Document:

EX-10.8

 Exhibit 10.8 

 

			
	

	  	CLIFFORD CHANCE EUROPE LLP

 BCF 
 as Pledgor 
 and 

CITIBANK, N.A. 
 as Administrative Agent 
 and 

BAUSCH & LOMB FRANCE 
 as Securities Account Holder 
  

 
 SECURITIES
ACCOUNT PLEDGE AGREEMENT 
 (ACTE DE NANTISSEMENT DE COMPTE DE TITRES 

FINANCIERS) 
 in relation to financial securities issued by BAUSCH & 
 LOMB FRANCE

  
  

Dated 15, June 2012 

 TABLE OF CONTENTS 

 

							
	 CLAUSE
	  	 	PAGE	  
	1.	  	Definitions and Interpretation	  	 	2	  
			
	2.	  	Agreement to Pledge	  	 	5	  
			
	3.	  	Creation AND PERFECTION of the Pledge	  	 	5	  
			
	4.	  	Voting Rights and Cash Distributions	  	 	6	  
			
	5.	  	Repayment or Redemption of Pledged Securities	  	 	7	  
			
	6.	  	Further Assurance	  	 	7	  
			
	7.	  	Term, Remedies and Release of the Pledge	  	 	8	  
			
	8.	  	Pledgor’s Representations and Undertakings	  	 	9	  
			
	9.	  	Effectiveness of Collateral	  	 	13	  
			
	10.	  	Expenses and Indemnity	  	 	14	  
			
	11.	  	Application of Proceeds	  	 	14	  
			
	12.	  	Assignment	  	 	14	  
			
	13.	  	Notices	  	 	15	  
			
	14.	  	Governing Law	  	 	15	  
			
	15.	  	Jurisdiction	  	 	15	  
		
	 Schedule 1 Form of Statement of Pledge over a Financial Securities Account
	  	 	17	  
		
	 Schedule 2 Form of Certificate of Pledge of Securities Account
	  	 	23	  
		
	 Schedule 3 Form of Pledge Certificate of Cash Account
	  	 	27	  
		
	 Schedule 4 Form of Notice of the Occurrence of an Event of Default
	  	 	31	  

  
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 SECURITIES ACCOUNT PLEDGE AGREEMENT 

(ACTE DE NANTISSEMENT DE COMPTE DE TITRES FINANCIERS) 
 in relation to the financial securities issued by BAUSCH & LOMB FRANCE 

BETWEEN: 
  

	(1)	BCF, a company incorporated as a société par actions simplifiée under the laws of France, with a share capital of EUR 39,240,400, the
registered office of which is at 416, rue Samuel Morse, Millénaire II, 34000 Montpellier, and registered with the commercial and companies registry of Montpellier under number 423 565 662 R.C.S.Montpellier (the “Pledgor”),

 ON THE FIRST PART, 
  

	(2)	CITIBANK, N.A., a national banking association organized under the laws of the United States of America, with an office located at 1615 Brett Road,
Building III, New Castle, Delaware, United States of America, in its capacity as administrative agent on the terms and conditions set out in the Credit Agreement (as defined below) (the “Administrative Agent”, which expression shall
include any person for the time being appointed as administrative agent or as an additional administrative agent for the purpose of, and in accordance with, the Credit Agreement), 

ON THE SECOND PART, 

AND 
  

	(3)	BAUSCH & LOMB FRANCE, a company incorporated as a société par actions simplifiée under the laws of France, with a share
capital of EUR 238,810,500, the registered office of which is at 416, rue Samuel Morse, CS 79005, 34967 Montpellier, France, and registered with the commercial and companies registry of Montpellier under number 340 275 650 R.C.S. Montpellier, as
Securities Account Holder (as defined below). 

 ON THE THIRD PART, 

(the Pledgor, the Administrative Agent and the Securities Account Holder sometimes also being referred to, collectively as the “Parties”
and, individually, as a “Party”). 
 WHEREAS: 

 

	(A)	Pursuant to the Credit Agreement (as defined below), the Lenders (as defined in the Credit Agreement) have agreed to make available to the Borrowers (as defined in the
Credit Agreement) certain facilities in an aggregate amount of USD 2,835,000,000 and EUR 460,000,000 on the terms and conditions set out in the Credit Agreement and for the purposes therein mentioned. 

 

	(B)	Pursuant to article III (Parallel Debt (Covenant to pay the Administrative Agent)) of the Foreign Subsidiary Guaranty (as defined below), subject to the
non-US limitations 

	    	mentioned in section 5.14(a) of the Foreign Subsidiary Guaranty, the Pledgor has undertaken to pay the Administrative Agent as a separate and independent obligation an
amount equal to, and in the currency of, each amount owed by it to the Secured Parties (as defined in the Credit Agreement) under the Loan Documents (as defined below). 

 

	(C)	As security for the due performance of the Secured Obligations (as defined below), the Pledgor has agreed to grant to the Administrative Agent a pledge over the Pledged
Account (as defined below) subject to the terms of this Agreement (as defined below). 

 IT HAS BEEN AGREED AS FOLLOWS:

  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions: 

  

	    	“Agreement” means this pledge agreement including any amendment, supplemental agreement or novation of the said pledge agreement.

  

	    	“Cash Account” means the special bank account opened in the name of the Pledgor with the Cash Account Holder under IBAN reference 30004 02558
00043707321 17 and which, pursuant to article L.211-20 of the Code monétaire et financier, forms part of the Pledged Account. 

  

	    	“Cash Account Holder” means BNP Paribas, Agence Languedoc Roussillon, 1025 avenue Henri Becquerel, bat.27, 34960 Montpellier Cedex 02, France, in its
capacity as holder (teneur de compte) of the Cash Account. 

  

	    	“Cash Distributions” means all amounts payable in respect of the Pledged Securities (fruits et produits), such as dividends paid in cash
(dividendes en numéraire), distributions of reserves, interest, redemption proceeds and other income paid in cash. 

  

	    	“Certificate of Pledge” means a certificate in the form set out in Schedule 2 (Form of Certificate of Pledge of Securities Account ).

  

	    	“Certificate of Pledge of Cash Account” means a certificate in the form set out in Schedule 3 (Form of Pledge Certificate of Cash Account).

  

	    	“Company” means BAUSCH & LOMB FRANCE, a company incorporated as a société par actions simplifiée under the laws of
France, the registered office of which is at 416, rue Samuel Morse, CS 79005, 34967 Montpellier, France, and registered with the commercial and companies registry of Montpellier under number 340 275 650 R.C.S. Montpellier. 

 

	    	“Credit Agreement” means the USD 2,835,000,000 and EUR 460,000,000 credit agreement dated as of May 18, 2012 entered into, amongst others,
Bausch & Lomb B.V., Bausch & Lomb Incorporated, WP Prism Inc., Citibank N.A. as Administrative Agent, Swing Line Lender and an L/C Issuer, JP Morgan Chase Bank, N.A. as L/C Issuer and the Lenders, as amended, novated, supplemented,
extended or restated from time to time. 

  
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	    	“Event of Default” has the meaning given to such term in the Credit Agreement. 

 

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

 

	    	“Loan Documents” has the meaning given to such term in the Foreign Subsidiary Guaranty. 

 

	    	“Pledge” means the pledge created over the Pledged Account pursuant to the Pledge Documents. 

 

	    	“Pledge Documents” means collectively this Agreement and the Statement of Pledge. 

 

	    	“Pledged Account” means the Securities Account together with the Cash Account. 

 

	    	“Pledged Assets” means the Pledged Securities together with any Cash Distributions. 

 

	    	“Pledged Securities” means all financial securities standing to the credit of the Securities Account from time to time during the term of this
Agreement. 

  

	    	“Secured Obligations” has the meaning ascribed to “Obligations Garanties” in the Statement of Pledge. 

 

	    	“Secured Party” has the meaning given to the term “Créancier Nanti” in the Statement of Pledge. 

 

	    	“Securities” means any securities (or splitting of securities) representative of a portion of the share capital of the Company or giving rights
immediately or in the future, by means of conversion, exchange, reimbursement, presentation of a warrant or in any manner whatsoever, to the attribution of securities representative of a portion of the share capital of the Company.

  

	    	“Securities Account” means the securities account (compte de titres financiers) opened and maintained by the Securities Account Holder in its
books in the name of the Pledgor. 

  

	    	“Securities Account Holder” means the Company in its capacity as holder (teneur de compte) of the Securities Account. 

 

	    	“Statement of Pledge” means a statement of pledge over the Pledged Account in the form set out in Schedule 1 (Form of Statement of Pledge over a
Financial Securities Account ). 

  

	1.2	Terms defined in the Credit Agreement 

  

	    	Unless defined in this Agreement or the context otherwise requires, a term defined in the Credit Agreement has the same meaning in this Agreement, as if all references
in such defined terms to the Credit Agreement were a reference to this Agreement (to the extent permitted by law). 

  

	1.3	Construction 

  
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	1.3.1	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(a)	the “Administrative Agent”, any “Party” or any “Secured Party”, shall be construed so as to include its successors in
title, permitted assignees and permitted transferees and, in the case of the Administrative Agent, any person for the time being appointed as administrative agent in accordance with the Credit Agreement; 

 

	 	(b)	“authorisation” means an authorisation, consent, approval, licence, exemption, filing, notarisation or registration; 

 

	 	(c)	“assets” includes present and future properties, revenues and rights of every description; 

 

	 	(d)	“corporate reconstruction” includes in relation to any company any contribution of part of its business in consideration of shares (apport partiel
d’actif) and any demerger (scission) implemented in accordance with articles L.236-1 to L.236-24 of the French Code de commerce; 

  

	 	(e)	a “financial security” or “financial securities” means any titres financiers as defined in article L. 211–1 II of the
French Code monétaire et financier; 

  

	 	(f)	a “Loan Document” or any other agreement or instrument is a reference to that Loan Document or other agreement or instrument as amended, novated,
supplemented, extended or restated from time to time; 

  

	 	(g)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
consortium or partnership grouping (whether or not having separate legal personality); 

  

	 	(h)	a “security interest” includes any type of security (sûreté réelle) and transfer by way of security;

  

	 	(i)	a “successor” of a person includes its permitted assignees, transferees, persons subrogated to its rights and any person who, under the laws of its
jurisdiction of incorporation or domicile, succeeds to its rights and obligations under this Agreement or any other Loan Document by operation of law (in particular by virtue of a fusion or apport partiel d’actif); and

  

	 	(j)	a provision of law is a reference to that provision as amended or re- enacted. 

 

	1.3.2	Clause and Schedule headings are for ease of reference only. 

  

	1.3.3	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has
not been remedied or waived. 

  
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	2.	AGREEMENT TO PLEDGE 

  

	2.1	As security for the full repayment, discharge and performance of the Secured Obligations, the Pledgor hereby agrees to grant in favour of the Administrative Agent, a
pledge (nantissement) of the Pledged Account. 

  

	2.2	In accordance with article L.211-20 of the French Code monétaire et financier, the Pledge extends to: 

 

	 	2.2.1	any securities credited to the Securities Account from time to time after the execution of the Statement of Pledge (and such securities will be deemed to be part of the
Pledge and will be treated as Pledged Securities from the date of execution of the Statement of Pledge); 

  

	 	2.2.2	all securities to which the Pledge extends by reason of their having been substituted for, or added to, the Pledged Securities (including by reason of the
transformation, merger or other similar operation affecting the Company); and 

  

	 	2.2.3	the Cash Distributions. 

  

	2.3	The Pledgor shall cause the Securities Account Holder, and the Securities Account Holder undertakes accordingly, to credit to the Securities Account:

  

	 	2.3.1	all shares issued by the Company of which it becomes the owner so that at all times during the term of this Agreement, 100% of its participation in the share capital of
the Company is always subject to this Pledge; and 

  

	 	2.3.2	more generally all Securities, other than shares, issued by the Company, of which it becomes the owner. 

 

	3.	CREATION AND PERFECTION OF THE PLEDGE 

  

	3.1	On the date of this Agreement, the Pledgor shall execute the Statement of Pledge and deliver to the Administrative Agent an original copy of the same.

  

	 	    	On the date of this Agreement, the Pledgor shall also deliver (i) to the Securities Account Holder an original copy of the Statement of Pledge and a copy of this
Agreement and (ii) to the Cash Account Holder a copy of the Statement of Pledge and a copy of this Agreement, and shall cause the Securities Account Holder, who hereby agrees, and the Cash Account Holder, as applicable, to:

  

	 	3.1.1	open and identify the Securities Account; 

  

	 	3.1.2	open and identify the Cash Account; 

  

	 	3.1.3	credit to the Securities Account the Pledged Securities existing at the date hereof, being 15,920,700 shares of the issued share capital of the Company;

  

	 	3.1.4	promptly deliver to the Administrative Agent a Certificate of Pledge of those initially Pledged Securities; 

  
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	 	3.1.5	promptly deliver to the Administrative Agent a Certificate of Pledge of Cash Account. 

 

	3.2	Promptly upon becoming owner of any shares or other Securities referred to in Clause 2.3 the Pledgor shall cause the Securities Account Holder, who hereby agrees, to:

  

	 	3.2.1	credit such shares or other Securities to the Securities Account; and 

  

	 	3.2.2	promptly deliver to the Administrative Agent a Certificate of Pledge of those subsequently Pledged Securities. 

 

	3.3	The Securities Account Holder shall take all necessary steps so that (i) the Pledge over the Securities Account and (ii) the Pledged Securities credited in
the Securities Account, are recorded in the Company’s register of shareholders. 

  

	4.	VOTING RIGHTS AND CASH DISTRIBUTIONS 

  

	4.1	Use of voting rights 

  

	    	In any appropriate shareholders’ meeting the Pledgor shall be entitled to vote for any resolution in a way which it sees fit, provided that it shall not vote for
any resolution of the shareholders’ meetings in a way which would be likely to adversely affect any of the rights of the Administrative Agent under the Pledge Documents or the value of the Pledge Assets or cause an Event of Default to occur,
including any resolution amending the constitutive documents (statuts) of the Company in a way which limits the free transferability of the Pledged Securities. 

 

	4.2	Cash Distributions 

  

	    	Until the term of the Pledge, all Cash Distributions denominated in any currency arising from the Pledged Securities from time to time shall immediately be credited by
the Securities Account Holder to the Cash Account, which the Securities Account Holder agrees to do. 

  

	 	4.2.1	Availability of Cash Distributions prior to an Event of Default 

  

	 	    	Prior to the occurrence of an Event of Default which is continuing and in respect of which a notice has been served in accordance with Clause 4.2.2 (Unavailability
of Cash Distributions after an Event of Default), the Pledgor shall be free, subject to the terms of the Loan Documents and Clause 5 (Repayment or Redemption of Pledged Securities), to use any amounts standing to the credit of the Cash
Account, provided however that the Cash Account may never present a debit balance. 

  

	 	4.2.2	Unavailability of Cash Distributions after an Event of Default 

  

	 	    	Upon the occurrence of an Event of Default which is continuing, the amounts standing to the credit of the Cash Account will become unavailable to the Pledgor. To that
effect, the Administrative Agent will be entitled (and the Pledgor hereby expressly gives irrevocable mandate to the Administrative 

  
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	 	    	Agent to that effect) to notify the same to the Cash Account Holder and the Pledgor by notice, a form of which is set out in Schedule 4 (Form of Notice of the
Occurrence of an Event of Default), requesting the Cash Account Holder to freeze the Cash Account, until a notice to the contrary is received from the Administrative Agent, or until the Administrative Agent requests the transfer to its benefit
of the amounts standing to the credit of the Cash Account in accordance with Clause 7.2 (Remedies upon Event of Default). As soon as the Event of Default has been remedied or waived, the Pledgor’s rights to receive any Cash Distributions
in cash distributed by the Company in relation to the Pledged Securities shall be immediately reinstated as previously set out. At the request of the Pledgor, the Administrative Agent will inform forthwith the Cash Account Holder.

  

	5.	REPAYMENT OR REDEMPTION OF PLEDGED SECURITIES 

  

	    	Any amounts resulting from the repayment or redemption of any Pledged Securities permitted under any Loan Document, and more generally, any amounts paid to the Pledgor
which represent, by way of substitution or replacement, all or a portion of Pledged Securities, shall immediately be credited to the Cash Account. Notwithstanding the provisions contained in Clause 4.2.1 (Availability of Cash Distributions prior
to an Event of Default ), such amounts will be unavailable to the Pledgor. 

  

	6.	FURTHER ASSURANCE 

  

	6.1	Covenant for further assurance 

  

	    	The Pledgor shall, at its own cost, promptly do all such acts or execute all such documents as the Administrative Agent may reasonably specify (and in such form as the
Administrative Agent may reasonably require): 

  

	 	6.1.1	to perfect the Pledge created or intended to be created under or evidenced by the Pledge Documents; 

 

	 	6.1.2	for the exercise of any rights, powers and remedies of the Administrative Agent, provided by or pursuant to the Loan Documents or by law; and 

 

	 	6.1.3	following an Event of Default, to facilitate the enforcement of the Pledge, 

 

	 	without	such operation constituting in any manner a novation of the rights or security granted under the Pledge Documents. 

 

	    	The Pledgor shall take all such action reasonably requested by the Administrative Agent (including making all filings and registrations) necessary for the purpose of
the creation, perfection, protection or maintenance of the Pledge conferred or intended to be conferred on the Administrative Agent by or pursuant to the Loan Documents. 

 

	6.2	Covenant for additional security 

  

	    	The Pledgor will grant to the Administrative Agent security over such material assets 

  
 - 7 -

	    	of the Pledgor of the type required to be pledged pursuant to the Pledge Documents and which are not covered by the Pledge Documents, as may be requested from time to
time by the Administrative Agent (including without limitation following a disposal, amalgamation, merger, demerger or corporate reconstruction (including a change of form) permitted under any Loan Document). All such security shall be granted
pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent, the terms of which shall be substantially similar to those of the Pledge Documents. 

 

	7.	TERM, REMEDIES AND RELEASE OF THE PLEDGE 

  

	7.1	Term of the Pledge 

  

	 	7.1.1	The Pledge will remain in full force and effect until such date as the Secured Obligations are fully, irrevocably and unconditionally discharged. At the request of the
Pledgor made after that date, the Administrative Agent will, at the cost of the Pledgor, execute any documents necessary to release the Pledge. 

  

	 	7.1.2	Notwithstanding the foregoing, (a) the Pledgor shall automatically be released from its obligations hereunder as provided in Section 9.11 of the Credit
Agreement; provided that the Lenders shall have consented to such transaction (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise and (b) upon the sale or other transfer by the Pledgor of any
Pledged Assets that is permitted under the Credit Agreement to any Person that is not the Parent Borrower or a Guarantor (as defined in the Credit Agreement), or upon the effectiveness of any written consent to the release of the Pledge pursuant to
Section 9.11 of the Credit Agreement, the Pledge shall be automatically released. 

  

	7.2	Remedies upon Event of Default 

  

	 	7.2.1	Exercise of its rights by the Administrative Agent 

  

	 	    	At any time after an Event of Default has occurred and is continuing, provided that all or part of the Secured Obligations have become due and payable
(créance certaine, liquide et exigible) and after a period of three (3) clear days (jours francs) (the last day of such period being the “Transfer Date”) starting on the date on which a written notice
(mise en demeure), complying with the provisions of paragraph V of article L.211-20 of the Code monétaire et financier and of articles D. 211-11 et seq. of the same code, has been sent by recorded delivery to the Pledgor
with a copy to the Securities Account Holder and the Cash Account Holder: 

  

	 	(a)	the Administrative Agent will become the owner of the Pledged Securities; and 

 

	 	(b)	the Administrative Agent may transfer to it the amounts standing to the credit of the Cash Account, up to the amount of the Secured Obligations.

  
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	 	    	The value of the Pledged Securities will be estimated at the Transfer Date by an expert appointed jointly by the Pledgor and the Administrative Agent without delay, and
in any event within eight (8) days following the Transfer Date, on the list of experts listed on the register of the Court of Appeal of Paris (liste des experts près la Cour d’appel de Paris), under section “Economie
et Finance”, sub-section “Comptabilité” or “Finances” and the specialisation of which is the valuation of shares (“évaluation de droits sociaux – fusions, scissions et
apports”), or any list coming to replace such list. 

  

	 	    	If the Parties fail to agree on the name of the expert within this period, the expert will be nominated by the President of the Commercial Court of Paris (Tribunal
de commerce de Paris) in expedited proceedings (statuant en la forme des référés), to whom any of the Parties has referred the matter. In all cases, the determination of the expert shall be final and binding on the
Parties. 

  

	 	    	The Pledgor and the Administrative Agent shall cooperate in connection with any steps necessary for the appointment of an expert and the enforcement of their respective
rights pursuant to the provisions of article 2348 of the Code civil and this Clause 7. 

  

	 	7.2.2	Rights of the Administrative Agent discretionary 

  

	 	    	The Administrative Agent may elect to exercise, or not, at the time of its choice and at its discretion, the rights conferred upon it by this Clause 7.2 as well as all
other rights or actions in relation to the Pledged Assets as may then be permitted by applicable law in France. In particular, in respect of the Pledged Securities, the Administrative Agent may elect at its choice not to exercise the rights
conferred upon it by paragraph 7.2.1 but rather to request the public sale (vente publique) of the Pledged Securities pursuant to article L.521-3 of the Code de commerce, or the attribution by a court of the Pledged Securities pursuant
to article 2347 of the Code civil. 

  

	 	7.2.3	The amount of the Secured Obligations due and payable by the Pledgor as at the Transfer Date (or any other date of transfer occurring in accordance with this Clause
7.2), will be reduced by the aggregate amount corresponding to the valuation of the Pledged Securities and the cash held on the Cash Account of which the ownership has been transferred to the Administrative Agent as set forth above.

  

	 	    	If such aggregate amount exceeds the amount of the Secured Obligations due and payable as at the Transfer Date, the difference between those two amounts shall be paid
by the Administrative Agent to the Pledgor no later than eight (8) calendar days following the receipt by the Administrative Agent of the valuation report sent by the expert. 

 

	8.	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS 

  

	    	The Pledgor makes, on the date hereof, the following representations to, and gives the following undertakings to the benefit of, the Administrative Agent and
acknowledges that the Administrative Agent has become a party to this Agreement in reliance on these representations and undertakings. 

  
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	8.1	Representations 

  

	 	8.1.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

 

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

 

	 	8.1.2	Binding obligations 

 The
obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations; once the Statement of Pledge has been signed by the Pledgor, a valid nantissement (pledge) will be created in favour of the
Administrative Agent over the Pledged Account and the Pledged Assets to secure the Secured Obligations. 
  

	 	8.1.3	Non–conflict with other obligations 

 The entry into and performance by it of, and the transactions contemplated by, this Agreement do not and shall not conflict with: 

 

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or the Pledged Assets. 

  

	 	8.1.4	No obligation to create security 

The granting of this Pledge does not oblige it to create, any security over the Pledged Assets in favour of any prior creditor.

  

	 	8.1.5	Power and authority 

 It has the
power to enter into, perform, and has taken all necessary action to authorise its entry into and performance of this Agreement. 
  

	 	8.1.6	Ownership of Pledged Assets 

 It
is the sole legal owner of all the Pledged Assets and has not created any other nantissement (pledge) and has not sold or disposed of, or granted any options or pre-emption rights in respect of any of its rights, in the Pledged Assets (other
than as permitted under the Loan Documents). 
  

	 	8.1.7	Shares fully paid up 

  
 - 10 -

 The 15,920,700 shares of the Company initially pledged and listed in the Statement of Pledge
are fully paid up and represent 100% of the issued share capital of the Company. 
  

	 	8.1.8	Authorisations 

 All
authorisations required or desirable: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under this Agreement; and 

 

	 	(b)	to make this Agreement admissible in evidence in its jurisdiction of incorporation, have been obtained or effected and are in full force and effect.

  

	 	8.1.9	Choice of law 

  

	 	(a)	The choice of French law as the governing law of this Agreement will be recognised and enforced in its jurisdiction of incorporation. 

 

	 	(b)	Any judgement obtained in France in relation to this Agreement will be recognised and enforced in its jurisdiction of incorporation. 

 

	 	8.1.10	Winding–up 

 No meeting has
been convened or step has been taken in relation to any winding-up or application of the provisions of Book VI of the Code commerce or any analogous applicable procedure in any jurisdiction in respect of the Pledgor, no such meeting or step
is intended by any member of the Pledgor and, so far as it is aware, no petition, application or the like is outstanding in relation to any winding-up or application of the provisions of Book VI of the Code de commerce or any analogous
applicable procedure in any jurisdiction in respect of the Pledgor (save for the purposes of any solvent re–organisation or corporate reconstruction which has previously been approved by the Administrative Agent). 

 

	 	8.1.11	Centre of main interests and establishments 

 It has its “centre of main interests” (as that term is used in article 3(1) of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the
“Regulation”) in its jurisdiction of incorporation. 
  

	 	8.1.12	Approval clauses 

 The Company
has given its consent to the Pledge and has agreed to have the Administrative Agent as potential shareholder, pursuant to a decision of its sole shareholder dated 14 June 2012. 

  
 - 11 -

	 	8.1.13	No limitations to transferability of the Pledged Securities 

 There is in the constitutive documents (statuts) of the Company, or in any other corporate document or in any shareholder agreement or any other agreement between shareholders and third parties, no
restriction on the transfer or the registration of the transfer of the Pledged Securities (such as for instance pre-emption clauses (clauses de préemption) or approval clauses (clauses d’agrément) or clauses
prohibiting the transfer of the Pledged Securities for a given waiting period). 
  

	 	8.1.14	Reiteration 

 The representations
set out in this Clause 8.1 are deemed to be made by the Pledgor by reference to the facts and circumstances then existing on the date of this Agreement, the date of each Request for Credit Extension, the date of the Credit Extension and on each
Interest Payment Date. 
  

	8.2	Undertakings 

 The undertakings
in this Clause 8.2 remain in force from the date of this Agreement for so long as this Agreement or the Pledge is in force. 
  

	 	8.2.1	Authorisations 

 The Pledgor
shall promptly: 
  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	 	(b)	supply certified copies to the Administrative Agent of, 

 any authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under this Agreement and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of this Agreement. 
  

	 	8.2.2	Compliance with laws 

 The
Pledgor shall comply in all respects with all laws to which it may be subject, notably if failure so to comply would impair its ability to perform its obligations under this Agreement. 

 

	 	8.2.3	Disposals and negative pledge 

Unless permitted pursuant to any Loan Documents, the Pledgor shall not enter into a single transaction or a series of transactions
(whether related or not) and whether voluntarily or involuntarily, to sell, lease, transfer or otherwise dispose of the whole or any part of the Pledged Assets and will not create or permit to subsist any nantissement (pledge) on any part of
the Pledged Assets or otherwise deal with any part of the Pledged Assets, save as may be permitted under this Agreement or the Loan Documents, or by the Administrative Agent. 

  
 - 12 -

	 	8.2.4	Share capital percentage 

 The
Pledgor shall maintain the percentage of share capital in the Company which the Pledged Securities represent at the date of this Agreement. For this purpose, it shall subscribe for, or do its utmost to benefit from, any issue of Securities by the
Company. 
  

	 	8.2.5	Shares fully paid up 

 The
Pledgor shall pay all amounts due and payable by it in respect of any new shares issued by the Company which it subscribes, as and when requested to do so by the appropriate shareholders’ meeting resolution or president’s decision.

  

	 	8.2.6	Claims 

 The Pledgor shall take
all necessary steps to defend its rights in respect of the Pledged Assets against any claim or demand of any person in order to protect the rights of the Administrative Agent over the Pledged Assets, and shall promptly keep the Administrative Agent
informed of any such claim or demand. 
  

	 	8.2.7	Pledged Account 

 The Pledgor
shall not close or transfer: 
  

	 	(d)	the Securities Account unless a new Securities Account Holder has been approved by the Administrative Agent and has agreed in writing to be bound by the terms of this
Agreement; 

  

	 	(e)	the Cash Account unless a new Cash Account Holder has been approved by the Administrative Agent, 

it being specified that, in both cases, any transfer of the Securities Account to a new Securities Account Holder or any transfer of the
Cash Account to a new Cash Account Holder shall not impair or affect the Pledge created hereunder. 
  

	 	8.2.8	Information 

 The Pledgor shall
procure that the Securities Account Holder or the Cash Account Holder provides to the Administrative Agent, upon demand, any such information, reports and records as the Administrative Agent may require in respect of the Securities Account or the
Cash Account as relevant, and the Pledgor shall sign all documents and take all actions necessary in relation thereto. 
  

	9.	EFFECTIVENESS OF COLLATERAL 

  

	9.1	No Waiver 

  
 - 13 -

 No failure to exercise, nor any delay in exercising, on the part of the Administrative
Agent, any right, power or remedy of the Administrative Agent provided by this Agreement or by law shall operate as a waiver, nor shall any single or partial exercise of that right, power or remedy prevent any further or other exercise of that or
any other right, power or remedy of the Administrative Agent provided by this Agreement or by law. 
  

	9.2	Illegality, Invalidity, Unenforceability 

 If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the
remaining provisions of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	9.3	Additional security 

 The Pledge
is in addition to, and is not in any way prejudiced by, any other security now or hereafter held by the Administrative Agent to secure all or part of the Secured Obligations. The Administrative Agent shall not be obliged, before exercising any
rights conferred on it by this Agreement or by law, to exercise or enforce any other rights or security it may have or hold in respect of all or part of the Secured Obligations. 

 

	9.4	Amendment to Secured Obligations 

The Pledge secures the Secured Obligations as amended from time to time by any amendment agreement to the Loan Documents, including where
such amendment relates to the amount of any facility granted pursuant to the Credit Agreement, or the Applicable Rate. The Pledgor shall at its own cost sign all documents and take all actions necessary to that effect. 

 

	10.	EXPENSES AND INDEMNITY 

Any expenses, stamp taxes and indemnity incurred shall be paid with respect to section 10.4 (Attorney Costs and Expenses) of the
Credit Agreement. 
  

	11.	APPLICATION OF PROCEEDS 

All moneys received or recovered by the Administrative Agent pursuant to the Pledge Documents or the powers conferred by them shall
(subject to the claims of any person having prior rights thereto) be applied by the Administrative Agent in accordance with the order of application in section 8.03 (Application of Funds) of the Credit Agreement. 

 

	12.	ASSIGNMENT 

  

	12.1	Permitted Successors 

  

	 	12.1.1	The Pledgor may not assign, transfer, novate or dispose of any of, or any interest in, its rights and/or obligations under the Pledge Documents.

  
 - 14 -

  

	 	12.1.2	The Administrative Agent may assign, transfer, or otherwise dispose of any of, or any interest in its rights and/or obligations under the Pledge Documents to any
successor in accordance with the relevant provisions of the Loan Documents. 

  

	 	12.1.3	All the rights, privileges, powers, discretions, actions and authorities of the Administrative Agent will inure to the benefit of its successors and assignees as
contemplated in this Clause and in accordance with the relevant provisions of the Loan Documents. 

  

	12.2	Disclosure 

 Subject to the
provisions of article L.511-33 of the French Code monétaire et financier, the Administrative Agent shall be entitled to disclose such information concerning the Pledgor or any other person and this Agreement as the Administrative Agent
consider appropriate to any actual or proposed direct or indirect successor or to any person to whom information may be required to be disclosed by applicable law. 
  

	12.3	Novation 

 In case of a novation
(novation) of the Secured Obligations, the Credit Agreement or any other Loan Documents, the Administrative Agent expressly maintains, in accordance with article 1278 of the Code civil, the benefit of the Pledge, which will therefore
remain in full force and effect for the benefit of the Administrative Agent or any successor. 
  

	13.	NOTICES 

 Each
communication to be made under or in connection with this Agreement shall be made in accordance with section 10.02 (Notices and Other Communications; Facsimile Copies) of the Credit Agreement. 

 

	14.	GOVERNING LAW 

 This
Agreement shall be governed by, and construed in accordance with, French law. 
  

	15.	JURISDICTION 

  

	15.1	Exclusive jurisdiction 

 The
Tribunal de Commerce de Paris shall have jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence or the validity of the Pledge). 

 

	15.2	Benefit 

  

	 	15.2.1	This Clause 15 is for the benefit of the Administrative agent only. As a result, the Administrative Agent shall not be prevented from taking proceedings against the
Pledgor in any other courts with jurisdiction. To the extent allowed by law, the Administrative Agent may take concurrent proceedings in any number of jurisdictions. In particular, provisions of Clause 15 (Jurisdiction) do not deprive the
Administrative Agent from exercising any right set forth in Section 10.15 (Governing Law) of the Credit Agreement. 

  
 - 15 -

	 	15.2.2	The Parties agree that the French courts are the most appropriate and convenient courts to settle disputes arising out of or in connection with this Agreement and
accordingly no Party will argue to the contrary. 

  

	15.3	Election of domicile 

 Without
prejudice to any other mode of service allowed under any relevant law, the Pledgor irrevocably elects domicile at the registered office of the Company, for the purpose of serving any judicial or extra-judicial documents in relation to any action or
proceedings. 
 The Securities Account Pledge Agreement is signed by its parties on the signature page set out at the end of the document.

  
 - 16 -EX-10.10

 Exhibit 10.10 

 
 

 
 BAUSCH & LOMB LUXEMBOURG SARL 

as Assignor 
 and

 CITIBANK, N.A. 
 as Administrative Agent 
  

 
 ASSIGNMENT
AGREEMENT 
 (relating to Intercompany Loan Receivables) 

 
  

CLIFFORD CHANCE PARTNERSCHAFTSGESELLSCHAFT VON RECHTSANWÄLTEN, WIRTSCHAFTSPRÜFERN, STEUERBERATERN UND SOLICITORS 

SITZ: FRANKFURT AM MAIN · AG FRANKFURT AM MAIN PR 1000 

 Contents 

 

							
	Clause	 	 	 	Page	 
	1.	 	DEFINITIONS AND LANGUAGE	 	 	2	  
	2.	 	ASSIGNMENT	 	 	5	  
	3.	 	TRANSFER OF ANCILLARY RIGHTS	 	 	5	  
	4.	 	PURPOSE OF THE ASSIGNMENT	 	 	5	  
	5.	 	LIST OF RECEIVABLES	 	 	6	  
	6.	 	NOTICE OF ASSIGNMENT	 	 	6	  
	7.	 	CHECKS AND BILLS OF EXCHANGE	 	 	7	  
	8.	 	COLLECTION OF RECEIVABLES BY THE ASSIGNOR	 	 	7	  
	9.	 	ENFORCEMENT	 	 	7	  
	10.	 	REPRESENTATIONS AND WARRANTIES	 	 	9	  
	11.	 	UNDERTAKINGS OF THE ASSIGNOR	 	 	9	  
	12.	 	POWER OF ATTORNEY	 	 	10	  
	13.	 	INDEMNITY	 	 	11	  
	14.	 	DURATION AND INDEPENDENCE	 	 	11	  
	15.	 	RELEASE OF SECURITY (SICHERHEITENFREIGABE)	 	 	11	  
	16.	 	COSTS AND EXPENSES	 	 	12	  
	17.	 	PARTIAL INVALIDITY; WAIVER	 	 	12	  
	18.	 	AMENDMENTS	 	 	13	  
	19.	 	NOTICES AND THEIR LANGUAGE	 	 	13	  
	20.	 	APPLICABLE LAW; JURISDICTION	 	 	14	  
	21.	 	CONCLUSION OF THE AGREEMENT (VERTRAGSCHLUSS)	 	 	14	  
	SCHEDULE 1 List of Existing Intercompany Loan Receivables	 	 	15	  
	SCHEDULE 2 Form of Notice for a Disclosed Assignment	 	 	16	  
	SCHEDULE 3 Consent	 	 	19	  
	SCHEDULE 4 Intentionally left blank	 	 	20	  
	SCHEDULE 5 List of Guaranty Parties	 	 	21	  

 This ASSIGNMENT AGREEMENT (the “Agreement”) is made on 15 June 2012 

BETWEEN: 
  

	(1)	Bausch & Lomb Luxembourg S.à r.l., a private limited liability company (société à responsabilité
limitée) incorporated under the laws of the Grand Duchy of Luxembourg and having its registered office at 13-15, Av. de la Liberté, L-1931 Luxembourg (Grand Duchy of Luxembourg), registered with the Luxembourg Trade and Companies
Register under the number B 105.591 (the “Assignor”); and 

  

	(2)	Citibank, N.A., having its business address at 1615 Brett Road, Building III, New Castle, Delaware 19720, United States of America, in its capacity as
administrative agent under the Credit Agreement (as defined below) (the “Administrative Agent”, together with the Assignor, the “Parties”). 

WHEREAS: 
  

	(A)	Pursuant to a USD 2,835,000,000 and EUR 460,000,000 credit agreement (the “Credit Agreement”) dated as of 18 May 2012 (as amended, amended
and restated, supplemented or otherwise modified from time to time) among, inter alios, two indirect parent companies of the Assignor, Bausch & Lomb Incorporated (the “Parent”) and Bausch & Lomb B.V. (the
“Dutch Subsidiary Borrower”) as borrowers (the “Borrowers”), the Administrative Agent as swing line lender, the Administrative Agent and JP Morgan Chase Bank N.A. as L/C issuers and each other entity that has
become or may in the future become a lender under the Credit Agreement (collectively the “Lenders”, and individually, a “Lender”), the Lenders have agreed to extend credit to the Borrowers
subject to the terms and conditions set forth in the Credit Agreement. 

  

	(B)	Pursuant to a foreign subsidiary guaranty (the “Foreign Subsidiary Guaranty”) dated on or about 15 June 2012 (as amended,
amended and restated, supplemented or otherwise modified from time to time) among, inter alias, the Dutch Subsidiary Borrower, certain non-U.S. subsidiaries of the Dutch Subsidiary Borrower from time to time party thereto and Citibank N.A. as
Administrative Agent, the Guaranty Parties (as defined below) have agreed to guarantee the Secured Obligations (as defined below) subject to the terms and conditions set forth in the Foreign Subsidiary Guaranty. 

 

	(C)	The Assignor has agreed to assign the Receivables (as defined below) to the Administrative Agent as security for the Secured Parties’ (as defined below) respective
claims against the Obligors (as defined below) under or in connection with the Finance Documents (as defined below). 

	(D)	The security created by or pursuant to this Agreement is to be held and administered by the Administrative Agent for the Secured Parties pursuant to the respective
provisions (Sections 9.01 et seq.) of the Credit Agreement and the Foreign Subsidiary Guaranty. 

 NOW IT IS HEREBY AGREED
as follows: 
  

	1.	DEFINITIONS AND LANGUAGE 

  

	1.1	Definitions 

 In this Agreement:

 “Agents” means, collectively, the Administrative Agent, JP Morgan Securities LLC and Credit Suisse Securities
(USA) LLC as syndication agents under the Credit Agreement, Goldman Sachs Bank USA and Merrill Lynch, Pierce, Fenner & Smith Incorporated as documentation agents under the Credit Agreement, Barclays Bank Plc, General Electric Capital
Cooperation, Morgan Stanley Senior Funding, Inc. and UBS Securities LLC as senior managing agents and Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Merrill Lynch, Pierce,
Fenner & Smith Incorporated as arrangers under the Credit Agreement and “Agent” means any of them. 

“Ancillary Rights” means all present and future, actual and contingent rights and claims (including monetary claims for
damages) arising out of the underlying contractual or other relationship under which the Intercompany Loan Receivables (as defined below) are created, including but not limited to, unilateral rights (Gestaltungsrechte) of the Assignor.

 “Authorisation” means the authorisation to collect the Receivables (Einziehungsermächtigung)
granted by the Administrative Agent to the Assignor pursuant to Clause 8 hereof. 
 “Cash Management Bank” means
any Agent, Lender or affiliate of an Agent or Lender at the time it provides any Cash Management Services, whether or not it subsequently ceases to be an Agent, Lender or an affiliate of an Agent or Lender. 

“Cash Management Services” means any agreement or arrangement entered into between an Obligor and a Cash Management Bank
to provide cash management services, including treasury, depository, overdraft, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements. 

 “Event of Default” means an event of default under the Credit
Agreement which would allow the Lenders to declare any amount owing or payable under the Finance Documents immediately due and payable. 
 “Finance Documents” means the Credit Agreement, the Foreign Subsidiary Guaranty, any promissory note of a Borrower which is payable to any Lender or its registered assign
and which is evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the loans made by such Lender under or pursuant to the Credit Agreement or the Foreign Subsidiary Guaranty, any guaranty or security document relating
to the Credit Agreement or to the Foreign Subsidiary Guaranty, any letter of credit or bank guarantee or issuer document relating to the Credit Agreement or the Foreign Subsidiary Guaranty, any secured hedge agreement which is a swap contract
permitted under the Credit Agreement and any agreement governing Cash Management Services relating to the Credit Agreement or the Foreign Subsidiary Guaranty. 
 “Foreign Obligations” means any and all obligations arising under any advances, debts, liabilities, obligations, covenants and duties of any Guaranty Party arising under any
Finance Document or otherwise with respect to any loan or letter of credit issued thereunder, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest, fees and expenses that accrue after the commencement by or against any Guaranty Party of any proceeding under any debtor relief laws naming such person as the debtor in such proceeding, regardless of whether such interest, fees
and expenses are allowed claims in such proceeding, obligations of any Guaranty Party arising under any secured hedge agreement and cash management obligations of any Guaranty Party. Without limiting the generality of the foregoing, the Foreign
Obligations under the Finance Documents include the obligation (including guarantee obligations) to pay principal, interest, letter of credit, reimbursement obligations, charges, expenses, fees, legal costs, indemnities and other amounts payable by
any Guaranty Party under any Finance Document. 
 “Group” means the Parent and its direct or indirect
subsidiaries (Tochtergesellschaften). 
 “Guaranty Parties” means collectively, the Dutch Subsidiary
Borrower and each guarantor which is a party to the Foreign Subsidiary Guaranty as listed in Schedule 5 hereto, or may in the future become a party to the Foreign Subsidiary Guaranty and “Guaranty Party” means any of them.

 “Hedge Bank” means any Agent, Lender, Joint Bookrunner or affiliate of any Agent, Lender or
Joint Bookrunner who has entered into any secured hedge agreement, whether or not it subsequently ceases to be an Agent, Lender, Joint Bookrunner or an affiliate of an Agent, Lender or Joint Bookrunner. 

 “Intercompany Loan Receivables” means all present and future,
actual and contingent receivables of the Assignor against any member of the Group organized under the laws of Germany arising under or in connection with intercompany loans (including intercompany loans resulting from any cash pool arrangements)
which are governed by German law, including but not limited to the receivables arising under the promissory notes (the “Promissory Notes”) specified in Schedule 1 (List of Existing Intercompany Loan Receivables).

 “Joint Bookrunner” means each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC,
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Merrill Lynch, Pierce, Fenner & Smith Incorporated. 

“Obligors” means the Dutch Subsidiary Borrower (in its capacity as borrower under the Credit Agreement and as party to
any other Finance Document) and the Guaranty Parties and an “Obligor” means any of them. 

“Receivables” means collectively: 
  

	 	(a)	the Intercompany Loan Receivables; and 

  

	 	(b)	any Ancillary Rights. 

“Secured Obligations” means any and all Foreign Obligations (present and future, actual and contingent)
which are (or are expressed to be) or become owing by the Obligors (or any of them) to the Secured Parties or any of them (including, but not limited to the obligations under any parallel debt agreement). The Secured Obligations shall include any
obligation based on unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt) arising in connection with the Foreign Obligations. 
 “Secured Parties” means the Lenders (including in their capacity as hedge banks or cash management banks under the Credit Agreement), the Administrative Agent, any Hedge
Bank and any Cash Management Bank. 
  

	1.2	Construction 

 In this Agreement:

  

	1.2.1	Terms used but not defined in this Agreement have the meanings ascribed thereto in the Credit Agreement; and 

	1.2.2	any reference in this Agreement to a “Clause”, a “sub-Clause” or a “Schedule” shall, subject to any contrary
indication, be construed as a reference to a Clause, a sub-Clause or a Schedule in this Agreement. 

  

	1.3	This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this
Agreement. However, where a German translation of a word or phrase appears in the text of this Agreement, the German translation of such word or phrase shall prevail. 

 

	2.	ASSIGNMENT 

  

	2.1	The Assignor hereby assigns to the Administrative Agent the Receivables. 

  

	2.2	The Administrative Agent hereby accepts the assignment of the Receivables. 

 

	2.3	The existing Receivables shall pass over to the Administrative Agent on execution of this Agreement, and any future Receivables shall pass over to the Administrative
Agent at the date such Receivables come into existence. 

  

	3.	TRANSFER OF ANCILLARY RIGHTS 

 For the avoidance of doubt, the Receivables are assigned to the Administrative Agent together with all accessory security rights (akzessorische Sicherheiten) and Ancillary Rights (Neben-, Hilfs-
und Vorzugsrechte) pursuant to (including by way of analogy) Section 401 of the German Civil Code (Bürgerliches Gesetzbuch). In case of security rights and Ancillary Rights pertaining to the Receivables that are not transferred
to the Administrative Agent by operation of law pursuant to Section 401 of the German Civil Code (the “Independent Ancillary Rights”), the Administrative Agent may request at any time and at its sole discretion the assignment
or transfer (as the case may be) of such Independent Ancillary Rights. 
  

	4.	PURPOSE OF THE ASSIGNMENT 

 The assignment hereunder is constituted in order to secure the prompt and complete satisfaction of any and all Secured Obligations. The assignment shall also cover any future extension of the Secured
Obligations and the Assignor herewith expressly agrees that the assignment shall secure the Secured Obligations as extended or increased from time to time. 

	5.	LIST OF RECEIVABLES 

  

	5.1	Simultaneously with the delivery of the annual compliance certificate pursuant to Section 6.02 of the Credit Agreement, and at any time upon the reasonable request
of the Administrative Agent, the Assignor shall deliver to the Administrative Agent a list of the Receivables as of the end of the relevant fiscal year. This list of the Receivables shall be on a computer disk or in such other form as agreed between
the Administrative Agent and the Assignor. The Administrative Agent may in its reasonable discretion request a computer print-out in addition to any other form in which the list may be delivered. 

 

	5.2	Unless otherwise agreed, the list of the Receivables referred to in sub-Clause 5.1 shall show the names and addresses of the debtors as well as any outstanding amounts
and the due dates for payment. In addition, the list shall include all unpaid counter claims, if any, which arise from contracts between the Assignor and the relevant debtors, and shall state the exact amount of such unpaid claim, the maturity date
and the name of the respective debtor. 

  

	5.3	Any list of Receivables referred to in sub-Clauses 5.1 and 5.2 above is provided for information purposes only and if for any reason whatsoever the relevant Receivables
are not, or are incompletely, contained in the list presented, then the assignment of the Receivables shall not be affected thereby. 

  

	6.	NOTICE OF ASSIGNMENT 

  

	6.1	The Assignor shall notify by registered mail (Einschreiben mit Rückschein) the debtors of the assignment of the Receivables constituted hereunder in
the form set out in Schedule 2 (Form of Notice for a Disclosed Assignment), within 10 (ten) business days from the date of entering into this Agreement, or, with respect to Receivables arising under or in connection with future
intercompany loans within 10 (ten) business days from the date of entry into such future intercompany loans, unless the relevant debtor has already received a notification in the form set out in Schedule 2 (Form of Notice for a Disclosed
Assignment). The Assignor shall send a copy of each dispatched notification letter together with the return receipt (Rückschein) to the Administrative Agent without undue delay. 

 

	6.2	The Assignor shall use its best endeavours to procure that debtors of the Receivables acknowledge each notice of assignment and accept the terms of the assignment as
set out in Schedule 2 (Form of Notice for a Disclosed Assignment) without undue delay. The Assignor shall provide evidence to the Administrative Agent of any such acknowledgement. 

	7.	CHECKS AND BILLS OF EXCHANGE 

 If payments in respect of the Receivables are made by check or bill of exchange, the ownership in the documents shall pass to the Administrative Agent upon the Assignor acquiring such ownership, and the
Assignor hereby assigns to the Administrative Agent, who accepts the assignment, in advance any of its rights arising therefrom as security for the Secured Obligations. Physical delivery of checks and bills of exchange to the Administrative Agent
shall be replaced by an undertaking of the Assignor to hold such checks and bills of exchange in gratuitous custody (unentgeltliche Verwahrung) for the Administrative Agent or, if the Assignor does not obtain actual possession of such
documents, the Assignor hereby assigns to the Administrative Agent in advance all of its claims for delivery thereof against third parties as security for the Secured Obligations. The Administrative Agent accepts such assignment. For the avoidance
of doubt, the Assignor shall be entitled to collect the respective Receivables (including any payments owed under any check of bill of exchange) in accordance with Clause 8. 

 

	8.	COLLECTION OF RECEIVABLES BY THE ASSIGNOR 

 At all times prior to the occurrence of an Event of Default which is continuing, the Assignor is authorised by the Administrative Agent to collect the Receivables (ermächtigt zur
Einziehung) in its own name and for its own account and to exercise any rights and claims in relation to the Receivables in the ordinary course of business. The Assignor shall in doing so act with the care of a prudent businessman
(Sorgfalt eines ordentlichen Kaufmanns). The Administrative Agent may revoke the Authorisation at any time after the occurrence of an Event of Default, which is continuing. 

 

	9.	ENFORCEMENT 

  

	9.1	If any of the Secured Obligations has become due and payable and an Event of Default has occurred and is continuing, then the Administrative Agent is entitled to revoke
the Authorisation, notify the debtors, enforce its rights under this Agreement and arrange for the collection of the Receivables in its own name and for its own account or for the sale of the Receivables. 

 

	9.2	The Administrative Agent will notify the Assignor in writing at least 10 (ten) days prior to the enforcement of any assignment pursuant hereto. No such notice shall be
required if (i) the Assignor has generally ceased to make payments, (ii) an application for the institution of insolvency proceedings which is not frivolous or vexatious has been filed by or against the Assignor and is not been discharged,
stayed or dismissed within 10 business days from filing, or (iii) the Administrative Agent has reasonable grounds to believe that observance of the notice period would adversely affect the legitimate interests (berechtigte
Interessen) of the Administrative Agent. 

	9.3	To the extent that the Authorisation is revoked, the Administrative Agent may request that all documents relating to the Receivables be handed over to it and the
Assignor hereby agrees to promptly comply with any such request. To the extent that the Authorisation is revoked, in the case of checks and bills of exchange, the Assignor hereby further agrees to endorse such documents in blank and to deliver them
to the Administrative Agent as soon as reasonably practicable and in any event upon request by the Administrative Agent. 

  

	9.4	On becoming entitled to enforce the security interest created hereunder in accordance with sub-Clause 9.1 the Administrative Agent may collect the Receivables in total
or in part to the extent necessary to satisfy any outstanding Secured Obligations, it being understood that the Administrative Agent shall apply the proceeds of such realisation towards the Secured Obligations in accordance with the Credit
Agreement. 

  

	9.5	On becoming entitled to enforce the security interest created hereunder in accordance with sub-Clause 9.1 the Administrative Agent may request the Assignor to collect
the Receivables for and on behalf of the Administrative Agent and in accordance with the Administrative Agent’s instruction. The Assignor shall promptly comply with such request. 

 

	9.6	If the Administrative Agent collects any Receivables pursuant to sub-Clause 9.4 hereof, it may take all measures and enter into all agreements with such debtors which
it considers to be expedient. In particular, the Administrative Agent may grant discounts or indulgence to any debtors and/or enter into settlement agreements in relation to existing Receivables at any time. 

 

	9.7	Notwithstanding sub-Clause 9.4, the Administrative Agent may, in its sole discretion, determine which of several security interests (created under this or other
security agreements) shall be used to satisfy the Secured Obligations. 

  

	9.8	Given the non-accessory nature of this security, the Assignor has no defences of revocation and set-off and no defences based on defences any Obligor might have against
the Secured Obligations. The Administrative Agent is not required to proceed against or enforce any other rights or security before enforcing the security created hereunder. 

 

	9.9	The Assignor shall not at any time before, on or after an enforcement of the security created hereunder and as a result of the Assignor entering into this Agreement, be
entitled to demand indemnification or compensation from any other Obligor or to assign any of these claims. 

	10.	REPRESENTATIONS AND WARRANTIES 

 The Assignor represents and warrants to the Administrative Agent by way of an independent guarantee (selbständiges Garantieversprechen) that: 

 

	10.1	it is the sole unrestricted legal owner of the Receivables and no other person is entitled to any Receivable as joint creditor (Gesamtgläubiger) or
co-creditor (Mitgläubiger); 

  

	10.2	the Receivables are not subject to any options to purchase or to sell or similar rights of any person other than provided for under the Credit Agreement;

  

	10.3	this Agreement constitutes its legal, valid, binding and enforceable obligations and creates the security interests it purports to create, which security interests are
valid and effective; 

  

	10.4	the Receivables are unencumbered except as permitted under Clause 7.01 of the Credit Agreement, and except for the assignment under this Agreement;

  

	10.5	the Receivables are assignable (abtretbar) and can be freely assigned by the Assignor, except for the consent requirement contained in Clause 4. (1) of the
respective Promissory Note, which consent has been granted by the relevant debtor prior to the date of this Agreement and a copy of which is attached hereto as Schedule 3; 

 

	10.6	the factual information contained in Schedules 1 and 3 is true, accurate and complete in all material respects; 

 

	10.7	all necessary authorisations to enable it to enter into this Agreement have been obtained and are in full force and effect; 

 

	10.8	it has the corporate power and authority to enter into this Agreement, in particular all necessary corporate authorisations to enable or entitle it to enter into this
Agreement have been obtained and are in full force and effect at all times during the subsistence of the security hereby construed; and 

  

	10.9	no counterclaims as to which a right to set-off or right of retention could be exercised exists with respect to the Receivables other than (i) as provided for
under the Credit Agreement or applicable mandatory law and (ii) any right of set-off or right of retention the Lenders may have by virtue of being counter-parties to secured hedge agreements or cash management obligations.

  

	11.	UNDERTAKINGS OF THE ASSIGNOR 

 During the term of this Agreement, the Assignor undertakes to the Administrative Agent: 
  

	11.1	not to take, or participate in, any action which results or might result in a sale, transfer, encumbrance or other disposal of the Receivables or permit to subsist,
create or agree to create any security interest or third party right in or over the Receivables other than as expressly permitted under the terms of this Agreement or the Credit Agreement; 

	11.2	to refrain from any acts or omissions, the purpose or effect of which is or would be the material dilution of the value of the Receivables or the Receivables ceasing to
be assignable other than (i) in the Assignor’s ordinary course of business or (ii) as permitted under the terms of this Agreement or the Credit Agreement; 

 

	11.3	to inform the Administrative Agent without undue delay in writing of any attachment (Pfändung) over any of the Receivables or part thereof and any third
parties bringing claims in respect of any of the Receivables or part thereof or any other measures which might impair or jeopardize the Administrative Agent’s rights relating to any Receivable or materially impair its value, such notice to be
accompanied by any documents the Administrative Agent might need to defend itself against any claim by a third party. In the event of an attachment, the Assignor undertakes to forward to the Administrative Agent without undue delay a copy of the
attachment order (Pfändungsbeschluss), any transfer order (Überweisungsbeschluss) and all other documents necessary or expedient for a defence against such attachment. The Assignor shall inform the attaching creditor of the
Administrative Agent’s security interests without undue delay; 

  

	11.4	to take, at its own cost and expense, all such action as is available to it as may be necessary for the purpose of the creation, perfection, protection or maintenance
of the security rights created or intended to be created by or pursuant to this Agreement or to facilitate the realisation of the Receivables; and 

  

	11.5	upon the Administrative Agent’s request, to allow the Administrative Agent (as well as accountants, other professional advisors and contractors of the
Administrative Agent) for the purpose of inspecting and checking any of the Receivables to examine, audit and inspect its books, accounts and other documents wherever located at all times and on reasonable notice at the risk and cost of the Assignor
during normal business hours, and to make and take away copies of any and all of such books, accounts and other documents; provided that, so long as no Event of Default has occurred and is continuing, the Administrative Agent shall not exercise this
right more often than two times during the calendar year. 

  

	12.	POWER OF ATTORNEY 

 The
Assignor, by way of security for its obligations under this Agreement, irrevocably appoints the Administrative Agent to be its attorney (Stellvertreter) to do anything which the Assignor is required to do under this Agreement but has failed to do
(and the Administrative 

 
Agent may delegate that power on such terms as it sees fit). For this purpose the Assignor relieves the Administrative Agent from the restrictions set out in Section 181 of the German Civil
Code. 
  

	13.	INDEMNITY 

  

	13.1	The Administrative Agent shall not be liable for any loss or damage suffered by the Assignor save in respect of such loss or damage which is suffered as a result of the
wilful misconduct or gross negligence of the Administrative Agent. 

  

	13.2	The Assignor will indemnify the Administrative Agent and keep the Administrative Agent indemnified against any and all damages, losses, actions, claims, expenses,
demands and liabilities which may be incurred by or made against the Administrative Agent for anything done or omitted in the exercise or purported exercise of the powers contained herein or occasioned by any breach of the Assignor of any of its
obligations or undertakings contained herein other than to the extent that such damages, losses, actions, claims, expenses, demands and liabilities are incurred by or made against the Administrative Agent as a result of the gross negligence or
wilful misconduct of the Administrative Agent. 

  

	14.	DURATION AND INDEPENDENCE 

  

	14.1	This Agreement shall create a continuing security and no change, amendment, or supplement whatsoever in the Finance Documents or in any document or agreement relating
to any of the Finance Documents shall affect the validity or the scope of this Agreement nor the obligations which are imposed on the Assignor pursuant to it. 

 

	14.2	This Agreement is independent from any other security or guarantee which may have been or will be given to the Secured Parties or the Administrative Agent. None of such
other security shall prejudice, or shall be prejudiced by, or shall be merged in any way with this Agreement. 

  

	14.3	Waiving Section 418 of the German Civil Code (applied by analogy), the Assignor hereby agrees that the security created hereunder shall not be affected by any
transfer or assumption of the Secured Obligations to, or by, any third party. 

  

	15.	RELEASE OF SECURITY (SICHERHEITENFREIGABE) 

  

	15.1	Upon (i) complete and irrevocable satisfaction of the Secured Obligations, (ii) the Assignor ceasing to be a Guaranty Party provided that the Lenders shall
have consented to such transaction (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise, or (iii) upon request of the Assignor following any sale or 

	 	
transfer by the Assignor of the Receivables that is permitted under the Credit Agreement to any person that is not the Parent or a Guaranty Party, the Administrative Agent will as soon as
reasonably practicable, at the cost and expense of the Assignor, reassign to the Assignor the Receivables and surrender the excess proceeds, if any, resulting from any realisation thereof. The Administrative Agent will, however, transfer any
Receivable or excess proceeds to a third person if so required by law. 

  

	15.2	At any time when the total value of the aggregate security granted by the Assignor and the other Obligors to secure the Secured Obligations (the
“Security”), which can be expected to be realised in the event of an enforcement of the Security (realisierbarer Wert), more than temporarily exceeds 110% of the Secured Obligations (the “Limit”), the
Administrative Agent shall on demand of the Assignor release such part of the Security (Sicherheitenfreigabe) as the Administrative Agent may in its reasonable discretion determine so as to reduce the realisable value of the Security to the
Limit. 

  

	16.	COSTS AND EXPENSES 

 All
costs, charges, fees and expenses triggered by this Agreement or reasonably incurred in connection with its preparation, execution, amendments and enforcement (in each case including fees for legal advisers) shall be borne by the Assignor.

  

	17.	PARTIAL INVALIDITY; WAIVER 

  

	17.1	If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, such
provision shall, as to such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction. The
invalid, illegal, or unenforceable provision shall be deemed replaced with a valid, legal or enforceable provision which comes as close as possible to the original intent of the parties and the invalid, illegal or unenforceable provision. Should a
gap (Regelungslücke) become evident in this Agreement, such gap shall, without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, be deemed to be filled with such provision as comes as
close as possible to the original intent of the parties. 

  

	17.2	No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent, any right or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies provided hereunder are cumulative and not exclusive of any rights or remedies
provided by law. 

	18.	AMENDMENTS 

 Changes and
amendments to this Agreement including this Clause 18 shall be made in writing. 
  

	19.	NOTICES AND THEIR LANGUAGE 

  

	19.1	All notices and communications under or in connection with this Agreement shall be in writing and shall be delivered by letter, posted or delivered by hand, or fax.
Each notice or communication shall be given to the relevant party at the address or fax number and marked for the attention of the person(s) or department from time to time specified in writing by that party to the other. The initial address, fax
number and person(s) or department so specified by each party are set out below: 

  

					
	For the Assignor:	  	Bausch & Lomb Luxembourg S.à r.l.
		
		  	c/o Bausch & Lomb Incorporated
			
		  	Address:	  	One Bausch & Lomb Place,
			
		  		  	Rochester, NY 14604-2701
			
		  	Fax:	  	+1 (585) 338 8706
			
		  	Attention:	  	Bob Bailey
		
	For the Administrative Agent:	  	Citibank, N.A., having its business address at
			
		  	Address:	  	1615 Brett Road, Building III.
			
		  		  	New Castle, DE 19720
			
		  	Fax:	  	+1 (212) 994 0847
			
		  	Attention:	  	Loan Administration

  

	19.2	Proof of posting or dispatch of any notice or communication to the Assignor shall be deemed (widerlegbare Vermutung) to be proof of receipt (i) in
case of a letter, on the second business day in the country of receipt after posting, and (ii) in case of a fax transmission on the business day in the country of receipt immediately following the date of its dispatch. 

	19.3	Any notice or other communication under or in connection with this Agreement shall be in the English language or, if in any other language, accompanied by a translation
into English. In the event of any conflict between the English text and the text in any other language, the English text shall prevail. 

  

	20.	APPLICABLE LAW; JURISDICTION 

  

	20.1	This Agreement is governed by the laws of the Federal Republic of Germany. 

 

	20.2	The place of jurisdiction for any and all disputes arising under or in connection with this agreement shall be the district court (Landgericht) in Frankfurt am
Main. The Administrative Agent, however, shall also be entitled to take action against the Assignor in any other court of competent jurisdiction. Further, the taking of proceedings against the Assignor in any one or more jurisdictions shall not
preclude the taking of proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. 

  

	21.	CONCLUSION OF THE AGREEMENT (VERTRAGSCHLUSS) 

  

	21.1	The parties to this Agreement may choose to conclude this Agreement by an exchange of signed signature page(s), transmitted by means of telecommunication
(telekommunikative Übermittlung) by fax or attached as an electronic photocopy (pdf., tif., etc.) to an e-mail. 

  

	21.2	If the parties to this Agreement choose to conclude this Agreement pursuant to Clause 21.1 above, they will transmit the signed signature page(s) of this Agreement to
Philipp Kropatscheck, c/o Clifford Chance, Mainzer Landstraße 46, 60325 Frankfurt am Main or Maike Täufer, c/o Clifford Chance, Mainzer Landstraße 46, 60325 Frankfurt am Main (each a “Recipient”). The Agreement will
be considered concluded once any Recipient has actually received the signed signature page(s) (Zugang der Unterschriftenseite(n)) from all parties to this Agreement and at the time of the receipt of the last outstanding signature
page(s). 

  

	21.3	For the purposes of this Clause 21 only, the parties to this Agreement appoint each Recipient individually as their attorney (Empfangsvertreter) and expressly
allow (gestatten) any Recipient to collect the signed signature page(s) from all and for all parties to this Agreement. For the avoidance of doubt, no Recipient will have further duties connected with its position as Recipient. In particular,
each Recipient may assume the conformity to the authentic original(s) of the signature page(s) transmitted to it by means of telecommunication, the genuineness of all signatures on the original signature page(s) and the signing authority of the
signatories. 

 SCHEDULE 2 
 Form of Notice for a Disclosed Assignment 
 [To be printed off on
letterhead of Bausch & Lomb Luxembourg S.à r.l.] 
 [Name and address of debtor]  

 

			
	 [insert date and
place]
	 	 [Datum und Ort
einfügen]

	  
 Dear Sirs,

 
 We hereby give you notice that pursuant to an assignment agreement entered into by
us in favour of Citibank, N.A. (the “Administrative Agent”) dated [—], we have assigned to the Administrative Agent all our present and future intercompany loan receivables arising
under or in connection with any present or future intercompany loans which are governed by German law against you together with all ancillary rights pertaining to them. We are authorised by the Administrative Agent to collect the assigned
receivables in our own name and for our own account and to exercise any rights and claims in the ordinary course of business until and unless you receive a notification from the Administrative Agent to the contrary. Please see attached as Annex 1 a
copy of the assignment agreement.
	 	  
 Sehr geehrte Damen und Herren,

 
 Wir teilen Ihnen hierdurch mit, dass wir mit Abtretungsvertrag vom [—] sämtliche bestehenden und künftigen Forderungen gegen Gruppengesellschaften aus allen bestehenden und künftigen Gruppengesellschaftsdarlehen, welche deutschem Recht unterliegen, mit allen
dazugehörenden Rechten gegen Sie an die Citibank, N.A. (der “Sicherheitentreuhänder”) im Wege der Zession abgetreten haben. Wir sind vom Sicherheitentreuhänder ermächtigt, alle Zahlungen betreffend die
abgetretenen Forderungen im eigenen Namen und für eigene Rechnung einzuziehen und entgegenzunehmen und unsere Rechte im Rahmen des gewöhnlichen Geschäftsbetriebs auszuüben, wenn und soweit sie keine anderslautende Mitteilung des
Sicherheitentreuhänders erhalten. Als Anlage 1 erhalten Sie eine Kopie des Abtretungsvertrages.

		
	 Please acknowledge receipt of this notice and your agreement with the terms hereof by countersigning this letter and returning the same
to us.
	 	Bitte bestätigen Sie den Erhalt dieser Benachrichtigung und Ihr Einverständnis mit den hierin enthaltenen Bestimmungen durch Gegenzeichnung dieser Benachrichtigung und
Rücksendung an uns.
		
	 Yours faithfully,
	 	Mit freundlichen Grüßen
		
	 Bausch & Lomb Luxembourg S.à r.l.
	 	Bausch & Lomb Luxembourg S.à r.l.

									
	By:	  	  
	  		 	  

	Name:	  		  		 	Name:	  	
	Title:	  		  		 	Titel:	  	
				
	By:	  	  
	  		 	  

	Name:	  		  		 	Name:	  	
	Title:	  		  		 	Titel:	  	
			
	Acknowledgement of the debtor	  		 	Bestätigung des Drittschuldners
			
	We acknowledge receipt of this notification letter and confirm our agreement with the terms thereof.	  		 	Wir bestätigen den Erhalt der Benachrichtigung und erklären unser Einverständnis mit den darin enthaltenen Bestimmungen.
			
	[insert full name of the debtor]	  		 	[den vollständigen Namen des Drittschuldners einfügen]
				
	By:	  	  
	  		 	  

	Name:	  		  		 	Name:	  	
	Title:	  		  		 	Titel:	  	
	Date:	  		  		 	Datum:	  	
				
	By:	  	  
	  		 	  

	Name:	  		  		 	Name:	  	
	Title:	  		  		 	Titel:	  	
	Date:	  		  		 	Datum:	  	

 Annex 1/Anlage 1 

Copy of the assignment agreement/Kopie des Abtretungsvertrages 

 SCHEDULE 4 
 Intentionally left blank 

 SCHEDULE 5 
 List of Guaranty Parties 
 BCF SAS 

 SIGNATURE PAGE 
 This Assignment Agreement has been entered into on the date stated at the beginning by: 

BAUSCH & LOMB LUXEMBOURG SARL, 
 as
Assignor 
  

									
	By :	 	 /s/ Richard Brekelmans
	 		 	By :	 	  

	Name :	 	Richard Brekelmans	 		 	Name :	 	Brian J. Harris
	Title:	 	Class A Manager	 		 	Title:	 	Class B Manager

 [Signature Page to Assignment Agreement relating to Intercompany Loan Receivables] 

 SIGNATURE PAGE 
 This Assignment Agreement has been entered into on the date stated at the beginning by: 

BAUSCH & LOMB LUXEMBOURG SARL, 
 as
Assignor 
  

									
	By:	 	 /s/ Richard Brekelmans
	 		 	By:	 	 /s/ Brian J. Harris

	Name:	 	Richard Brekelmans	 		 	Name:	 	Brian J. Harris
	Title:	 	Class A Manager	 		 	Title:	 	Class B Manager

 [Signature Page to Assignment Agreement relating to Intercompany Loan Receivables] 

 CITIBANK, N.A., 
 as Administrative Agent 
  

									
	By:	 	 /s/ Michael Zicari
	 		 	By:	 	  

	Name:	 	Michael Zicari	 		 	Name:	 	
	Title:	 	Managing Director & Vice President	 		 	Title:

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