| To: | Grifols, S.A. Avinguda de la Generalitat, 152-158 Parc de Negocis Can Sant Joan Sant Cugat del Vallès 08174 Barcelona, Spain Grifols Inc. 2410 Lillyvale Avenue Los Angeles, California 90032-3514 |
| (i) | an executed copy of the Indenture, | ||
| (ii) | an executed copy of the first supplemental indenture, dated as of the June 1, 2011 (the “First Supplemental Indenture”), | ||
| (iii) | an executed copy of the second supplemental indenture, dated as of October 4, 2011 (the “Second Supplemental Indenture” and, together with the First Supplemental Indenture, the “Supplemental Indentures”), |
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| (iv) | specimens of the Exchange Guarantees, | ||
| (v) | the incorporation deeds of each of the Spanish Guarantors, each as amended and in effect on the date hereof, and | ||
| (vi) | the bylaws of each of the Spanish Guarantors, each as amended and in effect on the date hereof. |
| (1) | Each Spanish Guarantor is a limited liability company (sociedad anonima) duly incorporated, organized, existing and established under the laws of the Kingdom of Spain. | ||
| (2) | Each Spanish Guarantor has the power and authority under its corresponding incorporation deed (escritura de constitución) and bylaws (estatutos sociales) to enter into the Exchange Guarantee to which it is a party and perform its obligations thereunder, and has duly taken all necessary corporate action required to authorize execution and delivery of the Exchange Guarantee to which it is a party and the performance of its obligations thereunder. |
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| (3) | The entry into, delivery and performance of the obligations under the Exchange Guarantee to which it is a party by each Spanish Guarantor does not violate such Spanish Guarantor’s incorporation deed (escritura de constitución) or bylaws (estatutos sociales) or (ii) any laws of the Kingdom of Spain applicable to such Spanish Guarantor or its properties | ||
| (4) | No consent, approval, authorization, order, regulation, qualification or clearance of or with any court or governmental agency or regulatory body in the Kingdom of Spain having jurisdiction over each Spanish Guarantor or any of their properties or of any stock exchange authorities in the Kingdom of Spain is required for (i) the valid authorization, execution and delivery by each Spanish Guarantor of the Exchange Guarantee to which it is a party, (ii) the issuance and delivery by each Spanish Guarantor of the Exchange Guarantee to which it is party or to make interest and all other payments (including on maturity or early redemption) in United States dollars on the Exchange Notes, or (iii) for the consummation of the transactions contemplated hereby or thereby on the part of each Spanish Guarantor. | ||
| (5) | The choice of the law of the State of New York as the governing law of the Documents is valid and shall be recognized and enforced by the Courts of the Kingdom of Spain. The effectiveness of this choice will be subject to the laws of the State of New York being evidenced to the Spanish courts pursuant to Article 281 of the Civil Procedural Law (Ley de Enjuiciamiento Civil) |
| (A) | Our opinions expressed above are subject to the effects and results of the operations involved in any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally, as well as to any principles of public policy (orden público) | ||
| (B) | The term “enforced” in this opinion means that the obligations assumed by the relevant party under the relevant documents are of a type that the Spanish courts would generally enforce. However, it does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular, enforcement before the Spanish courts will be subject to the following: |
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| (i) | a Spanish court may refuse to give effect to any provision of the Documents on the grounds that such provision conflicts with Spanish public policy (orden público); | ||
| (ii) | the Spanish courts will apply the law subject to the equitable principles and may not grant enforcement in the event that they deem a right has not been exercised in good faith or that it has been exercised in abuse of right (abuso de derecho) and will not enforce an obligation in case of fraud; | ||
| (iii) | a Spanish court may issue and award of damages where specific performance is deemed impracticable; | ||
| (iv) | the validity and performance of contractual obligations may not be left at the discretion of one of the contracting parties as per Article 1,256 of the Civil Code (Código Civil); and | ||
| (v) | a Spanish court may not enforce a contractual provision which requires any party thereto to pay any amounts on the grounds that such provision is a penalty with the meaning of Articles 1,152 et seq. of the Civil Code (Código Civil), which the court considers obviously excessive as a pre-estimate of damages; in this event, the court may reduce the amount of the penalty. |
| (C) | Under the Spanish Procedural Law (Ley de Enjuiciamiento Civil) the rules of evidence in any judicial proceeding cannot be modified by agreement between the parties and, consequently, any provision of the Documents in which determinations, certifications, notifications, opinions or the likely made by the parties are to be deemed conclusive in the absence of manifest error would not be upheld by a Spanish court. The assessment of any evidence provided in any judicial proceeding will correspond to the Spanish court. The admissibility of evidence or supporting documentation before a Spanish court or authorities of any document that is not in the Spanish language may be subject to the provision of an officially sworn translation into Spanish. | ||
| (D) | The laws of the State of New York may not be applied by Spanish courts, pursuant to Articles 12.3 and 12.4 of the Civil Code (Código Civil) and Article 16 of the Rome Convention on the law applicable to contractual obligations, if the Spanish courts determine that the choice in the Documents of the laws of the state of New York has been made with the intent of avoiding the application of mandatory Spanish laws or legal requirements or if the applicable laws of the State of New York were contrary to Spanish public policy. |
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| Jurisdiction of Incorporation or | ||
| Guarantor | Organization | |
Grifols, S.A.
|
Spain | |
Grifols Biologicals Inc.
|
Delaware, United States | |
Biomat USA, Inc.
|
Delaware, United States | |
Grifols Therapeutics Inc.
|
Delaware, United States | |
Talecris Plasma Resources, Inc.
|
Delaware, United States | |
Instituto Grifols, S.A.
|
Spain | |
Diagnostic Grifols, S.A.
|
Spain | |
Movaco, S.A.
|
Spain | |
Laboratorios Grifols, S.A.
|
Spain | |
Grifols Italia, S.p.A.
|
Italy | |
Grifols Deutschland GmbH
|
Germany |