Document:

Fourth Amended and Restated Credit Agreement

 Exhibit 10.1 
  
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
  
 Dated as of March 10, 2004 
  
 by and among 
  
 GOLD KIST INC., 
  
 as Borrower, 
  
 VARIOUS
BANKS, LENDING INSTITUTIONS, 
 AND INSTITUTIONAL INVESTORS 
  
 as Lenders, 
  
 SUNTRUST BANK, 
  
 as Syndication Agent, 
  
 HARRIS TRUST AND SAVINGS BANK 
  
 and ING CAPITAL LLC, 
  
 as Co-Documentation
Agents, 
  
 and 
  
 COÖPERATIEVE CENTRALE 
 RAIFFEISEN-BOERENLEENBANK B.A., 
 “RABOBANK NEDERLAND”, NEW YORK BRANCH, 
  
 as Agent and Sole Lead Arranger 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	 ARTICLE 1
	  	 DEFINITIONS
	  	 
			
	             Section 1.1.
	  	 Definitions
	  	2
	             Section 1.2.
	  	 Accounting Terms
	  	21
	             Section 1.3.
	  	 Use of Defined Terms; Section References
	  	21
			
	 ARTICLE 2
	  	 CREDIT FACILITIES
	  	21
			
	             Section 2.1.
	  	 The Revolving Loans
	  	21
	             Section 2.2.
	  	 Letter of Credit Subfacility
	  	22
			
	 ARTICLE 3
	  	 GENERAL LOAN TERMS
	  	25
			
	             Section 3.1.
	  	 Notes; Repayment of Principal
	  	25
	             Section 3.2.
	  	 Amount Limitations
	  	27
	             Section 3.3.
	  	 Reduction of Commitments
	  	27
	             Section 3.4.
	  	 Interest Rates
	  	27
	             Section 3.5.
	  	 Funding Notices
	  	28
	             Section 3.6.
	  	 Disbursement of Funds
	  	30
	             Section 3.7.
	  	 Interest
	  	31
	             Section 3.8.
	  	 Fees
	  	32
	             Section 3.9.
	  	 Voluntary Prepayments of Revolving Loans
	  	32
	             Section 3.10.
	  	 Payments, etc
	  	33
	             Section 3.11.
	  	 Interest Rate Not Ascertainable, etc
	  	34
	             Section 3.12.
	  	 Illegality
	  	35
	             Section 3.13.
	  	 Increased Costs
	  	35
	             Section 3.14.
	  	 Funding Losses
	  	36
	             Section 3.15.
	  	 Assumptions Concerning Funding of Eurodollar Advances
	  	37
	             Section 3.16.
	  	 Apportionment of Payments
	  	37
	             Section 3.17.
	  	 Sharing of Payments, etc
	  	37
	             Section 3.18.
	  	 Capital Adequacy
	  	37
	             Section 3.19.
	  	 Use of Proceeds
	  	38
	             Section 3.20.
	  	 Collateral
	  	38
			
	 ARTICLE 4
	  	 CONDITIONS TO CLOSING AND EXTENSIONS OF REVOLVING LOANS
	  	38
			
	             Section 4.1.
	  	 Conditions Precedent to Initial Revolving Loans and Letters of Credit
	  	38
	             Section 4.2.
	  	 Conditions to all Revolving Loans and Letters of Credit
	  	40
	             Section 4.3.
	  	 Condition Subsequent to Initial Revolving Loans and Letters of Credit
	  	41
			
	 ARTICLE 5
	  	 REPRESENTATIONS AND WARRANTIES
	  	41

  

 -i- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

			
	             Section 5.1.
	  	 Organization and Qualification
	  	41
	             Section 5.2.
	  	 Financial Statements
	  	42
	             Section 5.3.
	  	 Taxes
	  	42
	             Section 5.4.
	  	 Actions Pending
	  	42
	             Section 5.5.
	  	 Title to Properties
	  	42
	             Section 5.6.
	  	 Regulation U, Etc
	  	42
	             Section 5.7.
	  	 ERISA
	  	43
	             Section 5.8.
	  	 Outstanding Indebtedness
	  	43
	             Section 5.9.
	  	 Conflicting Agreements or Other Matters
	  	43
	             Section 5.10.
	  	 Possession of Franchises, Licenses, Etc
	  	44
	             Section 5.11.
	  	 Governmental Consent
	  	44
	             Section 5.12.
	  	 Disclosure
	  	44
	             Section 5.13.
	  	 Foreign Assets Control Regulations
	  	44
	             Section 5.14.
	  	 Labor Relations
	  	45
	             Section 5.15.
	  	 Authorization and Enforceability of Agreement
	  	45
	             Section 5.16.
	  	 Subsidiaries
	  	45
	             Section 5.17.
	  	 Insurance Coverage
	  	45
	             Section 5.18.
	  	 Investments
	  	45
	             Section 5.19.
	  	 Intercompany Loans; Dividends
	  	45
	             Section 5.20.
	  	 Anti-Terrorism Laws
	  	46
			
	 ARTICLE 6
	  	 AFFIRMATIVE COVENANTS
	  	46
			
	             Section 6.1.
	  	 Financial Statements
	  	46
	             Section 6.2.
	  	 Inspection of Property
	  	48
	             Section 6.3.
	  	 Insurance
	  	48
	             Section 6.4.
	  	 Conduct of Business
	  	48
	             Section 6.5.
	  	 Corporate Existence; Maintenance of Properties
	  	49
	             Section 6.6.
	  	 Environmental Laws
	  	49
	             Section 6.7.
	  	 Taxes
	  	50
	             Section 6.8.
	  	 Keeping of Books; Fiscal Year
	  	50
	             Section 6.9.
	  	 Compliance with Laws and Other Agreements
	  	50
	             Section 6.10.
	  	 Notice of Default
	  	51
	             Section 6.11.
	  	 Notice of Litigation
	  	51
	             Section 6.12.
	  	 ERISA
	  	51
	             Section 6.13.
	  	 Use of Proceeds
	  	51
	             Section 6.14.
	  	 Borrowing Base Certificate/Hedging Position Reports
	  	51
	             Section 6.15.
	  	 Annual Projections
	  	52
	             Section 6.16.
	  	 Excess Cash Flow Amount
	  	52
			
	 ARTICLE 7
	  	 NEGATIVE COVENANTS
	  	52
			
	             Section 7.1.
	  	 Financial Covenants.
	  	52
	             Section 7.2.
	  	 Limitation on Restricted Payments
	  	53

  

 -ii- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

			
	             Section 7.3.
	  	 Liens
	  	53
	             Section 7.4.
	  	 Restrictions on Loans, Advances, Investments, Asset Acquisitions and Contingent Liabilities
	  	54
	             Section 7.5.
	  	 Sale of Stock and Indebtedness of Subsidiaries
	  	55
	             Section 7.6.
	  	 Merger and Sale of Assets
	  	56
	             Section 7.7.
	  	 Sale and Lease-Back
	  	57
	             Section 7.8.
	  	 Sale or Discount of Receivables
	  	57
	             Section 7.9.
	  	 Hedging Contracts
	  	57
	             Section 7.10.
	  	 Issuance of Stock by Subsidiaries
	  	57
	             Section 7.11.
	  	 Capital Expenditures
	  	58
	             Section 7.12.
	  	 Indebtedness for Money Borrowed
	  	58
	             Section 7.13.
	  	 Transactions with Affiliates
	  	58
	             Section 7.14.
	  	 Creation of Subsidiaries
	  	58
	             Section 7.15.
	  	 Amendments
	  	59
	             Section 7.16.
	  	 Anti-Terrorism Laws
	  	59
	             Section 7.17.
	  	 Pledged Deposit Account
	  	59
			
	 ARTICLE 8
	  	 EVENTS OF DEFAULT AND REMEDIES
	  	59
			
	             Section 8.1.
	  	 Events of Default
	  	59
	             Section 8.2.
	  	 Remedies on Default
	  	62
			
	 ARTICLE 9
	  	 THE AGENT
	  	63
			
	             Section 9.1.
	  	 Appointment and Authorization
	  	63
	             Section 9.2.
	  	 Nature of Duties of the Agent
	  	63
	             Section 9.3.
	  	 Lack of Reliance on the Agent
	  	64
	             Section 9.4.
	  	 Certain Rights of the Agent
	  	64
	             Section 9.5.
	  	 Liability of the Agent
	  	65
	             Section 9.6.
	  	 Indemnification
	  	66
	             Section 9.7.
	  	 Agent and Its Affiliates
	  	66
	             Section 9.8.
	  	 Successor Agent
	  	67
	             Section 9.9.
	  	 Agent May File Proofs of Claim
	  	67
	             Section 9.10.
	  	 Release of Collateral
	  	67
	             Section 9.11.
	  	 Syndication Agent and Co-Documentation Agents
	  	68
			
	 ARTICLE 10
	  	 MISCELLANEOUS
	  	68
			
	             Section 10.1.
	  	 Notices
	  	68
	             Section 10.2.
	  	 Amendments, Etc
	  	68
	             Section 10.3.
	  	 No Waiver; Remedies Cumulative
	  	69
	             Section 10.4.
	  	 Payment of Expenses, Etc
	  	69
	             Section 10.5.
	  	 Benefit of Agreement
	  	71
	             Section 10.6.
	  	 Governing Law; Submission to Jurisdiction, Etc
	  	73

  

 -iii- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

			
	             Section 10.7.
	  	 Independent Nature of the Lenders’ Rights
	  	74
	             Section 10.8.
	  	 Counterparts
	  	74
	             Section 10.9.
	  	 Effectiveness; Survival
	  	74
	             Section 10.10.
	  	 Severability
	  	74
	             Section 10.11.
	  	 Independence of Covenants
	  	74
	             Section 10.12.
	  	 Change in Accounting Principles, Fiscal Year or Tax Laws
	  	74
	             Section 10.13.
	  	 Headings Descriptive; Entire Agreement
	  	75
	             Section 10.14.
	  	 Time is of the Essence
	  	75
	             Section 10.15.
	  	 Usury
	  	75
	             Section 10.16.
	  	 Construction
	  	75
	             Section 10.17.
	  	 Loan Documents
	  	75

  

 -iv- 

							
	Exhibits:	  	 	  	 	  	 
				
	            Exhibit A	  	–	  	 Form of Note
	  	 
	            Exhibit B	  	–	  	 Form of Notice of Borrowing
	  	 
	            Exhibit C	  	–	  	 Form of Notice of Continuation/Conversion
	  	 
	            Exhibit D	  	–	  	 Form of Opinion of Special Counsel
	  	 
	            Exhibit E	  	–	  	 Form of Opinion of General Counsel
	  	 
	            Exhibit F	  	–	  	 Form of Assignment and Acceptance
	  	 
	            Exhibit G	  	–	  	 Form of Borrowing Base Certificate
	  	 
	            Exhibit H	  	–	  	 Form of Subsidiary Guaranty
	  	 
	            Exhibit I	  	–	  	 Form of Contribution Agreement
	  	 
	            Exhibit J	  	–	  	 Form of Security Agreement
	  	 
	            Exhibit K	  	–	  	 Form of Notice of Request for Letter of Credit
	  	 
				
	Schedules:	  	 	  	 	  	 
				
	            Schedule L-1	  	–	  	 Loan Parties as of the Closing Date
	  	 
	            Schedule R-1	  	–	  	 Real Property
	  	 
	            Schedule S-1	  	–	  	 Subordinated Debt
	  	 
	            Schedule 2.2	  	–	  	 Existing Letters of Credit
	  	 
	            Schedule 5.4	  	–	  	 Actions Pending
	  	 
	            Schedule 5.6	  	–	  	 Margin Stock Owned
	  	 
	            Schedule 5.8	  	–	  	 Obligations for Borrowed Money
	  	 
	            Schedule 5.9	  	–	  	 Conflicting Agreements
	  	 
	            Schedule 5.14	  	–	  	 Labor Relations
	  	 
	            Schedule 5.16	  	–	  	 Subsidiaries and Affiliates
	  	 
	            Schedule 7.3	  	–	  	 Liens Existing Prior to the Date of this Agreement
	  	 
	            Schedule 7.4	  	–	  	 Investments
	  	 

  

 -i- 

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
  
 THIS FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 10,
2004, is made and entered into by and among GOLD KIST INC., a cooperative marketing association organized and existing under the laws of the State of Georgia (the “Borrower”), various banks and other lending institutions and
institutional investors as are, or may from time to time become, parties hereto (collectively, the “Lenders” and individually, a “Lender”), SUNTRUST BANK, as Syndication Agent (the “Syndication
Agent”), HARRIS TRUST AND SAVINGS BANK and ING CAPITAL LLC, as Co-Documentation Agents (collectively, the “Co-Documentation Agents”), and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK
NEDERLAND”, NEW YORK BRANCH, as Agent for the Lenders and sole lead arranger. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower, Rabobank and certain of the Lenders hereto are parties to that certain Third Amended and Restated Credit Agreement dated as of
September 27, 2002 (the “Existing Credit Agreement”); 
  
 WHEREAS, the parties desire to enter into this Fourth Amended and Restated Credit Agreement to make certain amendments to the Existing Credit Agreement; and 
  
 WHEREAS, the Borrower acknowledges and agrees that the security interests granted to Rabobank, as agent under the Existing
Credit Agreement, pursuant to the Existing Credit Agreement and the other Loan Documents (as defined in the Existing Credit Agreement) shall remain outstanding and in full force and effect in accordance with the Existing Credit Agreement (except to
the extent modified on the Closing Date) and such other Loan Documents and shall continue to secure the Obligations (as defined herein); and 
  
 WHEREAS, each of the Borrower, the Agent, and the Lenders (as defined herein) acknowledges and agrees that: (a) the advances of Revolving Loans (as such
term is defined herein) on the date hereof represent, among other things, the amendment, restatement, renewal, extension, consolidation and modification of the Revolving Loans (as defined in the Existing Credit Agreement) arising in connection with
the Existing Credit Agreement and the other Loan Documents (as defined in the Existing Credit Agreement) executed in connection therewith; (b) the Borrower, the Agent and the Lenders intend that the Existing Credit Agreement and the other Loan
Documents (as defined in the Existing Credit Agreement) executed in connection therewith and the collateral pledged thereunder shall secure, without interruption or impairment of any kind, all existing Advances (as defined in the Existing Credit
Agreement) under the Existing Credit Agreement and the other Loan Documents (as defined in the Existing Credit Agreement) executed in connection therewith as amended, restated, renewed, extended, consolidated and modified hereunder, together with
all Revolving Loans (as defined herein) hereunder; (c) all Liens (as defined in the Existing Credit Agreement) evidenced by the Existing Credit Agreement and the other Loan Documents (as defined in the Existing Credit Agreement) executed in
connection therewith are hereby ratified, confirmed and continued; (d) this Agreement is 

 intended to restate, renew, extend, consolidate, amend and modify the Existing Credit Agreement; and (e) the Loan
Documents (as defined in the Existing Credit Agreement) (other than the Existing Credit Agreement, which is hereby being restated, renewed, extended, amended and modified) shall remain extant and in full force and effect (except to the extent
amended, modified or restated as of the date hereof); and 
  
 WHEREAS, each of the Borrower, the Agent and the Lenders intend that (a) the provisions of the Existing Credit Agreement be hereby superseded and replaced by the provisions hereof; and (b) by entering into and performing their respective
obligations hereunder, this transaction shall not constitute a novation. 
  
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants herein set forth and other good and valuable consideration, the receipt and adequacy of all of the foregoing as legally sufficient
consideration being hereby acknowledged, the Borrower, the Agent and the Lenders do hereby agree that the Existing Credit Agreement is amended and restated in its entirety, and agree, as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 Section 1.1. Definitions. In addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified
(to be equally applicable to both the singular and plural forms of the terms defined herein): 
  
 “Affiliate” shall mean, with respect to any Person, a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed
to be “controlled by” any other Person if such other Person possesses, directly or indirectly, the power (a) to vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) to direct
or cause the direction of the management and policies of such corporation, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Agent” shall mean Rabobank, as agent for the Lenders hereunder and under the other Loan Documents, and each successor agent appointed in
accordance with Section 9.8. 
  
 “Agreement”
shall mean this Fourth Amended and Restated Credit Agreement, either as originally executed or as it may be from time to time supplemented, amended, restated, renewed, extended or otherwise modified. 
  
 “Anti-Terrorism Laws” shall mean any laws relating to
terrorism or money laundering, including Executive Order No. 13224 and the USA Patriot Act. 
  

 2 

 “Applicable Margin” shall mean, with respect to the Revolving Loans and the Commitment
Fee, on a per annum basis, the percentage designated below under the applicable column heading and corresponding to the Senior Debt Coverage Ratio: 
  

							
	 Senior
 Debt Coverage Ratio
	  	Revolving Loans

	 	Commitment Fee

	 	  	 Applicable Margin
 for Base Rate
 Advances

	 	 Applicable Margin
 for Eurodollar
 Advances

	 	 
				
	 Greater than or equal to 4.00 to 1.00
	  	2.000%	 	3.250%	 	0.600%
	 Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00
	  	1.750%	 	3.000%	 	0.575%
	 Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00
	  	1.500%	 	2.750%	 	0.550%
	 Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00
	  	1.250%	 	2.500%	 	0.525%
	 Less than 2.50 to 1.00
	  	1.000%	 	2.250%	 	0.500%

  
 The Applicable Margin for the
Revolving Loans and the Commitment Fee shall be determined quarterly (and the rate determined at that time shall apply until the next quarterly determination) based upon the Senior Debt Coverage Ratio, determined pursuant to the financial statements
delivered to the Lenders pursuant to Section 6.1(a) or Section 6.1(b), as the case may be, with such Applicable Margin to be effective with respect to calculations based upon such financial statements as of the first day of the second fiscal quarter
immediately following the fiscal quarter for which such financial statements are delivered; provided, during the period commencing on the Closing Date, through and including the date six months after the Closing Date, the Applicable Margins
will be 1.500% with respect to Base Rate Advances, 2.750% with respect to Eurodollar Advances and 0.550% with respect to the Commitment Fee. Notwithstanding the foregoing, in the event that the financial statements required to be delivered pursuant
to Section 6.1(a) and Section 6.1(b), as applicable, and the related compliance certificate required to be delivered in connection therewith, are not delivered when due, then (x) if such financial statements and certificate are delivered after the
date such financial statements and certificate were required to be delivered and the Applicable Margin increases from that previously in effect as a result of the delivery of such financial statements, then the Applicable Margin during the period
from the date upon which such financial statements were required to be delivered until the date upon which they actually are delivered shall be the Applicable Margin as so increased, and (y) if such financial statements and certificate are delivered
after the date such financial statements and certificate were required to be delivered and the Applicable Margin decreases from that previously in effect as a result of the delivery of such financial statements, then such decrease in the Applicable
Margin shall not become applicable until the date upon which the financial statements and certificate are actually delivered. 
  

 3 

 “Assignment and Acceptance” shall mean an assignment and acceptance agreement entered
into by a Lender and an Eligible Assignee in accordance with the terms and conditions of this Agreement and substantially in the form of Exhibit F. 
  
 “Authority” shall mean any Federal, state or local governmental authority, central bank or any agency or instrumentality thereof.

  
 “Bankruptcy Code” shall mean Title 11 of the
United States Code (11 U.S.C. § 101 et seq.) as amended, modified, succeeded or replaced from time to time. 
  
 “Base Rate” shall mean the higher of (a) the Rabobank Base Rate, or (b) the Federal Funds Rate plus 0.50% per annum. 
  
 “Base Rate Advance” shall mean any Revolving Loan hereunder
that bears interest based on the Base Rate. 
  
 “Base Rate
Borrowing” shall mean any Borrowing hereunder that bears interest based on the Base Rate. 
  
 “Blocked Person” shall have the meaning set forth in Section 5.20(b). 
  
 “Borrowing” shall mean the incurrence by the Borrower of Revolving Loans of one Type concurrently having
the same Interest Period or the continuation or conversion of an existing Borrowing or Borrowings in whole or in part. 
  
 “Borrowing Base” shall mean, as of the end of any accounting month, an amount equal to the sum of: (a) 80% of all Eligible Receivables as
of such date of determination; plus (b) 55% of Eligible Inventory (other than raw materials, corn and soybeans) as of such date of determination; plus (c) 50% of all raw materials (other than supplies) that constitute Eligible Inventory as of such
date of determination; plus (d) 70% of all corn and soybeans that constitute Eligible Inventory as of such date of determination; plus (e) 60% of the value of Borrower’s Broilers that constitute Eligible Inventory (excluding clause (c) from the
definition thereof), valued at the lower of cost or market, less any amounts due growers for services in respect of Borrower’s Broilers; plus (f) $0.50 for each of the Borrower’s Breeder Chickens that constitute Eligible Inventory
(excluding clause (c) from the definition thereof). 
  
 “Borrowing Base Certificate” shall mean a certificate, duly executed by the chief financial officer, chief accounting officer or treasurer of the Borrower, appropriately completed and substantially in the form of Exhibit
G. 
  
 “Breeder Chickens” shall mean chickens
used primarily for breeding purposes and not held primarily for sale. 
  
 “Broilers” shall mean those chickens the Borrower intends to process for sale. 
  

 4 

 “Business Day” shall mean, (a) with respect to Eurodollar Borrowings, any day other than
a Saturday or Sunday or a day on which commercial banks are required or permitted to be closed for domestic and international business, including dealings in Dollar deposits, in London, England, New York, New York, or Atlanta, Georgia and (b) with
respect to all other Borrowings and as used in all other contexts, any day other than a Saturday or Sunday or a day on which commercial banks are required or permitted to be closed for business in Atlanta, Georgia or New York, New York. 

 
 “Capital Asset” shall mean fixed assets, both tangible
and intangible; provided that Capital Asset shall not include any item customarily charged directly to expense or depreciated over a useful life of 12 months or less in accordance with GAAP, and shall not include any goodwill created on the
balance sheet of the Borrower from the purchase of the common stock of Golden Poultry Company, Inc. 
  
 “Capital Expenditures” shall mean amounts paid or indebtedness incurred by the Borrower or any of its Subsidiaries in connection with the
purchase or lease by the Borrower or any of its Subsidiaries of Capital Assets that would be required to be capitalized and shown on the balance sheet of such Person in accordance with GAAP. 
  
 “Capital Expenditure Carry Forward Amount” shall mean, to
the extent positive, for any fiscal year, a carry forward amount equal to $75,000,000 less the aggregate amount of Capital Expenditures made pursuant to Section 7.11 in the immediately preceding fiscal year. 
  
 “Capital Lease” shall mean any lease or rental of real or
personal property which, under GAAP, is or will be required to be capitalized on the balance sheet of the Borrower or any Subsidiary, taken at the amount thereof accounted for as indebtedness (net of interest expense) in accordance with such
principles. 
  
 “Change of Control” shall mean
the occurrence of any of the following events: 
  
 (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this
clause (a) such person shall be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of
more than 35% of the total voting power of the Voting Stock of the Borrower (for the purposes of this clause (a), any person shall be deemed to beneficially own any Voting Stock of an entity (the “specified entity”) held by any other
entity (the “parent entity”), if such other person is the beneficial owner (as defined in this clause (a)), directly or indirectly, of more than 35% of the voting power of the Voting Stock of such parent entity); 
  
 (b) at any time after the Conversion Date, individuals who
on the Conversion Date constituted the Board of Directors (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Borrower was approved by a vote of the majority of the
directors of the Borrower then still in office who were either directors on the Conversion Date or whose election or nomination for election was previously so approved) of the Borrower cease for any reason to constitute a majority of the Board of
Directors of the Borrower then in office; 
  

 5 

 (c) the adoption of a plan relating to the liquidation or dissolution of the Borrower;

  
 (d) the merger or consolidation of the
Borrower with or into another Person or the merger of another Person with or into the Borrower, or the sale of all or substantially all the assets of the Borrower (determined on a consolidated basis) to another Person other than a transaction
following which (i) in the case of a merger or consolidation transaction, such transaction is otherwise permitted hereunder and holders of securities that represented 100% of the Voting Stock of the Borrower immediately prior to such transaction (or
other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or
consolidation transaction immediately after such transaction and in substantially the same proportion as before the transaction and (ii) in the case of a sale of assets transaction, such transaction is otherwise permitted hereunder and each
transferee becomes a Loan Party and a Subsidiary of the transferor of such assets; or 
  
 (e) any “Change of Control” (as defined in the Senior Unsecured Note Indenture) under the Senior Unsecured Note Documents.

  
 “Closing Date” shall mean the date which this
Agreement is dated. 
  
 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral” shall have the meaning set forth in Section 3.20. 
  
 “Collateral Agent” shall have the meaning set forth in the Intercreditor Agreement. 
  
 “Collateral Documents” shall mean the Security Agreement, the Contribution Agreement, the Blocked Account Control Agreement (as defined
in the Security Agreement) and the Real Property Mortgages. 
  
 “Commitment” shall mean, at any time for any Lender, the amount set forth opposite such Lender’s name on the signature pages hereof under the heading “Commitment”, as the same may be increased or decreased
from time to time as a result of any reduction thereof pursuant to Section 3.3, any assignment thereof pursuant to Section 10.5 or any amendment thereof pursuant to Section 10.2, and “Commitments” shall mean the aggregate Commitments of
all of the Lenders. 
  
 “Commitment Fee” shall
mean the fee payable by the Borrower pursuant to Section 3.9(b). 
  
 “Consolidated Assets” shall mean all assets of the Borrower and its Subsidiaries, consolidated in accordance with GAAP. 
  

 6 

 “Consolidated Capital Assets” shall mean all Capital Assets of the Borrower and its
Subsidiaries, consolidated in accordance with GAAP. 
  
 “Consolidated Current Assets” shall mean the current assets of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Current Liabilities” shall mean the current liabilities of the Borrower and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Interest Expense” shall mean, for any period, total interest expense for such period of the Borrower and its Subsidiaries (including, without limitation, interest expense attributable to Capital Leases in
accordance with GAAP, all commissions, discounts and other fees and charges owed with respect to bankers’ acceptance financing, and total interest expense (whether shown as interest expense or as loss and expenses on sale of receivables) under
a receivables purchase facility) determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Net Earnings” shall mean consolidated gross revenues of the Borrower and its Subsidiaries before extraordinary items (but after giving effect to the credit resulting from any tax loss
carry forwards) less all operating and non-operating expenses of the Borrower and its Subsidiaries including all charges of a proper character (including current and deferred taxes on income and current additions to reserves), but not including in
gross revenues any gains (net of expenses and taxes applicable thereto) in excess of losses resulting from the sale, conversion or other disposition of capital assets (i.e., assets other than current assets), any gains resulting from the write-up of
assets, or any earnings of any Person acquired by the Borrower or any Subsidiary through purchase, merger or consolidation or otherwise for any year prior to the year of acquisition, or any deferred credit representing the excess of equity in any
Subsidiary at the date of acquisition over the cost of investment in such Subsidiary, all determined in accordance with GAAP. 
  
 “Consolidated Net Worth” shall mean the net worth of the Borrower and its Subsidiaries, consolidated in accordance with GAAP. 

 
 “Consolidated Senior Debt” shall mean the sum of (a)
Consolidated Total Debt, less (b) any amounts outstanding under any Subordinated Debt of the Borrower (to the extent included in Consolidated Total Debt), less (c) any obligations with respect to letters of credit issued for the account of the
Borrower or any of its Subsidiaries in the ordinary course of business to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, to the extent such drawing is reimbursed no later than the tenth Business Day
following receipt by the Borrower or such Subsidiary of a demand for reimbursement thereunder, and less (d) any other Consolidated Total Debt subordinated to the repayment of the Borrower’s obligations to the Lenders in form and substance
satisfactory to the Agent. 
  
 “Consolidated Tangible Net
Worth” shall mean Consolidated Net Worth, less the Intangible Assets of the Borrower and its Subsidiaries, but including the goodwill (as reflected on the Borrower’s financial statements delivered pursuant to Section 6.1 from time to
time but not to exceed $23,900,000) created in connection with the acquisition by the Borrower of the outstanding equity of Golden Poultry Company, Inc. in September, 1997. 
  

 7 

 “Consolidated Total Debt” shall mean (a) Total Debt of the Borrower and its
Subsidiaries, plus (b) the Total Debt of any other Person which (i) has been guaranteed by the Borrower or any Subsidiary or (ii) is supported by a letter of credit issued for the account of the Borrower or any Subsidiary, all consolidated in
accordance with GAAP. 
  
 “Contribution
Agreement” shall mean that certain Third Amended and Restated Contribution Agreement substantially in the form of Exhibit I, either as originally executed or as it may be from time to time supplemented, amended, restated, renewed,
extended or otherwise modified. 
  
 “Conversion
Date” shall mean the date on which the Borrower consummates a transaction (or series of transactions) pursuant to which the status of the Borrower is changed to a for-profit corporation and the Borrower ceases to have the status of a
cooperative under Subchapter T of the Code. 
  
 “Default” shall mean any event that, with notice or lapse of time or both, would constitute an Event of Default. 
  
 “Dollar” and the sign “$” shall mean lawful money of the United States of America. 
  
 “EBITDA” shall mean for the Borrower and the Subsidiaries,
for any period, an amount equal to (a) the sum for each period of (i) Consolidated Net Earnings plus (ii) to the extent subtracted in determining such Consolidated Net Earnings, (x) provisions for taxes based on income and Consolidated
Interest Expense, and (y) depreciation and amortization of assets for such period, minus (b) any items of gain, or plus any items of loss, which were included in determining such Consolidated Net Earnings and were (i) not realized in
the ordinary course of business or (ii) the result of any sale of assets. 
  
 “Eligible Assignee” shall mean (a) a commercial finance or asset based lending institution having total assets in excess of $1,000,000,000 or any commercial finance or asset based lending Affiliate of
any such Person, or (b) any Lender or any Affiliate of any Lender. 
  
 “Eligible Inventory” shall mean the gross amount of the Borrower’s inventory (valued at the lower of cost or market and without adjustment for reserves for items of inventory which are accounted for on a last-in,
first-out basis) that conforms to the representations and warranties contained herein and in the Security Agreement and which at all times continue to be acceptable to the Required Lenders in the exercise of their reasonable business judgment
less (a) any work-in-process, (b) supplies (other than raw materials), (c) live hogs or live chickens, (d) goods not present in the United States of America, (e) goods returned or rejected by the Borrower’s customers other than goods
that are undamaged and resalable in the normal course of business, (f) goods to be returned to the Borrower’s suppliers, (g) goods in transit to third parties (other than the Borrower’s agents or warehouses), and (h) any reserves required
by the Required Lenders in their reasonable business judgment for special order goods, market value declines and bill and hold (deferred shipment) or consignment sales. 
  
 “Eligible Receivables” shall mean the gross amount of the Borrower’s accounts receivable that conform
to the representations and warranties contained herein and in the Security Agreement and at all times continue to be acceptable to the Required Lenders in the 
  

 8 

 exercise of their reasonable business judgment, less, without duplication, the sum of (a) any returns, discounts,
claims, credits and allowances of any nature (whether issued, owing, granted or outstanding), (b) the gross amount of any account receivable that: (i) arises from sales to the United States of America or to any agency, department or division thereof
unless payment therefor is secured to the Lenders pursuant to compliance with the United States Assignment of Claims Act or is otherwise acceptable to the Lenders, to the extent that such receivable, when aggregated with all similar such receivables
that are deemed Eligible Receivables, exceeds in the aggregate $10,000,000 in face amount; (ii) arises from foreign sales other than sales secured by letters of credit (in form and substance satisfactory to the Required Lenders) issued or confirmed
by, and payable at, banks having a place of business in the United States of America and payable in United States currency; (iii) remains unpaid more than 90 days from invoice date; (iv) has a contra account; (v) arises from sales to any Subsidiary,
or to any Affiliate; (vi) arises from bill and hold (deferred shipment) sales, or consignment sales; (vii) arises from sales to any customer which is (A) insolvent, (B) the debtor in any bankruptcy, insolvency, arrangement, reorganization,
receivership or similar proceedings under any federal or state law, (C) negotiating, or has called a meeting of its creditors for purposes of negotiating, a compromise of its debts or (D) financially unacceptable to the Required Lenders or has a
credit rating unacceptable to the Required Lenders; (viii) arises from sales to any customer if 50% or more of either (A) all outstanding invoices of such customer or (B) the aggregate dollar amount of all outstanding invoices of such customer are
unpaid more than 90 days from invoice date; (ix) is evidenced by a promissory note or other instrument; or (x) is deemed ineligible for any other reasons deemed necessary by the Required Lenders in their reasonable business judgment and which are
customary either in the commercial finance industry or in the lending practices of the Required Lenders, and (c) an amount representing, historically, returns, discounts, claims, credits, and allowances. 
  
 “Environmental Laws” shall mean all federal, state, local
and foreign statutes and codes or regulations, rules or ordinances issued, promulgated, or approved thereunder, now or hereafter in effect (including, without limitation, those with respect to asbestos or asbestos containing material or exposure to
asbestos or asbestos containing material), relating to pollution or protection of the environment and relating to public health and safety, relating to (a) emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals
or industrial toxic or hazardous constituents, substances or wastes, including, without limitation, any Hazardous Substances, petroleum, including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances
regulated by any Environmental Law into the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata), or (b) the manufacture, processing, distribution, use, generation, treatment,
storage, disposal, transport or handling of any Hazardous Substances, petroleum, including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances regulated by any Environmental Law, or (c) underground
storage tanks and related piping, and emissions, discharges and releases or threatened releases therefrom, such Environmental Laws to include, without limitation, (i) the Clean Air Act (42 U.S.C. § 7401 et seq.), (ii) the Clean
Water Act (33 U.S.C. § 1251 et seq.), (iii) the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), (iv) the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), and (v) the
Comprehensive Environmental Response Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (42 U.S.C. § 9601 et seq.). 
  

 9 

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

  
 “ERISA Affiliate” shall mean any trade or
business (whether incorporated or unincorporated) which is a member of a group described in Section 414(c) of the Code, of which the Borrower is also a member. 
  

“Eurodollar Advance” shall mean any Revolving Loan hereunder which bears interest based on LIBOR. 
  
 “Eurodollar Borrowing” shall mean any Borrowing hereunder
which bears interest based on LIBOR. 
  
 “Event of
Default” shall have the meaning set forth in Article 8. 
  
 “Excess Cash Flow Amount” shall have the meaning set forth in the Senior Unsecured Note Indenture. 
  
 “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended from time to time. 
  
 “Executive Order No. 13224” shall mean Executive Order No.
13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
  
 “Existing Credit Agreement” shall have the meaning set forth in the recitals to this Agreement. 
  
 “Existing L/Cs” has the meaning set forth in Section 2.2(a).

  
 “Federal Funds Rate” shall mean for any
period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for
such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent. 
  
 “Fee Letter” shall mean the fee letter dated as of even date herewith addressed by Rabobank to the Borrower and accepted and agreed to by
the Borrower. 
  
 “Fixed Charge Coverage Ratio”
shall mean, as of the last day of any fiscal quarter, the ratio of (a) EBITDA for the 4 fiscal quarter period then ended, to (b) the sum of (i) Consolidated Interest Expense for the 4 fiscal quarter period then ended, and (ii) the aggregate
scheduled principal amount of Indebtedness for Money Borrowed (other than the Revolving Loans) to be paid within 1 year after the last day of such fiscal quarter. 
  

 10 

 “GAAP” shall mean generally accepted accounting principles as set forth in statements
from Auditing Standards No. 69 issued by the Auditing Standards Board of the American Institute of Certified Public Accountants as well as statements and pronouncements of the Financial Accounting Standards Board that are applicable, in each case as
such principles are supplemented and amended from time to time. 
  
 “GC Properties” shall mean GC Properties, a general partnership formed under the laws of the State of Georgia, with the Borrower and Cotton States Insurance Companies acting as the general partners. 
  
 “GK Finance” shall mean GK Finance Corporation, a
corporation organized and existing under the laws of the State of Delaware, which is a wholly-owned Subsidiary of the Borrower. 
  
 “Guaranty” shall mean any contractual obligation, contingent or otherwise, of a Person with respect to any Indebtedness or other
obligation or liability of another Person, including, without limitation, any such Indebtedness, obligation or liability directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which
that Person is otherwise directly or indirectly liable, including contractual obligations (contingent or otherwise) arising through any agreement to purchase, repurchase, or otherwise acquire such Indebtedness, obligation or liability or any
security therefor, or any agreement to provide funds for the payment or discharge thereof (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, or other
financial condition, or to make any payment other than for value received. The amount of any Guaranty shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty is made or,
if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 
  
 “Hazardous Substances” shall have the meaning assigned to
that term in the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Acts of 1986. 
  
 “Hedging Contracts” shall mean any forward contracts (whether executed through a broker or directly with
the buyer or seller), futures contracts, option contracts, foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and
arrangements entered into by any Person designed to protect against fluctuations in either foreign exchange rates, interest rates, or commodity prices. 
  
 “Hedging Position Report” shall mean a report, in form and substance as agreed to by the Borrower and the Agent, on the Borrower’s
Hedging Contracts. 
  
 “Indebtedness” of any
Person shall mean, without duplication: (a) all obligations of such Person which in accordance with GAAP would be shown on the balance sheet of such Person as a liability (including, without limitation, obligations for borrowed money and for the
deferred purchase price of property or services, obligations evidenced by bonds, debentures, notes or other similar instruments, and such Person’s pro-rata share of any obligations of a general 
  

 11 

 partnership in which such Person is the general partner); (b) all rental obligations under leases required to be
capitalized under GAAP; (c) all Guaranties of such Person (including contingent reimbursement obligations under undrawn letters of credit); (d) Indebtedness of others secured by any Lien upon property owned by such Person, whether or not assumed;
and (e) obligations or other liabilities under Hedging Contracts, or similar agreements or combinations thereof which are disclosed as liabilities on the balance sheet of such Person in accordance with GAAP. 
  
 “Indemnitee” shall have the meaning set forth in Section
10.4(c). 
  
 “Intangible Assets” of a Person,
shall mean the non-current, non-physical assets of such Person that entitle such Person to certain legal rights or competitive advantages, and shall include copyrights, trademarks, tradenames and other intellectual property, franchises, goodwill (to
the extent positive), organizational costs, licenses and permits, and, in connection with the Borrower, shall include the SSC Securities but shall exclude any accrual, reserve or entry for deferred pension obligations in an aggregate amount not to
exceed $15,000,000 at any time. 
  
 “Intercreditor
Agreement” shall mean that certain Third Amended and Restated Intercreditor Agreement dated as of even date herewith among Rabobank, as the Agent and as collateral agent, and the other Secured Parties (as defined in the Security Agreement),
either as originally executed or as it may be from time to time supplemented, amended, restated, renewed, extended or otherwise modified. 
  
 “Interest Period” shall mean, with respect to any Eurodollar Borrowing, a period of 1, 2, 3 or 6 months; provided that (a) the
first day of an Interest Period must be a Business Day, (b) an Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar
month, in which case the Interest Period shall end on the next preceding Business Day, (c) any Interest Period in respect of a Eurodollar Borrowing which begins on a day for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period shall expire on the last Business Day of such calendar month, and (d) the Borrower may not elect an Interest Period which would extend beyond the Maturity Date. 
  
 “IntraLinks” shall mean IntraLinks, Inc. or any other
digital workspace provider selected by the Agent from time to time after notice to the Borrower. 
  
 “ISP” shall have the meaning set forth in Section 2.2(f). 
  
 “L/C Cash Collateral Account” shall have the meaning set forth in Section 8.2(c). 
  
 “L/C Issuer” shall mean Rabobank and its successors and
assigns hereunder as issuer of Letters of Credit for the account of the Borrower. 
  
 “L/C Related Documents” shall have the meaning set forth in Section 2.2(g). 
  
 “Letter of Credit” shall mean any standby Letter of Credit issued by the L/C Issuer hereunder as requested by the Borrower in accordance
with the terms of Section 2.2. 
  

 12 

 “Letter of Credit Commitment” shall mean the commitment of the L/C Issuer to issue, in
accordance with the terms hereof, and to honor payment obligations under, Letters of Credit hereunder, in an aggregate amount not to exceed $60,000,000, as such amount may be reduced from time to time in accordance with the provisions hereof, and
with respect to each Lender, the commitment of each Lender to purchase participation interests in the Letters of Credit based upon its respective Pro Rata Share. 
  
 “Letter of Credit Documents” shall mean, with respect to any Letter of Credit, such Letter of Credit, any
amendments thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or
providing for (a) the rights and obligations of the parties concerned or at risk or (b) any collateral security for such obligations. 
  
 “Letter of Credit Fee” shall have the meaning given such term in Section 3.8(c). 
  
 “Letter of Credit Obligations” shall mean, at any time, the
sum of (a) the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit plus
(b) the aggregate amount of all drawings under Letters of Credit honored by the L/C Issuer but not theretofore reimbursed. 
  
 “Letter of Credit Participation Interest” shall mean the purchase by a Lender of a participation in Letter of Credit Obligations as
provided in Section 2.2(c). 
  
 “LIBOR” shall
mean, with respect to any Interest Period, for any Eurodollar Advances, the rate per annum equal to the sum of the rate obtained by dividing (a) the offered rate for deposits for a period comparable to the Interest Period and in an amount comparable
to the Agent’s portion of such Eurodollar Advances appearing on Bloomberg page BBAM, pg. 1 (Official BBA Libor fixings), as of 11:00 A.M. (London, England time) on the day that is 2 Business Days prior to the first day of the Interest Period by
(b) a percentage equal to 1 minus the then stated maximum rate (stated as a decimal) of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves) applicable to any member bank of the
Federal Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or against any successor category of liabilities as defined in Regulation D). If the foregoing rate is unavailable from Bloomberg for any reason, then such
rate shall be determined by the Agent from any other interest rate reporting service of recognized standing designated in writing by the Agent to the Borrower and the other Lenders. If two or more rates appear on such Bloomberg page, then the rate
per annum for that Interest Period shall be the arithmetic average of such rates. In any case, such rate shall be rounded, if necessary, to the next higher 1/16 of one percent if the rate is not such a multiple. 
  
 “Lien” shall mean any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any written agreement to give any of the foregoing, any conditional sale or other title retention agreement, any lease in the nature thereof, and the filing of or agreement to give any financing
statement under the Uniform Commercial Code of any jurisdiction). 
  

 13 

 “Loan Documents” shall mean and include, as the context requires, this Agreement, the
Notes, the Collateral Documents, the Subsidiary Guaranty, the Intercreditor Agreement, the Fee Letter, the Letter of Credit Documents and any and all other instruments, agreements, documents and writings contemplated hereby or executed in connection
herewith. 
  
 “Loan Party” shall mean the
Borrower and each wholly-owned Subsidiary of the Borrower whose Stock is pledged to the Collateral Agent pursuant to the Security Agreement (or a supplement thereto) and that has executed and delivered to the Agent the Subsidiary Guaranty (or a
supplement thereto) and the Security Agreement (or a supplement thereto), together with applicable financing statements required under the Uniform Commercial Code, and such opinions of counsel and other documents as may be reasonably required by the
Agent; provided, however, that GK Insurance Company, a Vermont corporation, shall not be a Loan Party. As of the Closing Date, each Subsidiary that is a Loan Party is listed on Schedule L-1 attached hereto. 
  
 “Margin Stock” shall have the meaning set forth in Section
5.6. 
  
 “Material Adverse Effect” shall mean any
material adverse change in (a) the business, results of operations, financial condition, assets or prospects of the Borrower and the Subsidiaries, taken as a whole, (b) the ability of Borrower or the Subsidiaries to perform their obligations under
this Agreement, (c) the validity or enforceability of the Loan Documents, or (d) the rights or remedies of the Lenders or the Agent under any of the Loan Documents. 
  
 “Maturity Date” shall mean March 9, 2007. 
  
 “Money Borrowed” shall mean, as applied to the Indebtedness of a Person, 
  
 (a) Indebtedness for money borrowed including all revolving and term
Indebtedness and all other lines of credit; or 
  
 (b)
Indebtedness (other than trade debt of such Person incurred in the ordinary course of business), whether or not in any such case the same was for money borrowed: 
  
 (i) represented by notes payable, and drafts accepted, that represent extensions of credit; 
  
 (ii) constituting obligations evidenced by bonds,
debentures, notes or similar instruments; or 
  
 (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments upon which interest charges are customarily paid or that are issued or assumed as full or partial
payment for property; or 
  
 (c) all reimbursement obligations
under any letters of credit or acceptances; or 
  
 (d)
Indebtedness that is such by virtue of subsection (c) of the definition of Indebtedness, but only to the extent that the obligations guaranteed are obligations that would constitute Indebtedness for Money Borrowed. 
  

 14 

 “Multiemployer Plan” shall mean any Plan which is a “multiemployer plan” (as
such term is defined in Section 4001 of ERISA). 
  
 “Net
Cash Proceeds” shall mean, with respect to any sale, lease, transfer, or other disposition of assets by any Loan Party or the incurrence by any Loan Party of any Indebtedness for Money Borrowed, the aggregate amount of cash received for
such assets, or as a result of such Indebtedness for Money Borrowed, net of reasonable and customary transaction costs properly attributable to such transaction and payable by such Loan Party to a non-Affiliate in connection with such sale, lease,
transfer or other disposition of assets or the incurrence of any Indebtedness for Money Borrowed, including, without limitation, sales commissions and underwriting discounts. 
  
 “Net Proceeds of Stock” shall mean any proceeds received by the Borrower or a Consolidated Subsidiary in
respect of the issuance of Stock, after deducting therefrom all reasonable and customary costs and expenses incurred by the Borrower or such Consolidated Subsidiary directly in connection with the issuance of such Stock, including, without
limitation, any underwriter’s discounts and commissions. 
  
 “Notes” shall mean, collectively, the promissory notes evidencing the Revolving Loans in substantially the form of Exhibit A, each dated and delivered on the Closing Date, and all promissory notes issued in
replacement thereof after the Closing Date. 
  
 “Notice of
Borrowing” shall have the meaning set forth in Section 3.5(a). 
  
 “Notice of Continuation/Conversion” shall have the meaning set forth in Section 3.5(c). 
  
 “Notice of Request for Letter of Credit” shall mean a notice in the form of Exhibit K. 
  
 “Notice of Swing Line Borrowing” shall have the meaning set
forth in Section 3.5(b). 
  
 “Obligations” shall
have the meaning set forth in the Security Agreement, and shall include, for all purposes, without limitation, all Revolving Loans and all obligations under any Letter of Credit issued pursuant to this Agreement, together with all interest, fees and
expenses in connection therewith (including, without limitation, any interest, fees and expenses that, but for the provisions of the Bankruptcy Code, would have accrued with respect to such Revolving Loans and Letters of Credit). 
  
 “OFAC” shall mean the Office of Foreign Assets Control of
the United States Department of the Treasury. 
  
 “Officer’s Certificate” shall mean a certificate signed in the name of the Borrower by its Chief Executive Officer, its President, one of its Vice Presidents or its Treasurer. 
  
 “Original Credit Agreement” shall mean that certain Amended
and Restated Credit Agreement dated as of November 3, 2000, among the Borrower, Rabobank, as agent, and the “Lenders” (as defined therein) party thereto. 
  

 15 

 “Payment Office” shall mean with respect to any payment of principal, interest, fees or
other amounts relating to any Revolving Loans, the office specified as the “Payment Office” for the Agent and each Lender on the respective signature pages of the Agent and the Lenders, or such other location as to which the Agent or any
Lender shall have given written notice to the Borrower. 
  
 “PBGC” shall mean the Pension Benefit Guaranty Corporation. 
  
 “Permitted Conversion Transaction” shall mean any transaction (or series of related transactions) the sole purpose of which is to change the status of the Borrower to a for-profit corporation
organized under the laws of a state of the United States; provided, however, that (a) immediately prior to and after giving effect to such transaction (or series of related transactions), no Event of Default shall have occurred and be
continuing, (b) after giving effect to such transaction (or series of related transactions), 100% of the issued and outstanding shares of capital stock of the Borrower will be held by Persons who were holders of written notices of allocation
immediately prior to such transaction (or series of related transactions) and (c) such transaction (or series of related transactions) is approved by the requisite percentage of the members of the Borrower under Georgia law. 
  
 “Person” shall mean and include an individual, a
partnership, a joint venture, a limited liability company, a corporation, a trust, an unincorporated organization, a government or any department or agency thereof and any other entity whatsoever. 
  
 “Plan” shall mean an “employee pension benefit
plan” (as defined in Section 3 of ERISA), which is or has been established or maintained, or to which contributions are or have been made, by the Borrower, any Subsidiary, or any ERISA Affiliate. 
  
 “Pork Division” shall mean those operations and facilities
of the Borrower utilized for the production and marketing of hogs. 
  
 “Pro Rata Share” shall mean, with respect to (a) the Commitments, (b) each Revolving Loan to be made by such Lender in respect of its Commitment, (c) each participation to be made by such Lender in a Letter of Credit in
respect of its Commitment, (d) each Swing Line Participation to be made by such Lender in respect of its Commitment and (e) each other payment (including, without limitation, any payment of principal, interest or fees) to be made to such Lender with
respect to the foregoing, the percentage designated as such Lender’s Pro Rata Share of the Commitments set forth under the name of such Lender on the respective signature page for such Lender, in each case as such Pro Rata Share may change from
time to time as a result of assignments or amendments made pursuant to this Agreement. 
  
 “Rabobank” shall mean Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland,” New York Branch, and its successors. 
  
 “Rabobank Base Rate” shall mean the per annum rate of
interest designated from time to time by Rabobank to be its base rate, with any change in the rate of interest resulting from a change in the Rabobank Base Rate to be effective as of the opening of business of Rabobank on the day of such change;
provided, however, that the Rabobank Base Rate is a reference rate and does not necessarily represent the lowest or best rate charged to customers and that Rabobank may make loans at a rate of interest at, above or below the Rabobank
Base Rate. 
  

 16 

 “Real Property” shall mean those parcels of real property listed on Schedule R-1
hereto. 
  
 “Real Property Mortgages” shall mean
those deeds to secure debt, mortgages, deeds of trust and other instruments executed by any Loan Party in connection with the Original Credit Agreement, the Second Amended Credit Agreement, the Existing Credit Agreement or thereafter for the purpose
of granting to the Lenders a lien on or other security interest in the Real Property, in each case, as from time to time supplemented, amended, restated, renewed, extended or otherwise modified. 
  
 “Reportable Event” shall mean an event described in Section
4043(c) of ERISA with respect to which the 30-day notice requirement has not been waived by the PBGC. 
  
 “Reported Net Income” shall mean, for any period, the Net Income as reflected on the financial statements delivered pursuant to Section
6.1. 
  
 “Required Lenders” shall mean, at any
time, any Lender or group of Lenders holding at least 51% of the sum of the outstanding Revolving Loans and the unfunded Commitments under which any Lender has a continuing obligation to advance; provided that “Required Lenders” for
the purpose of sending a Remedies Demand (as defined in the Intercreditor Agreement) to the Collateral Agent under the Intercreditor Agreement shall also mean Lenders holding 75% of the Revolving Loans. 
  
 “Restricted Payments” shall have the meaning set forth in
Section 7.2. 
  
 “Revolving Loans” shall mean,
collectively, the revolving credit loans made to the Borrower by the Lenders pursuant to Section 2.1(a). 
  
 “SEC” shall mean the United States Securities and Exchange Commission and any successor thereto. 
  
 “Second Amended Credit Agreement” shall mean that certain
Second Amended and Restated Credit Agreement dated as of October 23, 2001, among the Borrower, Rabobank, as agent, and the “Lenders” (as defined therein) party thereto. 
  
 “Security Agreement” shall mean that certain Third Amended and Restated Security Agreement dated as of even
date herewith executed by the Borrower and certain of its Subsidiaries in favor of the Collateral Agent for the benefit of the Secured Parties (as defined therein), substantially in the form of Exhibit J, as originally executed or as from
time to time supplemented, amended, restated, renewed, extended or otherwise modified. 
  
 “Senior Debt Coverage Ratio” shall mean, as of any fiscal quarter end, the ratio of (a) Consolidated Senior Debt as of the end of such fiscal quarter, to (b) the sum of EBITDA for the fiscal quarter
then ending and the preceding 7 fiscal quarters (divided by 2). 
  

 17 

 “Senior Note Holders” shall mean CoBank, ACB, The Prudential Insurance Company of
America and the Gateway Recovery Trust, and their respective successors and assigns under the Senior Notes. 
  
 “Senior Notes” shall mean (a) that certain First Amended and Restated Credit Agreement, dated as of January 29, 2003, between the
Borrower and CoBank, ACB, as amended by that certain First Amendment to First Amended and Restated Credit Agreement dated as of February 11, 2003, as further amended by that certain Second Amendment to First Amended and Restated Credit Agreement
dated as of March 10, 2004, and as such agreement may be further modified, amended, renewed, refinanced or replaced, and (b) that certain Second Consolidated, Amended and Restated Note Agreement dated September 27, 2002, among the Borrower and The
Prudential Insurance Company of America and the Gateway Recovery Trust, as amended by that certain First Amendment to Note Agreement, dated as of January 29, 2003, as further amended by that certain Second Amendment to Note Agreement, dated as of
February 11, 2003, as further amended by that certain Third Amendment to Note Agreement dated as of February 11, 2004, as further amended by that certain Fourth Amendment to Note Agreement dated as of March 10, 2004, and as such agreement may be
further modified, amended, renewed, refinanced or replaced in a manner acceptable to the Agent. 
  
 “Senior Unsecured Note Documents” means, collectively, the Senior Unsecured Note Indenture, the Senior Unsecured Notes and such other
documents (in form and substance acceptable to the Agent) executed by the Borrower in connection therewith, as amended or modified as permitted by this Agreement. 
  
 “Senior Unsecured Note Indenture” means that certain Indenture with respect to the issuance of the Senior
Unsecured Notes, dated as of March 10, 2004, between the Borrower and U.S. Bank National Association, as trustee, in form and substance acceptable to the Agent, as amended or modified as permitted by this Agreement. 
  
 “Senior Unsecured Notes” shall mean those certain 10.25%
Senior Notes in the principal amount of $200,000,000 due March 15, 2014, issued pursuant to the Senior Unsecured Note Indenture. 
  
 “Shareholders’ Equity” shall mean, with respect to any Person as at any date of determination, shareholders’ equity of such
Person determined on a consolidated basis in conformity with GAAP. 
  
 “SSC Securities” shall mean the $40,000,000 Series B Cumulative Redeemable Preferred Stock and the $60,000,000 Series B Capital Securities issued by Southern States Cooperative or Southern States Capital Trust,
respectively, and purchased by the Borrower pursuant to the Securities Purchase Agreement between the Borrower and Southern States Cooperative dated as of October 5, 1999. 
  
 “Stock” shall mean, as applied to any Person, any stock, share capital, partnership interests or other
equity of such Person, regardless of class or designation, and all warrants, options, purchase rights, conversion or exchange rights, voting rights, calls or claims of any character with respect thereto. 
  

 18 

 “Subordinated Capital Certificates of Interest” shall mean those debt instruments issued
by the Borrower to the public under trust indentures with SunTrust Bank, Atlanta, Georgia, as “Trustee,” registered with the United States Securities and Exchange Commission and having maturities of greater than 1 year. 
  
 “Subordinated Debt” shall mean all Indebtedness for Money
Borrowed wherein the principal and premium, if any, and interest is subordinated and junior in right of payment to the prior payment in full of all other Indebtedness of the Borrower for Money Borrowed except other Subordinated Debt, and shall
include, without limitation, the Subordinated Capital Certificates of Interest and Subordinated Loan Certificates, issued by the Borrower, as described on, and an example of whose subordination provisions are annexed hereto, as Schedule S-1.

  
 “Subordinated Loan Certificates” shall mean
those debt instruments issued by the Borrower to the public under trust indentures with SunTrust Bank, Atlanta, Georgia, as “Trustee,” registered with the United Stated Securities and Exchange Commission and having maturities of 1 year or
less. 
  
 “Subsidiary”, of the Borrower, shall
mean any corporation, partnership, joint venture, limited liability company, trust or estate or other entity in which (or of which) the Borrower, directly or indirectly, owns or controls more than 50% of (a) any shares of Stock or other form of
ownership interest of such Person having general voting power under ordinary circumstances to vote in the election of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency), or (b) the interest in the capital or profits of such Person, provided, however, notwithstanding the foregoing, GC Properties shall not be
deemed to be a “Subsidiary” of the Borrower. 
  
 “Subsidiary Guaranty” shall mean that certain Third Amended and Restated Subsidiary Guaranty dated as of even date herewith, executed by certain Subsidiaries of the Borrower in favor of the Agent, substantially in the form
of Exhibit H, as originally executed or as from time to time supplemented, amended, restated, renewed, extended or otherwise modified. 
  
 “Substantial Part” shall mean, as used in Section 7.5, Section 7.6 and Section 8.1(i), the consolidated assets of the Borrower and all
Subsidiaries which, as a whole, (a) constitute more than 10% of Consolidated Assets or (b) contributed more than 15% of Consolidated Net Earnings for any one or more of the 3 prior fiscal years of the Borrower. 
  
 “Swing Line Advance” shall mean an advance made by the Swing
Line Bank pursuant to Section 2.1(b), which Swing Line Advance shall be for all purposes under this Agreement (except as expressly provided otherwise by Section 2.1(b)) be deemed an advance under the Commitments. 
  
 “Swing Line Bank” shall mean Rabobank. 
  
 “Swing Line Borrowing” shall mean a borrowing consisting of
a Swing Line Advance made by the Swing Line Bank. 
  

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 “Swing Line Maturity Date” shall mean, which respect to any Swing Line Advance, the date
that is 5 Business Days prior to the Maturity Date. 
  
 “Swing Line Participation” shall mean the participation purchased by a Lender in any Swing Line Advance pursuant to Section 3.5(b). 
  
 “Swing Line Sublimit” shall have the meaning specified in Section 2.1(b). 
  
 “Taxes” shall mean any present or future taxes, levies, imposts, duties, fees, assessments, deductions,
withholdings or other charges of whatever nature, including, without limitation, income, receipts, excise, property, sales, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United
States, or any state, local or foreign government or by any department, agency or other political subdivision or taxing authority thereof or therein and all interest, penalties, additions to tax and similar liabilities with respect thereto.

  
 “Total Debt” shall mean, as to any Person,
and include, without duplication: 
  
 (a) all
Indebtedness for Money Borrowed, including, without limitation, purchase money mortgages, Capital Leases, any asset securitization programs that are not non-recourse, conditional sales contracts and similar title retention debt instruments
(including any current maturities of such indebtedness), which under GAAP is shown on the balance sheet as a liability (but excluding reserves for deferred income taxes and other reserves to the extent such reserves do not constitute an obligation);
and 
  
 (b) Guarantees, endorsements (other than
endorsements of negotiable instruments for collection in the ordinary course of business) and other contingent liabilities (whether direct or indirect) in connection with the obligations, Stock or dividends of any other Person; and 
  
 (c) obligations under any other contract in connection with
any borrowing which, in effect, is substantially equivalent to a guarantee; and 
  
 (d) obligations with respect to any redeemable preferred Stock which is required or scheduled to be redeemed within 1 year from the date
of calculation. 
  
 Any obligation secured by a Lien on, or payable out of the
proceeds of production from, property of the Borrower or any Subsidiary shall be deemed to be Total Debt of the Borrower or such Subsidiary even though such obligation shall not be assumed by the Borrower or such Subsidiary. 
  
 “Type” shall mean, with respect to a Borrowing, a Borrowing
consisting of Base Rate Advances or Eurodollar Advances. 
  
 “USA Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001), as the same has been, or
shall hereafter be, renewed, extended, amended or replaced. 
  

 20 

 “Voting Stock” shall mean, with respect to any Person, the common stock or any
cooperative membership interests or accounts or other equity interests having ordinary voting power for the election of directors of such Person. 
  
 “Wholly Owned Subsidiary” shall mean any Subsidiary all of the shares of Stock or other ownership interests of which (except
directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower. 
  
 Section 1.2. Accounting Terms. All accounting terms not specifically defined herein shall have the meanings generally attributed to them under GAAP
applied on a basis consistent with the financial statements identified in Section 5.2 and the income and expense statements, the balance sheet and the statements of income and cash flow furnished to the Agent pursuant to Section 6.1. 
  
 Section 1.3. Use of Defined Terms; Section References. All defined
terms used in the plural preceded by the definite article shall be taken to encompass all members of the relevant class. Any defined term used in the singular preceded by “any” shall be taken to indicate any number of the members of the
relevant class. All references to Sections, Articles or Exhibits herein shall be to Sections, Articles or Exhibits of this Agreement unless otherwise indicated. 
  

ARTICLE 2 
  
 CREDIT FACILITIES 
  
 Section 2.1. The Revolving Loans. 
  
 (a) Commitment. Subject to and upon the terms and conditions herein set forth, each Lender severally establishes in favor of the Borrower, from the period beginning on the Closing Date up to but excluding the
Maturity Date, its Commitment. Each Lender, subject to and upon the terms and conditions set forth herein, from time to time, agrees to make to the Borrower Revolving Loans in an aggregate amount outstanding at any time not to exceed such
Lender’s Commitment. Subject to the terms and conditions contained in this Agreement, the Borrower shall be entitled to borrow, repay and reborrow Revolving Loans; provided, however, that the Borrower may neither borrow nor
reborrow (i) should there exist a Default or an Event of Default, or (ii) if such borrowing would cause the aggregate amount of all outstanding Letter of Credit Obligations, Swing Line Advances and Revolving Loans to exceed the lesser of the
Borrowing Base or the Commitments in effect at such time. Additionally, except on the Closing Date, each Revolving Loan shall be in an aggregate amount of $1,000,000 or integral multiples of $100,000 in excess thereof. 
  
 (b) The Swing Line Advances. The Borrower may request the Swing Line
Bank to make, and the Swing Line Bank shall make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Swing Line Maturity Date
in an aggregate amount not to exceed at any time outstanding U.S. $15,000,000 (the “Swing Line Sublimit”); provided that at such time all outstanding Swing Line Advances, plus all outstanding Revolving Loans, plus all
outstanding Letter of Credit Obligations, after giving effect to such Borrowing, shall not exceed the lesser of 
  

 21 

 (i) the Commitments, or (ii) the Borrowing Base. Each Swing Line Advance shall bear interest at a per annum rate equal to
the Base Rate plus the Applicable Margin for Base Rate Advances. Within the limits of the Swing Line Sublimit, the Borrower may borrow under this Section 2.1(b), repay pursuant to Section 3.1 and reborrow under this Section 2.1(b). 
  
 Section 2.2. Letter of Credit Subfacility. 
  
 (a) Issuance. From the Closing Date until the Maturity Date, subject
to the terms and conditions hereof and of the Letter of Credit Documents, if any, and such other terms and conditions which the L/C Issuer may reasonably require, the L/C Issuer shall issue, and the Lenders shall participate in, such Letters of
Credit as the Borrower may request for its benefit or the benefit of any Subsidiary as provided herein, in a form acceptable to the L/C Issuer, for the purposes hereinafter set forth; provided that (i) the aggregate amount of Letter of Credit
Obligations shall not exceed the Letter of Credit Commitment at any time, and (ii) the aggregate principal amount of the Revolving Loans, Swing Line Advances and Letter of Credit Obligations shall not exceed the lesser of the Borrowing Base or the
Commitments in effect at any time. No Letter of Credit shall have an expiration date later than the earlier of the Maturity Date and 1 year after the date of issuance thereof; provided, however, the Borrower may request issuance or
renewal of a Letter of Credit to a date after the Maturity Date if, at the time of such issuance or renewal, the Borrower deposits into the L/C Cash Collateral Account an amount equal to the face amount of such Letter of Credit. Each Letter of
Credit shall require that all draws thereon must be presented to the L/C Bank by the expiration date therefor, regardless of whether presented prior to such date to any correspondent bank or other institution. Each Letter of Credit shall comply with
the related Letter of Credit Documents. The issuance date of each Letter of Credit shall be a Business Day. On the date of the initial Revolving Loan hereunder, each outstanding letter of credit issued under the Existing Credit Agreement and
described on Schedule 2.2 hereof (collectively, the “Existing L/Cs”) shall be deemed for all purposes, as of such date, without further action by any Person, to have been issued hereunder, and each such issuer of the Existing
L/Cs shall be deemed to be an “L/C Issuer” hereunder for all purposes but solely with respect to, and until the termination, expiration or replacement of, such Existing L/Cs. 
  
 (b) Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted by the Borrower to the
L/C Issuer at least 3 Business Days prior to the requested date of issuance (or such shorter period as may be agreed by the L/C Issuer) pursuant to a Notice of Request for Letter of Credit, accompanied by such applications and other related
documents as may be required by the L/C Issuer. If (i) the Notice of Request for Letter of Credit, related application and the requested form of such Letter of Credit is acceptable to the L/C Issuer in its sole discretion, and (ii) it has not
received notice of objection to such issuance from the Required Lenders, the L/C Issuer will, upon fulfillment of the applicable conditions set forth in Article 4, make such Letter of Credit available to the Borrower. The L/C Issuer will provide to
the Agent at least monthly, and more frequently upon request, a detailed summary report on the Letters of Credit and the activity with respect thereto, in form and substance satisfactory to the Agent. The L/C Issuer will provide copies of the
Letters of Credit to the Agent and the Lenders promptly upon request. 
  
 (c) Participation. Upon issuance of a Letter of Credit, each Lender shall be deemed to have purchased, without recourse, a risk participation from the L/C Issuer in such Letter of 
  

 22 

 Credit and the obligations arising thereunder, in each case in an amount equal to its Pro Rata Share of the obligations
under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the L/C Issuer therefor and discharge when due, its Pro Rata Share of the obligations arising
under such Letter of Credit. Without limiting the scope and nature of each such Lender’s participation in any Letter of Credit, to the extent that the L/C Issuer has not been reimbursed as required hereunder or under any such Letter of Credit,
the L/C Issuer will promptly notify the Lenders of the amount of any unreimbursed drawing and each such Lender shall promptly pay to the Agent for the account of the L/C Issuer in Dollars and in immediately available funds, the amount of such
Lender’s Pro Rata Share of such unreimbursed drawing. Such payment shall be made on the day such notice is received by such Lender from the L/C Issuer if such notice is received at or before 1:00 p.m. (New York, New York time) otherwise such
payment shall be made at or before 12:00 noon (New York, New York time) on the Business Day next succeeding the day such notice is received. If such Lender does not pay such amount to the L/C Issuer in full upon such request, such Lender shall, on
demand, pay to the Agent for the account of the L/C Issuer interest on the unpaid amount during the period from the date of such drawing until such Lender pays such amount to the L/C Issuer in full at a rate per annum equal to, if paid within 2
Business Days of the date that such Lender is required to make payments of such amount pursuant to the preceding sentence, the Federal Funds Rate and thereafter at a rate equal to the Base Rate. The obligation of each Lender to so reimburse the L/C
Issuer shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration
of the obligations of the Borrower hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the L/C
Issuer under any Letter of Credit, together with interest as hereinafter provided. Simultaneously with the making of each such payment by a Lender to the L/C Issuer, such Lender shall, automatically and without any further action on the part of the
L/C Issuer or such Lender, acquire a participation in an amount equal to such payment (excluding the portion of such payment constituting interest owing to the L/C Issuer) in the related unreimbursed drawing portion of the Letter of Credit
Obligation and in the interest thereon and in the related Letter of Credit Documents, and shall have a claim against the Borrower with respect thereto. 
  
 (d) Reimbursement. In the event of any drawing under any Letter of Credit, the L/C Issuer will promptly notify the Borrower, and the Borrower shall
request, or be deemed to have requested, a Revolving Loan in the amount of such drawing, the proceeds of which will be used to satisfy the related reimbursement obligations. On any day on which the Borrower shall have requested, or been deemed to
have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a
Letter of Credit, in which case a Revolving Loan comprised of Base Rate Loans (or a Eurodollar Borrowing to the extent the Borrower has complied with the procedures of Section 3.5 with respect thereto) shall be immediately made to the Borrower by
all Lenders (notwithstanding any termination of the Commitments) pro rata based on their respective Pro Rata Shares (determined before giving effect to any termination of the Commitments) and the proceeds thereof shall be paid directly
to the L/C Issuer for application to the respective Letter of Credit Obligations. Each such Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving 
  

 23 

 Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the
preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether
a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are
otherwise permitted to be made hereunder or (vi) any termination of its Commitment immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above
(including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with respect to the Borrower), then each such Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would
otherwise have occurred, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) from the L/C Issuer such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause
each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Lenders (determined before giving effect to any termination of the Commitments)), as set forth in Section 2.2(c). The
Borrower’s reimbursement obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of setoff, counterclaim or defense to payment the Borrower may claim or have against the L/C Issuer, the
Agent, the Lenders, any Subsidiary of the Borrower, or the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the Borrower or its Subsidiary to receive consideration
or the legality, validity, regularity or unenforceability of the Letter of Credit. 
  
 (e) Borrower as Actual Account Party. Notwithstanding anything to the contrary set forth in this Agreement, a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit
is issued for the account, or to secure obligations, of any Subsidiary of the Borrower, provided that notwithstanding such statement, the Borrower shall be the actual account party for all purposes of this Agreement for such Letter of Credit
and such statement shall not affect the Borrower’s reimbursement obligations hereunder with respect to such Letter of Credit. 
  
 (f) International Standby Practices. The L/C Issuer may have the Letters of Credit be subject to Rules on International Standby Practices (ISP98),
as adopted as of the date of issue by the International Chamber of Commerce (the “ISP”), in which case the ISP may be incorporated therein and deemed in all respects to be a part thereof. 
  
 (g) Responsibility of L/C Issuer; Obligations Absolute. It is
expressly understood and agreed that the obligations of the L/C Issuer hereunder to the Lenders are only those expressly set forth in this Agreement and that the L/C Issuer shall be entitled to assume that the conditions precedent set forth in
Sections 4.1 and 4.2 have been satisfied unless it shall have acquired actual knowledge that any such condition precedent has not been satisfied. The obligations of the Borrower under this Agreement, any Letter of Credit Document and any other
agreement or instrument relating to any Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Document and such other agreement or instrument under
all circumstances, including, without limitation, the following circumstances: 
  
 (i) any lack of validity or enforceability of this Agreement, any Letter of Credit Document, any Letter of Credit or any other agreement or instrument relating thereto (this Agreement and all of the other foregoing
being, collectively, the “L/C Related Documents”); 
  

 24 

 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the
obligations of the Borrower in respect of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents; 
  
 (iii) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any
beneficiary or any transferee of a Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with the transactions contemplated by the L/C Related
Documents or any unrelated transaction; 
  
 (iv) any statement or
any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
  
 (v) payment by the L/C Issuer under a Letter of Credit against presentation
of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; 
  
 (vi) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from any Collateral
Document; or 
  
 (vii) any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor. 
  
 (h) Conflict with Letter of Credit Documents. In the event of any
conflict between this Agreement and any Letter of Credit Document (including any letter of credit application), this Agreement shall control. 
  
 ARTICLE 3 
  
 GENERAL LOAN TERMS 
  
 Section 3.1. Notes; Repayment of Principal. 
  
 (a) The Borrower’s obligations to pay the principal of, and interest on, the Revolving Loans to each Lender shall be evidenced by the records of the Agent and such Lender and by a Note payable to such Lender.

  

 25 

 (b) All outstanding and unpaid principal amounts under the Revolving Loans shall be due and payable in
full on the earlier of (i) the Maturity Date or (ii) the date the Revolving Loans are accelerated in accordance with the terms and conditions of Article 8. 
  
 (c) The Borrower shall repay all Swing Line Advances in full on the earlier of (i) the Swing Line Maturity Date or (ii) the date the Revolving Loans are
accelerated in accordance with the terms and conditions of Article 8. 
  
 (d) The Borrower shall make mandatory prepayments to the Senior Note Holders and the Lenders in an amount equal to 100% of the Net Proceeds of Stock and 100% of the Net Cash Proceeds received by the Borrower or a Subsidiary in respect of
any offering by any Loan Party of Subordinated Debt (other than an offering which increases the outstandings under the Borrower’s Subordinated Loan Certificates, or Subordinated Capital Certificates of Interest in existence prior to the Closing
Date and described on Schedule S-1 hereto). Each such prepayment shall be due immediately upon the receipt by such Loan Party of such Net Proceeds of Stock or Net Cash Proceeds, as applicable. 
  
 (e) The Borrower shall make additional mandatory prepayments to the Senior
Note Holders and the Lenders in amounts equal to (i) 100% of the Net Cash Proceeds from any sale or other disposition by any Loan Party of any inventory (other than sales of inventory in the ordinary course) and (ii) 100% of the Net Cash Proceeds
from any other sale or other disposition (other than sales of inventory in the ordinary course of business, any sale of the assets of the Pork Division, any sale or other disposition of the SSC Securities and any sale or dispositions permitted by
Section 7.6(d)), or series of related sales or dispositions, by any Loan Party of any assets not otherwise referenced above in this Section 3.1(e), where the Net Cash Proceeds exceed $5,000,000 for any such sale or $10,000,000 in the aggregate for
all such sales; provided, however, that the Borrower shall make additional mandatory prepayments to the Senior Note Holders and the Lenders in amounts equal to 100% of the Net Cash Proceeds from the sale or other disposition of the SSC
Securities if the Borrower would be otherwise obligated to use any portion of such Net Cash Proceeds to redeem any of the Senior Unsecured Notes under the Senior Unsecured Note Documents. Each such prepayment of Net Cash Proceeds shall be due
immediately upon the receipt by such Loan Party of such Net Cash Proceeds. 
  
 (f) Such mandatory prepayments pursuant to Section 3.1(d) and Section 3.1(e) shall be distributed to the Senior Note Holders and the Lenders pro rata, based upon the principal outstanding under their respective Senior
Notes and Revolving Loans; provided, however, that if the Senior Note Holders waive in writing their right to receive a mandatory prepayment, the Borrower shall make such mandatory prepayment pursuant to Section 3.1(d) or Section
3.1(e), as applicable, to the Lenders only and in an amount equal to the Lenders’ pro rata share as calculated in this sentence. The mandatory prepayments required to the Lenders by Section 3.1(d) and Section 3.1(e) shall be applied by the
Borrower to repay Revolving Loans and other Obligations outstanding hereunder. 
  
 (g) If at any time: (i) the sum of (x) the aggregate principal amount of Revolving Loans outstanding, plus (y) the aggregate principal amount of Swing Line Advances outstanding, plus (z) the Letter of Credit
Obligations outstanding, exceeds (ii) the Borrowing Base in effect at such time, then the Borrower shall immediately pay to the Agent for the respective accounts of 
  

 26 

 the Lenders the amount of such excess. Such payment shall be applied as follows: first, to pay all amounts of interest
and principal outstanding on the Revolving Loans; and second, to cash collateralize any outstanding Letters of Credit. In the event the Borrower is required to pay any outstanding Eurodollar Borrowings by reason of this Section 3.1(g) prior to the
end of the applicable Interest Period therefor, the Borrower shall indemnify each Lender against the losses, costs and expenses described in Section 3.14 incurred by such Lender. 
  
 Section 3.2. Amount Limitations. Notwithstanding any other term of this Agreement or any other Loan Document to the
contrary, at no time may: 
  
 (a) the aggregate amount of all
outstanding Letter of Credit Obligations, Swing Line Advances and Revolving Loans exceed the aggregate amount of the Commitments; or 
  
 (b) the aggregate amount of all outstanding Letter of Credit Obligations, Swing Line Advances and Revolving Loans exceed the Borrowing Base in effect at
such time. If such aggregate outstanding amount does exceed the Borrowing Base, the Borrower shall immediately repay the Revolving Loans and/or cash collateralize the Letter of Credit Obligations by an aggregate amount equal to such excess, together
with all accrued but unpaid interest on such excess amount and any amounts due under Section 3.14. 
  
 Section 3.3. Reduction of Commitments. 
  
 (a) Upon at least 3 Business Days’ prior written notice to the Agent, the Borrower shall have the right, without premium or penalty, to terminate the
Commitments, in part or in whole, provided that (i) any such termination shall apply to proportionately and permanently reduce the Commitment of each Lender, (ii) any partial termination pursuant to this Section 3.3 shall be in an amount of
at least $5,000,000 and integral multiples of $1,000,000 in excess thereof, and (iii) no such reduction shall be permitted without payment of all costs required to be paid hereunder with respect to a prepayment. 
  
 (b) Any mandatory prepayment of the Revolving Loans required by Sections
3.1(d) or 3.1(e) and any voluntary prepayment of the Revolving Loans with all or a portion of the Excess Cash Flow Amount shall be accompanied by a permanent reduction of the Commitments in the amount of such prepayment, with such reduction applying
to proportionately reduce the Commitment of each Lender. 
  
 (c)
If the Revolving Loans, Swing Line Advances, and Letter of Credit Obligations in the aggregate outstanding at any time exceed the amount of the Commitments as so reduced, the Borrower shall immediately repay the Revolving Loans by an amount equal to
such excess, together with all accrued but unpaid interest on such excess amount and any amounts due under Section 3.14. 
  
 Section 3.4. Interest Rates. Each Revolving Loan shall, at the option of the Borrower, and subject to Sections 3.5(c) and 3.5(d), if any Default or
Event of Default then exists, be made or continued as, or converted into, part of one or more Borrowings that shall consist entirely of Base Rate Advances or Eurodollar Advances. 
  

 27 

 Section 3.5. Funding Notices. 
  
 (a) Whenever the Borrower desires to make a Base Rate Borrowing or a Eurodollar Borrowing under the Commitments (other than
one resulting from a continuation or conversion pursuant to Section 3.5(c) or (d)), it shall give the Agent prior written notice (or telephonic notice promptly confirmed in writing) of such Borrowing (a “Notice of Borrowing”), such
Notice of Borrowing to be given prior to 11:00 A.M. (New York, New York time) (x) on the Business Day of the requested date of such Borrowing in the case of Base Rate Advances, and (y) 2 Business Days prior to the requested date of such Borrowing in
the case of Eurodollar Advances. Notices received after 11:00 A.M. (New York, New York time) shall be deemed received on the next Business Day. Each Notice of Borrowing shall be irrevocable, shall be substantially in the form of Exhibit B,
and shall specify (A) the aggregate principal amount of the Borrowing, (B) the date of Borrowing (which shall be a Business Day), and (C) whether the Borrowing is to consist of Base Rate Advances or Eurodollar Advances and, in the case of Eurodollar
Advances, the Interest Period to be applicable thereto. 
  
 (b)
Whenever the Borrower desires to make a Swing Line Borrowing, it shall give the Swing Line Bank notice, not later than 11:00 A.M. (New York, New York time) on the date of the proposed Swing Line Advance. Each such notice of a proposed Swing Line
Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing, or telex or telecopier, specifying therein the requested (i) date on which such Swing Line Advances to be made and (ii) amount
of such Swing Line Advance. The Swing Line Bank, upon fulfillment of the applicable conditions set forth Section 4.2, will make the amount thereof available, no later than 4:00 P.M. (New York, New York time) on such Business Day, to the Borrower in
same day funds by crediting the account of the Borrower set forth in the Notice of Swing Line Borrowing pursuant to which the Swing Line Advance is being made. At any time the Swing Line Bank makes a Swing Line Advance, each Lender (other than the
Swing Line Bank) shall be deemed, without further action by any Person, to have purchased from the Swing Line Bank an unfunded participation in any such Swing Line Advance in an amount equal to the amount of such Swing Line Advance times such
Lender’s Pro Rata Share (the “Swing Line Participation”) and shall be obligated to fund such participation at such time and in the manner provided below. Each such Lender’s obligation to participate in, purchase and fund
such Swing Line Participation shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such Lender or any other Person
may have against the Swing Line Bank or any other Person for any reason whatsoever; (ii) the occurrence or continuance of Default or an Event of Default or the termination of the Commitments; (iii) any adverse change in the condition (financial or
otherwise) of the Borrower or any other Person; (iv) any breach of this Agreement by the Borrower or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. The Borrower hereby
consents to each such sale and assignment. Each Lender agrees to fund any outstanding Swing Line Participation on (i) the Business Day of which demand therefor is made by the Swing Line Bank; provided that such demand is made not later than
1:00 P.M. (New York, New York time) on such Business Day, or (ii) the first Business Day next succeeding such demand is made after such time. Upon any such assignment by the Swing Line Bank to any other Lender of a Swing Line Participation, the
Swing Line Bank represents and warrants to such other Lender that it is the legal and beneficial owner of such interest being assigned by it, but makes no other 
  

 28 

 representation or warranty and assumes no responsibility with respect to such Swing Line Advance or Swing Line
Participation, or the Loan Documents. If and to the extent that any Lender shall not have so made the amount of such Swing Line Participation available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such amount together
with interest thereon, for each day from the date of the request by the Swing Line Bank until the date such amount is paid to the Agent, at the Federal Funds Rate. If such Lender shall pay to the Agent such amount for the account of the Swing Line
Bank on any Business Day, such amount so paid in respect of principal shall constitute a Revolving Loan made by such Lender on such Business Day for purposes of the Agreement, and the outstanding principal amount of the Swing Line Advance made by
the Swing Line Bank shall be reduced by such amount on such Business Day. 
  
 (c) At the end of an Interest Period, if the Borrower desires to continue outstanding a Borrowing consisting of Eurodollar Advances for a new Interest Period, it shall give the Agent at least 2 Business Days’
prior written notice of each such Borrowing to be continued as Eurodollar Advances. Such notice (a “Notice of Continuation/Conversion”) shall be given to the Agent prior to 11:00 A.M. (New York, New York time) on the date specified.
Each such Notice of Continuation/Conversion shall be irrevocable, shall be in the form of Exhibit C, and shall specify (i) the aggregate principal amount of the Revolving Loans to be continued or converted, (ii) the date of such continuation
or conversion, (iii) the specific Revolving Loans to be continued or converted, and (iv) the Interest Period applicable thereto. If, upon the expiration of any Interest Period in respect of any Borrowing, the Borrower shall have failed to deliver a
Notice of Continuation/Conversion (or a Notice of Continuation/Conversion was incomplete), then the Borrower shall be deemed to have elected to convert such Borrowing to a Borrowing consisting of Base Rate Advances. So long as any Default or Event
of Default shall have occurred and be continuing, no Borrowing may be continued as or converted to (upon expiration of the current Interest Period) Eurodollar Advances unless the Agent and each of the Lenders shall have otherwise consented in
writing. If the Borrower has complied with the terms of this Section 3.5(c), then the Revolving Loans identified in the Notice of Continuation/Conversion shall be continued or converted at the applicable interest rate based on LIBOR for the relevant
Interest Period. 
  
 (d) The Borrower may at any time convert a
Base Rate Borrowing under the Notes to a Eurodollar Borrowing; provided, however, that (i) the Borrower shall give the Agent a Notice of Continuation/Conversion 2 Business Days prior to such a conversion and (ii) so long as any Default
or Event of Default shall have occurred and be continuing at the time of such conversion, no Borrowing may be converted unless the Agent and each of the Lenders shall have otherwise consented in writing. In each case, such Notice of
Continuation/Conversion shall specify the Interest Period selected by the Borrower for such Borrowing and the specific Revolving Loans to be converted. 
  
 (e) Without in any way limiting the Borrower’s obligation to confirm in writing any telephonic notice, the Agent and the Lenders may act without
liability upon the basis of telephonic notice believed by the Agent or any Lender in good faith to be from the Borrower prior to receipt of written confirmation. In each such case, the Borrower hereby waives the right to dispute the Agent’s and
the Lender’s record of the terms of such telephonic notice. 
  

 29 

 (f) The Agent shall promptly give each Lender notice by telephone (confirmed in writing) or by telecopy
or facsimile transmission of the matters covered by the notices given to the Agent pursuant to this Section 3.5. 
  
 (g) There shall not be at any one time more than 8 Eurodollar Advances with different Interest Periods outstanding under the Commitments. 
  
 (h) Each Notice of Borrowing and Notice of Swing Line Borrowing shall be
irrevocable and binding on the Borrower and the Borrower shall indemnify each Lender against any loss or expense incurred by such Lender as a result of any failure to fulfill on or before, as applicable, the date specified for such Revolving Loan
the applicable conditions set forth in Article 4, including, without limitation, any loss (excluding loss of anticipated profits) or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender
(and the Swing Line Bank in the case of Swing Line Advances by the Swing Line Bank pursuant to Section 2.1(b)) to fund such Revolving Loan when such Revolving Loan, as a result of such failure, is not made on such date. 
  
 Section 3.6. Disbursement of Funds. 
  
 (a) With respect to any Revolving Loan, no later than 1:00 P.M. (New York,
New York time) on the date of each Borrowing pursuant to the Commitments (other than one resulting from a continuation or conversion pursuant to Section 3.5(c) or (d)), each Lender will make available its Pro Rata Share of the amount of such
Borrowing in immediately available funds at the Payment Office of the Agent. The Agent will make available to the Borrower the aggregate of the amounts (if any) so made available by the Lenders to the Agent in a timely manner by crediting such
amounts to the Borrower’s demand deposit account maintained with the Agent or, at the Borrower’s option, by effecting a wire transfer of such amounts to the Borrower’s account specified by the Borrower, by the close of business on
such Business Day. In the event that the Lenders do not make such amounts available to the Agent by the time prescribed above, but such amount is received later that day, such amount may be credited to the Borrower in the manner described in the
preceding sentence on the next Business Day (with interest on such amount to begin accruing hereunder on such next Business Day). 
  
 (b) Unless the Agent shall have been notified by any Lender prior to the date of a Borrowing that such Lender does not intend to make available to the
Agent such Lender’s Pro Rata Share of the Borrowing to be made on such date, the Agent may assume that such Lender has made such amount available to the Agent on such date and the Agent may make available to the Borrower a corresponding amount.
If such corresponding amount is not in fact made available to the Agent by such Lender on the date of such Borrowing, the Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest at the Federal
Funds Rate. If such Lender does not pay such corresponding amount forthwith upon the Agent’s demand therefor, the Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Agent together
with interest at the rate specified for the Borrowing which includes such amount paid and any amounts due under Section 3.14. Nothing in this Section 3.6(b) shall be deemed to relieve any Lender from its obligation to fund its Commitment hereunder
or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder. 
  

 30 

 (c) All Base Rate Borrowings and Eurodollar Borrowings under the Commitments shall be loaned by the
Lenders on the basis of their respective Pro Rata Share. No Lender shall be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated to make the Revolving Loans provided to be made by it
hereunder, regardless of the failure of any other Lender to fund its Commitment hereunder. 
  
 Section 3.7. Interest. 
  
 (a) The Borrower agrees to pay interest in respect of all unpaid principal amounts of the Revolving Loans from the respective dates such principal amounts were advanced to maturity (whether by acceleration, notice of prepayment or
otherwise) at rates per annum (on the basis of a 360-day year) equal to the applicable rates indicated below: 
  
 (i) For Base Rate Advances, at the Base Rate in effect from time to time plus the Applicable Margin in effect from time to time with respect to
Base Rate Advances; and 
  
 (ii) For Eurodollar Advances, at LIBOR
plus the Applicable Margin in effect from time to time with respect to Eurodollar Advances during the applicable Interest Period. 
  
 (b) Overdue principal and, to the extent not prohibited by applicable law, overdue interest, in respect of any Revolving Loans and all other overdue
amounts owing hereunder, shall bear interest from each date that such amounts are overdue: 
  
 (i) in the case of overdue principal and interest with respect to all Eurodollar Advances, at the rate otherwise applicable for the then-current Interest Period plus an additional 2.0% per annum and thereafter
at the rate in effect for Base Rate Advances plus an additional 2.0% per annum; and 
  
 (ii) in the case of overdue principal and interest with respect to all Base Rate Advances, and all other obligations hereunder, at a rate equal to the applicable rate in effect for Base Rate Advances plus an
additional 2.0% per annum; 
  
 provided that no Revolving Loan shall bear
interest after maturity (whether by non-payment at scheduled due date, acceleration, notice of prepayment or otherwise) at a rate per annum less than 2.0% per annum in excess of the rate of interest applicable thereto at maturity. 
  
 (c) Interest on each Revolving Loan shall accrue from and including the date
of such Revolving Loan to but excluding the date of any repayment thereof; provided that, if a Revolving Loan is repaid on the same day made, 1 day’s interest shall be paid on such Revolving Loan. Interest on all outstanding Base Rate
Advances shall be payable quarterly in arrears on the last calendar day of each calendar quarter in each year. Interest on all outstanding Eurodollar Advances shall be payable on the last day of each Interest Period applicable thereto, and, in the
case of any Interest Period in excess of 3 months, on each day which occurs every 3 months after the initial date of such Interest Period. Interest on all Revolving Loans shall be payable on any conversion of any such Revolving Loans into Revolving
Loans of another Type, prepayment (on the amount prepaid), at maturity (whether by acceleration, notice of prepayment or otherwise) and, after maturity, on demand. 
  

 31 

 (d) The Agent, upon determining LIBOR for any Interest Period, shall promptly notify the Borrower and the
other Lenders. Any such determination shall, absent manifest error, be final, conclusive and binding for all purposes. 
  
 Section 3.8. Fees. 
  
 (a) The Borrower shall pay to the Agent for its own account a fee separately agreed between the Borrower and the Agent and such other fees required by the
Fee Letter. 
  
 (b) The Borrower shall pay to the Agent in arrears
on the last day of each fiscal quarter, for the account of and for distribution in accordance with the respective Pro Rata Share of each Lender, a Commitment Fee with respect to the Commitments, in an amount equal to (i) the difference between the
Commitments in effect on the first day of the fiscal quarter and the average daily principal balance of Revolving Loans and Letters of Credit outstanding under the Commitments during the fiscal quarter, times (ii) the Applicable Margin then in
effect with respect to the Commitment Fee. 
  
 (c) The Borrower
shall pay to the Agent in arrears on the last day of each fiscal quarter, for the account of and for distribution in accordance with the respective Pro Rata Share of each Lender, a fee (the “Letter of Credit Fee”) in an amount equal
to (i) the Applicable Margin in effect for Eurodollar Advances as of the last day of such fiscal quarter, multiplied by (ii) the average daily maximum amount available to be drawn under Letters of Credit during such fiscal quarter (assuming
compliance at such time with all conditions to drawing). 
  
 (d)
The Borrower shall pay to the L/C Issuer for its own account (i) such fronting and negotiation fees as may be mutually agreed upon by the L/C Issuer and the Borrower from time to time, and (ii) customary charges of the L/C Issuer with respect to the
issuance, amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit. 
  
 Section 3.9. Voluntary Prepayments of Revolving Loans. 
  
 (a) The Borrower may, at its option, prepay Revolving Loans in whole or in part, in amounts aggregating $1,000,000 or any greater amount in integral
multiples of $100,000. Those Revolving Loans may be prepaid by paying the principal amount to be prepaid, together with interest accrued and unpaid thereon to the date of prepayment, and all compensation payments pursuant to Section 3.14 if such
prepayment is made on a date other than the last day of an Interest Period applicable thereto. Each such optional prepayment shall be applied in accordance with Section 3.9(c). 
  
 (b) The Borrower shall give written notice to the Agent of any intended prepayment of the Revolving Loans (i) not less than
1 Business Day prior to any prepayment of Base Rate Advances, and (ii) not less than 3 Business Days prior to any prepayment of Eurodollar Advances. Such notice, once given, shall be irrevocable. Upon receipt of such notice of prepayment pursuant to
the first sentence of this Section 3.9(b), the Agent shall promptly notify each Lender of the contents of such notice and of such Lender’s share of such prepayment. 
  

 32 

 (c) The Borrower, when providing notice of prepayment pursuant to Section 3.9(b) shall designate the
specific Borrowing or Borrowings which are to be prepaid, provided that (i) if any prepayment of Eurodollar Advances made pursuant to a single Borrowing of the Revolving Loans shall reduce the outstanding Revolving Loans made pursuant to such
Borrowing to an amount less than $1,000,000, such Borrowing shall immediately be converted into Base Rate Advances; and (ii) each prepayment made pursuant to a single Borrowing shall be applied pro rata among the Revolving Loans comprising such
Borrowing. All voluntary prepayments shall be applied to the payment of any unpaid interest and other charges or fees before application to principal. 
  
 (d) Notwithstanding any other provision of this Agreement, if, during any period after the termination under Section 8.2(a)(i) of the Lenders’
obligations to the Borrower to extend Revolving Loans but prior to the acceleration under Section 8.2(a)(ii) of the maturity of the Borrower’s obligations under the Notes, the Lenders receive from the Borrower any amount for application to the
Notes, such amount shall be deemed a payment by the Borrower to the Senior Note Holders and the Lenders pro rata, based upon the principal outstanding under the Senior Notes and the Revolving Loans, and the Lenders receiving such payments shall pay
over to the Senior Note Holders and the other Lenders their pro rata share of such amount within 5 Business Days of receipt. 
  
 Section 3.10. Payments, etc. 
  
 (a) Except as otherwise specifically provided herein, all payments under this Agreement and the other Loan Documents shall be made without defense,
set-off or counterclaim to the Agent, not later than 1:00 P.M. (New York, New York time) on the date when due and shall be made in Dollars in immediately available funds at the Agent’s Payment Office. 
  
 (b) (i) All such payments shall be made free and clear of and without
deduction or withholding for any Taxes in respect of this Agreement, the Notes or other Loan Documents, or any payments of principal, interest, fees or other amounts payable hereunder or thereunder (but excluding any Taxes imposed on the overall net
income of the Lenders pursuant to the laws of the jurisdiction in which the principal executive office or appropriate Lending Office of such Lender is located). If any Taxes are so levied or imposed, the Borrower agrees (A) to pay the full amount of
such Taxes, and such additional amounts as may be necessary so that every net payment of all amounts due hereunder and under the Notes and other Loan Documents, after withholding or deduction for or on account of any such Taxes (including additional
sums payable under this Agreement), will not be less than the full amount provided for herein had no such deduction or withholding been required, (B) to make such withholding or deduction and (C) to pay the full amount deducted to the relevant
authority in accordance with applicable law. The Borrower will furnish to the Agent and each Lender, within 30 days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment
by the Borrower. The Borrower will indemnify and hold harmless the Agent and each Lender and reimburse the Agent and each Lender upon written request for the amount of any Taxes so levied or imposed and paid by the Agent or the Lender and any
liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or illegally asserted. A certificate as to the amount of such payment by such Lender or the Agent, absent
manifest error, shall be final, conclusive and binding for all purposes. 
  

 33 

 (ii) Each Lender that is organized under the laws of any jurisdiction other than the United States of
America or any State thereof (including the District of Columbia) agrees to furnish to the Borrower and the Agent, prior to the time it becomes a Lender hereunder, two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI or any
successor forms thereto (wherein such Lender claims entitlement to complete exemption from or reduced rate of U.S. Federal withholding tax on interest paid by the Borrower hereunder) and to provide to the Borrower and the Agent a new Form W-8BEN or
Form W-8ECI or any successor forms thereto if any previously delivered form is found to be incomplete or incorrect in any material respect or upon the obsolescence of any previously delivered form; provided, however, that no Lender
shall be required to furnish a form under this Section 3.10(b)(ii) if it is not entitled to claim an exemption from or a reduced rate of withholding under applicable law. A Lender that is not entitled to claim an exemption from or a reduced rate of
withholding under applicable law, promptly upon written request of the Borrower, shall so inform the Borrower in writing. 
  
 (c) Whenever any payment to be made hereunder or under any Note shall be stated to be due on a day which is not a Business Day, the due date thereof
shall, except as set forth in the definition of Interest Period, be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the applicable rate during such extension. 

 
 (d) On Revolving Loans, all computations of interest and fees (including
the Commitment Fee and the Letter of Credit Fee) shall be made on the basis of a year of 360 days for the actual number of days. Interest on Base Rate Advances shall be calculated based on the Base Rate from and including the date of such Revolving
Loan to but excluding the date of the repayment or conversion thereof (unless borrowed and repaid on the same day). Interest on Eurodollar Advances shall be calculated as to each Interest Period from and including the first day thereof to but
excluding the last day thereof. Each determination by the Agent of an interest rate or fee hereunder shall be made in good faith and, except for manifest error, shall be final, conclusive and binding for all purposes. 
  
 (e) Payment by the Borrower to the Agent in accordance with the terms of this
Agreement shall, as to the Borrower, constitute payment to the Lenders under this Agreement. 
  
 Section 3.11. Interest Rate Not Ascertainable, etc. In the event that the Agent, in the case of LIBOR, shall have determined (which determination shall be made in good faith and, absent manifest error, shall be
final, conclusive and binding upon all parties) that on any date for determining LIBOR for any Interest Period, by reason of any changes arising after the date of this Agreement affecting the London interbank market, or the Agent’s position in
such markets, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of LIBOR then, and in any such event, the Agent shall forthwith give notice to the Borrower and to the
Lenders of such determination and a summary of the basis for such determination. Until the Agent notifies the Borrower that the circumstances giving rise to the suspension described herein no longer exist, the obligations of the Lenders to make or
permit portions of the Revolving Loans to remain outstanding past the last day of the then current Interest Periods as Eurodollar Advances, as the case may be, shall be suspended, and such affected Revolving Loans shall bear the same interest as
Base Rate Advances. 
  

 34 

 Section 3.12. Illegality. 
  
 (a) In the event that any Lender shall have determined (which determination shall be made in good faith and, absent manifest
error, shall be final, conclusive and binding upon all parties) at any time that the making or continuance of any Eurodollar Advance has become unlawful by compliance by such Lender in good faith with any applicable law, governmental rule,
regulation, guideline or order (whether or not having the force of law and whether or not failure to comply therewith would be unlawful), then, in any such event, such Lender shall give prompt notice (by telephone confirmed in writing) to the
Borrower and to the Agent of such determination and a summary of the basis for such determination (which notice the Agent shall promptly transmit to the other Lenders). 
  
 (b) Upon the giving of the notice to the Borrower referred to in Section 3.12(a), (i) the Borrower’s right to request
and such Lender’s obligation to make Eurodollar Advances as the case may be, shall be immediately suspended, and such Lender shall make a Revolving Loan as part of the requested Borrowing of Eurodollar Advances as the case may be, as a Base
Rate Advance, which Base Rate Advance shall, for all other purposes, be considered part of such Borrowing, and (ii) if any affected Eurodollar Advances are then outstanding, the Borrower shall immediately, or if permitted by applicable law, no later
than the date permitted thereby, upon at least 1 Business Day’s written notice to the Agent and the affected Lender, convert each such Eurodollar Advance into a Base Rate Advance, provided that if more than one Lender is affected at any
time, then all affected Lenders must be treated the same pursuant to this Section 3.12(b). 
  
 Section 3.13. Increased Costs. 
  
 (a) If, by reason of (x) after the date hereof, the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation of any law or regulation, or
(y) the compliance with any guideline or request from any central bank or other governmental authority or quasi-governmental authority exercising control over banks or financial institutions generally (whether or not having the force of law):

  
 (i) any Lender (or its applicable lending office) shall be
subject to any tax, duty or other charge with respect to its Eurodollar Advance or its obligation to make Eurodollar Advances or its agreeing to issue, maintain or participate in Letters of Credit, or the basis of taxation of payments to any Lender
of the principal of or interest or fees on its Eurodollar Advances or Letters of Credit or its obligation to make Eurodollar Advances or issue, maintain or participate in Letters of Credit shall have changed (except for changes in the tax on the
overall net income of such Lender or its applicable lending office imposed by the jurisdiction in which such Lender’s principal executive office or applicable lending office is located); or 
  
 (ii) any reserve (including, without limitation, any imposed by the Board of
Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender’s applicable lending 
  

 35 

 office shall be imposed or deemed applicable or any other condition affecting its Eurodollar Advances or its obligation
to make Eurodollar Advances or issue, maintain or participate in Letters of Credit shall be imposed on any Lender or its applicable lending office or the London interbank market; 
  
 and as a result thereof there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining
Eurodollar Advances (except to the extent already included in the determination of the applicable LIBOR for Eurodollar Advances) or its agreeing to issue, maintain or participate in Letters of Credit, or there shall be a reduction in the amount
received or receivable by such Lender or its applicable lending office, then the Borrower shall from time to time (subject, in the case of certain Taxes, to the applicable provisions of Section 3.10(b)), upon written notice from and demand by such
Lender on the Borrower (with a copy of such notice and demand to the Agent), pay to the Agent for the account of such Lender within 5 Business Days after the date of such notice and demand, additional amounts sufficient to indemnify such Lender
against such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower and the Agent by such Lender in good faith and accompanied by a statement prepared by such Lender describing in reasonable detail the basis
for and calculation of such increased cost, shall, except for manifest error, be final, conclusive and binding for all purposes. 
  
 (b) If any Lender shall advise the Agent that at any time, because of the circumstances described in clauses (x) or (y) in Section 3.13(a) or any other
circumstances beyond such Lender’s reasonable control arising after the date of this Agreement affecting such Lender or the London interbank market or such Lender’s position in such market, the LIBOR, as determined by the Agent, will not
adequately and fairly reflect the cost to such Lender of funding its Eurodollar Advances then, and in any such event: 
  
 (i) the Agent shall forthwith give notice to the Borrower and to the other Lenders of such advice; 
  
 (ii) the Borrower’s right to request and such Lender’s obligation
to make or permit portions of the Revolving Loans to remain outstanding past the last day of the then current Interest Periods as Eurodollar Advances shall be immediately suspended; and 
  
 (iii) such Lender shall make a Revolving Loan as part of the requested Borrowing of Eurodollar Advances as a Base Rate
Advance, which such Base Rate Advance shall, for all other purposes, be considered part of such Borrowing. 
  
 Section 3.14. Funding Losses. The Borrower shall compensate each Lender, upon its written request to the Borrower (which request shall set forth
the basis for requesting such amounts in reasonable detail and which request shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all of the parties hereto), for all losses, expenses and liabilities
(including, without limitation, any interest paid by such Lender to lenders of funds borrowed by it to make or carry its Eurodollar Advances, in either case to the extent not recovered by such Lender in connection with the re-employment of such
funds and including loss of anticipated profits), which the Lender may sustain: (a) if for any reason (other than a default by such Lender) a borrowing of, or conversion to or continuation of, Eurodollar 
  

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 Advances to the Borrower does not occur on the date specified therefor in a Notice of Borrowing or Notice of
Conversion/Continuation (whether or not withdrawn); (b) if any repayment (including mandatory prepayments and any conversions) of any Eurodollar Advances to the Borrower occurs on a date which is not the last day of an Interest Period applicable
thereto; or (c), if, for any reason, the Borrower defaults in its obligation to repay its Eurodollar Advances when required by the terms of this Agreement. 
  
 Section 3.15. Assumptions Concerning Funding of Eurodollar Advances. Calculation of all amounts payable to a Lender under this Article 3 shall be
made as though that Lender had actually funded its relevant Eurodollar Advances through the purchase of deposits in the relevant market bearing interest at the rate applicable to such Eurodollar Advances in an amount equal to the amount of the
Eurodollar Advances and having a maturity comparable to the relevant Interest Period and through the transfer of such Eurodollar Advances from an offshore office of that Lender to a domestic office of that Lender in the United States of America;
provided however, that each Lender may fund each of its Eurodollar Advances in any manner it sees fit (including, without limitation, through the London interbank market, the secondary certificates of deposit market and bankers acceptances)
and the foregoing assumption shall be used only for calculation of amounts payable under this Article 3. 
  
 Section 3.16. Apportionment of Payments. Aggregate principal and interest payments in respect of Revolving Loans and payments in respect of the
Commitment Fee and the Letter of Credit Fee shall be apportioned among all outstanding Commitments and Revolving Loans to which such payments relate, proportionately to the Lenders’ respective pro rata portions of the Commitments and
outstanding Revolving Loans. The Agent shall promptly distribute to each Lender at its payment office set forth beside its name on the appropriate signature page hereof, or such other address as any Lender may request its share of all such payments
received by the Agent. 
  
 Section 3.17. Sharing of Payments,
etc. Subject to the provisions of Section 3.16, if any Lender shall obtain any payment or reduction (including, without limitation, any amounts received as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code,
but excluding any amounts paid to any Lender pursuant to the provisions of Section 3.14 or Section 3.18) of any amount due under the Notes or under this Agreement (whether voluntary, involuntary, through the exercise of any right of set-off, or
otherwise) other than through a distribution by the Agent or the Collateral Agent under the Intercreditor Agreement or the Security Agreement, such Lender shall forthwith deliver such funds to the Agent for distribution ratably to the Lenders in
accordance with the terms of this Agreement; provided that if all or any portion of such excess payment or reduction is thereafter recovered from such Lender or additional costs are incurred, the funds shall be returned to such Lender by the
Lenders to the extent of such recovery or such additional costs, but without interest unless such Lender obligated to return such funds is required to pay interest on such funds. 
  
 Section 3.18. Capital Adequacy. Without limiting any other provision of this Agreement, in the event that any Lender
shall have determined that any law, treaty, governmental (or quasi-governmental) rule, regulation, guideline or order regarding capital adequacy not currently in effect or fully applicable as of the Closing Date, or any change therein or in the
interpretation or application thereof after the Closing Date, or compliance by such 
  

 37 

 Lender with any request or directive regarding capital adequacy not currently in effect or fully applicable as of the
Closing Date (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) from a central bank or governmental authority or body having jurisdiction, does or shall have the effect of reducing the rate of
return on such Lender’s capital as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such law, treaty, rule, regulation, guideline or order, or such change or compliance (taking into
consideration such Lender’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then within 10 Business Days after written notice and demand by such Lender (with copies thereof to the Agent), the
Borrower shall from time to time pay to such Lender additional amounts sufficient to compensate such Lender for such reduction (but, in the case of outstanding Base Rate Advances, without duplication of any amounts already recovered by such Lender
by reason of an adjustment in the applicable Base Rate). Each certificate as to the amount payable under this Section 3.18 (which certificate shall set forth the basis for requesting such amounts in reasonable detail), submitted to the Borrower by
any Lender in good faith, shall, absent manifest error, be final, conclusive and binding for all purposes. 
  
 Section 3.19. Use of Proceeds. The Borrower shall use the proceeds of the Revolving Loans only (a) to fund capital expenditures and working capital
needs and (b) for other general corporate purposes not prohibited hereunder; provided, however, on the Closing Date, the proceeds of the Revolving Loans shall be used to refinance all Revolving Loans (as defined in the Existing Credit
Agreement) outstanding under the Existing Credit Agreement. 
  
 Section 3.20. Collateral. The repayment of all amounts due from time to time from the Borrower or any Subsidiary to the Agent or any of the Lenders under this Agreement shall be secured by (a) the collateral granted to the Collateral
Agent under the Security Agreement, and (b) the collateral granted to the Collateral Agent pursuant to the Real Property Mortgages (all of the foregoing is collectively referred to as the “Collateral”). 
  
 ARTICLE 4 
  
 CONDITIONS TO CLOSING AND EXTENSIONS OF REVOLVING LOANS 
  
 Section 4.1. Conditions Precedent to Initial Revolving Loans and Letters
of Credit. At the time of making of the initial Revolving Loans and issuance of the Letters of Credit, if any, hereunder on the Closing Date, the following conditions shall have been satisfied in a manner satisfactory to the Agent and the
Lenders: 
  
 (a) Opinion of the Borrower’s Counsel.
The Borrower shall have delivered to the Lenders, at the Borrower’s expense, a favorable written opinion from (i) Alston & Bird LLP, special counsel for the Borrower and the Loan Parties, dated as of and delivered on the date of execution
of this Agreement, satisfactory to the Agent and substantially in the form of Exhibit D, and (ii) J. David Dyson, Esq., General Counsel, Vice President, and Secretary of the Borrower, dated as of and delivered on the date of execution of this
Agreement, satisfactory to the Agent and substantially in the form of Exhibit E; 
  

 38 

 (b) No Defaults. The Borrower shall be in full compliance with all the terms and conditions of
this Agreement, and no Default or Event of Default shall have occurred, and the Borrower shall have delivered to the Lenders a certificate from an authorized officer of the Borrower certifying such matters as the Lenders shall reasonably request;

  
 (c) Accuracy of Representations and Warranties. The
representations and warranties set forth herein shall be true and correct, and the Borrower shall have delivered to the Lenders a certificate from an authorized officer of the Borrower certifying such matters related to the representations and
warranties as the Lenders shall reasonably request; 
  
 (d)
Corporate Action and Authority; Incumbency Certificate. The Borrower and each Subsidiary that is a Loan Party shall have delivered to the Lenders (i) a copy of its organizational papers, certified as true and correct by the Secretary of State
of the state of its incorporation, (ii) certificates from the Secretaries of State of those states in which it is legally required to qualify to transact business as a foreign corporation, certifying its good standing as a corporation in such
states, and (iii) a copy of its bylaws and the resolutions passed by its Board of Directors authorizing its execution and delivery of and the performance of the obligations under the Loan Documents to which it is a party, each certified by its
Secretary or Assistant Secretary, on behalf of and under its seal, to be true and correct. The Borrower and each Subsidiary that is a Loan Party shall have delivered to the Lenders a certificate, dated as of and delivered on the date of the
execution of this Agreement and signed on behalf of and under its seal by its Secretary or Assistant Secretary, certifying the names of its officers authorized to execute and deliver the Loan Documents on its behalf and, as to the Borrower, to
request Borrowings under this Agreement, together with the original, not photocopied, signatures of such officers; 
  
 (e) Delivery of Agreement. The Borrower shall have executed and delivered to the Lenders this Agreement; 
  
 (f) Delivery of Borrowing Base Certificate. The Borrower shall have
executed and delivered to the Lenders a Borrowing Base Certificate, dated as of the Closing Date; 
  
 (g) Delivery of Subsidiary Guaranty. Each Subsidiary of the Borrower that is a Loan Party shall have executed and delivered to the Lenders the
Subsidiary Guaranty, dated as of the Closing Date; 
  
 (h)
Delivery of Contribution Agreement. The Borrower and each Subsidiary that is a Loan Party shall have executed and delivered to the Lenders the Contribution Agreement; 
  
 (i) Insurance Summary. The Borrower shall have delivered to the Agent a certificate of insurance in a form
satisfactory to the Lenders which provides a listing of all the Borrower’s insurance policies and the amount of coverage provided thereby; 
  
 (j) Proceedings. All corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all Loan
Documents and other documents incident thereto shall be satisfactory in form and substance to the Lenders, and the Lenders shall have received all such counterpart originals or certified or other copies of such documents as the Lenders may
reasonably request; 
  

 39 

 (k) Agent’s Fees. The Agent shall have received the fees required to be paid on the Closing
Date pursuant to the Fee Letter; 
  
 (l) Collateral
Documents. The Borrower and each Subsidiary that is a Loan Party, as appropriate, shall have executed and delivered to the Agent the Collateral Documents and such financing statements or other instruments as may be, in the sole judgment of the
Agent, necessary to perfect the security interest of the Lenders in the collateral described therein; 
  
 (m) Intercreditor Agreement. The Borrower and all Secured Parties (as defined in the Security Agreement) under the Security Agreement shall have
executed and delivered the Intercreditor Agreement, in form and substance satisfactory to the Lenders; 
  
 (n) Mortgagee’s Insurance, Mortgage Modifications, Etc. The Borrower shall have delivered to the Agent a “date-down certificate” for
each ALTA mortgagee’s Policy of Title Insurance previously delivered in favor of the Agent in connection with the Real Property Mortgages delivered pursuant to the Original Credit Agreement or thereafter, together with a modification agreement
for each such Real Property Mortgage, in each case in form and substance acceptable to the Agent; 
  
 (o) Senior Notes. The Borrower shall have delivered to the Agent true and correct copies of the duly executed amendments to the documents governing
the Senior Notes, in form and substance acceptable to the Agent; 
  
 (p) Senior Unsecured Notes. The Agent shall have received true and correct copies of the duly executed Senior Unsecured Note Documents, in form and substance satisfactory to the Agent, and evidence that (i) the aggregate principal
amount of the issued Senior Unsecured Notes is at least $200,000,000, (ii) the Senior Unsecured Note Documents are in full force and effect and (iii) the Borrower has received the Net Cash Proceeds of the Senior Unsecured Notes; 
  
 (q) Tranche A Term Loans and Tranche B Term Loans. Rabobank, as agent
under the Existing Credit Agreement, shall have received, for the benefit of the Lenders (as defined in the Existing Credit Agreement) payment in full of the principal amounts outstanding on the Tranche A Term Loans and the Tranche B Term Loans (as
such terms are defined in the Existing Credit Agreement), together with (i) all accrued but unpaid interest on such amounts, (ii) the payment of a Make Whole Premium (as defined in the Existing Credit Agreement) with respect to the principal amount
of the Tranche B Term Loans prepaid in the amount agreed upon by the Borrower and the Tranche B Term Loan Lenders (as defined in the Existing Credit Agreement) and (iii) any amounts due under Section 3.15 of the Existing Credit Agreement; and

  
 (r) Other Matters. The Borrower shall have delivered to
the Agent such other certificates, reports, agreements, documents or other materials as the Lenders shall reasonably request. 
  
 Section 4.2. Conditions to all Revolving Loans and Letters of Credit. At the time of the making of all Revolving Loans and issuance of all Letters
of Credit (before as well as after giving effect to such Revolving Loans and Letters of Credit and to the proposed use of the proceeds thereof), the following conditions shall have been satisfied or shall exist: 
  
 (a) there shall exist no Default or Event of Default; 
  

 40 

 (b) all representations and warranties by the Borrower contained herein shall be true and correct with
the same effect as though such representations and warranties had been made on and as of the date of such Revolving Loans or issuance of such Letter of Credit; 
  

(c) since the date of the most recent financial statements described in Section 6.1, there shall have been no change which has had or could reasonably
be expected to have a Material Adverse Effect; 
  
 (d) the
Revolving Loans to be made and the use of proceeds thereof, or the Letters of Credit to be issued, shall not contravene, violate or conflict with, or involve the Agent or any Lender in a violation of, any law, rule, injunction, or regulation, or
determination of any court of law or other governmental authority applicable to the Borrower; and 
  
 (e) the Agent shall have received such other documents or legal opinions as the Agent or any Lender may reasonably request, all in form and substance
reasonably satisfactory to the Agent. 
  
 Each request for a
Borrowing and the acceptance by the Borrower of the proceeds thereof and each Notice of Request for a Letter of Credit shall constitute a representation and warranty by the Borrower, as of the date of the Revolving Loans comprising such Borrowing,
or the date of the issuance of Letter of Credit subject to such request, that the applicable conditions specified in Sections 4.1 and 4.2 have been satisfied. 
  

Section 4.3. Condition Subsequent to Initial Revolving Loans and Letters of Credit. The obligation of the Lenders to continue to make Revolving
Loans and issue Letters of Credit shall be subject to the delivery by the Borrower, by July 1, 2004, to the Agent of (a) evidence of the establishment of the Pledged Deposit Account (as defined in the Security Agreement) and (b) a Blocked Account
Control Agreement with respect to the Pledged Deposit Account, duly executed and in full force and effect. 
  
 ARTICLE 5 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The
Borrower represents, warrants and covenants to the Agent, L/C Issuer and Lenders that: 
  
 Section 5.1. Organization and Qualification. The Borrower is an agricultural membership cooperative duly incorporated and existing in good standing under the Cooperative Marketing Act of the State of Georgia,
each Subsidiary is duly incorporated and existing in good standing under the law of the jurisdiction in which it is incorporated, the Borrower and each of its Subsidiaries have the corporate power to own their respective properties and to carry on
their respective businesses as now being conducted, and the Borrower and each of its Subsidiaries is duly qualified as a foreign corporation to do business and in good standing in every jurisdiction in which the nature of its business conducted or
property owned by it legally requires such qualification, except to the extent failure to so qualify could not result in a Material Adverse Effect on the Borrower and the Subsidiaries. 
  

 41 

 Section 5.2. Financial Statements. The Borrower has furnished the Lenders with audited
consolidated balance sheets of the Borrower and its Subsidiaries as at June 28, 2003, and audited consolidated statements of income and cash flow of the Borrower and its Subsidiaries for such year. Such financial statements (including any related
schedules and/or notes) are true and correct in all material respects, have been prepared in accordance with GAAP consistently followed throughout the period involved and show all liabilities, direct and contingent, of the Borrower and its
Subsidiaries required to be shown in accordance with such principles. The balance sheets fairly present the condition of the Borrower and its Subsidiaries as at the dates thereof, and the statements of income and cash flow fairly present the results
of the operations of the Borrower and its Subsidiaries for the periods indicated. There has been no Material Adverse Effect to the business, condition or operations (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole since
June 28, 2003. 
  
 Section 5.3. Taxes. The Borrower has and
each of its Subsidiaries has filed all federal, state and other income tax returns which, to the best knowledge of the officers of the Borrower, are required to be filed, and each has paid all taxes as shown on said returns and all assessments
received by it to the extent that such taxes have become due or except such as are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP. As of the Closing Date, there is
no audit of any federal, state or other income tax returns of the Borrower and its Subsidiaries being conducted or pending. 
  
 Section 5.4. Actions Pending. Except as specified in Schedule 5.4, there is no action, suit, investigation or proceeding pending or, to the
knowledge of the Borrower after due inquiry, threatened against the Borrower or any of its Subsidiaries or any properties or rights of the Borrower or any of its Subsidiaries, by or before any court, arbitrator or administrative or governmental
body, which might result in a Material Adverse Effect. 
  
 Section
5.5. Title to Properties. The Borrower has and each of its Subsidiaries has good and marketable title to its respective real properties (other than properties which it leases) and good title to all of its other respective properties and
assets, including the properties and assets reflected in the balance sheet as at June 28, 2003, hereinabove described (other than properties and assets disposed of in the ordinary course of business), subject to no Lien of any kind except Liens
permitted by Section 7.3. Each of the Borrower and its Subsidiaries enjoys peaceful and undisturbed possession under all leases necessary in any material respect for the operation of its respective properties and assets, none of which contains any
unusual or burdensome provisions which might have a Material Adverse Effect on the operation of such properties and assets. All such leases are valid and subsisting and in full force and effect. 
  
 Section 5.6. Regulation U, Etc. Except as disclosed on Schedule
5.6 attached hereto, neither the Borrower nor any Subsidiary owns or has any present intention of acquiring any “margin stock” as defined in Regulation U (12 CFR Part 221) of the Board of Governors of the Federal Reserve System (herein
called “Margin Stock”). Each Borrowing will be used solely for the purposes specified in Section 3.19. None of such proceeds will be used, directly or 
  

 42 

 indirectly, for the purpose of purchasing or carrying any Margin Stock or for the purpose of reducing or retiring any
indebtedness which was originally incurred to purchase or carry any Margin Stock or for any other purpose which might constitute this transaction a “purpose credit” within the meaning of such Regulation U. Neither the Borrower nor any
agent acting on its behalf has taken or will take any action which might cause this Agreement or any of the Notes to violate Regulations T, U, or X or (to the best knowledge of the Borrower) any other regulation of the Board of Governors of the
Federal Reserve System or to violate the Securities Exchange Act of 1934, as amended, in each case as in effect now or as the same may hereafter be in effect. 
  

Section 5.7. ERISA. No accumulated funding deficiency (as defined in section 302 of ERISA and section 412 of the Code), whether or not waived,
exists with respect to any Plan (other than a Multiemployer Plan). No liability to the PBGC has been or is expected by the Borrower to be incurred with respect to any Plan (other than a Multiemployer Plan) by the Borrower or any of its Subsidiaries
which is or would be materially adverse to the Borrower and its Subsidiaries taken as a whole. Neither the Borrower nor any of its subsidiaries has incurred or presently expects to incur any withdrawal liability under Title IV of ERISA with respect
to any Multiemployer Plan which is or would be materially adverse to the Borrower and its Subsidiaries taken as a whole. The Borrower has delivered to the Lenders a list of all employee benefit plans established or maintained by the Borrower and
each Subsidiary, or as to which the Borrower or any Subsidiary is a party in interest or a disqualified person. The execution and delivery of this Agreement and the Borrowings hereunder will not involve any prohibited transaction within the meaning
of ERISA or in connection with which a tax could be imposed pursuant to section 4975 of the Code or a violation of section 406 or section 407 of ERISA. 
  
 Section 5.8. Outstanding Indebtedness. There exists no default under the provisions of any instrument evidencing Indebtedness of the Borrower or
any Subsidiary or of any other agreement relating thereto. All outstanding Indebtedness of the Borrower and each Subsidiary for Money Borrowed is set forth on Schedule 5.8 attached hereto. 
  
 Section 5.9. Conflicting Agreements or Other Matters. Neither the
Borrower nor any of its Subsidiaries is a party to any contract or agreement or subject to any charter or other corporate restriction which could have a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is in default of any
agreement to which it is a party which could have a Material Adverse Effect. Neither the execution or delivery of this Agreement or the other Loan Documents, nor fulfillment of or compliance with the terms and provisions hereof and thereof, will
conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of the Borrower or any of its
Subsidiaries pursuant to, the charter or bylaws of the Borrower or any of its Subsidiaries, any award of any arbitrator or any agreement (including any agreement with stockholders), instrument, order, judgment, decree, statute, law, rule or
regulation to which the Borrower or any of its Subsidiaries is subject. Neither the Borrower nor any of its Subsidiaries is a party to, or otherwise subject to any provision contained in, any instrument evidencing indebtedness of the Borrower or any
of its Subsidiaries, any agreement relating thereto or any other contract or agreement (including its charter) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Borrower of the type to be
evidenced by the Notes, except as set forth in the agreements listed on Schedule 5.9 attached hereto. Except where failure or non-compliance would not have a 
  

 43 

 Material Adverse Effect, each of the Borrower and its Subsidiaries has obtained all permits, licenses and other
authorizations which are required under, and is in compliance with, federal, state and local laws and regulations relating to pollution, reclamation, or protection of the environment, including laws relating to emissions, discharges, releases or
threatened releases of pollutants, contaminants, or hazardous or toxic materials or wastes into air, water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of
pollutants, contaminants or hazardous or toxic materials or wastes. Each of the Borrower and its Subsidiaries is in material compliance with all laws and regulations relating to equal employment opportunity and employee health and safety in all
jurisdictions in which the Borrower and each Subsidiary is presently doing business. 
  
 Section 5.10. Possession of Franchises, Licenses, Etc. The Borrower and its Subsidiaries possess all franchises, certificates, licenses, permits and other authorizations from governmental entities or regulatory
authorities, and all patents, trademarks, service marks, trade names, copyrights, licenses and other rights, free from burdensome restrictions, that are necessary in any material respect for the ownership, maintenance and operation of their
respective business, properties and assets, and neither the Borrower nor any of its Subsidiaries is in violation of any thereof in any material respect. Neither the Borrower nor any Subsidiary has infringed upon or otherwise violated any trademark,
patent, license or other intellectual property agreement where such infringement could have a Material Adverse Effect on the Borrower and its Subsidiaries taken as a whole. 
  
 Section 5.11. Governmental Consent. Neither the nature of the Borrower or any of its Subsidiaries nor any of their
respective businesses or properties, nor any relationship between the Borrower or any Subsidiary and any other Person, nor any circumstance in connection with the execution and delivery of the Loan Documents and the consummation of the transactions
contemplated thereby is such as to require any authorization, consent, approval, exemption or other action by or notice to or filing with any court or administrative or governmental body (other than routine filings after the date of closing with the
Securities and Exchange Commission and/or state Blue Sky authorities) in connection with the execution and delivery of this Agreement and the other Loan Documents or fulfillment of or compliance with the terms and provisions hereof or thereof.

  
 Section 5.12. Disclosure. Neither this Agreement nor
any other document, certificate or statement furnished to the Lenders or the Agent by or on behalf of the Borrower in connection herewith (when considered together with all reports and other documents filed by the Borrower with the Securities and
Exchange Commission) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein not misleading. There is no fact known to the Borrower or any of its
Subsidiaries which would have a Material Adverse Effect or in the future may (so far as the Borrower can now foresee) have a Material Adverse Effect which has not been set forth in this Agreement or in the other documents, certificates and
statements furnished to the Lenders or the Agent by or on behalf of the Borrower prior to the date hereof in connection with the transactions contemplated hereby. 
  
 Section 5.13. Foreign Assets Control Regulations. Neither the borrowing by the Borrower hereunder nor its use
of the proceeds thereof will violate the Foreign Assets Control 
  

 44 

 Regulations, the Cuban Assets Control Regulations or the Iranian Transactions Regulations of the United States Treasury
Department (31 CFR Subtitle B, Chapter V) or any similar law or regulation. 
  
 Section 5.14. Labor Relations. Except as set forth on Schedule 5.14 attached hereto, neither the Borrower nor any of its Subsidiaries is a party to any collective bargaining agreement, and there are no
material grievances, disputes or controversies with any union or any other organization of the Borrower’s employees, or threats of strikes, work stoppages or delays or any asserted pending demands for collective bargaining by any union or
organization. Additionally, the hours worked and payment made to employees of the Borrower and its Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable law dealing with such matters.
All payments due from the Borrower and its Subsidiaries, or for which any claim may be made against the Borrower and its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as
liabilities on the books of the Borrower and its Subsidiaries in all instances where the failure to pay or accrue such liabilities would reasonably be expected to have a Material Adverse Effect. 
  
 Section 5.15. Authorization and Enforceability of Agreement. The
Borrower has the right and power, and has taken all necessary steps to authorize it, to borrow hereunder and to execute, deliver and perform this Agreement, the Notes, and the other Loan Documents to which it is a party in accordance with their
respective terms and to consummate the transactions contemplated hereby. This Agreement is the legal, valid and binding agreement of the Borrower enforceable against the Borrower in accordance with its terms, and the Notes, and all other Loan
Documents, when executed and delivered, will be similarly legal, valid, binding and enforceable, except as the enforceability of the Notes and other Loan Documents may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws
affecting creditor’s rights and remedies in general and by general principles of equity, whether considered in a proceeding at law or in equity. 
  
 Section 5.16. Subsidiaries. Schedule 5.16 attached hereto correctly sets forth the name of each Subsidiary of the Borrower and the
jurisdiction of its organization. All the outstanding shares of Stock or other ownership rights of each such Subsidiary have been validly issued and are fully paid and non-assessable and all such outstanding shares or other ownership rights, except
as noted on such Schedule, are owned by the Borrower or an Affiliate free of any Lien or claim. 
  
 Section 5.17. Insurance Coverage. All property of the Borrower and its Subsidiaries is insured for the benefit of the Borrower or such Subsidiary
in amounts and against risks customary for Persons operating businesses similar to those of the Borrower or its Subsidiaries in the localities where such properties are located. 
  
 Section 5.18. Investments. Except for Investments permitted by Section 7.4, the Borrower has no other Investments.

  
 Section 5.19. Intercompany Loans; Dividends. There are
no restrictions on the power of any Subsidiary to repay any intercompany loan or to pay dividends on its Stock. 
  

 45 

 Section 5.20. Anti-Terrorism Laws. 
  
 (a) General. Neither the Borrower nor any Affiliate of the Borrower is in violation of any Anti-Terrorism Law or
engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  
 (b) Executive Order No. 13224. Neither the Borrower nor any Affiliate
of the Borrower is any of the following (each a “Blocked Person”): 
  
 (i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 
  
 (ii) a Person owned or controlled by, or acting for or on
behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 
  
 (iii) a Person or entity with which any bank or other financial institution is prohibited from dealing or otherwise engaging in any
transaction by any Anti-Terrorism Law; 
  
 (iv) a
Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; 
  
 (v) a Person or entity that is named as a “specially designated national” on the most current list published by OFAC at its
official website or any replacement website or other replacement official publication of such list; or 
  
 (vi) a Person or entity who is affiliated with a Person or entity listed above. 
  
 Neither the Borrower nor any Affiliate of the Borrower (i) conducts any business or engages
in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to
Executive Order No. 13224. 
  
 ARTICLE 6 
  
 AFFIRMATIVE COVENANTS 
  
 The Borrower covenants and agrees that so long as it may borrow under this
Agreement or so long as any Revolving Loan or Letter of Credit or other Indebtedness remains outstanding to the Agent, the L/C Issuer or the Lenders that: 
  
 Section 6.1. Financial Statements. The Borrower shall deliver to the Agent and each Lender (and, with respect to clauses (a), (b), (c), and (d) of
this Section 6.1, such delivery may be made by the Borrower posting such information directly via IntraLinks): 
  
 (a) (i) As soon as practicable and in any event within 30 days after the end of each of the first 11 months of each fiscal year (other than those months
corresponding to the end of a 
  

 46 

 fiscal quarter of the Borrower), and within 45 days after the end of each of the first 11 months corresponding to the end
of a fiscal quarter of the Borrower, (x) unaudited consolidated and consolidating statements of income, cash flow and business segment sales and margins of the Borrower and its Subsidiaries for such month and for the period from the beginning of the
current fiscal year to the end of such month and (y) an unaudited consolidated and consolidating balance sheet of the Borrower and its Subsidiaries as at the end of such month, setting forth, with respect to such consolidated statements of income,
cash flow and sales and margins and such consolidated balance sheet, in comparative form, figures for the corresponding period in the preceding fiscal year and (ii) as soon as practicable and in any event within 45 days (or such additional number of
days, not to exceed 5, by which the required filing of financial statements with the SEC is automatically extended under the SEC’s filing requirements) after the end of each of the first 3 fiscal quarters of each fiscal year, (x) unaudited
consolidated and consolidating statements of operations and cash flow of the Borrower and its Subsidiaries for such quarter and for the period from the beginning of the current fiscal year to the end of such quarter, (y) an unaudited consolidated
and consolidating balance sheet of the Borrower and its Subsidiaries as at the end of such quarter, setting forth, with respect to such consolidated statements of operations and cash flow and such consolidated balance sheet, in comparative form,
figures for the corresponding period in the preceding fiscal year all in reasonable detail and certified by the chief financial officer or Treasurer of the Borrower as having been prepared in accordance with GAAP, and (z) a management discussion and
analysis; 
  
 (b) As soon as practicable and in any event within
90 days (or such additional number of days, not to exceed 5, by which the required filing of financial statements with the SEC is automatically extended under the SEC’s filing requirements) after the end of each fiscal year, a consolidating and
consolidated and business segment statements of operations and cash flow of the Borrower and its Subsidiaries for such year, and a consolidating and consolidated and business segment balance sheet of the Borrower and its Subsidiaries as at the end
of such year, setting forth, with respect to such consolidated statements of operations and cash flow and such consolidated balance sheet, in comparative form, corresponding figures from the preceding annual audit, all in reasonable detail and
reasonably satisfactory in scope to the Agent, and, in the case of such consolidated financial statements, certified to the Borrower by independent public accounts of recognized national standing selected by the Borrower (and acceptable to the
Agent), whose certificate shall be in scope and substance satisfactory to the Agent, and, as to the consolidating statements, certified by the chief financial officer of the Borrower. In addition to any other information requested by the Agent
pursuant to the preceding sentence, together with each delivery of financial statements required by Section 6.1, the Borrower will deliver to the Lenders a certificate of such accountants stating that, in making the audit necessary to the
certification of such financial statements, they have obtained no knowledge of any Event of Default or Default, or, if any Event of Default or Default exists, specifying the nature and period of existence thereof. Such accountants, however, shall
not be liable to anyone by reason of their failure to obtain knowledge of any Event of Default or Default that would not be disclosed in the course of an audit conducted in accordance with generally accepted auditing standards; 
  
 (c) Promptly upon transmission thereof, copies of all such financial
statements, proxy statements, notices and reports as the Borrower shall send to its patrons or registered debt certificate holders and copies of all registration statements (without exhibits) and all reports which it files with the Securities and
Exchange Commission (or any governmental body or agency succeeding to the functions of the Securities and Exchange Commission); 
  

 47 

 (d) Promptly (i) after notice thereof being delivered to the Borrower or any Subsidiary, notice of the
commencement of any audit of any federal, state or other income tax return of the Borrower or any Subsidiary, and (ii) upon receipt thereof, a copy of each other report submitted to the Borrower or any Subsidiary by independent accountants in
connection with any annual, interim or special audit made by them of the books of the Borrower or any Subsidiary; and 
  
 (e) With reasonable promptness, such other financial data as any Lender may reasonably request in writing. 
  
 Together with the delivery of financial statements at the end of each fiscal quarter as
required by Section 6.1, the Borrower will deliver to each Lender an Officer’s Certificate (i) demonstrating (with computations in reasonable detail) compliance by the Borrower and its Subsidiaries as at the end of the quarterly period or
fiscal year to which such financial statement relates with the provisions of Section 7.1 and stating that there exists no Event of Default or Default, or, if any Event of Default or Default exists, specifying the nature and period of existence
thereof and what action the Borrower proposes to take with respect thereto and (ii) specifying the details of insurance as required pursuant to Section 6.3. The Borrower also covenants that forthwith upon the chief executive officer, principal
financial officer, or principal accounting officer of the Borrower obtaining actual knowledge of any Event of Default or Default, it will deliver to each Lender an Officer’s Certificate specifying the nature and period of existence thereof and
what action the Borrower proposes to take with respect thereto. Each Lender is hereby authorized to deliver a copy of any financial statement delivered to it pursuant to this Section 6.1 to any regulatory body having jurisdiction over such Lender
and to which such financial statement is required to be delivered. 
  
 Section 6.2. Inspection of Property. The Borrower shall permit any Person designated in writing by the Agent, the L/C Issuer or any Lender, at the Agent’s, the L/C Issuer’s or such Lender’s expense if no Default or
Event of Default shall then exist, otherwise at the Borrower’s expense, to visit and inspect any of the properties of the Borrower and any of its Subsidiaries, to examine the corporate books and financial records of the Borrower and its
Subsidiaries and make copies thereof or extracts therefrom, and to discuss the affairs, finances and accounts of any of such corporations with the principal officers of the Borrower and its independent public accountants, all at such reasonable
times and as often as the Agent, the L/C issuer or any Lender may reasonably request. 
  
 Section 6.3. Insurance. The Borrower and each Subsidiary will at all times maintain insurance in such amounts and against such liabilities and hazards as customarily is maintained by other companies operating
similar businesses and, together with each delivery of financial statements under Section 6.1(b), it will deliver to each Lender an Officer’s Certificate specifying the details of such insurance then in effect. 
  
 Section 6.4. Conduct of Business. The Borrower will and will cause
each Subsidiary to remain substantially in the respective area or field of business in which the Borrower and each 
  

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 Subsidiary is engaged as of the date of this Agreement except that the Borrower and its Subsidiaries may (a) enter other
fields or areas of business or (b) may exit existing fields or areas of business, to the extent that such fields or areas do not exceed 10% of the Borrower’s Shareholders’ Equity. 
  
 Section 6.5. Corporate Existence; Maintenance of Properties. The
Borrower shall (a) do or cause to be done all things necessary to preserve and keep in full force and effect the corporate or other form of existence as the case may be, rights and franchises of the Borrower and its Subsidiaries; provided,
however, that after the Closing Date (i) the Borrower may, upon at least 30 days’ prior written notice to the Agent, enter into a Permitted Conversion Transaction, so long as (x) if an entity other than the Borrower is the surviving
corporation, the requirements of Section 7.6(a) are satisfied or (y) if the Borrower is the surviving corporation, the Agent shall have received from the Borrower at the time of the completion of such Permitted Conversion Transaction and in form and
substance satisfactory to the Agent (A) a ratification and confirmation of the Borrower’s obligations hereunder and under the other Loan Documents, (B) such other documents (including, without limitation, UCC financing statements) as the Agent
may reasonably request, (C) an opinion of counsel, acceptable to the Agent, confirming (1) the due organization of the Borrower and (2) that the Loan Documents to which the Borrower is a party are in full force and effect and covering such other
matters as the Agent may reasonably request, (D) evidence that all parties to the Intercreditor Agreement have consented to the Permitted Conversion Transaction (to the extent such consent is required) and (E) evidence that the Agent’s Liens on
the Collateral are first priority perfected Liens as required by the Collateral Documents and (ii) GK Peanuts, Inc., a Georgia corporation, and Agvestments, Inc., a Georgia corporation, each a Subsidiary of the Borrower, may be dissolved or
administratively dissolved, as the case may be, so long as any and all assets of such Subsidiaries are contributed or otherwise transferred to another Loan Party upon such dissolution, (b) will cause its properties and the properties of its
Subsidiaries used or useful in the conduct of their respective businesses to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals,
placements, betterments and improvements thereto, all as in the judgment of the Borrower may be necessary so that the businesses carried on in connection therewith may be properly and advantageously conducted at all times, (c) will maintain
possession and ownership, all franchises, certificates, licenses, permits and other authorizations from governmental entities or regulatory authorities, and all patents, trademarks, service marks, trade names, copyrights, licenses and other rights
that are necessary in any material respect to the ownership, maintenance and operation of its business, properties, and assets, and (d) will and will cause each of its Subsidiaries to qualify, and remain qualified to conduct business in each
jurisdiction where the nature of the business or ownership of property by the Borrower, or such Subsidiary, as the case may be, may legally require such qualification, except where the failure to so qualify would not have a Material Adverse Effect.

  
 Section 6.6. Environmental Laws. The Borrower and its
Subsidiaries shall: 
  
 (a) Comply in all material respects with
and use best efforts to ensure compliance by all tenants and subtenants with all applicable Environmental Laws, and shall obtain and comply with, and use reasonable efforts to ensure that all tenants and subtenants obtain and comply with, any and
all approvals, registrations or permits required thereunder; 
  

 49 

 (b) Promptly report to each Lender (i) the introduction of any Hazardous Substances onto any facility
owned or operated by the Borrower or a Subsidiary thereof except for the use or storage thereof in the ordinary course of business in compliance with all Environmental Laws, and (ii) the initiation of any regulatory action against the Borrower or
any Subsidiary thereof or in connection with any such facility relating to any release of Hazardous Substances which regulatory action the Borrower determines is likely to have a Material Adverse Effect on either the Borrower’s or a
Subsidiary’s financial condition; and 
  
 (c) Defend,
indemnify, and hold harmless the Lenders, their employees, agents, and officers from and against any and all penalties, fines, liabilities, damages, costs, or expenses of whatever kind or nature asserted against any Lender, except to the extent that
such claims, demands, penalties, fines, liabilities, damages, costs or expenses result from the gross negligence or willful misconduct of such Lender or any of its employees, agents or officers, arising out of, or in any way related to, (i) the
presence, disposal, release, or threatened release of any Hazardous Substances on any property at any time owned or occupied by the Borrower or the Subsidiaries; (ii) any personal injury (including wrongful death) or property damage (real or
personal) arising out of or related to such Hazardous Substances; (iii) any lawsuit brought or threatened, reasonable settlement reached, or government order relating to such Hazardous Substances, and/or (iv) any violation of laws, orders,
regulations, requirements, or demands of government authorities, which are based upon or in any way related to such Hazardous Substances, including, without limitation, attorney and consultant fees, investigation and laboratory fees, court costs,
and litigation expenses. 
  
 Section 6.7. Taxes. The
Borrower shall and shall cause each of its Subsidiaries to pay and discharge, or cause to be paid and discharged, before the same shall become delinquent, all taxes, assessments and other governmental charges levied or imposed upon it or upon its
income, profits or properties, provided that neither the Borrower nor any of its Subsidiaries shall be required to pay or cause to be paid or discharged any such tax assessment, or charge whose amount or validity is being contested in good
faith by appropriate proceedings and with respect to which adequate reserves are being maintained and, provided further, that the Borrower shall, and shall cause each of its Subsidiaries to, pay all such taxes, assessments and charges
forthwith upon the commencement of proceedings to foreclose any Lien which may have attached as security therefor. 
  
 Section 6.8. Keeping of Books; Fiscal Year. The Borrower will keep, and cause each of its Subsidiaries to keep, in accordance with GAAP, proper
books of record and account, containing complete and accurate entries of all financial and business transactions of the Borrower and each Subsidiary. Additionally, the Borrower will, and will cause each of its Subsidiaries to, keep the same fiscal
year end as the one evidenced in the financial statements delivered under Section 5.2. 
  
 Section 6.9. Compliance with Laws and Other Agreements. The Borrower shall, and shall cause each Subsidiary to, conduct its business operations and obtain all necessary permits and licenses in substantial
compliance with (a) all applicable federal, state and local laws, rules and regulations, and (b) all agreements, indentures and mortgages to which it is a party or by which it or any of its properties is bound, unless the Borrower’s or a
Subsidiary’s failure to so comply would not have a Material Adverse Effect on the Borrower or any Subsidiary. 
  

 50 

 Section 6.10. Notice of Default. The Borrower shall notify each Lender of the occurrence of any
Default, Event of Default and of any default under any material agreement, which shall be defined for the purposes of this Section 6.10 as any agreement or instrument related to Indebtedness in excess of $500,000, or obligation with any other
Person, to which it or a Subsidiary is a party or by which it or a Subsidiary or any of its or a Subsidiary’s properties are bound, said notices to be given immediately upon the Borrower’s obtaining actual knowledge thereof;
provided, however, the failure of the Borrower to give such notice shall not affect the right and power of the Lenders to exercise any or all of the remedies on default specified herein. 
  
 Section 6.11. Notice of Litigation. The Borrower shall notify each
Lender of any action, suit or proceeding instituted by any Person against it or a Subsidiary (a) where the uninsured claim for money damages is in excess of $1,000,000 or (b) which would cause the aggregate of uninsured claims for money damages in
all actions, suits or proceedings against it or a Subsidiary arising out of one set of related facts or circumstances to exceed $2,000,000 or (c) which otherwise might have a Material Adverse Effect on its or any Subsidiary’s assets or business
operations, said notice to be given within 10 days of the first notice to the Borrower or any Subsidiary of the institution of such action, suit or proceeding and to specify the amount of damages being claimed or other relief being sought, the
nature of the claim, the Person instituting the action, suit or proceeding, and any other significant features of the claim. 
  
 Section 6.12. ERISA. Promptly (and in any event within 30 days) after the Borrower or any of its Subsidiaries knows or has reason to know that a
Reportable Event with respect to any Plan has occurred, that any Plan is or may be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA, or that the Borrower or any of its Subsidiaries will or may incur any material
liability to or on account of a Plan under Section 4062, 4063, 4064, 4201 or 4204 of ERISA, the Borrower will deliver to each Lender a certificate of the chief financial officer of the Borrower setting forth information as to such occurrence and
what action, if any, the Borrower is required or proposes to take with respect thereto, together with any notices concerning such occurrences which are required to be filed with or by the Borrower, the PBGC or the plan administrator of any such
Plan, as the case may be. The Borrower shall furnish, at the request of any Lender, so long as such Lender shall hold a Note, a copy of each annual report (Form 5500 Series) of any Plan received or prepared by the Borrower or any of its
Subsidiaries. Each annual report and any notice required to be delivered hereunder shall be delivered no later than 10 days after the later of the date such report or notice is filed with the Internal Revenue Service or the PBGC or the date such
report or notice is received by the Borrower or any of its Subsidiaries, as the case may be. 
  
 Section 6.13. Use of Proceeds. The Borrower shall use the proceeds of all Revolving Loans only in the manner set forth in Section 3.19. 
  
 Section 6.14. Borrowing Base Certificate/Hedging Position Reports. On the twenty-first Business Day of each
accounting month, the Borrower shall deliver to each Lender a Borrowing Base Certificate dated as of the last Business Day of the prior accounting month. Upon the request of the Agent, the Borrower shall prepare and deliver a Borrowing Base
Certificate at such other intervals as the Agent shall specify. With each delivery of a Borrowing Base Certificate on the twenty-first Business Day of each accounting month, the Borrower shall also deliver to each Lender a Hedging Position Report.

  

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 Section 6.15. Annual Projections. On the same date the Borrower delivers the financial information
required to be delivered pursuant to Section 6.1(b) with respect to the 2004 fiscal year and each fiscal year thereafter, the Borrower shall deliver to each Lender annual projections for the following fiscal year, which include (i) a statement of
all of the material assumptions on which such projections are based and (ii) quarterly consolidated and consolidating statements of income, cash flow and balance sheets. 
  
 Section 6.16. Excess Cash Flow Amount. Within 120 days after the end of each Excess Cash Flow Period (as defined in
the Senior Unsecured Note Indenture), the Borrower shall calculate the Excess Cash Flow Amount for such Excess Cash Flow Period and (a) use such Excess Cash Flow Amount to prepay Senior Indebtedness (as defined in the Senior Unsecured Note
Indenture, but excluding the Senior Unsecured Notes to the extent the Senior Unsecured Notes constitute Senior Indebtedness under the Senior Unsecured Note Indenture), (b) deposit such Excess Cash Flow Amount in the Pledged Deposit Account or (c)
use or deposit such Excess Cash Flow Amount in any combination of clauses (a) and (b) of this Section 6.16. Any prepayment by the Borrower of the Obligations under this Agreement or the other Loan Document as described in this Section 6.16 shall be
accompanied by a notice from the Borrower to the Agent indicating that such prepayment is being made with all or any portion of the Excess Cash Flow Amount. 
  
 ARTICLE 7 
  
 NEGATIVE COVENANTS 
  
 The Borrower covenants and agrees that, so long as it may borrow under this Agreement or so long as any Revolving Loan or Letter of Credit or other Indebtedness remains outstanding to the Agent, the L/C Issuer or the
Lenders: 
  
 Section 7.1. Financial Covenants. 

 
 (a) Minimum Consolidated Tangible Net Worth. The Borrower’s
Consolidated Tangible Net Worth (less any gain or loss as a result of accumulated other comprehensive income, as defined by GAAP) shall at all times be at least $180,000,000, plus the sum of (i) 50% of the Reported Net Income of the Borrower
and its consolidated Subsidiaries (to the extent positive) for the third fiscal quarter of the 2004 fiscal year, and each fiscal quarter thereafter on a cumulative basis (taken as one accounting period), but excluding from such calculations of
Reported Net Income for purposes of this clause (i) any fiscal quarter in which the Reported Net Income of the Borrower and its consolidated Subsidiaries is negative, and (ii) 100% of the cumulative Net Proceeds of Stock received during any period
after June 28, 2003. 
  
 (b) Current Ratio. The Borrower
shall not permit at any time the ratio of Consolidated Current Assets to Consolidated Current Liabilities to be less than 1.10 to 1.00, calculated on a quarterly basis. 
  
 (c) Fixed Charge Coverage Ratio. Commencing with the third fiscal quarter of the 2004 fiscal year, the Borrower shall
not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter to be less than 1.80 to 1.00, calculated on a quarterly basis. 
  

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 (d) Senior Debt Coverage Ratio. The Borrower shall not permit the Senior Debt Coverage Ratio to be
greater than the ratio set forth opposite the relevant fiscal quarter in the following table: 
  

			
	 Fiscal Quarter

	  	Ratio

	 Third Quarter Fiscal Year 2004
	  	4.00 to 1.00
	 Fourth Quarter Fiscal Year 2004
	  	3.75 to 1.00
	 First Quarter Fiscal Year 2005
	  	3.50 to 1.00
	 Second Quarter Fiscal Year 2005 and thereafter
	  	3.25 to 1.00

  
 Section 7.2.
Limitation on Restricted Payments. The Borrower will not pay or declare any dividend or make any other distribution on or on account of any class of its Stock or other equity or make cash distributions of equity (including cash patronage
refunds), or make interest payments on equity, or redeem, purchase or otherwise acquire, directly or indirectly, any shares of its Stock or other equity, or redeem, purchase or otherwise acquire, directly or indirectly, any Senior Unsecured Notes or
any Subordinated Debt, including, but not limited to, its Subordinated Capital Certificates of Interest and Subordinated Loan Certificates (except required redemptions as provided in the indentures pursuant to which such Subordinated Debt was
issued), or permit any Subsidiary to do any of the above (all of the foregoing being herein called “Restricted Payments”) except that the Borrower may make (a) cash patronage refunds in an amount, for each fiscal year, not to exceed
10% of the member earnings for such fiscal year prior to a Permitted Conversion Transaction permitted under Section 6.5, and (b) present value cashing retirement and death payments (net of any amount the Borrower receives as insurance proceeds) in
an aggregate amount not to exceed $5,000,000 in any fiscal year; provided that the Borrower shall not make any Restricted Payments upon the occurrence and during the continuance of a Default or Event of Default. So long as there is no Default
or Event of Default occurring or continuing, there shall not be included in the definition of Restricted Payments: (x) dividends paid, or distributions made, in Stock of the Borrower or (y) exchanges of Stock of one or more classes of the Borrower,
except to the extent that cash or other value is involved in such exchange. Moreover, nothing in this Section 7.2 shall prevent any Subsidiary from making any Restricted Payments to the Borrower or to any other Loan Party that directly owns Stock of
such Subsidiary. The term “equity” as used in this Section 7.2 shall include the Borrower’s common stock, preferred stock, if any, other equity certificates, and notified equity accounts of patrons. 
  
 Section 7.3. Liens. The Borrower shall not, and shall not permit any
Subsidiary to, create, assume or suffer to exist any Lien upon any of its property or assets whether now owned or hereafter acquired, except: 
  
 (a) Liens existing prior to the date of this Agreement, as set forth on Schedule 7.3 attached hereto; 
  
 (b) Liens for taxes not yet due, and Liens for taxes or Liens imposed by
ERISA which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 
  

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 (c) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other
Liens imposed by law created in the ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 
  
 (d) Liens incurred or deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 
  
 (e) Liens consisting of encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property,
which do not materially detract from the value of such property or impair the use thereof in the business of such Person; and 
  
 (f) Liens securing the obligations due to the parties to the Intercreditor Agreement. 
  
 Section 7.4. Restrictions on Loans, Advances, Investments, Asset Acquisitions and Contingent Liabilities. The
Borrower shall not and shall not permit any Subsidiary to (a) make or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person which is not an Affiliate of the
Borrower, or (b) guarantee, endorse or otherwise be or become contingently liable, directly or indirectly, in connection with the obligations, Stock or dividends of any Person, or (c) own, purchase or acquire any Stock, obligations or securities of,
or any other interest in, or make any capital contribution to, any Person, or (d) acquire all, or substantially all, of the assets of any Person, in a single or a series of related transactions; except that the Borrower or any Subsidiary may:

  
 (i) (x) make or permit to remain outstanding loans or
advances to any other Loan Party, or (y) guarantee or otherwise become liable for obligations of any other Loan Party to the extent such obligation that is guaranteed is incurred in the ordinary course of business of such Loan Party or is
Indebtedness otherwise permitted to be incurred by such Loan Party hereunder (including guarantee obligations under the Subsidiary Guaranty); 
  
 (ii) acquire and own Stock, obligations or securities received in settlement of debts (created in the ordinary course of business) owing to the Borrower
or any Subsidiary; 
  
 (iii) own, purchase or acquire prime
commercial paper and certificates of deposit in United States commercial banks (whose long-term debt is rated “A” or better by Moody’s Investors Service or Standard and Poor’s Corporation), in each case due within 1 year from the
date of purchase and payable in the United States in Dollars; 
  
 (iv) own, purchase and acquire obligations of the United States Government or any agency thereof, in each case due within 1 year from the date of purchase; 
  
 (v) own, purchase and acquire obligations guaranteed by the United States Government, in each case due within 1 year from
the date of purchase; 
  

 54 

 (vi) own, purchase and acquire repurchase agreements of United States commercial banks (whose long-term
debt is rated “A” or better by Moody’s Investors Service or Standard and Poor’s Corporation) for terms of less than 1 year in respect of the foregoing certificates and obligations; 
  
 (vii) own, purchase and acquire tax-exempt securities maturing within 1 year
from the date of purchase and rated “A” or better by Moody’s Investors Service or Standard and Poor’s Corporation; 
  
 (viii) own, purchase and acquire adjustable rate preferred stocks rated “A” or better by Moody’s Investors Service or Standard and
Poor’s Corporation; 
  
 (ix) endorse negotiable instruments
for collection in the ordinary course of business; 
  
 (x) make or
permit to remain outstanding travel and other like advances to officers and employees in the ordinary course of business; 
  
 (xi) (x) permit to remain outstanding investments in the Subsidiaries of the Borrower in existence as of the Closing Date, and (y) make or permit to
remain outstanding investments in any Subsidiary (whether in existence on the Closing Date or created after the Closing Date in accordance with Section 7.14) if such Subsidiary is a Loan Party; 
  
 (xii) make or permit to remain outstanding loans from AgraTrade Financing,
Inc., a wholly-owned Subsidiary of the Borrower, to members and non-members of the Borrower (provided that all such loans are made to facilitate the business of the Borrower) in an aggregate amount not to exceed $20,000,000; 
  
 (xiii) make or permit to remain outstanding investments described on
Schedule 7.4 attached hereto; 
  
 (xiv) make or permit to
remain outstanding investments in GC Properties in an aggregate amount not exceeding $500,000 during the term of this Agreement; 
  
 (xv) have increases in existing investments arising from non-cash notified equity or other equity methods of accounting for equity increases which are
non-cash; 
  
 (xvi) make or permit to remain outstanding
investments in any money market fund that invests only in investments described in subsections (iii), (iv), (v), (vi), (vii), or (viii) of this Section 7.4; and 
  

(xvii) if such Subsidiary is a party to the Subsidiary Guaranty, guarantee the obligations of the Borrower under the Senior Unsecured Notes.

  
 Section 7.5. Sale of Stock and Indebtedness of
Subsidiaries. Without the prior written consent of the Required Lenders, which consent shall be at the sole discretion of the Required Lenders, the Borrower shall not and shall not permit any Subsidiary to sell or otherwise dispose of, or part
with control of, any shares of Stock or Indebtedness of any Subsidiary, except (a) to 
  

 55 

 the Borrower or another Loan Party, (b) all shares of Stock and Indebtedness of any Subsidiary at the time owned by or
owed to the Borrower and all Subsidiaries may be sold as an entirety for a cash consideration which represents the fair value (as determined in good faith by the Board of Directors of the Borrower) at the time of sale of the shares of Stock and
Indebtedness so sold, provided that the assets of such Subsidiary do not constitute a Substantial Part of the Consolidated Assets of the Borrower and all Subsidiaries and that the earnings of such Subsidiary shall not have constituted a
Substantial Part of Consolidated Net Earnings for any of the 3 fiscal years then most recently ended, and further provided that, at the time of such sale, such Subsidiary shall not own, directly or indirectly, any shares of Stock or
Indebtedness of any other Subsidiary (unless all of the shares of Stock and Indebtedness of such other Subsidiary owned, directly or indirectly, by the Borrower and all Subsidiaries are simultaneously being sold as permitted by this Section 7.5),
and (c) dispositions of Stock permitted by Section 7.6(d). 
  
 Section 7.6. Merger and Sale of Assets. The Borrower shall not and shall not permit any Subsidiary to enter into any transaction of merger, consolidation, pooling of interest, joint venture, syndicate or other combination with any
other Person or sell, lease, transfer, contribute as capital, or otherwise dispose of all or a Substantial Part of the consolidated assets of the Borrower and all Subsidiaries or assets which shall have contributed a Substantial Part of Consolidated
Net Earnings for any of the 3 fiscal years then most recently ended, in any single transaction or series of related transactions, to any Person, except that: 
  

(a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving corporation, unless such
merger is in connection with a Permitted Conversion Transaction, in which case such Subsidiary may be the surviving corporation so long as at the time of the completion of such Permitted Conversion Transaction (A) such Subsidiary assumes all of the
Obligations of the Borrower in form and substance acceptable to the Agent, (B) such Subsidiary executes and/or delivers to the Agent the Security Agreement, Real Property Mortgages or modifications to the Real Property Mortgages in effect as of the
date of such Permitted Conversion Transaction and such other agreements, instruments and documents requested by the Agent, including, without limitation, Uniform Commercial Code financing statements and title insurance policies, in form and
substance satisfactory to the Agent, and (C) an opinion of counsel, acceptable to the Agent, is delivered to the Lenders confirming the due organization of such Subsidiary, the enforceability of the agreements, instruments and documents described in
(B) above, and such other matters as the Agent may reasonably request, or (ii) any one or more other Subsidiaries, provided that if any Loan Party is party to such merger, a Loan Party shall be the continuing or surviving corporation;

  
 (b) any Subsidiary may sell, lease or otherwise dispose of any
of its assets to the Borrower or another Loan Party; 
  
 (c) any
Subsidiary may sell or otherwise dispose of all or substantially all of its assets subject to the conditions specified in Section 7.5 with respect to a sale of the Stock of such Subsidiary; and 
  
 (d) the Borrower may sell or otherwise dispose of its interests in AgraTech
Seeds Inc., a Georgia corporation, provided, that (x) the Net Cash Proceeds of any such sale or other disposition, if any, are contributed to the Borrower, or (y) such sale or disposition results in favorable federal tax treatment, or a
federal tax deduction pursuant to Section 170 of the Code. 
  

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 Section 7.7. Sale and Lease-Back. The Borrower shall not and shall not permit any Subsidiary to
enter into any arrangement, with any Person or under which such other Person is a party, providing for the leasing by the Borrower or any Subsidiary of real or personal property, used by the Borrower or any Subsidiary in the operations of the
Borrower or any Subsidiary, which has been or is sold or transferred by the Borrower or any Subsidiary to any other Person to whom funds have been or are to be advanced by such other Person on the security of such rental obligations of the Borrower
or such Subsidiary except to the extent that the total amount of such arrangements involve, at any one time, assets or property which constitute an amount equal to or less than 10% of Consolidated Capital Assets; provided, however,
that the Borrower shall not and shall not permit any Subsidiary to enter into any sale and leaseback transaction with respect to 244 Perimeter Center Parkway, Atlanta, Georgia, unless the Borrower certifies to the Agent that the Obligations shall
constitute “Senior Indebtedness” under the Senior Unsecured Note Indenture at the time of such sale and leaseback transaction and at all times thereafter. 
  
 Section 7.8. Sale or Discount of Receivables. The Borrower shall not and shall not permit any Subsidiary to sell with
recourse or discount or otherwise sell for less than the face value thereof, any of its notes or accounts receivable. 
  
 Section 7.9. Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona
fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn
and wheat shall in no event cover more than thirty-nine weeks of the Borrower’s anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated
requirements unless they have been entered into in compliance with the Borrower’s Corporate Policy For Futures Contracts approved by the Borrower’s Board of Directors on April 24, 1998 and have been approved by the Borrower’s Hedging
Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks of the Borrower’s anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more
than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower’s Corporate Policy For Futures Contracts approved by the Borrower’s Board of Directors on April 24, 1998 and
have been approved by the Borrower’s Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrower; and (b) foreign exchange
contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies
to be received or paid in foreign currencies. 
  
 Section 7.10.
Issuance of Stock by Subsidiaries. The Borrower shall not permit any Subsidiary (either directly or indirectly by the issuance of rights or options for, or securities convertible into, such shares) to issue, sell or dispose of any shares of
its Stock of any class (other than directors’ qualifying shares, if any) except to the Borrower or another Subsidiary. 
  

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 Section 7.11. Capital Expenditures. The Borrower and its Subsidiaries shall not, on a consolidated
basis, directly or indirectly, make Capital Expenditures in any fiscal year in an aggregate amount in excess of the lesser of (a) for the fiscal year ending (i) 2004, $75,000,000, (ii) 2005, $75,000,000 plus the Capital Expenditure Carry Forward
Amount, if any, (ii) 2006, $75,000,000 plus the Capital Expenditure Carry Forward Amount, if any, and (ii) 2007, $75,000,000 plus the Capital Expenditure Carry Forward Amount, if any, and (b) the aggregate amount of Capital Expenditures permitted
for such fiscal year pursuant to Section 4.14 of the Senior Unsecured Note Indenture. 
  
 Section 7.12. Indebtedness for Money Borrowed. The Borrower shall not, and shall not permit any Subsidiary to, create, incur, assume, or suffer to exist any Indebtedness for Money Borrowed, except for the
following: 
  
 (a) Indebtedness existing under this Agreement and
the other Loan Documents (including, without limitation, all Revolving Loans and Letter of Credit Obligations); 
  
 (b) Indebtedness (including guaranties) which may be deemed to exist pursuant to any performance, surety, appeal or similar bonds obtained by the Borrower
or any of its Subsidiaries in the ordinary course of business; 
  
 (c) Indebtedness for Money Borrowed in existence on the date hereof, and set forth on Schedule 5.8; 
  
 (d) Subordinated Debt; 
  
 (e) unsecured Indebtedness for Money Borrowed owing by any Loan Party to any other Loan Party; 
  
 (f) reimbursement obligations under letters of credit issued by any of the
Lenders, provided that the aggregate principal amount of such reimbursement obligations does not exceed $25,000,000 at any one time (exclusive of Letters of Credit issued under this Agreement); and 
  
 (g) Indebtedness for Money Borrowed existing under the Senior Unsecured Notes
in a principal amount not exceeding $200,000,000 plus interest and fees related thereto. 
  
 Section 7.13. Transactions with Affiliates. The Borrower shall not, and shall not permit any Subsidiary to, enter into or be a party to any transaction or arrangement with any Affiliate (including, without
limitation, the purchase from, sale to or exchange of property with, or the rendering of any service by or for, any Affiliate), except (a) in the ordinary course of and pursuant to the reasonable requirements of the Borrower’s or such
Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than would obtain in a comparable arm’s-length transaction with a Person other than an Affiliate, or (b) for transactions between
Loan Parties. 
  
 Section 7.14. Creation of Subsidiaries.
The Borrower shall not, and shall not permit any Subsidiary to, create any Subsidiary after the Closing Date unless (a) such Subsidiary is a Wholly Owned Subsidiary, (b) such Subsidiary is organized under the laws of a jurisdiction within the United
States of America, (c) such Subsidiary executes at the time of its creation the 
  

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 Security Agreement (together with applicable Uniform Commercial Code financing statements), the Subsidiary Guaranty and
the Contribution Agreement (either directly or by executing a supplement thereto) and the Stock of such Subsidiary is pledged to the Agent as Collateral, (d) an opinion of counsel, acceptable to the Agent, is delivered to the Lenders confirming the
due organization of such Subsidiary, the enforceability of the Security Agreement, the Subsidiary Guaranty and the Contribution Agreement against such Subsidiary, and such other matters as the Agent may reasonably request, and (e) no Event of
Default exists immediately prior to or after the creation of the Subsidiary. 
  
 Section 7.15. Amendments. The Borrower shall not enter into any amendment or waiver of the Senior Unsecured Note Documents without the prior written consent of the Agent, which consent shall not be unreasonably
withheld. 
  
 Section 7.16. Anti-Terrorism Laws. Neither
the Borrower nor any Affiliate of the Borrower or agent of the Borrower shall: (a) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any contribution of funds, goods or services
to or for the benefit of any Blocked Person; (b) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (c) engage in on conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or the USA Patriot Act. The Borrower shall deliver to the Agent and the Lenders any
certification or other evidence requested from time to time by the Agent or any Lender, in the Agent’s sole discretion, confirming the Borrower’s compliance with this Section 7.16. 
  
 Section 7.17. Pledged Deposit Account. The Borrower shall not, and
shall not permit any Subsidiary to, withdraw or transfer any funds on deposit in the Pledged Deposit Account except (a) as may be required to pay service charges incurred in the ordinary course by the depository institution at which the Pledged
Deposit Account is maintained, (b) so long as there is no Default or Event of Default occurring or continuing, to make scheduled payments of Indebtedness for Money Borrowed under the Senior Notes or this Agreement, or any combination thereof, as
elected by the Borrower, (c) to withdraw accrued interest credited to such account, to the extent permitted by the Senior Unsecured Note Indenture, or (d) with the prior written consent of the Required Secured Parties. 
  
 ARTICLE 8 
  
 EVENTS OF DEFAULT AND REMEDIES 
  
 Section 8.1. Events of Default. Any one or more of the following shall constitute an Event of Default hereunder:

  
 (a) The Borrower fails to pay when due any payment of
principal due on any of the Notes; or 
  

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 (b) The Borrower fails to pay within 5 days of the due date therefor any payment of (i) interest due on
any of the Notes or (ii) any fees or other amounts (except principal and interest as specified in Section 8.1(a) and (b)(i)) due hereunder; or 
  
 (c) The Borrower or any Subsidiary defaults in any payment of principal or interest on any other obligation for Indebtedness for Money Borrowed or any
obligation under a Capital Lease, any obligation under a conditional sale or other title retention agreement, any obligation issued or assumed as full or partial payment for property whether or not secured by a purchase money mortgage, or any
obligation under notes payable or drafts accepted representing extensions of credit, in any case having a principal amount of $1,000,000 or more beyond any period of grace provided with respect thereto, or the Borrower or any Subsidiary fails to
perform or observe any other agreement, term, condition or covenant contained in any agreement under which any such obligation is created (or if any other event thereunder or any such agreement shall occur and be continuing), and in each case the
effect of such failure or other event is to cause or to permit the holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause such obligation to become due prior to any stated maturity; or 
  
 (d) Any representation or warranty contained herein or deemed to have been
made hereunder or made by or furnished in writing on behalf of the Borrower in connection herewith shall be false or misleading in any material respect as of the date made or deemed to have been made, or the Borrower fails to perform or observe any
covenant contained in Sections 6.1, 6.3, 6.5, 6.14, 6.15 or Article 7; or 
  
 (e) The Borrower fails to perform or observe any covenant, term or condition contained in this Agreement (other than those contained in Sections 6.1, 6.3, 6.5, 6.14, 6.15 or Article 7) or any other Loan Document and
such failure shall continue for more than 30 days after the earlier of (i) the date which the Borrower obtains knowledge thereof or (ii) the Borrower is given notice thereof; or 
  
 (f) The Borrower or any Subsidiary shall make or take any action to make an assignment for the benefit of creditors,
petition or take any action to petition any tribunal for the appointment of a custodian, receiver or any trustee for it or any of its assets, or shall commence or take any action to commence any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution, liquidation or debtor relief law or statute of any jurisdiction, whether now or hereafter in effect including, without limitation, the Bankruptcy Code; or, if there shall have been filed any such
petition or application, or any such proceeding shall have been commenced against it, which remains unstayed and in effect for more than 60 days or in which an order for relief is entered; or the Borrower or any Subsidiary by any act or omission
shall indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee for it or any of its properties, or shall suffer to exist any
such custodianship, receivership or trusteeship; or 
  
 (g) The
Borrower or any Subsidiary shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property
which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any 
  

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 transfer of its property to or for the benefit of a creditor at a time when other creditors similarly situated have not
been paid while the Borrower or such Subsidiary is insolvent; or shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint which is not vacated or bonded within
60 days from the date thereof; or 
  
 (h) Any order, judgment or
decree is entered in any proceedings against the Borrower decreeing the dissolution of the Borrower and such order, judgment or decree remains unstayed and in effect for more than 10 days; or 
  
 (i) Any order, judgment or decree is entered in any proceedings against the
Borrower or any Subsidiary decreeing a split-up of the Borrower or such Subsidiary which requires the divestiture of assets representing a substantial part, or the divestiture of the Stock of a Subsidiary whose assets represent a substantial part,
of the consolidated assets of the Borrower and its Subsidiaries (determined in accordance with GAAP) or which requires the divestiture of assets or Stock of a Subsidiary which shall have contributed a Substantial Part of Consolidated Net Earnings
for any of the 3 fiscal years then most recently ended, and such order, judgment or decree remains unstayed and in effect for more than 30 days; or 
  
 (j) A final judgment in an amount in excess of $10,000,000 is rendered against the Borrower or any Subsidiary and, within 30 days after entry thereof,
such judgment is not discharged or execution thereof stayed pending appeal, or within 30 days after the expiration of any such stay, such judgment is not discharged or provided for in accordance with a court approved order; or 
  
 (k) Either (i) any single employer Plan or Multiemployer Plan fails to
maintain the minimum funding standard required by Section 412 of the Code for any plan year or a waiver of such standard is sought or granted under Section 412(d) of the Code, or (ii) any single employer Plan or Multiemployer Plan subject to Title
IV of ERISA is or has been terminated or the subject of termination proceedings under ERISA, or (iii) the Borrower or a Subsidiary of the Borrower or an ERISA Affiliate has incurred a liability to or on account of any Plan under Section 4062, 4063,
4064, 4201 or 4204 of ERISA, or (iv) the Borrower or a Subsidiary of the Borrower has engaged in a prohibited transaction, and there results from any of the events specified in clauses (i) through (iv) above a liability to the PBGC or any Plan, or a
liability, penalty or tax under ERISA or Section 4975 of the Code, as the case may be, equal to or greater than $1,000,000 that is not paid within 10 days of the due date therefor; or 
  
 (l) Except pursuant to their release or termination in accordance with their terms or the terms hereof, (i) any of the
Collateral Documents shall cease, for any reason, to be in full force and effect, or the Borrower or any other Person which is a party to any of the Collateral Documents shall so assert, or (ii) any Lien created by any of the Collateral Documents
shall cease to be enforceable and of the same effect and priority purported to by created thereby; or 
  
 (m) The Subsidiary Guaranty shall cease, for any reason, to be in full force and effect or the Borrower or any party thereto shall so assert; 

 

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 (n) If, at any time, the individual serving as chief executive officer (or his or her successor engaged
as provided below) ceases to serve as chief executive officer and a substitute thereof with qualifications and experience reasonably satisfactory to the Agent shall not have been engaged and commenced employment with 90 days thereafter; or

  
 (o) A Change of Control. 
  
 Section 8.2. Remedies on Default. 
  
 (a) Upon the occurrence of an Event of Default (other than an Event of
Default described in Section 8.1(f)) and during the continuation thereof, the Agent may and, at the request of the Required Lenders and at their option, shall (i) terminate the obligation of each Lender to make Revolving Loans and of the L/C Issuer
to issue Letters of Credit and the Swing Line Bank to make Swing Line Advances, and (ii) declare the Notes, including, without limitation, principal, accrued interest and costs of collection (including, without limitation, reasonable attorneys’
fees if collected by or through an attorney at law or in any judicial proceedings) immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are expressly waived. 
  
 (b) Upon the occurrence of an Event of Default under Section 8.1(f), (i) all
obligations of the Lenders, the L/C Issuer and the Swing Line Bank to the Borrower, including, without limitation, all obligations to extend Revolving Loans and issue Letters of Credit under this Agreement, shall automatically terminate and (ii) the
Notes, including, without limitation, principal, accrued interest and costs of collection (including, without limitation, reasonable attorneys’ fees if collected by or through an attorney at law or in bankruptcy or in any other judicial
proceedings) shall be immediately due and payable, without presentment, demand, protest, or any other notice of any kind, all of which are expressly waived. 
  
 (c) Upon the occurrence of an Event of Default and acceleration of the Notes as provided in Sections 8.2(a) or (b), the Agent may pursue any remedy
available under this Agreement, under the Notes, or under any other Loan Document, or available at law or in equity, all of which shall be cumulative. The order and manner in which the rights and remedies of the Agent under the Loan Documents and
otherwise may be exercised shall be determined by the Required Lenders or the Agent in its discretion. The Agent may, irrespective of whether it is taking any of the actions described in this Section 8.2 or otherwise, make demand upon the Borrower
to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lenders in same-day funds at the Agent’s office designated in such demand, for deposit in such interest-bearing account as the Agent shall specify (the
“L/C Cash Collateral Account”), an amount equal to 105% of the Letter of Credit Obligations then outstanding. If at any time the Agent determines that any funds held in the L/C Cash Collateral Account are subject to any right or
claim of any Person other than the Agent, the L/C Issuer and the Lenders or that the total amount of such funds is less than the amount required to be on deposit hereunder, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as
additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (i) such amount required to be deposited hereunder over (ii) the total amount of funds, if any, then held in the L/C Cash Collateral
Account that the Agent determines to be free and clear of any such right and claim. The L/C Cash Collateral Account shall be in the name and under the sole dominion and 
  

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 control of the Agent. The Agent shall have no obligation to invest any amounts on deposit in the L/C Cash Collateral
Account. The Borrower grants to the Agent, for its benefit and the benefit of the Lenders and the L/C Issuer, a lien on and security interest in the L/C Cash Collateral Account and all amounts on deposit therein as collateral security for the
performance of its obligations under this Agreement and the other Loan Documents. The Agent shall have all rights and remedies available to it under applicable law with respect to the L/C Cash Collateral Account and all amounts on deposit therein.

  
 (d) All payments with respect to this Agreement received by
the Agent and the Lenders, or any of them, after the occurrence of an Event of Default and acceleration of the Notes, shall be applied first to the costs and expenses (including attorneys’ fees and disbursements) incurred by the Agent, acting
as the Agent, and the Lenders as a result of the Default, and thereafter paid pro rata to the Lenders in the same proportion that the aggregate of the unpaid principal amount owing on the Notes to each Lender, plus accrued and unpaid interest
thereon, bears to the aggregate of the unpaid principal amount owing on all the Notes to all Lenders, plus accrued and unpaid interest thereon. Regardless of how each Lender may treat the payments for the purpose of its own accounting, for the
purpose of computing the Borrower’s obligations hereunder and under the Notes, payments shall be applied first, to the costs and expenses incurred by the Agent, acting as the Agent, and the Lenders as a result of the Default, as set
forth above, second, to the payment of accrued and unpaid fees of the Agent and the Lenders, third, to the payment of accrued and unpaid interest on the Notes, to and including the date of such application (ratably according to the
accrued and unpaid interest on the Revolving Loans), fourth, to the ratable payment of the unpaid principal of the Notes, fifth, to cash collateralize the Letter of Credit Obligations in the amount of 105% of the outstanding face
amount of any Letters of Credit, and sixth, to the payment of all other amounts then owing to the Agent or the Lenders under the Loan Documents. No application of the payments will cure any Event of Default or prevent acceleration, or
continued acceleration, of amounts payable under the Loan Documents or prevent the exercise, or continued exercise, of rights or remedies of the Lenders hereunder or under applicable law. 
  
 ARTICLE 9 
  
 THE AGENT 
  
 Section 9.1. Appointment and Authorization. Each Lender hereby designates Rabobank as the Agent to act as herein specified. Each Lender hereby
irrevocably authorizes, and each holder of any Note by the acceptance of a Note shall be deemed irrevocably to authorize, the Agent to take such action on its behalf under the provisions of this Agreement and the Notes and any other instruments and
agreements referred to herein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms hereof and thereof and such other powers as are reasonably
incidental thereto. The Agent may perform any of its duties hereunder by or through its agents or employees. 
  
 Section 9.2. Nature of Duties of the Agent. The Agent shall have no duties or responsibilities except those expressly set forth in this Agreement.
Neither the Agent nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by it as 
  

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 such hereunder or in connection herewith, unless found in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted from such Person’s gross negligence or willful misconduct. Without limiting in any way the standard of care established by the immediately preceding sentence, in performing its duties and responsibilities set forth
in this Agreement, the Agent shall act in accordance with its customary banking practices. The Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender, and nothing in this Agreement, expressed or implied,
is intended to or shall be so construed as to impose upon the Agent any obligations in respect of this Agreement except as expressly set forth herein. 
  
 Section 9.3. Lack of Reliance on the Agent. 
  
 (a) Each Lender agrees that, independently and without reliance upon the Agent, any other Lender, or the directors, officers, agents or employees of the
Agent or of any other Lender, each Lender, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower and its Subsidiaries in connection with
the taking or not taking of any action in connection with this Agreement and the other Loan Documents, including the decision to enter into this Agreement, and (ii) its own appraisal of the creditworthiness of the Borrower and its Subsidiaries.
Except for information or notices provided to the Agent pursuant to the terms of this Agreement, which the Agent agrees to provide each Lender timely copies thereof, the Agent shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Revolving Loans or at any time or times thereafter. 
  
 (b) The Agent shall not be responsible to any Lender for the truth, accuracy
or completeness of any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity,
enforceability, collectibility, priority or sufficiency of this Agreement or the Notes or the financial condition of the Borrower or its Subsidiaries or be required to make any inquiry concerning either the performance or observance of any of the
terms, provisions or conditions of this Agreement or the Notes, or the financial condition of the Borrower or its Subsidiaries, or the existence or possible existence of any Default or Event of Default. 
  
 Section 9.4. Certain Rights of the Agent. 
  
 (a) If the Agent shall request instructions from the Required Lenders with
respect to any act or action (including the failure to act) in connection with this Agreement, the Agent shall be entitled to refrain from such act or taking such action unless and until the Agent shall have received instructions from the Required
Lenders and the Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Agent as a result of the Agent acting or refraining from acting
hereunder in accordance with the instructions of the Required Lenders; provided, however, that the Agent shall not be required to act or not act in accordance with any instructions of the Required Lenders if to do so would expose the
Agent to significant liability or would be contrary to any Loan Document or to applicable law. 
  

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 (b) The Agent may assume that no Event of Default has occurred and is continuing, unless the Agent has
received notice from the Borrower stating the nature of the Event of Default, or has received notice from a Lender stating the nature of the Event of Default and that such Lender considers the Event of Default to have occurred and to be continuing.

  
 (c) If the Agent may not, pursuant to Section 9.4(b), assume
that no Event of Default has occurred and is continuing, the Agent shall give notice thereof to the Lenders and shall act or not act upon the instructions of the Required Lenders, provided that the Agent shall not be required to act or not
act if to do so would expose the Agent to significant liability or would be contrary to any Loan Document or to applicable law, and provided further, that if the Required Lenders fail, for 5 days after the receipt of notice from the
Agent, to instruct the Agent, then the Agent, in its discretion, may act or not act as it deems advisable for the interests of the Lenders. 
  
 Section 9.5. Liability of the Agent. Neither the Agent nor any of its respective directors, officers, agents, or employees shall be liable for any
action taken or not taken by them under or in connection with the Loan Documents, except for their own gross negligence or willful misconduct as determined by a final, non-appealable judicial order. Without limitation on the foregoing, the Agent and
its respective directors, officers, agents, and employees: 
  
 (a) may treat the payee of any Note as the holder thereof until the Agent receives notice of the assignment or transfer thereof in form satisfactory to the Agent, signed by the payee and may treat each Lender as the owner of that
Lender’s interest in the obligations due to the Lenders for all purposes of this Agreement until the Agent receives notice of the assignment or transfer thereof, in form satisfactory to the Agent, signed by that Lender; 
  
 (b) may consult with legal counsel, in-house legal counsel, independent
public accountants, in-house accountants and other professionals, or other experts selected by it with reasonable care, or with legal counsel, independent public accountants, or other experts for the Borrower, and shall not be liable for any action
taken or not taken by it or them in good faith in accordance with the advice of such legal counsel, independent public accountants, or experts; 
  
 (c) makes no representation or warranty to any Lender and will not be responsible to any Lender for any statement, warranty, or representation made in any
of the Loan Documents or in any notice, certificate, report, request, or other statement (written or oral) in connection with any of the Loan Documents; 
  
 (d) except to the extent expressly set forth in the Loan Documents, shall have no duty to ascertain or inquire as to the performance or observance by the
Borrower or any other Person of any of the terms, conditions, or covenants of any of the Loan Documents or to inspect the property, books, or records of the Borrower or any Subsidiary or other Person; 
  
 (e) shall not be responsible to any Lender for the due execution, legality,
validity, enforceability, genuineness, effectiveness, sufficiency, or value of any Loan Document any other instrument or writing furnished pursuant thereto or in connection therewith, or the creation, attachment, perfection or priority of any Lien
purported to be created under or contemplated by any Loan Document; 
  

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 (f) shall have no liability or responsibility to any Loan Party for any failure on the part of any Lender
to comply with any obligation to be performed by such Lender under this Agreement; 
  
 (g) shall not incur any liability by acting or not acting in reliance upon any Loan Document, notice, consent, certificate, document, statement, telecopier message or other instrument or writing believed by it or them
to be genuine and to have been signed, sent or made by the proper Person; and 
  
 (h) shall not incur any liability for any arithmetical error in computing any amount payable to or receivable from any Lender hereunder, including, without limitation, payment of principal and interest on the Notes,
Revolving Loans, and other amounts; provided that promptly upon discovery of such an error in computation, the Agent, the Lenders, and (to the extent applicable) the Borrower shall make such adjustments as are necessary to correct such error
and to restore the parties to the position that they would have occupied had the error not occurred. 
  
 Section 9.6. Indemnification. Each Lender shall, ratably in accordance with the respective outstanding principal amount of its Revolving Loans,
indemnify and hold the Agent and its directors, officers, agents, and employees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind or nature
whatsoever (including, without limitation, attorneys’ fees and disbursements) that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of this Agreement or any of the other Loan Documents or of
the failure by the Borrower to pay the obligations due to the Lenders hereunder or under the Notes or any action taken or not taken by it as the Agent under any Loan Document; provided that no Lender shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the Agent’s gross negligence
or willful misconduct. Without limitation of the foregoing, each Lender shall reimburse the Agent upon demand for that Lender’s ratable share of any cost or expense incurred by the Agent in connection with the negotiation, preparation,
execution, delivery, administration, amendment, waiver, refinancing, restructuring, reorganization (including a bankruptcy reorganization), or enforcement of the Loan Documents, to the extent that the Borrower fails to pay such cost or expense upon
demand. 
  
 Section 9.7. Agent and Its Affiliates. Rabobank
(and each successor Agent) has the same rights and powers under the Loan Documents as any other Lender and may exercise the same as though it were not the Agent; and the term the “Lender” or the “Lenders” includes Rabobank in its
individual capacity. Rabobank (and each successor Agent) and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with the Borrower and any Affiliate of the Borrower, as if it
were not the Agent and without any duty to account therefor to the Lenders. Rabobank (and each successor Agent) need not account to any other Lender for any monies received by it for reimbursement of its costs, expenses and fees as the Agent
hereunder, or for any monies received by it in its capacity as a Lender hereunder, except as otherwise provided herein. This Agreement shall not be deemed to constitute a joint venture or partnership between the Lenders. 
  

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 Section 9.8. Successor Agent. The Agent may resign as such at any time by written notice to the
Borrower and the Lenders, to be effective upon a successor’s acceptance of appointment as the Agent. In such event, the Required Lenders shall appoint a successor Agent or Agents, who must be from among the Lenders, subject to the
Borrower’s written approval so long as no Default or Event of Default exists hereunder; provided that the Agent shall be entitled to appoint a successor Agent from among the Lenders, subject to acceptance of appointment by that successor
Agent, if the Required Lenders (with the Borrower’s written approval, if required) have not appointed a successor Agent within 30 days after the date the Agent gave notice of resignation or was removed. Upon a successor’s acceptance of
appointment as the Agent, the successor will thereupon succeed to and become vested with all the rights, powers, privileges, and duties of the Agent under the Loan Documents, and the resigning the Agent will thereupon be discharged from its duties
and obligations thereafter arising under the Loan Documents. 
  
 Section 9.9. Agent May File Proofs of Claim. The Agent may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Agent, its agents, financial advisors and counsel) and the Lenders allowed in any judicial proceedings relative to any Loan Party, or any of their respective creditors or property, and shall
be entitled and empowered to collect, receive and distribute any monies, securities or other property payable or deliverable on any such claims and any custodian in any such judicial proceedings is hereby authorized by each Lender to make such
payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly to the Lenders, to pay to the Agent any amount due to the Agent for the reasonable compensation, expenses, disbursements and advances of the
Agent, its agents, financial advisors and counsel, and any other amounts due the Agent. Nothing contained in this Agreement or the other Loan Documents shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder thereof, or to authorize the Agent to vote in respect of the claim of any Lender in any such proceeding. 
  
 Section 9.10. Release of Collateral. 
  
 (a) Each Lender hereby directs the Agent to, in accordance with the terms of
this Agreement, and the Agent agrees to, release or subordinate any Lien held by the Agent for the benefit of Lenders: 
  
 (i) against all of the Collateral, upon final and indefeasible payment in full of the Obligations and termination of this Agreement; or 
  
 (ii) against any part of the Collateral sold or disposed of by the
applicable Loan Party if such sale or disposition is permitted hereunder or is otherwise consented to by the requisite Lenders for such release as set forth in Section 10.2; or 
  
 (iii) against any property of any Loan Party which does not constitute Collateral under any Collateral Document.

  

 67 

 (b) Each Lender hereby directs the Agent to, and the Agent hereby agrees to, execute and deliver or file
such termination and partial release statements and do such other things as are reasonably necessary to release Liens to be released pursuant to this Section 9.10 promptly upon the effectiveness of any such release. Upon request by the Agent at any
time, the Lenders will confirm in writing the Agent’s authority to release particular types or items of Collateral pursuant to this Section 9.10. 
  
 Section 9.11. Syndication Agent and Co-Documentation Agents. It is expressly acknowledged and agreed by the Agent, each Lender and the Borrower,
for the benefit of the Syndication Agent and the Co-Documentation Agents, that the Syndication Agent and the Co-Documentation Agents, each in such capacity, have no duties or obligations whatsoever with respect to this Agreement, the Notes or any
other document or any matter related thereto. 
  
 ARTICLE 10

  
 MISCELLANEOUS 
  
 Section 10.1. Notices. All notices, requests and other communications
to any party hereunder shall be in writing (including facsimile transmission) and shall be given to such party at its address or applicable facsimile number set forth on the signature pages hereof, or such other address or applicable facsimile
number as such party may hereafter specify by notice to the Agent and the Borrower. Each such notice, request or other communication shall be effective (a) if given by facsimile, when such facsimile is transmitted to the facsimile number specified
in this Section 10.1 and confirmation is received, (b) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, or (c) if given by any other means (including, without
limitation, by air courier), when delivered or received at the address specified in this Section 10.1; provided that notices to the Agent shall not be effective until received. 
  
 Section 10.2. Amendments, Etc. No amendment or waiver of any provision of this Agreement or the other Loan Documents,
nor consent to any departure by any party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided that no amendment, waiver or consent shall, unless in writing and signed by: 
  
 (a) all the Lenders, do any of the following: (i) waive any of the conditions specified in Section 4.1; (ii) change the percentage of the Commitments, or
the number or identity of the Lenders which shall be required for the Lenders or any of them to take any action hereunder; (iii) release any material Subsidiary from liability under the Subsidiary Guaranty; (iv) release any material Collateral; (v)
modify the definition of “Required Lenders”; (vi) modify this Section 10.2; (vii) reduce the principal of, or rate of interest or fees on, the Revolving Loans or Letter of Credit Obligations, or subordinate any rights of any Lender with
respect to such Lender’s Revolving Loans or interest in Letter of Credit Obligations; or (viii) postpone or extend any scheduled date fixed for the payment in respect of principal of, or interest or fees on, the Revolving Loans hereunder; and

  

 68 

 (b) the Lenders affected thereby, increase the Commitment or other contractual obligations of such
Lenders to the Borrower. 
  
 Notwithstanding the foregoing, (i) no
amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required hereinabove to take such action, affect the rights or duties of the Agent under this Agreement or under any other Loan Document, (ii)
no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required hereinabove to take such action, affect the rights or duties of the L/C Issuer under this Agreement or under any other Loan
Document, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Bank in addition to the Lenders required hereinabove to take such action, affect the rights or duties of the Swing Line Bank under this Agreement
or under any other Loan Document and (iv) any Lender may, without the consent of any other Lender, waive its right to receive its share of any mandatory prepayment of its Revolving Loans hereunder. 
  
 Section 10.3. No Waiver; Remedies Cumulative. No failure or delay on
the part of the Agent, any Lender or any holder of a Note in exercising any right or remedy hereunder or under any other Loan Document, and no course of dealing between any Borrower and the Agent, any Lender or the holder of any Note shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder. The
rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which the Agent, any Lender or the holder of any Note would otherwise have. No notice to or demand on Borrower not required hereunder or under
any other Loan Document in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Agent, the Lenders or the holder of any Note to any other or further
action in any circumstances without notice or demand. 
  
 Section
10.4. Payment of Expenses, Etc. The Borrower shall: 
  
 (a) (i) whether or not the transactions hereby contemplated are consummated, pay on demand all costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of the Loan
Documents at any time (including, without limitation, (A) all due diligence, syndication, transportation, computer, duplication, IntraLinks, appraisal, audit, insurance and consultant fees and expenses, and (B) the reasonable fees and expenses of
counsel (including the allocated costs of in-house counsel) for the Agent with respect thereto, with respect to advising the Agent as to its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under the
Loan Documents, with respect to negotiations with any Loan Party or with other creditors of any Loan Party arising out of any Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or
otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto), and (ii) pay on demand all costs and expenses of the Agent, the L/C
Issuer and each Lender in connection with the enforcement of the Loan Documents against any Loan Party during the existence of any Default or Event of Default, whether in any action, suit or litigation, any bankruptcy, insolvency or other similar
proceeding affecting creditors’ rights generally or otherwise (including, without limitation, the reasonable fees and expenses of counsel (including the allocated costs of in-house counsel) for the Agent, the L/C Issuer and each Lender with
respect thereto); 
  

 69 

 (b) subject, in the case of certain Taxes, to the applicable provisions of Section 3.10(b), pay and hold
each of the Agent, the L/C Issuer and the Lenders harmless from and against any and all present and future stamp, documentary, and other similar Taxes with respect to this Agreement, the Notes and any other Loan Documents, any Collateral, or any
payments due thereunder, and save each of the Agent, the L/C Issuer and the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such Taxes; and 
  
 (c) indemnify the Agent, the L/C Issuer and each Lender, and their respective
officers, directors, employees, representatives and agents from, and hold each of them harmless against, any and all costs, losses, liabilities, claims, damages or expenses incurred by any of them (whether or not any of them is designated a party
thereto) (an “Indemnitee”) arising out of or by reason of any investigation, litigation or other proceeding related to any actual or proposed use of any Letter of Credit or the proceeds of any of the Revolving Loans or any
Person’s entering into and performing of the Agreement, the Notes, or the other Loan Documents, including, without limitation, the reasonable fees actually incurred and disbursements of counsel (including foreign counsel and allocated costs of
in-house counsel) incurred in connection with any such investigation, litigation or other proceeding; provided, however, the Borrower shall not be obligated to indemnify any Indemnitee for any of the foregoing found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence or willful misconduct; 
  
 (d) without limiting the indemnities set forth in Section 10.4(c), indemnify each Indemnitee for any and all expenses and costs (including, without
limitation, remedial, removal, response, abatement, cleanup, investigative, closure and monitoring costs), losses, claims (including claims for contribution or indemnity and including the cost of investigating or defending any claim and whether or
not such claim is ultimately defeated, and whether such claim arose before, during or after Borrower’s ownership, operation, possession or control of its business, property or facilities or before, on or after the date hereof, and including
also any amounts paid incidental to any compromise or settlement by the Indemnitee or Indemnitees to the holders of any such claim), lawsuits, liabilities, obligations, actions, judgments, suits, disbursements, encumbrances, liens, damages
(including, without limitation, damages for contamination or destruction of natural resources), penalties and fines of any kind or nature whatsoever (including, without limitation, in all cases the reasonable fees actually incurred, other charges
and disbursements of counsel, including allocated costs of in-house counsel, in connection therewith) incurred, suffered or sustained by that Indemnitee based upon, arising under or relating to Environmental Laws based on, arising out of or relating
to in whole or in part, the existence or exercise of any rights or remedies by any Indemnitee under this Agreement, any other Loan Document or any related documents (but excluding those incurred, suffered or sustained by any Indemnitee as a result
of any action taken by or on behalf of the Lenders with respect to any Subsidiary of the Borrower (or the assets thereof) owned or controlled by the Lenders. 
  

 70 

 If and to the extent that the obligations of the Borrower under this Section 10.4 are unenforceable for any reason, the
Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 
  
 Section 10.5. Benefit of Agreement. 
  
 (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto,
provided that the Borrower may not assign or transfer any of its interest hereunder without the prior written consent of the Lenders. Nothing in this Agreement express or implied is intended or shall be construed to give any Person other than
the Parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenant, condition or provision herein contained, and all such covenants conditions and provisions are and shall be held to be for the
sole and exclusive benefit of the parties hereto and their respective successors and assigns; provided however, CoBank, ACB, the Gateway Recovery Trust and The Prudential Insurance Company of America shall each be deemed a third party
beneficiary of the provisions of Section 3.1(e) and Section 3.9(d), and neither of such Sections nor this sentence shall be amended, modified, or waived without the prior written consent of each of them. 
  
 (b) Any Lender may make, carry or transfer Revolving Loans at, to or for the
account of, any of its branch offices or the office of an Affiliate of such Lender. 
  
 (c) (i) Each Lender may assign all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and any of the Revolving Loans at the time owing to it and
the Note held by it) to any Eligible Assignee; provided, however, that (A) the Agent and the Borrower must give their prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed, and
provided that the consent of the Borrower shall not be required if an Event of Default has occurred and is continuing) unless such assignment is to an Affiliate of the assigning Lender, and (B) the amount of the Commitment, in the case of
assignment of a Commitment, or Revolving Loans, in the case of assignment of Revolving Loans, of the assigning Lender subject to each assignment (determined as of the date the assignment and acceptance with respect to such assignment is delivered to
the Agent), shall not be less than $5,000,000. The parties to each such assignment shall execute and deliver to the Agent an Assignment and Acceptance, together with the Note subject to such assignment and, unless such assignment is to an Affiliate
of such Lender, a processing and recordation fee of $3,500. The Borrower shall not be responsible for such processing and recordation fee or any costs or expenses incurred by any Lender or the Agent in connection with such assignment. From and after
the effective date specified in each Assignment and Acceptance, which effective date shall be at least 5 Business Days after the execution thereof, the assignee thereunder shall be a party hereto and to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement. Within 5 Business Days after receipt of the notice and the Assignment and Acceptance, the Borrower, at its own expense, shall execute and deliver to the
Agent, in exchange for the surrendered Note, a new Note to the order of such assignee in a principal amount equal to the Commitment or Revolving Loans assumed by it pursuant to such Assignment and Acceptance and new Note to the assigning Lender in
the amount of its retained Commitment or amount of its retained Revolving Loans. Such new Note shall be in an 
  

 71 

 aggregate principal amount equal to the aggregate principal amount of such surrendered Note, shall be dated the date of
the surrendered Note which they replace, and shall otherwise be in substantially the form attached hereto. 
  
 (d) Each Lender may, without the consent of the Borrower or the Agent, sell participations to one or more banks or other entities in all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment in the Revolving Loans owing to it and the Note held by it), provided, however, that (i) no Lender may sell a participation in its Commitment
or Revolving Loans (after giving effect to any permitted assignment hereof) in an amount in excess of 50% of its Commitment or Revolving Loans, and the selling Lender must retain after the sale of such participation a minimum aggregate amount of its
Commitment or Revolving Loans, as the case may be, of $10,000,000, provided, however, sales of participations to an Affiliate of such Lender shall not be included in such calculation; provided, however, no such maximum
amount shall be applicable to any such participation sold at any time there exists an Event of Default hereunder, (ii) such Lender’s obligations under this Agreement shall remain unchanged, (iii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, and (iv) the participating bank or other entity shall not be entitled to the benefit (except through its selling Lender) of the cost protection provisions contained in Article 3, and
(v) the Borrower and the Agent and other Lenders shall continue to deal solely and directly with each Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents, and such Lender shall retain
the sole right to enforce the obligations of the Borrower relating to the Revolving Loans and to approve any amendment, modification or waiver of any provisions of this Agreement. Any Lender selling a participation hereunder shall provide prompt
written notice to the Borrower of the name of such participant. 
  
 (e) Any Lender or participant may, in connection with the assignment or participation or proposed assignment or participation, pursuant to this Section 10.5(e), disclose to the assignee or participant or proposed assignee or participant any
information relating to the Borrower or the Subsidiaries furnished to such Lender by or on behalf of the Borrower or any Subsidiary. With respect to any disclosure of confidential, non-public, proprietary information, such proposed assignee or
participant shall agree to use the information only for the purpose of making any necessary credit judgments with respect to this credit facility and not to use the information in any manner prohibited by any law, including, without limitation, the
securities laws of the United States. The proposed participant or assignee shall agree not to disclose any of such information except (i) to directors, employees, auditors or counsel to whom it is necessary to show such information, each of whom
shall be informed of the confidential nature of the information and shall agree to use the information and to hold the information as confidential all in the same manner described above, (ii) in any statement or testimony pursuant to a subpoena or
order by any court, governmental body or other agency asserting jurisdiction over such entity, or as otherwise required by law (provided prior notice is given to the Borrower and the Agent unless otherwise prohibited by the subpoena, order or
law), and (iii) upon the request or demand of any regulatory agency or authority with proper jurisdiction. The proposed participant or assignee shall further agree to return all documents or other written material and copies thereof received from
any Lender, the Agent or the Borrower relating to such confidential information unless otherwise properly disposed of by such entity. 
  

 72 

 (f) Any Lender may at any time assign all or any portion of its rights in this Agreement and the Note
issued to it to a Federal Reserve Bank; provided that no such assignment shall release the Lender from any of its obligations hereunder. 
  
 Section 10.6. Governing Law; Submission to Jurisdiction, Etc. 
  
 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND UNDER THE NOTES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF NEW YORK. 
  
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, OR ANY NEW YORK COURT SITTING IN NEW YORK COUNTY, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE TRIAL BY JURY, AND THE BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. 
  
 (c) THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF
COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 
  
 (d) Nothing herein shall affect the right of the Agent, any Lender, any holder of a Note or any party to serve process in
any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Borrower in any other jurisdiction. 
  
 (e) Any controversy or disagreement regarding any of the Loan Documents may be settled by arbitration if unanimously agreed upon by the Borrower, the
Agent and each Lender (with it being understood that each of such parties shall be entitled to make such a decision in its sole and absolute discretion). Notwithstanding anything to the contrary contained in this Agreement, in no event shall
arbitration be a condition precedent to any right of legal action or right of equity. Any such arbitration (if selected by the Borrower, the Agent, and the Lenders) shall be conducted in a manner which is acceptable to all of such parties.

  

 73 

 Section 10.7. Independent Nature of the Lenders’ Rights. The amounts payable at any time
hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights pursuant to this Agreement and its Note, and it shall not be necessary for any other Lender to be joined as an
additional party in any proceeding for such purpose. 
  
 Section
10.8. Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. In proving this Agreement in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any
signatures delivered by a party by facsimile transmission or by e-mail transmission of an adobe file format document (also known as a PDF file) shall be deemed an original signature hereto. 
  
 Section 10.9. Effectiveness; Survival. 
  
 (a) This Agreement shall become effective as of the Closing Date when all of
the parties hereto shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered the same to the Agent. 
  
 (b) The obligations of the Borrower under Sections 3.10(b), 3.13, 3.14, 3.18, and 10.4 shall survive after the payment in full of the Notes after the
Maturity Date. All representations and warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement, the other Loan Documents, and
such other agreements and documents, the making of the Revolving Loans hereunder, and the execution and delivery of the Notes. 
  
 Section 10.10. Severability. In case any provision in or obligation under this Agreement or the other Loan Documents shall be invalid, illegal or
unenforceable, in whole or in part, in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired
thereby. 
  
 Section 10.11. Independence of Covenants. All
covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitation of, another
covenant, shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
  
 Section 10.12. Change in Accounting Principles, Fiscal Year or Tax Laws. If (a) any change in the preparation of the financial statements referred
to in Section 5.2 or 6.1 hereafter occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors
thereto or agencies with similar functions) results in a material change in the method of calculation of financial covenants, standards or terms found in this Agreement, (b) there is any change in the Borrower’s fiscal quarter or fiscal year,
or (c) there is a 
  

 74 

 material change in federal tax laws which materially affects the Borrower’s or any of the Subsidiaries’ ability
to comply with the financial covenants, standards or terms found in this Agreement, the Borrower and the Required Lenders agree to enter into negotiations in order to amend such provisions so as to equitably reflect such changes with the desired
result that the criteria for evaluating Borrower’s or any of the Subsidiaries’ financial condition shall be the same after such changes as if such changes had not been made. Unless and until such provisions have been so amended, the
provisions of this Agreement shall govern. 
  
 Section 10.13.
Headings Descriptive; Entire Agreement. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.
This Agreement, the other Loan Documents, and the agreements and documents required to be delivered pursuant to the terms of this Agreement constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and
thereof and supersede all prior agreements, representations and understandings related to such subject matters. 
  
 Section 10.14. Time is of the Essence. Time is of the essence in interpreting and performing this Agreement and all other Loan Documents.

  
 Section 10.15. Usury. It is the intent of the parties
hereto not to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and the Borrower and the Lenders agree that, should any provision of this Agreement or of
the Notes, or any act performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the outstanding
principal indebtedness due to the Lenders by the Borrower under this Agreement. 
  
 Section 10.16. Construction. Should any provision of this Agreement require judicial interpretation, the parties hereto agree that the court interpreting or construing the same shall not apply a presumption
that the terms hereof shall be more strictly construed against one party by reason of the rule of construction that a document is to be more strictly construed against the party who itself or through its agents prepared the same, it being agreed
that the Borrower, the Agent, the Lenders and their respective agents have participated in the preparation hereof. 
  
 Section 10.17. Loan Documents. All references to “Credit Agreement” or “Amended and Restated Credit Agreement” or “Second
Amended and Restated Credit Agreement” or “Third Amended and Restated Credit Agreement” in any Loan Document shall hereafter refer to this Agreement, as amended, restated or modified from time to time. 
  
 [Signatures on following pages] 
  

 75 

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

					
	 	  	GOLD KIST INC.
	 BORROWER:
	  	 
			
	 ADDRESS
	  	 	  	 
			
	244 PERIMETER CENTER PARKWAY,
N.E.	  	By:	  	       /s/ Stephen O. West

	 Atlanta, Georgia 30346
	  	 	  	 Name: Stephen O. West

	 Telecopy No.: 404-393-5421
	  	 	  	 Title: Treasurer

	 Attention: Mr. Stephen O. West
	  	 	  	 
	 	  	By:	  	       /s/ J. David Dyson

	 	  	 	  	 Name: J. David Dyson

	 	  	 	  	 Title: Secretary

			
	 	  	 	  	[CORPORATE SEAL]

  
 (SIGNATURES CONTINUE ON
NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 AGENT, L/C ISSUER AND LENDER:
	  	COÖPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A.,
“RABOBANK NEDERLAND”, NEW
YORK BRANCH
	 Address:
	  	 	  	 
			
	 245 Park Avenue
	  	By:	  	       /s/ Brett Delfino

	 New York, New York 10167-0062
	  	 	  	 Name: Brett Delfino

	 Telecopy No.: 212-916-7930
	  	 	  	 Title: Executive Director

	 Attention: Corporate Securities Dept.
	  	 	  	 
	 	  	By:	  	       /s/ Richard J. Beard

	 	  	 	  	 Name: Richard J. Beard

	 	  	 	  	 Title: Executive Director

  

					
	 COMMITMENT
	 	$20,000,000	 	                16.00%

  
 PAYMENT OFFICE: 
 245 Park Avenue 
 New York, New York 10167-0062 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	SUNTRUST BANK
			
	 Address:
	  	 	  	 
			
	 303 Peachtree Street, 3rd Floor
	  	By:	  	       /s/ Hugh E. Brown

	 Atlanta, Georgia 30308
	  	 	  	 Name: Hugh E. Brown

	 Telecopy No.: 404-230-5305
	  	 	  	 Title: Vice President

	 Attention: Hugh Brown
	  	 	  	 

  

					
	 COMMITMENT
	 	$17,500,000	 	                14.00%

  
 PAYMENT OFFICE: 
 25 Park Avenue 
 Atlanta, Georgia 30302 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	ING CAPITAL LLC
			
	 Address:
	  	 	  	 
			
	 1325 Avenue of the Americas
	  	By:	  	       /s/ Bill Redmond

	 New York, New York 10019
	  	 	  	 Name: Bill Redmond

	 Telecopy: (646) 424-6390
	  	 	  	 Title: Managing Director

	 Attention: Bill Redmond
	  	 	  	 

  

					
	 COMMITMENT
	 	$17,500,000	 	                14.00%

  
 PAYMENT OFFICE: 
  
 1325 Avenue of the Americas 
 New York, New York 10019 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	HARRIS TRUST AND SAVINGS BANK
			
	 Address:
	  	 	  	 
			
	 111 West Monroe Street
	  	By:	  	       /s/ Philip Langheim

	 18th Floor West
	  	 	  	 Name: Philip Langheim

	 Chicago, Illinois 60603
	  	 	  	 Title: Vice President

	 Telecopy No.: 312-765-8095
	  	 	  	 
	 Attention: Phil Langheim
	  	 	  	 

  

					
	 COMMITMENT
	 	$17,500,000	 	                14.00%

  
 PAYMENT OFFICE: 
 111 West Monroe Street 
 17th Floor West 
 Chicago, Illinois 60603 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	U.S. BANK NATIONAL ASSOCIATION
			
	 Address:
	  	 	  	 
			
	 950 17th Street
 Suite 350
 Denver, Colorado 80202-2868
 Telecopy No.: 303-585-4732
 Attention: Kathi L. Hatch
	  	By:	  	       /s/ Harold Nelson

 Name: Harold Nelson
 Title: Vice President

  

					
	 COMMITMENT
	 	$10,500,000	 	                8.40%

  
 PAYMENT OFFICE: 
 950 17th Street 
 Suite 350 
 Denver, Colorado 80202-2868 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	COBANK, ACB
			
	 Address:
	  	 	  	 
			
	 5500 S. Quebec Street
	  	By:	  	       /s/ Jim Stutzman

	 Greenwood Village, Colorado 80111
	  	 	  	 Jim Stutzman, Vice President

	 Telecopy No.: 303-694-5850
	  	 	  	 
	 Attention: Jim Stutzman, Vice President
	  	 	  	 

  

					
	 COMMITMENT
	 	$10,500,000	 	                8.40%

  
 PAYMENT OFFICE: 
 5500 S. Quebec Street 
 Greenwood Village, Colorado 80111 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	NATEXIS BANQUES POPULAIRES
			
	 Address:
	  	 	  	 
			
	 1251 Avenue of Americas
	  	By:	  	       /s/ Stephen A. Jendras

	 New York, New York 10020
	  	 	  	 Name: Stephen A. Jendras

	 Telecopy No.: 212-354-9095
	  	 	  	 Title: Vice President

	 Attention: SteveJendras/Lourdes Nieves
	  	 	  	 
	 	  	By:	  	       /s/ Guillaume de Parseau

	 	  	 	  	 Name: Guillaume de Parseau

	 	  	 	  	 Title: First Vice President and Manager - Commodities Finance Group

  

					
	 COMMITMENT
	 	$10,500,000	 	                8.40%

  
 PAYMENT OFFICE: 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	THE CIT GROUP/BUSINESS CREDIT, INC.
			
	 Address:
	  	 	  	 
			
	 900 Ashwood Parkway
	  	By:	  	       /s/ John F. Bohan

	 Suite 610
	  	 	  	 Name: John F. Bohan

	 Atlanta, Georgia 30338
	  	 	  	 Title: Vice President

	 Telecopy No.: 770-522-7673
	  	 	  	 
	 Attention: John Bohan
	  	 	  	 

  

					
	 COMMITMENT
	 	$10,500,000	 	                8.40%

  
 PAYMENT OFFICE: 
 900 Ashwood Parkway 
 Suite 610 
 Atlanta, Georgia 30338 
  
 (SIGNATURES CONTINUE ON NEXT PAGE) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGE 

					
	 LENDER:
	  	GREENSTONE FARM CREDIT SERVICES, FLCA
			
	 Address:
	  	 	  	 
			
	 1760 Abbey Road, Suite 200
 East Lansing, Michigan 48823
	  	By:	  	       /s/ Laura M. Roessler

	 	  	 	  	 Name: Laura M. Roessler

	 	  	 	  	 Title: Assistant VP/ Lending Officer

  

					
	 COMMITMENT
	 	$10,500,000	 	                8.40%

  
 PAYMENT OFFICE: 
  
 (FINAL PAGE OF SIGNATURES) 
  

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 SIGNATURE PAGESecond Amendment with CoBank, ACB

 Exhibit 10.2 
  
 SECOND AMENDMENT 
 TO 
 FIRST AMENDED AND RESTATED CREDIT AGREEMENT 
 (Term Loan) 
  
 THIS SECOND AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (Term Loan) (“Amendment Agreement”) is made as of March 10, 2004 (“Execution Date”) to be effective as of the Effective Date, by and
among Gold Kist Inc., a Georgia cooperative marketing association (“Borrower”) and CoBank, ACB (“CoBank”) as Lender. 
  
 RECITALS 
  
 A. CoBank and Borrower have entered into that certain First Amended and Restated Credit Agreement (Term Loan) dated as of January 29, 2003 and that
certain First Amendment to First Amended and Restated Credit Agreement (Term Loan) dated as of February 11, 2003 (as amended and as amended, modified, or supplemented from time to time, the “Credit Agreement”) pursuant to which
CoBank has extended certain credit facilities to Borrower, under the terms and conditions set forth in the Credit Agreement. 
  
 B. Borrower has requested that CoBank amend the Credit Agreement in connection with certain amendments being made in the Rabobank Agreement (as
defined in the Credit Agreement), which CoBank is willing to do under the terms and conditions, including the other amendments, as set forth in this Amendment Agreement. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, including the mutual
promises and agreements contained herein, the parties hereto hereby agree as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have the definition given to them in the Credit Agreement if defined therein. 
  
 2. Amendments to Credit Agreement. The parties hereto agree that the Credit Agreement shall be amended as follows as of the
Effective Date: 

 2.1 The following Section of Article 1 shall be amended in its entirety to read as follows:

  
 2.2 1.7 Applicable Margin: means, on a per
annum basis, the percentage designated below under the applicable column heading and corresponding to the Senior Debt Coverage Ratio: 
  

			
	 SENIOR DEBT COVERAGE RATIO

	  	 APPLICABLE MARGIN

	 Greater than or equal to 4.0
	  	245 basis points
		
	 <4.0 but 3.53
	  	205 basis points
		
	 <3.5 but 3.03
	  	170 basis points
		
	 <3.0 but 32.5
	  	145 basis points
		
	 Less than or equal to 2.50
	  	95 basis points

  
 The Applicable Margin
for Term Loan A shall be determined quarterly (and the rate determined at that time shall apply until the next quarterly determination) based upon the Senior Debt Coverage Ratio, calculated pursuant to the financial statements delivered to CoBank
pursuant to Subsection 9.2.2 hereof, with such Applicable Margin to be effective with respect to calculations based upon such financial statements as of the first day of the second Fiscal Quarter immediately following the Fiscal Quarter for which
such financial statements are delivered (“Effective Interest Period”). By way of illustration, the Applicable Margin for the Quarter beginning April 1, 2004 will be based on the Senior Debt Coverage Ratio calculated from the
quarterly financial statements for the period from October 1, 2003 through December 31, 2003 as delivered to CoBank on or before the date required by Subsection 9.2.2 hereof. Notwithstanding the foregoing, in the event that the financial statements
required to be delivered pursuant to Subsection 9.2.2, and the related compliance certificate required to be delivered in connection therewith, are not delivered when due, then (a) if the calculation of the Applicable Margin based on such financial
statements and certificate, when delivered, results in an increase from the Applicable Margin previously in effect, then the increase shall be applied retroactively to the beginning of the relevant Effective Interest Period; and (b) if the
calculation of the Applicable Margin based on such financial statements and certificate, when delivered, results in an decrease from the Applicable Margin previously in effect, then the decrease shall be applied only from the date upon which the
financial statements and certificate are actually delivered and CoBank has had an opportunity to confirm the calculations. 
  
 1.55 Intangible Assets: of a Person, shall mean the non-current, non-physical assets of such Person that entitle such Person to certain legal
rights or competitive advantages, and shall include copyrights, trademarks, tradenames and other intellectual property, franchises, goodwill (to the extent positive), organizational costs, licenses and permits, and, in connection with Borrower,
shall include the SSC Securities but shall exclude any accrual, reserve or entry for deferred pension obligations in an aggregate amount not to exceed $15,000,000.00 at any time. 
  
 1.80 Rabobank Agreement.: means that document entitled “Fourth Amended and Restated Credit Agreement” dated
as of March 10, 2004 by and among Borrower, Rabobank, as Agent, the other agents party thereto, and the various banks, lending institutions, and institutional investors that are Lenders thereunder, as such document may be amended, modified, renewed,
refinanced, or replaced from time to time. 
  

 2 

 2.3 The following new Sections shall be added in Article 1, reading as follows: 
  
 1.111 Anti-Terrorism Laws shall mean any laws relating to terrorism
or money laundering, including Executive Order No. 13224 and the USA Patriot Act. 
  
 1.112 Blocked Person shall have the meaning set forth in Subsection 7.22.2. 
  
 1.113 Excess Cash Flow Amount shall have the meaning set forth in the Senior Unsecured Note Indenture. 
  
 1.114 Executive Order No. 13224 shall mean Executive Order No. 13224
on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
  
 1.115 Net Cash Proceeds shall mean, with respect to any sale, lease, transfer, or other disposition of assets by any Loan Party or the incurrence
by any Loan Party of any Indebtedness for Money Borrowed, the aggregate amount of cash received for such assets, or as a result of such Indebtedness for Money Borrowed, net of reasonable and customary transaction costs properly attributable to such
transaction and payable by such Loan Party to a non-Affiliate in connection with such sale, lease, transfer or other disposition of assets or the incurrence of any Indebtedness for Money Borrowed, including, without limitation, sales commissions and
underwriting discounts. 
  
 1.116 OFAC shall mean the
Office of Foreign Assets Control of the United States Department of the Treasury. 
  
 1.117 Permitted Conversion Transaction shall mean any transaction (or series of related transactions) the sole purpose of which is to change the status of Borrower to a for-profit corporation organized under
the laws of a state of the United States; provided, however, that (a) immediately prior to and after giving effect to such transaction (or series of related transactions), no Event of Default shall have occurred and be continuing; (b)
after giving effect to such transaction (or series of related transactions), 100% of the issued and outstanding shares of capital stock of Borrower will be held by Persons who were holders of written notices of allocation immediately prior to such
transaction (or series of related transactions); and (c) such transaction (or series of related transactions) is approved by the requisite percentage of the members of Borrower under Georgia law. 
  
 1.118 Pledged Deposit Account shall mean the account established
pursuant to Section 4.3 of the Rabobank Agreement, as said Section may be amended from time to time. 
  
 1.119 Pork Division shall mean those operations and facilities of the Borrower utilized for the production and marketing of hogs. 
  

 3 

 1.120 SEC: shall mean the United States Securities and Exchange Commission and any successor
thereto. 
  
 1.121 Senior Note Holders shall mean CoBank,
The Prudential Insurance Company of America and the Gateway Recovery Trust, and their respective successors and assigns under the Senior Notes. 
  
 1.122 Senior Notes shall mean (a) this Credit Agreement, as amended by that certain First Amendment to First Amended and Restated Credit Agreement
dated as of February 11, 2003, as further amended by that certain Second Amendment to First Amended and Restated Credit Agreement dated as of March 10, 2004 and as it may be further modified, amended, renewed, refinanced or replaced, and (b) that
certain Second Consolidated, Amended and Restated Note Agreement dated September 27, 2002, among the Borrower and The Prudential Insurance Company of America and the Gateway Recovery Trust, as amended by that certain First Amendment to Note
Agreement, dated as of January 29, 2003, as further amended by that certain Second Amendment to Note Agreement, dated as of February 11, 2003, as further amended by that certain Third Amendment to Note Agreement dated as of February 11, 2004, as
further amended by that certain Fourth Amendment to Note Agreement dated as of March 10, 2004, and as such agreement may be further modified, amended, renewed, refinanced or replaced in a manner acceptable to CoBank. 
  
 1.123 Senior Unsecured Note Documents means, collectively, the Senior
Unsecured Note Indenture, the Senior Unsecured Notes and such other documents (in form and substance acceptable to CoBank) executed by Borrower in connection therewith, as amended or modified as permitted by this Credit Agreement. 
  
 1.124 Senior Unsecured Note Indenture means that certain Indenture
with respect to the issuance of the Senior Unsecured Notes, dated as of March 10, 2004, between Borrower and U.S. Bank National Association, as trustee, in substantially the form of the March 9, 2004 draft thereof provided to CoBank, as amended or
modified as permitted by this Credit Agreement. 
  
 1.125
Senior Unsecured Notes shall mean those certain 10.25% Senior Notes in the principal amount of $200,000,000 due March 15, 2014, issued pursuant to the Senior Unsecured Note Indenture. 
  
 1.126 USA Patriot Act shall mean the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001), as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
  
 2.4 Section 4.1 shall be amended in its entirety to read as follows:

  
 4.1 Principal Payments. Principal shall be payable (a)
under Term Loan A in nineteen (19) installments of $1,785,000.00 on September 30, 2003 and on each 
  

 4 

 subsequent December 1 and June 1 to and including June 1, 2012, and a final payment of $1,805,000.00 due on December 1,
2012, provided that CoBank may at its sole option, and without cause, require Borrower to pay the entire unpaid balance owing under Term Loan A on December 1, 2010 (as well as all accrued interest and any Funding Losses that may be applicable
on account of making such payment of principal on such date) by providing Borrower with ten (10) days written notice directing Borrower to make such payment; and (b) under Term Loan B in the amount of $400,000.00 on December 31, 2003 and thereafter
in the amount of $600,000.00 on the last day of each March, June, September, and December, with a final payment equal to the unpaid balance on December 31, 2007. 
  
 2.5 A new Subsection 4.6.2 shall be added to read as follows, and previous Subsection 4.6.2 shall be re-designated as
Subsection 4.6.3 and amended in its entirety to read as follows: 
  
 4.6.2 Mandatory Prepayments. Mandatory Prepayments, shall be applied first to principal amounts owing on the Term Loan A Note (and allocated equally between the Tranche A Commitment and the Tranche B
Commitment) and, upon repayment in full of the Term Loan A Note and Term Loan A, then to principal amounts owing on the Term Loan B Note and Term Loan B. Any Mandatory Prepayments shall not excuse any subsequently scheduled installment payment and
shall, instead, be applied to installment payments last coming due. Principal amounts prepaid may not be reborrowed. 
  
 4.6.3 Potential or Actual Default. Upon the occurrence and during the continuance of an Event of Default or Potential Default, all
principal payments, including Voluntary Prepayments and Mandatory Prepayments, shall be applied, as CoBank in its sole discretion shall determine, to fees, interest or principal indebtedness under the Term Loan A Note and/or the Term Loan B Note, or
to any other Bank Debt. 
  
 2.6 A new Section 4.7 shall be
added reading as follows: 
  
 4.7 Mandatory Prepayments.
Borrower shall make mandatory prepayments (“Mandatory Prepayments”) as set forth in this Section. Borrower shall make Mandatory Prepayments to the Senior Note Holders for amounts owing under the Senior Notes and to the lenders under
the Rabobank Agreement (a) in an amount equal to 100% of the Net Proceeds of Stock and 100% of the Net Cash Proceeds received by Borrower or a Subsidiary in respect of any offering by Borrower of Subordinated Debt (other than an offering which
increases the outstandings under Borrower’s Subordinated Loan Certificates, or Subordinated Capital Certificates of Interest in existence prior to the Execution Date and described on Exhibit 4.7 hereto); (b) in an amount equal to 100% of
the Net Cash Proceeds from any sale or other disposition by Borrower of any inventory (other than sales of inventory in the ordinary course); (c) in an amount equal to 100% of the Net Cash Proceeds from any other sale or other disposition (other
than sales of inventory in the ordinary course of business, any sale of the assets of the Pork Division, any sale or other disposition of the SSC Securities and any sale or dispositions permitted by Section 10.5(d)), or series of related sales or
dispositions, by Borrower of any assets not otherwise referenced above in this Section, where the Net Cash Proceeds exceed $5,000,000 
  

 5 

 for any such sale or $10,000,000 in the aggregate for all such sales; and (d) in an amount equal to 100% of the Net Cash
Proceeds from the sale or other disposition of the SSC Securities if Borrower would be otherwise obligated to use any portion of such Net Cash Proceeds to redeem any of the Senior Unsecured Notes under the Senior Unsecured Note Documents. Each such
Mandatory Prepayment of Net Cash Proceeds or Net Proceeds of Stock shall be due immediately upon the receipt by Borrower of such Net Cash Proceeds or Net Proceeds of Stock. All Mandatory Prepayments required pursuant to this Section shall be
distributed (i) to the Senior Note Holders for amounts owing under the Senior Notes and to the lenders under the Rabobank Agreement, pro rata, based upon the principal outstanding under their respective Senior Notes and Revolving Loans; provided,
however, that if the Senior Note Holders (other than CoBank) waive in writing their right to receive a Mandatory Prepayment pursuant to this Section 4.7 or comparable provision in their respective Senior Notes, Borrower shall make such Mandatory
Prepayment to the lenders under the Rabobank Agreement and to CoBank hereunder only and in an amount equal to their pro rata share as calculated above. The Mandatory Prepayments made to CoBank as required by this Section shall be applied as provided
in Subsection 4.6.2 hereof. 
  
 2.7 New Sections 7.21 and
7.22 shall be added reading as follows: 
  
 7.21 Foreign
Assets Control Regulations. Neither the borrowing by Borrower hereunder nor its use of the proceeds of any Advance will violate the Foreign Assets Control Regulations, the Cuban Assets Control Regulations or the Iranian Transactions
Regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V) or any similar law or regulation. 
  
 7.22 Anti-Terrorism Laws. 
  
 7.22.1 General. Neither Borrower nor any Affiliate of Borrower is in violation of any Anti-Terrorism Law or engages in or conspires to engage in
any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  
 7.22.2 Executive Order No. 13224. Neither Borrower nor any Affiliate of Borrower is any of the following (each a
“Blocked Person”): 
  

	 	(a)	a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 

  

	 	(b)	a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

  

	 	(c)	a Person or entity with which any bank or other financial institution is prohibited from dealing or otherwise engaging in any transaction by any Anti Terrorism Law;

  

	 	(d)	a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; 

  

 6 

	 	(e)	a Person or entity that is named as a “specially designated national” on the most current list published by OFAC at its official website or any replacement website or
other replacement official publication of such list; or 

  

	 	(f)	a Person or entity who is affiliated with a Person or entity listed above. 

  
 Neither Borrower nor any Affiliate of Borrower (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to
or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224. 
  
 2.8 Subsections 9.2.1 and 9.2.2 are amended by adding the following
parenthetical “(or such additional number of days, not to exceed five (5), by which the required filing of financial statements with the SEC is automatically extended under the SEC’s filing requirements)” where indicated so that such
Subsections shall read as follows: 
  
 9.2.1
Annual Financial Statements. As soon as available, but in no event later than ninety (90) days (or such additional number of days, not to exceed five (5), by which the required filing of financial statements with the SEC is automatically
extended under the SEC’s filing requirements) after the end of any Fiscal Year of Borrower occurring during the term hereof annual financial statements of Borrower and its consolidated Subsidiaries prepared in accordance with GAAP consistently
applied which shall: (a) be audited by independent certified public accountants selected by Borrower which are reasonably acceptable to CoBank; (b) be accompanied by a report of such accountants containing an opinion reasonably acceptable to CoBank;
(c) be accompanied by a Compliance Certificate; (d) be prepared in reasonable detail and in comparative form; and (e) include a balance sheet, an income statement, a statement of cash flows, a statement of retained earnings, and all notes and
schedules relating thereto, and such other information as CoBank may reasonably request from time to time. In addition to any other information requested by CoBank pursuant to the preceding sentence, together with each delivery of financial
statements required by this Subsection, Borrower will deliver to CoBank a certificate of such accountants (substantially in the form of the September 6, 2002 letter from KPMG, LLP delivered to Borrower’s Board of Directors and covering the
aforementioned subjects) stating that, in making the audit necessary to the certification of such financial statements, they have obtained no knowledge of any Event of Default or Potential Default, or, if any Event of Default or Potential Default
exists, specifying the nature and period of existence thereof. Such accountants, however, shall not be liable to CoBank or any other Person by reason of their failure to obtain knowledge of any Event of Default or Potential Default that would not be
disclosed in the course of an audit conducted in accordance with generally accepted auditing standards. 
  
 9.2.2 Quarterly Financial Statements. As soon as available but in no event more than forty-five (45) days (or such additional
number of days, not to exceed five (5), by 
  

 7 

 which the required filing of financial statements with the SEC is automatically extended under the
SEC’s filing requirements) after the end of each Fiscal Quarter the following financial statements or other information concerning the operations of Borrower and its consolidated Subsidiaries for such period and for the Fiscal Year to date,
prepared in accordance with GAAP consistently applied, a consolidated and consolidating income statement, and such other quarterly statements as CoBank may reasonably request, all prepared in reasonable detail and certified by the Chief Financial
Officer or Treasurer of borrower (subject to normal year-end adjustments). Such quarterly financial statements required pursuant to this Subsection shall be accompanied by a Compliance Certificate. 
  
 2.9 Section 9.3 shall be amended to add a reference to Section 10.5
where indicated so that such Section shall read as follows: 
  
 9.3 Maintenance of Existence and Qualification. Borrower shall maintain its corporate existence in good standing under the laws of the state of Georgia, or such other state as may be applicable in the event Borrower enters into a
Permitted Conversion Transaction in compliance with clause (e) of Section 10.5 hereof. Borrower will qualify and remain qualified as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its
business, operations and properties. Borrower will qualify and remain qualified as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business, operations and properties. 
  
 2.10 Each of the following Subsections of Section 9.14 shall be
amended in its entirety to read as follows: 
  
 9.14.1 Fixed
Charge Coverage Ratio. Commencing with the third Fiscal Quarter of the 2004 Fiscal Year, at, and measured as of the end of, each Fiscal Quarter a ratio of (a) EBITDA for the previous consecutive four (4) Fiscal Quarters (including such Fiscal
Quarter), (b) divided by the sum of (i) Consolidated Interest Expense and (ii) the aggregate scheduled principal amount of Indebtedness for Money Borrowed (other than the Revolving Loans) to be paid within one year after the last day of such Fiscal
Quarter, equal to or greater than 1.80 to 1.00. 
  
 9.14.3
Minimum Consolidated Tangible Net Worth. At all times Consolidated Tangible Net Worth (less any gain or loss as a result of accumulated other comprehensive income, as defined by GAAP) equal to no less than (a) $180,000,000, plus (b)
the sum of (i) 50% of the Reported Net Income of the Borrower and its consolidated Subsidiaries (to the extent positive) for the third Fiscal Quarter of the 2004 Fiscal Year, and each Fiscal Quarter thereafter on a cumulative basis (taken as one
accounting period), but excluding from such calculations of Reported Net Income for purposes of this clause (i) any fiscal quarter in which the Reported Net Income of the Borrower and its consolidated Subsidiaries is negative, and (ii) 100% of the
cumulative Net Proceeds of Stock received during any period after June 28, 2003. 
  

 8 

 9.14.4 Senior Debt Coverage Ratio. At, and measured as of the end of, each Fiscal Quarter, a
Senior Debt Coverage Ratio equal to or less than the ratio set forth opposite the relevant Fiscal Quarter: 
  

			
	 FISCAL QUARTER

	  	 RATIO

	 3rd Fiscal Quarter 2004
	  	4.00 to 1.00
	 4th Fiscal Quarter 2004
	  	3.75 to 1.00
	 1st Fiscal Quarter 2005
	  	3.50 to 1.00
	 2nd Fiscal Quarter 2005 and thereafter
	  	3.25 to 1.00

  
 2.11 A new
Section 9.15 shall be added to read as follows: 
  
 9.15
Excess Cash Flow Amount. Within 120 days after the end of each Excess Cash Flow Period (as defined in the Senior Unsecured Note Indenture), Borrower shall calculate the Excess Cash Flow Amount for such Excess Cash Flow Period and (a) use such
Excess Cash Flow Amount to prepay Senior Indebtedness (as defined in the Senior Unsecured Note Indenture, but excluding the Senior Unsecured Notes to the extent the Senior Unsecured Notes constitute Senior Indebtedness under the Senior Unsecured
Note Indenture); (b) deposit such Excess Cash Flow Amount in any Pledged Deposit Account; or (c) use or deposit such Excess Cash Flow Amount in any combination of clauses (a) and (b) of this Section. Any prepayment by Borrower of any amount owing
under this Credit Agreement pursuant to this Section 9.15 shall be accompanied by a notice from Borrower to CoBank indicating that such prepayment is being made with all or any portion of the Excess Cash Flow Amount. 
  
 2.12 Section 10.1 shall be amended to add a reference to Senior
Unsecured Notes where indicated so that such Section shall read as follows: 
  
 10.1 Limitation on Restricted Payments. Borrower will not pay or declare any dividend or make any other distribution on or on account of any class of its Stock or other equity or make cash distributions of
equity (including cash patronage refunds), or make interest payments on equity, or redeem, purchase or otherwise acquire, directly or indirectly, any shares of its Stock or other equity, or redeem, purchase or otherwise acquire, directly or
indirectly, any Senior Unsecured Notes or any Subordinated Debt, including, but not limited to, its Subordinated Capital Certificates of Interest, Subordinated Loan Certificates (except required redemptions as provided in the indentures pursuant to
which such Subordinated Debt was issued), or permit any Subsidiary to do any of the above (all of the foregoing being herein called “Restricted Payments”) except that Borrower may make (a) cash patronage refunds in an amount, for
each fiscal year, not to exceed 10% of the member earnings for such fiscal year, prior to a Permitted Conversion Transaction permitted under Section 10.5(e) hereof; and (b) present value cashing retirement and death payments (net of any amount
Borrower receives as insurance proceeds) in an aggregate amount not to exceed $5,000,000 in any fiscal year; provided that Borrower shall not make any Restricted Payments upon the occurrence and during the continuance of a Default or Event of
Default. So long as there is no Default or Event of Default occurring or continuing, there shall not be included in the definition of Restricted Payments: (x) dividends paid, or distributions made, in Stock of Borrower or (y) exchanges of Stock of
one or more classes of Borrower, except to the extent that cash or other value is involved in such exchange. Moreover, nothing in this Section shall prevent any Subsidiary from making any Restricted Payments to the Borrower or to any other Loan
Party that directly owns Stock of such Subsidiary. The term “equity” as used in this Section shall include the Borrower’s common stock, preferred stock, if any, other equity certificates, and notified equity accounts of patrons.

  

 9 

 2.13 A new clause (xix) shall be added to Section 10.3 reading as follows (and the word
“and” shall be moved from the end of clause (xvii) to the end of clause (xviii)): 
  
 (xix) guarantee the obligations of Borrower under the Senior Unsecured Notes. 
  
 2.14 A new clauses (e) and (f) shall be added to Section 10.5 reading as follows (and the word “and” shall be deleted from the end of
clause (c)): 
  
 (e) Borrower may, upon at least 30 days’
prior written notice to CoBank, enter into a Permitted Conversion Transaction, so long as (i) Borrower is the surviving corporation or (ii) if Borrower is not the surviving corporation, CoBank shall have received from Borrower at the time of the
completion of such Permitted Conversion Transaction and in form and substance satisfactory to CoBank (A) a ratification and confirmation of Borrower’s obligations hereunder and under the other Loan Documents, (B) such other documents
(including, without limitation, UCC financing statements) as CoBank may reasonably request, (C) an opinion of counsel, acceptable to CoBank, confirming (1) the due organization of Borrower and (2) that the Loan Documents to which Borrower is a party
are in full force and effect and covering such other matters as CoBank may reasonably request, (D) evidence that all parties to the Intercreditor Agreement have consented to the Permitted Conversion Transaction (to the extent such consent is
required), and (E) evidence that the Liens on the Collateral are first priority perfected Liens as required by the Collateral Documents; and 
  
 (f) GK Peanuts, Inc., and Agvestments, Inc., each a Georgia corporation and a Subsidiary of Borrower, may be dissolved or administratively dissolved, as
the case may be, so long as any and all assets of such Subsidiaries are contributed or otherwise transferred to another Loan Party upon such dissolution. 
  
 2.15 Section 10.10 shall be amended in its entirety to read as follows: 
  
 10.10 Capital Expenditures. Borrower and its Subsidiaries shall not, on a consolidated basis, directly or
indirectly, make Capital Expenditures in excess of the lesser of: (a) the following annual limits (i) in the Fiscal Year ending in 2004, $75,000,000.00; (ii) in the Fiscal Year ending in 2005, $75,000,000.00, plus any carry forward from the Fiscal
Year ending in 2004, if any; (iii) in the Fiscal Year ending in 2006, $75,000,000.00, plus any carry forward from the Fiscal Year ending in 2005, if any; and (iv) in the Fiscal Year ending in 2007, $75,000,000.00, plus any carry forward from the
Fiscal Year ending in 2006, if any; and (b) the aggregate amount of Capital Expenditures permitted for such Fiscal Year pursuant to Section 4.14 of the Senior Unsecured Note Indenture. 
  

 10 

 2.16 A new clause (j) shall be added to Section 10.11 reading as follows (and the word
“and” shall be moved from the end of clause (h) to the end of clause (i)): 
  
 (j) Indebtedness for Money Borrowed existing under the Senior Unsecured Notes in a principal amount not exceeding $200,000,000.00 plus interest and fees related thereto. 
  
 2.17 New Sections 10.15, 10.16, and 10.17 shall be added reading as
follows: 
  
 10.15 Senior Unsecured Note Documents.
Borrower shall not enter into any amendment or waiver of the Senior Unsecured Note Documents without the prior written consent of CoBank, which consent shall not be unreasonably withheld. 
  
 10.16 Anti-Terrorism Laws. Neither Borrower nor any Affiliate of Borrower or agent of Borrower shall: (a) conduct any
business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person; (b) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (c) engage in on conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any
of the prohibitions set forth in Executive Order No. 13224 or the USA Patriot Act. Borrower shall deliver to CoBank any certification or other evidence requested from time to time by CoBank, in CoBank’s sole discretion, confirming
Borrower’s compliance with this Section. 
  
 10.17 Pledged
Deposit Account. Borrower shall not, and shall not permit any Subsidiary to, withdraw or transfer any funds on deposit in the Pledged Deposit Account except (a) as may be required to pay service charges incurred in the ordinary course by the
depository institution at which the Pledged Deposit Account is maintained; (b) so long as there is no Default or Event of Default occurring or continuing, to make scheduled payments of Indebtedness for Money Borrowed under the Senior Notes or under
the Rabobank Agreement, or any combination thereof, as elected by Borrower; (c) to withdraw accrued interest credited to such account, to the extent permitted by the Senior Unsecured Note Indenture; or (d) with the prior written consent of CoBank.

  
 2.18 The document attached hereto as Exhibit 4.7, shall
be deemed to be Exhibit 4.7 to the Credit Agreement. 
  
 2.19 The following Sections, Subsections, and clauses are amended to read “[Intentionally Omitted]”: 1.97, 10.11(f), and 10.3(xv). 
  
 3. Borrower’s Representations. Borrower hereby represents and warrants that, after giving effect to this Amendment Agreement and the transactions
contemplated hereby, no Potential Default or Event of Default has occurred and is continuing under the Credit Agreement or other Loan Documents. 
  
 4. Effective Date. The effectiveness of this Amendment Agreement is subject to satisfaction, in CoBank’s sole discretion, of each of the following
conditions precedent (the date on which all such conditions precedent are so satisfied shall be the “Effective Date”): 
  

 11 

 4.1 Representations and Warranties. The representations and warranties of Borrower in the
Credit Agreement shall be true and correct in all material respects on and as of the Effective Date as though made on and as of such date. However, Borrower has been named as a defendant in two lawsuits as described in Exhibit A hereto.
Borrower represents and agrees that it will vigorously defend all claims in the litigation described in such Exhibit. 
  
 4.2 No Event of Default. No Event of Default shall have occurred and be continuing under the Credit Agreement as of the Effective Date of
this Amendment Agreement. 
  
 4.3 Payment of Fees and
Expenses. Borrower shall have paid CoBank, by wire transfer of immediately available federal funds, all expenses owing pursuant to Section 5 below. 
  
 4.4 Evidence of Corporate Action. CoBank shall have received in form and substance satisfactory to CoBank documents evidencing corporate
action by Borrower to authorize (including the specific names and titles of the persons authorized to so act (each an “Authorized Officer”)) the execution, delivery and performance of this Amendment Agreement, certified to be true
and correct by the Secretary or Assistant Secretary of Borrower. 
  
 4.5 Senior Unsecured Notes. CoBank shall have received true and correct copies of the duly executed Senior Unsecured Note Documents, in substantially the form of the March 9, 2004 draft previously provided to CoBank, and
evidence that (a) the gross amount of the Senior Unsecured Notes is at least $200,000,000; (b) the Senior Unsecured Note Documents are in full force and effect; and (c) Borrower has received the Net Cash Proceeds of the Senior Unsecured Notes as
required by the Credit Agreement. 
  
 4.6 Rabobank
Agreement. CoBank shall have received proof satisfactory to it that the Rabobank Agreement has been executed by all parties and is in full force and effect. 
  
 5. Costs; Expenses and Taxes. Borrower agrees to reimburse CoBank on demand for all out-of-pocket costs, expenses and charges
(including, without limitation, all fees and charges of external legal counsel) incurred by CoBank in connection with the preparation, reproduction, execution and delivery of this Amendment Agreement and any other instruments and documents to be
delivered hereunder. 
  
 6. General Provisions. 

 
 6.1 The execution, delivery and effectiveness of this Amendment
Agreement shall not operate as a waiver of any right, power or remedy of CoBank under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents, and the Credit Agreement, as expressly modified hereby, and each
of the other Loan Documents, are hereby ratified and confirmed and shall continue in full force and effect and be binding upon the parties thereto. Any direct or indirect reference in the Loan Documents to the “Credit Agreement” shall be
deemed to be a reference to the Credit Agreement as amended by this Amendment Agreement. 
  
  

 12 

 7. Governing Law. This Amendment Agreement shall be governed by and construed in accordance with the laws
of the State of Colorado. 
  
 8. Counterparts. This Amendment
Agreement may be executed in any number of counterparts and by different parties to this Amendment Agreement in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Copies of documents or signature pages bearing original signatures, and executed documents or signature pages delivered by telefax or facsimile or by e-mail transmission of an adobe file format document (also known as a
PDF file), shall, in each such instance, be deemed to be, and shall constitute and be treated as, an original signed document or counterpart, as applicable. Any party delivering an executed counterpart of this Amendment Agreement by telefax or
telefacsimile, or by e-mail transmission of an adobe file format document also shall deliver an original executed counterpart of this Amendment Agreement, but the failure to deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Amendment Agreement. 
  
 [THE EXECUTION PAGE IS THE NEXT PAGE] 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to First Amended and
Restated Credit Agreement (Term Loan) to be executed by their duly authorized officers as of the Effective Date. 
  

			
	BORROWER:
	
	 GOLD KIST INC., a cooperative marketing
 association formed under the laws of the State of
 Georgia

		
	 By:
	 	 /s/  Stephen O. West

	 Name:  Stephen O. West

	 Title:  Chief Financial Officer and Treasurer

	
	LENDER:
	
	 COBANK, ACB

		
	 By:
	 	 /s/  Mary Beth Curry

	 Name:  Mary Beth Curry

	 Title:  Vice President

  

 14 

 EXHIBIT A 
  
 Cody, et al v. Gold Kist Inc, et al. Four female employees of our Corporate Office Information Services
Department filed an EEOC sex discrimination suit against us in the U.S. District Court for the Northern District of Georgia asserting gender based claims about employment and promotion decisions in the Corporate I/S Department. One of the employees
continues to be employed by us. After its administrative consideration of the claims, the EEOC has issued “Right to Sue” letters to the four complainants in these claims, meaning that the EEOC will not sue or participate in a suit against
us on behalf of the parties in these actions nor will it pursue a systemic discrimination charge in this matter. The action provides that the individuals can now pursue their claims and litigation on their own should they so desire. The four
complainants filed an action in federal district court on March 19, 2003, seeking class action certification for their claims of gender discrimination, monetary damages and injunctive relief. As of the date of the Amendment Agreement, discovery is
ongoing in the class certification phase of the case and discovery has recently been extended on request of Plaintiff’s counsel. We will continue to defend the litigation vigorously. 
  
 Ronald Hughes Gaston v. Gold Kist Inc. On February 18, 2004, Mr. Gaston, a member of our cooperative, who was
recently terminated by us as a hatching egg producer, filed a purported class action lawsuit against us in the U.S. District Court for the Northern District of Alabama (Case number CV-04-J-0326-NW) alleging that our production contracts with our
member-growers constitute unfair practices or arrangements that have permitted us to manipulate the prices of live poultry and have damaged independent live poultry producers in violation of the Federal Packers and Stockyards Act of 1921. On
February 26, 2004, the plaintiff in this lawsuit filed an amended complaint that named four additional chicken-processing firms as defendants and included a claim of conspiracy among the named defendants relating to the claims discussed above. We
intend to defend the suit vigorously and believe that this lawsuit will not have a Material Adverse Effect. 
  

 15 

 EXHIBIT 4.7 
 to 
 Credit Agreement 
  
 DESCRIPTION OF SUBORDINATED CAPITAL 
 CERTIFICATES OF INTEREST 
  
 Gold
Kist’s Subordinated Capital Certificates of Interest of the six series offered are issued under indentures (the “Indentures”) between Gold Kist and SunTrust Bank, Atlanta, as Trustee (the “Trustee”). A separate Indenture
dated as of September 1, 1979, amended by a First Supplemental Indenture dated as of September 1, 1980 and a Second Supplemental Indenture dated as of September 1, 1982, governs each of the following three series of certificates offered hereby: the
Fifteen Year Subordinated Capital Certificates of Interest (Series D), (the “Fifteen Year Certificates”); the Ten Year Subordinated Capital Certificates of Interests (Series D), (the “Ten Year Certificates”); and the Five Year
Subordinated Capital Certificates of Interest (Series C), (the “Five Year Certificates”). The Two Year Subordinated Capital Certificates of Interests (Series A), (the “Two Year Certificates”) are governed by an Indenture dated as
of September 1, 1980. The Seven Year Subordinated Capital Certificates of Interest (Series A), (the “Seven Year Certificates”) and the Three Year Subordinated Capital Certificates of Interest (Series A), (the “Three Year
Certificates”) are governed by separate Indenture dated as of September 1, 1985. 
  
 Subordination 
  
 In case of liquidation of Gold Kist,
whether voluntary of involuntary, the payment of the principal of and interest on the certificates is subordinate to the payment in full of the principal of and interest on any notes or accounts payable, now due or hereafter made by Gold Kist to any
bank, any other lending agency or creditor (“Superior Indebtedness”); except that none of the Subordinated Capital Certificates of Interest issued pursuant to the Indentures dated as of September 1, 1979, September 1, 1980 or September 1,
1985, the One Year Subordinated Loan Certificates issued pursuant to the indentures dated as of December 1, 1977 or September 1, 1979, or the One Year or Six Month Subordinated Large Denomination Loan Certificates issued pursuant to the Indentures
dated as of September 1, 1985, shall be Superior Indebtedness, but shall rank equally with the certificates outstanding under each of the Indentures. 
  
 Nothing contained in the subordination provisions prevents Gold Kist from making payments of principal or interest on the certificates except during the
pendency of any dissolution or liquidation proceedings with respect to Gold Kist. 
  

 16 

 DESCRIPTION OF SUBORDINATED LOAN CERTIFICATES 
 AND SUBORDINATED LARGE DENOMINATION LOAN CERTIFICATES 
  
 Gold Kist’s Subordinated Loan Certificates (Series C) (the “One Year Loan Certificates”) are issued under an indenture (the
“Indenture”) dated as of September 1, 1979, amended by a First Supplemental Indenture dated as of September 1, 1980, between Gold Kist and SunTrust Bank, Atlanta, as Trustee (the “Trustee”). Gold Kist’s Subordinated Large
Denomination Loan Certificates of the two series offered hereby are issued under indentures (the “Indentures”) between Gold Kist and SunTrust Bank, Atlanta, as Trustee (the “Trustee”). Separate Indentures dated as of September 1,
1985 govern the One Year Subordinated Large Denomination Loan Certificates (Series A) (the “One Year Jumbo Loan Certificates”) and the Six Month Subordinated Large Denomination Loan Certificates (Series A) (the “Six Month Jumbo Loan
Certificates”). 
  
 Subordination 
  
 In case of liquidation of Gold Kist, whether voluntary or involuntary, the
payment of the principal of and interest on the loan certificates is subordinate to the payment in full of the principal of and interest on any notes or accounts payable, now due or hereafter made by Gold Kist to any bank, any other lending agency
or creditor (“Superior Indebtedness”); except that none of the Subordinated Capital Certificates of Interest issued pursuant to the Indentures dated as of September 1, 1979, September 1, 1980 or September 1, 1985, the One Year Subordinated
Loan Certificates issued pursuant to the Indentures dated as of December 1, 1977 or September 1, 1979, or the One Year or Six Month Subordinated Large Denomination Loan Certificates issued pursuant to the Indentures dated as of September 1, 1985,
shall be Superior Indebtedness, but shall rank equally with the loan certificates outstanding under each of the Indentures. As of June 28, 1997, Superior Indebtedness amounted to approximately $633,727,000, and additional Superior Indebtedness,
without limitation, may be created from time to time. (Article Four and Section 1.01 of the Indentures.) Gold Kist is jointly and severally liable for the obligations of Young Pecan Company, a general partnership in which Gold Kist has a 25% equity
interest and a 35% earnings (loss) allocation. Any such liability incurred would constitute additional Superior Indebtedness. See Notes 8 and 9(b) of Notes to Consolidated Financial Statements. 
  
 Nothing contained in the subordination provisions prevents Gold Kist from
making payments of principal or interest on the loan certificates except during the pendency of any dissolution or liquidation proceedings with respect to Gold Kist. 
  
  

 17

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