Document:

Exhibit 10.3

 

EXECUTION VERSION

 

 

Amended
and Restated Guaranty

 

dated
as of May 2, 2019

 

made by

 

Regeneron
Pharmaceuticals, Inc.,

as Parent Guarantor,

 

and

 

The Subsidiary Guarantors
party hereto from time to time

 

    	 

    	

    

Table of Contents

 

	Section	Heading	Page
	 	 	 
	Section 1.	Guarantee	2
	Section 2.	Guarantor’s
    Obligations Unconditional	3
	Section 3.	Waiver of Subrogation	7
	Section 4.	Reasonableness and
    Effect of Waivers	7
	Section 5.	Transfers by Beneficiaries	7
	Section 6.	No Waiver by Beneficiaries	8
	Section 7.	Guarantor Representations
    and Warranties	8
	Section 8.	Guarantor Affirmative
    Covenants	13
	Section 9.	Guarantor Negative
    Covenants	18
	Section 10.	Successors and Assigns	29
	Section 11.	Severability	30
	Section 12.	Submission to Jurisdiction;
    Service of Process	30
	Section 13.	Notices	30
	Section 14.	Amendment	30
	Section 15.	Governing Law; Waiver
    of Jury Trial	30
	Section 16.	No Advisory or Fiduciary
    Responsibility	31
	Section 17.	Releases; Termination
    of Guaranty	31
	Section 18.	Contribution with
    Respect to Liabilities	32
	Section 19.	Effect of Restatement	33

 

Schedules

 

	Schedule 7(a)	—	Subsidiaries
	Schedule 9(a)	—	Existing Indebtedness
	Schedule 9(b)	—	Existing Liens

 

Annexes and
Exhibits

 

	Annex I	—	Form of Supplement to Guaranty

    	 

    	

    

Amended and Restated
Guaranty

 

This
Amended and restated guaranty (as amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”),
dated as of May 2, 2019, is made by (i) Regeneron Pharmaceuticals, Inc., a New York
corporation (the “Parent Guarantor”), (ii) each of the undersigned Subsidiaries (as hereinafter defined) of
the Parent Guarantor (the “Initial Subsidiary Guarantors” and together with Parent Guarantor, the “Initial
Guarantors”) and (iii) any additional Subsidiaries of the Parent Guarantor which become parties to this Guaranty by executing
a supplement hereto in the form attached as Annex I (collectively with the Initial Subsidiary Guarantors, the “Subsidiary
Guarantors” and together with Parent Guarantor, the “Guarantors”) in favor of (a) each Participant
(as hereinafter defined) and (b) Bank of America, N.A., not in its individual capacity, except as expressly stated therein, but
solely as Administrative Agent (together with its successors and permitted assigns, in its capacity as Administrative Agent, the
“Administrative Agent”), for the benefit of itself and the other Beneficiaries (as hereinafter defined).

 

Witnesseth:

 

Whereas,
Old Saw Mill Holdings LLC, a New York limited liability company, as Lessee (together with its successors and permitted assigns,
in its capacity as lessee, “Lessee”), BA Leasing BSC LLC, a Delaware limited liability company, as lessor (together
with its successors and permitted assigns, in its capacity as Lessor, “Lessor”), the Administrative Agent, and
the lenders from time to time party thereto have entered into that certain Amended and Restated Participation Agreement, dated
as of May 2, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Participation Agreement”;
unless otherwise defined herein or the context hereof otherwise requires, capitalized terms used herein but not otherwise defined
herein or defined herein by reference to the Participation Agreement shall have the same meanings assigned to such terms in the
Participation Agreement);

 

Whereas,
the Initial Guarantors and the Administrative Agent are currently party to that certain Guaranty, dated as of March 3, 2017 (as
amended, supplemented or otherwise modified prior to the Restatement Date, the “Original Guaranty”);

 

WHEREAS, the Parent
Guarantor has requested that the Original Guaranty be amended and restated as set forth herein, which amendment and restatement
shall become effective on the Restatement Date; and

 

WHEREAS, it is the
intent of the parties hereto that this Guaranty (i) shall amend, restate and supersede in its entirety the Original Guaranty and
(ii) shall re-evidence the “Liabilities” (under, and as defined in, the Original Guaranty) as contemplated hereby (and
it shall not constitute a novation of the obligations and liabilities of the parties under the Original Guaranty).

 

Now,
Therefore, in consideration of the foregoing and for other good and valuable consideration,
the parties hereto hereby agree that the Original Guaranty is hereby amended and restated in its entirety as follows:

    	 

    	

    

Section 1. Guarantee.
Each Guarantor, jointly and severally, hereby irrevocably and unconditionally guarantees to (i) each Participant, for the benefit
of itself and its Related Parties that are Beneficiaries (as hereinafter defined), and (ii) the Administrative Agent, for the benefit
of itself and the other Beneficiaries (a) the full and prompt payment when due, whether by acceleration or otherwise, and at all
times thereafter, and (b) the full and prompt performance when due of all of the Liabilities (as hereinafter defined) (or, in the
case of such guarantee to each Participant, all of the Liabilities owed to such Participant and its Related Parties that are Beneficiaries),
including, interest or yield on any such Liabilities, whether accruing before or after any bankruptcy or insolvency case or proceeding
involving Lessee or any other Person, and, if interest or yield on any portion of such obligations ceases to accrue by operation
of law by reason of the commencement of such case or proceeding, including such interest and yield as would have accrued on any
such portion of such obligations if such case or proceeding had not commenced. Each Guarantor further agrees to pay all expenses
(including reasonable attorneys’ fees actually incurred and legal expenses) paid or incurred by any Beneficiary in endeavoring
to collect the Liabilities, or any part thereof, and in enforcing this Guaranty, subject to the limitations set forth in Section
15.17 of the Participation Agreement (including with respect to attorneys’ fees). The term “Beneficiaries,”
as used herein, shall mean each of Lessor, Administrative Agent, each other Participant and each other Indemnitee. The term “Liabilities,”
as used herein, shall mean all of the following, in each case howsoever created, arising or evidenced, whether direct or indirect,
joint or several, absolute or contingent, or now or hereafter existing, or due or to become due: all Rent (including, but not limited
to Basic Rent and Supplemental Rent), Lease Balance, Purchase Amount, Sale Option Recourse Amount, indemnities and all additional
amounts and other sums at any time due and owing, and required to be paid, in each case of the foregoing, by Lessee under the terms
of the Lease, the Participation Agreement or any other Operative Document and all other obligations, covenants and agreements to
be performed by Lessee under the Lease, the Participation Agreement or any other Operative Document (whether or not Lessee, any
Guarantor or any other Person shall be relieved or released from any or all liability or obligations under any thereof, except
on account of the full and indefeasible payment and performance of all Liabilities).

 

In any action or
proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or any other law affecting
the rights of creditors generally, if the obligations of any Guarantor under this Guaranty would otherwise be held or determined
to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability
under this Guaranty, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without
any further action by such Guarantor or any other Person, be automatically limited and reduced to the highest amount which is valid
and enforceable as determined in such action or proceeding.

 

Each Guarantor agrees
that upon the occurrence of an Event of Default described in Section 16.1(h) or (i) of the Lease, the Guarantors will pay to the
Administrative Agent, for the benefit of the Beneficiaries, forthwith the full amount which would be payable hereunder by the Guarantors
as if all Liabilities were then due and payable.

 

This Guaranty shall
in all respects be an absolute and unconditional guaranty of payment and performance (and not of collection), and shall remain
in full force and effect until the full

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and indefeasible payment and performance of all of the Liabilities
and Guarantors’ obligations hereunder (notwithstanding, without limitation, the dissolution of Guarantors). The liability
of Guarantors hereunder may be enforced without the Beneficiaries being required to resort to any other right, remedy or security;
provided that any such enforcement shall be subject to any applicable grace or notice and cure period and shall be in accordance
with Section 5.2 of the Loan Agreement and 16.2 of the Lease; provided, further, that, if an Acceleration has not occurred and
a Payment Default exists under clause (ii) of such definition with respect to amounts owed to any Participant or its Related Parties
that are Beneficiaries (other than a Payment Default with respect to (x) Basic Rent or (y) amounts owed to all Lenders or all Participants),
then such Participant may demand payment hereunder for such amounts.

 

The obligations of
Guarantor are independent of any obligations of Lessor, Administrative Agent, any Participant or any other Person under any of
the Operative Documents. Each and every Event of Default under any of the Operative Documents with respect to the Liabilities shall
give rise to a separate claim and cause of action hereunder, and separate claims or suits may be made and brought, as the case
may be, hereunder as each such Event of Default occurs (subject to the provisos at the end of the immediately preceding paragraph).

 

Lessor and/or Administrative
Agent on behalf of itself and the Beneficiaries may, from time to time at its discretion and without notice to any Guarantor, but
subject to the provisions of the Operative Documents, take any or all of the following actions: (a) retain or obtain a lien upon
or a security interest in any property to secure any of the Liabilities or any obligation hereunder; (b) retain or obtain the primary
or secondary obligation of any obligor or obligors, in addition to the Guarantors, with respect to any of the Liabilities; (c)
extend or renew for one or more periods (regardless of whether longer than the original period), alter or exchange any of the Liabilities,
or release or compromise any obligation of any Guarantor hereunder or any obligation of any nature of any other obligor with respect
to any of the Liabilities (including, without limitation, Lessee); (d) release or fail to perfect its lien upon or security interest
in, or impair, surrender, release or permit any substitution or exchange for, all or any part of any property securing any of the
Liabilities or any obligation hereunder, or extend or renew for one or more periods (regardless of whether longer than the original
period) or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any such property;
and (e) resort to any Guarantor for payment of any of the Liabilities, regardless of whether Lessor, any Lender or any other Person
shall have resorted to any property securing any of the Liabilities or any obligation hereunder or shall have proceeded against
any other obligor primarily or secondarily obligated with respect to any of the Liabilities (all of the actions referred to in
this paragraph being hereby expressly waived by each Guarantor).

 

Notwithstanding anything
to the contrary herein, amounts paid or collected under this Guaranty shall be subject to Section 5.3 of the Participation Agreement,
except to the extent otherwise expressly provided in any other applicable provision of the Participation Agreement.

 

Section 2. Guarantor’s
Obligations Unconditional. Guarantors’ obligations hereunder are independent of Lessee’s obligations under the
Lease and the other Operative Documents or in respect of any other Person, and the Administrative Agent, for the benefit of the
Beneficiaries,

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may enforce any of its rights hereunder independently of
any other right or remedy that it or any other Beneficiary may at any time hold with respect to the Liabilities or any security
or other guaranty therefor. Such obligations shall be absolute and unconditional, shall not be subject to any counterclaim, setoff,
deduction (other than deductions or withholdings in respect of Taxes that are permitted by the Operative Documents), diminution,
abatement, recoupment, suspension, deferment, reduction or defense (other than full and indefeasible payment and performance of
all of the Liabilities), whether based upon any claim that Lessee, Guarantor or any other Person may have against any Beneficiary
or any other Person or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged
or in any way affected by, any circumstance or condition whatsoever (other than full and indefeasible payment and performance of
all of the Liabilities or as otherwise expressly permitted by Section 17) (whether or not any Guarantor or any other Person shall
have any knowledge or notice thereof) including, without limitation, any of the following:

 

(A) subject to the terms
of the Lease and the other Operative Documents, any amendment, modification, addition, deletion, supplement or renewal to or of
or other change in the Liabilities or any Operative Document or any of the agreements referred to in any thereof, or any other
instrument or agreement applicable to any Operative Document or any of the parties to such agreements, or to the Leased Property,
or any assignment, mortgage or transfer thereof or of any interest therein, or any furnishing or acceptance of additional security
for, guaranty of or right of offset with respect to, any of the Liabilities; or the failure of any security or the failure of any
Beneficiary to perfect or insure any interest in any collateral;

 

(B) any failure, omission
or delay on the part of Lessee, any Beneficiary or any other Guarantor to conform or comply with any term of any instrument or
agreement referred to in clause (A) above;

 

(C) any waiver, consent,
extension, indulgence, compromise, release or other action or inaction under or in respect of any instrument, agreement, guaranty,
right of offset or security referred to in clause (A) above or any obligation or liability of Lessee or any Beneficiary or any
other Person, or any exercise or non-exercise by any Beneficiary or any other Person of any right, remedy, power or privilege under
or in respect of any such instrument, agreement, guaranty, right of offset or security or any such obligation or liability;

 

(D) any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar proceeding with respect to Lessee, any
Beneficiary, any Guarantor or any other guarantor or obligor of any Liabilities or any of their respective properties, or any action
taken by any trustee, receiver or court in any such proceeding;

 

(E) subject to Sections
15.15 and 15.16 of the Participation Agreement, any limitation on the liability or obligations of any Person (including, without
limitation, Lessee) under any Operative Document, the Liabilities, any collateral security for the Liabilities, any other guaranty
of the Liabilities or any discharge, termination,

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cancellation, frustration, irregularity, invalidity or unenforceability,
in whole or in part, of any of the foregoing or any other agreement, instrument, guaranty or security referred to in clause (A)
above or any term of any thereof (other than any such discharge, termination or cancellation as a result of full and indefeasible
payment and performance of all of the Liabilities);

 

(F) any defect in the
title, compliance with specifications, condition, design, operation or fitness for use of, or any damage to or loss or destruction
of, or any interruption or cessation in the use of the Leased Property by Lessee or any other Person for any reason whatsoever
(including, without limitation, any governmental prohibition or restriction, condemnation, requisition, seizure or any other act
on the part of any governmental or military authority, or any act of God or of the public enemy) regardless of the duration thereof
(even though such duration would otherwise constitute a frustration of a lease), whether or not resulting from accident and whether
or not without fault on the part of Lessee or any other Person;

 

(G) any merger or consolidation
of Lessee or any Guarantor into or with any other Person, or any sale, lease or transfer of any of the assets of Lessee or any
Guarantor to any other Person, except as otherwise expressly provided by Section 17;

 

(H) any change in the
ownership of any shares of capital stock of Lessee or any Guarantor or any corporate change in Lessee or any Guarantor, except
as otherwise expressly provided by Section 17;

 

(I) any recovery of
judgment against Lessee, or by any levy of any writ or process of execution under any such judgment (except to the extent such
recovery indefeasibly reduces the Liabilities);

 

(J) any legal characterization
of the obligations created by the Lease and the other Operative Documents as a lease, a secured financing or otherwise;

 

(K) absence of any notice
to, or knowledge of, Guarantors of the existence or occurrence of any of the foregoing clauses (A) through (J); or

 

(L) any other occurrence
or circumstance whatsoever, whether similar or dissimilar to the foregoing, and any other circumstance that might otherwise constitute
a legal or equitable defense or discharge of the liabilities of a guarantor or surety or that might otherwise limit recourse against
the Guarantors (other than full and indefeasible payment and performance of all of the Liabilities or as otherwise expressly permitted
by Section 17).

 

The obligations of
the Guarantors set forth herein constitute the full recourse obligations of the Guarantors enforceable against them on a joint
and several basis to the full extent of all their respective assets and properties, notwithstanding any provision in the Lease
or any other Operative Documents.

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Each Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the Liabilities and notice of or proof of reliance
by any Beneficiary upon this Guaranty or acceptance of this Guaranty, and the Liabilities, and any of them, shall conclusively
be deemed to have been created, contracted or incurred in reliance upon this Guaranty; provided that the foregoing shall not constitute
a waiver of any notice specifically required to be given to such Guarantor by any Beneficiary under any of the Operative Documents.
Each Guarantor unconditionally waives, to the extent permitted by law: (a) acceptance of this Guaranty and proof of reliance by
any Beneficiary hereon; (b) notice of any of the matters referred to in clauses (A) through (L) above (other than any notice specifically
required to be given to such Guarantor by any Beneficiary under any of the Operative Documents), or any right to consent or assent
to any thereof (except to the extent the consent of such Guarantor with respect thereto is specifically required under any of the
Operative Documents); (c) all notices that may be required by statute, rule of law or otherwise, now or hereafter in effect, to
preserve intact any rights against Guarantor, including, without limitation, any demand, presentment, protest, proof or notice
of nonpayment under any Operative Document, and notice of default or any failure on the part of Lessee to perform and comply with
any covenant, agreement, term or condition of any Operative Document (in any such case, other than any notice specifically required
to be given to such Guarantor by any Beneficiary under any of the Operative Documents); (d) any right to the enforcement, assertion
or exercise against Lessee of any right, power, privilege or remedy conferred in any Operative Document or otherwise; (e) any requirement
of diligence on the part of any Person; (f) any requirement of any Beneficiary to take any action whatsoever, to exhaust any remedies
or to mitigate the damages resulting from a default by any Person under any Operative Document; (g) any notice of any sale, transfer
or other disposition by any Person of any right under, title to or interest in any Operative Document or the Leased Property; and
(h) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge, release or defense of a guarantor
or surety, or that might otherwise limit recourse against any Guarantor (other than full and indefeasible payment and performance
of all of the Liabilities or as otherwise expressly permitted by Section 17).

 

Each Guarantor agrees
that this Guaranty shall be automatically reinstated if and to the extent that for any reason any payment under any Operative Document
by or on behalf of itself or Lessee is rescinded or must be otherwise disgorged or restored by any Beneficiary whether as a result
of any proceedings in bankruptcy or reorganization or otherwise.

 

Each Guarantor further
agrees that, without limiting the generality of this Guaranty, if an Event of Default shall have occurred and be continuing and
any Beneficiary is prevented by Applicable Law from exercising its remedies under the Operative Documents, the Administrative Agent
shall be entitled to receive hereunder from Guarantors, upon demand therefor, the sums which would have otherwise been due from
Lessee to any such Beneficiary had such remedies been exercised.

 

Notwithstanding anything
to the contrary herein, nothing contained in this Section 2 shall (i) prevent the assertion by any Guarantor or Lessee of any claim
such Person may have against any Beneficiary by separate suit or proceedings or by compulsory counterclaim or (ii) constitute a
waiver of any such claim, including, without limitation, any such claim arising from any breach

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or non-compliance by any Beneficiary of any Operative Document
or any term of any instrument or agreement referred to in clause (A) of the first paragraph of this Section 2.

 

Section 3. Subordination of
Subrogation. Until full and indefeasible payment and performance of all of the Liabilities or the termination of this Guaranty
pursuant to Section 17(d), no Guarantor will exercise any rights with respect to any claim or other rights which it may now or
hereafter acquire against Lessee arising from the existence, payment, performance or enforcement of such Guarantor’s obligations
under this Guaranty or any other Operative Document, including any right of subrogation, reimbursement, contribution, exoneration,
or indemnification, any right to participate in any claim or remedy of any Beneficiary against Lessee or any property or assets
now or hereafter constituting part of the Collateral, whether or not such claim, remedy or right arises in equity, or under contract,
statute or common law, including the right to take or receive from Lessee directly or indirectly, in cash or other property or
by setoff or in any manner, payment or security on account of such claim or other rights (other than to file proofs of claims only
if the obligation owing to each Beneficiary hereunder has been fully satisfied). If any amount shall be paid to any Guarantor in
violation of the preceding sentence and the Liabilities shall not have been indefeasibly paid in cash or this Guaranty terminated
pursuant to Section 17(d), such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust
for, the Administrative Agent, for the benefit of the Beneficiaries, and shall forthwith be paid to the Administrative Agent to
be credited and applied pursuant to the terms of the Operative Documents. Each Guarantor acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated by the Operative Documents and that the waiver set forth in
this paragraph is knowingly made in contemplation of such benefits.

 

Each Guarantor hereby
absolutely, unconditionally and irrevocably waives and agrees not to assert or take advantage of any defense based upon an election
of remedies by any Beneficiary, including an election to proceed by nonjudicial rather than judicial foreclosure, which destroys
or impairs any right of subrogation of such Guarantor or the right of such Guarantor to proceed against any Person for reimbursement,
or both.

 

If all the Liabilities
shall be paid indefeasibly in full or performed, Lessee, Lessor, Administrative Agent and/or the Lenders, as the case may be, will,
at Guarantors’ request and expense, execute and deliver to Guarantors appropriate documents, without recourse and without
warranty or representation, necessary to evidence the transfer by subrogation to Guarantors of an interest in the Liabilities resulting
from such payment by Guarantors.

 

Section 4. Reasonableness
and Effect of Waivers. Each Guarantor warrants and agrees that each of the waivers set forth in this Guaranty is made with
full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary
to public policy or law. If any of such waivers are determined to be contrary to any Applicable Law or public policy, such waivers
shall be effective only to the maximum extent permitted by law.

 

Section 5. Transfers by Beneficiaries.
Each Beneficiary may, from time to time, whether before or after any discontinuance of this Guaranty, at its sole discretion and
without notice to Guarantors, assign or transfer any or all of its portion of the Liabilities or any interest

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therein in accordance with the terms and conditions of the
Operative Documents; and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer thereof, such
Liabilities shall be and remain Liabilities for the purposes of this Guaranty, and each and every immediate and successive permitted
assignee or transferee of any of the Liabilities or of any interest therein shall, to the extent of such assignee’s or transferee’s
interest in the Liabilities, be entitled to the benefits of this Guaranty to the same extent as if such assignee or transferee
were such Beneficiary.

 

Section 6. No Waiver
by Beneficiaries. No delay in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial
exercise of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy.
The rights and remedies provided in this Guaranty shall be cumulative and not exclusive of any rights or remedies provided by
Applicable Law. Each Guarantor hereby acknowledges that there are no conditions to the effectiveness of this Guaranty, other than
the occurrence of the Restatement Date.

 

Section 7.
Guarantor Representations and Warranties. Parent Guarantor, on behalf of itself and its Subsidiaries, and as applicable,
each Subsidiary Guarantor (as to itself), represents and warrants to the Administrative Agent and each of the Participants as
of the Restatement Date, other than with respect to Disclosed Matters, that:

 

(a) Organization;
Powers; Subsidiaries. Each Guarantor and its Material Subsidiaries (i) is duly organized or incorporated, as the case may
be, validly existing and in good standing (to the extent the concept is applicable in such jurisdiction) under the laws of
the jurisdiction of its organization or incorporation, as applicable, (ii) has all requisite organizational power and
authority to carry on its business as now conducted and (iii) is qualified to do business in, and (to the extent the concept
is applicable in such jurisdiction) is in good standing in, every jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such qualification, in any such clauses (i) (solely with respect to the
good standing status of any such Subsidiary that is not a Guarantor), (ii) (solely with respect to the power and authority of
any such Subsidiary that is not a Guarantor) and (iii), except where the failure to do so could not reasonably be expected to
result in a Material Adverse Effect. Schedule 7(a) hereto identifies each Subsidiary as of the Restatement Date, noting
whether such Subsidiary is a Material Domestic Subsidiary and/or a Material Subsidiary as of the Restatement Date, the
jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of
each class of its capital stock or other equity interests owned by the Parent Guarantor and the other Subsidiaries and, if
such percentage is not 100% (excluding (i) directors’ qualifying shares and (ii) shares issued to foreign nationals to
the extent required by applicable law), a description of each class issued and outstanding. All of the outstanding shares of
capital stock and other equity interests of the Lessee and each Material Subsidiary are validly issued and outstanding and
fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 7(a) as owned by the Parent
Guarantor or another Subsidiary are owned, beneficially and of record, by the Parent Guarantor or any Subsidiary as of the
Restatement Date free and clear of all Liens, other than Liens permitted pursuant to Section 9(b).

 

(b) Authorization;
Enforceability. The Operative Documents are within each

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Guarantor’s organizational powers and have been duly
authorized by all necessary organizational actions and, if required, actions by equity holders of such Guarantor. The Operative
Documents to which any Guarantor is a party have been duly executed and delivered by such Guarantor and constitute a legal, valid
and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, subject to (i) applicable
bankruptcy, insolvency, examinership, reorganization, moratorium or other laws affecting creditors’ rights generally, (ii)
general principles of equity, regardless of whether considered in a proceeding in equity or at law and (iii) requirements of reasonableness,
good faith and fair dealing.

 

(c) Governmental Approvals;
No Conflicts. The execution, delivery and performance by each Guarantor of the Operative Documents to which such Guarantor
is a party (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as are not material or have been, or will be by the time required, obtained or made and are, or will be
by the time required, in full force and effect, (ii) will not violate in any material respect any applicable material law or regulation
or the charter, by-laws, constitution or other organizational documents of such Guarantor or any material order of any Governmental
Authority binding upon any Guarantor or its assets, (iii) will not violate in any material respect or result in a default under
any indenture, material agreement or other material instrument binding upon such Guarantor or any of its Material Subsidiaries
or its assets, or give rise to a right thereunder to require any payment to be made by any Guarantor or any of its Material Subsidiaries,
except, in the case of this clause (iii), for any such violations, defaults or rights that could not reasonably be expected to
result in a Material Adverse Effect, and (iv) will not result in the creation or imposition of any Lien on any asset of such Guarantor
or any of its Material Subsidiaries, other than Permitted Liens and requirements (if any) to provide cash collateral or deposits
under any of the Operative Documents.

 

(d) Financial Condition;
No Material Adverse Change. (i) The Parent Guarantor has heretofore furnished to the Participants its consolidated balance
sheet and statements of operations, stockholders equity and cash flows as of and for the fiscal year ended December 31, 2018. Such
financial statements present fairly, in all material respects, the financial position of the Parent Guarantor and its consolidated
Subsidiaries as of the end of such fiscal year and their results of operations for such fiscal year on a consolidated basis in
accordance with GAAP.

 

(ii) As
of the Restatement Date and excluding any Disclosed Matters, since December 31, 2018, there has been no material adverse change
in the business, results of operations or financial condition of the Parent Guarantor and its Subsidiaries, taken as a whole.

 

(e) Properties.
(i) Except for Liens permitted pursuant to Section 9(b), each of the Parent Guarantor and its Subsidiaries (including the
Lessee) has good title to, or (to the knowledge of the Parent Guarantor) valid leasehold interests in, all its real and
personal property (other than intellectual property, which is subject to Section 7(e)(ii)) material to its business, except
as could not reasonably be expected to result in a Material Adverse Effect.

 

(ii)
Except for Disclosed Matters or as could not reasonably be expected to

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result in a Material Adverse Effect, (A) each of the Parent
Guarantor and its Subsidiaries (including the Lessee) owns or is licensed to use (subject to the knowledge-qualified infringement
representation in this Section 7(e)) all trademarks, trade names, copyrights, patents and other intellectual property material
to its business, and (B) the use thereof by the Parent Guarantor and its Subsidiaries (including the Lessee), to the Parent Guarantor’s
knowledge, does not infringe upon the rights of any other Person.

 

 (f) Litigation; Environmental
Matters. (i) As of the Restatement Date and except for Disclosed Matters, there are no actions, suits, proceedings or investigations
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Parent Guarantor, threatened
in writing against or affecting the Parent Guarantor or any of its Subsidiaries (including the Lessee) (A) that could reasonably
be expected to result in a Material Adverse Effect or (B) that involve this Guaranty, the Operative Documents or the Overall Transaction.

 

(ii) Except with respect
to (x) Disclosed Matters and (y) other matters that could not reasonably be expected to result in a Material Adverse Effect (and
other than with respect to the Site or Leased Property, which is subject to Section 7(p)), the Parent Guarantor and its Subsidiaries
(including the Lessee) (A) are in compliance with all applicable Environmental Laws (which compliance includes possession of and
compliance with all permits, licenses or other approvals required under applicable Environmental Laws), (B) are not subject to
any Environmental Liability or (C) have not received written notice of any claim with respect to any Environmental Liability.

 

 (g) Compliance with
Laws. Each of the Parent Guarantor and its Subsidiaries (including the Lessee) is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property, except (i) for Disclosed Matters or (ii) where the failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

 

 (h) Investment Company
Status. Neither the Parent Guarantor nor any of its Subsidiaries (including the Lessee) is required to be registered as an
“investment company” as defined in the Investment Company Act or subject to regulation as an “investment company”
thereunder.

 

(i) Taxes.
Each of the Parent Guarantor and its Subsidiaries (including the Lessee) has timely filed or caused to be filed all federal income
Tax returns and all other material Tax returns and reports required to have been filed by it and has paid, caused to be paid or
made a provision for the payment of, all federal income Taxes and all other material Taxes required to have been paid by it, except
(A) Taxes that are being contested in good faith by appropriate proceedings and for which the Parent Guarantor and/or such Subsidiary,
as applicable, has set aside on its books adequate reserves in accordance with GAAP or (B) to the extent that the failure to do
so could not reasonably be expected to result in a Material Adverse Effect.

 

 (j) ERISA. No ERISA
Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably

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expected to occur, could reasonably be expected to result
in a Material Adverse Effect.

 

 (k) Disclosure.
All written information and all information that is formally presented at a general meeting (which may be a telephonic meeting)
of the Lenders (in any such case, other than any projections, estimates, forecasts and other forward-looking information and information
of a general economic or industry-specific nature) furnished by or on behalf of the Parent Guarantor or any Subsidiary to the Lessor
or Administrative Agent or any other Participant pursuant to or in connection with this Guaranty or any other Operative Document,
when taken as a whole and after giving effect to all supplements and updates thereto, does not (when furnished) contain any untrue
statement of material fact or omit to state a material fact necessary in order to make the statements contained therein not materially
misleading (when taken as a whole) in light of the circumstances under which such statements are made; provided that, with
respect to forecasts or projections of financial information with respect to the Parent Guarantor or any Subsidiary so furnished
to the Lessor, the Administrative Agent or any Participant pursuant to or in connection with this Guaranty or any other Operative
Document, each Guarantor represents only that such information was prepared in good faith based upon assumptions believed by the
Parent Guarantor to be reasonable at the time prepared (it being understood by the Lessor, the Administrative Agent and the other
Participants that any such projections are not to be viewed as facts and are subject to significant uncertainties and contingencies,
many of which are beyond the control of the Parent Guarantor, the Lessee or their respective Subsidiaries, that no assurances can
be given that such projections will be realized and that actual results may differ materially from such projections).

 

 (l) Federal Reserve
Regulations. No part of the proceeds of the Advance have been used or will be used, whether directly or indirectly, for any
purpose that entails a violation of any of the Regulations of the F.R.S. Board, including Regulations T, U and X of the F.R.S.
Board.

 

 (m) No Default.
As of the Restatement Date, no Default, Event of Default, Event of Loss, Specified Significant Environmental Event or Specified
Material Environmental Violation has occurred and is continuing.

 

 (n) Anti-Corruption Laws and
Sanctions. The Parent Guarantor has implemented and maintains in effect policies and is implementing procedures reasonably
designed to achieve material compliance by the Parent Guarantor, its Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions, and the Parent Guarantor, its Subsidiaries and, to the knowledge
of the Parent Guarantor, their respective directors, officers, employees and agents, are in compliance with Anti-Corruption Laws
and applicable Sanctions in all material respects. None of (a) the Parent Guarantor, any Subsidiary or to the knowledge of the
Parent Guarantor or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Parent
Guarantor, any agent of the Parent Guarantor or any Subsidiary that will act in any capacity in connection with or benefit from
the credit facility established hereby, is a Sanctioned Person. No use of proceeds or Overall Transaction has violated any Anti-Corruption
Law or applicable Sanctions.

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 (o) Certain Original Closing
Date Representations. The representations and warranties set forth in clauses (o), (q), (s), (t) and (u) of Section 7 of the
Original Guaranty were true and correct in all material respects as of the Original Closing Date.

 

(p) Environmental
Condition of the Site. Except as set forth in the Environmental Audit described in Section 6.1(vi) of the Participation Agreement
or as could not reasonably be expected to result in a Material Adverse Effect:

 

 (i) neither the Parent
Guarantor nor the Lessee has received any written notice of, or written inquiry from any Governmental Authority regarding, any
Environmental Claim or any violation or non-compliance with Environmental Laws with regard to the Site;

 

 (ii) neither the Parent
Guarantor nor the Lessee has stored, released or transported any Hazardous Substances on the Leased Property or the Site in violation
of Environmental Laws;

 

 (iii) the Site does
not contain any Hazardous Substance at, on or under the Site in amounts or concentrations that constitute a violation of Environmental
Laws; and

 

 (iv) Parent Guarantor
or Lessee has obtained all Governmental Approvals relating to the Site which are required of it under all Environmental Laws.

 

 (q) [Reserved].

 

(r) Patents, Trademarks.
There are no material patents, patent rights, trademarks, service marks, trade names, copyrights, licenses or other intellectual
property rights with respect to the Leased Property that are necessary for the operation of the Leased Property by the Lessee,
except to the extent that the Lessee has rights in respect thereof without material payment of royalties or other material licensing
payments, which rights may be freely leased, licensed or otherwise provided to Lessor or any successor owner, lessee, user or
operator of the Leased Property pursuant to the Operative Documents.

 

 (s) [Reserved].

 

 (t) [Reserved].

 

 (u) [Reserved].

 

 (v) Applicable Law.
The Facility and the Site are in compliance in all material respects with all Applicable Laws and Insurance Requirements, and any
present use and presently anticipated future use thereof by Lessee and its agents, assignees, employees, invitees, lessees, licensees
and tenants comply in all material respects with all Applicable Laws, in any such case, except where any such noncompliance individually
or in the aggregate could not reasonably be

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expected to have a material adverse effect on Lessee’s
ability to perform its material obligations under the Operative Documents. Except as could not reasonably be expected to have a
Material Adverse Effect, no notices, complaints or orders of violation or noncompliance or liability have been issued to the Parent
Guarantor or the Lessee or, to the best of the Parent Guarantor’s knowledge, threatened by any Person with respect to the
Leased Property or the present or intended future use thereof, and the Parent Guarantor is not aware of any circumstances which
could give rise to the issuance of any such notices, complaints or orders.

 

 (w) Condition. Adequate
utility facilities are available to the Leased Property over dedicated and accepted public streets and rights of way or valid easements
that run with the land. As of the Restatement Date, no fire or other Casualty with respect to the Leased Property has occurred
which has had a Material Adverse Effect. Adequate ingress and egress to and from the Leased Property is available over dedicated
and accepted public streets and rights-of-way or valid easements that run with the land. With respect to the Leased Property, all
material licenses, permits and approvals (including, without limitation, material building and environmental permits, licenses,
approvals, authorizations and consents) necessary and required for the use and operation of the Leased Property have been obtained
from the appropriate Governmental Authorities having jurisdiction or from private parties, as the case may be.

 

 (x) Flood Hazard Areas.
If the Site is located in an area identified as a special flood hazard area by the Federal Emergency Management Agency or other
applicable Governmental Authority, then, to the extent required by Applicable Laws, flood insurance has been obtained by Lessee
in accordance with the National Flood Insurance Act of 1968, as amended.

 

 (y) No Prohibited Transactions.
None of the transactions contemplated by the Operative Documents will constitute a prohibited transaction within the meaning of
Section 4975(c)(1)(A) through (D) of the Code.

 

Section 8. Guarantor
Affirmative Covenants. The Parent Guarantor shall comply with the following covenants until all Liabilities have been paid
in full:

 

 (a) Financial Statements and
Other Information. The Parent Guarantor will furnish to the Administrative Agent for distribution to each Participant:

 

(i) within
ninety (90) days after the end of each fiscal year of the Parent Guarantor, its audited consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case
in comparative form the figures for the previous fiscal year, prepared in accordance with GAAP consistently applied throughout
the period covered thereby (except as expressly noted therein), with such audited balance sheet and related consolidated financial
statements reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing reasonably
acceptable to the Administrative Agent (without a “going concern” or like qualification or exception and without any
qualification or exception as to the scope of such audit) to the effect that such

    	13

    	

    

consolidated financial statements present fairly in all material
respects the financial position of the Parent Guarantor and its consolidated Subsidiaries as of the end of such fiscal year and
their results of operations for sure fiscal year on a consolidated basis in accordance with GAAP;

 

(ii) within
forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Parent Guarantor, its
consolidated balance sheet and related statements of operations and cash flows as of the end of and for such fiscal quarter and
the period commencing at the beginning of such fiscal year and ending with such fiscal quarter, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year, all certified on behalf of the Parent Guarantor by a Responsible Officer of the Parent Guarantor as presenting fairly
in all material respects the financial position of the Parent Guarantor and its consolidated Subsidiaries as of the end of such
fiscal quarter and their results and operations for the fiscal period covered thereby on a consolidated basis in accordance with
GAAP consistently applied throughout the period covered thereby (except as otherwise expressly noted therein), subject to normal
year-end audit adjustments and the absence of footnotes;

 

(iii) concurrently
with any delivery of financial statements under clause (i) or (ii) above, a certificate of a Responsible Officer of the Parent
Guarantor delivered on behalf of the Parent Guarantor, (A) certifying as to whether, to the knowledge of such Responsible Officer,
a Default has occurred and is continuing and, if a Default has occurred that is continuing, specifying the details thereof and
any action taken or proposed to be taken with respect thereto, (B) setting forth reasonably detailed calculations demonstrating
compliance with Sections 9(f) and (g), and (C) to the extent that any change in GAAP or application thereof has a material impact
on the financial statements accompanying such certificate and such change and impact has not been noted in such financial statements,
stating whether any such change in GAAP or in the application thereof has occurred since the date of the audited financial statements
referred to in Section 6.2(xviii) of the Participation Agreement and, if any such change has occurred, specifying the effect of
such change on such financial statements accompanying such certificate;

 

(iv) promptly
after the same become publicly available, copies of all annual, regular, periodic and special reports, proxy statements and registration
statements (A) filed by the Parent Guarantor with the SEC (or any Governmental Authority succeeding to any or all of the functions
of the SEC) or with any national securities exchange, or (B) distributed by the Parent Guarantor to its shareholders generally,
as the case may be;

 

(v) promptly
after Moody’s or S&P shall have announced a change in the rating established or deemed to have been established for the
Index Debt, written notice of such rating change; and

    	14

    	

    

(vi) promptly
following any request therefor, (i) such other information regarding the operations, business affairs and financial condition of
the Parent Guarantor, Lessee or any Subsidiary, or compliance with the terms of the Participation Agreement, as the Administrative
Agent or any Lender (acting through the Administrative Agent) may reasonably request and (ii) information and documentation reasonably
requested by the Administrative Agent or any Participant for the purposes of compliance with applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act.

 

Documents required to be delivered pursuant
to clauses (i), (ii) and (iv) of this Section 8(a) (1) may be delivered electronically and (2) shall be deemed to have been delivered
on the date on which such documents are (A) filed for public availability on the SEC’s Electronic Data Gathering and Retrieval
System, (B) posted or the Parent Guarantor provides a link thereto on http://www.regeneron.com or https://investor.regeneron.com
or at another website identified in a notice from the Parent Guarantor and accessible by the Participants without charge; or (C)
delivered to the Administrative Agent for posting on, or otherwise posted on the Parent Guarantor’s or Lessee’s behalf
on, an Internet or intranet website, if any, to which the Administrative Agent has access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent).

 

 (b) Notices of Material
Events. The Parent Guarantor will furnish to the Administrative Agent (for distribution to each Participant) written notice
of the following, promptly after a Responsible Officer of the Parent Guarantor has actual knowledge thereof:

 

(i) the
occurrence of any Default;

 

(ii) the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
the Parent Guarantor, Lessee or any Subsidiary thereof that could reasonably be expected to result in a Material Adverse Effect;

 

(iii) the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect; and

 

(iv) any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section
8(b) shall be accompanied by a statement of a Responsible Officer of the Parent Guarantor setting forth in reasonable detail the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Information required
to be delivered pursuant to clause (ii), (iii) and (iv) of this Section 8(b) shall be deemed to have been delivered if such information,
or one or more annual, quarterly, current or other reports containing such information, is (A) filed for public availability on
the SEC’s Electronic Data Gathering and Retrieval System, (B) posted or the Parent Guarantor provides a link thereto on http://www.regeneron.com
or

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https://investor.regeneron.com or at another website identified
in a notice from the Parent Guarantor and accessible by the Lenders without charge; or (C) delivered to the Administrative Agent
for posting on, or otherwise posted on the Parent Guarantor’s or Lessee’s behalf on, an Internet or intranet website,
if any, to which the Administrative Agent and the Participants have access (whether a commercial, third-party website or whether
sponsored by the Administrative Agent). Information required to be delivered pursuant to this Section 8(b) may also be delivered
by electronic communications pursuant to procedures approved by the Administrative Agent.

 

 (c) Existence; Conduct
of Business. The Parent Guarantor will, and will cause each other Subsidiary Guarantor, Lessee and each of the Material Subsidiaries
to, (A) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and
(B) take, or cause to be taken, all reasonable actions to maintain the rights, qualifications, licenses, permits, privileges, franchises,
governmental authorizations and intellectual property rights material to the conduct of the business of the Parent Guarantor and
its Subsidiaries taken as a whole, except, in the case of this clause (B), to the extent that failure to do so could not reasonably
be expected to result in a Material Adverse Effect; provided that this Section 8(c) shall not prohibit any Permitted Restructurings,
merger, consolidation, disposition, liquidation, dissolution or other transaction permitted under Section 9(c).

 

 (d) Payment of Taxes.
The Parent Guarantor will, and will cause each of its Subsidiaries (including the Lessee) to, pay its Tax liabilities that, if
not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default,
except where Taxes that are being contested in good faith by appropriate proceedings and for which the Parent Guarantor and/or
such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP.

 

 (e) Maintenance of
Properties; Insurance. The Parent Guarantor will, and will cause each of its Subsidiaries (including the Lessee) to, (i) keep
and maintain all other tangible property material to the conduct of its business in good working order and condition, ordinary
wear and tear and casualty excepted and except (A) pursuant to transactions permitted by Section 9(c) or (B) where the failure
to do so could not reasonably be expected to result in a Material Adverse Effect, and (ii) maintain, subject to Article XIII of
the Lease, in all material respects, with carriers reasonably believed by the Parent Guarantor to be financially sound and reputable
insurance or through reasonable and adequate self-insurance in such amounts and against such risks and such other hazards, as is
customarily maintained by companies engaged in the same or similar businesses under similar circumstances.

 

 (f) Books and Records;
Inspection Rights. The Parent Guarantor will, and will cause each of its Material Subsidiaries and the Lessee to, keep proper
books of record and account in which full, true and correct entries in conformity in all material respects with applicable law
are made of all material financial dealings and transactions in relation to its business and activities and, subject to Section
8(a)(ii), in form permitting financial statements conforming with GAAP or IFRS (as applicable) to be derived therefrom. The Parent
Guarantor will, and will cause each of its Subsidiaries (including the Lessee) to, permit any representatives designated by the
Lessor and/or Administrative Agent, to visit and inspect its properties, to examine and make extracts from its books and records
and to discuss its affairs, finances and

    	16

    	

    

condition with its Responsible Officers and, provided
that the Parent Guarantor or such Subsidiary is afforded the opportunity to participate in such discussion, its independent accountants,
in any such case, at reasonable times during normal business hours and as often as reasonably requested upon reasonable prior written
notice to the Parent Guarantor, and subject to reasonably requirements of confidentiality, including requirements imposed by law
or by contract; provided that so long as no Event of Default has occurred and is continuing, none of the Guarantors or Lessee
shall be required to reimburse the Lessor or Administrative Agent or any of their respective representatives for fees, costs and
expenses in connection with the Administrative Agent’s or the Lessor’s exercise of such rights set forth in this sentence
more than one time total in any calendar year. The Parent Guarantor acknowledges that, subject to Section 15.14 of the Participation
Agreement, the Administrative Agent or Lessor, after exercising its rights of inspection, may prepare and distribute to the Participants
certain reports pertaining to the assets of the Parent Guarantor, Lessee and/or any Subsidiary for internal use by the Administrative
Agent, the Lessor and the Lenders in connection with the transactions contemplated hereby. Notwithstanding anything to the contrary
in this Section 8 or any other provision of any Operative Document, neither the Parent Guarantor nor any of its Subsidiaries will
be required to disclose, permit the inspection, examination or making of extracts, or discussion of, any documents, information
or other matter that (1) constitutes non-financial trade secrets or non-financial proprietary information, (2) in respect of which
disclosure to the Administrative Agent or any Participant (or any designated representative) is then prohibited by law, rule or
regulation or any agreement binding on the Parent Guarantor or any of its Subsidiaries or (3) is subject to attorney-client or
similar privilege or constitutes attorney work-product.

 

 (g) Compliance with
Laws. The Parent Guarantor will, and will cause each of its Subsidiaries (including the Lessee) to, comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental
Laws), except (i) for Disclosed Matters or (ii) where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect. The Parent Guarantor will maintain in effect and enforce policies and is implementing and will maintain procedures
reasonably designed to achieve material compliance by the Parent Guarantor, its Subsidiaries (including the Lessee) and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

 (h) Additional Subsidiary
Guarantors. Within forty-five (45) days (or such later date as may be agreed upon by the Required Participants) after which
financial statements have been delivered pursuant to Section 8(a)(i) and any Person (other than the Lessee) qualifies as a Material
Domestic Subsidiary pursuant to the definition of “Material Subsidiary” in accordance with the calculations in such
financial statements, the Parent Guarantor shall provide the Administrative Agent with written notice thereof and shall cause each
such Subsidiary to execute and deliver to the Administrative Agent the Guaranty (or a joinder thereto in the form contemplated
thereby) pursuant to which such Subsidiary agrees to be bound by the terms and provisions thereof, the Guaranty (or joinder thereto)
to be accompanied by requisite organizational resolutions, other organizational or constitutional documentation and legal opinions
as may be reasonably requested by the Administrative Agent (with any such opinion so requested to be in form and substance reasonably
satisfactory to the Administrative Agent but, in

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any case, limited to the types of matters covered in any
legal opinion delivered pursuant to Article VI of the Participation Agreement). Each guarantor and each borrower under the Bank
Credit Agreement that is a Domestic Subsidiary (and not (x) the Lessee or (y) an Excluded Subsidiary pursuant to any of clauses
(a) through (d) of the definition thereof) shall be party to this Guaranty, subject to Section 17 hereof. Notwithstanding anything
to the contrary in any Operative Document, no Excluded Subsidiary shall be required to become a Subsidiary Guarantor.

 

 (i) Use of Proceeds. The
proceeds of the Advance will be used only to pay for Participant Costs. No part of the proceeds of the Advance will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the F.R.S. Board, including Regulations
T, U and X of the F.R.S. Board. The Parent Guarantor shall procure that its Subsidiaries (including the Lessee) and its or their
respective directors, officers, employees and agents shall not use, the proceeds of the Advance (i) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation
of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction
of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any
Sanctions applicable to any party hereto.

 

Section 9. Guarantor
Negative Covenants. The Parent Guarantor shall comply with the following covenants until all Liabilities have been paid in
full:

 

 (a) Subsidiary Indebtedness.
The Parent Guarantor will not permit Lessee or any other Subsidiary to create, incur, assume or permit to exist any Indebtedness,
except:

 

(i) [reserved];

 

(ii) Indebtedness
existing on the Restatement Date and set forth in Schedule 9(a) and amendments, modifications, extensions, refinancings, renewals
and replacements of any such Indebtedness that does not increase the outstanding principal amount thereof (other than with respect
to unpaid accrued interest and premium thereon, any committed or undrawn amounts and underwriting discounts, fees, commissions,
premiums and expenses associated with such Indebtedness);

 

(iii) Indebtedness
of any Subsidiary to the Parent Guarantor or any other Subsidiary;

 

(iv) Guarantees
by any Subsidiary of Indebtedness or other obligations of the Parent Guarantor or any other Subsidiary;

 

(v) Indebtedness
of any Subsidiary incurred to finance the acquisition, construction, repair, replacement, lease or improvement of any fixed or
capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any

    	18

    	

    

such assets prior to the acquisition thereof, and amendments,
modifications, extensions, refinancings, renewals and replacements of any such Indebtedness; provided that (A) such Indebtedness
is initially incurred prior to or within one hundred eighty (180) days after such acquisition or the completion of such construction,
repair, replacement, lease or improvement and (B) the aggregate outstanding principal amount of Indebtedness permitted by this
clause (v) shall not exceed $75,000,000 at any time outstanding;

 

(vi) Indebtedness
of any Subsidiary as an account party in respect of letters of credit, bank guarantees, letters of guaranty or similar instruments;

 

(vii) unfunded
pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under
applicable law;

 

(viii) Indebtedness
representing deferred compensation to employees incurred in the ordinary course of business;

 

(ix) Guarantees,
surety bonds or performance bonds securing the performance of any Subsidiary, in each case incurred or assumed in connection with
an Acquisition or disposition or other acquisition of assets not prohibited hereunder;

 

(x) Indebtedness
of any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case
provided in the ordinary course of business, including guarantees or obligations with respect to letters of credit supporting such
performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations;

 

(xi) Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business or otherwise in respect of any netting services, overdrafts and related liabilities arising
from treasury, depository and cash management services or in connection with any automated clearing-house transfers of funds;

 

(xii) Indebtedness
in respect to judgments or awards under circumstances not giving rise to an Event of Default;

 

(xiii) Indebtedness
in respect of obligations that are being contested in accordance with Section 8(d);

 

(xiv) Indebtedness
consisting of (A) deferred payments or financing of insurance premiums incurred in the ordinary course of business of any Subsidiary
and (B) take or pay obligations contained in any supply agreement entered into in the ordinary course of business;

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(xv) Indebtedness
representing deferred compensation, severance, pension, and health and welfare retirement benefits or the equivalent to current
and former employees of the Parent Guarantor or any Subsidiary incurred in the ordinary course of business or existing on the Restatement
Date;

 

(xvi) customer
advances or deposits or other endorsements for collection, deposit or negotiation and warranties of products or services, in each
case received or incurred in the ordinary course of business;

 

(xvii) Priority
Indebtedness of any Subsidiary; provided that immediately after giving effect to the incurrence of any such Priority Indebtedness
in reliance on this clause (xvii), the sum of (without duplication) (i) the aggregate principal amount of all such Priority Indebtedness
outstanding in reliance on this clause (xvii), plus (ii) the aggregate principal amount of Indebtedness and other obligations
of the Parent Guarantor and its Subsidiaries secured by Liens in reliance on Section 9(b)(xix)(B) 9(b)(xix)(C), shall not exceed
fifteen percent (15%) of the Parent Guarantor’s Consolidated Net Worth (determined as of the last day of the most recent
fiscal quarter for which financial statements shall have been delivered pursuant to Section 8(a)(i) or Section 8(a)(ii);

 

(xviii) unsecured
Indebtedness of the Lessee or any other Subsidiary so long as at the time of and immediately after giving effect on a pro forma
basis to the incurrence of such Indebtedness (A) no Event of Default shall have occurred and be continuing and (B) the Parent Guarantor
shall be in compliance with the financial covenants set forth in Sections 9(f) and (g);

 

(xix) other
Indebtedness in an aggregate outstanding principal amount not to exceed $75,000,000;

 

(xx) Indebtedness
assumed by any Subsidiary in connection with any Acquisition or other acquisition of any property or assets or Indebtedness of
any Person that becomes a Subsidiary after the Restatement Date in a transaction not prohibited hereby, and amendments, modifications,
extensions, refinancings, renewals and replacements of any such Indebtedness; provided that (A) such Indebtedness is not
incurred in contemplation of such acquisition and (B) the aggregate outstanding principal amount of such Indebtedness does not
exceed $200,000,000;

 

(xxi) the
“Obligations” (as defined in the Bank Credit Agreement) in an aggregate principal amount of up to $1,000,000,000, including
any additional “Commitments” and/or “Incremental Term Loans” (as such terms are defined therein) pursuant
to Section 2.20 of the Bank Credit Agreement, any “Specified Ancillary Obligations” or other defined term of similar
import (as defined in the Bank Credit Agreement), and any amendments, modifications, extensions, refinancings, renewals and replacements
of any such Indebtedness to the extent not resulting in the aggregate principal amount of all Indebtedness outstanding at

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any time pursuant to this Section 9(a)(xxi) exceeding $1,000,000,000
(other than with respect to increases pursuant to any such amendment, modification, extension, refinancing, renewal and/or replacement
on account of unpaid accrued interest and premium on such Indebtedness, any committed or undrawn amounts and underwriting discounts,
fees, commissions, premiums and expenses associated with such Indebtedness);

 

(xxii) Indebtedness
of the Lessee or any Subsidiary incurred to develop Permitted Developed Areas, Undeveloped Areas and/or Permitted Development Projects;
and

 

(xxiii) liabilities
incurred in the ordinary course of business relating to the ownership and operation of the Leased Property and the routine administration
of Lessee, in amounts not to exceed six percent (6%) of the principal balance of the Loans, which liabilities are not more than
sixty (60) days past the date invoiced (unless being contested in good faith in accordance with the terms of this Guaranty and
the other Operative Documents), are not evidenced by a note, and which amounts are normal and reasonable under the circumstance.

 

 (b) Liens. The
Parent Guarantor will not, and will not permit Lessee or any other Subsidiary to, create, incur, assume or permit to exist any
Lien on (y) the Leased Property other than Permitted Liens or (z) any other property or asset now owned or hereafter acquired by
it except:

 

(i) Liens
(if any) created pursuant to any Operative Document including with respect to any obligation to provide cash collateral;

 

(ii) Permitted
Encumbrances and Permitted Liens;

 

(iii) any
Lien on any property or asset of the Parent Guarantor or any Subsidiary existing on the Restatement Date and set forth in Schedule
9(b) and any amendments, modifications, extensions, renewals, refinancings and replacements thereof; provided that (1) such
Lien shall not apply to any other property or asset of the Parent Guarantor or any Subsidiary other than improvements thereon,
replacements and products thereof, additions and accessions thereto or proceeds thereof and other than after-acquired property
subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations
are not prohibited hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property and (2) the
amount secured or benefited thereby is not increased (other than as not otherwise prohibited by this Guaranty) and amendments,
modifications, extensions, refinancings, renewals and replacements thereof that do not increase the outstanding principal amount
thereof (other than as not otherwise prohibited by this Guaranty);

 

(iv) any
Lien existing on any property or asset prior to the acquisition

    	21

    	

    

thereof by the Parent Guarantor or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the Restatement Date prior to the time such Person becomes
a Subsidiary or existing on any asset of any Person existing at the time such Person is merged into or consolidated with the Parent
Guarantor or a Subsidiary and any amendments, modifications, extensions, renewals and replacements thereof; provided that
(1) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as
the case may be, (2) such Lien shall not apply to any other property or assets of the Parent Guarantor or any Subsidiary (other
than improvements thereon, replacements and products thereof, additions and accessions thereto or proceeds thereof and other than
after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness
and other obligations are not prohibited hereunder that require, pursuant to their terms at such time, a pledge of after-acquired
property) and (3) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such
Person becomes a Subsidiary or the date of such merger or consolidation, as the case may be, and amendments, modifications, extensions,
refinancings, renewals and replacements thereof that do not increase the outstanding principal amount thereof (other than as not
prohibited by this Guaranty);

 

(v) Liens
on assets (including capital leases) acquired (including as a replacement), constructed, repaired, leased or improved by the Parent
Guarantor or any Subsidiary; provided that (A) such Liens secure Indebtedness or Capital Lease Obligations of the Parent
Guarantor or any Subsidiary permitted by Section 9(a)(v) (or, in the case of the Parent Guarantor, that would have been permitted
by Section 9(a)(v) had such Indebtedness or Capital Lease Obligations instead been incurred by a Subsidiary), (B) such Liens and
the Indebtedness secured thereby are initially incurred prior to or within one hundred eighty (180) days after such acquisition
or lease or the completion of such construction, replacement, repair or improvement and (C) such Liens shall not apply to any other
property or assets of the Parent Guarantor or any Subsidiary other than improvements thereon, replacements and products thereof,
additions and accessions thereto or proceeds thereof and customary security deposits; provided that individual financings
of equipment provided by one lender (or a syndicate of lenders) may be cross-collateralized to other financings of equipment provided
by such lender (or syndicate);

 

(vi) Liens
granted by (i) a Subsidiary that is not a Subsidiary Guarantor in favor of the Parent Guarantor, the Lessee or another Subsidiary
in respect of Indebtedness or other obligations owed by such Subsidiary to the Parent Guarantor, the Lessee or such other Subsidiary
and (ii) Lessee, a Guarantor or a Bank Credit Agreement Specified Loan Party in favor of another Guarantor, another Bank Credit
Agreement Specified Loan Party or Lessee in respect of Indebtedness or other obligations owed by Lessee, such Guarantor or such
Bank Credit Agreement Specified Loan Party to such other Guarantor, such other Bank

    	22

    	

    

Credit Agreement Specified Loan Party or Lessee;

 

(vii) Liens
arising out of any conditional sale, title retention, consignment or other similar arrangements for the sale of goods entered into
by the Parent Guarantor or any of its Subsidiaries the ordinary course of business;

 

(viii) Liens
securing the financing of insurance premiums solely to the extent of such premiums;

 

(ix) statutory
and common law rights of setoff and other Liens, similar rights and remedies arising as a matter of law encumbering deposits of
cash, securities, commodities and other funds in favor of banks, financial institutions, other depository institutions, securities
or commodities intermediaries or brokerage, and Liens of a collecting bank arising under Section 4-208 or 4-210 of the UCC in effect
in the relevant jurisdiction or any similar law of any foreign jurisdiction on items in the course of collection;

 

(x) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods in the ordinary course of business;

 

(xi) Liens
on any cash earnest money deposits made by the Parent Guarantor or any of its Subsidiaries in connection with an Acquisition or
other investment not prohibited hereunder, including, without limitation, in connection with any letter of intent or purchase agreement
relating thereto;

 

(xii) Liens
in connection with the sale or transfer of any assets in a transaction permitted under Section 9(c), customary rights and restrictions
contained in agreements relating to such sale or transfer pending the completion thereof;

 

(xiii) Liens
in the nature of the right of setoff in favor of counterparties to contractual agreements with the Parent Guarantor or any Subsidiary
(A) in the ordinary course of business or (B) not otherwise prohibited hereunder other than in connection with Indebtedness;

 

(xiv) dispositions
and other sales of assets permitted under Section 9(c);

 

(xv) to
the extent constituting a Lien, Liens with respect to repurchase obligations in the ordinary course of business in connection with
the cash management activities of the Parent Guarantor or any Subsidiary;

 

(xvi) Liens
that are contractual rights of set-off (A) relating to the establishment of depositary relations with banks or other financial
institutions not given in connection with the issuance of Indebtedness or (B) relating to pooled deposit or sweep accounts of Parent
Guarantor or any Subsidiary to permit

    	23

    	

    

satisfaction of overdraft or similar obligations incurred
in the ordinary course of business of the Parent Guarantor or any Subsidiary;

 

(xvii) any
Lien (and rights of set-off) arising under Section 24 or 25 of the general terms and conditions (algemene bankvoorwaarden)
of any member of the Dutch Bankers’ Association (nederlandse vereniging van Banken);

 

(xviii) Liens
of sellers of goods to the Parent Guarantor, any Subsidiary Guarantor and any of their respective Subsidiaries arising under Article
2 of the UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing
only the unpaid purchase price for such goods and related expenses;

 

(xix) Liens
securing (A) Indebtedness of any Subsidiary described in clause (a) of the definition of Priority Indebtedness outstanding in reliance
on Section 9(a)(xvii), (B) Priority Indebtedness of the Parent Guarantor and (C) other obligations (excluding Indebtedness) of
the Parent Guarantor or any Subsidiary; provided that immediately after giving effect to the incurrence of any Indebtedness
or obligations secured by Liens in reliance on this clause (xix), the sum of (without duplication) (x) the aggregate principal
amount of all Priority Indebtedness of any Subsidiary outstanding in reliance on Section 9(a)(xvii), plus (y) the aggregate
outstanding principal amount of all Indebtedness and other obligations of the Parent Guarantor and its Subsidiaries secured by
Liens in reliance on subclause (ii) or (iii) above shall not exceed fifteen percent (15%) of the Parent Guarantor’s Consolidated
Net Worth (determined as of the last day of the most recent fiscal quarter for which financial statements shall have been delivered
pursuant to Section 8(a)(i) or Section 8(a)(ii);

 

(xx) Liens
in favor of a credit card or debit card processor arising in the ordinary course of business under any processor agreement and
relating solely to the amounts paid or payable thereunder, or customary deposits on reserve held by such credit card or debit card
processor;

 

(xxi) pledges
or deposits to secure Indebtedness of the Parent Guarantor or any Subsidiary as an account party in respect of letters of credit,
bank guarantees, letters of guaranty or similar instruments so long as the aggregate principal amount of such Indebtedness so secured
does not exceed $50,000,000;

 

(xxii) pledges
or transfers of collateral to support bilateral mark-to-market security arrangements in respect of uncleared swap or derivative
transactions;

 

(xxiii) Liens
on assets of the Parent Guarantor and its Subsidiaries not otherwise permitted under this Section 9(b) so long as the aggregate
principal amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $75,000,000;

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(xxiv) in
the case of any joint venture, any put and call arrangements related to its Equity Interests set forth in its organizational documents
or any related joint venture or similar agreement;

 

(xxv)  Liens
(if any) created pursuant to the Bank Credit Agreement with respect to any obligation to provide cash collateral in connection
with any defaulting lenders thereunder, any letters of credit issued thereunder and/or extensions of credit thereunder denominated
in a currency other than Dollars; and

 

(xxvi) Liens
on Permitted Developed Areas, Undeveloped Areas and/or Permitted Development Projects and property related to any of the foregoing
(other than any Collateral); provided that such Liens secure (A) Indebtedness permitted by Section 9(a)(xxii) or (B) obligations
not constituting Indebtedness that were incurred in connection with the development of any such property.

 

 (c) Fundamental Changes
and Asset Sales. (i) The Parent Guarantor will not, and will not permit Lessee or any other Subsidiary to, merge into or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose
of (in one transaction or in a series of transactions, including pursuant to a Sale and Leaseback Transaction) all or substantially
all of the assets of the Parent Guarantor and its Subsidiaries (taken as a whole) (whether now owned or hereafter acquired), or
liquidate or dissolve, except that:

 

(A) any
Person (other than the Parent Guarantor or any of its Subsidiaries) may merge or consolidate with the Parent Guarantor or any of
its Subsidiaries; provided that any such merger or consolidation involving (1) the Lessee must result in the Lessee as the
surviving entity (unless in connection therewith an Affiliate Transferee becomes the Lessee pursuant to Article VI of the Lease),
(2) the Parent Guarantor must result in the Parent Guarantor as the surviving entity and (3) a Subsidiary Guarantor must result
in a Subsidiary Guarantor (or any entity that becomes a Subsidiary Guarantor) as the surviving entity;

 

(B) any
Subsidiary may merge into or consolidate with a Guarantor, the Lessee, or a Bank Credit Agreement Specified Loan Party in a transaction
in which the surviving entity is such Guarantor, the Lessee or such Bank Credit Agreement Specified Loan Party; provided
that any such merger or consolidation involving (1) the Lessee must result in the Lessee as the surviving entity (unless in connection
therewith an Affiliate Transferee becomes the Lessee pursuant to Article VI of the Lease), (2) the Parent Guarantor must result
in the Parent Guarantor as the surviving entity and (3) a Subsidiary Guarantor must result in a Subsidiary Guarantor as the surviving
entity (unless also involving the Lessee or Parent Guarantor, in which case, subclause (1) or (2) above shall apply, as applicable);

 

(C) any
Subsidiary that is not a Subsidiary Guarantor may

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merge into or consolidate with, or sell, transfer, lease
or otherwise dispose of any or all of its assets to, another Subsidiary that is not a Subsidiary Guarantor (in connection with
a liquidation, winding up or dissolution or otherwise);

 

(D) any
Subsidiary may sell, transfer, lease or otherwise dispose of any or all of its assets to the Parent Guarantor, the Lessee, a Subsidiary
Guarantor or a Bank Credit Agreement Specified Loan Party (in connection with a liquidation, winding up or dissolution or otherwise);

 

(E) any
Subsidiary that is not a Subsidiary Guarantor may liquidate, wind up or dissolve (1) if the Parent Guarantor determines in good
faith that such liquidation, winding up or dissolution is in the best interests of the Parent Guarantor and is not materially disadvantageous
to the Participants or (2) to the extent undertaken in good faith for the purpose of improving the overall tax efficiency of the
Parent Guarantor and its Subsidiaries;

 

(F) the
Parent Guarantor and its Subsidiaries may consummate Permitted Restructurings;

 

(G) the
Parent Guarantor and its Subsidiaries may enter into, terminate or modify leases, subleases, licenses and sublicenses of technology
and other property (1) in the ordinary course of business, (2) between or among the Parent Guarantor, the Lessee, any Subsidiary
Guarantors and any of their Subsidiaries (or any combination thereof) or (3) as permitted by Article VI of the Lease;

 

(H) the
Parent Guarantor and its Subsidiaries may incur Liens permitted under Section 9(b); and

 

(I) with
respect to any rights, title or interest of the Parent Guarantor and its Subsidiaries in the Collateral and the Purchase Agreement,
leases, subleases, assignments and other transfers pursuant to or permitted by any of the Operative Documents, including (A) the
assignment of some or all of the rights under the Purchase Agreement (including the right to take title to the Facility) pursuant
to the Assignment of Purchase Agreement and (B) the assignment or other transfer to Parent Guarantor or a directly or indirectly
wholly-owned Domestic Subsidiary of Parent Guarantor as an affiliate transferee pursuant to the Operative Documents; and

 

(J) with
respect to any rights, title or interest of the Parent Guarantor and its Subsidiaries in any Permitted Developed Areas, Undeveloped
Areas and/or Permitted Development Projects and property related to any of the foregoing (other than any Collateral pursuant to
this subclause (J)), leases, subleases, licenses, sublicenses, assignments and other transfers (including, without limitation,
any termination or modification of any such lease, sublease, license or sublicense), in any such case of this subclause

    	26

    	

    

(J), to the extent (x) not in violation of the Lease and
(y) made pursuant to or not prohibited by any definitive documentation governing related Indebtedness (if any) permitted by Section
9(a)(xxii).

 

(ii) The
Parent Guarantor will not, and will not permit Lessee or any other Subsidiary to, engage to any material extent in any business
substantially different from businesses of the type conducted by the Parent Guarantor and its Subsidiaries (taken as a whole) on
the Restatement Date and businesses reasonably related, ancillary, similar, complementary or synergistic thereto or reasonable
extensions, development or expansion thereof.

 

(d) Restricted
Payments. The Parent Guarantor will not, and will not permit Lessee or any other Subsidiary to, make, directly or indirectly,
any Restricted Payment, except (i) the Parent Guarantor may pay dividends or make other Restricted Payments with respect to its
Equity Interests payable solely in additional Equity Interests, (ii) the Parent Guarantor may purchase, redeem or otherwise acquire
Equity Interests upon the exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price
of such options or warrants or with the proceeds received from the substantially concurrent issue of new Equity Interests, (iii)
the Parent Guarantor may make cash payments (A) on securities convertible into or exchangeable for Equity Interests in the Parent
Guarantor in accordance with their terms or (B) in lieu of the issuance of fractional Equity Interests in connection with any dividend,
split or combination thereof or the exercise of warrants, options or other securities convertible into or exchangeable for Equity
Interests in the Parent Guarantor, (iv) Subsidiaries may (A) make dividends or other distributions to their respective equityholders
with respect to their Equity Interests (which distributions shall be (x) made on at least a ratable basis to any such equityholders
that are Guarantors and (y) in the case of a Subsidiary that is not a wholly-owned Subsidiary, made on at least a ratable basis
to any such equityholders that are the Parent Guarantor or a Subsidiary), (B) make other Restricted Payments to Parent Guarantor,
the Lessee or any Subsidiary Guarantor (either directly or indirectly through one or more Subsidiaries that are not Subsidiary
Guarantors or the Lessee), (C) other than with respect to any such distributions by a Subsidiary Guarantor, make other Restricted
Payments to a Bank Credit Agreement Specified Loan Party (either directly or indirectly through one or more Subsidiaries that are
not Bank Credit Agreement Specified Loan Parties, Subsidiary Guarantors or the Lessee) and (D) make any Restricted Payments that
the Parent Guarantor would have otherwise been permitted to make pursuant to this Section 9(d), (v) the Parent Guarantor may make
Restricted Payments (A) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the
Parent Guarantor from any future, present or former employee, officer, director, manager or consultant of the Parent Guarantor
or any Subsidiary upon the death, disability, retirement or termination of employment of any such Person or (B) pursuant to and
in accordance with any agreement (including any employment agreement), stock option or stock ownership plans, incentive plans or
other benefit plans, in each case for future, present or former directors, officers, managers, employees or consultants of the
Parent Guarantor and its Subsidiaries (including, without limitation, in respect of tax withholding or other similar tax obligation
related to the foregoing), (vi) the Parent Guarantor and its Subsidiaries may make any other Restricted Payment so long as no Event
of Default has occurred and is continuing at the time such Restricted Payment is made or would arise immediately after giving effect
(on a pro forma basis)

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thereto and the aggregate amount of all such Restricted Payments
pursuant to this clause (vi) during any fiscal year of the Parent Guarantor does not exceed $100,000,000; provided that
such Dollar limitation shall not be applicable, and such Restricted Payment shall not count against such Dollar limitation, if
at the time of the making of such Restricted Payment and immediately after giving effect (on a pro forma basis) thereto, the Total
Leverage Ratio is equal to or less than 3.00 to 1.00, and (vii) the Parent Guarantor may pay any dividend or distribution or make
any irrevocable Restricted Payment within 60 days after the date of declaration of such dividend or distribution or giving irrevocable
notice with respect to such Restricted Payment, as the case may be, if at the date of declaration or notice such Restricted Payment
would have complied with the provisions of this Guaranty (including the other provisions of this Section 9(d)).

 

(e) Transactions
with Affiliates. The Parent Guarantor will not, and will not permit Lessee or any other Subsidiary to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in
any other transactions with, any of its Affiliates, except (i) transactions on terms and conditions not materially less favorable
to the Parent Guarantor or such Subsidiary than could be obtained on an arm’s-length basis from a Person that is not an Affiliate
for a comparable transaction (considering such transactions and all other related transactions as a whole), (ii) transactions between
or among the Parent Guarantor and its Subsidiaries (or an entity that becomes a Subsidiary of the Parent Guarantor as a result
of such transaction) (or any combination thereof), (iii) the payment of customary fees to directors of the Parent Guarantor or
any of its Subsidiaries, and customary compensation, reasonable out-of-pocket expense reimbursement and indemnification (including
the provision of directors and officers insurance) of, and other employment or consulting agreements and arrangements, employee
benefit plans and stock incentive plans paid to, future, present or past directors, officers, managers and employees of the Parent
Guarantor or any of its Subsidiaries, (iv) transactions undertaken in good faith for the purpose of improving the overall tax efficiency
of the Parent Guarantor and its Subsidiaries, (v) loans, advances and other transactions to the extent not prohibited by the terms
of this Guaranty, the Lease or the Participation Agreement, including without limitation any Restricted Payment permitted by Section
9(d) and transactions permitted by Section 9(c), (vi) issuances of Equity Interests to Affiliates and the registration rights and
other customary rights associated therewith, (vii) any Collaboration Arrangement or any other license, sublicense, lease or sublease
(A) in existence on the Restatement Date (together with any amendments, restatements, extensions, replacements or other modifications
thereto that are not materially adverse to the interests of the Lenders in their capacities as such), (B) in the ordinary course
of business or (C) substantially consistent with past practices, (viii) transactions with Affiliates that are Disclosed Matters,
(ix) transactions pursuant to agreements in effect on the Restatement Date (together with any amendments, restatements, extensions,
replacements or other modifications thereto that are not materially adverse to the interests of the Participants in their capacities
as such), (x) transactions with joint ventures for the purchase or sale of property or other assets and services entered into in
the ordinary course of business and investments in joint ventures, (xi) transactions approved by (A) a majority of Disinterested
Directors of the Parent Guarantor or of the applicable Subsidiary in good faith or (B) a committee of the board of directors (or
other governing body) of such Person that is comprised of Disinterested Directors (or such committee otherwise approves such transactions
by action of Disinterested Directors), (xii) any transaction or series of related transactions with respect to which the aggregate
consideration paid, or fair

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market value of property disposed of, by the Parent Guarantor
and its Subsidiaries is less than $2,000,000 for any such individual transaction or series of related transactions, (xiii) subleases
and assignments permitted by the Operative Documents, including Article VI of the Lease, and other transactions permitted by Section
9(c)(J), (xiv) any transaction in respect of which the Parent Guarantor delivers to the Administrative Agent (for delivery to the
Lessor or the Participants) a letter addressed to the Board of Directors of the Parent Guarantor (or the board of directors or
other relevant governing body of the relevant Subsidiary) from an accounting, appraisal or investment banking firm that is in the
good faith determination of the Parent Guarantor qualified to render such letter, which letter states that such transaction is
on terms that are no less favorable to the Parent Guarantor or the relevant Subsidiary, as applicable, than would be obtained on
an arm’s-length basis from a Person that is not an Affiliate for a comparable transaction, and (xv) any transaction with
an Affiliate where the only consideration paid consists of Equity Interests of the Parent Guarantor.

 

(f) Maximum
Total Leverage Ratio. The Parent Guarantor will not permit the ratio (the “Total Leverage Ratio”), determined
as of the end of each of its fiscal quarters ending on and after March 31, 2019, of (i) Consolidated Total Indebtedness to (ii)
Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated
for the Parent Guarantor and its Subsidiaries on a consolidated basis, to be greater than 3.50 to 1.00. Notwithstanding the foregoing,
the Parent Guarantor shall be permitted (such permission, the “Acquisition Holiday”) on no more than two (2)
occasions during the term of the Participation Agreement to allow the maximum Total Leverage Ratio under this Section 9(f) to be
increased to 4.00 to 1.00 for a period of four consecutive fiscal quarters in connection with an Acquisition occurring during the
first of such four fiscal quarters if the aggregate consideration paid or to be paid in respect of such Acquisition exceeds $500,000,000,
so long as the Parent Guarantor is in compliance on a pro forma basis with the maximum Total Leverage Ratio of 4.00 to 1.00 on
the closing date of such Acquisition immediately after giving effect to such Acquisition; provided that (x) the Parent Guarantor
shall provide notice in writing to the Administrative Agent of such increase and a transaction description of such Acquisition
(regarding the name of the Person or summary description of the assets being acquired and the approximate purchase price), (y)
the Parent Guarantor may not elect a new Acquisition Holiday for at least two (2) fiscal quarters following the end of an Acquisition
Holiday and (z) at the end of such period of four consecutive fiscal quarters, the maximum Total Leverage Ratio permitted under
this Section 9(f) shall revert to 3.50 to 1.00.

 

 (g) Minimum
Interest Coverage Ratio. The Parent Guarantor will not permit the ratio, determined as of the end of each of its fiscal quarters
ending on and after March 31, 2019, of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense, in each case for the period
of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Parent Guarantor and
its Subsidiaries on a consolidated basis, to be less than 2.50 to 1.00.

 

Section 10. Successors and
Assigns. This Guaranty shall be binding upon each Guarantor and upon each Guarantor’s successors and assigns; provided
that no Guarantor shall assign or transfer any of its interests or obligations hereunder without the prior written consent of the
requisite Participants in accordance with Section 15.5 of the Participation Agreement (it

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being understood that the foregoing proviso shall not prohibit
transactions permitted by Section 9(c) of this Guaranty).

 

Section 11. Severability.
Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

 Section 12. Submission to
Jurisdiction; Service of Process. Each Guarantor: (a) submits for itself and its property in any legal action or proceeding
relating to this Guaranty, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction
of the United States District Court for the Southern District of New York and of any New York state court sitting in the borough
of Manhattan, and appellate courts from any thereof; (b) consents that any such action or proceedings may be brought to such courts,
and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c) agrees, to the fullest
extent of Applicable Law, that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address referred to in
Section 13 below or at such other address of which the other parties hereto shall have been notified pursuant to Section 13; and
(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall
affect the right that any Beneficiary may otherwise have to sue in any other jurisdiction.

 

Section 13. Notices. All
notices, requests, demands or other communications (i) to any Guarantor or (ii) that are required or permitted to be made by any
Guarantor pursuant to this Guaranty to Administrative Agent and/or any Participant shall be in writing and shall be deemed to have
been duly given when addressed to the appropriate Person and delivered in the manner specified in Section 15.3 of the Participation
Agreement. The initial address for notices to each Guarantor is set forth on Schedule III to the Participation Agreement.

 

Section 14. Amendment. This
Guaranty may not be amended or modified or any of its provisions waived, except in accordance with the terms of Section 15.5 of
the Participation Agreement.

 

Section 15. Governing Law;
Waiver of Jury Trial. This Guaranty SHALL IN ALL RESPECTS, EXCEPT AS SET FORTH IN
THE PROVISO, BE GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK AS TO ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, EXCEPT TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW; PROVIDED,
HOWEVER, THAT WITH RESPECT TO THE CREATION, PERFECTION, EFFECT OF PERFECTION, PRIORITY AND ENFORCEMENT OF SECURITY INTERESTS AND
LIENS IN THE LEASED PROPERTY AND PROJECT COLLATERAL, SUCH MATTERS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND, TO
THE

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EXTENT APPLICABLE, THE UNIFORM COMMERCIAL
CODE OF SUCH STATE (INCLUDING THE CHOICE OF LAW RULES UNDER SUCH UNIFORM COMMERCIAL CODE). Each Guarantor hereby expressly waives
any right to a trial by jury in any action or proceeding to enforce or defend any rights under this Guaranty or under any amendment,
instrument, document or agreement delivered or which may in the future be delivered in connection herewith or arising from any
relationship existing in connection with this Guaranty, and agrees that any such action or proceeding shall be tried before a
court and not before a jury.

 

 Section 16. No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Operative Document), each Guarantor acknowledges
and agrees that: (i) (A) the services regarding this Guaranty provided by the Administrative Agent and the Participants are arm’s-length
commercial transactions between the Guarantors, on the one hand, and the Administrative Agent and the Participants, on the other
hand, (B) each Guarantor has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) each Guarantor is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Operative Documents; (ii) (A) the Administrative Agent and each Participant is and has been
acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will
not be acting as an advisor, agent or fiduciary for any Guarantor or any other Person and (B) neither the Administrative Agent
nor any Participant has any obligation to any Guarantor or any of its Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Operative Documents; and (iii) the Administrative Agent
and the Participants and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Guarantors and their respective Affiliates, and neither the Administrative Agent, nor any Participant
has any obligation to disclose any of such interests to any Guarantor or any of its Affiliates. None of the Administrative Agent
and the Participants will use confidential information obtained from or on behalf of Lessee or any Guarantor by virtue of the transactions
contemplated by the Operative Documents or its other relationships with Lessee or any Guarantor in connection with the performance
by the Administrative Agent or such Participant of services for other companies, and none of the Administrative Agent and the Participants
will furnish any such information to other companies. To the fullest extent permitted by law, each Guarantor hereby waives and
releases any claims that it may have against the Administrative Agent, or any Participant with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

Section 17. Releases;
Termination of Guaranty.

 

 (a) A Subsidiary Guarantor shall
automatically be released from its obligations under this Guaranty upon the consummation of any transaction permitted by this Guaranty
as a result of which such Subsidiary Guarantor ceases to be a Subsidiary, so long as, immediately after giving effect to the consummation
of such transaction, no Default or Event of Default

    	31

    	

    

results therefrom; provided that, if so required by
this Guaranty or the Participation Agreement, the Required Participants shall have consented to such transaction and the terms
of such consent shall not have provided otherwise.

 

 (b) Further, the Administrative
Agent may (and is hereby irrevocably authorized by each Participant to), upon the request of the Parent Guarantor or Lessee, release
any Subsidiary Guarantor from its obligations under this Guaranty if such Subsidiary Guarantor is no longer a Material Domestic
Subsidiary, becomes an Excluded Subsidiary or is otherwise not required pursuant to this terms of this Guaranty to provide a Subsidiary
Guaranty; provided that, unless such Subsidiary Guarantor is a Bank Credit Agreement Specified Loan Party, prior to or substantially
concurrently with the release of such Subsidiary Guarantor pursuant to this Section 17(b), it ceases to be a loan party (whether
as a guarantor and/or borrower) under the Bank Credit Agreement and related loan documents.

 

 (c) Further, the Administrative
Agent may (and is hereby irrevocably authorized by each Participant to), upon the request of the Parent Guarantor or Lessee, release
any Guarantor from its obligations under this Guaranty if such release is approved, authorized or ratified by the requisite Participants
pursuant to Section 15.5 of the Participation Agreement.

 

 (d) At such time as the Liabilities
(other than Liabilities expressly stated to survive such payment and termination) shall have been indefeasibly paid in full in
cash, all obligations of each Guarantor under this Guaranty shall automatically terminate (other than with respect to Liabilities
expressly stated to survive such payment and termination), all without delivery of any instrument or performance of any act by
any Person (it being agreed that, upon indefeasible payment in full in cash of the Liabilities (other than (i) Liabilities expressly
stated to survive such payment and termination and (ii) contingent Liabilities for costs, expenses, indemnities and similar obligations
not then due and payable), Sections 8 and 9 of this Guaranty shall automatically terminate, notwithstanding the survival of this
Guaranty with respect to Liabilities expressly stated to survive such payment and termination).

 

 (e) Upon request by the Administrative
Agent at any time, the Participants will confirm in writing the Administrative Agent’s authority to release any particular
Guarantor pursuant hereto. In connection with any termination or release pursuant to this Section 17, the Administrative Agent
shall (and is hereby irrevocably authorized by each Participant to) execute and deliver to any Guarantor or Lessee, at such Guarantor’s
or Lessee’s expense, all documents that such Guarantor or Lessee shall reasonably request to evidence such termination or
release. Any execution and delivery of documents pursuant to this Section 17 shall be without recourse to or warranty by the Administrative
Agent except with respect to any customary further assurances that are expressly agreed to in writing by the Administrative Agent.

 

Section 18. Contribution
with Respect to Liabilities.

 

 (a) To the extent that
any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which, taking into account all
other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would
have been paid by or attributable to such Guarantor if each Guarantor had paid the

    	32

    	

    

aggregate Liabilities satisfied by such Guarantor Payment
in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior
to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Guarantors as determined immediately prior to
the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Liabilities and termination of
this Guaranty, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by,
each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately
prior to such Guarantor Payment.

 

 (b) As of any date of determination,
the “Allocable Amount” of any Guarantor shall be equal to the excess of the fair saleable value of the property of
such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in
respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that is also liable for such
contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in
a manner to maximize the amount of such contributions.

 

 (c) This Section 18 is intended
only to define the relative rights of the Guarantors, and nothing set forth in this Section 18 is intended to or shall impair the
obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance
with the terms of this Guaranty.

 

 (d) The parties hereto acknowledge
that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such
contribution and indemnification is owing.

 

 (e) The rights of the indemnifying
Guarantors against other Guarantors under this Section 18 shall be exercisable upon the full and indefeasible payment of the Liabilities
in cash and the termination of this Guaranty pursuant to Section 17.

 

 Section 19. Effect of Restatement.
On the Restatement Date, the Original Guaranty will be amended and restated as set forth in this Guaranty. The parties hereto acknowledge
and agree, however, that (a) this Guaranty and the other Restated Operative Documents do not constitute a novation or termination
of the Liabilities under and as defined in the Original Guaranty or under the other Operative Documents as in effect immediately
prior to the Restatement Date, (b) such Liabilities are in all respects continuing with only the terms being modified as provided
in this Guaranty and the other Restated Operative Documents, (c) the mortgage, liens and security interests in favor of the Lessor
securing payment of such Obligations are in all respects continuing and in full force and effect with respect to all Obligations
and (d) except to the extent the context requires otherwise, all references in the other Operative Documents to the “Guaranty”
or other reference originally applicable to the Original Guaranty shall be deemed to refer without further amendment to this Guaranty,
as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 

[End
of Page]

[Signature Pages Follow]

    	33

    	

    

In
Witness Whereof, each Initial Guarantor has caused this Amended and Restated Guaranty to be executed and delivered as of
the date first above written.

 

	 	Regeneron Pharmaceuticals, Inc.,
	 	 	as Parent Guarantor
	 	 	 
	 	By:	/s/ Leonard N. Brooks
	 	 	Name: Leonard N. Brooks
	 	 	Title:   Vice President, Treasurer

 

[Signature Page to Amended and Restated
Guaranty]

    	 

    	

    

	 	Regeneron Healthcare Solutions, Inc.,
	 	 	as a Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Marion McCourt
	 	 	Name: Marion McCourt
	 	 	Title:   General Manager

 

[Signature Page to Amended and Restated
Guaranty]

    	 

    	

    

	 	Regeneron Genetics Center LLC,
	 	 	as a Subsidiary
    Guarantor
	 	 	 
	 	By:	/s/ Leonard N. Brooks
	 	 	Name: Leonard
    N. Brooks
	 	 	Title:   Treasurer

 

[Signature Page to Amended and Restated
Guaranty]

    	 

    	

    

	 	Acknowledged and Agreed
	 	as of the date first written above:
	 	 	 
	 	Bank of America, N.A.,
	 	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Aamir Saleem
	 	 	Name: Aamir Saleem
	 	 	Title:   Vice President

 

[Signature Page to Amended and Restated
Guaranty]

    	 

    	

    

Annex I

Form of Supplement to
Guaranty

 

Reference is hereby
made to the Amended and Restated Guaranty, dated as of May 2, 2019 (as amended, restated, supplemented or otherwise modified from
time to time, the “Guaranty”), made by (i) Regeneron Pharmaceuticals,
Inc., a New York corporation (the “Parent Guarantor”), and (ii) each Subsidiary of the Parent Guarantor
party thereto from time to time as a Subsidiary Guarantor, and together with the New Subsidiary Guarantor (as defined below) (the
“Subsidiary Guarantors”) in favor of (a) each Participant, and (b) the Administrative Agent, for the benefit
of itself and the other Beneficiaries. Capitalized terms used herein and not defined herein shall have the meanings given to them
in the Guaranty. By its execution below, the undersigned [Name of New Subsidiary Guarantor],
a [corporation] [partnership] [limited liability company] (the “New Subsidiary Guarantor”), agrees to
become, and does hereby become, a Subsidiary Guarantor under the Guaranty and agrees to be bound by such Guaranty as if originally
a party thereto. By its execution below, the undersigned represents and warrants as to itself that all of the representations and
warranties contained in clauses (a) (solely the first sentence thereof), (b) and (c) of Section 7 of the Guaranty that are applicable
to a Subsidiary Guarantor or a Subsidiary of the Parent Guarantor are true and correct in all material respects (or, in the case
of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) as of the date hereof except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect,
in all respects) as of such earlier date.

 

In
Witness Whereof, the New Subsidiary Guarantor has caused this Supplement to the Guaranty to be duly executed and delivered
as of this ____ day of ________________, 20__.

 

	 	[Name of New Subsidiary Guarantor]
	 	 	 
	 	By:	 
	 	       	Name:	 
	 	 	Title:	 

    	 

    	

    

Schedules
to Amended and Restated Guaranty:

 

	Schedule
    7(a)	—	Subsidiaries
	Schedule
    9(a)	—	Existing
    Indebtedness
	Schedule
    9(b)	—	Existing
    Liens

    	 

    	

    

Schedule
7(a) to Amended and Restated Guaranty

 

Subsidiaries

 

	Owner	 	Subsidiary	 	Material
    Subsidiary1	 	Jurisdiction
    of Organization	 	Ownership
	Regeneron
    Pharmaceuticals, Inc.	 	Regeneron
    Genetics Center LLC	 	No.	 	Delaware	 	100%
	 	Regeneron
    Healthcare Solutions, Inc.	 	No.	 	New
    York	 	100%
	 	Regeneron
    Assurance, Inc.	 	No.	 	New
    York	 	100%
	 	Loop
    Road Holdings LLC	 	No.	 	New
    York	 	100%
	 	Rockwood
    Road Holdings LLC	 	No.	 	New
    York	 	100%
	 	Old
    Saw Mill Holdings LLC	 	No.	 	New
    York	 	100%
	 	OSMR
    LLC	 	No.	 	New
    York	 	100%
	 	 	 	 	 	 	 	 
	OSMR
    LLC	 	Regeneron
    International Holdings LLC	 	No.	 	Delaware	 	100%
	 	 	 	 	 	 	 	 	 
	Regeneron
    International Holdings LLC	 	Regeneron
    International Limited	 	No.	 	Ireland	 	100%
	 	 	 	 	 	 	 	 	 
	OSMR
    LLC; Regeneron International Limited	 	OSMR
    Holdings	 	No.	 	Bermuda	 	19.04% (OSMR LLC)2;
    80.96% (Regeneron International Limited)3
	 	 	 	 	 	 	 	 	 
	OSMR
    Holdings	 	OSMR
    International	 	No.	 	Bermuda	 	100%
	 	Regeneron
    Ireland Holdings Unlimited Company	 	No.	 	Ireland	 	100%
	 	 	 	 	 	 	 	 
	Regeneron
    Ireland Holdings Unlimited Company	 	Regeneron
    Atlantic Holdings	 	No.	 	Bermuda	 	100%
	 	 	 	 	 	 	 	 	 
	Regeneron Atlantic Holdings	 	Regeneron Ireland	 	No.	 	Ireland	 	100%

 

 

 

	1	As of December 31, 2018.
	2	OSMR LLC owns 10,000 shares of OSMR Holdings.
	3	Regeneron International Limited owns 42,508 shares of OSMR Holdings.

    	 

    	

    

	Owner	 	Subsidiary	 	Material
    Subsidiary1	 	Jurisdiction
    of Organization	 	Ownership
	 	 	Designated Activity Company	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Regeneron Ireland Designated Activity Company	 	Regeneron Capital International B.V.	 	No.	 	Netherlands	 	100%
	 	Regeneron Spain, S.L.U.	 	No.	 	Spain	 	100%
	 	Regeneron Belgium BVBA	 	No.	 	Belgium	 	99.99%4
	 	Regeneron UK Limited	 	No.	 	England and Wales	 	100%

 

 

 

	4	0.01%
    held by Regeneron Spain, S.L.U. (1 share).

    	 

    	

    

Schedule
9(a) to Amended and Restated Guaranty

 

Existing
Indebtedness

 

None.

    	 

    	

    

Schedule
9(b) To Amended and Restated Guaranty

 

Existing
Liens

 

None.uslm_Ex10_1

		
			SEVENTH AMENDMENT TO CREDIT AGREEMENT
		

		
			This Seventh Amendment to Credit Agreement (the "Amendment"), dated as of May 2 2019, is among UNITED STATES LIME & MINERALS, INC., a Texas corporation (the "Borrower"), the financial institutions and other lenders listed on the signature pages hereof (such financial institutions and lenders, together with their respective successors and assigns, are referred to hereinafter each individually as a "Lender" and collectively as "Lenders"), and WELLS FARGO BANK, N.A., as administrative agent for the Lenders (the "Administrative Agent").  
		

		
			RECITALS:
		

			
	
			
				 A.
			The Borrower, certain of the Lenders and the Administrative Agent entered into that certain Credit Agreement dated as of August 25, 2004, as amended by the First Amendment to Credit Agreement dated as of August 31, 2005, by the Second Amendment to Credit Agreement dated as of October 19, 2005, by the Third Amendment to Credit Agreement dated as of March 31, 2007, by the Fourth Amendment to Credit Agreement dated as of June 1, 2010, by the Fifth Amendment to Credit Agreement dated as of May 7, 2015 and by the Sixth Amendment to Credit Agreement dated as of October 27, 2016 (said Credit Agreement as amended, extended, renewed or restated from time to time, the "Credit Agreement").

			
	
			
				 B.
			The Borrower has requested certain amendments to the Credit Agreement, including an extension of the Revolving Maturity Date.

			
	
			
				 C.
			The Lenders, the Administrative Agent and the Swing Line Lender hereby agree to amend the Credit Agreement on and subject to the terms and conditions set forth herein.

		
			NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

			
	
			
				ARTICLE I
			

Definitions

			
	
			
				 1.1
			Definitions.  Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Credit Agreement as amended hereby, and all references to "Sections," "clauses," "Articles," "Exhibits," and "Schedules" are references to the Credit Agreement's sections, clauses, articles, exhibits and schedules.

			
	
			
				ARTICLE II
			

Amendments to Credit Agreement

			
	
			
				 2.1
			Amendments to Section 1.01.  Section 1.01 of the Credit Agreement is amended as follows:

			
	
			
				 (a)
			The definition of "Capital Lease" is hereby amended to add the following proviso to the end of such definition:

		
			provided, that for purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat leases in a manner consistent with its current treatment under generally accepted accounting principles as of the Closing Date, notwithstanding any modifications or interpretative changes thereto that may occur.  For the avoidance of doubt, any lease that would be characterized as an operating lease in accordance with GAAP on the Closing Date (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a Capitalized Lease) for purposes of this Agreement regardless of any change in GAAP following the Closing Date that would otherwise require such lease to be re-characterized (on a prospective or retroactive basis or otherwise) as a Capitalized Lease.
		

		
			

		 

 

		

			
	
			
				 (b)
			The definition of "Change of Control" is hereby amended to delete the final sentence thereof and to replace it to read as follows:

		
			As used above, "Inberdon" means Inberdon Enterprises, Ltd., a Malta corporation or its corporate successors, or its Affiliates.
		

			
	
			
				 (c)
			The definition of "Consolidated Interest Charges" is hereby amended to capitalize the term "capital leases" contained therein so that it reads "Capital Leases".

			
	
			
				 (d)
			The definition of "LIBOR" is hereby amended and restated to read as follows:

		
			"LIBOR" means, subject to the implementation of a Replacement Rate in accordance with Section 3.03(c), for any Interest Period with respect to any LIBOR Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period.  If, for any reason, such rate is not so published then "LIBOR" shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period.  Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.  Notwithstanding the foregoing, (a) in no event shall LIBOR (including, without limitation, any Replacement Rate with respect thereto) be less than 0% and (b) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 3.03(c), in the event that a Replacement Rate with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Replacement Rate.
		

			
	
			
				 (e)
			The definition of "Material Real Estate" is hereby amended and restated to read as follows:

		
			"Material Real Estate" means a parcel of real estate owned by the Borrower or a Guarantor that has a fair market value of at least $5,000,000.
		

			
	
			
				 (f)
			The definition of "Revolving Maturity Date" is amended by deleting therefrom the date "May 7, 2020" and inserting in lieu thereof the date "May 2, 2024".

			
	
			
				 (g)
			The following definitions are hereby added to Section 1.01 in appropriate alphabetical order to read as follows:

		
			"Anti-Corruption Laws" means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.
		

		
			"Anti-Money Laundering Laws" means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable to a Loan Party or its Subsidiaries related to terrorism financing or money laundering, including any applicable provision of the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy Act," 31 U.S.C. §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959).
		

		
			

		 

 

		

		
			"Beneficial Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
		

		
			"Beneficial Ownership Regulation" means 31 CFR § 1010.230.
		

		
			"OFAC" means the U.S. Department of the Treasury's Office of Foreign Assets Control.
		

		
			"Replacement Rate" shall have the meaning set forth in Section 3.03 hereof.
		

		
			"Sanctioned Country" means at any time, a country or territory which is itself the subject or target of any Sanctions (including, as of the Closing Date, Cuba, Iran, North Korea, Sudan, Syria and Crimea).
		

		
			"Sanctioned Person" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including, without limitation, OFAC's Specially Designated Nationals and Blocked Persons List and OFAC's Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s).
		

		
			"Sanctions" means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authority with jurisdiction over the Administrative Agent, the Borrower or any of its Subsidiaries.
		

			
	
			
				 2.2
			Amendment to Section 2.06(d).  Section 2.06(d) of the Credit Agreement is hereby amended to delete the reference to "$5,000,000" and replace it with a reference to "$15,000,000".

			
	
			
				 2.3
			Amendment to Section 2.15.  The first sentence of Section 2.15(a) of the Credit Agreement is hereby amended and restated to read as follows:

		
			At any time up until 365 days prior to the Revolving Maturity Date, the Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more increases in the Revolving Commitments (any such increase, an "Incremental Revolving Credit Commitment") to make additional revolving credit loans (any such increase, an "Incremental Revolving Credit Increase" or the "Incremental Loans"); provided that (i) the total aggregate principal amount for all such Incremental Revolving Credit Commitments shall not (as of any date of incurrence thereof) exceed $50,000,000 and (ii) the total aggregate amount for each Incremental Revolving Credit Commitment (and the Incremental Loans  made thereunder) shall not be less than a minimum principal amount of $10,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (i).
		

		
			
		

		
			

		 

 

		

			
	
			
				 2.4
			Amendment to Section 3.03.  Section 3.03 of the Credit Agreement is hereby amended and restated to read as follows:

		
			Section 3.03      LIBOR Unavailability; Inability to Determine Rates.
		

		
			 
		

			
	
			
				 (a)
			Circumstances Affecting LIBOR Availability.  Unless and until a Replacement Rate is implemented in accordance with clause (c) below, in connection with any request for a LIBOR Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such LIBOR Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining LIBOR for such Interest Period with respect to a proposed LIBOR Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that LIBOR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such LIBOR Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower.  Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Loan together with accrued interest thereon on the last day of the then current Interest Period applicable to such LIBOR Loan; or (B) convert the then outstanding principal amount of each such LIBOR Loan to a Base Rate Loan as of the last day of such Interest Period.

			
	
			
				 (b)
			Intentionally Omitted.  

			
	
			
				 (c)
			Alternative Rate of Interest.  Notwithstanding anything to the contrary in Section 3.03(a) above, if the Administrative Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the circumstances described in Section 3.03(a)(i) or (a)(ii) have arisen and that such circumstances are unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or (iii) the applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which any applicable interest rate specified herein shall no longer be used for determining interest rates for loans in the U.S. syndicated loan market in the applicable currency, then the Administrative Agent may, to the extent practicable (in consultation with the Borrower and as determined by the Administrative Agent to be generally in accordance with similar situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice generally), establish a replacement interest rate (the "Replacement Rate"), in which case, the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until (A) an event described in Section 3.03(a)(i),  (a)(ii),  (c)(i),  (c)(ii) or (c)(iii) occurs with respect to the Replacement Rate or (B) the Required Lenders (directly, or through the Administrative Agent) notify the Borrower that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate.  In connection with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely with the consent of the Administrative Agent, as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 3.03(c).

			
	
			
				 (d)
			Replacement Rate.  Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Required Lenders, with each such notice stating that such Lender objects to such 

		 

 

	amendment (which such notice shall note with specificity the particular provisions of the amendment to which such Lender objects).  To the extent the Replacement Rate is approved by the Administrative Agent in connection with this clause (c), the Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders).

			
	
			
				 2.5
			Addition of Section 5.23.  Section 5.23 is hereby added to the Credit Agreement to read as follows:

		
			Section 5.23      Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.
		

			
	
			
				 (a)
			None of (i) the Borrower, any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Borrower or such Subsidiary, any of their respective employees, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement or the credit facilities extended hereunder, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, (C) has its assets located in a Sanctioned Country, (D) is under administrative, civil or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (E) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons.

			
	
			
				 (b)
			Each of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures as they deem reasonably appropriate in light of their businesses and international activities designed to ensure compliance by the Borrower and its Subsidiaries and their respective directors, officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions.

			
	
			
				 (c)
			Each of the Borrower and its Subsidiaries, each director, officer, and to the knowledge of Borrower, employee and agent of Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions in all material respects.

			
	
			
				 (d)
			No proceeds of any Loan have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or their respective directors, officers, employees and agents in violation of Section 7.13.

			
	
			
				 2.6
			Amendment to Section 6.04.  Section 6.04 of the Credit Agreement is hereby amended and restated to read as follows:

		
			Section 6.04.       Payment of Obligations.  Pay and discharge as the same shall become due and payable, all its material obligations and liabilities, including all material tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary.
		

			
	
			
				 2.7
			Amendment to Section 6.06.  Section 6.06 of the Credit Agreement is hereby amended and restated to read as follows:

		
			Section 6.06.       Maintenance of Properties.  Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect: (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.
		

		
			

		 

 

		

			
	
			
				 2.8
			Amendment to Section 7.01(l).  Section 7.01(l) of the Credit Agreement is hereby amended and restated to replace such subsection (l) and with subsections (l) and (m) which shall read as follows:

		
			(l)the interest of a lessee or transferee of leases, rights or interest pursuant to Section 7.05(h); and
		

		
			(m)other Liens securing obligations not in excess of $7,500,000 at any one time.
		

			
	
			
				 2.9
			Amendment to Section 7.03(e).  Section 7.03(e) of the Credit Agreement is hereby amended to delete the reference to "$5,000,000" and replace it with a reference to "$7,500,000".

			
	
			
				 2.10
			Amendment to Section 7.03(i).  Section 7.03(i) of the Credit Agreement is hereby amended to delete the reference to "$10,000,000" and replace it with a reference to "$15,000,000".

			
	
			
				 2.11
			Amendment to Section 7.05(f).  Section 7.05(f) of the Credit Agreement is hereby amended to delete the reference to "$5,000,000" and replace it with a reference to "$15,000,000".

			
	
			
				 2.12
			Amendment to Section 7.06.  Section 7.06 of the Credit Agreement is hereby deleted and replaced with the reference "Intentionally Omitted".

			
	
			
				 2.13
			Amendment to Section 7.13.  Section 7.13 of the Credit Agreement is hereby amended to add the following sentence to the end thereof to read as follows:

		
			The Borrower will not request any Loan, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
		

			
	
			
				 2.14
			Addition of Section 7.19.  Section 7.19 is hereby added to the Credit Agreement to read as follows:

		
			Section 7.19      Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions.  The Borrower will (a) maintain in effect and enforce policies and procedures as they deem reasonably appropriate in light of their businesses and international activities, designed to promote and achieve compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions and (b) promptly upon the reasonable request of the Administrative Agent, provide the Administrative Agent or such Lender, as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.
		

			
	
			
				 2.15
			Amendment to Section 8.01(e).  Section 8.01(e) of the Credit Agreement is hereby amended to delete the reference to "$500,000" and replace it with a reference to "$1,500,000".

			
	
			
				 2.16
			Amendment of Section 10.16.  Section 10.16 of the Credit Agreement is hereby amended and restated to read as follows:

		
			Section 10.16      USA Patriot Act; Anti-Money Laundering Laws.  The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.
		

		
			

		 

 

		

			
	
			
				ARTICLE III
			

Conditions Precedent

			
	
			
				 3.1
			Conditions.  The effectiveness of this Amendment is subject to satisfaction of the following conditions precedent:

			
	
			
				 (a)
			The Administrative Agent shall have received executed counterparts of this Amendment from each party hereto.

			
	
			
				 (b)
			The Administrative Agent shall have received an amendment fee in the amount of $5,000.

			
	
			
				 (c)
			The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, opinions, certificates and instruments as the Administrative Agent shall reasonably require, including any Beneficial Ownership Certifications requested by the Administrative Agent.

			
	
			
				ARTICLE IV
			

Ratifications, Representations and Warranties

			
	
			
				 4.1
			Ratifications.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect.  The Borrower, the Lenders and the Administrative Agent agree that the Credit Agreement as amended hereby shall continue to be legal, valid, binding and enforceable in accordance with its terms.

			
	
			
				 4.2
			Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite corporate action on the part of the Borrower and will not violate the articles of incorporation or bylaws of the Borrower, (b) the representations and warranties contained in the Credit Agreement, as amended hereby, and any other Loan Document are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (excluding, however, representations and warranties that relate to a specific date and were true and correct on such date), (c) no Default or Event of Default has occurred and is continuing, and (d) the Borrower is in full compliance with all covenants and agreements contained in the Credit Agreement as amended hereby.

			
	
			
				ARTICLE V
			

Miscellaneous

			
	
			
				 5.1
			Survival of Representations and Warranties.  All representations and warranties made in this Amendment or any other Loan Document including any Loan Document  furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by the Administrative Agent or the Lenders or any closing shall affect the representations and warranties or the right of the Administrative Agent and the Lenders to rely upon them.

			
	
			
				 5.2
			Reference to Credit Agreement.  Each of the Loan Documents, including the Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

			
	
			
				 5.3
			Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

		
			

		 

 

		

			
	
			
				 5.4
			Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of each Lender, the Administrative Agent and the Borrower and their respective successors and assigns, except the Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender.

			
	
			
				 5.5
			Effect of Waiver.  No consent or waiver, express or implied, by the Administrative Agent or any Lender to or for any breach of or deviation from any covenant, condition or duty by the Borrower shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty.

			
	
			
				 5.6
			Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

			
	
			
				 5.7
			Costs, Expenses and Taxes.  The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).

			
	
			
				 5.8
			Guarantor's Acknowledgment.  By signing below, each Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Amendment, (b) acknowledges and agrees that its obligations in respect of its Guaranty are not released, diminished, waived, modified, impaired or affected in any manner by this Amendment or any of the provisions contemplated herein, (c) ratifies and confirms its obligations under its Guaranty, and (d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, its Guaranty.

			
	
			
				 5.9
			Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  For purposes of this Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.

			
	
			
				 5.10
			Governing Law; Binding Effect.  This Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state, provided that each party shall retain all rights arising under federal law, and shall be binding upon the parties hereto and their respective successors and assigns.

			
	
			
				 5.11
			ENTIRE AGREEMENT.  THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

		
			[Remainder of Page Intentionally Left Blank.  Signature Pages Follow.]
		

		
			 
		

		
			

		 

 

		

		
			Executed as of the date first written above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						UNITED STATES LIME & MINERALS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						\s\ Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Vice President and Chief Financial Officer

				

		
			 
		

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, N.A.,
as Administrative Agent and a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						\s\ Jason Ford

				
	
					
						 

					
					
						 

					
					
						Jason Ford

				
	
					
						 

					
					
						 

					
					
						Senior Vice President

				

		
			 
		

		
			

		 

 

ACKNOWLEDGED AND AGREED TO:
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ACT HOLDINGS, INC.
ARKANSAS LIME COMPANY
COLORADO LIME COMPANY
CORSON LIME COMPANY
TEXAS LIME COMPANY
U.S. LIME COMPANY (formerly named 
U.S. LIME COMPANY – HOUSTON)
U.S. LIME COMPANY – O&G, LLC
(formerly named U.S. LIME – O&G
COMPANY, LLC)
U.S. LIME COMPANY – SHREVEPORT 
U.S. LIME COMPANY – ST. CLAIR 
U.S. LIME COMPANY – TRANSPORTATION
U.S. LIME – O&G (DELAWARE) LP, LLC
U.S. LIME – O&G GP, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						\s\ Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Vice President and Chief Financial Officer

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. LIME – O&G PARTNERS, LP

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						U.S. Lime – O&G GP, LLC,

				
	
					
						 

					
					
						 

					
					
						its general partner

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						\s\ Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Michael L. Wiedemer

				
	
					
						 

					
					
						 

					
					
						Vice President and Chief Financial Officer

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