Exhibit 10.2
FLOATING RATE NOTE DUE
2014
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U.S. $744,246,256
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New York
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February 17, 2009
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The undersigned, MEAD
JOHNSON & COMPANY, a Delaware corporation (such
corporation, together with its successors and assigns, herein
called the “ Company ”), hereby promises to pay
to the order of E.R. SQUIBB & SONS, L.L.C., a Delaware
limited liability company (such company, together with its
successors and assigns, the “ Payee ”) the
outstanding part of the principal amount set forth above on
February 17, 2014 with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid
balance thereof at the rate per annum equal to the LIBO Rate (as
defined in the Terms referred to below) plus 3.00% from the date
hereof, payable quarterly, on each Payment Date (as defined in the
Terms referred to below), until the principal amount hereof shall
have been paid in full and (b) to the extent permitted by law,
at a rate per annum from time to time equal to the Default Rate (as
defined in the Terms referred to below) on any overdue amount of
principal of or interest on this floating rate note due 2014 (the
“ Note ”), payable on demand.
The Note is subject to the terms set
forth in Exhibit A hereto (the “ Terms ”),
including Article I thereof, which sets forth certain defined terms
used in the Note, all of which are considered a part of the
Note.
1. Interest.
As provided in the Terms, interest
shall accrue on the outstanding principal amount of the Note from
and including the first day of an Interest Period to but excluding
the earlier of the last day of such Interest Period and the day on
which the Note is repaid or prepaid in full.
2. Method of
Payment.
The Company will pay principal of
and interest on the Note by means of wire transfer of immediately
available funds to the account of the Payee, as set forth in the
Terms. The Company will pay principal and interest in
Dollars.
3. Ranking.
The obligations under the Note will
be senior unsecured obligations of the Company and will rank
pari passu with all existing and future
unsubordinated indebtedness of the Company.
4. Amortization.
On June 1, 2010 and on each
Payment Date thereafter until the last such day to occur prior to
the Maturity Date, the Company shall pay to the Payee $18,750,000
as repayment of principal amount of the Note outstanding on such
Payment Date.
5. Optional Prepayment.
As set forth in the Terms, the
Company shall have the right, at its option, at any time and from
time to time to prepay the Note, in whole or in part, at face value
of the outstanding principal amount and all interest accrued on the
principal amount being prepaid to the date of payment.
6. Notice of
Prepayment.
The Payee shall be given prior
written or telecopy notice (or telephone notice promptly confirmed
by written or telecopy notice) at least five Business Days before
the optional prepayment, as contemplated in the Terms.
7. Guarantee.
The payment by the Company of the
principal of and interest on the Note is fully and unconditionally
guaranteed on a joint and several basis by Holdings as provided in,
and subject to, the Terms.
8. Covenants.
Holdings and the Company agree to
comply with the covenants as set forth in the Terms, so long as any
amount of principal of or interest on the Note or any expenses or
other amounts payable under the Note shall be unpaid.
9. Defaults and
Remedies
If an Event of Default as set forth
in the Terms occurs and is continuing, the Payee may declare all or
any part of the outstanding principal amount of the Note to be due
and payable immediately in the manner, at the price and with the
effect provided in the Terms. Certain events of bankruptcy or
insolvency are Events of Default that will result in the Note being
due and payable immediately upon the occurrence of such Events of
Default.
10. Transferability of the
Note
The Payee may transfer all or a
portion of its interests, rights and obligations under the Note
(including the principal amount of and interest on the Note at the
time owing to it) without consent of the Company only to an
Affiliate of the Payee. A transferee of the Note (or a portion of
the Note) shall be a party hereto and, to the extent of the
interest transferred, have the rights and obligations of the Payee
under the Note.
Upon surrender of the Note at the
principal executive office of the Company for transfer or exchange,
the Company shall execute and deliver one or more new notes in
exchange therefor, payable to such Person as the Payee may request,
in an aggregate principal amount equal to the unpaid principal
amount of the surrendered Note. Each such new note shall be
substantially in the form of the Note. Each such new note shall be
dated and bear interest from the date to which interest shall have
been paid on the surrendered Note or dated the date of the
surrendered Note if no interest shall have been paid
thereon.
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11. Amendments; Successors and
Assigns
Neither the Note nor any term hereof
may be amended or waived orally or in writing, except that any term
of the Note may be amended and the observance of any term of the
Note may be waived with the written consent of the Company and the
Payee. The provisions of the Note shall be binding upon the Company
and its successors and assigns, and shall inure to the benefit of
the Payee and its successors and assigns. The Company’s
successors and assigns shall include a receiver, trustee or
debtor-in-possession of or for the Company.
12. No Recourse Against
Others
A director, officer, employee or
stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under the Note or for any claim
based on, in respect of or by reason of such obligations or their
creation. By accepting the Note, the Payee waives and releases all
such liability. The waiver and release are part of the
consideration for the issue of the Note.
13. Waiver of Certain Defenses by
the Company
The Company’s obligations
under the Note are absolute and unconditional and shall not be
subject to any defense, setoff or counterclaim that may at any time
be available to or be asserted by the Company. The Company hereby
waives, and agrees not to assert, any right to offset or interpose
as a defense or counterclaim any claim against the Payee against
its obligations under the Note. Demand, diligence, presentment,
protest and notice of non-payment and protest are hereby waived by
the Company.
14. GOVERNING LAW
THE NOTE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS.
15. Jurisdiction
The Company and Holdings hereby
submit to the exclusive personal jurisdiction of the courts of the
State of New York and the federal courts of the United States
sitting in New York County, and any appellate court from any such
state or federal court.
16. WAIVER OF JURY
TRIAL
EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THE NOTE OR THE
TRANSACTIONS
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CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO EXECUTE THE NOTE BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
PARAGRAPH.
17. Severability
Any provision of the Note held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other
jurisdiction. The parties hereto shall use their best efforts to
replace the provision held invalid, illegal or unenforceable with a
provision that the parties reasonably believe to be valid, legal
and enforceable and which has a substantially identical economic
and legal effect as the provision that was held to be invalid,
illegal or unenforceable.
[ Signature page follows
]
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IN WITNESS WHEREOF, the parties
hereto have caused the Note to be duly executed.
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MEAD
JOHNSON & COMPANY,
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By:
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Name:
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Kevin
Wilson
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Title:
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Vice
President and Treasurer
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MEAD
JOHNSON NUTRITION COMPANY,
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By:
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Name:
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Kevin
Wilson
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Title:
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Vice
President and Treasurer
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(Note due 2014)
Acknowledged and agreed by:
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E.R.
SQUIBB & SONS, L.L.C.,
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By:
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Name:
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Jeffrey
Galik
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Title:
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Treasurer
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(Note due 2014)
Exhibit A
The Company, the Payee and Holdings
agree that the following Terms shall apply to the Note. Any
reference to the Note shall also constitute a reference to these
Terms.
ARTICLE I
Definitions
SECTION 1.01. Defined Terms.
As used in the Note, the following terms have the meanings
specified below:
“ Affiliate ”
shall mean, when used with respect to a specified Person, another
Person that directly, or indirectly, Controls or is Controlled by
or is under common Control with the Person specified.
“ BMS ” shall
mean Bristol-Myers Squibb Company, a Delaware
corporation.
“ Business Day ”
shall mean any day (other than a day which is a Saturday, Sunday or
legal holiday in the State of New York) on which banks are open for
business in New York City.
“ Capital Lease
Obligations ” of any Person shall mean the obligations of
such Person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP and, for the purposes of the Note,
the amount of such obligations at any time shall be the capitalized
amount thereof at such time determined in accordance with
GAAP.
“ Capital Stock ”
shall mean any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than
a corporation) and any and all warrants, rights or options to
purchase any of the foregoing.
“ Change in Control
” shall mean the occurrence of any one of the following:
(a) the direct or indirect sale, lease, transfer, conveyance
or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all
or substantially all of the assets of Holdings and its
Subsidiaries, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act)
other than to Holdings or one of its Subsidiaries; (b) the
consummation of any transaction (including any merger,
consolidation, spin-off, split-off, or primary or secondary sale of
stock) the result of which is that the Principal Shareholder ceases
to be the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of more
than 50% of the outstanding Voting Stock of Holdings, measured by
voting power rather
than number of shares; (c) the first day on
which the majority of the members of the board of directors of
Holdings cease to be Continuing Directors; or (d) Holdings
ceasing to own, directly or indirectly, beneficially or of record,
100% of the Capital Stock in the Company.
“ China Services
Agreement ” shall mean the China Services Agreement dated
February 10, 2009, by and among BMS and Holdings.
“ Code ” shall
mean the Internal Revenue Code of 1986, as amended from time to
time.
“ Company ” shall
have the meaning given to such term in the first paragraph of the
Note.
“ Consolidated EBITDA
” shall mean, for any period, Consolidated Net Income for
such period plus , without duplication and to the extent
reflected as a charge in the statement of such Consolidated Net
Income for such period, the sum of (a) income tax expense,
(b) interest expense, amortization or write-off of debt
discount and debt issuance costs and commissions, discounts and
other fees and charges associated with Debt (including the Note),
(c) depreciation and amortization expense, (d) costs,
expenses and charges related to the IPO and the separation of Mead
Johnson Nutritionals, a division of the Principal Shareholder, from
the Principal Shareholder not to exceed $31,000,000 in 2009,
$22,000,000 in 2010 and $5,000,000 in 2011, (e) amortization
of intangibles (including goodwill) and organization costs and
(f) any extraordinary, unusual or non-recurring non-cash
expenses or losses or other non-cash charges (including, whether or
not otherwise includable as a separate item in the statement of
such Consolidated Net Income for such period, non-cash losses on
sales of assets outside of the ordinary course of business) which
Holdings reasonably believes will not result in a cash charge or
payment, and minus , to the extent included in the statement
of such Consolidated Net Income for such period, the sum of
(i) interest income and (ii) any extraordinary, unusual
or non-recurring income or gains (including, whether or not
otherwise includable as a separate item in the statement of such
Consolidated Net Income for such period, gains on the sales of
assets outside of the ordinary course of business) and any other
non-cash income, all as determined on a consolidated basis. For the
purposes of calculating Consolidated EBITDA for any period of four
consecutive fiscal quarters (each, a “Reference
Period”) pursuant to any determination of the Consolidated
Leverage Ratio, (A) if at any time during such Reference
Period Holdings or any Subsidiary shall have made any Material
Disposition, the Consolidated EBITDA for such Reference Period
shall be reduced by an amount equal to the Consolidated EBITDA (if
positive) attributable to the property that is the subject of such
Material Disposition for such Reference Period or increased by an
amount equal to the Consolidated EBITDA (if negative) attributable
thereto for such Reference Period and (B) if during such
Reference Period Holdings or any Subsidiary shall have made a
Material Acquisition, Consolidated EBITDA for such Reference Period
shall be calculated after giving pro forma effect
thereto as if such Material Acquisition occurred on the first day
of such Reference Period. As used in this definition,
“Material Acquisition” means any acquisition of
property or series of related acquisitions of property that
(1) constitutes assets comprising all or
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substantially all of an operating unit of a
business or constitutes all or substantially all of the common
stock of a Person and (2) involves the payment of
consideration by Holdings and its Subsidiaries in excess of
$25,000,000; and “Material Disposition” means any
Disposition of property or series of related Dispositions of
property that yields gross proceeds to Holdings or any of its
Subsidiaries in excess of $25,000,000. Notwithstanding the
forgoing, Consolidated EBITDA shall be deemed to be
(y) $200,500,000 for the fiscal quarter ended on or about
June 30, 2008 and (z) $185,400,000 for the fiscal quarter
ended on or about September 30, 2008. Consolidated EBITDA for
the fiscal quarter ending on or about January 1, 2009 and for
the portion of the fiscal quarter ending on or about March 31,
2009 prior to the date of the Note shall be determined based on the
financial results of the Mead Johnson Nutritionals, a division of
BMS, for such periods.
“ Consolidated Interest
Coverage Ratio ” shall mean, for any period, the ratio of
(a) Consolidated EBITDA for such period to
(b) Consolidated Interest Expense for such period.
“ Consolidated Interest
Expense ” shall mean, for any period, total interest
expense of Holdings and its Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP.
Notwithstanding the foregoing, Consolidated Interest Expense shall
be deemed to be (i) $26,000,000 for the fiscal quarter ended
on or about June 30, 2008, (ii) $26,000,000 for the
fiscal quarter ended on or about September 30, 2008,
(iii) $26,000,000 for the fiscal quarter ended on or about
December 31, 2008, and (iv) the pro rata portion of
$26,000,000 for the fiscal quarter beginning on or about
January 1, 2009 until the date of the Note.
“ Consolidated Leverage
Ratio ” shall mean, as at the last day of any period, the
ratio of (a) Consolidated Total Debt on such day to
(b) Consolidated EBITDA for such period.
“ Consolidated Net
Income” shall mean, for any period, the consolidated net
income (or loss) of Holdings and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP; provided that
there shall be excluded, without duplication, (a) the income
(or deficit) of any Person accrued prior to the date it becomes a
Subsidiary of Holdings or is merged into or consolidated with
Holdings or any of its Subsidiaries, (b) the income (or
deficit) of any Person (other than a Subsidiary of Holdings) in
which Holdings or any of its Subsidiaries has an ownership
interest, except to the extent that any such income is actually
received by Holdings or such Subsidiary in the form of dividends or
similar distributions and (c) the undistributed earnings of
any Subsidiary of Holdings to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any contractual
obligation (other than the Intercompany Notes or Revolving Credit
Facility) applicable to such Subsidiary.
“ Consolidated Total
Debt ” shall mean, at any date, the aggregate amount of
all indebtedness of Holdings and its Subsidiaries at such date,
determined on a consolidated basis in accordance with GAAP,
plus , without duplication, the aggregate amount of
Guarantees by Holdings and its Subsidiaries of obligations of other
Persons (other than Holdings and its Subsidiaries) that would be
treated as indebtedness of such Persons determined on a
consolidated basis in accordance with GAAP.
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“ Continuing Director
” shall mean, as of any date of determination, any member of
the board of directors of Holdings who: (a) was a member of
such board of directors on the date of the Note; or (b) was
nominated for election or elected to such board of directors with
the approval of a majority of the Continuing Directors who were
members of such board of directors at the time of such nomination
or election.
“ Control ” shall
mean the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of a Person,
whether through the ownership of voting securities, by contract or
otherwise. The terms “ Controlling ” and “
Controlled ” shall have correlative
meanings.
“ Debt ” of any
Person shall mean (i) all obligations represented by notes,
bonds, debentures or similar evidences of indebtedness;
(ii) all indebtedness for borrowed money or for the deferred
purchase price of property or services other than, in the case of
any such deferred purchase price, on normal trade terms;
(iii) all rental obligations as lessee under leases which
shall have been or should be recorded as Capital Lease Obligations;
(iv) all indebtedness created or arising under any conditional
sale or other title retention agreement with respect to property
acquired by such Person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are
limited to repossession or sale of such property); (v) all
obligations, contingent or otherwise, as an account party or
applicant under or in respect of acceptances, letters of credit,
surety bonds or similar arrangements; (vi) the liquidation
value of all preferred Capital Stock of such Person which is
redeemable at the option of the holder thereof or which may become
(by scheduled or mandatory redemption) due within one year of the
final Maturity Date; (vii) all Guarantees of such Person in
respect of obligations of the kind referred to in clauses
(i) through (vi) above, (viii) all obligations of
the kind referred to in clauses (i) through (vii) above
secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien
on property (including accounts and contract rights) owned by the
applicable Person, whether or not such Person has assumed or become
liable for the payment of such obligation; and (ix) for the
purposes of paragraph (e) of Article V only, all
obligations in respect of Hedge Agreements. The Debt of any Person
shall include Debt of any other entity (including any partnership
in which such Person is a general partner) to the extent such
Person is liable therefore as a result of such Person’s
ownership interest in or other relationship with such entity,
except to the extent the terms of such Debt expressly provide that
such Person is not liable therefor.
“ Default ” shall
mean any event or condition which constitutes an Event of Default
or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.
“ Default Rate ”
shall have the meaning given to such term in
Section 2.01(c).
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“ Disposition ”
shall mean, with respect to any property, any sale, lease, sale and
leaseback, assignment, conveyance, transfer or other disposition
thereof. The terms “ Dispose ” and “
Disposed of ” shall have correlative
meanings.
“ Dollars ” or
“ $ ” shall mean lawful money of the United
States of America.
“ ERISA ” shall
mean the Employee Retirement Income Security Act of 1974, as
amended from time to time.
“ ERISA Affiliate
” shall mean any trade or business (whether or not
incorporated) that, together with Holdings, is treated as a single
employer under Section 414 of the Code.
“ ERISA Termination
Event ” shall mean (i) a “Reportable
Event” described in Section 4043 of ERISA and the
regulations issued thereunder (other than a “Reportable
Event” not subject to the provision for 30-day notice to the
PBGC under such regulations), (ii) the withdrawal of Holdings
or any of its ERISA Affiliates from a “single employer”
Plan during a plan year in which it was a “substantial
employer”, both of such terms as defined in
Section 4001(a) of ERISA, (iii) the filing of a notice of
intent to terminate a Plan or the treatment of a Plan amendment as
a termination under Section 4041 of ERISA, (iv) the
institution of proceedings to terminate a Plan by the PBGC,
(v) any other event or condition which is reasonably likely to
constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any
Plan, or (vi) the partial or complete withdrawal of Holdings
or any ERISA Affiliate of Holdings from a Multiemployer Plan as
defined in Section 4001(a)(3) of ERISA.
“ Event of Default
” shall have the meaning given to such term in
Article V.
“ Exchange Act ”
shall mean Securities Exchange Act of 1934, as amended.
“ GAAP ” shall
mean generally accepted accounting principles in the United States
of America.
“ Governmental
Authority ” shall mean the government of any nation,
including the United States of America, or any political
subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or
other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining
to government.
“ Guarantee ” of
or by any Person (the “ guarantor ”) shall mean
any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Debt
or other obligation of any other Person (the “ primary
obligor ”) in any manner, whether directly or indirectly,
and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Debt or other obligation or to
purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase
or
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lease property, securities or services for the
purpose of assuring the owner of such Debt or other obligation of
the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such
Debt or other obligation, or (d) as an account party in
respect of any letter of credit or letter of guaranty issued to
support such Debt or obligation; provided , that the term
Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business.
“ Hedge Agreements
” shall mean all interest rate swaps, caps or collar
agreements or similar arrangements dealing with interest rates or
currency exchange rates or the exchange of nominal interest
obligations, either generally or under specific
contingencies.
“ Holdings ”
shall mean Mead Johnson Nutrition Company, a Delaware
corporation.
“ Intercompany Notes
” shall mean, collectively, (i) the Note, (ii) the
$500,000,000 amended and restated fixed rate note due 2016 between
the Payee and the Company, (iii) the $500,000,000 amended and
restated fixed rate note due 2019 between the Payee and the
Company, and (iv) the note with aggregate principal amount of
Venezuelan Bolivar equivalent of $5,753,744 issued by Mead Johnson
Nutrition Venezuela, S.C.A., a Venezuelan Subsidiary of Holdings,
and payable to Bristol-Myers de Venezuela, S.C.A., a Venezuelan
subsidiary of the Principal Shareholder.
“ Interest Period
” shall mean the period commencing on the date of the Note or
on the last day of the immediately preceding Interest Period
applicable to the Note, as the case may be, and ending on the
earliest of (a) the next succeeding March 1, June 1,
September 1 or December 1 and (b) the Maturity Date;
provided that (i) if any Interest Period would end on a
day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day; and (ii) the
first Interest Period after the date of the Note will end on
June 1, 2009.
“ IPO ” shall
mean the initial public offering of Class A common stock of
Holdings described in the Form S-1 filed on December 18, 2008
(No. 333-156298), by Holdings with the SEC with respect to such
initial public offering, as amended from time to time.
“ LIBO Rate ”
shall mean (a) with respect to any Interest Period, the
British Bankers Association Interest Settlement Rate appearing on
the appropriate Telerate screen with respect to deposits in Dollars
(or on any successor or substitute page of such service, or any
successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page of
such service, as determined by the Payee from time to time for
purposes of providing quotations of interest rates applicable to
deposits in Dollars, as applicable, in the London interbank market)
at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period, as the rate for
deposits in Dollars with a maturity comparable to such Interest
Period. In the event that any such rate is not available at such
time for any
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reason, then the “ LIBO Rate
” for such Interest Period shall be determined by reference
to such other comparable publicly available service for displaying
eurodollar rates as may be selected by the Payee or, in the absence
of such availability, by reference to the rate at which JPMorgan
Chase Bank, N.A. (or the principal London office of any Affiliate
thereof) is offered deposits in Dollars at or about 11:00 a.m.,
London time, two Business Days prior to the beginning of such
Interest Period in the London interbank market for delivery on the
first day of such Interest Period for the number of days comprised
therein.
“ Lien ” shall
mean any mortgage, lien, pledge, encumbrance, charge or security
interest.
“ Material Adverse
Effect ” shall mean a material adverse effect on the
business, operations, properties or financial condition of Holdings
and its consolidated Subsidiaries, taken as a whole.
“ Maturity Date ”
shall mean February 17, 2014.
“ Note ” shall
have the meaning given to such term in the first paragraph
hereof.
“ Obligations ”
shall mean (a) the due and punctual payment of (i) the
principal of and interest (including interest accruing during the
pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the Note, when and as due, whether at maturity,
by acceleration, upon one or more dates set for prepayment or
otherwise, and (ii) of all other monetary obligations under
the Note, including obligations to pay fees, indemnification
obligations and other obligations, whether primary, secondary,
direct, contingent, fixed or otherwise, of the Company to the Payee
(including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), and
(b) the due and punctual performance of all covenants,
agreements, obligations and liabilities of the Company or any
Subsidiary under or pursuant to the Note (including monetary
obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding).
“ Payee ” shall
have the meaning given to such term in the first paragraph of the
Note.
“ Payment Date ”
shall mean, with respect to the Note, the last day of each Interest
Period applicable to the Note.
“ PBGC ” shall
mean the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar
functions.
“ Permitted Debt
” shall mean (i) Debt of any Subsidiary (including the
Company) to Holdings or the Company, (ii) Guarantees by any
Subsidiary (including the Company) of Debt of Holdings or the
Company and Guarantees by the Company of any
7
Debt of any Subsidiary, (iii) Debt arising
under the Revolving Credit Facility and its Permitted Refinancing
(including any Guarantees thereof), (iv)&nbs