Document:

NON-DISPOSAL UNDERTAKING

 

	Date	:	February 2, 2012
	 	 	 
	To	:	ICICI Bank Limited, New York Branch 

 

Dear Sirs,

 

We at Cadista
Holdings Inc. (the Parent Company), a Delaware corporation with a principal office at 207
Kiley Drive, Salisbury, Maryland 21801, refer to the Credit Facility Agreement dated as of the date hereof (Facility Agreement)
entered into between Jubilant Cadista Pharmaceuticals Inc. (Borrower) a Delaware corporation and
wholly-owned subsidiary of the Parent Company having its principal office at 207 Kiley Drive,
Salisbury, Maryland 21801, and ICICI Bank, New York Branch (hereinafter referred to as either the “Lender”, “Bank”
or “you”), under the terms of which you have agreed to provide a revolving credit facility and certain other facilities
in an amount not exceeding $ 8,500,000 in the aggregate (Facility) to the Borrower. 

 

At the request of the Borrower, the Parent
Company has agreed to not dispose of its shareholdings in the Borrower on the terms and conditions set out below. The shares of
common stock of the Borrower held by the Parent as of date are more particularly described under Schedule
I attached hereto (Parent Company Shares).

 

1.          DEFINITIONS

 

Capitalized terms used herein
and not separately defined have the meanings ascribed to such terms in the Facility Agreement. In this Undertaking, the capitalized
terms below shall have the following meanings:

 

Lender means ICICI Bank
Limited, New York Branch.

 

Management Control means
the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise.

 

Party means a party to
this Undertaking.

 

Undertaking means this
Non-Disposal Undertaking dated February 2, 2012.

 

2.          THE FACILITY AGREEMENT 

 

The Parent Company hereby acknowledges
receipt of a copy of the Facility Agreement and confirms that it is familiar with and has approved of the terms and conditions
of the Facility Agreement.

 

3.          NON-DISPOSAL UNDERTAKING

 

In consideration of the Facility
being made available to the Borrower under the terms of the Facility Agreement and the other Credit Documents, the Parent Company
hereby agrees, confirms and undertakes that:

 

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		(a)	As on the date of this Undertaking, the Parent Company is holding the Parent Company Shares, which
constitute all of the issued and outstanding shares of the Borrower on a fully-diluted basis, as is more particularly described
under Schedule I attached hereto. The share certificates (the Certificates) pertaining to the aforesaid shares are presently
in custody of State Bank of India, New York Branch.

 

		(b)	Notwithstanding anything contained herein or any other Credit Document, as long as any amounts
remain due from the Borrower to Lender under the Facility Agreement or any Credit Document:

 

		(i)	the Parent Company will ensure that its shareholding in the Borrower
shall remain at 100% of the issued and outstanding equity share capital on a fully-diluted basis of the Borrower.

 

		(ii)	the Parent Company affirms that the custody of the said certificates
are with the State Bank of India, N.Y. and as and when it receives the share certificates from State Bank of India (which shall
in no event be later than after the indebtedness to State Bank of India is paid in full), it will not part with the custody of
the Certificates without your prior written approval of the Lender and will at all times maintain Management Control of the Borrower;

 

		(iii)	the Parent Company has not and will not transfer, assign, dispose of, pledge, charge or create
any lien or in any way encumber its shareholdings in the Borrower in favor of any other Person;

 

4.             REPRESENTATIONS AND WARRANTIES
AND UNDERTAKINGS 

 

4.1         The Parent
Company hereby represents and warrants that:

 

		(a)	The obligations expressed to be assumed by it in this Undertaking are legal, valid, binding and
enforceable obligations of the Parent Company.

 

		(b)	It has the power to enter into, perform and deliver, and has taken all necessary corporate and
other action to authorize its entry into, performance and delivery of, this Undertaking and the transactions contemplated by it,
including without limitation, the consent of the Board of the Parent Company that is attached hereto as Exhibit A.

 

		(c)	The entry into and performance by it of, and the transactions contemplated by, this Undertaking
does not and will not conflict with:

 

		(i)	any law or regulation applicable to it or binding on its property or assets;

 

		(ii)	its constitutional documents; and/ or

 

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		(iii)	any agreement or instrument binding on it or any of its property or assets.

 

		(d)	It has obtained as of the date hereof, all authorizations, consents, permits and licenses required:

 

		(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this
Undertaking;

 

		(ii)	to make this Undertaking enforceable against Parent Company; and

 

		(iii)	to enable it to carry on its business, trade and ordinary activities, have been obtained or effected
and are in full force and effect.

 

		(e)	There are and shall be no legal, administrative or other actions, claims or other proceedings current,
pending or, threatened against it which if decided adversely would adversely affect the financial condition, business, operations
or prospects of the Parent Company or would adversely affect the Parent Company’s ability to perform its obligations under
this Undertaking or which question the legality, validity or binding effect of any provision of this Undertaking.

 

		(g)	It will immediately inform Lender of (i) the imposition of, or change in any law, decree or regulation
affecting its obligations under this Undertaking; (ii) any amendment to its constituent documents; (iii) any material change in
its business activities; (iv) of the occurrence of any other matter which affects the corporate or business activities or existence
of the Parent Company; and (v) the occurrence of any other matter which affects the corporate or business existence of the Parent
Company.

 

5.          OBLIGATIONS 

 

5.1        Mergers, Etc. 

 

As long
as the Facility is outstanding, the Parent Company will not allow the Borrower to exercise any rights in respect of Parent Company
Shares, or take or support any actions, which results in (i) any transaction of merger or consolidation or amalgamation of Borrower,
or (ii) liquidation, winding-up or dissolution of the Borrower (or suffer any liquidation or dissolution), or (iii) the conveyance,
sale, lease, transfer or other disposition of, in one transaction or a series of transactions, any shares of Borrower’s capital
stock or all or any substantial part of its business or assets, whether now owned or hereafter acquired, or (iv) any change in
the nature of Borrower’s business or in the methods by which it conducts business, or (v) the amendment of Borrower’s
certificate of incorporation, bylaws (or equivalent charter documents) to create or authorize the creation of any class or series
of stock other than the class or classes or series of stock now authorized in Borrower’s certificate of incorporation heretofore
delivered to Lender and all of which are held by the Parent Company.

 

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5.2        Support Resolutions

 

As long as the Facility is outstanding,
the Parent Company will,

   

		(a)	support all necessary corporate resolutions, including any resolutions at the meetings of shareholders
of the Borrower to ensure that the Borrower complies with the terms of the Credit Documents; and

 

		(b)	oppose all corporate resolutions, including at the meetings of the shareholders of the Borrower
that may result in the Borrower being in breach of any Credit Document.

 

6.          TERMINATION

 

The obligations of the Parent
Company pursuant to this Undertaking will continue as long as any amounts remain due and payable to the Lender under the Facility
or the Facility remains outstanding, save in respect of any obligations which remain unperformed on that date.

 

7.          NOTICES

 

			All notices and other communications, provided for under this Undertaking shall be in writing and
mailed or telecopied or delivered, if to the Borrower, at its address noted herein above, if to the Parent Company, at its address
noted herein above, and if to the Bank, at its address at 500 Fifth Avenue, 28th Floor, New York, New York 10110 in
the United States America; or, as to each party, at such other address as shall be designated by such party in a written notice
to the other party complying as to delivery with the terms of this Section. All such notices and communications shall when mailed,
hand delivered, sent by overnight courier or telegraphed, be effective when deposited in the mails or delivered to the telegraph
company or received when delivered by hand or through courier, respectively, addressed as aforesaid, except that notices to the
Bank pursuant to the provisions of this Undertaking shall not be effective until received by the Bank.

 

8.          MISCELLANEOUS

 

		8.1	Any term or condition of this Undertaking can be waived at any time only by Lender and in writing.

 

		8.2	This Undertaking may be modified or amended only by a written instrument duly executed by Lender.

 

		8.3	The Parent Company will not assign or transfer all or any of its rights, benefits or obligations
under this Undertaking. Lender may, at any time, assign or transfer all or any of your
rights, benefits and obligations under this Undertaking to any other person.

 

		8.4	In case any provision in or obligation under this Undertaking is held to be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations,
or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
	 	 	 

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8.5         This
Undertaking will be governed by and construed and enforced in accordance with the internal law, excluding any laws regarding the
conflict of laws, of the State of New York.

 

8.6         
The Parent Company:

 

(a)        
agrees that the courts in New York County, State of New York will have exclusive jurisdiction to settle any disputes which may
arise out of or in connection with this Undertaking and that accordingly any suit, action or proceedings (together referred to
as Proceedings) arising out of or in connection with this Undertaking shall be brought in such courts and irrevocably submits
to and accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of such courts or tribunals;

 

(b)         
irrevocably waives any objection now or in future, to the laying of the venue of any Proceedings in any court in New York County,
State of New York and any claim that any such Proceedings have been brought in an inconvenient forum and further irrevocably agrees
that a judgment in any Proceedings brought in any court in New York County, State of New York will be conclusive and binding upon
it and may be enforced in the courts of any other jurisdiction (subject to the laws of such jurisdiction) by a suit upon such judgment,
a copy of which shall be conclusive evidence of such judgment, or in any other manner provided by law;

 

		(c)	agrees that nothing contained in this Clause 8.6 will limit any of Lender’s rights to take
any Proceedings in any other court of competent jurisdiction, nor will the taking of any Proceedings in one or more jurisdictions
preclude the taking of any Proceedings in any other jurisdiction whether concurrently or not, and Parent Company submits to and
accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of such court, and irrevocably
waives any objection that it may have now or in the future to the laying of the venue of any Proceedings and any claim that any
such Proceedings have been brought in an inconvenient forum; and

 

		(d)	hereby consents generally in respect of any Proceedings arising out of or in connection with this
Undertaking to the giving of any relief or the issue of any process in connection with such Proceedings including, without limitation,
the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or
judgement which may be made or given in such Proceedings.

 

		8.8	Any default or failure by the Parent Company to fulfill its obligations under this Undertaking
will constitute an Event of Default under the Facility Agreement.

 

		8.9	This Undertaking is a Credit Document.

  

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9.         BORROWER'S
CONFIRMATION 

 

The Borrower confirms that
it has read and understood the terms and conditions of this Undertaking. The Borrower understands and acknowledges that it has
been notified about the existence, and the provisions, of this Undertaking, and recognizes the rights of the Lender, and the obligations
of the Parent Company, under this Undertaking. The Borrower agrees and undertakes that it will not, and it will not permit the
Parent Company, to take any action, which by itself or which considered in aggregate with other actions, would lead to non-compliance
with the provisions of this Undertaking.

 

[Intentionally
left blank; signature page follows]

 

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IN WITNESS WHEREOF, the Parties
to this undertaking have signed and affirmed this Undertaking on the day and date appearing first appearing above.

 

	Cadista Holdings Inc.	 
	 	 
	/s/ Kamal Mandan	 
	 	 
	Name: KAMAL MANDAN	 
	Title: CHIEF FINANCIAL OFFICER	 

 

	Jubilant Cadista Pharmaceuticals Inc.	 
	 	 
	/s/ Kamal Mandan	 
	 	 
	Name: KAMAL MANDAN	 
	Title: CHIEF FINANCIAL OFFICER	 

 

ACKNOWLEDGED AND
ACCEPTED

 

ICICI Bank Limited,
New York Branch 

 

/s/ Ashish Bafna

Name: ASHISH BAFNA

Title: ASSISTANT GENERAL MANAGER

 

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Schedule I

Details
of Shareholding in the Borrower 

 

	Name of Holder	 	No. of 
Shares	 	Share Certificate 
Nos.
	Cadista Holdings Inc.	 	 	100	 	 	 	3	 

  

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Exhibit A

 

Consent of the Board of Cadista Holdings
Inc.

 

[Attached]

 

    	Page
                                                                                                                                                                                                            9INTER-CREDITOR AGREEMENT

 

This INTER-CREDITOR AGREEMENT
(the “Agreement”) is made as of February 2, 2012 by and among ICICI
BANK LIMITED, NEW YORK BRANCH, having its offices at 500 Fifth Avenue, 28th
Floor, New York, New York 10110 ("ICICI"), State
Bank of India, New York branch, having its offices at 460 Park Avenue, New York, NY 10022 (“SBI”)
Jubilant Cadista PharmaceuticalS Inc., a Delaware corporation having
its principal offices at 207 Kiley Drive, Salisbury, Maryland 21801 (the “Borrower”), and CADISTA HOLDINGS
INC.  a Delaware corporation having its principal offices at 207 Kiley Drive, Salisbury, Maryland, 21801 (“Guarantor”)

 

WITNESSETH:

 

WHEREAS, the
Borrower has issued in favor of SBI a demand promissory note in the principal amount of $6,500,000.00 with interest as stated therein,
and dated as of the 24th day of February, 2010 (as amended and in effect, the “SBI Note”) pursuant
to a certain Credit Modification Agreement of same date between Borrower and SBI, which continued, modified, and/or enhanced certain
original credit facilities granted to Borrower by SBI pursuant to written documentation, including a written Credit Agreement dated
September 22, 2006, (as amended by Amendment to Credit Modification Agreement dated October 28, 2011,and in effect, the “SBI
Credit Agreement”);

 

WHEREAS, as
partial collateral security for the SBI Note and said credit facilities extended under the SBI Credit Agreement in the maximum
principal amount of $6,500,000, the Borrower has executed and delivered in favor of SBI, that certain Security Agreement dated
as of the 24th day of February, 2010 (as amended and in effect, the “SBI Security Agreement”), granting
to SBI a present and continuing, first general security interest in the collateral described therein (the “SBI Collateral”)
which is perfected by filing of a UCC-1 financing statement with the State of Delaware bearing filing numbers 63448453 and 63448222,
each being duly continued by filing of UCC-3 Continuation Statements, and presently in full force and effect, and

 

WHEREAS, the
Borrower has issued in favor of ICICI a Promissory Note dated as of the date hereof in the principal amount of $8,500,000 (as amended
and in effect, the “ICICI Note” and together with the SBI Note, the “Notes”), pursuant to
a certain Credit Facility Agreement dated as of the date hereof between the Borrower and ICICI (as amended and in effect, the “ICICI
Facility Agreement”);

 

WHEREAS, as security
for the ICICI Note and loans and credit facilities extended under the ICICI Facility Agreement in the maximum principal amount
of $8,500,000, the Borrower has executed and delivered in favor of ICICI that certain Security Agreement dated as of the date hereof
(as amended and in effect, the “ICICI Security Agreement” and, together with the SBI Security Agreement, the
“Security Agreements”), granting to ICICI a continuing lien on and security interest in all of the Borrower’s
right, title and interest in and to all of its personal property and assets (both tangible and intangible) as more particularly
described therein (the “ICICI Collateral” and, together with the SBI Collateral, the “Collateral”);

 

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WHEREAS, a condition
precedent to ICICI’s extending credit facilities to Borrower pursuant to the ICICI Facility Agreement, the Borrower has agreed
to execute and deliver and cause SBI to execute and deliver to ICICI this Agreement; and

 

WHEREAS, SBI and
ICICI have agreed to enter into this Agreement to establish, among other things, certain arrangements so that the credit facility
extended pursuant to the SBI Facility Agreement and ICICI Facility Agreement to the Borrower and their respective Notes will be
secured by the Collateral on a pari passu basis as provided herein by the SBI Security Agreement and the other instruments, documents
and agreements executed in connection with or evidencing or securing the SBI Facility Agreement and SBI Note (collectively, the
“SBI Instruments”) and the ICICI Security Agreement and the other instruments, documents and agreements executed
in connection with or evidencing or securing the ICICI Facility Agreement and ICICI Note (collectively, the “ICICI Instruments”
and, together with the SBI Security Instruments, the “Instruments”), and all sums realized from the possession,
sale or other disposition of the Collateral resulting from the exercise of their respective rights under the SBI Instruments and
ICICI Instruments will rank pari passu and be shared by SBI and ICICI in proportion to the amounts of loans and credit facilities
made available by SBI and ICICI, respectively to Borrower, as evidenced by the SBI Note and ICICI Note; and

 

WHEREAS the said
SBI Credit Facility is guarantied in full by Cadista Holdings Inc. a Delaware corporation with its principal place of business
at 207 Kiley Road, Salisbury, MD 21801, and

 

WHEREAS said Guarantor
hereby consents to the Agreement, and specifically acknowledges, confirms, and reaffirms all of its obligations to SBI under the
said Credit Agreement, and nothing contained herein shall in any way, directly or indirectly, release, discharge, or otherwise
affect said Guarantor’s said obligations, in whole or in part, all of which remain in full force and effect.

 

NOW THEREFORE, in
consideration of the above recitals, the mutual covenants and agreements herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually agree as follows.

 

1.           Acknowledgment
of Documents.

 

(a)          ICICI
hereby acknowledges the execution, delivery and performance by the Borrower of the SBI Note, the SBI Credit Agreement as modified,
amended and presently in full force and effect, the SBI Security Agreement and the other SBI Instruments (collectively, the “SBI
Documents”).

 

(b)          SBI
hereby acknowledges and consents to the execution, delivery and performance by the Borrower of the ICICI Note, the ICICI Facility
Agreement, the ICICI Security Agreement and the other ICICI Instruments (collectively, the “ICICI Documents”).

 

2.           Priority
of Liens and Security Interests. Notwithstanding the date, manner or order of perfection of the security interests and liens
granted in the Collateral by Borrower to SBI and ICICI, and notwithstanding any provisions of the Uniform Commercial Code, or any
applicable law or decision, or the SBI Documents or the ICICI Documents, or whether either of SBI or ICICI holds possession of
all or any part of the Collateral, as between SBI and ICICI:

    	2

    	 

    

 

(a)          The
liens and security interests granted under the Security Agreements and SBI Facility Agreement and ICICI Facility Agreement shall
constitute first priority liens and security interests in and to the Collateral on a pari passu basis.

 

(b)          Each
of SBI and ICICI agrees to execute and deliver and to file or record or cause to be filed or recorded such further documentation
(including without limitation UCC financing statements or amendments) as may be necessary to publish notice of the contents of
this Agreement in order to cause the record lien priority as between SBI and ICICI in any item of Collateral to reflect the lien
priorities set forth in this Section 2, including to the extent necessary to the UCC-1 financing statements referred to in the
second recital clause of this Agreement.

 

3.           Acknowledgment
of ICICI Loan. SBI hereby acknowledges and consents to the Borrower entering into the ICICI Documents and the consummation
by the Borrower of the transactions contemplated in the ICICI Documents, including the issuance by the Borrower of the ICICI Note.

 

4.           Administration
of Borrower’s Obligations.

 

(a)          SBI
shall retain full responsibility for the administration and enforcement of the terms, covenants and conditions of the SBI Documents
to the full extent contemplated by the SBI Documents. Without limiting the foregoing, SBI shall have full right, in its sole and
absolute discretion, to make all determinations as to whether any event of default under the SBI Note exists, whether to give any
notice of any default under any SBI Document, whether to accelerate or make demand for payment of all or any portion of the SBI
Note or any other amount payable under any SBI Document, whether to give or withhold any consents, waivers or approvals under any
of the SBI Documents, and whether to take or cause to be taken judicial and non-judicial enforcement actions with respect to the
SBI Documents, including without limitation seeking foreclosure, the appointment of a receiver, and any and all other available
remedies, including any and all remedies against the said guarantor. ICICI shall retain full responsibility for the administration
and enforcement of the terms, covenants and conditions of the ICICI Documents to the full extent contemplated by the ICICI Documents.
Without limiting the foregoing, ICICI shall have full right, in its sole and absolute discretion, to make all determinations as
to whether any event of default under the ICICI Note exists, whether to give any notice of any default under any ICICI Document,
whether to accelerate or make demand for payment of all or any portion of the ICICI Note or any other amount payable under any
ICICI Document, whether to give or withhold any consents, waivers or approvals under any of the ICICI Documents and whether to
take or cause to be taken judicial and non-judicial enforcement actions with respect to the ICICI Documents, including without
limitation, seeking foreclosure, the appointment of a receiver, and any and all other available remedies. No alleged delay, inaction,
failure to assert remedies, waiver, and so forth, by either party, shall in any way, make SBI and ICICI liable to each other, in
whole or in part.

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(b)          SBI
shall not have any rights with respect to the administration and enforcement of the ICICI Documents, or any of them. ICICI shall
not have any rights with respect to the administration and enforcement of the SBI Documents or any of them.

 

(c)          SBI
shall provide to ICICI prompt written notice of the occurrence of any event of default under the SBI Note, SBI Credit Agreement
or other SBI Documents after obtaining actual knowledge of any such event of default. ICICI shall provide to SBI prompt written
notice of the occurrence of any event of default under the ICICI Note, ICICI Facility Agreement or other ICICI Documents after
obtaining actual knowledge of any such event of default. SBI and ICICI agree that neither of them shall be liable to the other
for failure to provide the notice required in this Section 4(c), unless such failure to provide notice shall constitute gross negligence
or willful misconduct.

 

(d)          In
the event that either SBI or ICICI makes a determination to declare an event of default under
SBI Note, SBI Credit Agreement or other SBI Documents or ICICI Note, ICICI Facility Agreement or other ICICI Documents,
respectively, SBI and ICICI shall take such action and shall execute and deliver such
documentation as may be reasonably requested by either of them in order to preserve and realize the full benefits of the Collateral
as per the terms of this Agreement.

 

(e)          After
the occurrence of any event of default under any SBI Documents or ICICI Documents, SBI
and ICICI shall endeavor to cooperate in connection with the exercise or enforcement
of, or the waiver of, any and all rights, powers and remedies with respect to the Collateral arising under any of the SBI
Documents or ICICI Documents in respect of any such event of default. In the event
that SBI determines to take action to enforce any rights or remedies with respect
to the Collateral under the SBI Documents in respect of such event of default, SBI
shall deliver written notice of such circumstances to ICICI immediately and any and
all funds received by SBI in connection with such action shall be distributed pursuant
to the provisions of Section 5. In the event that ICICI determines to take action
to enforce any rights or remedies under the ICICI Documents in respect of such event
of default, ICICI shall deliver written notice of such circumstances to SBI
immediately and any and all funds received by ICICI in connection with such action
with respect to the Collateral shall be distributed pursuant to the provisions of Section 5.

 

5.           Application
of Certain Payments and Proceeds. Notwithstanding any contrary provision contained in the SBI
Documents or the ICICI Documents, after the occurrence and throughout the continuance
of any event of default under any SBI Documents or ICICI Documents, all proceeds from the sale, lease, disposition, liquidation
or realization of any Collateral shall be disbursed promptly to SBI and ICICI
pro rata on a pari passu basis in accordance with the amount of loans and credit facilities presently made available by SBI and
ICICI, respectively, to the Borrower as evidenced by their respective Notes until all outstanding obligations under the SBI
Documents and ICICI Documents are fully satisfied. In addition, SBI or ICICI, as the
case may be, shall be entitled to its costs, disbursements, and reasonable attorneys’ fees incurred in their respective collection.

 

6.           Agreement
Controlling. To the extent there is a conflict or inconsistency between the terms of this Agreement and the SBI
Documents, the ICICI Documents or any amendment or modification of any thereof, this
Agreement shall control as between SBI, ICICI
and the Borrower.

    	4

    	 

    

 

7.           Representations
and Warranties Regarding Events of Default. SBI represents and warrants to ICICI
that, to the best of its knowledge, no event of default exists under the SBI Documents,
and no such event has occurred that with the passage of time or notice or both would constitute such an event of default. ICICI
represents and warrants to SBI that, to the best of its knowledge, no event of default
exists under the ICICI Documents, and no such event has occurred that with the passage
of time or notice or both would constitute such an event of default.

 

Borrower hereby represents
and warrants that no event of default exists under the SBI Documents and/or the ICICI Documents, and no such event has occurred
that with the passage of time or notice or both would constitute such an event of default.

 

8.           Notices.
All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be (a) mailed
by first-class, registered or certified mail, postage prepaid, (b) delivered either by hand or by messenger or (c) sent via facsimile,
computer mail or other electronic means followed by a copy mailed by first class mail, postage prepaid, addressed:

 

	If to SBI:	460 Park Avenue
	 	New York, NY 10022
	 	Attention: Mr. Gopal Chakrapani, Vice President & Head (Credit)
	 	 
	If to ICICI:	ICICI Bank Limited, New York Branch
	 	500 Fifth Avenue, 28th Floor
	 	New York, New York 10110
	 	Attention: Ashish Bafna, Assistant General Manager
	 	 
	If to Borrower and Guarantor:  	207 Kiley Drive
	 	Salisbury, Maryland, 21801
	 	Attention: Kamal Mandan, Secreatry/Treasurer, and CFO respectively

  

Any such addressee may change
its address for such notices to such other address as such addressee shall have specified by written notice given as set forth
above. Any notice or other communications so addressed and mailed, postage prepaid, by registered or certified mail (in each case,
with return receipt requested) shall be deemed to be given when so mailed. Any notice so addressed and otherwise delivered shall
be deemed to be given when actually received by the addressee.

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9.          Severability.
In the event any covenant, condition or other provision of this Agreement is held to be invalid or unenforceable by a final judgment
of a court of competent jurisdiction, then such covenant, condition or other provision shall be automatically terminated and performance
thereof waived, and such invalidity or unenforceability shall in no way affect any of the other covenants, conditions or provisions
hereof, and the parties hereto shall negotiate in good faith to agree to such amendments, modifications or supplements of or to
this Agreement or such other appropriate actions as, to the maximum extent practicable, shall implement and give effect to the
intentions of the parties as reflected herein.

 

10.         Successors
and Assigns. This Agreement shall be binding upon the parties hereto, their respective successors and assigns and any subsequent
holders or beneficiaries of the Notes.

 

11.         Entire
Agreement. This Agreement constitutes the complete and exclusive statement of the agreement among the parties hereto. It supersedes
all prior or contemporaneous written and oral statements, including any prior or contemporaneous representation, statement, condition
or warranty. Except as expressly provided otherwise herein, this Agreement may not be amended without the prior written consent
of each of the parties hereto. No oral communications, oral promises, if any, alleged course of conduct or practice, etc. shall
have any effect herein whatsoever.

 

12.         Choice
of Law; Jurisdiction. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of New York, without regard to any choice of law provisions that would require the application of laws of any other state. Any
action, suit or proceeding relating to or arising from this Agreement shall be brought only in the state or federal courts located
in New York County, State of New York, any alleged defense of lack of jurisdiction, improper venue, or forum nonconveniens
being hereby waived. Further, the parties hereto, with full knowledge of the consequences, hereby waive to the fullest
extent permitted under law, their right to trial by jury of any disputes arising herein.

 

13.         Counterparts
and Miscellaneous. This Agreement may be executed in counterparts, and each such counterpart hereof shall be deemed to be an
original instrument, but all such counterparts together shall constitute but one agreement (notwithstanding that all of the parties
are not signatories to the original or the same counterpart, or that signature pages from different counterparts are combined),
and it shall not be necessary when making proof of this Agreement or any counterpart thereof to account for any other counterpart,
and the signature of any party to any counterpart shall be deemed to be a signature to and may be appended to any other counterpart.
For purposes of this Agreement, a document (or signature page thereto) signed and transmitted by facsimile machine or other electronic
means is to be treated as an original document. The signature of any party on any such document, for purposes hereof and thereof,
is to be considered as an original signature, and the document transmitted is to be considered to have the same binding effect
as an original signature on an original document. At the request of any party, any facsimile or other electronic signature is to
be re-executed in original form by the parties which executed the facsimile or other electronic signature. No party may raise the
use of a facsimile machine or other electronic means, or the fact that any signature was transmitted through the use of a facsimile
machine or other electronic means, as a defense to the enforcement of this Agreement. By executing this Agreement below, the Borrower
hereby consents to the foregoing and agrees that it will comply with the terms of this Agreement and will make no payments in contravention
thereof.

    	6

    	 

    

 

15.    Capacity:    The
individuals signing below hereby certify, represent, and warrant that they have full legal capacity to enter into this Agreement
for the respective parties, that they have each been duly authorized by the respective parties to enter into this Agreement, and
that their signatures represent the act and deed of the respective parties.

 

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

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the
day and year first written above.

 

	 	STATE BANK OF INDIA, NEW YORK BRANCH
	 	 	 
	 	By:	/s/Lakshmi Srinivas
	 	 	Name: Lakshmi Srinivas
	 	 	Title:  Vice President (Credit)

 

	 	ICICI BANK LIMITED, NEW YORK BRANCH
	 	 	 
	 	By:	/s/ Ashish Bafna
	 	 	Name: Ashish Bafna
	 	 	Title: Assistant General Manager

 

	 	JUBILANT CADISTA PHARMACEUTICALS INC.
	 	 	 
	 	By:	/s/ Kamal Mandan
	 	 	Name: Kamal Mandan
	 	 	Title:   Secretary and Treasurer

 

	 	CADISTA HOLDINGS INC.
	 	 	 
	 	By:	/s/ Kamal Mandan
	 	 	Name: Kamal Mandan
	 	 	Title:   Chief Financial Officer

 

    	8

    	 

    

 

	STATE OF NEW YORK	)
	COUNTY OF NEW YORK      	)   ss

 

On the 2nd day of February,
2012, before me personally came LAKSHMI SRINIVAS, personally known to me or proved to me on the basis of satisfactory evidence,
to be the individual whose name is subscribed to the within instrument, and acknowledged to me that she executed the same in her
capacity, and that by her signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument.

 

	 	/s/	 
	 	 
	 	Notary Public

 

	STATE OF NEW YORK	)
	COUNTY OF NEW YORK      	)   ss

 

On the 2nd day of February, 2012, before
me personally came ASHISH BAFNA personally known to me or proved to me on the basis of satisfactory evidence, to be the
individual whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual or the person upon behalf of which the individual
acted, executed the instrument.

 

	 	/s/	 
	 	 
	 	Notary Public

 

	STATE OF MARYLAND	)
	COUNTY OF WICOMICO      	)   ss

 

On the 2nd day of February, 2012, before me
personally came KAMAL MANDAN, personally known to me or proved to me on the basis of satisfactory evidence, to be the individual
whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his capacity, and that by
his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	/s/	 
	 	 
	 	Notary Public

 

    	9

    	 

    

 

 

	STATE OF MARYLAND	)
	COUNTY OF WICOMICO      	)   ss

 

On the 2nd day of February,
2012, before me personally came KAMAL MANDAN, personally known to me or proved to me on the basis of satisfactory evidence, to
be the individual whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his capacity,
and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed
the instrument.

 

	 	/s/	 
	 	 	 
	 	Notary Public	 
	 	

   

    	10

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