASE TRUST [______]-[_], as

Issuer

	  	  
	  	  
	  	  
	  	  
	  	
By:  _____________________, not  in its 

	  	    individual  capacity but solely in its capacity as 
	  	        Owner Trustee
	 	 
	  	  
	  	
By:     ___________________________________

	  	
Name:

	  	
Title:

	  	  
	  	  
	
Dated:  [_________]

	  

  

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EXHIBIT B

 

FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST

 

Toyota Auto Lease Trust [______]-[_]

c/o ___________________

[Address]

 

Toyota Motor Credit Corporation

19001 South Western Avenue

Torrance, California  90509

Attn: Vice President, Treasury

Facsimile: (310) 468-5715

 

	
Re:

	
Toyota Auto Lease Trust [______]-[_] Revolving Liquidity Note Draw

Request

Ladies and Gentlemen:

 

This notice confirms the Issuer’s request for a draw on the Revolving Liquidity Note pursuant to Section [2.1] [2.2] of the Revolving Liquidity Note Agreement in the principal amount of $[_________].  Please advance the requested drawn amount as set forth in Section 2.3 of the Revolving Liquidity Note Agreement.

 

Please acknowledge receipt of this notice by executing below and returning to the above-listed address.

 

	  	
Very truly yours,

	  	  
	  	
[Administrator] [Indenture Trustee]

	  	  
	  	  
	  	  
	  	
By:  ___________________________________

	  	
Name:

	  	
Title:

	  	  
	  	  
	
ACKNOWLEDGED:

	  
	
Toyota Motor Credit Corporation

	  
	  	  
	  	  
	  	  
	
By:  ___________________________________

	  
	
Name:

	  
	
Title:

	  

 

B-1EX-10.1

 Exhibit 10.1 

SETTLEMENT AGREEMENT 
 This
SETTLEMENT AGREEMENT (the “Settlement Agreement”) is hereby entered into and made effective on September 22, 2014 (the “Effective Date”) by and among: 

SANTARUS, INC., a corporation organized and existing under the laws of Delaware having a principal place of business at 8510 Colonnade Center Drive, Raleigh,
North Carolina 27615 (“Santarus”); 
 THE CURATORS OF THE UNIVERSITY OF MISSOURI, a public corporation and body politic and an arm or
instrumentality of the State of Missouri having a principal place of business at 321 University Hall, Columbia, Missouri 65211 (“Missouri” and together with Santarus, “Plaintiffs”); 

SALIX PHARMACEUTICALS, INC., a corporation organized and existing under the laws of Delaware having a principal place of business at 8510 Colonnade Center
Drive, Raleigh, North Carolina 27615, and being the indirect corporate parent of Santarus (“Salix”); and 
 PAR PHARMACEUTICAL, INC., a
corporation organized and existing under the laws of the State of Delaware, having a place of business at 300 Tice Boulevard, Woodcliff Lake, New Jersey 07677 (together with Par Pharmaceutical Companies, Inc., “Par”). 

Each one of Plaintiffs, Salix and Par is a “Party”, and collectively, they are the “Parties” hereunder. 

RECITALS 
 WHEREAS, Missouri owns
United States Patent Nos. 6,780,882 issued August 24, 2004 (“‘882 Patent”) and 7,399,772 issued July 15, 2008 (“‘772 Patent”); and Santarus is the exclusive licensee thereof; 

WHEREAS, Plaintiffs initiated civil actions against Par in the United States District Court for the District of Delaware (“District Court”),
the cases being consolidated and captioned Santarus, Inc. and the Curators of the University of Missouri v. Par Pharmaceutical, Inc., Civil Action Nos. 07-551-GMS and 07-827-GMS (Consolidated) (the “Litigation”); 

WHEREAS, the Parties have agreed to resolve their disputes relating to the Litigation through this Settlement Agreement; 

WHEREAS, the Plaintiff Releasors and the Par Releasees (as defined herein) have not received any consideration from each other for their entry into the
Settlement Agreement other than that which is described in the Settlement Agreement and the Stipulation of Dismissal. 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 
  

	1.	SETTLEMENT PAYMENT AND DISMISSAL OF LITIGATION 

 1.1 Within five (5) business days
after the Effective Date of this Settlement Agreement, Par shall make payment of one hundred million U.S. dollars ($100,000,000.00) into an escrow account approved by Plaintiffs. The payment will be made by wire transfer to the escrow account
specified in writing by the Plaintiffs. The payment will be non-recoverable by and non-refundable to Par. No withdrawals from the escrow account shall be made without written approval of Missouri and Santarus. 

1.2 Plaintiffs will promptly notify Par in writing upon confirmation that the one hundred million U.S. dollars ($100,000,000.00) payment has
been received in the escrow account. Upon Par’s receipt of such written confirmation, Par may file with the District Court the Stipulation of Dismissal attached as Exhibit A, to dismiss with prejudice all claims asserted in the Litigation (the
“Stipulation of Dismissal”). The date upon which the Stipulation of Dismissal is filed shall be referred to herein as the “Dismissal Effective Date.” 

 

	2.	RELEASE OF CLAIMS 

 2.1 As of the Dismissal Effective Date, Plaintiffs and Salix, and
each of their predecessors, successors, assigns, officers, directors, employees, trustees, parents, subsidiaries and Affiliates (as defined below) (collectively, “Plaintiff Releasors”) fully, finally and forever release, relinquish,
acquit and discharge Par and each of its predecessors, successors, assigns, officers, directors, employees, trustees, parents (direct and indirect), subsidiaries (direct and indirect) and Affiliates (collectively, “Par Releasees”),
of and from, any and all claims, actions, causes of action, suits, defenses, judgments, debts, offsets, accounts, covenants, contracts, agreements, torts, damages and any and all demands and liabilities whatsoever, including costs, expenses, and
attorneys’ fees (collectively, “Losses”) asserted in the Litigation or arising out of Par’s sales of its generic Zegerid capsules. Notwithstanding this release, nothing herein shall preclude any Plaintiff Releasor from
asserting the validity, enforceability, and/or infringement of the ‘882 Patent or ‘772 Patent in any future litigation concerning: (a) a product other than Par’s generic Zegerid capsules or (b) Par’s generic Zegerid
capsules or generic Zegerid powder sold or offered for sale after the date of this Settlement Agreement but before expiration of the ‘882 Patent or ‘772 Patent, and such claims or arguments are reserved. 

2.2 As of the Dismissal Effective Date, Par Releasees fully, finally and forever release, relinquish, acquit and discharge Plaintiff Releasors
of and from, any and all Losses asserted in the Litigation or arising out of Par’s sales of its generic Zegerid capsules. 
 2.3 For
purposes of this Agreement, “Affiliate” shall mean, with respect to Par: Sky Growth Holdings Corporation (“SGHC”), which is a Delaware corporation and indirect parent company of Par, and any Person directly or
indirectly controlled by SGHC. Par represents that SGHC directly or indirectly controls only the Par group companies. For purposes of this Agreement, “Affiliate” shall mean with respect to Plaintiffs and Salix: any entity which
controls, is controlled by, or is under common control with the applicable entity. For purposes of this definition, “control” shall mean: (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent
(50%) of the stock or shares entitled to vote for the election of directors or otherwise having the power to control or direct the affairs of such entity; and (b) in the case of non-corporate entities, direct or indirect ownership of at
least 50% of the equity interest or the power to direct the management and policies of such non-corporate entities. 

  
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 2.4 Each Party knowingly and voluntarily waives any claim (based on information known to each
Party as of the date of such Party’s execution of the Settlement Agreement) against any other Party (whether for damages, injunction, reformation, rescission, or otherwise) that such Party was fraudulently or otherwise wrongfully induced to
enter into this Settlement Agreement. 
  

	3.	NO LICENSE; NO RESTRICTION ON MARKETING AFTER PATENT EXPIRY 

 Par acknowledges that nothing in this
Settlement Agreement provides Par or its Affiliates with a license, covenant not to sue, or any other right, express or implied, to practice under any claims of the ‘882 Patent or ‘772 Patent, or use any other intellectual property of
Plaintiffs and Salix. Par additionally agrees that it and its Affiliates will not sell or otherwise commercialize Par’s generic Zegerid capsules or powder during the term of the ‘882 and ‘772 Patents. However, nothing in this
Settlement Agreement prevents Par or its Affiliates from marketing Par generic Zegerid products after the expiry of all patents of Plaintiffs and Salix that cover the relevant Par generic Zegerid products. 

 

	4.	CONFIDENTIALITY 

 4.1 The Parties hereby agree that, except to enforce this Settlement
Agreement or unless otherwise agreed to by the Parties in writing or required by law, the Parties, their Affiliates and their respective employees, officers, directors and other representatives shall not publish or otherwise disclose the contents of
this Settlement Agreement and/or any exhibits attached hereto. The Parties may state publicly that the Litigation has been settled on terms that are confidential, but no public announcement concerning the existence of terms or subject matter of this
Settlement Agreement shall be made, either directly or indirectly, by any Party without first obtaining the approval of the other Party and agreement upon the nature and exact text of such public announcement or disclosure which such agreement and
approval shall not be unreasonably withheld, conditioned or delayed. 
 4.2 Notwithstanding Section 4.1, each Party may disclose the
contents of this Settlement Agreement (a) as may be required by any applicable law, including the Missouri Sunshine law, RSMo. § 610.010 et seq. as amended, the U.S. Securities Act of 1933, as amended, the U.S. Securities Act of
1934, as amended, any governmental law or regulation, or the rules of any recognized stock exchange; (b) as required by discovery requests in litigation, after giving notice to the other Parties to allow the other Parties sufficient time to
seek a protective order, (c) to any court or governmental body or agency compelling such disclosure, as required by law, order, rule or regulation, or in connection with an investigation by a governmental agency, (d) to its and its
affiliates’ employees, inventors, directors, contractors, legal advisors, accountants, auditors and financial advisors, subject to reasonable non-use and non-disclosure requirements, (e) to potential and actual acquirers, investors,
underwriters and lenders, subject to reasonable non-use and non-disclosure requirements, (f) to third parties if such contents are already made available to the public, and (g) in substantially the form and content of the Form 8-K
disclosure provided herewith as Exhibit B. 

  
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 4.3 The confidentiality provisions of this Article 4 are separate and distinct from applicable
protective orders entered in the Litigation or prior litigations involving the Parties and do not supersede the terms, conditions, and protections of those protective orders. 
  

	5.	REPRESENTATIONS AND WARRANTIES 

 Each Party represents and warrants to each of the other Parties, as of
the date of this Settlement Agreement, that: 
 5.1 Such Party is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has full corporate power and authority to enter into this Settlement Agreement and to carry out the provisions hereof; 

5.2 Such Party has taken all corporate action necessary to authorize the execution and delivery of this Settlement Agreement and the
performance of its obligations under this Settlement Agreement; 
 5.3 This Settlement Agreement has been duly executed by such Party and
constitutes a valid and legally binding obligation of such Party, enforceable in accordance with its terms; 
 5.4 Such Party represents and
warrants that it has been advised by its counsel of its rights and obligations under this Settlement Agreement and enters into this Settlement Agreement freely, voluntarily, and without duress; and 

5.5 Such Party represents and warrants that it is not relying on any promises, inducements, or representations between the Plaintiff Releasors
and Par Releasees other than those provided herein. 
  

	6.	WAIVER 

 A waiver by any Party of any of the terms and conditions of this Settlement Agreement in any
instance shall not be deemed or construed to be a waiver of such term or condition for the future, or of any subsequent breach hereof. All rights, remedies, undertakings, obligations and agreements contained in this Settlement Agreement shall be
cumulative and none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of any Party. 
  

	7.	ADMISSIONS 

 Par and its Affiliates acknowledge the validity of the ‘882 Patent and ‘772
Patent, and infringement of the ‘772 Patent by its sale of Par generic capsules and the Par generic powder under 35 U.S.C. 271. Apart from the previous sentence, nothing in this Settlement Agreement shall be construed as or deemed to be an
admission by the Parties hereto, or any of them, of any unlawful, improper, or actionable conduct or omission by any of them, and each Party hereto expressly denies liability of any kind whatsoever. Par and its Affiliates further agree not to
initiate or assist in any challenge to the validity or enforceability of the ‘882 Patent and ‘772 Patent, including, without limitation, in reexamination or inter partes review proceedings. 

  
 - 4 - 

	8.	CHOICE OF LAW AND REMEDIES 

 This Settlement Agreement shall be governed and interpreted in accordance
with the laws of the State of Delaware without regard to conflicts of law principles. The United States District Court for the District of Delaware shall have exclusive jurisdiction in all matters arising under this Settlement Agreement between the
Plaintiff Releasors and Par Releasees, and the Parties hereto expressly consent and submit to the personal and subject matter jurisdiction of such Court on such matters. This Settlement Agreement does not limit or restrict the remedies available to
any Party for the breach of another Party, and the Parties expressly reserve any and all remedies available to them, at law or in equity, for breach of this Settlement Agreement. 

 

	9.	COSTS 

 Each Party shall each bear its own costs and legal fees associated with the Litigation and the
negotiation and preparation of the Settlement Agreement. This provision shall not supersede provisions in the January 26, 2001 license agreement between the Plaintiffs, as amended, including the provisions concerning the reimbursement of costs,
fees and other related expenses. 
  

	10.	SEVERABILITY 

 When possible, each provision of this Settlement Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Settlement Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Settlement Agreement. 
  

	11.	INTEGRATION 

 This Settlement Agreement shall constitute the entire agreement among the Plaintiff
Releasors and Par Releasees with respect to the settlement of the Litigation and release of the claims and shall supersede all prior agreements and understandings, both oral and written, among the Plaintiff Releasors and the Par Releasees with
respect to such subject matter. Nothing in this Agreement shall amend or supersede the January 26, 2001 license agreement, as amended, between the Plaintiffs or any other agreements between the Plaintiffs. 

 

	12.	AMENDMENTS 

 No amendment, modification or supplement of any provisions of this Settlement Agreement
shall be valid or effective unless made in writing and signed by a duly authorized officer of each Party. 
  

	13.	DESCRIPTIVE HEADINGS 

 The captions and descriptive headings of this Settlement Agreement are for
convenience only and shall be of no force or effect in construing or interpreting any of the provisions of this Settlement Agreement. 

  
 - 5 - 

	14.	THIRD PARTY BENEFIT 

 None of the provisions of this Settlement Agreement shall be for the benefit of, or
enforceable by, any third party. 
  

	15.	COUNTERPARTS 

 This Settlement Agreement may be executed in any number of signature page counterparts
transmitted via facsimile or as a scanned document transmitted via email, any one of which need not contain the signature of more than one Party but all such counterparts taken together shall constitute one and the same Settlement Agreement. 

 

	16.	ACKNOWLEDGEMENT 

 Each Party acknowledges that such Party has read this entire document, fully
understands its terms and effects, has consulted with its own independent counsel in relation hereto and has had all such Party’s questions answered by such counsel. 
  

	17.	CONSTRUCTION AND INTERPRETATION 

 The Parties and their respective counsel have had an opportunity to
fully negotiate, draft, review and edit the language of this Settlement Agreement. No presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Settlement Agreement. No prior
draft of this Settlement Agreement will be used in the interpretation or construction of this Settlement Agreement. 
  

	18.	NO ASSIGNMENT 

 No rights under this Settlement Agreement will be assignable. 

 

	19.	RELIEF IN THE EVENT OF BREACH 

 Par, for itself and its Affiliates, acknowledges and agrees that the
restrictions set forth herein on the manufacture, use, sale, offer to sell, importation and distribution of the Par generic Zegerid capsules and powder are reasonable and necessary to protect the legitimate interests of each of the Plaintiffs and
Plaintiffs would not have entered into this Settlement Agreement in the absence of such restrictions, and that any material breach of those restrictions will result in irreparable injury to Plaintiffs for which there will be no adequate remedy at
law. Accordingly, if Par or an Affiliate materially breaches any of its undertakings under this Settlement Agreement, in addition to any other remedy the Plaintiffs may have at law or in equity, Par agrees that Plaintiffs shall be entitled to a
preliminary injunction to prevent the continuance of such breach, and that Plaintiffs will not be required to demonstrate that the balance of hardships supports the entry of injunctive relief in order to obtain such relief. Further, in the event
that Par or an Affiliate materially breaches its undertakings under this Settlement Agreement, each of the Plaintiffs reserves, and Par and its Affiliates shall not contest, their right(s) to seek damages and any other remedies for patent
infringement to the full extent of the law. 

  
 - 6 - 

	20.	NOTICES 

 All notices, requests, demands, or other communications under this Settlement Agreement shall
be in writing. Notice shall be sufficiently given (and shall be deemed to be duly given upon receipt) by delivery in person, by facsimile or by overnight delivery service maintaining records of receipt to the respective Parties at the addresses
specified below, or in each case such other address as such Party may hereafter specify by notice to the other Party. Addresses for purpose of giving notice are as follows: 

If to Santarus: 
 Santarus, Inc. 

c/o Salix Pharmaceuticals, Inc. 
 Attn: General Counsel 

8510 Colonnade Center Drive 
 Raleigh, North Carolina 27615 

With copies (which shall not constitute notice) to: 
 Santarus,
Inc. 
 c/o Salix Pharmaceuticals, Inc. 
 Attn: Executive Vice
President Business Development 
 8510 Colonnade Center Drive 

Raleigh, North Carolina 27615 
 E-Mail: rick.scruggs@salix.com

 If to the University: 
 The Curators of the University of
Missouri 
 Office of the General Counsel 
 227 University Hall

 Columbia, MO 65221 
 Fax No.: 573-882-0050 

If to Par: 
 Par Pharmaceutical, Inc. 

Attn: General Counsel 
 300 Tice Boulevard 

Woodcliff Lake, NJ 07677 
 Fax No.: 201-802-4600 

SIGNATURES FOLLOW ON NEXT PAGE 

  
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 IN WITNESS WHEREOF, each of the Parties has caused this Settlement Agreement to be executed by its duly
authorized representative as of the day and year first above written. 
  

					
	SANTARUS, INC.,
			
		 	By	 	
			
		 		 	 /s/ William C. Bertrand

		 	Name:	 	William C. Bertrand
		 	Title:	 	General Counsel and Secretary
	
	THE CURATORS OF THE UNIVERSITY OF MISSOURI,
			
		 	By	 	
			
		 		 	 /s/ Tim Wolfe

		 	Name:	 	Tim Wolfe
		 	Title:	 	President
	
	SALIX PHARMACEUTICALS, INC.,
			
		 	By	 	
			
		 		 	 /s/ William C. Bertrand

		 	Name:	 	William C. Bertrand
		 	Title:	 	Senior Vice President and General Counsel
	
	PAR PHARMACEUTICAL, INC.,
			
		 	By	 	
			
		 		 	 /s/ Paul Campanelli

		 	Name:	 	Paul Campanelli
		 	Title:	 	Chief Executive Officer

  
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 EXHIBIT A: STIPULATION OF DISMISSAL 

IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF DELAWARE 
  

							
	 SANTARUS, INC., a Delaware corporation, and THE CURATORS OF THE
UNIVERSITY OF MISSOURI, a public corporation and body politic of the State of Missouri,
  

Plaintiffs,        

 
 v.        

 
 PAR PHARMACEUTICAL, INC., a Delaware corporation,

 
 Defendant.        
	 	 
  
  

 
  

 
  

 
  

 
  

 
  

 
  
	)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
	  
   

  
   

  
   

  
   

  
   

  
   

  
   

  
	  	 C.A. No. 07-551-GMS
  

[Consolidated]

 STIPULATION OF DISMISSAL 

Plaintiffs SANTARUS, INC. and THE CURATORS OF THE UNIVERSITY OF MISSOURI and Defendant PAR PHARMACEUTICAL, INC. hereby stipulate by and
through their respective attorneys that all claims and defenses in the above-entitled action are dismissed with prejudice pursuant to Rule 41(a) of the Federal Rules of Civil Procedure. 

SO STIPULATED: 
 Dated:
                                        

  

					
		 		 	
			
	   
	 		 	   

		 		 	

			
	 MORRIS, NICHOLS, ARSHT & TUNNELL LLP

Jack B. Blumenfeld (#1014)
 Maryellen Noreika (#3208)

Stephen Kraftschik (#5623)
 1201 North Market Street

P.O. Box 1347
 Wilmington, DE 19899-1347

(302) 658-9200
 jblumenfeld@mnat.com

mnoreika@mnat.com
 skraftschik@mnat.com

 
 Counsel for Plaintiffs Santarus, Inc. and The Curators of the University of
Missouri
  
 OF COUNSEL:

 
 For Plaintiff Santarus, Inc.:

 
 IRELL & MANELLA LLP

Morgan Chu
 Gary Frischling

Laura Seigle
 Amy Proctor

1800 Avenue of the Stars, Suite 900
 Los Angeles, CA 90067

(310) 277-1010
 mchu@irell.com

gfrischling@irell.com
 lseigle@irell.com

aproctor@irell.com
  

For Plaintiff The Curators of the University of Missouri:
  

MAYER BROWN LLP
 Joseph Mahoney

Jonathan Kim
 71 South Wacker Drive

Chicago, IL 60606
 (312) 782-0600

jamahoney@mayerbrown.com
 jkim@mayerbrown.com
	  	 RICHARDS, LAYTON & FINGER, P.A.

Frederick L. Cottrell (#2555)
 Steven J. Fineman (#4025)

Katharine C. Lester (#5629)
 One Rodney Square

P.O. Box 551
 Wilmington, DE 19899

(302) 651-7700
 cottrell@rlf.com

fineman@rlf.com
 lester@rlf.com

 
 Counsel for Defendant Par Pharmaceutical, Inc.

 
 OF COUNSEL:
  

ARENT FOX LLP
 Janine A. Carlan

Arthur S. Beeman
 Aziz Burgy

Taniel E. Anderson
 Jason S. Madden

1717 K Street, N.W.
 Washington DC 20036

(202) 857-6000
 janine.carlan@arentfox.com

arthur.beeman@arentfox.com
 aziz.burgy@arentfox.com

taniel.anderson@arentfox.com

jason.madden@arentfox.com

  
 - 2 -

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