Credit Agreement (2007)Full Document 

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                                CREDIT AGREEMENT

                            Dated as of June 29, 2007

                                      among

                                BIOGEN IDEC INC.
                                as the Borrower,

                             BANK OF AMERICA, N.A.,
                   as Administrative Agent, Swing Line Lender
                                       and
                                   L/C Issuer,

               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

                                       and

                       GOLDMAN SACHS CREDIT PARTNERS L.P.,
                            as Co-Syndication Agents

                                       and

                         The Other Lenders Party Hereto

         BANC OF AMERICA SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER &
            SMITH INCORPORATED AND GOLDMAN SACHS CREDIT PARTNERS L.P.
                                       as
                   Joint Lead Arrangers and Joint Bookrunners

================================================================================



                                TABLE OF CONTENTS



Section                                                                     Page
-------                                                                     ----
                                                                         
ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS..............................      1
   1.01  Defined Terms...................................................      1
   1.02  Other Interpretive Provisions...................................     20
   1.03  Accounting Terms................................................     20
   1.04  Rounding........................................................     21
   1.05  Times of Day....................................................     21
   1.06  Letter of Credit Amounts........................................     21

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS........................     21
   2.01  Committed Loans.................................................     21
   2.02  Borrowings, Conversions and Continuations of Committed Loans....     22
   2.03  Letters of Credit...............................................     23
   2.04  Swing Line Loans................................................     31
   2.05  Prepayments.....................................................     33
   2.06  Termination or Reduction of Commitments.........................     34
   2.07  Repayment of Loans..............................................     35
   2.08  Interest........................................................     35
   2.09  Fees............................................................     35
   2.10  Computation of Interest and Fees................................     36
   2.11  Evidence of Debt................................................     36
   2.12  Payments Generally; Administrative Agent's Clawback.............     37
   2.13  Sharing of Payments by Lenders..................................     39

ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY......................     39
   3.01  Taxes...........................................................     39
   3.02  Illegality......................................................     41
   3.03  Inability to Determine Rates....................................     42
   3.04  Increased Costs.................................................     42
   3.05  Compensation for Losses.........................................     44
   3.06  Mitigation Obligations; Replacement of Lenders..................     44
   3.07  Survival........................................................     45

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS....................     45
   4.01  Conditions of Initial Credit Extension..........................     45
   4.02  Conditions to all Credit Extensions.............................     46

ARTICLE V. REPRESENTATIONS AND WARRANTIES................................     47
   5.01  Existence, Qualification and Power..............................     47
   5.02  Authorization; No Contravention.................................     47
   5.03  Governmental Authorization; Other Consents......................     47
   5.04  Binding Effect..................................................     48
   5.05  Financial Statements; No Material Adverse Effect................     48
   5.06  Litigation......................................................     48
   5.07  No Default......................................................     48
   5.08  Ownership of Property...........................................     49
   5.09  Environmental Compliance........................................     49
   5.10  Use of Proceeds.................................................     49
   5.11  Taxes...........................................................     49



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   5.12  ERISA Compliance................................................     49
   5.13  Material Subsidiaries...........................................     50
   5.14  Margin Regulations; Investment Company Act......................     50
   5.15  Disclosure......................................................     50
   5.16  Compliance with Laws............................................     50
   5.17  Solvency........................................................     51
   5.18  Intellectual Property; Licenses, Etc............................     51

ARTICLE VI. AFFIRMATIVE COVENANTS........................................     51
   6.01  Financial Statements............................................     51
   6.02  Certificates; Other Information.................................     52
   6.03  Notices.........................................................     54
   6.04  Payment of Obligations..........................................     54
   6.05  Preservation of Existence, Etc..................................     54
   6.06  Maintenance of Properties.......................................     54
   6.07  Maintenance of Insurance........................................     55
   6.08  Compliance with Laws............................................     55
   6.09  Books and Records...............................................     55
   6.10  Inspection Rights...............................................     55
   6.11  Use of Proceeds.................................................     55

ARTICLE VII. NEGATIVE COVENANTS..........................................     55
   7.01  Liens...........................................................     56
   7.02  Investments.....................................................     57
   7.03  Subsidiary Indebtedness.........................................     57
   7.04  Fundamental Changes.............................................     58
   7.05  Restricted Payments.............................................     59
   7.06  Change in Nature of Business....................................     59
   7.07  Transactions with Affiliates....................................     59
   7.08  Subsidiary Agreements and Negative Pledge Clauses...............     59
   7.09  Change of Fiscal Year...........................................     60
   7.10  Financial Covenants.............................................     60

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES.............................     60
   8.01  Events of Default...............................................     60
   8.02  Remedies Upon Event of Default..................................     62
   8.03  Application of Funds............................................     62

ARTICLE IX. ADMINISTRATIVE AGENT.........................................     63
   9.01  Appointment and Authority.......................................     63
   9.02  Rights as a Lender..............................................     64
   9.03  Exculpatory Provisions..........................................     64
   9.04  Reliance by Administrative Agent................................     65
   9.05  Delegation of Duties............................................     65
   9.06  Resignation of Administrative Agent.............................     65
   9.07  Non-Reliance on Administrative Agent and Other Lenders..........     66
   9.08  No Other Duties, Etc............................................     66

ARTICLE X. MISCELLANEOUS.................................................     67
   10.01 Amendments, Etc.................................................     67
   10.02 Notices; Effectiveness; Electronic Communication................     68
   10.03 No Waiver; Cumulative Remedies..................................     70
   10.04 Expenses; Indemnity; Damage Waiver..............................     70



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   10.05 Payments Set Aside..............................................     72
   10.06 Successors and Assigns..........................................     72
   10.07 Treatment of Certain Information; Confidentiality...............     76
   10.08 Right of Setoff.................................................     77
   10.09 Interest Rate Limitation........................................     77
   10.10 Counterparts; Integration; Effectiveness........................     78
   10.11 Survival of Representations and Warranties......................     78
   10.12 Severability....................................................     78
   10.13 Replacement of Lenders..........................................     78
   10.14 Governing Law; Jurisdiction; Etc................................     79
   10.15 Waiver of Jury Trial............................................     80
   10.16 No Advisory or Fiduciary Responsibility.........................     80
   10.17 USA PATRIOT Act Notice..........................................     81

   SIGNATURES............................................................    S-1



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SCHEDULES

   2.01  Commitments and Applicable Percentages
   5.13  Material Subsidiaries
   7.01  Existing Liens
   7.02  Existing Investments
   7.03  Existing Subsidiary Indebtedness
   10.02 Administrative Agent's Office; Certain Addresses for Notices

EXHIBITS

     FORM OF

   A Committed Loan Notice
   B Swing Line Loan Notice
   C Note
   D Compliance Certificate
   E Assignment and Assumption
   F Opinion Matters
   G List of Closing Documents


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                                CREDIT AGREEMENT

     This CREDIT AGREEMENT ("Agreement") is entered into as of June 29, 2007,
among BIOGEN IDEC INC., a Delaware corporation (the "Borrower"), each lender
from time to time party hereto (collectively, the "Lenders" and individually, a
"Lender"), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender
and L/C Issuer.

     The Borrower has requested that the Lenders provide a revolving credit
facility, and the Lenders are willing to do so on the terms and conditions set
forth herein.

     In consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows:

                                   ARTICLE I.
                        DEFINITIONS AND ACCOUNTING TERMS

     1.01 DEFINED TERMS. As used in this Agreement, the following terms shall
have the meanings set forth below:

     "Administrative Agent" means Bank of America in its capacity as
administrative agent under any of the Loan Documents, or any successor
administrative agent.

     "Administrative Agent's Office" means the Administrative Agent's address
and, as appropriate, account as set forth on Schedule 10.02, or such other
address or account as the Administrative Agent may from time to time notify to
the Borrower and the Lenders.

     "Administrative Questionnaire" means an Administrative Questionnaire in a
form supplied by the Administrative Agent.

     "Affiliate" means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified.

     "Aggregate Commitments" means the Commitments of all the Lenders.

     "Agreement" means this Credit Agreement.

     "Applicable Percentage" means with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the Aggregate Commitments
represented by such Lender's Commitment at such time. If the commitment of each
Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02 or if the Aggregate
Commitments have expired, then the Applicable Percentage of each Lender shall be
determined based on the Applicable Percentage of such Lender most recently in
effect, giving effect to any subsequent assignments. The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable.


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     "Applicable Rate" means, from time to time, the following percentages per
annum, based upon the Debt Rating as set forth below:

                         APPLICABLE RATE



                  DEBT RATINGS                     EURODOLLAR RATE +                 UTILIZATION
PRICING LEVEL     S&P/MOODY'S     COMMITMENT FEE   LETTERS OF CREDIT   BASE RATE +       FEE
-------------   ---------------   --------------   -----------------   -----------   -----------
                                                                      
      1         A-/A3 or better        0.06%              0.30%              0%         0.05%
      2            BBB+/Baa1           0.07%              0.35%              0%         0.05%
      3             BBB/Baa2           0.08%              0.45%              0%            0%
      4            BBB-/Baa3           0.11%              0.65%              0%            0%
      5             BB+/Ba1           0.175%             1.125%          0.125%            0%
      6         BB/Ba2 or worse        0.25%              1.50%           0.50%            0%


          "Debt Rating" means, as of any date of determination, the rating as
     determined by either S&P or Moody's (collectively, the "Debt Ratings") of
     the Borrower's non-credit-enhanced, senior unsecured long-term debt;
     provided that (a) if the respective Debt Ratings issued by the foregoing
     rating agencies differ by one level, then the Pricing Level for the higher
     of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1
     being the highest and the Debt Rating for Pricing Level 6 being the
     lowest); (b) if there is a split in Debt Ratings of more than one level,
     then the Pricing Level that is one level higher than the Pricing Level of

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