Document:

Exhibit 10.27.1

 

AMENDMENT NO. 1

AMENDMENT NO. 1, dated as of July 1, 2016 (this “Amendment”),
among WESTROCK COMPANY, a Delaware corporation (the “Company”), WESTROCK COMPANY OF CANADA
HOLDINGS CORP./COMPAGNIE DE HOLDINGS WESTROCK DU CANADA CORP., a Nova Scotia unlimited company (the “Canadian Borrower”
and, together with the Company, the “Borrowers”), the other Credit Parties, the Lenders party hereto and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”)
and as multicurrency agent for the Lenders (in such capacity, the “Multicurrency Agent,” together with the Administrative
Agent, the “Agent”), to the Credit Agreement dated as of July 1, 2015 (as amended, restated, amended and restated
or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrowers, the Subsidiary
Borrowers from time to time party thereto, the Guarantors from time to time party thereto, the Administrative Agent, the Multicurrency
Agent and the Lenders and Issuing Lenders referred to therein. Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Credit Agreement.

WHEREAS, pursuant to Section 2.27 of the Credit Agreement, the Company
has requested an extension of the Revolving/Term Loan Maturity Date solely with respect to all or a portion of the Revolving Commitments
(the “Requested Extension”);

WHEREAS, by providing an executed counterpart to this Amendment,
each Revolving Lender party hereto that is listed on Schedule 2.1(a) under the headings “Extended Multicurrency Revolving
Commitments” and/or “Extended U.S. Revolving Commitments” (an “Extended Lender” and collectively,
the “Extended Lenders”) has consented to the Requested Extension in accordance with Section 2.27 of the Credit
Agreement; and

WHEREAS, pursuant to Sections 2.27 and 9.1 of the Credit Agreement,
the Credit Parties, the Required Lenders, the Extended Lenders and the Agent desire to amend the Credit Agreement as set forth
herein to effect the Requested Extension and to effect certain other amendments.

NOW, THEREFORE, in consideration of the premises and covenants contained
herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

Section 1.                
Amendment. (a) The Credit Agreement is, effective as of the Effective Date (as defined below), hereby amended to delete
the stricken text (indicated textually in the same manner as the following example: stricken text)
and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto.

(b)              
Schedule 2.1(a) to the Credit Agreement is, effective as of the Effective Date, replaced in its entirety by Schedule 2.1(a) hereto.

Section 2.                
Representations and Warranties. The Credit Parties represent and warrant to the Lenders and the Agent as of the date
hereof and the Effective Date (as defined below) that:

     

     

    

(a)               
At the time of and immediately after giving effect to this Amendment, the representations and warranties set forth in the Credit
Documents are true and correct in all material respects (except to the extent that any such representation or warranty is
qualified by materiality, in which case such representation and warranty shall be true and correct) with the same effect as if
made on the Effective Date, except to the extent such representations and warranties expressly relate to an earlier date.

(b)              
At the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

Section 3.                
Conditions to Effectiveness. This Amendment shall become effective on the date (the “Effective Date”)
on which:

(a)               
the Agent (or its counsel) shall have received from the Credit Parties, Extended Lenders and the Required Lenders, a counterpart
of this Amendment signed on behalf of each such party;

(b)              
the Agent (or its counsel) shall have received the following (or their equivalent), each (other than with respect to clause (iv))
certified by the secretary or assistant secretary of the Company as of the Effective Date to be true and correct and in force and
effect pursuant to a certificate in a form reasonably satisfactory to the Administrative Agent: (i) copies of the articles of incorporation
or charter documents of the Company, certified by the secretary or assistant secretary of the Company as of the Effective Date
to be true and correct and in force and effect pursuant to a certificate in a form reasonably satisfactory to the Administrative
Agent, and that the articles or charter documents are in full force and effect; (ii) copies of resolutions of the board of directors
of the Company approving and adopting this Amendment (including the transactions contemplated herein) and authorizing execution
and delivery hereof; (iii) copies of the bylaws, operating agreement or partnership agreement of the Company, and that such by-laws,
operating agreements or partnership agreements are in full force and effect; and (iv) copies, where applicable, of a certificate
of good standing of the Company in its state of organization, certified as of a recent date by the appropriate Governmental Authorities
of the applicable state of organization;

(c)               
the representations and warranties set forth in Section 2 hereof shall be true and correct and the Agent shall have received a
certificate of a Responsible Officer to such effect;

(d)              
the Agent shall have received a legal opinion of Cravath, Swaine & Moore LLP, special New York counsel to the Company, in form
and substance reasonably acceptable to the Agent;

(e)               
the Agent shall have received a certificate, in form and substance reasonably satisfactory to it, of a Responsible Officer certifying
that immediately after giving effect to this Amendment, the Credit Parties taken as a whole are solvent as of the Effective Date;
and

(f)               
the Company shall have paid (i) all fees required to be paid on the Effective Date pursuant to the Engagement Letter, dated as
of May 20, 2016, between the Company and Wells Fargo Securities, LLC and (ii) all fees and expenses due and payable pursuant to
Section 4 hereof.

    	 	2	 

     

    

Section 4.                
Fees and Expenses. The Borrowers agree to (a) reimburse the Administrative Agent and the Multicurrency Agent, in each
case, for the reasonable and documented out-of-pocket expenses incurred by them in connection with this Amendment, including the
reasonable and documented fees, charges and disbursements of Cahill Gordon & Reindel llp,
counsel for the Administrative Agent and (b) on the Effective Date, pay the Administrative Agent, for the ratable account of the
Revolving Lenders that are Extended Lenders, an extension fee equal to 0.03% of each such Revolving Lenders’ Revolving Commitments.

Section 5.                
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together
shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission
or by email in Adobe “.pdf” format shall be effective as delivery of a manually executed counterpart hereof.

Section 6.                
Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 7.                
Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect
the meaning hereof.

Section 8.                
Effect of Amendment. On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Credit Agreement”, “this Agreement”, “hereunder”, “hereof” or words of like import referring
to the Credit Agreement, and each reference in the Notes and each of the other Credit Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a
reference to the Credit Agreement, as amended or waived by this Amendment. The Credit Agreement, the Notes and each of the other
Credit Documents, as specifically amended or waived by this Amendment, are and shall continue to be in full force and effect and
are hereby in all respects ratified and confirmed. Except as expressly set forth herein, this Amendment shall not by implication
or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agents under
the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other
Credit Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. The parties
hereto expressly acknowledge that it is not their intention that this Amendment or any of the other Credit Documents executed or
delivered pursuant hereto constitute a novation of any of the obligations, covenants or agreements contained in the Credit Agreement
or any other Credit Document, but rather constitute a modification thereof pursuant to the terms contained herein. This Amendment
constitutes a Credit Document.

Section 9.                
Acknowledgement and Consent. (a) Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of
the Credit Agreement and this Amendment and consents to the amendments of the Credit Agreement effected pursuant to this Amendment.
Each Guarantor hereby confirms that each Credit Document to which it is a party or otherwise bound will continue to guarantee to
the fullest extent possible in accordance with the Credit Documents the payment and performance of all “Credit Party Obligations”
under each of the Credit Documents to which is a party (in each case as such terms are defined in the applicable Credit Document).

    	 	3	 

     

    

(b)              
Each Guarantor acknowledges and agrees that any of the Credit Documents to which it is a party or otherwise bound shall continue
in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or
limited by the execution or effectiveness of this Amendment.

(c)               
Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such
Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to consent to the amendments to the
Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Credit
Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement.

[Signature Pages Follow]

 

 

 

 

 

 

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment
to be duly executed as of the date first above written.

	BORROWERS:
	 	WESTROCK COMPANY
	 	 	 
	 	 	By: 	/s/ John Stakel
	 	 	 	Name:  	John Stakel
	 	 	 	Title:	SVP and Treasurer
	 	 	 	 	 
	 	 	 	 	 
	 	 	WESTROCK COMPANY OF CANADA HOLDINGS 

CORP./COMPAGNIE DE HOLDINGS WESTROCK DU CANADA 

CORP.
	 	 	 	 	 
	 	 	By: 	/s/ John Stakel
	 	 	 	Name:  	John Stakel
	 	 	 	Title:	SVP and Treasurer
	 	 	 	 	 
	 	 	 	 	 
	GUARANTORS:	 	WESTROCK RKT COMPANY
	 	 	 	 	 
	 	 	By: 	/s/ John Stakel
	 	 	 	Name:  	John Stakel
	 	 	 	Title:	SVP and Treasurer
	 	 	 	 	 
	 	 	 	 	 
	 	 	WESTROCK MWV, LLC
	 	 	 	 	 
	 	 	By: 	/s/ John Stakel
	 	 	 	Name:  	John Stakel
	 	 	 	Title:	SVP and Treasurer

 

 

 

[Signature Page to WestRock Amendment No. 1]

    	 

     

    

 

	AGENT:	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	as Agent
	 	 	 
	 	 	By: 	/s/ Karen H. McClain
	 	 	 	Name:  	Karen H. McClain
	 	 	 	Title:	Managing Director
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

[Signature Page to WestRock Amendment No. 1]

 

    	 

     

    

 

 

	LENDERS:	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	as a Lender
	 	 	 
	 	 	By: 	/s/ Karen H. McClain
	 	 	 	Name:  	Karen H. McClain
	 	 	 	Title:	Managing Director
	 	 	 	 	 
	 	 	 	 	 
	 	 	1st FARM CREDIT SERVICES, PCA,
	 	 	as a Lender
	 	 	 	 	 
	 	 	By: 	/s/ Corey J. Waldinger
	 	 	 	Name:  	Corey J. Waldinger
	 	 	 	Title:	Vice President, Capital Markets Group

 

 

 

 

 

[Signature Page to WestRock Amendment No. 1]

 

    	 

     

    

Schedule 2.1(a)

 

Lenders and Commitments

	Institution	Extended
    Multicurrency Revolving Commitment	Non-Extended
    Multicurrency Revolving Commitment	Multicurrency
    Revolving Commitment Percentage[1]	Extended
    U.S. Revolving Commitment	Non-Extended
    U.S. Revolving Commitment	U.S.
    Revolving Commitment Percentage	Closing
    Date Term Loan Commitment Percentage[2]	Delayed
    Draw Term Loan Commitment Percentage[3]
	Wells
    Fargo Bank, National Association	$30,937,199.75  	 	7.7%	$63,827,704.52  	 	4.0%	5.5%	5.5%
	Bank
    of America, N.A.	30,937,199.76  	 	7.7%	61,687,334.00  	 	3.9%	5.4%	5.4%
	Barclays
    Bank PLC	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	The
    Bank of Tokyo-Mitsubishi UFG, Ltd.	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	Citibank,
    N.A.	 	 	―	76,411,227.15  	 	4.8%	4.4%	4.4%
	CoBank,
    ACB	 	 	―	178,500,000.00  	 	11.2%	―	―
	HSBC
    USA, N.A.	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	JPMorgan
    Chase Bank, N.A.	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	PNC
    Bank, National Association	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	

 

___________________________

	[1]		Each institution holding an Extended Multicurrency Revolving Commitment or a Non-Extended
Multicurrency Revolving Commitment is a “Multicurrency Revolving Lender.”

	[2]		As of the Closing Date.

	[3]		As of the Closing Date.

 

    	 

     

    

	Institution	Extended
    Multicurrency Revolving Commitment	Non-Extended
    Multicurrency Revolving Commitment	Multicurrency
    Revolving Commitment Percentage[1]	Extended
    U.S. Revolving Commitment	Non-Extended
    U.S. Revolving Commitment	U.S.
    Revolving Commitment Percentage	Closing
    Date Term Loan Commitment Percentage[2]	Delayed
    Draw Term Loan Commitment Percentage[3]
	Coöperatieve
    Rabobank U.A., New York Branch	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	Sumitomo
    Mitsui Banking Corporation	 	 	 	76,411,227.15  	 	4.8%	4.4%	4.4%
	SunTrust
    Bank	24,945,410.08  	 	6.2%	51,465,817.07  	 	3.2%	4.4%	4.4%
	Fifth
    Third Bank	23,757,533.41  	 	5.9%	49,015,063.88  	 	3.1%	4.2%	4.2%
	The
    Bank of Nova Scotia	19,565,027.51  	 	4.9%	40,365,346.73  	 	2.5%	3.5%	3.5%
	ING
    Bank N.V., Dublin Branch	 	 	―	59,930,374.24  	 	3.7%	―	―
	ING
    Bank, a Branch of ING-DiBa AG	 	 	―	 	 	―	3.5%	3.5%
	Mizuho
    Bank, Ltd.	19,565,027.51  	 	4.9%	40,365,346.73  	 	2.5%	―	3.5%
	Mizuho
    Bank (USA)	 	 	―	 	 	―	3.5%	―
	Royal
    Bank of Canada	19,565,027.51  	 	4.9%	40,365,346.73  	 	2.5%	3.5%	3.5%
	TD
    Bank, N.A.	 	 	―	59,930,374.24  	 	3.7%	3.5%	3.5%
	U.S.
    Bank National Association	19,565,027.51  	 	4.9%	40,365,346.73  	 	2.5%	3.5%	3.5%
	Bank
    of China, New York Branch	 	 	―	38,526,669.15  	 	2.4%	2.2%	2.2%
	Branch
    Banking and Trust Company	12,577,517.69  	 	3.1%	25,949,151.47  	 	1.6%	2.2%	2.2%
	The
    Bank of New York Mellon	12,577,517.69  	 	3.1%	25,949,151.47  	 	1.6%	2.2%	2.2%
	

    	 

     

    

	Institution	Extended
    Multicurrency Revolving Commitment	Non-Extended
    Multicurrency Revolving Commitment	Multicurrency
    Revolving Commitment Percentage[1]	Extended
    U.S. Revolving Commitment	Non-Extended
    U.S. Revolving Commitment	U.S.
    Revolving Commitment Percentage	Closing
    Date Term Loan Commitment Percentage[2]	Delayed
    Draw Term Loan Commitment Percentage[3]
	KeyBank
    National Association	 	 	―	38,526,669.15  	 	2.4%	2.2%	2.2%
	The
    Northern Trust Company	 	 	―	38,526,669.15  	 	2.4%	2.2%	2.2%
	Goldman
    Sachs Bank USA	 	 	―	75,000,000.00  	 	4.7%	―	―
	First
    Tennessee Bank National Association	4,192,505.90  	 	1.0%	8,649,717.16  	 	0.5%	0.7%	0.7%
	Banco
    Bradesco S.A., New York Branch	 	 	―	25,000,000.00  	 	1.6%	―	―
	First
    Hawaiian Bank	 	 	―	10,701,852.54  	 	0.7%	0.6%	0.6%
	Synovus
    Bank	 	 	―	10,701,852.54  	 	0.7%	0.6%	0.6%
	National
    Penn Bank	 	 	―	5,029,870.70  	 	0.3%	0.3%	0.3%
	Atlantic
    Capital Bank	 	 	―	4,494,778.07  	 	0.3%	0.3%	0.3%
	Santander
    Bank, N.A.	 	19,565,027.51  	4.9%	 	40,365,346.73  	2.5%	3.5%	3.5%
	Regions
    Bank	 	12,577,517.69  	3.1%	 	25,949,151.47  	1.6%	2.2%	2.2%
	State
    Bank of India, Chicago Branch	 	 	―	 	21,403,705.09  	1.3%	1.2%	1.2%
	Bank
    Hapoalim 	 	 	―	 	10,701,852.54  	0.7%	0.6%	0.6%
	The
    Bank of East Asia, Limited, New York Branch	 	 	―	 	10,701,852.54  	0.7%	0.6%	0.6%
	Banco
    de Sabadell, S.A. - Miami Branch	 	 	―	 	10,701,852.54  	0.7%	0.6%	0.6%
	Bank
    of Communications Co., Ltd. 	 	 	―	 	8,561,482.03	0.5%	0.5%	0.5%
	

    	 

     

    

	Institution	Extended
    Multicurrency Revolving Commitment	Non-Extended
    Multicurrency Revolving Commitment	Multicurrency
    Revolving Commitment Percentage[1]	Extended
    U.S. Revolving Commitment	Non-Extended
    U.S. Revolving Commitment	U.S.
    Revolving Commitment Percentage	Closing
    Date Term Loan Commitment Percentage[2]	Delayed
    Draw Term Loan Commitment Percentage[3]
	Mercantil
    Commercebank, N.A.	 	 	―	 	8,561,482.03  	0.5%	0.5%	0.5%
	The
    Chiba Bank, Ltd., New York Branch	 	 	―	 	4,280,741.02  	0.3%	0.2%	0.2%
	Mega
    International Commercial Bank Co., Ltd. Chicago Branch	 	 	―	 	2,140,370.51  	0.1%	0.1%	0.1%
	Mega
    International Commercial Bank Silicon Valley Branch	 	 	―	 	2,140,370.51  	0.1%	0.1%	0.1%
	TOTAL	$367,857,454.80	$32,142,545.20	 	$1,454,491,792.99	$145,508,207.01	 	 	 

 

 

    5 

     

    

Execution
VersionExhibit A to Amendment No. 1

$4,300,000,000

CREDIT AGREEMENT

Dated as of July 1, 2015

 

as
amended by Amendment No. 1 on July 1, 2016

among,

WESTROCK COMPANY,

as the Parent Borrower

 

ROCKTENNWESTROCK
COMPANY OF CANADA HOLDINGS CORP./COMPAGNIE DE HOLDINGS ROCKTENNWESTROCK
DU CANADA CORP.,

as the Canadian Borrower,

 

CERTAIN SUBSIDIARIES OF THE PARENT BORROWER
FROM TIME TO TIME PARTY HERETO,

as Subsidiary Borrowers,

 

CERTAIN SUBSIDIARIES OF THE PARENT BORROWER
FROM TIME TO TIME PARTY HERETO,

as Guarantors,

THE LENDERS PARTIES HERETO,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Multicurrency Agent

WELLS FARGO SECURITIES, LLC,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

BARCLAYS BANK PLC,

COBANK, ACB,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

CITIGROUP GLOBAL MARKETS INC.,

HSBC SECURITIES (USA) INC.,

J.P. MORGAN SECURITIES LLC,

PNC CAPITAL MARKETS LLC,

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
BRABOBANK U.A.,
NEW YORK BRANCH,

SUMITOMO MITSUI BANKING CORPORATION and

SUNTRUST ROBINSON HUMPHREY, INC.,

as Joint Lead Arrangers and Joint Book Runners

    

     

    

BANK OF AMERICA, N.A.,

as Syndication Agent

BARCLAYS BANK PLC,

COBANK, ACB,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

CITIBANK, N.A.,

HSBC BANK USA, N.A.,

JPMORGAN CHASE BANK, N.A.,

PNC BANK, NATIONAL ASSOCIATION,

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
BRABOBANK U.A.,
NEW YORK BRANCH,

SUMITOMO MITSUI BANKING CORPORATION and

SUNTRUST BANK,

as Documentation Agents

 

    

     

    

TABLE OF CONTENTS

 

 

		 	 	 	Page
	ARTICLE I DEFINITIONS	 	1
	 	 	 
	1.1	 	Definitions	 	1
	1.2	 	Computation of Time Periods	 	4347
	1.3	 	Accounting Terms	 	4347
	1.4	 	Exchange Rates; Currency Equivalents	 	4448
	1.5	 	Terms Generally	 	4448
	 	 	 	 	 
	ARTICLE II CREDIT FACILITY	 	4449
	 	 	 
	2.1	 	U.S. Revolving Loans	 	4449
	2.2	 	Canadian Revolving Loans	 	4652
	2.3	 	Multicurrency Alternative Currency Revolving Loans	 	4855
	2.4	 	Closing Date Term Loan	 	5159
	2.5	 	Delayed Draw Term Loan.	 	5260
	2.6	 	U.S. Swingline Loan Subfacility	 	5361
	2.7	 	Canadian Swingline Loan Subfacility	 	5564
	2.8	 	Letter of Credit Subfacility	 	5867
	2.9	 	Default Rate	 	6171
	2.10	 	Conversion Options	 	6171
	2.11	 	Prepayments	 	6373
	2.12	 	Termination and Reduction of Commitments	 	6676
	2.13	 	Fees	 	6777
	2.14	 	Computation of Interest and Fees	 	6878
	2.15	 	Pro Rata Treatment and Payments	 	7080
	2.16	 	Non-Receipt of Funds by an Agent	 	7282
	2.17	 	Inability to Determine Interest Rate	 	7384
	2.18	 	Illegality	 	7484
	2.19	 	Requirements of Law	 	7585
	2.20	 	Indemnity	 	7686
	2.21	 	Taxes	 	7687
	2.22	 	Indemnification; Nature of Issuing Lender’s Duties	 	7990
	2.23	 	Replacement of Lenders	 	8091
	2.24	 	Relationship between the Canadian Swingline Lender and the Administrative Agent	 	8191
	2.25	 	Defaulting Lenders	 	8192
	2.26	 	Incremental Loans	 	8494
	2.27	 	Extension Offers	 	8797
	2.28	 	Mexican Peso Revolving Credit Facility.	 	8797
	 	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES	 	89100
	 	 	 
	3.1	 	Corporate Existence; Compliance with Law	 	90100
	3.2	 	Corporate Power; Authorization	 	90100
	3.3	 	Enforceable Obligations	 	90101
	3.4	 	No Legal Bar	 	90101
	3.5	 	No Material Litigation	 	91101

 

    -i-

     

    

	 	 	 	 	Page
	 	 	 	 	 
	3.6	 	Investment Company Act	 	91101
	3.7	 	Margin Regulations	 	91101
	3.8	 	Compliance with Environmental Laws	 	91101
	3.9	 	Subsidiaries	 	92102
	3.10	 	Financial Statements, Fiscal Year and Fiscal Quarters	 	92102
	3.11	 	ERISA	 	93103
	3.12	 	Accuracy and Completeness of Information	 	93103
	3.13	 	Compliance with Trading with the Enemy Act, OFAC Rules and Regulations, Patriot Act and FCPA	 	93104
	3.14	 	Use of Proceeds	 	94105
	 	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT	 	94105
	 	 	 
	4.1	 	Conditions to Closing Date and Initial Revolving Loans and Term Loans	 	94105
	4.2	 	Conditions to Subsequent Extensions of Credit	 	97107
	 	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS	 	98109
	 	 	 
	5.1	 	Corporate Existence, Etc.	 	99109
	5.2	 	Compliance with Laws, Etc.	 	99109
	5.3	 	Payment of Taxes and Claims	 	99109
	5.4	 	Keeping of Books	 	99110
	5.5	 	Visitation, Inspection, Etc.	 	99110
	5.6	 	Insurance; Maintenance of Properties and Licenses	 	100110
	5.7	 	Financial Reports; Other Notices	 	100110
	5.8	 	Notices Under Certain Other Indebtedness	 	102112
	5.9	 	Notice of Litigation	 	102113
	5.10	 	Additional Guarantors	 	103113
	5.11	 	Use of Proceeds	 	103113
	 	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS	 	103113
	 	 	 
	6.1	 	Financial Requirements	 	103114
	6.2	 	Liens	 	104114
	6.3	 	Subsidiary Indebtedness	 	106116
	6.4	 	Merger and Sale of Assets	 	107117
	 	 	 	 	 
	ARTICLE VII EVENTS OF DEFAULT	 	108119
	 	 	 
	7.1	 	Events of Default	 	108119
	7.2	 	Acceleration; Remedies	 	111121
	 	 	 	 	 
	ARTICLE VIII AGENCY PROVISIONS	 	112122
	 	 	 
	8.1	 	Appointment	 	112122
	8.2	 	Delegation of Duties	 	112122
	8.3	 	Exculpatory Provisions	 	112123
	8.4	 	Reliance by Agents	 	113123
	8.5	 	Notice of Default	 	113124
	8.6	 	Non-Reliance on Agents and Other Lenders	 	114124
	8.7	 	Agents in Their Individual Capacity	 	114124

 

    -ii-

     

    
	 	 	 	 	Page
	 	 	 	 	 
	8.8	 	Successor Agent; Issuing Lender; Swingline Lender	 	114125
	8.9	 	Patriot Act Notice	 	115125
	8.10	 	Guaranty Matters	 	115126
	8.11	 	Withholding	 	116126
	 	 	 	 	 
	ARTICLE IX MISCELLANEOUS	 	116127
	 	 	 
	9.1	 	Amendments and Waivers	 	116127
	9.2	 	Notices	 	120131
	9.3	 	No Waiver; Cumulative Remedies	 	122132
	9.4	 	Survival of Representations and Warranties	 	122132
	9.5	 	Payment of Expenses	 	122132
	9.6	 	Successors and Assigns; Participations; Purchasing Lenders	 	124134
	9.7	 	Adjustments; Set-off	 	128138
	9.8	 	Table of Contents and Section Headings	 	129139
	9.9	 	Counterparts; Electronic Execution	 	129139
	9.10	 	Severability	 	129139
	9.11	 	Integration	 	129139
	9.12	 	Governing Law	 	129140
	9.13	 	Consent to Jurisdiction and Service of Process	 	129140
	9.14	 	Confidentiality	 	130140
	9.15	 	Acknowledgments	 	131141
	9.16	 	Waivers of Jury Trial	 	131142
	9.17	 	Judgment Currency	 	131142
	9.18	 	Subordination of Intercompany Debt	 	132142
	 	 	 	 	 
	ARTICLE X GUARANTY OF PARENT BORROWER OBLIGATIONS	 	132143
	 	 	 
	10.1	 	The Guaranty	 	132143
	10.2	 	Bankruptcy	 	132144
	10.3	 	Nature of Liability	 	133144
	10.4	 	Independent Obligation	 	133144
	10.5	 	Authorization	 	133144
	10.6	 	Reliance	 	134145
	10.7	 	Waiver	 	134145
	10.8	 	Limitation on Enforcement	 	135146
	10.9	 	Confirmation of Payment	 	135146
	10.10	 	Keepwell	 	135146
	 	 	 	 	 
	ARTICLE XI GUARANTY OF CANADIAN OBLIGATIONS AND FOREIGN SUBSIDIARY BORROWER OBLIGATIONS	 	136147
	 	 	 
	11.1	 	The Guaranty	 	136147
	11.2	 	Bankruptcy	 	136147
	11.3	 	Nature of Liability	 	136148
	11.4	 	Independent Obligation.	 	137148
	11.5	 	Authorization	 	137148
	11.6	 	Reliance	 	137148
	11.7	 	Waiver	 	137148
	11.8	 	Limitation on Enforcement	 	138149

    -iii-

     

    

 

	 	 	 	 	Page
	 	 	 	 	 
	11.9	 	Confirmation of Payment	 	139150
	11.10	 	Keepwell	 	139150
	 	 	 	 	 
	ARTICLE XII SPECIAL PROVISIONS APPLICABLE TO LENDERS UPON
    THE OCCURRENCE OF A SHARING EVENT	 	139150
	 	 	 
	12.1	 	Participations	 	139150
	12.2	 	Administrative Agent’s Determinations Binding.	 	140151
	12.3	 	Participation Payments in U.S. Dollars	 	140151
	12.4	 	Delinquent Participation Payments	 	140151
	12.5	 	Settlement of Participation Payments	 	141152
	12.6	 	Participation Obligations Absolute	 	141152
	12.7	 	Increased Costs; Indemnities	 	141152
	12.8	 	Provisions Solely to Effect Sharing Arrangement	 	141152

 

EXHIBITS

 

Exhibit AForm of Account Designation
Letter

Exhibit BForm of Notice of Borrowing

Exhibit CForm of Notice of Conversion/Extension

Exhibit DForm of Designation Notice

Exhibit E-1Form of U.S. Revolving Note

Exhibit E-2Form of Canadian Revolving
Note

Exhibit E-3Form of Multicurrency Revolving
Note

Exhibit E-4Form of Closing Date Term
Loan Note

Exhibit E-5Form of U.S. Swingline Note

Exhibit E-6Form of Canadian Swingline
Note

Exhibit FForm of Tax Exempt Certificate

Exhibit GForm of Officer’s Compliance
Certificate

Exhibit HForm of Joinder Agreement

Exhibit IForm of Assignment and Assumption

Exhibit JForm of Discounted Prepayment
Option Notice

Exhibit KForm of Lender Participation
Notice

Exhibit LForm of Discounted Voluntary
Prepayment Notice

 

    -iv-

     

    

SCHEDULES

 

Schedule 1.1(a)(i)Existing MWV Notes

Schedule 1.1(a)(ii)Existing RockTenn
Notes

Schedule 1.1(b)Existing Letters of
Credit

Schedule 2.1(a)Lenders and Commitments

Schedule 3.9Subsidiaries and Joint
Ventures

Schedule 9.2Multicurrency Agent’s Office

Schedule 9.6Voting Participants

    -v-

     

    

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT,
dated as of July 1, 20152015,
and amended as of July 1, 2016 (this “Agreement” or “Credit Agreement”), is by
and among WESTROCK COMPANY, a Delaware corporation (the “Parent Borrower”), ROCKTENNWESTROCK
COMPANY OF CANADA HOLDINGS CORP./COMPAGNIE DE HOLDINGS ROCKTENNWESTROCK
DU CANADA CORP. (f/k/a ROCKTENN COMPANY OF CANADA HOLDINGS CORP./COMPAGNIE
DE HOLDINGS ROCKTENN DU CANADA CORP.), a Nova Scotia unlimited company (the “Canadian Borrower”,
and together with the Parent Borrower, and any other Subsidiary of the Parent Borrower designated by the Parent Borrower as an
additional Borrower pursuant to Section 2.1(f), Section 2.2(f) or Section 2.3(f) hereof, the “Borrowers”),
WESTROCK RKT COMPANY (f/k/a ROCK-TENN
COMPANY), a Georgia corporation (“RockTenn”)
and WESTROCK MWV, LLC (f/k/a MEADWESTVACO
CORPORATION), a Delaware corporationlimited
liability company (“MWV” and, together with RockTenn, the “Initial Guarantors”),
the lenders named herein and such other lenders that hereafter become parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”) and as Multicurrency
Agent for the Lenders (in such capacity, the “Multicurrency Agent”).

 

W I T N E S S E T H

 

WHEREAS, the
Borrowers have requested that the Lenders provide revolving credit and term loan facilities for the purposes hereinafter set forth;
and

 

WHEREAS, the
Lenders have agreed to make the requested credit facilities available to the Borrowers on the terms and conditions hereinafter
set forth. ; and

 

WHEREAS,
this Agreement has been amended by Amendment No. 1, dated as of the Amendment No. 1 Effective Date, to extend the maturity date
of the Revolving Commitments of the Extended Multicurrency Revolving Lenders and the Extended U.S. Revolving Lenders;

 

NOW, THEREFORE,
IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1             
Definitions.

 

As used in this Credit
Agreement, the following terms have the meanings specified below unless the context otherwise requires:

 

“Acceptable
Price” has the meaning specified in Section 2.11(f)(iii).

 

“Acceptance
Date” has the meaning specified in Section 2.11(f)(ii).

 

“Account Designation
Letter” means the Notice of Account Designation Letter dated the Closing Date from the Borrowers to the Administrative
Agent in substantially the form of Exhibit A.

 

“Acquisition”
means any acquisition, whether by stock purchase, asset purchase, merger, amalgamation, consolidation or otherwise, of a Person
or a business line of a Person.

 

     

     

    

“Additional
Credit Party” means each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance with Section
5.10.

 

“Administrative
Agent” has the meaning set forth in the introductory paragraph hereof, together with any successors or assigns.

 

“Administrative
Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate”
means as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, a Person shall be deemed to be “controlled by” a Person
if such Person possesses, directly or indirectly, power either (i) to vote 10% or more of the securities having ordinary voting
power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of such
Person whether by contract or otherwise.

 

“Agents”
means the Administrative Agent and the Multicurrency Agent.

 

“Aggregate
Revolving Committed Amount” means TWO BILLION U.S. DOLLARS (U.S.$2,000,000,000), which amount shall be automatically
reduced by any permanent reduction of the U.S. Revolving Committed Amount or the Multicurrency Revolving Committed Amount in accordance
with the terms of Section 2.12.2.12
(including, for the avoidance of doubt, Section 2.12(b)).

 

“Agreement”
has the meaning set forth in the introductory paragraph hereof.

 

“Agreement
Currency” has the meaning set forth in Section 9.17.

 

“Alternate
Base Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest whole multiple of 1/100
of 1%) equal to the greatest of (i) the Federal Funds Rate in effect on such day plus 1⁄2 of 1%, (ii) the Prime Rate
in effect on such day and (iii) LIBOR for an Interest Period of one month plus 1%. If for any reason the Administrative
Agent shall have reasonably determined (which determination shall be conclusive absent manifest error) that it is unable after
due inquiry to ascertain the Federal Funds Rate for any reason, including the inability or failure of the Administrative Agent
to obtain sufficient quotations in accordance with the terms hereof, the Alternate Base Rate shall be determined without regard
to clause (i) of the first sentence of this definition until the circumstances giving rise to such inability no longer exist. Any
change in the Alternate Base Rate due to a change in the Prime Rate, LIBOR or the Federal Funds Rate shall be effective on the
effective date of such change in the Prime Rate, LIBOR or the Federal Funds Rate, respectively.

 

Notwithstanding
the foregoing, in no event shall the Alternate Base Rate be less than 0.00% per annum.

 

“Alternate
Base Rate Loans” means Loans that bear interest at an interest rate based on the Alternate Base Rate.

 

“Alternative
Currency” has the meaning set forth in Section 2.3(g).

 

“Alternative
Currency Facility” has the meaning set forth in Section 2.3(g).

 

“Alternative
Currency Facility Amendment” has the meaning set forth in Section 2.3(g).

 

    2 

     

    

“Amendment
No. 1” means Amendment No. 1 to this Agreement dated as of July 1, 2016.

 

“Amendment
No. 1 Effective Date” means July 1, 2016, the date of effectiveness of Amendment No. 1.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Parent Borrower or any of its Subsidiaries
from time to time concerning or relating to bribery or corruption.

 

“Applicable
Borrower” means (i) with respect to all Loans other than Non-U.S. Revolving Loans and the Canadian Swingline Loans, the
Parent Borrower, (ii) with respect to Canadian Revolving Loans and Canadian Swingline Loans, the Canadian Borrower and (iii) with
respect to Multicurrency Alternative Currency Revolving Loans, a Multicurrency Borrower.

 

“Applicable
Discount” has the meaning specified in Section 2.11(f)(iii).

 

“Applicable
Percentage” means, for any day, with respect to Revolving Loans denominated in U.S. Dollars, Canadian Dollars or any
other Multicurrency Alternative Currency, Closing Date Term Loans, Delayed Draw Term Loans and Commitment Fees on Delayed Draw
Term Commitments and Revolving Commitments denominated in U.S. Dollars, Canadian Dollars or any other Multicurrency Alternative
Currency, the percentages per annum set forth in the table below corresponding with the then applicable Level, which will be the
lower of (a) the applicable Level determined by reference to the Leverage Ratio and (b) the applicable Level determined by reference
to the Rating (the “Ratings Level”), such that Level I is the lowest Level and Level V is the highest Level;
provided that (x) prior to five (5) Business Days after delivery of financial statements for the period ending December
31, 2015 in accordance with the provisions of Section 5.7, the applicable Level shall not be lower than Level II and (y)
prior to five (5) Business Days after the delivery of financial statements for the period ending September 30, 2015 in accordance
with the privisionsprovisions
of Section 5.7, the applicable Level shall be Level II.

 

For purposes of the foregoing, (a) (i) if
the applicable Ratings established by Moody’s and S&P are different but correspond to consecutive pricing levels, then
the Ratings Level will be based on the higher applicable Rating (e.g., if Moody’s applicable Rating corresponds to Level
I and S&P’s applicable Rating corresponds to Level II, then the Ratings Level will be
Level will be Level I), and (ii) if the applicable Ratings
established by Moody’s and S&P are more than one pricing level apart, then the Ratings Level will be based on the rating
which is one level higher than the lower rating (e.g., if Moody’s and S&P’s applicable Ratings correspond to Levels
I and IV, respectively, then the Ratings Level will be Level III), (b) in the event that either S&P or Moody’s (but not
both) shall no longer issue a Rating, the Ratings Level shall be determined by the remaining Rating, and (c) in the event that
neither S&P nor Moody’s issues a Rating, unless and until the date, if any, that the Parent Borrower and the Required
Lenders agree on a different arrangement, the existing Ratings Level shall continue in effect for the 60-day period immediately
following such event, and subsequent to such period the Ratings Level shall be Level V.

 

    3 

     

    

	

Level	

Leverage

Ratio	

Rating

(S&P / Moody’s)	

Applicable 

Percentage for

LIBOR Rate

Loans	Applicable

Percentage

for Base

Rate Loans	

Commitment

Fee
	I	< 2.00 to 1.00	BBB+ / Baa1

(or better)	1.000%	0.000%	0.125%
	II	> 2.00 to 1.00 but < 2.50 to 1.00	BBB / Baa2	1.125%	0.125%	0.150%
	III	> 2.50 to 1.00 but < 3.00 to 1.00	BBB- / Baa3	1.250%	0.250%	0.200%
	IV	> 3.00 to 1.00 but < 3.25 to 1.00	BB+ / Ba1	1.500%	0.500%	0.250%
	V	> 3.25 to 1.00	BB / Ba2

(or worse)	1.750%	0.750%	0.300%

 

The Applicable Percentage
shall, in each case, be determined and adjusted quarterly on the date five (5) Business Days after the date on which the Administrative
Agent has received from the Parent Borrower the financial information and certifications required to be delivered to the Administrative
Agent and the Lenders in accordance with the provisions of Section 5.7 (each an “Interest Determination Date”).
Such Applicable Percentage shall be effective from such Interest Determination Date until the next such Interest Determination
Date. After the Closing Date, if the Borrowers shall fail to provide the Required Financial Information for any fiscal quarter
or fiscal year of the Parent Borrower, the Applicable Percentage from such Interest Determination Date shall, on the date five
(5) Business Days after the date by which the Borrowers were so required to provide such Required Financial Information to the
Agents and the Lenders, be based on Level V until such time as such Required Financial Information is provided, whereupon the Level
shall be determined by the then current Leverage Ratio. In the event that any Required Financial Information that is delivered
to the Agents is shown to be inaccurate in a manner that results in the miscalculation of the Leverage Ratio (regardless of whether
this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have
led to the application of a higher Applicable Percentage for any period (an “Applicable Period”) than the Applicable
Percentage applied for such Applicable Period, then the Credit Parties shall immediately (i) deliver to the Administrative Agent
corrected Required Financial Information for such Applicable Period, (ii) determine the Applicable Percentage for such Applicable
Period based upon the corrected Required Financial Information (which Applicable Percentage shall be made effective immediately
in the current period, to the extent applicable) and (iii) immediately pay to the applicable Agent the accrued additional interest
owing as a result of such increased Applicable Percentage for such Applicable Period, which payment shall be promptly applied by
such Agent in accordance with Section 2.14(a). It is acknowledged and agreed that nothing contained herein shall limit the
rights of the Agents and the Lenders under the Credit Documents, including their rights under Sections 2.9 and 7.2.

 

“Applicable
Period” has the meaning set forth in the definition of “Applicable Percentage.”

 

“Approved
Fund” means any Fund that is administered, managed or underwritten by (a) a Lender, (b) an Affiliate of a Lender or (c)
an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit I.

 

    4 

     

    

“Assuming
Lender” has the meaning set forth in Section 2.27(c).

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule. 

 

“Bankruptcy
Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from
time to time.

 

“Base Rate
Loans” means all Loans accruing interest based on the Alternate Base Rate, the U.S. Base Rate or the Canadian Prime Rate.

 

“Borrowers”
has the meaning set forth in the introductory paragraph hereof.

 

“Borrowing
Minimum” means (a) in the case of LIBOR Rate Loans denominated in U.S. Dollars, U.S.$2,000,000; (b) in the case of LIBOR
Rate Loans denominated in Canadian Dollars, C$2,000,000; (c) in the case of LIBOR Rate Loans denominated in any Multicurrency Alternative
Currency (other than U.S. Dollars), the smallest amount of such Multicurrency Alternative Currency that is an integral multiple
of 100,000 units of such currency and the Dollar Amount of which is at least U.S.$2,000,000; (d) in the case of Alternate Base
Rate Loans, U.S.$1,000,000; (e) in the case of U.S. Base Rate Loans, U.S.$2,000,000; and (f) in the case of Canadian Prime Rate
Loans, C$2,000,000.

 

“Borrowing
Multiple” means (a) in the case of LIBOR Rate Loans denominated in U.S. Dollars, U.S.$1,000,000; (b) in the case of LIBOR
Rate Loans denominated in Canadian Dollars, C$1,000,000; (c) in the case of LIBOR Rate Loans denominated in any Multicurrency Alternative
Currency (other than U.S. Dollars), the smallest amount of such Multicurrency Alternative Currency that is an integral multiple
of 100,000 units of such currency and the Dollar Amount of which is at least U.S.$1,000,000; (d) in the case of Alternate Base
Rate Loans, U.S.$1,000,000; (e) in the case of U.S. Base Rate Loans, U.S.$1,000,000; and (f) in the case of Canadian Prime Rate
Loans, C$1,000,000.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Charlotte, North Carolina or
New York, New York are authorized or required by law to close; provided, however, that (a) when used in connection
with a rate determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also
exclude any day on which banks in London, England are not open for dealings in deposits of U.S. Dollars in the London interbank
market, (b) the term “Business Day” shall also exclude any day on which banks are not open for foreign exchange dealings
between banks in the exchange of the home country of such foreign currency, (c) with respect to all notices and determinations
in connection with, and payments of principal and interest on, any Canadian Revolving Loan, the term “Business Day”
shall also exclude any day on which banks are authorized or required by law to close in Toronto, Ontario or London, England and
any day on which banks in Toronto, Ontario are not open for dealings in deposits of Canadian Dollars in the Canadian interbank
market, (d) when used in connection with any Loan or Letter of Credit denominated in any Multicurrency Alternative Currency, the
term “Business Day” shall also exclude any day on which banks in London are not open for dealings in deposits in such
Multicurrency Alternative Currency, (e) when used in connection with a Loan or Letter of Credit denominated in Euro, the term “Business
Day” shall also exclude any day that is not a TARGET Day and (f) when used in connection with any Loan or Letter of Credit
denominated in Sterling, the term “Business Day” shall also exclude any day on which commercial banks in London, England
are authorized or required by law to remain closed.

 

    5 

     

    

“Calculation
Date” means the date of the applicable Specified Transaction which gives rise to the requirement to calculate the financial
covenants set forth in Section 6.1(a) and (b) or the Leverage Ratio, in each case on a Pro Forma Basis.

 

“Calculation
Period” means, in respect of any Calculation Date, the period of four fiscal quarters of the Parent Borrower ended as
of the last day of the most recent fiscal quarter of the Parent Borrower preceding such Calculation Date for which the Administrative
Agent shall have received the Required Financial Information.

 

“Canadian
AML Acts” means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government sanction
and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

 

“Canadian
Borrower” has the meaning set forth in the introductory paragraph hereof.

 

“Canadian
Business Day” means a day other than a day on which banks in Toronto, Ontario are not open for dealings in deposits of
Canadian Dollars in the Canadian interbank market.

 

“Canadian
Credit Party” means any of the Canadian Borrower and any Borrower designated as such under Section 2.2(f).

 

“Canadian
Dollars” or “C$” means the lawful currency of Canada.

 

“Canadian
Lenders” means (a) each of the Persons identified as a “Multicurrency Revolving Lender” on Schedule 2.1(a)
or its designated Affiliate or branch, (b) any other entity that may be added as a Canadian Lender in accordance with the terms
of this Agreement; provided that such entity is able to fulfill all obligations of a Canadian Lender under the terms of
this Agreement (including the obligation to make Loans in Canadian Dollars) in accordance with the requirements of the Bank Act
(Canada), and (c) the successors and assigns of each of the foregoing; provided in all cases that only those entities dealing
at arm’s-length with the Canadian Borrower for all purposes of the Income Tax Act (Canada) shall be permitted to be Canadian
Lenders hereunder.

 

“Canadian
Lending Office” means, initially, the office of each Canadian Lender designated as such Lender’s Canadian Lending
Office shown on the Administrative Questionnaire provided to the Administrative Agent prior to the date hereof; and thereafter,
such other office of such Lender as such Lender may from time to time specify to the Agents and the Parent Borrower as the office
of such Lender at which Base Rate Loans and LIBOR Rate Loans denominated in Canadian Dollars of such Lender are to be made.

 

“Canadian
Obligations” means all Credit Party Obligations of the Canadian Borrower and the other Canadian Credit Parties.

 

“Canadian
Prime Rate” means a fluctuating rate of interest per annum which is equal to the greater of (i) the reference rate of
interest (however designated) of, in the case of Canadian Revolving Loans, the Multicurrency Agent or, in the case of Canadian
Swingline Loans, the Canadian Swingline Lender for determining interest chargeable by it on Canadian Dollar commercial loans made
in Canada at 10:00 a.m. on such day and (ii) 0.50% above the annual rate for 30-day Canadian Dollar bankers’ acceptances
of Schedule I banks that appears on the Thomson Reuters Screen CDOR Page (or any successor page) as of 10:00 a.m. on such day.

 

    6 

     

    

Notwithstanding
the foregoing, in no event shall the Canadian Prime Rate be less than 0.00% per annum.

 

“Canadian
Prime Rate Loan” means any Revolving Loan made by the Canadian Lenders in Canadian Dollars accruing interest based on
the Canadian Prime Rate.

 

“Canadian
Revolving Lender” means, as of any date of determination, any Canadian Lender holding a Multicurrency Revolving Commitment
on such date (and which shall include, for the avoidance of doubt, Non-Extended
Canadian Revolving Lenders and Extended Canadian Revolving Lenders). For purposes of clarity, each Canadian Revolving
Lender shall also be a Multicurrency Revolving Lender.

 

“Canadian
Revolving Loans” means Revolving Loans made to the Canadian Borrower under Section 2.2.2.2
(and which shall include, for the avoidance of doubt, Non-Extended Canadian Revolving Loans and Extended Canadian Revolving Loans).

 

“Canadian
Revolving Note” or “Canadian Revolving Notes” means the promissory notes of the Canadian Borrower
provided pursuant to Section 2.2(e) in favor of each of the Canadian Revolving Lenders that requests a promissory note evidencing
the Canadian Revolving Loans made by each such Canadian Revolving Lender, individually or collectively, as appropriate, as such
promissory notes may be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.

 

“Canadian
Swingline Commitment” means the commitment of the Canadian Swingline Lender to make Canadian Swingline Loans in an aggregate
principal amount at any time outstanding the Dollar Amount of which does not exceed the Canadian Swingline Committed Amount, and
the commitment of the Canadian Revolving Lenders to purchase participation interests in the Canadian Swingline Loans as provided
in Section 2.7(c)(ii), as such amounts may be reduced from time to time in accordance with the provisions hereof.

 

“Canadian
Swingline Committed Amount” has the meaning set forth in Section 2.7(a).

 

“Canadian
Swingline Lender” means Bank of America, N.A., acting through its Canada Branch, in its capacity as such, or any successor
Canadian swingline lender hereunder.

 

“Canadian
Swingline Loan” or “Canadian Swingline Loans” has the meaning set forth in Section 2.7(a).

 

“Canadian
Swingline Note” means the promissory note of the Canadian Borrower in favor of the Canadian Swingline Lender evidencing
the Canadian Swingline Loans provided pursuant to Section 2.7(i), as such promissory note may be amended, modified, supplemented,
extended, renewed or replaced from time to time.

 

“Capital Assets”
means, collectively, for any Person, all fixed assets of such Person, whether tangible or intangible determined in accordance with
GAAP.

 

“Capital Lease”
means, as applied to any Person, any lease of any Property (whether real, personal or mixed) by such Person as lessee which would,
in accordance with GAAP as of the Closing Date, be required to be classified and accounted for as a capital lease on a balance
sheet of such Person, other than, in the case of a Consolidated Company, any such lease under which another Consolidated Company
is the lessor.

 

    7 

     

    

“Capital Stock”
means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership,
units or partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests
and (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distribution of assets of, the issuing Person.

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements.

 

“Cash Management
Bank” means any Person that, (i)(a) at the time it enters into a Cash Management Agreement, is a Lender, an Agent or
an Affiliate of a Lender or an Agent or (b) is a Lender, an Agent or an Affiliate of a Lender or an Agent on the Closing Date or
becomes a Lender after the Closing Date in connection with the primary syndication of the credit facilities provided hereunder
and the Cash Management Agreement to which such Person is a party was entered into on or prior to the Closing Date (even if such
Person ceases to be a Lender or Agent or such Person’s Affiliate ceased to be a Lender or an Agent), in each case (a) or
(b) in its capacity as a party to such Cash Management Agreement; provided, in the case of a Cash Management Agreement with
a Person who is no longer a Lender, such Person shall be considered a Cash Management Bank only through the stated maturity date
(without extension or renewal or increase in amount) of such Cash Management Agreement and (ii) to the extent it is not a Lender,
has provided the Administrative Agent with a fully executed Designation Notice, substantially in the form of Exhibit D.

 

“CDOR Rate”
means, for any Interest Period, the per annum rate of interest which is the rate determined as being the arithmetic average of
the annual yield rates applicable to Canadian Dollar bankers’ acceptances for a term comparable to such Interest Period displayed
and identified as such on the display referred to as the “CDOR Page” (or any display substituted therefore) of Thomson
Reuters as of approximately 10:00 a.m. (Toronto time) on the first day of such Interest Period, or if such day is not a Canadian
Business Day, then on the immediately preceding Canadian Business Day (as adjusted by the Multicurrency Agent in good faith after
10:00 a.m. (Toronto time) to reflect any error in a posted rate or in the posted average annual rate). Notwithstanding the foregoing,
in no event shall the CDOR Rate be less than 0.00% per annum.

 

“Change in
Control” means, as applied to the Parent Borrower, after giving effect to the Combination, that any Person or “Group”
(as defined in Section 13(d)(3) of the Exchange Act, but excluding (A) any employee benefit or stock ownership plans of the Parent
Borrower, and (B) members of the Board of Directors and executive officers of the Parent Borrower as of the Closing Date, members
of the immediate families of such members and executive officers, and family trusts and partnerships established by or for the
benefit of any of the foregoing individuals) shall have acquired more than fifty percent (50%) of the combined voting power of
all classes of common stock of the Parent Borrower, except that the Parent Borrower’s purchase of its common stock outstanding
on the Closing Date which results in one or more of the Parent Borrower’s shareholders of record as of the Closing Date controlling
more than fifty percent (50%) of the combined voting power of all classes of the common stock of the Parent Borrower shall not
constitute an acquisition hereunder.

 

“Class”
means (i) with respect to any Commitment, its character as a Non-Extended U.S. Revolving Commitment, a Non-Extended Multicurrency
Revolving Commitment, an Extended U.S. Revolving Commitment, or an Extended Multicurrency Revolving Commitment and (ii) with respect
to any Loan, its character as a Non-Extended Canadian Revolving Loan, a Non-Extended Multicurrency Alternative Currency Revolving
Loan, a Non-Extended U.S. Revolving Loan, an Extended Canadian Revolving Loan, an Extended Multicurrency Alternative Currency Revolving
Loan, an Extended U.S. Revolving Loan or a Closing Date Term Loan.

 

    8 

     

    

“Closing Date”
means the date hereof.

 

“Closing Date
Term Loan” has the meaning set forth in Section 2.4(a). For the avoidance of doubt, all references in this Agreement
to Closing Date Term Loans shall include, at any time after any Delayed Draw Funding Date, the Delayed Draw Term Loans borrowed
on such Delayed Draw Funding Date.

 

“Closing Date
Term Loan Commitment” means, with respect to each Closing Date Term Loan Lender, the commitment of such Closing Date
Term Loan Lender to make its portion of the Closing Date Term Loan in a principal amount equal to such Closing Date Term Loan Lender’s
Closing Date Term Loan Commitment Percentage of the Closing Date Term Loan Committed Amount.

 

“Closing Date
Term Loan Commitment Percentage” means, for any Closing Date Term Loan Lender, the percentage identified as its Closing
Date Term Loan Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection with any Incremental
Term Loan Commitment and/or any assignment made in accordance with the provisions of Section 9.6(b).

 

“Closing Date
Term Loan Committed Amount” has the meaning set forth in Section 2.4(a).

 

“Closing Date
Term Loan Lender” means, as of any date of determination, any Lender that holds a portion of the outstanding Closing
Date Term Loan on such date. For the avoidance of doubt, all references in this Agreement to Closing Date Term Loan Lenders shall
include, at any time after any Delayed Draw Funding Date, the Delayed Draw Term Loan Lenders in respect of the Delayed Draw Term
Loan borrowed on such Delayed Draw Funding Date.

 

“Closing Date
Term Loan Note” or “Closing Date Term Loan Notes” means the promissory notes of the Parent Borrower
in favor of each of the Closing Date Term Loan Lenders that requests a promissory note evidencing the portion of the Closing Date
Term Loan provided pursuant to Section 2.4(d), individually or collectively, as appropriate, as such promissory notes may
be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateralized
Bonds” means the Solid Waste Disposal Facility Revenue Bonds, Series 1997A, issued by the City of Wickliffe, Kentucky, and
maturing on January 15, 2027. 

 

“Combination”
means, collectively, the MWV Merger and the RockTenn Merger.

 

“Combination
Agreement” means the Second Amended and Restated Business Combination Agreement, dated as of April 17, 2015, among WestRock
Company (f/k/a Rome-Milan Holdings, Inc.), MeadWestvaco Corporation, Rock-Tenn Company, Milan Merger Sub, LLC and Rome Merger Sub,
Inc., including all schedules, exhibits and attachments thereto and as such agreement may be amended, restated, amended and restated
or otherwise modified from time to time prior to the Closing Date.

 

“Commitment”
means the Non-Extended U.S. Revolving Commitment, the Non-Extended
Multicurrency Revolving Commitment, the Extended U.S. Revolving
Commitment, the Extended Multicurrency Revolving Commitment, the LOC Commitment, the U.S. Swingline Commitment, the
Canadian Swingline Commitment, any Incremental Revolving Commitment, the Closing Date Term Loan Commitment, the Delayed Draw Term
Loan Commitment and/or any Incremental Term Loan Commitment, individually or collectively, as appropriate.

 

    9 

     

    

“Commitment
Fees” has the meaning set forth in Section 2.13(a)(iii).

 

“Commitment
Period” means (i) with respect to U.S.any
Class of Revolving Loans and the Non-U.S. Revolving LoansCommitments,
the period from (and including) the Closing Date to (but excluding) the Revolving/Term Loan
Maturity Date of such Class, (ii) with respect to Letters
of Credit issued pursuant to any Class of Revolving Commitments,
the period from (and including) the Closing Date to (but excluding) the date that is five (5) Business Days prior to the Revolving/Term
Loan Maturity Date with respect to the Extended U.S.
Revolving Commitments and (iii) with respect to the Delayed Draw Term Loans, the Delayed Draw Commitment Period.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Consenting
Lender” has the meaning set forth in Section 2.27(b).

 

“Consolidated
Companies” means, collectively, the Parent Borrower, the Canadian Borrower, the Multicurrency Borrowers, all of the Restricted
Subsidiaries, each Permitted Securitization Subsidiary and, to the extent required to be consolidated with the Parent Borrower
under GAAP, any Joint Venture.

 

“Consolidated
Company Investment” has the meaning set forth in the definition of “EBITDA.”

 

“Consolidated
Funded Debt” means the Funded Debt of the Consolidated Companies on a consolidated basis.

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (i) EBITDA for the period of the four prior
fiscal quarters of the Parent Borrower ending on such date to (ii) Consolidated Interest Expense paid or payable in cash during
such period (together with any sale discounts given in connection with sales of accounts receivable and/or inventory by the Consolidated
Companies during such period).

 

“Consolidated
Interest Expense” means, for any period, all Interest Expense of the Consolidated Companies net of interest income and
income from corporate-owned life insurance programs (excluding (i) deferred financing costs included in amortization, (ii) interest
expense in respect of insurance premiums, (iii) interest expense in respect of Indebtedness that is non-recourse to the Parent
Borrower and its Restricted Subsidiaries under the laws of the applicable jurisdiction, except for Standard Securitization Undertakings
and (iv) interest expense in respect of the write-up or write-down of the fair market value of Indebtedness) of the Consolidated
Companies determined on a consolidated basis in accordance with GAAP; provided, however, that, for purposes of calculating
Consolidated Interest Expense for the fiscal periods ending September 30, 2015, December 31, 2015 and March 31, 2016, Consolidated
Interest Expense shall be annualized such that (a) for the calculation of Consolidated Interest Expense for the four fiscal quarters
of the Parent Borrower ending September 30, 2015, Consolidated Interest Expense shall be Consolidated Interest Expense for the
fiscal quarter of the Parent Borrower then ending multiplied by four (4), (b) for the calculation of Consolidated Interest Expense
for the four fiscal quarters of the Parent Borrower ending December 31, 2015, Consolidated Interest Expense shall be Consolidated
Interest Expense for the two fiscal quarter period of the Parent Borrower then ending multiplied by two (2) and (c) for the calculation
of Consolidated Interest Expense for the four fiscal quarters of the Parent Borrower ending March 31, 2016, Consolidated Interest
Expense shall be Consolidated Interest Expense for the three fiscal quarter period of the Parent Borrower then ending multiplied
by one and one-third (1 1/3).

 

    10 

     

    

“Consolidated
Net Income” means the consolidated net income of the Consolidated Companies on a consolidated basis as defined according
to GAAP before giving effect to any non-controlling interests; provided that there shall be excluded from Consolidated Net
Income (in each case, to the extent included in consolidated net income of the Consolidated Companies) (i) any net loss or net
income of any Unrestricted Subsidiary that is not a Consolidated Company and the proportionate share of any net loss or net income
of any Joint Venture that is a Consolidated Company attributable to a Person other than a Consolidated Company, (ii) the net income
or loss of any Consolidated Company for any period prior to the date it became a Consolidated Company as a result of any Consolidated
Company Investment, (iii) the gain or loss (net of any tax effect) resulting from the sale, transfer or other disposition of any
Capital Assets by the Consolidated Companies other than in the ordinary course of business of the Consolidated Companies or from
the sale, transfer or other disposition of the Non-Core MWV Businesses, (iv) any expense in respect of severance payments to the
extent paid from the assets of any Plan and (v) other extraordinary items, as defined by GAAP, of the Consolidated Companies.

 

“Consolidated
Net Tangible Assets” means, as of any date of determination, with respect to the Consolidated Companies, total assets
minus goodwill, other intangible assets and current liabilities (other than current maturities of long term debt and other
short term Funded Debt), all as determined in accordance with GAAP on a consolidated basis and any Consolidated Net Tangible Assets
attributable to the MWV SPE Assets.

 

“Contractual
Obligation” of any Person means any provision of any security issued by such Person or of any agreement, instrument or
undertaking under which such Person is obligated or by which it or any of the property owned by it is bound.

 

“Copyright
Licenses” means any written agreement, naming any Credit Party as licensor, granting any right under any Copyright.

 

“Copyrights”
means (a) all copyrights, now existing or hereafter created or acquired, all registrations and recordings thereof, and all applications
in connection therewith, whether in the United States Copyright Office or in any similar office or agency of the United States,
any State thereof or any other country or any political subdivision thereof, or otherwise, and (b) all renewals thereof.

 

“Credit Agreement”
has the meaning set forth in the introductory paragraph hereof.

 

“Credit Documents”
means a collective reference to this Credit Agreement, the Notes, the LOC Documents, the Fee Letter, any Joinder Agreement and
all other related agreements and documents issued or delivered hereunder or thereunder or pursuant hereto or thereto (excluding,
however, any Guaranteed Hedging Agreement and any Guaranteed Cash Management Agreement).

 

“Credit Party”
means any of the Parent Borrower, the Canadian Borrower, the Multicurrency Borrowers, any Borrower designated as such under Section
2.1(f), Section 2.2(f) or Section 2.3(f) or any Guarantor.

 

“Credit Party
Obligations” means, without duplication, (i) all of the obligations of the Credit Parties to the Lenders (including the
Issuing Lender) and the Agents, whenever arising, under this Credit Agreement and the other Credit Documents (including any interest
accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party,
regardless of whether such interest is an allowed claim under the Bankruptcy Code) and (ii) all liabilities and obligations, whenever
arising, owing from any Credit Party or any of its Subsidiaries to any Hedging Agreement Provider under any Guaranteed Hedging
Agreement or to any Cash Management Bank under any Guaranteed Cash Management Agreement. Notwithstanding anything to the contrary
contained in this Credit Agreement or any provision of any other Credit Document, Credit Party Obligations shall not extend to
or include any Excluded Swap Obligation.

 

    11 

     

    

“Debt to Capitalization
Ratio” means, as of the last day of any fiscal quarter of the Parent Borrower, the ratio (expressed as a percentage)
of (a)(i) Total Funded Debt minus (ii) the aggregate amount of cash on the consolidated balance sheet of the Parent Borrower
and its Restricted Subsidiaries attributable to the net proceeds of an issuance or incurrence of Indebtedness that constitutes
Refinancing Indebtedness in respect of existing Indebtedness maturing within 180 days of such issuance or incurrence, to (b) the
sum of (i)(x) Total Funded Debt minus (y) the aggregate amount of cash on the consolidated balance sheet of the Parent Borrower
and its Restricted Subsidiaries attributable to the net proceeds of an issuance or incurrence of Indebtedness that constitutes
Refinancing Indebtedness in respect of existing Indebtedness maturing within 180 days of such issuance or incurrence plus (ii)
the Equity Capitalization plus (iii) deferred Taxes of the Parent Borrower and its consolidated Subsidiaries, each as of the last
day of such fiscal quarter.

 

“Default”
means any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting
Lender” means, at any time, any Lender that, at such time, (a) has failed to fund any portion of the Revolving Loans,
any Term Loan, participations in LOC Obligations or participations in Swingline Loans required to be funded by it hereunder within
two Business Days of the date required to be funded by it hereunder unless such Lender notifies the Administrative Agent and the
Parent Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within two Business Days of the date when due, unless such amount is the subject
of a good faith dispute, (c) has notified any Borrower, the Administrative Agent or any other Lender in writing that it does not
intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it
does not intend to comply or has failed to comply with its funding obligations under this Agreement or under other agreements generally
in which it commits or is obligated to extend credit, or (d) has become or is, or has a direct or indirect parent company that
has become or is, insolvent or has become, or has a direct or indirect parent company that has become, the subject of a bankruptcy
or insolvency proceeding, or has had, or has a direct or indirect parent company that has had, a receiver, conservator, trustee
or custodian appointed for it, or has taken, or has a direct or indirect parent company that has taken, any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment,
or has become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely
by virtue of (x) the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof
by a Governmental Authority or (y) in the case of a solvent Person, the precautionary appointment of an administrator, guardian,
custodian or other similar official by a Governmental Authority under or based on the applicable law of the country where such
Person is subject to home jurisdiction supervision if any applicable law requires that such appointment not be publicly disclosed,
in any such case, so long as such ownership interest or appointment, as applicable, does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender.

 

“Delayed Draw
Commitment Fee” has the meaning assigned to that term in Section 2.13(a)(iii).

 

    12 

     

    

“Delayed Draw
Commitment Period” means the period from the Closing Date to the Delayed Draw Termination Date.

 

“Delayed Draw
Funding Date” has the meaning assigned to that term in Section 2.5.

 

“Delayed Draw
Term Loans” has the meaning assigned to that term in Section 2.5.

 

“Delayed Draw
Term Loan Commitment” means, with respect to each Delayed Draw Term Loan Lender, the commitment of such Delayed Draw
Term Loan Lender to make its portion of the Delayed Draw Term Loan in a principal amount equal to such Delayed Draw Term Loan Lender’s
Delayed Draw Term Loan Commitment Percentage of the Delayed Draw Term Loan Committed Amount.

 

“Delayed Draw
Term Loan Commitment Percentage” means, for any Delayed Draw Term Loan Lender, the percentage identified as its Delayed
Draw Term Loan Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection with any Incremental
Term Loan Commitment and/or any assignment made in accordance with the provisions of Section 9.6.

 

“Delayed Draw
Term Loan Committed Amount” means an initial aggregate principal amount of ONE BILLION, ONE HUNDRED MILLION U.S. DOLLARS
(U.S.$1,100,000,000) as of the Closing Date, as such amount may be decreased pursuant to Section 2.5 or Section 2.12.

 

“Delayed Draw
Term Loan Lender” means, as of any date of determination, any Lender that holds a portion of the outstanding Delayed
Draw Term Loan and/or Delayed Draw Term Loan Commitment on such date.

 

“Delayed Draw
Termination Date” means the nine month anniversary of the Closing Date.

 

“Determination
Date” means with respect to any Extension of Credit:

 

(a)in
connection with the origination of any new Extension of Credit, the Business Day which is the earliest of the date such credit
is extended, the date the rate is set or the date the bid is accepted, as applicable;

 

(b)in
connection with any extension or conversion or continuation of an existing Loan, the last Business Day of each month or the Business
Day which is the earlier of the date such advance is extended, converted or continued, or the date the rate is set, as applicable,
in connection with any extension, conversion or continuation;

 

(c)in
connection with any extension of an existing Letter of Credit, the last Business Day of each month or the Business Day which is
the date such Letter of Credit is extended;

 

(d)the
date of any reduction of the Aggregate Revolving Committed Amount pursuant to the terms of Section 2.12; or

 

(e)in
connection with any Incremental Loan Commitment, the Increased Amount Date; and

 

in addition to the foregoing, such additional
dates not more frequently than once a month as may be determined by the Administrative Agent. For purposes of determining availability
hereunder, the rate of exchange for Canadian Dollars shall be the Spot Rate for the purchase of U.S. Dollars with Canadian Dollars
and the rate of exchange for any Multicurrency Alternative Currency shall be the Exchange Rate for the purchase of U.S. Dollars
with such Multicurrency Alternative Currency.

 

    13 

     

    

“Discount
Range” has the meaning specified in Section 2.11(f)(ii).

 

“Discounted
Prepayment Option Notice” means a Discounted Prepayment Option Notice substantially in the form of Exhibit J.

 

“Discounted
Voluntary Prepayment” has the meaning specified in Section 2.11(f)(i).

 

“Discounted
Voluntary Prepayment Notice” means a Discounted Voluntary Prepayment Notice substantially in the form of Exhibit L.

 

“Disqualified
Institution” means (a) certain banks, financial institutions and other institutional lenders or investors or any competitors
of the Parent Borrower that, in each case, have been specified by name to the Administrative Agent by the Parent Borrower in writing
prior to the Closing Date (collectively, the “Identified Institutions”) and (b) with respect to such Identified
Institutions, Persons (such Persons, “Known Affiliates”) that are Affiliates of such Identified Institutions
readily identifiable as such by the name of such Person, but excluding any Person that is a bona fide debt fund or investment vehicle
that is engaged in making, purchasing, holding or otherwise investing in loans, bonds or similar extensions of credit or securities
in the ordinary course of business; provided that, upon reasonable notice to the Administrative Agent after the Closing
Date, the Parent Borrower shall be permitted to supplement in writing the list of Persons that are Disqualified Institutions with
the name of any Person that is or becomes a competitor of the Parent Borrower or a Known Affiliate of one of the competitors of
the Parent Borrower, which supplement shall be in the form of a list of names provided to the Administrative Agent and shall become
effective upon delivery to the Administrative Agent, but which supplement shall not apply retroactively to disqualify any persons
that have previously acquired an interest in respect of the Loans or Commitments hereunder.

 

“Dollar Amount”
means, at any time, (a) with respect to U.S. Dollars or an amount denominated in U.S. Dollars, such amount, (b) with respect to
Canadian Dollars or an amount denominated in Canadian Dollars, the equivalent amount thereof in U.S. Dollars as determined in good
faith by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of U.S. Dollars with Canadian Dollars and (c) with respect to any Multicurrency Alternative Currency (other
than U.S. Dollars), the equivalent amount thereof in U.S. Dollars as determined by the Administrative Agent at such time on the
basis of the Exchange Rate (determined in respect of the most recent Revaluation Date) for the purchase of U.S. Dollars with such
Multicurrency Alternative Currency.

 

“Domestic
Lending Office” means, initially, the office of each Lender designated as such Lender’s Domestic Lending Office
shown on the Administrative Questionnaire provided to the Administrative Agent prior to the date hereof; and thereafter, such other
office of such Lender as such Lender may from time to time specify to the Agents and the Parent Borrower as the office of such
Lender at which Base Rate Loans of such Lender are to be made, which shall include with respect to any Canadian Lender, such Lender’s
Canadian Lending Office for Base Rate Loans and with respect to any Multicurrency Revolving Lender, such Lender’s Multicurrency
Lending Office.

 

“Domestic
Subsidiary” means any Subsidiary that is organized and existing under the laws of the United States, any state thereof
or the District of Columbia.

 

    14 

     

    

“EBITDA”
means for any fiscal period, Consolidated Net Income for such period plus (a) the following (without duplication) to the
extent deducted in determining such Consolidated Net Income, in each case as determined for the Consolidated Companies in accordance
with GAAP for the applicable period: (i) Consolidated Interest Expense, (ii) consolidated tax expenses, including all federal,
state, provincial, local income and similar taxes (provided that, if the entry for consolidated tax expenses increases (rather
than decreases) Consolidated Net Income for such fiscal period, then EBITDA shall be reduced by the amount of consolidated tax
expenses for such fiscal period), (iii) depreciation and amortization expenses, (iv) all charges and expenses for financing fees
and expenses and write-offs of deferred financing fees and expenses, remaining portions of original issue discount on prepayment
of Indebtedness, premiums paid in respect of prepayment of Indebtedness, and commitment fees (including bridge fees and ticking
fees but excluding, for the avoidance of doubt, periodic revolver drawn or unused line fees) in respect of financing commitments,
(v) all charges and expenses associated with the write up of inventory acquired in Acquisitions or in any other Investments that
become Consolidated Companies (or Property of Consolidated Companies, including by way of merger, consolidation or amalgamation)
(such Acquisitions or Investments, “Consolidated Company Investments”), in each case as required by Accounting
Standards Codification (“ASC”) 805 – “Business Combinations”, (vi) all other non-cash charges,
including non-cash charges for the impairment of goodwill taken pursuant to ASC 350 – “Intangibles - Goodwill and Other”,
acquisition-related expenses taken pursuant to ASC 805 (whether consummated or not), stock-based compensation and restructuring
and other charges, (vii) all legal, accounting and other professional advisory fees and expenses incurred in respect of Consolidated
Company Investments and related financing transactions, (viii) (A) all expenses related to payments made to officers and employees,
including any applicable excise taxes, of the acquired companies and businesses in any Consolidated Company Investment and other
payments due in respect of employment agreements entered into as provided in the agreements relating to any Consolidated Company
Investment, and retention bonuses and other transition and integration costs, including information technology transition costs,
related to any Consolidated Company Investment, (B) change of control expenses of the acquired companies and businesses in any
Consolidated Company Investment, (C) all non-recurring cash expenses taken in respect of any multi-employer and defined benefit
pension plan obligations (without duplication) that are not related to plant and other facilities closures and (D) all cash acquisition-related
expenses taken pursuant to ASC 805 (whether consummated or not), all cash charges and expenses for plant and other facility closures
(whether complete or partial) and other cash restructuring charges, labor disruption charges and officer payments in connection
with any Consolidated Company Investment or associated with efforts to achieve EBITDA synergies or improvements; provided
that the amount added back under this clause (viii) shall not exceed 10% of EBITDA (calculated prior to such addback), in each
case in the aggregate for any period of four consecutive fiscal quarters, (ix) run-rate synergies expected to be achieved within
12 months following the end of such period due to any Consolidated Company Investment as a result of specified actions taken or
expected in good faith to be taken (calculated on a pro forma basis as though such synergies had been realized on the first day
of such period) and not already included in EBITDA; provided that (A) the aggregate initial estimated run-rate synergies
for any Consolidated Company Investment with respect to which an add-back is made pursuant to this clause (ix) during any period
of four consecutive fiscal quarters shall not exceed 10% of EBITDA (calculated prior to such addback) and (B) the aggregate add-back
that may be made pursuant to this clause (ix) in respect of the expected run-rate synergies for any Consolidated Company Investment
shall not exceed, for the four consecutive fiscal quarter period ending (v) on the last day of the first fiscal quarter ending
after the date of such Consolidated Company Investment, 100% of the initial estimated run-rate synergies thereof (or such lesser
amount necessary to comply with the immediately preceding clause (A)), (w) on the last day of the second fiscal quarter ending
after the date of such Consolidated Company Investment, 75% of the initial estimated run-rate synergies thereof (or such lesser
amount necessary to comply with the immediately preceding clause (A)), (x) on the last day of the third fiscal quarter ending after
the date of such Consolidated Company Investment, 50% of the initial estimated run-rate synergies thereof (or such lesser amount
necessary to comply with the immediately preceding clause (A)), (y) on the last day of the fourth fiscal quarter ending after the
date of such Consolidated Company Investment, 25% of the initial estimated run-rate synergies thereof (or such lesser amount necessary
to comply with the immediately preceding clause (A)), and (z) on the last day of each subsequent fiscal quarter, 0% of the initial
estimate run-rate synergies thereof and (C) such synergies are reasonably identifiable, factually supportable and certified by
the chief executive officer or the chief financial officer of the Parent Borrower and acceptable to the Administrative Agent (not
to be unreasonably withheld) (it is understood and agreed that “run-rate” means the full recurring benefit for a period
that is associated with any action taken or expected to be taken provided that such benefit is expected to be realized within 12
months of taking such action), (x) all non-recurring cash expenses taken in respect of any multi-employer and defined benefit pension
plan obligations (without duplication) that are related to plant and other facilities closures (whether complete or partial), (xi)
business interruption insurance items and other expenses, in each case during such period that the Parent Borrower believes, in
good faith, shall be reimbursed by a third party (including through insurance or indemnity payments) not later than 365 days after
the last day of the fiscal quarter for which an add back is first taken under this clause (xi) for such item or expense (provided
that, if such item or expense has not been reimbursed, in whole or in part, on or prior to such 365th day, then EBITDA for the
period next ending after such 365th day shall be reduced by an amount equal to the excess of the add-back taken for such item or
expense pursuant to this clause (xi) over the amount, if any, that is reimbursed with respect to such item or expense on or prior
to such 365th day), and (xii) all sale discounts given in connection with sales of accounts receivables and/or inventory, plus
(b) cash distributions of earnings of Unrestricted Subsidiaries made to a Consolidated Company to the extent previously excluded
in the determination of Consolidated Net Income by virtue of clause (i) of the definition of Consolidated Net Income, minus
(c) the following (without duplication) to the extent added in determining such Consolidated Net Income, in each case as determined
for the Consolidated Companies in accordance with GAAP for the applicable period: all non-cash gains (other than any such non-cash
gains (i) in respect of which cash was received in a prior period or will be received in a future period and (ii) that represent
the reversal of any accrual in a prior period for, or the reversal of any cash reserves established in any prior period for, anticipated
cash charges). EBITDA (after giving effect to the Combination) shall be $545 million, $629 million and $739 million for the fiscal
quarters ended March 31, 2015, December 31, 2014 and September 30, 2014, respectively.

 

    15 

     

    

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than
(i) a natural person or (ii) a Disqualified Institution to the extent that the list of Disqualified Institutions has been provided
to the Lenders at the Parent Borrower’s request); provided that notwithstanding the foregoing, “Eligible Assignee”
shall not include any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries.

 

“Environment”
means indoor air, ambient air, surface water, groundwater, drinking water, land surface, subsurface strata, and natural resources
such as wetlands, flora and fauna.

 

    16 

     

    

“Environmental
Laws” means any and all applicable foreign, federal, state, provincial, local or municipal laws, rules, orders, regulations,
statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common
law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the Environment,
as now or is at any relevant time in effect during the term of this Credit Agreement.

 

“Equity Capitalization”
means as of the date of its determination, consolidated shareholders’ equity of the Parent Borrower and its consolidated
Subsidiaries, as determined in accordance with GAAP.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as interpreted by the
rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be
construed also to refer to any successor sections.

 

“ERISA Affiliate”
means an entity which is under common control with any Credit Party within the meaning of Section 4001(a)(14) of ERISA, or is a
member of a group which includes any Credit Party and which is treated as a single employer under subsection (b) or (c) of Section
414 of the Code.

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) with respect to any Pension Plan, the failure to satisfy the minimum
funding standard under Section 412 of the Code and Section 302 of ERISA, whether or not waived; (c) a withdrawal by the Parent
Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial
employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (d) a complete or partial withdrawal, within the meaning of Section 4203 or 4205 of ERISA, by the Parent Borrower
or any ERISA Affiliate from a Multiemployer Plan or the receipt by any Credit Party or any ERISA Affiliate of notification that
a Multiemployer Plan is insolvent or in reorganization, within the meaning of Title IV of ERISA or in “endangered”
or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA ; (e) the filing of a notice
with the PBGC of intent to terminate a Pension Plan in a distress termination described in Section 4041(c) of ERISA or the commencement
of proceedings by the PBGC to terminate or to appoint a trustee to administer a Pension Plan; or (f) the imposition of any liability
under Title IV of ERISA with respect to the termination of any Pension Plan upon the Parent Borrower or any ERISA Affiliate.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 

 

“Euro”
and “€” means the lawful currency of the European Union as constituted by the Treaty of Rome which established
the European Community, as such treaty may be amended from time to time and as referred to in the European Monetary Union legislation.

 

“Eurodollar
Reserve Percentage” means for any day, the percentage (expressed as a decimal and rounded upwards, if necessary, to the
next higher 1/100th of 1%) which is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining
the maximum reserve requirement (including any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities,
as defined in Regulation D of such Board as in effect from time to time, or any similar category of liabilities for a member bank
of the Federal Reserve System in New York City.

 

“Event of
Default” has the meaning set forth in Section 7.1.

 

“Exchange
Act” means Securities Exchange Act of 1934, as amended.

 

    17 

     

    

“Exchange
Percentage” means, as to each Lender, a fraction, expressed as a decimal, in each case determined on the date of occurrence
of a Sharing Event (but before giving effect to any actions to occur on such date pursuant to Article XII) of which (a)
the numerator shall be the sum of (i) the respective U.S. Revolving Commitment Percentage of such Lender of (x) the aggregate outstanding
principal of all U.S. Revolving Loans and U.S. Swingline Loans and (y) the aggregate unreimbursed amount of outstanding Letters
of Credit, (ii) the respective Multicurrency Revolving Commitment Percentage of such Lender of the aggregate outstanding principal
of all Canadian Revolving Loans and Canadian Swingline Loans (taking the Dollar Amounts of any amounts expressed in Canadian Dollars
on the date of the occurrence of the Sharing Event), (iii) the respective Multicurrency Revolving Commitment Percentage of such
Lender of the aggregate outstanding principal of all Multicurrency Alternative Currency Revolving Loans (taking the Dollar Amounts
of any amounts expressed in any Multicurrency Alternative Currency on the date of the occurrence of the Sharing Event), and (iv)
the percentage of the aggregate principal amount of the outstanding Closing Date Term Loans of all Lenders held by such Lender,
and (b) the denominator of which shall be the sum of (x) the aggregate outstanding principal of all Revolving Loans and Swingline
Loans (taking the Dollar Amounts of any amounts expressed in Canadian Dollars or a Multicurrency Alternative Currency on the date
of the occurrence of the Sharing Event), (y) the aggregate unreimbursed amount of outstanding Letters of Credit, and (z) the aggregate
principal amount of the outstanding Term Loans of all Lenders.

 

“Exchange
Rate” means, on any day, for purposes of determining the Dollar Amount of any currency other than Dollars and Canadian
Dollars, the rate at which such other currency may be exchanged into Dollars at the time of determination on such day on the Reuters
WRLD Page for such currency. In the event that such rate does not appear on any Reuters WRLD Page, the Exchange Rate shall be determined
by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative
Agent and the Parent Borrower, or, in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average
of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect
of such currency are then being conducted, at or about such time as the Administrative Agent shall elect after determining that
such rates shall be the basis for determining the Exchange Rate, on such date for the purchase of Dollars for delivery two Business
Days later, provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the
Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be
conclusive absent manifest error.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange
Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guaranty of such Guarantor becomes effective
with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty is or becomes illegal.

 

“Excluded
Taxes” means, with respect to any Agent, any Lender or any other recipient of any payment to be made by or on account
of any obligation of any Credit Party hereunder or under any other Credit Document, (i) any Tax on such recipient’s net income
or profits (or franchise Tax or branch profits Tax), in each case (a) imposed by a jurisdiction as a result of such recipient being
organized or having its principal office or applicable lending office in such jurisdiction or (b) that is an Other Connection Tax,
(ii) solely with respect to any Loans or advances to the Parent Borrower, any U.S. federal withholding Tax imposed on amounts payable
to a Lender (other than any Lender becoming a party hereto pursuant to a request under Section 2.23) with respect to an
applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (A) such Lender acquired such interest
in the applicable Commitment or, if such Lender did not fund the applicable Loan pursuant to a prior Commitment, on the date such
Lender acquired its interest in such Loan or (B) such Lender designates a new lending office, except in each case to the extent
that amounts with respect to such Taxes were payable under Section 2.21 either to such Lender’s assignor immediately
before such Lender acquired the applicable interest in a Loan or Commitment or such Lender immediately before it changed its lending
office, (iii) any withholding Taxes attributable to a Lender’s failure to comply with Section 2.21(d) and (iv) any
Tax imposed under FATCA.

 

    18 

     

    

“Existing
Canadian Revolving Loans” means the “Canadian Revolving Loans” outstanding immediately prior to the Amendment
No. 1 Effective Date.

 

“Existing
Credit Agreements” means the Existing RockTenn Credit Agreement and the Existing MWV Credit Agreement.

 

“Existing
Letters of Credit” means the Letters of Credit listed on Schedule 1.1(b).

 

“Existing
Multicurrency Alternative Currency Revolving Loans” means the “Multicurrency Alternative Currency Revolving Loans”
outstanding immediately prior to the Amendment No. 1 Effective Date.

 

“Existing
Multicurrency Revolving Commitment” means the “Multicurrency Revolving Commitments” immediately prior to the
Amendment No. 1 Effective Date.

 

“Existing
MWV Credit Agreement” means the Credit Agreement dated as of January 30, 2012 (as amended, supplemented or otherwise
modified from time to time), among MWV, MeadWestvaco Coated Board, LLC and the other entities from time to time party thereto as
borrowers, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, Bank of America, N.A., as syndication
agent, and Barclays Bank plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and UBS Loan Finance LLC, as documentation agents.

 

“Existing
MWV Notes” means, collectively, the notes of MWV set forth on Schedule 1.1(a)(i).

 

“Existing
RockTenn Credit Agreement” means the Amended and Restated Credit Agreement dated as of May 27, 2011, and amended and
restated as of September 27, 2012 (as amended, supplemented or otherwise modified from time to time), among RockTenn, the Canadian
Borrower (formerly, Rock-Tenn Company of Canada/Compagnie Rock-Tenn du Canada), the guarantors from time to time party thereto,
the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, and Bank of America,
N.A., acting through its Canada branch, as Canadian administrative agent.

 

“Existing
RockTenn Senior Notes” means, collectively, the notes of RockTenn set forth on Schedule 1.1(a)(ii).

 

“Existing
Senior Notes” means, collectively, the Existing MWV Notes and the Existing RockTenn Senior Notes.

 

“Existing
U.S. Revolving Commitment” means the “U.S. Revolving Commitments” immediately prior to the Amendment No. 1 Effective
Date.

 

“Existing
U.S. Revolving Loans” means the “U.S. Revolving Loans” outstanding immediately prior to the Amendment No. 1 Effective
Date.

 

    19 

     

    

“Extended
Canadian Revolving Lender” means, at any time, any Lender that has an Extended Multicurrency Revolving Commitment or that
holds Extended Canadian Revolving Loans at such time. For purposes of clarity, each Extended Canadian Revolving Lender shall also
be an Extended Multicurrency Revolving Lender. 

 

“Extended
Canadian Revolving Loans” has the meaning set forth in Section 2.2(a)(ii).

 

“Extended
Multicurrency Alternative Currency Revolving Loans” has the meaning set forth in Section 2.3(a)(ii).

 

“Extended
Multicurrency Revolving Committed Amount” means an initial aggregate principal amount of THREE HUNDRED SIXTY-SEVEN MILLION
EIGHT HUNDRED FIFTY-SEVEN THOUSAND FOUR HUNDRED FIFTY-FOUR U.S. DOLLARS AND EIGHTY CENTS (U.S.$ 367,857,454.80) as of
the Amendment No. 1 Effective Date, as such amount may be reduced from time to time in accordance with Section 2.12.

 

“Extended
Multicurrency Revolving Commitment” means, with respect to each Extended Multicurrency Revolving Lender, the commitment of
such Extended Multicurrency Revolving Lender to make Extended Canadian Revolving Loans and Extended Multicurrency Alternative Currency
Revolving Loans in an aggregate principal amount at any time outstanding the Dollar Amount of which does not exceed the amount
set forth opposite such Extended Multicurrency Revolving Lender’s name on Schedule 2.1(a) under the caption “Extended
Multicurrency Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Extended
Multicurrency Revolving Facility” means the Extended Multicurrency Revolving Commitments and the Extended Multicurrency Alternative
Currency Revolving Loans, Extended Canadian Revolving Loans and the Canadian Swingline Loans extended thereunder. 

 

“Extended
Multicurrency Revolving Lender” means, at any time, any Lender that has an Extended Multicurrency Revolving Commitment or
that holds Extended Multicurrency Revolving Loans at such time.

 

“Extended
U.S. Revolving Committed Amount” has the meaning set forth in Section 2.1(a)(ii). 

 

“Extended
U.S. Revolving Commitment” means, with respect to each Extended U.S. Revolving Lender, the commitment of such Extended U.S.
Revolving Lender to make Extended U.S. Revolving Loans in an aggregate principal amount at any time outstanding the Dollar Amount
of which does not exceed the amount set forth opposite such Extended U.S. Revolving Lender’s name on Schedule 2.1(a) under
the caption “Extended U.S. Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement.

 

“Extended
U.S. Revolving Facility” means the Extended U.S. Revolving Commitments and the Extended U.S. Revolving Loans, the Letters
of Credit and the U.S. Swingline Loans extended thereunder. 

 

“Extended
U.S. Revolving Lender” means, at any time, any Lender that has an Extended U.S. Revolving Commitment or that holds Extended
U.S. Revolving Loans at such time. 

 

“Extended
U.S. Revolving Loans” has the meaning set forth in Section 2.1(a)(ii).

 

    20 

     

    

“Extension
Date” has the meaning set forth in Section 2.27(b).

 

“Extension
of Credit” means, as to any Lender, the making of a Loan by such Lender or the issuance of, or participation in, a Letter
of Credit by such Lender.

 

“Farm Credit
Lender” means a federally chartered Farm Credit System lending institution organized under the Farm Credit Act of 1971.

 

“Farm Credit
Term Loan Facility” means the Credit Agreement, dated as of the Closing Date, among RockTenn CP, LLC, a Delaware limited
liability company, Rock-Tenn Converting Company, a Georgia corporation, and MeadWestvaco Virginia Corporation, a Delaware corporation,
as borrowers, the guarantors from time to time party thereto, the lenders party thereto and CoBank, ACB, as administrative agent.

 

“FATCA”
means Sections 1471 through 1474 of the Code as of the Closing Date (and any amended or successor version that is substantively
comparable and not materially more onerous to comply with), and any current or future Treasury regulations or other official administrative
interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (and any amended or successor
version described above) and any intergovernmental agreements implementing the foregoing.

 

“Federal Funds
Rate” means, for any day, the rate of interest per annum (rounded upwards, if necessary, to the nearest whole multiple
of 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System of the United States arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (i)
if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day and (ii) if no such rate is so published on such next preceding Business Day, the Federal Funds Rate for such day
shall be the average rate quoted to the Administrative Agent on such day on such transactions as reasonably determined by the Administrative
Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letter”
means the Fee Letter dated as of April 27, 2015, among RockTenn, Wells Fargo and Wells Fargo Securities, LLC, as amended, restated,
modified or supplemented from time to time.

 

“Fees”
means all fees payable pursuant to Section 2.13.

 

“Foreign Borrower”
means each Canadian Credit Party and each Foreign Subsidiary Borrower.

 

“Foreign Borrower
Obligations” means all Credit Party Obligations of the Canadian Credit Parties and the Foreign Subsidiary Borrowers.

 

“Foreign Plan”
means each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) maintained or contributed
to by any Credit Party or any of its Subsidiaries or in respect of which any Credit Party or any of its Subsidiaries is obligated
to make contributions, in each case, for the benefit of employees of any Credit Party or any of its Subsidiaries other than those
employed within the United States, other than a plan maintained exclusively by a Governmental Authority.

 

“Foreign Plan
Event” means, with respect to any Foreign Plan, (A) the failure to make or, if applicable, accrue in accordance with
applicable accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign
Plan; (B) the failure to register or loss of good standing with applicable regulatory or tax authorities of any such Foreign Plan
required to be registered or registered to maintain advantageous tax status; or (C) the failure of any Foreign Plan to comply with
any provisions of applicable law and regulations or with the material terms of such Foreign Plan.

 

    21 

     

    

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“Foreign Subsidiary
Borrower Obligations” means all Credit Party Obligations of the Foreign Subsidiary Borrowers.

 

“Foreign Subsidiary
Borrowers” means one or more Foreign Subsidiaries of the Parent Borrower designated as a Multicurrency Borrower under
Section 2.3(f).

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s
Revolving Commitment Percentage of the outstanding LOC Obligations other than LOC Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or cash collateral or other credit support acceptable to the Issuing
Lender shall have been provided in accordance with the terms hereof and (b) with respect to a Swingline Lender, such Defaulting
Lender’s Revolving Commitment Percentage of applicable Swingline Loans other than Swingline Loans as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders, repaid by the Borrowers or for which cash collateral
or other credit support acceptable to the applicable Swingline Lender shall have been provided in accordance with the terms hereof.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business.

 

“Funded Debt”
means, with respect to any Person, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person under conditional
sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions
of title under agreements with suppliers entered into in the ordinary course of business), (iv) all obligations of such Person
incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt
and other accrued obligations incurred in the ordinary course of business and due within six (6) months of the incurrence thereof)
that would appear as liabilities on a balance sheet of such Person, (v) the principal portion of all obligations of such Person
under Capital Leases, (vi) the maximum amount of all letters of credit issued or bankers’ acceptances facilities created
for the account of such Person (other than letters of credit issued for the account of such Person in support of industrial revenue
or development bonds that are already included as Indebtedness of such Person under clause (ii) above) and, without duplication,
all drafts drawn thereunder (to the extent unreimbursed), (vii) all preferred Capital Stock or other equity interests issued by
such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to (A) mandatory
sinking fund payments prior to the date six (6) months after the Latest Maturity Date, (B) redemption prior to the date six (6)
months after the Latest Maturity Date or (C) other acceleration prior to the date six (6) months after the Latest Maturity Date,
(viii) the principal balance outstanding under any Synthetic Lease, (ix) all Indebtedness of others of the type described in clauses
(i) through (viii) hereof (which, for purposes of clarity, will not include any of the items described in clause (A)(I) through
(A)(IXXI)
below) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by)
any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations
secured thereby have been assumed and (x) all Guaranty Obligations of such Person with respect to Indebtedness of another Person
of the type described in clauses (i) through (ix) hereof (which, for purposes of clarity, will not include any of the items described
in clause (A)(I) through (A)(IXXI)
below); provided, however, that (A) in the case of the Consolidated Companies, Funded Debt shall not include (I)
intercorporate obligations solely among the Consolidated Companies, (II) lease obligations pledged as collateral to secure industrial
development bonds, (III) hedge adjustments resulting from terminated fair value interest rate derivatives, (IV) Indebtedness that
is non-recourse to such Person under the laws of the applicable jurisdiction (except for Standard Securitization Undertakings),
including installment notes issued in timber transactions in the ordinary course of business of the Consolidated Companies, (V)
guarantees of the debt of suppliers and vendors incurred in the ordinary course of business of the Consolidated Companies to the
extent that the obligations thereunder do not exceed, in the aggregate, $35,000,000, (VI) trade payables re-characterized as Indebtedness
in accordance with GAAP under travel and expense reimbursement cards, procurement cards, supply chain finance and similar programs
to the extent that the obligations thereunder are satisfied within 180 days of their incurrence under the applicable program, (VII)
any obligation in respect of earn-outs, purchase price adjustments or similar acquisition consideration arrangements except to
the extent such obligation is no longer contingent and appears as a liability on the balance sheet of the Consolidated Companies
in accordance with GAAP, (VIII) any industrial development bonds or similar instruments with respect to which both the debtor and
the investor are Consolidated Companies and (IX,
(IX) any industrial revenue or development bonds that have been redeemed, repurchased or defeased by the Consolidated Companies
or otherwise (and any other Indebtedness, including Guaranty Obligations, in respect of such bonds), (X) the portion of any industrial
revenue or development bonds that have been cash collateralized (and any other Indebtedness, including Guaranty Obligations, in
respect of such portion of such bonds) (it being understood and agreed that the carveout in this clause (X) shall include the aggregate
principal amount of the Collateralized Bonds that is outstanding as of the effective date of Amendment No. 1 to this Agreement
(and any other Indebtedness, including Guaranty Obligations, in respect of such bonds)) and (XI) obligations with respect
to insurance policy loans to the extent offset by the assets of the applicable insurance policies, (B) the Funded Debt of any Person
shall include the Funded Debt of any other entity that is not a Consolidated Company (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or
other relationship with such entity, except to the extent the terms of such Funded Debt expressly provide that such Person is not
liable therefor and (C) with respect to any Funded Debt of any Consolidated Company that is a partnership or Joint Venture, the
Funded Debt of such partnership or Joint Venture shall be limited to the product of the Ownership Share of the Credit Parties and
their Restricted Subsidiaries in such partnership or Joint Venture multiplied by the principal amount of such Funded Debt, unless
a larger amount of such Funded Debt is recourse to a Borrower or any Restricted Subsidiary (in which event such larger amount of
such Funded Debt shall constitute Funded Debt).

 

    22 

     

    

“GAAP”
means generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms of Section
1.3.

 

“Government
Acts” has the meaning set forth in Section 2.22(a).

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including any
supra-national bodies such as the European Union or the European Central Bank).

 

“Guaranteed
Cash Management Agreement” means any Cash Management Agreement that is entered into by and between any Credit Party and
any Cash Management Bank, as amended, restated, amended and restated, modified, supplemented or extended from time to time.

 

    23 

     

    

“Guaranteed
Hedging Agreement” means any Hedging Agreement between a Credit Party and a Hedging Agreement Provider, as amended, restated,
amended and restated, modified, supplemented or extended from time to time.

 

“Guarantors”
means (i) with respect to the U.S. Obligations, the U.S. Guarantors, (ii) with respect to the Canadian Obligations, the Parent
Borrower, each Foreign Subsidiary Borrower, the U.S. Guarantors and any Additional Credit Party and (iii) with respect to the Foreign
Subsidiary Borrower Obligations, the Parent Borrower, each Canadian Credit Party, the U.S. Guarantors and any Additional Credit
Party.

 

“Guaranty”
means the guaranty of the Guarantors set forth in Articles X and XI.

 

“Guaranty
Obligations” means, with respect to any Person, without duplication, any obligations of such Person (other than endorsements
in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any
Indebtedness of any other Person in any manner, whether direct or indirect, and including any obligation, whether or not contingent,
(i) to purchase any such Indebtedness or any property constituting security therefor, (ii) to advance or provide funds or other
support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition
of such other Person (including keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements)
for the benefit of any holder of Indebtedness of such other Person, (iii) to lease or purchase Property, securities or services
primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless the holder
of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations
set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger)
of the Indebtedness in respect of which such Guaranty Obligation is made.

 

“Hazardous
Substances” means any substance, waste, chemical, pollutant or contaminant, material or compound in any form, including
petroleum, crude oil or any fraction thereof, asbestos or asbestos containing materials, or polychlorinated biphenyls, that is
regulated pursuant to any Environmental Law.

 

“Hedging Agreement
Provider” means any Person that (i) to the extent it is not a Lender, has provided the Administrative Agent with a fully
executed Designation Notice, substantially in the form of Exhibit D and (ii) enters into a Hedging Agreement with a Credit
Party or any of its Subsidiaries that is permitted by Section 6.3 to the extent that (a) such Person is a Lender, an Agent,
an Affiliate of a Lender or an Agent or any other Person that was a Lender or an Agent (or an Affiliate of a Lender or an Agent)
at the time it entered into the Hedging Agreement but has ceased to be a Lender or an Agent (or whose Affiliate has ceased to be
a Lender or an Agent) under the Credit Agreement or (b) such Person is a Lender, an Agent or an Affiliate of a Lender or an Agent
on the Closing Date or becomes a Lender after the Closing Date in connection with the primary syndication of the credit facilities
provided hereunder and the Hedging Agreement to which such Person is a party was entered into on or prior to the Closing Date (even
if such Person ceases to be a Lender or an Agent or such Person’s Affiliate ceased to be a Lender or an Agent); provided,
in the case of a Guaranteed Hedging Agreement with a Person who is no longer a Lender, such Person shall be considered a Hedging
Agreement Provider only through the stated maturity date (without extension or renewal or increase in notional amount) of such
Guaranteed Hedging Agreement.

 

“Hedging Agreements”
means, with respect to any Person, any agreement entered into to protect such Person against fluctuations in interest rates, or
currency or raw materials values, including any interest rate swap, cap or collar agreement or similar arrangement between such
Person and one or more counterparties, any foreign currency exchange agreement, currency protection agreements, commodity purchase
or option agreements or other interest or exchange rate or commodity price hedging agreements, but excluding (i) any purchase,
sale or option agreement relating to commodities used in the ordinary course of such Person’s business and (ii) any agreement
existing as of the Closing Date or entered into after the Closing Date in accordance with the historical practices of the Consolidated
Companies related to the fiber trading and fiber brokerage business of such Persons.

 

    24 

     

    
“Identified
Institutions” has the meaning set forth in the definition of “Disqualified Institutions”.

 

“Immaterial
Subsidiary” means any Restricted Subsidiary (other than a Borrower) where (a) the Consolidated Net Tangible Assets of
such Restricted Subsidiary are less than 5.0% of the Consolidated Net Tangible Assets of the Consolidated Companies as of the end
of the most recent full fiscal quarter for which internal financial statements are available immediately preceding the date of
determination and (b) the EBITDA of such Restricted Subsidiary is less than 5.0% of the EBITDA of the Consolidated Companies as
of the end of the four most recent full fiscal quarters, treated as one period, for which internal financial statements are available
immediately preceding the date of determination, in each of the foregoing cases (a) and (b), determined in accordance with GAAP;
provided that Immaterial Subsidiaries may not in the aggregate have (x) Consolidated Net Tangible Assets constituting
in excess of 15.0% of the Consolidated Net Tangible Assets of the Consolidated Companies as of the end of the most recent full
fiscal quarter for which internal financial statements are available immediately preceding the date of determination or (y) EBITDA
constituting in excess of 15.0% of the EBITDA of the Consolidated Companies as of the end of the four most recent full fiscal quarters,
treated as one period, for which internal financial statements are available immediately preceding the date of determination, in
each of the foregoing clauses (x) and (y), determined in accordance with GAAP (and, in the event that the Consolidated Net Tangible
Assets and/or the EBITDA of all Immaterial Subsidiaries exceed the thresholds specified in the foregoing clauses (x) and (y), as
applicable, one or more of the Restricted Subsidiaries that would otherwise have qualified as Immaterial Subsidiaries shall be
deemed to be Material Subsidiaries in descending order based on the amounts of their respective Consolidated Net Tangible Assets
or EBITDA, as the case may be, until such excess has been eliminated).

 

“Increased
Amount Date” has the meaning assigned thereto in Section 2.26(a).

 

“Incremental
Lender” has the meaning assigned thereto in Section 2.26(a).

 

“Incremental
Loan Commitments” has the meaning assigned thereto in Section 2.26(a)(ii).

 

“Incremental
Loans” has the meaning assigned thereto in Section 2.26(a)(ii).

 

“Incremental
Revolving Commitment” has the meaning assigned thereto in Section 2.26(a)(ii).

 

“Incremental
Revolving Commitment Increase” has the meaning assigned thereto in Section 2.26(a)(ii).

 

“Incremental
Revolving Lender” means a Lender with a Revolving Commitment or an outstanding Revolving Loan as a result of an Incremental
Revolving Commitment.

 

“Incremental
Term Loan” has the meaning assigned thereto in Section 2.26(a)(i).

 

“Incremental
Term Loan Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 

“Incremental
Term Loan Commitment” has the meaning assigned thereto in Section 2.26(a)(i).

 

    25 

     

    

“Incremental
Term Loan Note” or “Incremental Term Loan Notes” means the promissory notes of the Parent Borrower
in favor of each of the Incremental Term Loan Lenders that requests a promissory note evidencing the portion of the Incremental
Term Loans provided pursuant to Section 2.26, individually or collectively, as appropriate, as such promissory notes may
be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.

 

“Indebtedness”
means, with respect to any Person, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person under conditional
sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions
of title under agreements with suppliers entered into in the ordinary course of business), (iv) all obligations of such Person
issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt and other
accrued obligations incurred in the ordinary course of business and due within six (6) months of the incurrence thereof) that would
appear as liabilities on a balance sheet of such Person, (v) all obligations of such Person under take-or-pay or similar arrangements
or under commodities agreements (excluding (a) any purchase, sale or option agreement relating to commodities used in the ordinary
course of such Person’s business and (b) any agreement existing as of the Closing Date or entered into after the Closing
Date in the ordinary course of business of the Borrowers and the Restricted Subsidiaries related to the fiber trading and fiber
brokerage businesses (other than any agreement entered into for speculative purposes) of such Persons), (vi) all Indebtedness of
others (which, for purposes of clarity, will not include any of the items described in clause (A)(I) through (A)(IXXI)
below) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by)
any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations
secured thereby have been assumed; provided that so long as such Indebtedness is non-recourse to such Person, only the portion
of such obligations which is secured shall constitute Indebtedness hereunder, (vii) all Guaranty Obligations of such Person with
respect to Indebtedness of another Person (which, for purposes of clarity, will not include any of the items described in clause
(A)(I) through (A)(IXXI)
below), (viii) the principal portion of all obligations of such Person under Capital Leases plus any accrued interest thereon,
(ix) all obligations of such Person under Hedging Agreements to the extent required to be accounted for as a liability under GAAP,
excluding any portion thereof which would be accounted for as interest expense under GAAP, (x) the maximum amount of all letters
of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all
drafts drawn thereunder (to the extent unreimbursed), (xi) all preferred Capital Stock or other equity interests issued by such
Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to (A) mandatory sinking
fund payments prior to the date six (6) months after the Latest Maturity Date, (B) redemption prior to the date six (6) months
after the Latest Maturity Date or (C) other acceleration prior to the date six (6) months after the Latest Maturity Date and (xii)
the principal balance outstanding under any Synthetic Lease plus any accrued interest thereon; provided, however,
that (A) in the case of the Consolidated Companies, Indebtedness shall not include (I) intercorporate obligations solely among
the Consolidated Companies, (II) lease obligations pledged as collateral to secure industrial development bonds, (III) hedge adjustments
resulting from terminated fair value interest rate derivatives, (IV) non-recourse installment notes issued in timber transactions
in the ordinary course of business of the Consolidated Companies, (V) guarantees of the debt of suppliers and vendors incurred
in the ordinary course of business of the Consolidated Companies to the extent that the obligations thereunder do not exceed, in
the aggregate, $35,000,000, (VI) trade payables re-characterized as Indebtedness in accordance with GAAP under travel and expense
reimbursement cards, procurement cards, supply chain finance and similar programs to the extent that the obligations thereunder
are satisfied within 180 days of their incurrence under the applicable program, (VII) any obligations in respect of earn-outs,
purchase price adjustments or similar acquisition consideration arrangements except to the extent such obligation is no longer
contingent and appears as a liability on the balance sheet of the Consolidated Companies in accordance with GAAP, (VIII) any industrial
development bonds or similar instruments with respect to which both the debtor and the investor are Consolidated Companies
and (IX, (IX) any industrial revenue or development
bonds that have been redeemed, repurchased or defeased by the Consolidated Companies or otherwise (and any other Indebtedness,
including Guaranty Obligations, in respect of such bonds), (X) the portion of any industrial revenue or development bonds that
have been cash collateralized (and any other Indebtedness, including Guaranty Obligations, in respect of such portion of such bonds)
(it being understood and agreed that the carveout in this clause (X) shall include the aggregate principal amount of the Collateralized
Bonds that is outstanding as of the effective date of Amendment No. 1 to this Agreement (and any other Indebtedness, including
Guaranty Obligations, in respect of such bonds)) and (XI) obligations with respect to insurance policy loans to the
extent offset by the assets of the applicable insurance policies, (B) the Indebtedness of any Person shall include the Indebtedness
of any other entity that is not a Consolidated Company (including any partnership in which such Person is a general partner) to
the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor and (C) with
respect to any Indebtedness of any Consolidated Company that is a partnership or Joint Venture, the Indebtedness of such partnership
or Joint Venture shall be limited to the product of the Ownership Share of the Credit Parties and their Restricted Subsidiaries
in such partnership or Joint Venture multiplied by the principal amount of such Indebtedness, unless a larger amount of such Indebtedness
is recourse to a Borrower or any Restricted Subsidiary (in which event such larger amount of such Indebtedness shall constitute
Indebtedness).

 

    26 

     

    

“Indemnified
Taxes” means (a) all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of any Credit Party under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
has the meaning set forth in Section 9.5(b).

 

“Information”
has the meaning set forth in Section 9.14.

 

“Information
Materials” has the meaning set forth in Section 5.7.

 

“Initial Guarantors”
has the meaning set forth in the introductory paragraph hereof.

 

“Intellectual
Property” means all Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and Trademark Licenses.

 

“Interbank
Reference Rate” means, in respect of any currency, the interest rate expressed as a percentage per annum which is customarily
used by the Multicurrency Agent when calculating interest due by it or owing to it arising from correction of errors in transactions
in that currency between it and other banks.

 

“Intercompany
Debt” has the meaning set forth in Section 9.18.

 

“Interest
Determination Date” has the meaning set forth in the definition of “Applicable Percentage”.

 

“Interest
Expense” means, with respect to any Person for any period, the sum of the amount of interest paid or accrued in respect
of such period.

 

“Interest
Payment Date” means (a) as to any Base Rate Loan, the last day of each March, June, September and December and, with
respect to any Class of Revolving Loans
and, the Revolving Maturity Date of such Class and,
with respect to the Term Loans, the Revolving/Term Loan Maturity Date,
(b) as to any LIBOR Rate Loan having an Interest Period of three (3) months or less, the last day of such Interest Period, and
(c) as to any LIBOR Rate Loan having an Interest Period longer than three (3) months, each day which is three (3) months after
the first day of such Interest Period and the last day of such Interest Period.

 

    27 

     

    

“Interest
Period” means, as to any LIBOR Rate Loan, a period of one (1), two (2), three (3) or six (6) months duration (or any
other period if agreed to by each applicable Lender), as the Applicable Borrower may elect, commencing in each case, on the date
of the borrowing (including conversions, extensions and renewals); provided, however, (i) if any Interest Period
would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day (except
that in the case of LIBOR Rate Loans where the next succeeding Business Day falls in the next succeeding calendar month, then on
the next preceding Business Day), (ii) no Interest Period with respect to any
Class of Revolving Loans orshall
extend beyond the Revolving Maturity Date of such Class and no Interest Period with respect to the Term Loans shall
extend beyond the Revolving/Term Loan Maturity Date, (iii) in the case of LIBOR
Rate Loans, where an Interest Period begins on a day for which there is no numerically corresponding day in the calendar month
in which the Interest Period is to end, such Interest Period shall end on the last day of such calendar month and (iv) in the case
of the initial Interest Period for each borrowing of Delayed Draw Term Loans, such Interest Period shall be a duration determined
pursuant to Section 2.5; provided, however, (A) if the Applicable Borrower shall fail to give notice as provided
above, (x) if the Parent Borrower with respect to a Loan denominated in U.S. Dollars, the Parent Borrower shall be deemed to have
selected an Alternate Base Rate Loan, (y) if the Canadian Borrower, the Canadian Borrower shall be deemed to have selected a U.S.
Base Rate Loan to replace the affected LIBOR Rate Loan if denominated in U.S. Dollars or a Canadian Prime Rate Loan to replace
the affected LIBOR Rate Loan if denominated in Canadian Dollars and (z) if a Multicurrency Borrower with respect to a Loan denominated
in a Multicurrency Alternative Currency (other than U.S. Dollars), such Multicurrency Borrower shall be deemed to have selected
an Interest Period of one month (in the case of each of clauses (x), (y) and (z), except as otherwise expressly provided in this
Agreement), and (B) no more than twelve (12) LIBOR Rate Loans may be in effect at any time. For purposes hereof, LIBOR Rate Loans
with different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date, although
borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest
Periods to constitute a new LIBOR Rate Loan with a single Interest Period.

 

Notwithstanding the
foregoing, the initial Interest Period for Delayed Draw Term Loans will end on the last day of the Interest Period in effect for
the Closing Date Term Loans outstanding on the Delayed Draw Funding Date, and if the outstanding Closing Date Term Loans have more
than one Interest Period in effect, the initial Interest Periods for the Delayed Draw Term Loans will end on the last day of such
Interest Periods in effect (divided among such Interest Periods on a ratable basis).

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of capital stock or other securities of another Person or (b) the purchase or other acquisition (in one transaction
or a series of transactions) of assets of another Person that constitute a business unit.

 

“IRS”
means the United States Internal Revenue Service.

 

“Issuing Lender”
means, as applicable with respect to any Letter of Credit or LOC Obligations, Wells Fargo (or its designated Affiliate) and Bank
of America, N.A. (or its designated Affiliate) and any other Lender that agrees to be an issuing lender that is acceptable to the
Parent Borrower and the Administrative Agent, or any successor issuing lender hereunder, and any issuing lender under an Existing
Letter of Credit or any successor issuing lender thereunder.

 

“Issuing Lender
Fees” has the meaning set forth in Section 2.13(c).

 

    28 

     

    

“Joinder Agreement”
means a Joinder Agreement in substantially the form of Exhibit H, executed and delivered by each Person who becomes a Guarantor
in accordance with the provisions of Section 5.10.

 

“Joint Venture”
means, with respect to any Person, any corporation or other entity (including limited liability companies, partnerships, joint
ventures, and associations) regardless of its jurisdiction of organization or formation, of which some but less than 100% of the
total combined voting power of all classes of Voting Stock or other ownership interests, at the time as of which any determination
is being made, is owned by such Person, either directly or indirectly through one or more Subsidiaries of such Person.

 

“Judgment
Currency” has the meaning set forth in Section 9.17.

 

“Known Affiliates”
has the meaning set forth in the definition of “Disqualified Institutions”.

 

“Latest Maturing
Loan” means the Term Loan incurred and outstanding under this Credit Agreement with the Latest Maturity Date.

 

“Latest Maturity
Date” means the latest maturity date of any Term Loan incurred and outstanding under this Credit Agreement at any given
time after giving effect to any renewal, refinancing, refunding or extension of Loans incurred or outstanding pursuant to this
Credit Agreement.

 

“Lead Arrangers”
means Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank PLC, CoBank, ACB, The
Bank Of Tokyo-Mitsubishi UFJ, Ltd., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, PNC
Capital Markets LLC, Coöperatieve Centrale Raiffeisen-Boerenleenbank BRabobank
U.A., New York Branch, Sumitomo Mitsui Banking Corporation and SunTrust Robinson Humphrey, Inc., each in its capacity
as a joint lead arranger with respect to this Agreement.

 

“Lender Joinder
Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent delivered
in connection with Section 2.26.

 

“Lender Participation
Notice” means a Lender Participation Notice substantially in the form of Exhibit K.

 

“Lenders”
means each of the Persons identified as a “Lender” on the signature pages hereto (including any Multicurrency Revolving
Lender, U.S. Revolving Lender, Closing Date Term Loan Lender or Delayed Draw Term Loan Lender), and their respective successors
and assigns and any Incremental Lender (and unless the context requires otherwise any Swingline Lender).

 

“Letters of
Credit” means any letter of credit issued by the Issuing Lender pursuant to the terms hereof, as such Letters of Credit
may be amended, restated, modified, extended, renewed or replaced from time to time.

 

“Letter of
Credit Fee” has the meaning set forth in Section 2.13(b).

 

“Leverage
Ratio” means, as of any date of determination, the ratio of (a)(i) Total Funded Debt as of such date minus (ii)
the aggregate amount of cash on the consolidated balance sheet of the Parent Borrower and its Restricted Subsidiaries attributable
to the net proceeds of an issuance or incurrence of Indebtedness that constitutes Refinancing Indebtedness in respect of existing
Indebtedness maturing within 180 days of such issuance or incurrence, to (b) EBITDA for the period of the four prior fiscal quarters
ending on such date.

 

    29 

     

    

“LIBOR”
means:

 

(i)              
for any LIBOR Rate Loan made to the Parent Borrower or another Multicurrency Borrower in U.S. Dollars or Euros for any
Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Bloomberg
LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in U.S. Dollars or Euro, as applicable,
at approximately 11:00 a.m. (London time) two (2) London Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period. If for any reason such rate is not available, then “LIBOR” shall mean the rate
per annum at which, as determined by the Administrative Agent in accordance with its customary practices, U.S. Dollars or Euro,
as applicable, in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00 a.m.
(London time), on the relevant Quotation Day for settlement in immediately available funds by leading banks in the London interbank
market for a period equal to the Interest Period selected;

 

(ii)              
for any LIBOR Rate Loan made to the Parent Borrower or another Multicurrency Borrower in Sterling for any Interest Period
therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Bloomberg LIBOR01 Page (or
any successor page) as the London interbank offered rate for deposits in Sterling, as applicable, at approximately 11:00 a.m.
(London time) on the first London Business Day of such Interest Period for a term comparable to such Interest Period. If for any
reason such rate is not available, then “LIBOR” shall mean the rate per annum at which, as determined by the Administrative
Agent in accordance with its customary practices, Sterling in an amount comparable to the Loans then requested are being offered
to leading banks at approximately 11:00 a.m. (London time), on the relevant Quotation Day for settlement in immediately available
funds by leading banks in the London interbank market for a period equal to the Interest Period selected;

 

(iii)for any LIBOR Rate
Loan made to the Canadian Borrower in U.S. Dollars for any Interest Period therefor, the rate per annum (rounded upwards, if necessary,
to the nearest 1/100 of 1%) appearing on Bloomberg LIBOR01 Page (or any successor page) as the London interbank offered rate for
deposits in U.S. Dollars at approximately 11:00 a.m. (London time) two (2) London Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, the term “LIBOR”
shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) appearing on Bloomberg LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits
in U.S. Dollars at approximately 11:00 a.m. (London time) two (2) London Business Days prior to the first day of such Interest
Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Bloomberg
LIBOR01 Page (or any successor page), the applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if necessary,
to the nearest 1/100 of 1%). If, for any reason, neither of such rates is available, then “LIBOR”, in the case of LIBOR
Rate Loans made to the Canadian Borrower in U.S. Dollars, shall mean the rate per annum at which, as determined by the Multicurrency
Agent, U.S. Dollars in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00
a.m. (London time), on the relevant Quotation Day for settlement in immediately available funds by leading banks in the London
interbank market for a period equal to the Interest Period selected; and

 

(iii)for any LIBOR Rate
Loan made to the Canadian Borrower in Canadian Dollars for any Interest Period therefor, the CDOR Rate. If, for any reason, such
rate is not available, then “LIBOR”, in the case of LIBOR Rate Loans made to the Canadian Borrower in Canadian Dollars,
shall mean the rate per annum at which, as determined by the Multicurrency Agent, Canadian Dollars in an amount comparable to the
Loans then requested are being offered to leading banks at approximately 4:00 p.m. London time, on the relevant Quotation Day for
settlement in immediately available funds by leading banks in the Canadian interbank market for a period equal to the Interest
Period selected.

 

    30 

     

    

Notwithstanding the
foregoing, in no event shall LIBOR be less than 0.00% per annum.

 

“LIBOR Lending
Office” means, initially, the office of each Lender designated as such Lender’s LIBOR Lending Office shown on the
Administrative Questionnaire provided to the Administrative Agent prior to the date hereof; and thereafter, such other office of
such Lender as such Lender may from time to time specify to the Administrative Agent, the Multicurrency Agent and the Parent Borrower
as the office of such Lender at which the LIBOR Rate Loans of such Lender are to be made.

 

“LIBOR Rate”
means a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by (i) in the case of LIBOR
Rate Loans denominated in U.S. Dollars, the Administrative Agent, (ii) in the case of LIBOR Rate Loans denominated in Canadian
Dollars, the Multicurrency Agent and (iii) in the case of LIBOR Rate Loans denominated in a Multicurrency Alternative Currency
(other than U.S. Dollars), the Multicurrency Agent, in each case, pursuant to the following formula:

 

	LIBOR Rate =	LIBOR
	 	1.00 - Eurodollar Reserve Percentage

 

For the purposes of
clarification, there shall be no Eurodollar Reserve Percentage applicable to any LIBOR Rate Loan that is a Canadian Revolving Loan.

 

“LIBOR Rate
Loan” means any Loan bearing interest at a rate determined by reference to the LIBOR Rate.

 

“License”
has the meaning set forth in Section 5.6(c).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, encumbrance, lien (statutory or
otherwise), preference, priority or charge of any kind in the nature of a security interest (including any conditional sale or
other title retention agreement and any lease in the nature thereof).

 

“Loan”
or “Loans” means a Revolving Loan, a Term Loan, a Swingline Loan and/or an Incremental Loan, as appropriate.

 

“LOC Commitment”
means the commitment of the Issuing Lender to issue Letters of Credit up to the LOC Committed Amount and, with respect to each
U.S. Revolving Lender, the commitment of such U.S. Revolving Lender to purchase Participation Interests in the Letters of Credit
up to such U.S. Revolving Lender’s Revolving Commitment Percentage of the LOC Committed Amount, as such amount may be reduced
from time to time in accordance with the provisions hereof.

 

“LOC Committed
Amount” has the meaning set forth in Section 2.8(a).

 

“LOC Documents”
means, 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 (i) the rights and obligations of the parties concerned
or (ii) any collateral security for such obligations.

 

    31 

     

    

“LOC Obligations”
means, at any time, the sum of (i) 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 (ii) the aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not theretofore
reimbursed.

 

“London Business
Day” means a day other than a day on which banks in London, England are not open for dealings in deposits of U.S. Dollars
in the London interbank market.

 

“Mandatory
Canadian Borrowing” has the meaning set forth in Section 2.7(c)(i).

 

“Mandatory
LOC Borrowing” has the meaning set forth in Section 2.8(e).

 

“Mandatory
U.S. Borrowing” has the meaning set forth in Section 2.6(b)(ii).

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, liabilities or financial condition of the Parent Borrower and its Restricted Subsidiaries taken as a whole; (b) a material
impairment of the ability of the Credit Parties, taken as a whole, to perform their obligations under any Credit Document; or (c)
a material adverse effect upon the legality, validity, binding effect or enforceability against the Credit Parties, taken as a
whole, of the Credit Documents.

 

“Material
Contract” means any contract or other arrangement to which the Parent Borrower or any of its Subsidiaries is a party
that is required to be filed with the SEC.

 

“Material
Subsidiary” means each Restricted Subsidiary that is not an Immaterial Subsidiary.

 

“MNPI”
has the meaning specified in Section 2.11(f)(i).

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor or assignee of the business of such company in the business of rating
securities.

 

“Multicurrency
Agent” has the meaning set forth in the introductory paragraph hereof, together with any successors or assigns.

 

“Multicurrency
Agent’s Office” means, with respect to any currency, the Multicurrency Agent’s address and, as appropriate,
account as set forth on Schedule 9.2 with respect to such currency, or such other address or account with respect to such
currency as the Multicurrency Agent may from time to time notify to the Borrowers and the Lenders.

 

“Multicurrency
Alternative Currency” means Euro, U.S. Dollars and Sterling.

 

“Multicurrency
Alternative Currency Revolving Loans” means Revolving Loans made to a Multicurrency Borrower under Section 2.3,2.3
(and which shall include, for the avoidance of doubt, Non-Extended Multicurrency Alternative Currency Revolving Loans and Extended
Multicurrency Alternative Currency Revolving Loans), which for the avoidance of doubt shall not include the Canadian
Revolving Loans made to the Canadian Borrower under Section 2.2.

 

“Multicurrency
Borrower” means the Parent Borrower and each Foreign Subsidiary Borrower.

 

“Multicurrency
Commitment Fee” has the meaning set forth in Section 2.13(a)(ii).

 

    32 

     

    

“Multicurrency
Lender Joinder Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative
Agent and the Parent Borrower delivered in connection with Section 2.3.

 

“Multicurrency
Lending Office” means, initially, the office of each Multicurrency Revolving Lender designated as such Lender’s
Multicurrency Lending Office shown on the Administrative Questionnaire provided to the Administrative Agent prior to the date hereof;
and thereafter, such other office of such Lender as such Lender may from time to time specify to the Agents and the Parent Borrower
as the office of such Lender at which Multicurrency Alternative Currency Revolving Loans of such Lender are to be made.

 

“Multicurrency
Revolving Commitment” means, with respect to each Multicurrency Revolving Lender, the
commitment of such the Extended Multicurrency
Revolving Lender to make Canadian Revolving Loans and Multicurrency Alternative Currency Revolving
Loans in an aggregate principal amount at any time outstanding the Dollar Amount of which does not exceed such Multicurrency Revolving
Lender’sCommitment and/or the Non-Extended
Multicurrency Revolving Commitment Percentage of the Multicurrency Revolving Committed Amount,
as applicable.

 

“Multicurrency
Revolving Commitment Percentage” means, for each Multicurrency Revolving Lender, the percentage identified as its Multicurrency
Revolving Commitment Percentage on Schedule 2.1(a) or in the Assignment and Assumption pursuant to which such Multicurrency
Revolving Lender became a Multicurrency Revolving Lender hereunder, as such percentage may be modified in connection with any assignment
made in accordance with the provisions of Section 9.6(b); provided
that, on the Revolving Maturity Date with respect to the Non-Extended Multicurrency Revolving Facility, the Multicurrency Revolving
Commitment Percentages for the Extended Multicurrency Revolving Lenders shall be recalculated ratably in accordance with their
respective Multicurrency Revolving Commitment Percentages immediately prior thereto.

 

“Multicurrency
Revolving Committed Amount” means an initial aggregate principal amount of FOUR HUNDRED
MILLION U.S. DOLLARS (U.S.$400,000,000) as of the Closing Date, as such amount may be reduced from time to time in accordance
with Section 2.12.the Extended
Multicurrency Revolving Committed Amount, together with the Non-Extended Multicurrency Revolving Committed Amount.

 

“Multicurrency
Revolving Lenders” means (a) each of the Persons identified as a “Multicurrency Revolving Lender” on the
signature pages hereto or its designated Affiliate or branch, (b) any other entity that may be added as a Multicurrency Revolving
Lender in accordance with the terms of this Agreement; provided that such entity is able to fulfill all obligations of a
Multicurrency Revolving Lender under the terms of this Agreement (including the obligation to make Loans in any Multicurrency Alternative
Currency) in accordance with the requirements of applicable law, and (c) the successors and assigns of each of the foregoing
(and which shall include, for the avoidance of doubt, Non-Extended Multicurrency Revolving Lenders and Extended Multicurrency Revolving
Lenders). For purposes of clarity, each Multicurrency Revolving Lender shall also be a Canadian Revolving Lender.

 

“Multicurrency
Revolving Note” or “Multicurrency Revolving Notes” means the promissory notes of a Multicurrency Borrower
provided pursuant to Section 2.3(e) in favor of each of the Multicurrency Revolving Lenders that requests a promissory note
evidencing the Multicurrency Alternative Currency Revolving Loans made by each such Multicurrency Revolving Lender, individually
or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented, extended, renewed or
replaced from time to time.

 

    33 

     

    

“Multiemployer
Plan” means any employee benefit plan of the type defined in Section 3(37) of ERISA or described in Section 4001(a)(3)
of ERISA and that is subject to ERISA, to which the Parent Borrower or any ERISA Affiliate makes or is obligated to make contributions,
or during the preceding five (5) plan years, has made or been obligated to make contributions.

 

“MWV”
has the meaning set forth in the introductory paragraph hereof.

 

“MWV Merger”
means the merger of MWV and Milan Merger Sub, Inc., a Delaware corporation, pursuant to the Combination Agreement, pursuant to
which MWV will be the surviving corporation.

 

“MWV SPE Assets”
means the Timber Note assets held by MeadWestvaco Timber Note Holding Co. II, LLC, MeadWestvaco Timber Note Holding LLC or any
other Restricted Subsidiary.

 

“Non-Consenting
Lender” has the meaning set forth in Section 2.27(b).

 

“Non-Core
MWV Businesses” means each of (a) the Specialty Chemicals business of MWV and (b) Community Development and Land Management
business of MWV.

 

“Non-Extended
Canadian Revolving Lender” means, at any time, any Lender that has a Non-Extended Multicurrency Revolving Commitment or that
holds Non-Extended Canadian Revolving Loans at such time. 

 

“Non-Extended
Canadian Revolving Loans” has the meaning set forth in Section 2.2(a)(ii).

 

“Non-Extended
Multicurrency Alternative Currency Revolving Loans” has the meaning set forth in Section 2.3(a)(ii).

 

“Non-Extended
Multicurrency Revolving Committed Amount” means an initial aggregate principal amount of THIRTY-TWO MILLION ONE HUNDRED
FORTY-TWO THOUSAND FIVE HUNDRED FORTY-FIVE U.S. DOLLARS AND TWENTY CENTS (U.S.$ 32,142,545.20) as of the Amendment No.
1 Effective Date, as such amount may be reduced from time to time in accordance with Section 2.12.

 

“Non-Extended
Multicurrency Revolving Commitment” means, with respect to each Non-Extended Multicurrency Revolving Lender, the commitment
of such Non-Extended Multicurrency Revolving Lender to make Non-Extended Canadian Revolving Loans and Non-Extended Multicurrency
Alternative Currency Revolving Loans in an aggregate principal amount at any time outstanding the Dollar Amount of which does not
exceed the amount set forth opposite such Non-Extended Multicurrency Revolving Lender’s name on Schedule 2.1(a) under the
caption “Non-Extended Multicurrency Revolving Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement.

 

“Non-Extended
Multicurrency Revolving Facility” means the Non-Extended Multicurrency Revolving Commitments and the Non-Extended Multicurrency
Alternative Currency Revolving Loans, Non-Extended Canadian Revolving Loans and the Canadian Swingline Loans extended thereunder.

 

“Non-Extended
Multicurrency Revolving Lender” means, at any time, any Lender that has a Non-Extended Multicurrency Revolving Commitment
or that holds Non-Extended Multicurrency Revolving Loans at such time. 

 

    34 

     

    

“Non-Extended
U.S. Revolving Committed Amount” has the meaning set forth in Section 2.1(a)(ii).

 

“Non-Extended
U.S. Revolving Commitment” means, with respect to each Non-Extended U.S. Revolving Lender, the commitment of such Non-Extended
U.S. Revolving Lender to make Non-Extended U.S. Revolving Loans in an aggregate principal amount at any time outstanding the Dollar
Amount of which does not exceed the amount set forth under such Non-Extended U.S. Revolving Lender’s name on Schedule 2.1(a)
under the caption “Non-Extended U.S. Revolving Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement.

 

“Non-Extended
U.S. Revolving Facility” means the Non-Extended U.S. Revolving Commitments and the Non-Extended U.S. Revolving Loans, the
Letters of Credit and the U.S. Swingline Loans extended thereunder. 

 

“Non-Extended
U.S. Revolving Lender” means, at any time, any Lender that has a Non-Extended U.S. Revolving Commitment or that holds Non-Extended
U.S. Revolving Loans at such time. 

 

“Non-Extended
U.S. Revolving Loans” has the meaning set forth in Section 2.1(a)(ii).

 

“Non-U.S.
Revolving Loans” means, collectively, the Canadian Revolving Loans and the Multicurrency Alternative Currency Revolving
Loans.

 

“Note”
or “Notes” means the U.S. Revolving Notes, the Canadian Revolving Notes, the Multicurrency Revolving Notes,
the U.S. Swingline Note, the Canadian Swingline Note and/or the Closing Date Term Loan Notes, collectively, separately or individually,
as appropriate.

 

“Notice of
Borrowing” means (i) a request for a U.S. Revolving Loan borrowing pursuant to Section 2.1(b)(i), (ii) a request
for a Canadian Revolving Loan borrowing pursuant to Section 2.2(b)(i), (iii) a request for a Multicurrency Alternative Currency
Revolving Loan borrowing pursuant to Section 2.3(b)(i), (iv) a request for a U.S. Swingline Loan borrowing pursuant to Section
2.6(b)(i), or (v) a request for a Canadian Swingline Loan borrowing pursuant to Section 2.7(b), as appropriate. A Form
of Notice of Borrowing is attached as Exhibit B.

 

“Notice of
Conversion/Extension” means the written notice of (i) conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan,
(ii) conversion of an Alternate Base Rate Loan to a LIBOR Rate Loan, (iii) conversion of a U.S. Base Rate Loan to a LIBOR Rate
Loan denominated in U.S. Dollars, (iv) conversion of a LIBOR Rate Loan denominated in U.S. Dollars to a U.S. Base Rate Loan, (v)
conversion of a Canadian Prime Rate Loan to a LIBOR Rate Loan denominated in Canadian Dollars, (vi) conversion of a LIBOR Rate
Loan denominated in Canadian Dollars to a Canadian Prime Rate Loan or (vii) extension of a LIBOR Rate Loan, as appropriate, in
each case substantially in the form of Exhibit C.

 

“OFAC”
has the meaning set forth in Section 3.13(a).

 

“Offered Loans”
has the meaning specified in Section 2.11(f)(iii).

 

“Other Connection
Taxes” means, with respect to any Agent, any Lender or any other recipient of any payment to be made by or on account
of any obligation of any Credit Party hereunder or under any other Credit Document, Taxes imposed as a result of any present or
former connection between such recipient and the jurisdiction imposing such Tax (other than any connection arising solely from
such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to and/or enforced, any Credit Documents).

 

    35 

     

    

“Other Parties”
has the meaning specified in Section 10.7(c).

 

“Other Taxes”
means all present or future stamp or documentary Taxes or any other excise or property Taxes arising from any payment made hereunder
or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement
or any other Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment of Loans
(other than an assignment made pursuant to Section 2.23).

 

“Ownership
Share” means, with respect to any Joint Venture, a Borrower’s or any Restricted Subsidiary’s relative equity
ownership (calculated as a percentage) in such Joint Venture determined in accordance with the applicable provisions of the declaration
of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or
other applicable organizational document of such Joint Venture.

 

“Parent Borrower”
has the meaning set forth in the introductory paragraph hereof.

 

“Participant”
has the meaning set forth in Section 9.6(d).

 

“Participant
Register” has the meaning set forth in Section 9.6(d).

 

“Participation
Interest” means the purchase by a Revolving Lender of a participation interest in Swingline Loans as provided in Section
2.6(b)(ii) and Section 2.7(c), as applicable, and in Letters of Credit as provided in Section 2.8(c).

 

“Patent License”
means all agreements, whether written or oral, providing for the grant by or to a Credit Party of any right to manufacture, use
or sell any invention covered by a Patent.

 

“Patents”
means (a) all letters patent of the United States or any other country and all reissues and extensions thereof, and (b) all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof.

 

“Patriot Act”
means the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Parent Borrower or any ERISA Affiliate or to which
the Parent Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer
or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5)
plan years.

 

“Permitted
Securitization Entity” means a Person (other than a Permitted Securitization Subsidiary, individual or Governmental Authority)
that was established by a financial institution or Affiliate thereof to purchase or otherwise acquire assets for the principal
purpose of securitization, and which purchase or acquisition of such assets is funded through the issuance of securities by such
Person or by such Person incurring indebtedness; provided that a financial institution or Affiliate of a financial institution
that purchases or acquires assets for the principal purpose of securitization shall also be considered a Permitted Securitization
Entity.

 

    36 

     

    

“Permitted
Securitization Subsidiary” means any Subsidiary of the Parent Borrower that (i) is directly or indirectly wholly-owned
by the Parent Borrower, (ii) is formed and operated solely for purposes of a Permitted Securitization Transaction, (iii) is formed
to qualify as a “bankruptcy remote” entity, (iv) has organizational documents which limit the permitted activities
of such Permitted Securitization Subsidiary to the acquisition of Securitization Assets from the Parent Borrower or one or more
of its Subsidiaries, the securitization of such Securitization Assets and activities necessary or incidental to the foregoing,
(v) if organized within the United States, is organized so as to meet S&P’s requirements for special purpose entities
engaged in the securitization of assets, (vi) if organized within Canada or any province or territory thereof, is organized so
as to meet the requirements for special purpose entities engaged in the securitization of assets by any recognized rating agency
operating in such jurisdiction and (vii) if organized outside the United States and Canada (and any province or territory thereof),
is organized so as to meet the requirements for special purpose entities engaged in the securitization of assets by any recognized
rating agency operating in such jurisdiction; provided that if no requirements for special purpose entities exist in such
jurisdiction, the Parent Borrower shall certify to the Administrative Agent that no recognized rating agency is operating in such
jurisdiction that customarily rates securitization transactions.

 

“Permitted
Securitization Transaction” means (a) the transfer by the Parent Borrower or one or more of its Restricted Subsidiaries
of Securitization Assets to one or more (x) Permitted Securitization Subsidiaries or (y) Permitted Securitization Entities and,
in each case, the related financing of such Securitization Assets; provided that, in each case, (i) such transaction is
the subject of a favorable legal opinion as to the “true sale” of the applicable Securitization Assets under the laws
of the applicable jurisdiction and (ii) such transaction is non-recourse to the Parent Borrower and its Restricted Subsidiaries
under the laws of the applicable jurisdiction, except for Standard Securitization Undertakings, (b) any credit facility backed
or secured by Receivables or any other Securitization Assets of the Consolidated Companies among one or more Consolidated Companies
and a financial institution, which credit facility is non-recourse to the Parent Borrower and its Restricted Subsidiaries under
the laws of the applicable jurisdiction, except for Standard Securitization Undertakings or (c) any other arrangement or agreement
in respect of a “true sale” (or any similar concept in the applicable jurisdiction) of Receivables or any other Securitization
Assets in accordance with the laws of the United States or any State thereof, Canada, any province or territory of Canada or other
applicable jurisdiction.

 

“Person”
means any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise
(whether or not incorporated) or any Governmental Authority.

 

“Peso Facility”
has the meaning set forth in Section 2.28.

 

“Peso Facility
Amendment” has the meaning set forth in Section 2.28.

 

“Plan”
means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect to which any Credit
Party or any ERISA Affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to
be) an “employer” as defined in Section 3(5) of ERISA.

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime commercial lending
rate in effect at its principal office, with each change in the Prime Rate being effective on the date such change is publicly
announced as effective (it being understood and agreed that the Prime Rate is a reference rate used by the Administrative Agent
in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged on any extension of
credit by the Administrative Agent to any debtor).

 

    37 

     

    

“Priority
Debt Basket” shall mean, at any time, (I) in the case of Section 6.2(w), (a) an amount equal to 10% of Consolidated
Net Tangible Assets as of the last day of the most recently ended fiscal quarter of the Parent Borrower, less without duplication
(b) (i) solely to the extent in excess of the amount in clause (a) above the aggregate principal amount of Indebtedness incurred
under Section 6.3(c) then outstanding plus (ii) the aggregate amount of obligations (or, if applicable, the fair market
value of inventory) secured by Liens under Section 6.2(w) then outstanding and (II) in the case of Section 6.3(c),
(a) an amount equal to 20% of Consolidated Net Tangible Assets as of the last day of the most recently ended fiscal quarter of
the Parent Borrower, less without duplication (b) (i) the aggregate principal amount of Indebtedness incurred under Section
6.3(c) then outstanding plus (ii) the aggregate amount of obligations (or, if applicable, the fair market value of inventory)
secured by Liens under Section 6.2(w) then outstanding. In the event that any Indebtedness would otherwise count against
both the basket in Section 6.3(c) and the basket in Section 6.2(w), such Indebtedness shall be counted, for purposes
of calculating the size of the Priority Debt Basket under each of clauses (I) and (II) of this definition, as outstanding only
under Section 6.2(w) (and, for purposes of clarity, shall not be counted as outstanding under Section 6.3(c)).

 

“Private Information”
has the meaning set forth in Section 5.7.

 

“Pro Forma
Basis” means, in connection with the calculation as of the applicable Calculation Date (utilizing the principles set
forth in Section 1.3(iii)) of the financial covenants set forth in Section 6.1(a) and (b) or the Leverage
Ratio in respect of a proposed transaction or designation of a Restricted Subsidiary as an Unrestricted Subsidiary (a “Specified
Transaction”), the making of such calculation after giving effect on a pro forma basis to:

 

(a)the
consummation of such Specified Transaction as of the first day of the applicable Calculation Period;

 

(b)the
assumption, incurrence or issuance of any Indebtedness of a Consolidated Company (including any Person which became a Consolidated
Company pursuant to or in connection with such Specified Transaction) in connection with such Specified Transaction, as if such
Indebtedness had been assumed, incurred or issued (and the proceeds thereof applied) on the first day of such Calculation Period
(with any such Indebtedness bearing interest at a floating rate being deemed to have an implied rate of interest for the applicable
period equal to the rate which is or would be in effect with respect to such Indebtedness as of the applicable Calculation Date);

 

(c)the
permanent repayment, retirement or redemption of any Indebtedness (other than revolving Indebtedness, except to the extent accompanied
by a permanent commitment reduction) by a Consolidated Company (including any Person which became a Consolidated Company pursuant
to or in connection with such Specified Transaction) in connection with such Specified Transaction, as if such Indebtedness had
been repaid, retired or redeemed on the first day of such Calculation Period;

 

(d)other
than in connection with such Specified Transaction, any assumption, incurrence or issuance of any Indebtedness by a Consolidated
Company after the first day of the applicable Calculation Period, as if such Indebtedness had been assumed, incurred or issued
(and the proceeds thereof applied) on the first day of such Calculation Period (with any such Indebtedness so incurred or issued
bearing interest at a floating rate being deemed to have an implied rate of interest for the applicable period equal to the rate
which is or would be in effect with respect to such Indebtedness as of the applicable Calculation Date, and with any such Indebtedness
so assumed bearing interest at a floating rate being calculated using the actual interest rate in effect during such period); and

 

    38 

     

    

(e)other
than in connection with such Specified Transaction, the permanent repayment, retirement or redemption of any Indebtedness (other
than revolving Indebtedness, except to the extent accompanied by a permanent commitment reduction) by a Consolidated Company after
the first day of the applicable Calculation Period, as if such Indebtedness had been repaid, retired or redeemed on the first day
of such Calculation Period.

 

“Pro Forma
Compliance Certificate” means a certificate of a Responsible Officer of the Parent Borrower delivered to the Administrative
Agent in connection with a Specified Transaction, such certificate to contain reasonably detailed calculations satisfactory to
the Administrative Agent, upon giving effect to the applicable Specified Transaction on a Pro Forma Basis, of the financial covenants
set forth in Section 6.1(a) and (b) for the applicable Calculation Period.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Proposed
Discounted Prepayment Amount” has the meaning specified in Section 2.11(f)(ii).

 

“Public Information”
has the meaning set forth in Section 5.7.

 

“Purchasing
Borrower Party” means the Parent Borrower or any of its Subsidiaries.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000
at the time the relevant Guaranty becomes effective with respect to such Swap Obligation or such other person as constitutes an
“eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can
cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualifying
Lenders” has the meaning specified in Section 2.11(f)(iv).

 

“Qualifying
Loans” has the meaning specified in Section 2.11(f)(iv).

 

“Quotation
Day” means, in respect of the determination of the LIBOR Rate for any Interest Period for a LIBOR Rate Loan (a) in Sterling,
the day that is the first London Business Day of such Interest Period, (b) in Canadian Dollars, the day that is the first Canadian
Business Day of such Interest Period, (c) in U.S. Dollars and Euros, the day that is two London Business Days prior to the first
day of such Interest Period and (d) in the case of any other currency, the date determined in good faith by the Multicurrency Agent
as the date customarily used for setting the LIBOR Rate for Loans denominated in such currency.

 

“Rating”
means the Parent Borrower’s long-term senior unsecured non-credit-enhanced debt rating as was most recently announced by
S&P or Moody’s, as applicable.

 

“Ratings Level”
has the meaning set forth in the definition of “Applicable Percentage”.

 

“Receivables”
has the meaning set forth in the definition of “Securitization Assets”.

 

“Refinanced
Term Loan” has the meaning set forth in Section 9.1.

 

    39 

     

    

“Refinancing
Indebtedness” means, with respect to any Indebtedness (the “Existing Indebtedness”), any other Indebtedness
that renews, refinances, refunds, replaces or extends such Existing Indebtedness (or any Refinancing Indebtedness in respect thereof);
provided that the principal amount of such Refinancing Indebtedness shall not exceed the principal amount of such Existing
Indebtedness except by an amount no greater than accrued and unpaid interest with respect to such Existing Indebtedness and any
reasonable fees, premium and expenses relating to such renewal, refinancing, refunding, replacement or extension, unless at the
time such Refinancing Indebtedness is incurred, such excess amount shall be permitted under Section 6.3 and, if applicable, utilize
a basket thereunder.

 

“Register”
has the meaning set forth in Section 9.6(c).

 

“Regulation
S-X” has the meaning set forth in Section 3.10(a).

 

“Regulation
T, U or X” means Regulation T, U or X, respectively, of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor to all or a portion thereof.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees, agents, trustees, managers,
advisors, representatives and controlling persons of such Person and of such Person’s Affiliates.

 

“Release”
means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection, migrating
or leaching into the Environment, or into or from any building or facility.

 

“Replacement
Term Loan” has the meaning set forth in Section 9.1.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period
has been waived by regulation.

 

“Required
Financial Information” means, as to any fiscal quarter or fiscal year of the Parent Borrower, the financial information
required by subsections (a) through (c) of Section 5.7 for such fiscal quarter or fiscal year, as applicable.

 

“Required
Lenders” means, at any time, Lenders holding in the aggregate more than fifty percent (50%) of (a) the Revolving Commitments,
the Delayed Draw Term Loan Commitments and outstanding Term Loans at such time or (b) if the Revolving Commitments have been terminated,
the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of the outstanding Loans and Participation
Interests plus the Delayed Draw Term Loan Commitments, in each case at such time; provided, however, that if any
Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, Credit
Party Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Revolving
Commitments and/or Delayed Draw Term Loan Commitments, or after termination of the Revolving Commitments, the principal balance
of the Credit Party Obligations owing to such Defaulting Lender.

 

“Required
Multicurrency Lenders” means, at any time, Lenders holding in the aggregate more than fifty percent (50%) of (a) the
Multicurrency Revolving Commitments at such time or (b) if the Multicurrency Revolving Commitments have been terminated, the aggregate
principal Dollar Amount (determined as of the most recent Determination Date) of the outstanding Canadian Revolving Loans and Multicurrency
Alternative Currency Revolving Loans and Participation Interests in Canadian Swingline Loans at such time; provided, however,
that if any Revolving Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of
Required Multicurrency Lenders, Canadian Obligations (including Participation Interests), U.S. Obligations and Foreign Subsidiary
Borrower Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments,
or after termination of the Multicurrency Revolving Commitments, the principal balance of the Canadian Obligations, U.S. Obligations
and/or Foreign Subsidiary Borrower Obligations, as applicable, owing to such Defaulting Lender.

 

    40 

     

    

“Required
Revolving Lenders” means, at any time, Revolving Lenders holding in the aggregate more than fifty percent (50%) of (a)
the Revolving Commitments at such time or (b) if the Revolving Commitments have been terminated, the aggregate principal Dollar
Amount (determined as of the most recent Determination Date) of the outstanding Revolving Loans and Participation Interests at
such time; provided, however, that if any Revolving Lender shall be a Defaulting Lender at such time, then there
shall be excluded from the determination of Required Revolving Lenders, Credit Party Obligations (including Participation Interests)
owing to such Defaulting Lender and such Defaulting Lender’s Revolving Commitments, or after termination of the Revolving
Commitments, the principal balance of the Credit Party Obligations owing to such Defaulting Lender.

 

“Requirement
of Law” means, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its material property.

 

“Responsible
Officer” means any of the Chief Executive Officer, Chief Financial Officer, the Treasurer, the Chief Accounting Officer,
or the Controller of the Parent Borrower.

 

“Restricted
Subsidiary” means any Subsidiary of the Parent Borrower other than any such Subsidiary that is or shall become an Unrestricted
Subsidiary as provided herein.

 

“Revaluation
Date” means each of the following: (a) each date a LIBOR Rate Loan is made pursuant to Section 2.1, Section
2.2 or Section 2.3; (b) each date a LIBOR Rate Loan is continued pursuant to Section 2.10; (c) the last Business
Day of each calendar month; and (d) such additional dates as the Administrative Agent, Multicurrency Agent or the Required Lenders
shall specify.

 

“Revolving
Commitment Percentage” means, for any Lender, such Lender’s U.S. Revolving Commitment Percentage and/or Multicurrency
Revolving Commitment Percentage, as the context may require.

 

“Revolving
Commitments” means, collectively, the Extended Multicurrency
Revolving Commitment, the Extended U.S. Revolving Commitment, the Non-Extended Multicurrency Revolving Commitment, the
Non-Extended U.S. Revolving CommitmentsCommitment,
the LOC Commitment, the U.S. Swingline Commitment, the Canadian Swingline Commitment and any Incremental Revolving Commitment.

 

“Revolving
Lenders” means, collectively, the Non-Extended Canadian
Revolving Lenders, the Non-Extended Multicurrency Revolving
Lenders, the Non-Extended U.S. Revolving Lenders,
the Extended Canadian Revolving Lenders, the Extended Multicurrency Revolving Lenders, the Extended U.S. Revolving Lenders
and the Incremental Revolving Lenders.

 

“Revolving
Loans” means, collectively, the Non-Extended Canadian
Revolving Loans, the Non-Extended Multicurrency Alternative
Currency Revolving Loans, the Non-Extended U.S. Revolving
Loans, the Extended Canadian Revolving Loans, the Extended Multicurrency
Alternative Currency Revolving Loans, the Extended U.S. Revolving Loans and, if applicable, any Loans made under the
Incremental Revolving Commitment, and “Revolving Loan” means any of such Revolving Loans.

 

    41 

     

    

“Revolving/Term
Loan Maturity Date” means the date that is five (5) years after the Closing Date
Maturity Date” means (a) with respect to the Non-Extended Multicurrency Revolving Facility and the Non-Extended U.S. Revolving
Facility, July 1, 2020, and (b) with respect to the Extended Multicurrency Revolving Facility and the Extended U.S. Revolving Facility,
July 1, 2021, in each case, as such date may be extended pursuant to Section 2.27.

 

“RockTenn”
has the meaning set forth in the introductory paragraph hereof.

 

“RockTenn
Merger” means the merger of RockTenn and Rome Merger Sub, Inc., a Georgia corporation, pursuant to the Combination Agreement,
pursuant to which RockTenn will be the surviving corporation.

 

“S&P”
means Standard & Poor’s Ratings Group, a division of McGraw-Hill Financial, Inc., or any successor or assignee of the
business of such division in the business of rating securities.

 

“Sanctioned
Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
directly or indirectly controlled by a country or its government, or (d) a person or entity resident in or determined to be resident
in a country, that is subject to Sanctions.

 

“Sanctioned
Person” means (a) a person named on the list of Specially Designated Nationals maintained by OFAC, (b) any Person operating,
organized or resident in a Sanctioned Entity or (c) any Person owned or controlled by any such Person or Persons described in the
foregoing clauses (a) or (b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by OFAC or the U.S. Department of State, (b) the Canadian government or (c) the United
Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“SEC”
means the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority succeeding to any
of its principal functions.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securitization
Assets” means any accounts receivable, notes receivable, rights to future lease payments or residuals (collectively,
the “Receivables”) owed to or owned by the Parent Borrower or any Subsidiary (whether now existing or arising
or acquired in the future), all collateral securing such Receivables, all contracts and contract rights, purchase orders, records,
security interests, financing statements or other documentation in respect of such Receivables and all guarantees, letters of credit,
insurance or other agreements or arrangements supporting or securing payment in respect of such Receivables, all lockboxes and
collection accounts in respect of such Receivables (but only to the extent such lockboxes and collection accounts contain only
amounts related to such Receivables subject to a Permitted Securitization Transaction), all collections and proceeds of such Receivables
and other assets which are of the type customarily granted or transferred in connection with securitization transactions involving
receivables similar to such Receivables.

 

“Sharing Event”
means (a) the occurrence of any Event of Default under Section 7.1(g), (b) the declaration of the termination of any Commitment,
or the acceleration of the maturity of any Loans, in each case in accordance with Section 7.2 or (c) the failure of any
Borrower to pay any principal of, or interest on, any Loans or any LOC Obligations on the
applicable Revolving/
Maturity Date or the Term Loan Maturity Date, as applicable.

 

    42 

     

    

“Specified
Transaction” has the meaning set forth in the definition of Pro Forma Basis set forth in this Section 1.1.

 

“Spot Rate”
means, with respect to Canadian Dollars, the rate quoted by the Multicurrency Agent as the spot rate for the purchase of Canadian
Dollars with U.S. Dollars (or the purchase of U.S. Dollars with Canadian Dollars, as applicable) through its principal foreign
exchange trading office at approximately 11:00 a.m. on the date (i) such foreign exchange computation is made in the case of U.S.
Base Rate Loans and Canadian Prime Rate Loans, and (ii) three (3) Business Days prior to the date as of which the foreign exchange
computation is made in the case of LIBOR Rate Loans.

 

“Standard
Securitization Undertakings” means (i) any obligations and undertakings of the Parent Borrower or any Restricted Subsidiary
on terms and conditions consistent with the sale treatment of Securitization Assets in a transaction that results in a legal “true
sale” of Securitization Assets in accordance with the laws of the United States, Canada, any province or territory of Canada
or other applicable jurisdiction and (ii) any obligations and undertakings of the Parent Borrower or any Restricted Subsidiary
not inconsistent with the treatment of the transfer of Securitization Assets in a transaction as a legal “true sale”
and otherwise consistent with customary securitization undertakings in accordance with the laws of the United States, Canada, any
province or territory of Canada or other applicable jurisdiction; provided that Standard Securitization Undertakings shall
not include any guaranty or other obligation of the Parent Borrower and its Restricted Subsidiaries with respect to any Securitization
Asset that is not collected, not paid or otherwise uncollectible on account of the insolvency, bankruptcy, creditworthiness or
financial inability to pay of the applicable obligor with respect to such Securitization Asset.

 

“Sterling”
or “£” refers to lawful money of the United Kingdom.

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other
ownership interests having ordinary voting power to elect a majority of the directors or other managers of such corporation, partnership,
limited liability company or other entity (irrespective of whether or not at the time, any class or classes of such corporation
shall have or might have voting power by reason of the happening of any contingency) are at the time owned by such Person directly
or indirectly through one or more intermediaries or subsidiaries. Unless otherwise identified, “Subsidiary” or “Subsidiaries”
means Subsidiaries of the Parent Borrower.

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swingline
Lender” means the U.S. Swingline Lender and/or the Canadian Swingline Lender, as applicable.

 

“Swingline
Loan” means a U.S. Swingline Loan and/or a Canadian Swingline Loan, as applicable.

 

“Synthetic
Lease” means any synthetic lease, tax retention operating lease or similar off-balance sheet financing product where
such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease under GAAP.

 

    43 

     

    

“TARGET Day”
means any day on which (i) TARGET2 is open for settlement of payments in Euro and (ii) banks are open for dealings in deposits
in Euro in the London interbank market.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“Tax Exempt
Certificate” has the meaning set forth in Section 2.21(d).

 

“Taxes”
has the meaning set forth in Section 2.21(a).

 

“Term Loan
Lenders” means, collectively, the Closing Date Term Loan Lenders, the Delayed Draw Term Loan Lenders and the Incremental
Term Loan Lenders.

 

“Term Loan
Note” means a Closing Date Term Loan Note and/or an Incremental Term Loan Note, as appropriate.

 

“Term
Loan Maturity Date” means July 1, 2020, as such date may be extended pursuant to Section 2.27.

 

“Term Loans”
means, collectively, Closing Date Term Loans (including, if applicable, the Delayed Draw Term Loans) and the Incremental Term Loans,
and “Term Loan” means any of such Term Loans.

 

“Total Funded
Debt” means, without duplication, the sum of: (a) Consolidated Funded Debt, (b) with respect to a Permitted Securitization
Transaction, (i) if a Permitted Securitization Subsidiary is a party to such Permitted Securitization Transaction, the aggregate
principal, stated or invested amount of outstanding loans made to the relevant Permitted Securitization Subsidiary under such Permitted
Securitization Transaction and (ii) if a Permitted Securitization Entity is a party to such Permitted Securitization Transaction,
the aggregate amount of cash consideration received as of the date of such sale or transfer by the Parent Borrower and its
Restricted Subsidiaries from the sale or transfer of Receivables or other Securitization Assets during the applicable calendar
month in which such sale or transfer took place under such Permitted Securitization Transaction, and (c) to the extent not otherwise
included, the outstanding principal balance of Indebtedness under any Permitted Securitization Transaction referenced in clause
(b) of the definition thereof.

 

“Trademark
License” means any agreement, written or oral, providing for the grant by or to a Credit Party of any right to use any
Trademark.

 

“Trademarks”
means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress and
service marks, logos and other source or business identifiers, and the goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United
States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
or any political subdivision thereof, or otherwise, and (b) all renewals thereof.

 

“Transactions”
means, collectively, the Combination, the repayment and refinancing of certain existing Indebtedness of RockTenn and MWV in connection
with the Combination, the initial borrowings under this Agreement and the payment of fees, commissions and expenses in connection
with each of the foregoing.

 

“Type”
means, as to any Loan, its nature as a Base Rate Loan, LIBOR Rate Loan, U.S. Swingline Loan or Canadian Swingline Loan, as the
case may be.

 

    44 

     

    

“U.S. Base
Rate” means a fluctuating rate of interest per annum which is equal to the greater of (i) the reference rate of interest
(however designated) of the Multicurrency Agent for determining interest chargeable by it on U.S. Dollar commercial loans made
in Canada on such day and (ii) the Federal Funds Rate in effect on such day plus 1⁄2 of 1%.

 

Notwithstanding
the foregoing, in no event shall the U.S. Base Rate be less than 0.00% per annum.

 

“U.S. Base
Rate Loans” means Revolving Loans made by the Multicurrency Revolving Lenders in U.S. Dollars accruing interest based
on the U.S. Base Rate.

 

“U.S. Commitment
Fee” has the meaning set forth in Section 2.13(a)(i).

 

“U.S. Credit
Parties” means the Parent Borrower, any Borrower designated as such under Section 2.1(f) and the U.S. Guarantors.

 

“U.S. Dollars”
and “U.S.$” means dollars in lawful currency of the United States of America.

 

“U.S. Guarantors”
means the Initial Guarantors and any Additional Credit Party (other than any Foreign Subsidiary or any Subsidiary of a Foreign
Subsidiary).

 

“U.S. Obligations”
means all Credit Party Obligations (other than those arising under Article XI hereof) of the Parent Borrower, including any Credit
Party Obligations of the Parent Borrower in respect of Multicurrency Alternative Currency Revolving Loans, and the other U.S. Credit
Parties.

 

“U.S. Revolving
Commitment” means, with respect to each U.S. Revolving Lender, the commitment of such
U.S. Revolving Lender to make U.S. Revolving Loans in an aggregate principal amount at any time outstanding the Dollar Amount of
which does not exceed such U.S. Revolving Lender’s
the Extended U.S. Revolving Commitment Percentage ofand/or
the Non-Extended U.S. Revolving Committed
AmountCommitment, as applicable.

 

“U.S. Revolving Commitment Percentage”
means, for each U.S. Revolving Lender, the percentage identified as its U.S. Revolving Commitment Percentage on Schedule 2.1(a)
or in the Assignment and Assumption pursuant to which such U.S. Revolving Lender became a U.S. Revolving Lender hereunder, as such
percentage may be modified in connection with any Incremental Revolving Commitment and/or any assignment made in accordance with
the provisions of Section 9.6(b).;
provided that, on the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility, the U.S. Revolving Commitment
Percentages for the Extended U.S. Revolving Lenders shall be recalculated ratably in accordance with their respective U.S. Revolving
Commitment Percentages immediately prior thereto.

 

“U.S. Revolving
Committed Amount” has the meaning set forth in Section 2.1(a)(ii).

 

“U.S. Revolving
Lender” means any Lender which has a U.S. Revolving Commitment
(and which shall include, for the avoidance of doubt, Non-Extended U.S. Revolving Lenders and Extended U.S. Revolving Lenders).

 

“U.S. Revolving
Loans” has the meaning set forth in Section 2.1(a).means
Revolving Loans made to the Parent Borrower under Section 2.1 (and which shall include, for the avoidance of doubt, Non-Extended
U.S. Revolving Loans and Extended U.S. Revolving Loans). 

 

“U.S. Revolving
Note” or U.S. Revolving Notes” means the promissory notes of the Parent Borrower provided pursuant to Section
2.1(e) in favor of each of the U.S. Revolving Lenders that requests a promissory note evidencing the U.S. Revolving Loans,
individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented, extended,
renewed or replaced from time to time.

 

    45 

     

    

“U.S. Swingline
Commitment” means the commitment of the U.S. Swingline Lender to make U.S. Swingline Loans in an aggregate principal
amount at any time outstanding the Dollar Amount of which does not exceed the U.S. Swingline Committed Amount, and the commitment
of the Lenders to purchase participation interests in the U.S. Swingline Loans as provided in Section 2.6(b)(ii), as such
amounts may be reduced from time to time in accordance with the provisions hereof.

 

“U.S. Swingline
Committed Amount” shall have the meaning set forth in Section 2.6(a)
(as the same shall be adjusted in accordance with Section 2.6(g)).

 

“U.S. Swingline
Lender” means Wells Fargo, in its capacity as such, or any successor U.S. swingline lender hereunder

 

“U.S. Swingline
Loan” or “U.S. Swingline Loans” has the meaning set forth in Section 2.6(a).

 

“U.S. Swingline
Note” means the promissory note of the Parent Borrower in favor of the U.S. Swingline Lender evidencing the U.S. Swingline
Loans provided pursuant to Section 2.6(e), as such promissory note may be amended, modified, supplemented, extended, renewed
or replaced from time to time.

 

“Unrestricted
Subsidiary” means (i) any Permitted Securitization Subsidiary, (ii) any Joint Venture that is a Subsidiary and (iii)
any Subsidiary which, at the option of the Parent Borrower, is designated in writing by the Parent Borrower to the Administrative
Agent as being an Unrestricted Subsidiary; provided that the Parent Borrower may designate any such Permitted Securitization
Subsidiary or Joint Venture as a Restricted Subsidiary in its discretion. The Parent Borrower may designate a Restricted Subsidiary
as an Unrestricted Subsidiary at any time so long as (A) no Default or Event of Default is in existence or would be caused by such
designation and (B) the Parent Borrower supplies to the Administrative Agent a Pro Forma Compliance Certificate demonstrating pro
forma compliance with the financial covenants in Section 6.1 after giving effect to such designation.

 

“Voting Participant”
has the meaning set forth in Section 9.6(d).

 

“Voting Participant
Notice” has the meaning set forth in Section 9.6(d).

 

“Voting Stock”
means, with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to
vote has been suspended by the happening of such a contingency.

 

“Wells Fargo”
means Wells Fargo Bank, National Association and its successors.

 

“Wholly-Owned
Restricted Subsidiary” means, at any time, any Restricted Subsidiary that is a Wholly-Owned Subsidiary.

 

“Wholly-Owned
Subsidiary” means, at any time, any Subsidiary of which all of the equity interests (except directors’ qualifying
shares or shares aggregating less than 1% of the outstanding shares of such Subsidiary which are owned by individuals) and voting
interests are owned by any one or more of the Parent Borrower and the Parent Borrower’s other Wholly-Owned Subsidiaries at
such time.

 

    46 

     

    

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.2             
Computation of Time Periods.

 

All time references
in this Credit Agreement and the other Credit Documents shall be to Charlotte, North Carolina time unless otherwise indicated.
For purposes of computation of periods of time hereunder, the word “from” means “from and including” and
the words “to” and “until” each mean “to but excluding.”

 

1.3             
Accounting Terms.

 

(i)Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made,
and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent
with the most recent audited consolidated financial statements of Parent Borrower delivered to the Lenders; provided that,
if the Parent Borrower shall notify the Administrative Agent that it wishes to amend any covenant in Section 6.1 or the
definition of Leverage Ratio (or any component thereof) to eliminate the effect of any change in GAAP on the operation of such
covenant or such ratio (or if the Administrative Agent notifies the Parent Borrower that the Required Lenders wish to amend Section
6.1 or the definition of Leverage Ratio (or any component thereof) for such purpose), then the Parent Borrower’s compliance
with such covenant shall be determined on the basis of GAAP in effect and as adopted by the Parent Borrower on March 31, 2015 (which,
for the avoidance of doubt, shall exclude any prospective changes to lease accounting under GAAP), until either such notice is
withdrawn or such covenant is amended in a manner satisfactory to the Parent Borrower and the Required Lenders.

 

(ii)The Parent
Borrower shall deliver to the Administrative Agent and each Lender at the same time as the delivery of any Required Financial Information,
(a) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation
of such financial statements from those applied in the most recently preceding quarterly or annual financial statements as to which
no objection shall have been made in accordance with the provisions above and (b) a reasonable estimate of the effect on the financial
statements on account of such changes in application (it being understood that the requirement in this subsection (ii) shall be
satisfied if the information required by clauses (a) and (b) above are included the applicable Required Financial Information.

 

(iii)Notwithstanding
the above, the parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any
applicable period with the financial covenants set forth in Section 6.1 or in determining the Leverage Ratio for any applicable
period (including for purposes of the definitions of “Applicable Percentage,” “Consolidated Interest Expense,”
“EBITDA,” “Pro Forma Basis” and “Total Funded Debt” set forth in Section 1.1), if any
Acquisition or disposition of Property, in each case involving consideration in excess of $50,000,000, occurred during such period,
such calculations with respect to such period shall be made on a Pro Forma Basis.

 

(iv)Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that after the Credit Parties’ obligations with
respect to a series of debt securities are deemed to be no longer outstanding under an indenture or other operative document governing
such debt securities (including due to having paid or irrevocably deposited funds sufficient to pay the entire Indebtedness represented
by such debt securities at a given date), (A) such debt securities will thereafter be deemed to be no longer “outstanding”
for purposes of all calculations made under this Credit Agreement and (B) any interest expense attributable to such debt securities
will thereafter be deemed not to constitute Interest Expense for purposes of all calculations made under this Agreement.

 

    47 

     

    

1.4             
Exchange Rates; Currency Equivalents.

 

(a)               
The Multicurrency Agent shall determine in good faith the Spot Rates and Exchange Rates as of each Revaluation Date to be
used for calculating the Dollar Amounts of Extensions of Credit and amounts outstanding hereunder denominated in Canadian Dollars
and in any Multicurrency Alternative Currency. Such Spot Rates shall become effective as of such Revaluation Date and shall be
the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except
for purposes of financial statements delivered by the Parent Borrower hereunder or calculating financial covenants hereunder or
except as otherwise provided herein, the applicable amount of any currency for purposes of the Credit Documents shall be the Dollar
Amount thereof as determined in good faith by the Administrative Agent.

 

(b)              
[Reserved].

 

1.5             
Terms Generally.

 

The definitions of
terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise or
except as expressly provided herein, (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any
definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended,
supplemented or otherwise modified (including by succession of comparable successor laws), unless otherwise expressly stated to
the contrary, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and
(f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE II

CREDIT FACILITY

 

2.1             
U.S. Revolving Loans.

 

(a)               
U.S. Revolving Commitment. (i) On the Amendment No. 1
Effective Date, in accordance with, and upon the terms and conditions set forth, in Amendment No. 1, (x) the Existing U.S. Revolving
Commitment and any Existing U.S. Revolving Loans of each Non-Extended U.S. Revolving Lender outstanding on such date shall continue
hereunder and be reclassified as a Non-Extended U.S. Revolving Commitment and Non-Extended U.S. Revolving Loans, respectively,
on such date and (y) the Existing U.S. Revolving Commitment and any Existing U.S. Revolving Loans of each Extended U.S. Revolving
Lender outstanding on such date shall continue hereunder and be reclassified as an Extended U.S. Revolving Commitment and Extended
U.S. Revolving Loans, respectively, on such date.

 

    48 

     

    

(ii)              
During the applicable Commitment Period, subject
to the terms and conditions hereof, the
(A) the Non-Extended U.S. Revolving Lenders severally agree to make revolving credit loans in U.S. Dollars (“Non-Extended
U.S. Revolving Loans”) to the Parent Borrower from time to time in an aggregate principal amount the Dollar
Amount of which does not exceed ONE HUNDRED SEVENTY-SEVEN MILLION
SIX HUNDRED FIFTY THOUSAND SEVEN HUNDRED FIFTY-TWO BILLION U.S.
DOLLARS AND TWENTY-ONE CENTS (U.S.$2,000,000,000177,650,752.21)
less the aggregate principal amount of the Non-Extended
Multicurrency Revolving Committed Amount from time to time (as such amount may be reduced from time to time in accordance
with Section 2.12, the “Non-Extended U.S.
Revolving Committed Amount”) and (B) the Extended U.S. Revolving
Lenders severally agree to make revolving credit loans in U.S. Dollars (“Extended U.S. Revolving Loans”) to the Parent
Borrower from time to time in an aggregate principal amount the Dollar Amount of which does not exceed ONE BILLION EIGHT HUNDRED
TWENTY-TWO MILLION THREE HUNDRED FORTY-NINE THOUSAND TWO HUNDRED FORTY-SEVEN U.S. DOLLARS AND SEVENTY-NINE CENTS (U.S.$1,822,349,247.79)
less the aggregate principal amount of the Extended Multicurrency Revolving Committed Amount from time to time (as
such amount may be reduced from time to time in accordance with Section 2.12, the “Extended U.S. Revolving Committed Amount”
and together with the Non-Extended U.S. Revolving Committed Amount, the “U.S. Revolving Committed Amount”);
provided, however, in each case, that after
giving effect to any such U.S. Revolving Loans, (i) the aggregate principal Dollar Amount (determined as of the most recent Determination
Date) of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving Committed Amount,
(ii) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of the outstanding U.S. Revolving
Loans, U.S. Swingline Loans and LOC Obligations shall not exceed the U.S. Revolving Committed Amount and (iii) the aggregate principal
Dollar Amount (determined as of the most recent Determination Date) of any U.S. Revolving Lender’s U.S. Revolving Commitment
Percentage of outstanding U.S. Revolving Loans, U.S. Swingline Loans and LOC Obligations shall not exceed its
applicable U.S. Revolving Commitment. U.S. Revolving Loans may consist of Alternate Base Rate Loans or LIBOR Rate Loans,
or a combination thereof, as the Parent Borrower may request, and may be repaid and reborrowed in accordance with the provisions
hereof; provided, however, U.S. Revolving Loans made on the Closing Date or on any of the three (3) Business Days
following the Closing Date may only consist of Alternate Base Rate Loans unless the Parent Borrower executes a funding indemnity
letter in form and substance reasonably satisfactory to the Administrative Agent. LIBOR Rate Loans denominated in U.S. Dollars
shall be made by each U.S. Revolving Lender at its LIBOR Lending Office. Alternate Base Rate Loans shall be made by each U.S.
Revolving Lender at its Domestic Lending Office.

 

(iii)                       
From the Amendment No. 1 Effective Date until the Revolving Maturity Date
with respect to the Non-Extended U.S. Revolving Facility, all U.S. Revolving Loans shall be made and prepaid (except as otherwise
expressly contemplated by Sections 2.1(c) and 2.11(c)) on a pro rata basis between the Non-Extended U.S. Revolving Facility and
the Extended U.S. Revolving Facility, and the Non-Extended U.S. Revolving Loans and the Extended U.S. Revolving Loans shall otherwise
be treated ratably (i.e., as a single Class) for all other purposes of this Agreement during such period (except as otherwise
expressly contemplated by Sections 2.1(c), 2.11(c) and 2.12(a)). Any Existing U.S. Revolving Loans outstanding on the Amendment
No. 1 Effective Date shall be continued as U.S. Revolving Loans hereunder; provided that (x) the Existing U.S. Revolving Loans
of each Non-Extended U.S. Revolving Lender will be reclassified as “Non-Extended U.S. Revolving Loans” and (y) the
Existing U.S. Revolving Loans of each Extended U.S. Revolving Lender will be reclassified as “Extended U.S. Revolving Loans.”

 

    49 

     

    

(iv)                       
Notwithstanding anything to the contrary in this Agreement: (A) on the Amendment
No. 1 Effective Date, (x) Non-Extended U.S. Revolving Loans and Extended U.S. Revolving Loans shall be deemed made as LIBOR Rate
Loans in a principal amount equal to the principal amount of the Existing U.S. Revolving Loans reclassified as Non-Extended U.S.
Revolving Loans and Extended U.S. Revolving Loans, as applicable, pursuant to Section 2.1(a)(iii) that were outstanding as LIBOR
Rate Loans at the time of reclassification (and the principal amount of such Non-Extended U.S. Revolving Loans and Extended U.S.
Revolving Loans shall be allocated ratably to the Interest Periods applicable to the Existing U.S. Revolving Loans so converted,
such that, immediately after giving effect to such reclassification, each U.S. Revolving Lender holds a ratable amount of the
U.S. Revolving Loans of each Interest Period based on its U.S. Revolving Commitment Percentage on the Amendment No. 1 Effective
Date), (y) Interest Periods for the Non-Extended U.S. Revolving Loans and the Extended U.S. Revolving Loans described in clause
(x) above shall end on the same dates as the Interest Periods applicable to the corresponding Existing U.S. Revolving Loans described
in clause (x) above, and the LIBOR applicable to such Non-Extended U.S. Revolving Loans and Extended U.S. Revolving Loans during
such Interest Periods shall be the same as those applicable to the Existing U.S. Revolving Loans so reclassified, and (z) Non-Extended
U.S. Revolving Loans and Extended U.S. Revolving Loans shall be deemed made as Alternate Base Rate Loans in a principal amount
equal to the principal amount of Existing U.S. Revolving Loans reclassified into Non-Extended U.S. Revolving Loans and Extended
U.S. Revolving Loans, respectively, pursuant to Section 2.1(a)(iii) that were outstanding as Alternate Base Rate Loans at the
time of reclassification (it being understood that the designations contemplated by the foregoing clauses (x) and (z) shall be
allocated among the U.S. Revolving Lenders such that, on the Amendment No. 1 Effective Date, each U.S. Revolving Lender holds
an amount of U.S. Revolving Loans that are LIBOR Rate Loans and that are Alternate Base Rate Loans based on its U.S. Revolving
Commitment Percentage of the aggregate amount of such LIBOR Rate Loans and Alternate Base Rate Loans, respectively, on the Amendment
No. 1 Effective Date); and (B) each Non-Extended U.S. Revolving Loan and Extended U.S. Revolving Loan shall continue to be entitled
to all accrued and unpaid interest with respect to the Existing U.S. Revolving Loan from which such Non-Extended U.S. Revolving
Loan and Extended U.S. Revolving Loan, as applicable, was reclassified up to but excluding the Amendment No. 1 Effective Date.
No costs shall be payable under Section 2.20 in connection with transactions consummated under this Section 2.1(a)(iv). 

 

(b)              
U.S. Revolving Loan Borrowings.

 

(i)Notice of
Borrowing. The Parent Borrower may request a U.S. Revolving Loan borrowing by delivering a written Notice of Borrowing (or
telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax or electronically
by pdf) to the Administrative Agent not later than 11:00 a.m. on the date of the requested borrowing in the case of Alternate Base
Rate Loans, and on the third Business Day prior to the date of the requested borrowing in the case of LIBOR Rate Loans denominated
in U.S. Dollars. Each such Notice of Borrowing shall be irrevocable and shall specify (A) that a U.S. Revolving Loan is requested,
(B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed and
(D) whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR Rate Loans or a combination thereof, and if LIBOR
Rate Loans are requested, the Interest Period(s) therefor. If the Parent Borrower shall fail to specify in any such Notice of Borrowing
(1) an applicable Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Interest
Period of one (1) month, or (2) the Type of Revolving Loan requested, then such notice shall be deemed to be a request for an Alternate
Base Rate Loan hereunder. The Administrative Agent shall give notice to each U.S. Revolving Lender promptly upon receipt of each
Notice of Borrowing, the contents thereof and each such U.S. Revolving Lender’s share thereof.

 

(ii)Minimum
Amounts. Each U.S. Revolving Loan shall be in a minimum aggregate amount of the Borrowing Minimum and integral multiples of
the Borrowing Multiple in excess thereof (or the remaining U.S. Revolving Committed Amount, if less).

 

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(iii)Advances.
Each U.S. Revolving Lender will make its U.S. Revolving Commitment Percentage of each U.S. Revolving Loan borrowing available to
the Administrative Agent, for the account of the Parent Borrower, in U.S. Dollars and in funds immediately available to the Administrative
Agent, at the Administrative Agent’s office by 1:00 p.m. on the date specified in the applicable Notice of Borrowing. Such
borrowing will then promptly be made available to the Parent Borrower by the Administrative Agent on such date by crediting the
account of the Parent Borrower designated in the Account Designation Letter hereunder with the aggregate of the amounts made available
to the Administrative Agent by the U.S. Revolving Lenders and in like funds as received by the Administrative Agent.

 

(c)               
Repayment. The principal amount of all U.S. Revolving Loans
of any Class shall be due and payable in full on the Revolving/Term Loan
Maturity Date of such Class, unless accelerated sooner pursuant
to Section 7.2.

 

(d)              
Interest. Subject to the provisions of Sections 2.9 and 2.14, U.S. Revolving Loans shall bear interest
as follows:

 

(i)              
Alternate Base Rate Loans. During such periods as U.S. Revolving Loans shall be comprised in whole or in part of
Alternate Base Rate Loans, such Alternate Base Rate Loans shall bear interest at a per annum rate equal to the Alternate Base
Rate plus the Applicable Percentage; and

 

(ii)              
LIBOR Rate Loans. During such periods as U.S. Revolving Loans shall be comprised in whole or in part of LIBOR Rate
Loans, such LIBOR Rate Loans shall bear interest at a per annum rate equal to the LIBOR Rate plus the Applicable Percentage.

 

Interest on U.S. Revolving Loans shall
be payable in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).

 

(e)               
U.S. Revolving Notes. The U.S. Revolving Loans shall be further evidenced by a duly executed U.S. Revolving Note
in favor of each U.S. Revolving Lender that requests such a note substantially in the form of Exhibit E-1, if requested
by such U.S. Revolving Lender.

 

(f)               
Designation of Additional Borrowers. From time to time, the Parent Borrower may designate Restricted Subsidiaries
of the Parent Borrower incorporated, formed or otherwise organized in the United States and reasonably satisfactory to the Administrative
Agent as joint and several additional Borrowers under the U.S. Revolving Loans and such parties shall become a party to this Agreement
pursuant to a joinder agreement reasonably satisfactory to the Administrative Agent; provided that the Parent Borrower shall
have furnished each of the Lenders with all documentation and other information reasonably requested by the Lenders relating to
the additional Borrowers required by the applicable Governmental Authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act and the Canadian AML Acts, or applicable anti-corruption
statutes, including the Foreign Corrupt Practices Act.

 

2.2             
Canadian Revolving Loans.

 

(a)               
Canadian Revolving Commitment. (i) On the Amendment No.
1 Effective Date, in accordance with, and upon the terms and conditions set forth in, Amendment No. 1, (x) the Existing Multicurrency
Revolving Commitment and any Existing Canadian Revolving Loans of each Non-Extended Canadian Revolving Lender outstanding on such
date shall continue hereunder and be reclassified as a Non-Extended Multicurrency Revolving Commitment and Non-Extended Canadian
Revolving Loans, respectively, on such date and (y) the Existing Multicurrency Revolving Commitment and any Existing Canadian Revolving
Loans of each Extended Canadian Revolving Lender outstanding on such date shall continue hereunder and be reclassified as an Extended
Multicurrency Revolving Commitment and Extended Canadian Revolving Loans, respectively, on such date.

 

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(ii)                       
During the Commitment Period, subject to the terms and conditions hereof, (A)
the Non-Extended Canadian Revolving Lenders severally
agree to make revolving credit loans in Canadian Dollars or U.S. Dollars
(“Non-Extended Canadian Revolving Loans”) to the Canadian Borrower from time to time in an aggregate principal
amount the Dollar Amount of which does not exceed the Non-Extended
Multicurrency Revolving Committed Amount at such time; provided,
however, and (B) the Extended Canadian Revolving
Lenders severally agree to make revolving credit loans in Canadian Dollars or U.S. Dollars (the “Extended Canadian Revolving
Loans”) to the Canadian Borrower from time to time in an aggregate principal amount the Dollar Amount of which does not
exceed the Extended Multicurrency Revolving Commitment Amount at such time; provided, however, in each case, that after
giving effect to any such Canadian Revolving Loans, (i) the aggregate principal Dollar Amount (determined as of the most recent
Determination Date) of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving
Committed Amount, (ii) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of the outstanding
Canadian Revolving Loans, the Multicurrency Alternative Currency Revolving Loans
and Canadian Swingline Loans shall not exceed the Multicurrency Revolving Committed Amount and (iii) the aggregate principal Dollar
Amount (determined as of the most recent Determination Date) of any Canadian Revolving Lender’s Canadian Revolving Loans
and its Multicurrency Revolving Commitment Percentage of Canadian Swingline Loans shall not exceed its
applicable Multicurrency Revolving Commitment. Canadian Revolving Loans may consist of U.S. Base Rate Loans, Canadian
Prime Rate Loans, LIBOR Rate Loans or a combination thereof, as the Canadian Borrower may request, and may be repaid and reborrowed
in accordance with the provisions hereof. Canadian Prime Rate Loans shall be denominated in Canadian Dollars, Canadian Revolving
Loans which are U.S. Base Rate Loans shall be denominated in U.S. Dollars, and Canadian Revolving Loans which are LIBOR Rate Loans
shall be denominated in U.S. Dollars or Canadian Dollars. LIBOR Rate Loans denominated in U.S. Dollars shall be made by each Canadian
Revolving Lender at its LIBOR Lending Office. Canadian Prime Rate Loans and Canadian Revolving Loans which are U.S. Base Rate
Loans or LIBOR Rate Loans denominated in Canadian Dollars shall be made by each Canadian Revolving Lender at its Canadian Lending
Office. Canadian Revolving Loans may only be made by Lenders which are Canadian Lenders. Any such Lender which should cease to
be or to qualify as a Canadian Lender shall forthwith notify the Canadian Borrower of such event.

 

(iii)                       
From the Amendment No. 1 Effective Date until the Revolving Maturity Date
with respect to the Non-Extended Multicurrency Revolving Facility, all Canadian Revolving Loans shall be made and prepaid (except
as otherwise expressly contemplated by Sections 2.2(c) and 2.11(c)) on a pro rata basis between the Non-Extended Multicurrency
Revolving Facility and the Extended Multicurrency Revolving Facility, and the Non-Extended Canadian Revolving Loans and the Extended
Canadian Revolving Loans shall otherwise be treated ratably (i.e., as a single Class) for all other purposes of this Agreement
during such period (except as otherwise expressly contemplated by Sections 2.2(c), 2.11(c) and 2.12(a)). Any Existing Canadian
Revolving Loans outstanding on the Amendment No. 1 Effective Date shall be continued as Canadian Revolving Loans hereunder; provided
that (x) the Existing Canadian Revolving Loans of each Non-Extended Canadian Revolving Lender will be reclassified as “Non-Extended
Canadian Revolving Loans” and (y) the Existing Canadian Revolving Loans of each Extended Canadian Revolving Lender will
be reclassified as “Extended Canadian Revolving Loans.”

 

    52 

     

    

(iv)                       
Notwithstanding anything to the contrary in this Agreement: (A) on the Amendment
No. 1 Effective Date, (w) Non-Extended Canadian Revolving Loans and Extended Canadian Revolving Loans shall be deemed made as
LIBOR Rate Loans in a principal amount equal to the principal amount of the Existing Canadian Revolving Loans reclassified as
Non-Extended Canadian Revolving Loans and Extended Canadian Revolving Loans, as applicable, pursuant to Section 2.2(a)(iii) that
were outstanding as LIBOR Rate Loans at the time of reclassification (and the principal amount of such Non-Extended Canadian Revolving
Loans and Extended Canadian Revolving Loans shall be allocated ratably to the Interest Periods applicable to the Existing Canadian
Revolving Loans so converted, such that, immediately after giving effect to such reclassification, each Canadian Revolving Lender
holds a ratable amount of the Canadian Revolving Loans of each Interest Period based on its Multicurrency Revolving Commitment
Percentage on the Amendment No. 1 Effective Date), (x) Interest Periods for the Non-Extended Canadian Revolving Loans and the
Extended Canadian Revolving Loans described in clause (w) above shall end on the same dates as the Interest Periods applicable
to the corresponding Existing Canadian Revolving Loans described in clause (w) above, and the LIBOR applicable to such Non-Extended
Canadian Revolving Loans and Extended Canadian Revolving Loans during such Interest Periods shall be the same as those applicable
to the Existing Canadian Revolving Loans so reclassified, (y) Non-Extended Canadian Revolving Loans and Extended Canadian Revolving
Loans shall be deemed made as U.S. Base Rate Loans in a principal amount equal to the principal amount of Existing Canadian Revolving
Loans reclassified into Non-Extended Canadian Revolving Loans and Extended Canadian Revolving Loans, respectively, pursuant to
Section 2.2(a)(iii) that were outstanding as U.S. Base Rate Loans at the time of reclassification, and (z) Non-Extended Canadian
Revolving Loans and Extended Canadian Revolving Loans shall be deemed made as Canadian Prime Rate Loans in a principal amount
equal to the principal amount of Existing Canadian Revolving Loans reclassified into Non-Extended Canadian Revolving Loans and
Extended Canadian Revolving Loans, respectively, pursuant to Section 2.2(a)(iii) that were outstanding as Canadian Prime Rate
Loans at the time of reclassification (it being understood that the designations contemplated by the foregoing clauses (w), (y)
and (z) shall be allocated among the Canadian Revolving Lenders such that, on the Amendment No. 1 Effective Date, each Canadian
Revolving Lender holds an amount of Canadian Revolving Loans that are LIBOR Rate Loans, that are U.S. Base Rate Loans and that
are Canadian Prime Rate Loans based on its Multicurrency Revolving Commitment Percentage of the aggregate amount of such LIBOR
Rate Loans, U.S. Base Rate Loans and Canadian Prime Rate Loans, respectively, on the Amendment No. 1 Effective Date); and (B)
each Non-Extended Canadian Revolving Loan and Extended Canadian Revolving Loan shall continue to be entitled to all accrued and
unpaid interest with respect to the Existing Canadian Revolving Loan from which such Non-Extended Canadian Revolving Loan and
Extended Canadian Revolving Loan, as applicable, was reclassified up to but excluding the Amendment No. 1 Effective Date. No costs
shall be payable under Section 2.20 in connection with transactions consummated under this Section 2.2(a)(iv). 

 

(b)              
Canadian Revolving Loan Borrowings.

 

(i)Notice of
Borrowing. The Canadian Borrower (or the Parent Borrower on behalf of the Canadian Borrower) may request a Canadian Revolving
Loan borrowing by delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a
written Notice of Borrowing, which delivery may be by fax or electronically by pdf) to the Multicurrency Agent (with a copy to
the Administrative Agent) not later than 12:00 Noon on (A) the Business Day prior to the date of the requested borrowing in the
case of U.S. Base Rate Loans and Canadian Prime Rate Loans and (B) the third Business Day prior to the date of the requested borrowing
in the case of LIBOR Rate Loans. Each such Notice of Borrowing shall be irrevocable and shall specify (A) that a Canadian Revolving
Loan is requested and the currency thereof, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate
principal amount to be borrowed and (D) whether the borrowing shall be comprised of U.S. Base Rate Loans, Canadian Prime Rate Loans,
LIBOR Rate Loans or a combination thereof, and if LIBOR Rate Loans are requested, the Interest Period therefor. If the Canadian
Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in the case of a LIBOR Rate Loan,
then such notice shall be deemed to be a request for an Interest Period of one (1) month or (2) the Type of Canadian Revolving
Loan requested, then such notice shall be deemed to be a request for a U.S. Base Rate Loan (if denominated in U.S. Dollars) or
a Canadian Prime Rate Loan (if denominated in Canadian Dollars) hereunder. The Multicurrency Agent shall give notice to each Canadian
Revolving Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Canadian Revolving Lender’s
share thereof.

 

    53 

     

    

(ii)Minimum
Amounts. Each Canadian Revolving Loan shall be in a minimum aggregate amount of the Borrowing Minimum and in integral multiples
of the Borrowing Multiple in excess thereof (or the remaining amount of the Multicurrency Revolving Committed Amount, if less).

 

(iii)Advances.
Each Canadian Revolving Lender will make its Multicurrency Revolving Commitment Percentage of each Canadian Revolving Loan borrowing
available to the Multicurrency Agent, for the account of the Canadian Borrower, in U.S. Dollars or Canadian Dollars, as applicable,
and in funds immediately available to the Multicurrency Agent, at the Multicurrency Agent’s office by 1:00 p.m. on the date
specified in the applicable Notice of Borrowing. Such borrowing will then promptly be made available to the Canadian Borrower by
the Multicurrency Agent on such date by wiring the aggregate of the amounts made available to the Multicurrency Agent by the Canadian
Revolving Lenders and in like funds as received by the Multicurrency Agent to the account of the Canadian Borrower specified by
the Canadian Borrower in the Account Designation Letter delivered hereunder.

 

(c)               
Repayment. The principal amount of all Canadian Revolving Loans
of any Class shall be due and payable in full on the Revolving/Term Loan
Maturity Date of such Class, unless accelerated sooner pursuant
to Section 7.2.

 

(d)              
Interest and Fees. Subject to the provisions of Sections 2.9 and 2.14, Canadian Revolving Loans shall
bear interest as follows:

 

(i)              
U.S. Base Rate Loan. During such periods as Canadian Revolving Loans shall be comprised of U.S. Base Rate Loans,
each such U.S. Base Rate Loan shall bear interest at a per annum rate equal to the sum of the U.S. Base Rate plus the Applicable
Percentage;

 

(ii)              
Canadian Prime Rate Loans. During such periods as Canadian Revolving Loans shall be comprised of Canadian Prime
Rate Loans, each such Canadian Prime Rate Loan shall bear interest at a per annum rate equal to the sum of the Canadian Prime
Rate plus the Applicable Percentage; and

 

(iii)              
LIBOR Rate Loans. During such periods as Canadian Revolving Loans shall be comprised of LIBOR Rate Loans, such LIBOR
Rate Loans shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage.

 

Interest on Canadian Revolving Loans shall
be payable in arrears on each Interest Payment Date.

 

(e)               
Notes. The Canadian Revolving Loans shall be further evidenced by a duly executed Canadian Revolving Note in favor
of each Canadian Revolving Lender that requests such a note in the form of Exhibit E-2, if requested by such Canadian Revolving
Lender.

 

(f)               
Designation of Additional Borrowers. From time to time, the Parent Borrower may designate Restricted Subsidiaries
of the Parent Borrower incorporated, formed or otherwise organized in Canada and reasonably satisfactory to the Multicurrency Agent
as joint and several additional Borrowers under the Canadian Revolving Loans and such parties shall become a party to this Agreement
pursuant to a joinder agreement reasonably satisfactory to the Administrative Agent; provided that the Parent Borrower shall
have furnished each of the Lenders with all documentation and other information reasonably requested by the Lenders relating to
the additional Borrowers required by the applicable Governmental Authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act and the Canadian AML Acts, or applicable anti-corruption
statutes, including the Foreign Corrupt Practices Act.

 

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2.3             
Multicurrency Alternative Currency Revolving Loans.

 

(a)               
Multicurrency Revolving Commitment. (i) On the Amendment
No. 1 Effective Date, in accordance with, and upon the terms and conditions set forth in, Amendment No. 1, (x) the Existing Multicurrency
Revolving Commitment and any Existing Multicurrency Alternative Currency Revolving Loans of each Non-Extended Multicurrency Revolving
Lender outstanding on such date shall continue hereunder and be reclassified as a Non-Extended Multicurrency Revolving Commitment
and Non-Extended Multicurrency Alternative Currency Revolving Loans, respectively, on such date and (y) the Existing Multicurrency
Revolving Commitment and any Existing Multicurrency Alternative Currency Revolving Loans of each Extended Multicurrency Revolving
Lender outstanding on such date shall continue hereunder and be reclassified as an Extended Multicurrency Revolving Commitment
and Extended Multicurrency Alternative Currency Revolving Loans, respectively, on such date.

 

(ii)                       
During the Commitment Period, subject to the terms and conditions hereof, (A)
the Non-Extended Multicurrency Revolving Lenders
severally agree to make revolving credit loans in Multicurrency Alternative Currencies (“Non-Extended
Multicurrency Alternative Currency Revolving Loans”) to any Multicurrency Borrower from time to time in an aggregate
principal amount the Dollar Amount of which does not exceed the
of which does not exceed the Non-Extended Multicurrency Revolving Committed Amount and (B) the Extended Multicurrency Revolving
Lenders severally agree to make revolving credit loans in Multicurrency Alternative Currencies (“Extended Multicurrency
Alternative Currency Revolving Loans”) to any Multicurrency Borrower from time to time in an aggregate principal amount
the Dollar Amount of which does not exceed the Extended Multicurrency Revolving Committed Amount; provided,
however, in each case, that after giving effect to
any such Multicurrency Alternative Currency Revolving Loans, (i) the aggregate principal Dollar Amount (determined as of the most
recent Determination Date) of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate
Revolving Committed Amount, (ii) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of
any Multicurrency Revolving Lender’s Multicurrency Alternative Currency Revolving Loans and Canadian Revolving Loans and
its Multicurrency Revolving Commitment Percentage of Canadian Swingline Loans shall not exceed its
applicable Multicurrency Revolving Commitment and (iii) the aggregate principal Dollar Amount (determined as of the
most recent Determination Date) of the outstanding Multicurrency Alternative Currency Revolving Loans, Canadian Revolving Loans
and Canadian Swingline Loans shall not exceed the Multicurrency Revolving Committed Amount. Multicurrency Alternative Currency
Revolving Loans shall consist of Alternate Base Rate Loans, LIBOR Rate Loans or a combination thereof and may be repaid and reborrowed
in accordance with the provisions hereof. Multicurrency Alternative Currency Revolving Loans which are Alternate Base Rate Loans
shall be denominated in U.S. Dollars, and Multicurrency Alternative Currency Revolving Loans which are LIBOR Rate Loans shall
be denominated in U.S. Dollars or another Multicurrency Alternative Currency. Multicurrency Alternative Currency Revolving Loans
which are LIBOR Rate Loans denominated in U.S. Dollars shall be made by each Multicurrency Revolving Lender at its LIBOR Lending
Office. Multicurrency Alternative Currency Revolving Loans which are LIBOR Rate Loans denominated in a Multicurrency Alternative
Currency (other than U.S. Dollars) or Alternate Base Rate Loans shall be made by each Multicurrency Revolving Lender at its Multicurrency
Lending Office. Multicurrency Alternative Currency Revolving Loans may only be made by Lenders which are Multicurrency Revolving
Lenders. Any such Lender which should cease to be or to qualify as a Multicurrency Revolving Lender shall forthwith notify the
Multicurrency Borrowers of such event. Multicurrency Revolving Commitments in a currency other than U.S. Dollars, Canadian Dollars,
Euro and Sterling shall be effected pursuant to one or more Multicurrency Lender Joinder Agreements executed and delivered by
the Borrowers, the Administrative Agent and the applicable Multicurrency Revolving Lenders (which Multicurrency Lender Joinder
Agreement may, without the consent of any other Lenders or Credit Parties, effect such amendments to this Agreement and the other
Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this
Section 2.3).

 

    55 

     

    

(iii)                       
From the Amendment No. 1 Effective Date until the Revolving Maturity Date
with respect to the Non-Extended Multicurrency Revolving Facility, all Multicurrency Alternative Currency Revolving Loans shall
be made and prepaid (except as otherwise expressly contemplated by Sections 2.3(c) and 2.11(c)) on a pro rata basis between the
Non-Extended Multicurrency Revolving Facility and the Extended Multicurrency Revolving Facility, and the Non-Extended Multicurrency
Alternative Currency Revolving Loans and the Extended Multicurrency Alternative Currency Revolving Loans shall otherwise be treated
ratably (i.e., as a single Class) for all other purposes of this Agreement during such period (except as otherwise expressly contemplated
by Sections 2.3(c), 2.11(c) and 2.12(a)). Any Existing Multicurrency Alternative Currency Revolving Loans outstanding on the Amendment
No. 1 Effective Date shall be continued as Multicurrency Alternative Currency Revolving Loans hereunder; provided that (x) the
Existing Multicurrency Alternative Currency Revolving Loans of each Non-Extended Multicurrency Revolving Lender will be reclassified
as “Non-Extended Multicurrency Alternative Currency Revolving Loans” and (y) the Existing Multicurrency Alternative
Currency Revolving Loans of each Extended Multicurrency Revolving Lender will be reclassified as “Extended Multicurrency
Alternative Currency Revolving Loans.”

 

(iv)                       
Notwithstanding anything to the contrary in this Agreement: (A) on the Amendment
No. 1 Effective Date, (x) Non-Extended Multicurrency Alternative Currency Revolving Loans and Extended Multicurrency Alternative
Currency Revolving Loans shall be deemed made as LIBOR Rate Loans in a principal amount equal to the principal amount of the Existing
Multicurrency Alternative Currency Revolving Loans reclassified as Non-Extended Multicurrency Alternative Currency Revolving Loans
and Extended Multicurrency Alternative Currency Revolving Loans, as applicable, pursuant to Section 2.3(a)(iii) that were outstanding
as LIBOR Rate Loans at the time of reclassification (and the principal amount of such Non-Extended Multicurrency Alternative Currency
Revolving Loans and Extended Multicurrency Alternative Currency Revolving Loans shall be allocated ratably to the Interest Periods
applicable to the Existing Multicurrency Alternative Currency Revolving Loans so converted, such that, immediately after giving
effect to such reclassification, each Multicurrency Revolving Lender holds a ratable amount of the Multicurrency Alternative Currency
Revolving Loans of each Interest Period based on its Multicurrency Revolving Commitment Percentage on the Amendment No. 1 Effective
Date), (y) Interest Periods for the Non-Extended Multicurrency Alternative Currency Revolving Loans and the Extended Multicurrency
Alternative Currency Revolving Loans described in clause (x) above shall end on the same dates as the Interest Periods applicable
to the corresponding Existing Multicurrency Alternative Currency Revolving Loans described in clause (x) above, and the LIBOR
applicable to such Non-Extended Multicurrency Alternative Currency Revolving Loans and Extended Multicurrency Alternative Currency
Revolving Loans during such Interest Periods shall be the same as those applicable to the Existing Multicurrency Alternative Currency
Revolving Loans so reclassified, and (z) Non-Extended Multicurrency Alternative Currency Revolving Loans and Extended Multicurrency
Alternative Currency Revolving Loans shall be deemed made as Alternate Base Rate Loans in a principal amount equal to the principal
amount of Existing Multicurrency Alternative Currency Revolving Loans reclassified into Non-Extended Multicurrency Alternative
Currency Revolving Loans and Extended Multicurrency Alternative Currency Revolving Loans, respectively, pursuant to Section 2.3(a)(iii)
that were outstanding as Alternate Base Rate Loans at the time of reclassification (it being understood that the designations
contemplated by the foregoing clauses (x) and (z) shall be allocated among the Multicurrency Revolving Lenders such that, on the
Amendment No. 1 Effective Date, each Multicurrency Revolving Lender holds an amount of Multicurrency Alternative Currency Revolving
Loans that are LIBOR Rate Loans and that are Alternate Base Rate Loans based on its Multicurrency Revolving Commitment Percentage
of the aggregate amount of such LIBOR Rate Loans and Alternate Base Rate Loans, respectively, on the Amendment No. 1 Effective
Date); and (B) each Non-Extended Multicurrency Alternative Currency Revolving Loan and Extended Multicurrency Alternative Currency
Revolving Loan shall continue to be entitled to all accrued and unpaid interest with respect to the Existing Multicurrency Alternative
Currency Revolving Loan from which such Non-Extended Multicurrency Alternative Currency Revolving Loan and Extended Multicurrency
Alternative Currency Revolving Loan, as applicable, was reclassified up to but excluding the Amendment No. 1 Effective Date. No
costs shall be payable under Section 2.20 in connection with transactions consummated under this Section 2.3(a)(iv).

 

    56 

     

    

(b)              
Multicurrency Alternative Currency Revolving Loan Borrowings.

 

(i)Notice of
Borrowing. Each Multicurrency Borrower (or the Parent Borrower on behalf of such Multicurrency Borrower) may request a Multicurrency
Alternative Currency Revolving Loan borrowing by delivering a written Notice of Borrowing (or telephone notice promptly confirmed
in writing by delivery of a written Notice of Borrowing, which delivery may be by fax or electronically by pdf) to the Multicurrency
Agent (with a copy to the Administrative Agent) not later than 12:00 Noon on (A) the Business Day prior to the date of the requested
borrowing in the case of Alternate Base Rate Loans, (B) the third Business Day prior to the date of the requested borrowing in
the case of LIBOR Rate Loans denominated in U.S. Dollars and (C) the fourth Business Day prior to the date of the requested borrowing
in the case of LIBOR Rate Loans denominated in a Multicurrency Alternative Currency (other than U.S. Dollars). Each such Notice
of Borrowing shall be irrevocable and shall specify (A) that a Multicurrency Alternative Currency Revolving Loan is requested and
the currency thereof, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount
to be borrowed and (D) whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR Rate Loans or a combination
thereof, and if LIBOR Rate Loans are requested, the Interest Period therefor. If a Multicurrency Borrower shall fail to specify
in any such Notice of Borrowing (1) an applicable Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed
to be a request for an Interest Period of one (1) month and (2) the Type of Revolving Loan requested, then such notice shall be
deemed to be a request for an Alternate Base Rate Loan (if denominated in U.S. Dollars) or a LIBOR Rate Loan (if denominated in
any other Multicurrency Alternative Currency). The Multicurrency Agent shall give notice to each Multicurrency Revolving Lender
promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Multicurrency Revolving Lender’s share
thereof.

 

(ii)Minimum
Amounts. Each Multicurrency Alternative Currency Revolving Loan shall be in a minimum aggregate amount of the Borrowing Minimum
and in integral multiples of the Borrowing Multiple in excess thereof (or the remaining amount of the Multicurrency Revolving Committed
Amount, if less).

 

(iii)Advances.
Each Multicurrency Revolving Lender will make its Multicurrency Revolving Commitment Percentage of each Multicurrency Alternative
Currency Revolving Loan borrowing available to the Multicurrency Agent, for the account of the applicable Multicurrency Borrower,
in a Multicurrency Alternative Currency, as applicable and in funds immediately available to the Multicurrency Agent, at the Multicurrency
Agent’s office by 1:00 p.m. on the date specified in the applicable Notice of Borrowing. Such borrowing will then be made
available to the applicable Multicurrency Borrower by the Multicurrency Agent by wiring the aggregate of the amounts made available
to the Multicurrency Agent by the Multicurrency Revolving Lenders and in like funds as received by the Multicurrency Agent to the
account of such Multicurrency Borrower specified by such Multicurrency Borrower in the Account Designation Letter delivered hereunder.

 

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(c)               
Repayment. The principal amount of all Multicurrency Alternative Currency Revolving Loans
of any Class shall be due and payable in full on the Revolving/Term Loan
Maturity Date of such Class, unless accelerated sooner pursuant
to Section 7.2.

 

(d)              
Interest and Fees. Subject to the provisions of Sections 2.9 and 2.14, Multicurrency Alternative Currency
Revolving Loans shall bear interest as follows:

 

(i)              
Alternate Base Rate Loan. During such periods as Multicurrency Alternative
Currency Revolving Loans shall be comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall
bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Percentage; and

 

(ii)              
LIBOR Rate Loans. During such periods as Multicurrency Alternative
Currency Revolving Loans shall be comprised of LIBOR Rate Loans, such LIBOR Rate Loans shall bear interest at a per
annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage.

 

Interest on Multicurrency
Alternative Currency Revolving Loans shall be payable in arrears on each Interest Payment Date.

 

(e)               
Notes. The Multicurrency Alternative Currency Revolving Loans shall be further evidenced by a duly executed Multicurrency
Revolving Note in favor of each Multicurrency Revolving Lender that requests such a note substantially in the form of Exhibit
E-3, if requested by such Multicurrency Revolving Lender.

 

(f)               
Designation of Additional Borrowers. From time to time, the Parent Borrower may designate Restricted Subsidiaries
of the Parent Borrower incorporated, formed or otherwise organized in a jurisdiction reasonably satisfactory to the Multicurrency
Agent and the Multicurrency Revolving Lenders as joint and several additional Borrowers under the Multicurrency Alternative Currency
Revolving Loans and such parties shall become a party to this Agreement pursuant to a joinder agreement reasonably satisfactory
to the Administrative Agent; provided that no Foreign Subsidiary (or any Subsidiary thereof) shall be jointly and severally
liable with respect to the Credit Party Obligations of the Parent Borrower; provided further that any designation of a Foreign
Subsidiary as a Borrower pursuant to this Section 2.3(f) shall not release such Foreign Subsidiary from its Guaranty, if
any, under this Agreement; provided further that the Parent Borrower shall have furnished each of the Lenders with all documentation
and other information reasonably requested by the Lenders relating to the additional Borrowers required by the applicable Governmental
Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot
Act and the Canadian AML Acts, or applicable anti-corruption statutes, including the Foreign Corrupt Practices Act.

 

(g)               
Designation of Additional Currencies. From time to time, the Parent Borrower may request that a portion of the Multicurrency
Revolving Commitments be allocated to a separate revolving credit facility (the “Alternative Currency Facility”)
under which each Multicurrency Borrower shall be permitted to borrow, on a revolving credit basis, loans denominated in an alternative
currency (the “Alternative Currency”) designated by the Parent Borrower (it being understood that, upon such
allocation, the Multicurrency Revolving Committed Amount shall be reduced, on a dollar-for-dollar basis and in accordance with
the terms set forth in Section 2.12(a) of the Credit Agreement for voluntary reductions of the unused portion of the Multicurrency
Revolving Committed Amount, by the amount of the commitments so allocated to the Alternative Currency Facility). The terms and
conditions applicable to the Alternative Currency Facility (other than those terms relating to interest rate) shall be substantially
the same as those terms and conditions applicable to the facility in respect of the Multicurrency Revolving Commitments or shall
otherwise be reasonably satisfactory to the Administrative Agent (which for the avoidance of doubt shall include changes to notice
and timing requirements to reflect the operational requirements of the Administrative Agent). In connection with the implementation
of the Alternative Currency Facility, the Administrative Agent and the Parent Borrower shall be permitted to effect, without the
consent of any other Lender, such amendments to this Credit Agreement and the other Credit Documents as may be necessary or appropriate,
in the opinion of the Administrative Agent and the Parent Borrower, to effect the provisions of this Section 2.3(g) (collectively,
the “Alternative Currency Facility Amendment”). Any existing Multicurrency Revolving Lender or other Person
that elects to extend commitments in respect of the Alternative Currency Facility shall be reasonably satisfactory to the Parent
Borrower and the Administrative Agent and, if not already a Lender, shall become a Lender under the Credit Agreement pursuant to
the Alternative Currency Facility Amendment. No Lender shall be obligated to provide any commitments in respect of the Alternative
Currency Facility unless it so agrees. For the avoidance of doubt, the Administrative Agent shall not be obligated to be the administrative
agent for the Alternative Currency Facility and the Alternative Currency Facility may have a different administrative agent with
only the consent of the Parent Borrower and the Administrative Agent and such other administrative agent.

 

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2.4             
Closing Date Term Loan.

 

(a)               
Closing Date Term Loan. Subject to the terms and conditions hereof and in reliance upon the representations and warranties
set forth herein, each Closing Date Term Loan Lender severally agrees to make available to the Parent Borrower such Closing Date
Term Loan Lender’s Closing Date Term Loan Commitment Percentage of a term loan in U.S. Dollars (the “Closing Date
Term Loan”) in the aggregate principal amount of ONE BILLION, TWO HUNDRED MILLION U.S. DOLLARS (U.S.$1,200,000,000)
(the “Closing Date Term Loan Committed Amount”) for the purposes hereinafter set forth. The Closing Date
Term Loan may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Parent Borrower may request.
LIBOR Rate Loans shall be made by each Closing Date Term Loan Lender at its LIBOR Lending Office and Alternate Base Rate Loans
at its Domestic Lending Office. Amounts repaid or prepaid on the Closing Date Term Loan may not be reborrowed.

 

(b)              
Repayment of Closing Date Term Loan. The principal amount of the Closing Date Term Loan (including Delayed Draw Term
Loans, if any) shall be repaid in sixteen (16) consecutive quarterly installments on the last day of each March, June, September
and December (commencing on the first such date occurring on or after the first anniversary of the Closing Date) in the percentage
of the original aggregate principal amount of the Closing Date Term Loan on the Closing Date (as increased by the aggregate principal
amount of any Delayed Draw Term Loans funded after the Closing Date), set forth opposite thereto, unless accelerated sooner pursuant
to Section 7.2:

 

	
        Date
	 	
        Closing
        Date Term Loan Repayment Percentage Per Quarter 

	From the first anniversary of the Closing Date to and including the second anniversary of the Closing Date	 	1.25%
	From the second anniversary of the Closing Date to and including the third anniversary of the Closing Date	 	2.00%
	From the third anniversary of the Closing Date to and including the fourth anniversary of the Closing Date	 	2.00%
	From the fourth anniversary of the Closing Date to and including the fifth anniversary of the Closing Date	 	2.50%
	Revolving/Term Loan Maturity Date	 	Outstanding Principal Amount of the Closing Date Term Loan

 

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(c)               
Interest on the Closing Date Term Loan. Subject to the provisions of Sections 2.9 and 2.14, the Closing
Date Term Loan shall bear interest as follows:

 

(i)              
Alternate Base Rate Loans. During such periods as the Closing Date Term Loan shall be comprised of Alternate Base
Rate Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base
Rate plus the Applicable Percentage; and

 

(ii)              
LIBOR Rate Loans. During such periods as the Closing Date Term Loan shall be comprised of LIBOR Rate Loans, each
such LIBOR Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage.

 

Interest on the Closing Date Term Loan
shall be payable in arrears on each Interest Payment Date.

 

(d)              
Closing Date Term Loan Notes. The Parent Borrower’s obligation to pay each Closing Date Term Loan Lender’s
Closing Date Term Loan shall be evidenced, upon such Closing Date Term Loan Lender’s request, by a Closing Date Term Loan
Note made payable to such Lender in substantially the form of Exhibit E-4.

 

2.5             
Delayed Draw Term Loan. During the Delayed
Draw Commitment Period, subject to the terms and conditions and in reliance upon the representations and warranties set forth herein,
each Delayed Draw Term Loan Lender severally agrees to make available to the Parent Borrower a term loan in U.S. dollars (the “Delayed
Draw Term Loan”) in an aggregate principal amount up to such Delayed Draw Term Loan Lender’s Delayed Draw Term
Loan Commitment Percentage of the Delayed Draw Term Loan Committed Amount at such time for the purposes hereinafter set forth;
provided that (i) there shall be no more than two separate borrowings of Delayed Draw Term Loans, (ii) each borrowing of
Delayed Draw Term Loans shall be in a minimum aggregate principal amount of $100,000,000 and shall reduce the Delayed Draw Term
Loan Committed Amount on a dollar-for-dollar basis and (iii) the Delayed Draw Term Loans (if and when funded) shall have the same
terms and shall be treated as a single class for all purposes with the Closing Date Term Loans, except that interest on the Delayed
Draw Term Loans shall commence to accrue from the date of funding thereof. The Parent Borrower may request a Delayed Draw Term
Loan by delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice
of Borrowing, which delivery may be by fax or electronically by pdf) to the Administrative Agent not later than 11:00 a.m. on the
date of the requested borrowing in the case of an Alternate Base Rate Loan, and on the third Business Day prior to the date of
the requested borrowing in the case of LIBOR Rate Loans. Each such Notice of Borrowing shall be irrevocable and shall specify (A)
that a Delayed Draw Term Loan is requested, (B) the date of the requested borrowing (which shall be on a Business Day) (each such
date, a “Delayed Draw Funding Date”) and (C) the aggregate principal amount to be borrowed. Each Delayed Draw Term
Loan Lender will make its Delayed Draw Term Loan Commitment Percentage of each Delayed Draw Term Loan borrowing available to the
Administrative Agent, for the account of the Parent Borrower, in U.S. Dollars and in funds immediately available to the Administrative
Agent at the Administrative Agent’s office by 1:00 p.m. on the date specified in the applicable Notice of Borrowing. Such
borrowing will then be promptly made available to the Parent Borrower by the Administrative Agent on such date by crediting the
amount of the Parent Borrower designated in the Account Designation Letter hereunder with the aggregate of the amounts made available
to the Administrative Agent by the Delayed Draw Term Lenders and in like funds as received by the Administrative Agent. Each Lender’s
Delayed Draw Term Loan Commitment shall be reduced immediately and without further action on each Delayed Draw Funding Date on
a dollar-for-dollar basis by the amount of Delayed Draw Term Loans made by such Lender on such Delayed Draw Funding Date. Amounts
repaid or prepaid on the Delayed Draw Term Loan may not be reborrowed. Each borrowing of Delayed Draw Term Loans, to the extent
requested as LIBOR Rate Loans, shall initially consist of Term Loans with an Interest Period commencing on the date of such borrowing
and ending on the last day of the then current Interest Period for the Closing Date Term Loans, and if, as of the date of a borrowing
of Delayed Draw Term Loans, more than one Interest Period is in effect for the Closing Date Term Loans, then the Delayed Draw Term
Loans in such borrowing will be allocated ratably to such Interest Periods.

 

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2.6             
U.S. Swingline Loan Subfacility.

 

(a)               
U.S. Swingline Commitment. Subject to the terms and conditions set forth herein, the U.S. Swingline Lender agrees,
in reliance upon the agreements of the other U.S. Revolving Lenders set forth in this Section 2.6, to make loans (each such
loan, a “U.S. Swingline Loan” and, collectively, the “U.S. Swingline Loans”) U.S. Dollars
to the Parent Borrower from time to time on any Business Day during the Commitment Period in an aggregate principal amount at any
time outstanding the Dollar Amount of which shall not exceed TWO HUNDRED MILLION U.S. DOLLARS (U.S.$200,000,000) (the “U.S.
Swingline Committed Amount”) for the purposes hereinafter set forth, notwithstanding the fact that such U.S. Swingline
Loans, when aggregated with the outstanding amount of U.S. Revolving Loans, may exceed the amount of the U.S. Swingline Lender’s
Revolving Commitment; provided, however, (i) the aggregate principal Dollar Amount (determined as of the most recent
Determination Date) of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving
Committed Amount and (ii) with regard to the U.S. Revolving Lenders collectively, the aggregate principal Dollar Amount of the
outstanding U.S. Revolving Loans, U.S. Swingline Loans and LOC Obligations shall not exceed the U.S. Revolving Committed Amount.
U.S. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof.

 

(b)              
U.S. Swingline Loan Borrowings.

 

(i)Notice of
Borrowing and Disbursement. The Parent Borrower may request a U.S. Swingline Loan borrowing by delivering a written Notice
of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may
be by fax or electronically by pdf) to the U.S. Swingline Lender and the Administrative Agent not later than 12:00 noon on the
date of the requested borrowing. U.S. Swingline Loan borrowings hereunder shall be made in minimum amounts of U.S.$100,000 and
in integral amounts of U.S.$100,000 in excess thereof.

 

(ii)Repayment
of U.S. Swingline Loans. The Parent Borrower shall repay each U.S. Swingline Loan on the Revolving/Term
Loan Maturity Datein accordance with Section 2.6(g),
unless accelerated sooner pursuant to Section 7.2. The U.S. Swingline Lender may, at any time, in its sole discretion, by
written notice to the Parent Borrower and the Administrative Agent, demand repayment of its U.S. Swingline Loans by way of a U.S.
Revolving Loan borrowing, in which case the Parent Borrower shall be deemed to have requested a U.S. Revolving Loan borrowing comprised
entirely of Alternate Base Rate Loans in the Dollar Amount of such U.S. Swingline Loans; provided, however, that,
in the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (A) the
applicable Revolving/Term
Loan Maturity Date, (B) the occurrence of any Event of Default described in Section 7.1(g), (C) upon acceleration
of the Credit Party Obligations hereunder, whether on account of an Event of Default described in Section 7.1(g) or any
other Event of Default and (D) the exercise of remedies in accordance with the provisions of Section 7.2 (each such U.S.
Revolving Loan borrowing made on account of any such deemed request therefor as provided herein being hereinafter referred to as
a “Mandatory U.S. Borrowing”). Each U.S. Revolving Lender hereby irrevocably agrees to make such U.S. Revolving
Loans promptly upon any such request or deemed request on account of each Mandatory U.S. Borrowing in the Dollar Amount and in
the manner specified in the preceding sentence and on the same such date notwithstanding (1) the amount of the Mandatory
U.S. Borrowing may not comply with the minimum amount for borrowings of U.S. Revolving Loans otherwise required hereunder, (2)
whether any conditions specified in Section 4.2 are then satisfied, except for the condition specified in Section 4.2(c)(i),
(3) whether a Default or an Event of Default then exists, (4) failure of any such request or deemed request for U.S. Revolving
Loans to be made by the time otherwise required in Section 2.1(b)(i), (5) the date of such Mandatory U.S. Borrowing, or
(6) any reduction in the U.S. Revolving Committed Amount or termination of the U.S. Revolving Commitments immediately prior to
such Mandatory U.S. Borrowing or contemporaneously therewith. In the event that any Mandatory U.S. Borrowing or other deemed request
cannot for any reason be made on the date otherwise required above (including as a result of the commencement of a proceeding under
the Bankruptcy Code with respect to the Parent Borrower), then each U.S. Revolving Lender hereby agrees that it shall forthwith
purchase (as of the date the Mandatory U.S. Borrowing or other deemed request would otherwise have occurred, but adjusted for any
payments received from the Parent Borrower on or after such date and prior to such purchase) from the U.S. Swingline Lender such
participations in the outstanding U.S. Swingline Loans as shall be necessary to cause each such Lender to share in such U.S. Swingline
Loans ratably based upon its respective U.S. Revolving Commitment Percentage (determined before giving effect to any termination
of the Commitments pursuant to Section 7.2); provided that (x) all interest payable on the U.S. Swingline Loans shall
be for the account of the U.S. Swingline Lender until the date as of which the respective participation is purchased, and (y) at
the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to
pay to the U.S. Swingline Lender interest on the principal amount of such participation purchased for each day from and including
the day upon which the Mandatory U.S. Borrowing would otherwise have occurred but excluding the date of payment for such participation,
at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory U.S. Borrowing, the Federal Funds Rate,
and thereafter at a rate equal to the Alternate Base Rate.

 

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(c)               
Repayment of Participations.

 

(i)At any time
after any U.S. Revolving Lender has purchased and funded a risk participation in a U.S. Swingline Loan, if the U.S. Swingline Lender
receives any payment on account of such U.S. Swingline Loan, the U.S. Swingline Lender will distribute to such U.S. Revolving Lender
its U.S. Revolving Commitment Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect
the period of time during which such U.S. Revolving Lender’s risk participation was funded) in the same funds as those received
by the U.S. Swingline Lender.

 

(ii)If any payment
received by the U.S. Swingline Lender in respect of principal or interest on any U.S. Swingline Loan is required to be returned
by the U.S. Swingline Lender under any of the circumstances described in Section 9.5 (including pursuant to any settlement
entered into by the U.S. Swingline Lender in its discretion), each U.S. Revolving Lender shall pay to the U.S. Swingline Lender
its U.S. Revolving Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of
such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent
will make such demand upon the request of the U.S. Swingline Lender. The obligations of the U.S. Revolving Lenders under this clause
shall survive the payment in full of the Credit Party Obligations and the termination of this Credit Agreement.

 

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(d)              
Interest on U.S. Swingline Loans. Subject to the provisions of Sections 2.9 and 2.14, U.S. Swingline
Loans shall bear interest at a per annum rate equal to the Alternate Base Rate plus the Applicable Percentage for Revolving
Loans that are Alternate Base Rate Loans. Interest on U.S. Swingline Loans shall be payable in arrears on each Interest Payment
Date.

 

(e)               
U.S. Swingline Note. The U.S. Swingline Loans shall be evidenced by a duly executed promissory note of the Parent
Borrower to the U.S. Swingline Lender in the original Dollar Amount of the U.S. Swingline Committed Amount and substantially in
the form of Exhibit E-5.

 

(f)               
Defaulting Lenders. Notwithstanding anything to the contrary contained in this Section 2.6, the U.S. Swingline
Lender shall not be obligated to make any U.S. Swingline Loan at a time when any other Lender is a Defaulting Lender, unless the
U.S. Swingline Lender has entered into arrangements (which may include the delivery of cash collateral) with the Parent Borrower
or such Defaulting Lender which are satisfactory to the U.S. Swingline Lender to eliminate the U.S. Swingline Lender’s Fronting
Exposure, if any (after giving effect to Section 2.25(c)), with respect to any such Defaulting Lender.

 

(g)               
On the Amendment No. 1 Effective Date, the participations in any outstanding
U.S. Swingline Loans shall be reallocated so that after giving effect thereto, the Non-Extended U.S. Revolving Lenders and the
Extended U.S. Revolving Lenders shall share ratably in the U.S. Swingline Loans in accordance with their respective U.S. Revolving
Commitment Percentage. Thereafter, until the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility,
the participations in any new U.S. Swingline Loans shall be allocated ratably in accordance with the U.S. Revolving Lenders’
respective U.S. Revolving Commitment Percentages. On the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving
Facility, all then outstanding U.S. Swingline Loans shall be repaid in full (and there shall be no adjustment to the participations
in such U.S. Swingline Loans as a result of the occurrence of such Revolving Maturity Date); provided, however, that if, and only
to the extent that, on the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility (after giving effect
to any repayments of U.S. Revolving Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.8(i)),
there shall exist sufficient unutilized Extended U.S. Revolving Commitments so that all or a portion of the then outstanding U.S.
Swingline Loans could be incurred under the Extended U.S. Revolving Commitments and in compliance with the U.S. Swingline Committed
Amount, then on the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility the participations in such
U.S. Swingline Loans shall be reallocated to the Extended U.S. Revolving Lenders ratably in accordance with their respective U.S.
Revolving Commitment Percentages (after giving effect to the termination of the Non-Extended U.S. Revolving Commitments), the same
shall be deemed to have been incurred solely under the Extended U.S. Revolving Commitments, and such U.S. Swingline Loans shall
not be so required to be repaid in full on the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility.
Commencing with the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility, the U.S. Swingline Committed
Amount shall be the lesser of (x) U.S.$200,000,000 and (y) the aggregate principal amount of the total unutilized Extended U.S.
Revolving Commitments at such time, and any U.S. Swingline Loans incurred on and after such date (including any U.S. Swingline
Loans that remain outstanding, in accordance with this Section 2.6(g), as of the Revolving Maturity Date with respect to the Non-Extended
U.S. Revolving Facility shall become due on the Revolving Maturity Date with respect to the Extended U.S. Revolving Facility. 

 

2.7             
Canadian Swingline Loan Subfacility.

 

(a)               
The Canadian Swingline. Subject to the terms and conditions set forth herein, the Canadian Swingline Lender agrees,
in reliance upon the agreements of the other Canadian Revolving Lenders set forth in this Section 2.7, to make loans (each
such loan, a “Canadian Swingline Loan” and, collectively, “Canadian Swingline Loans”) in
U.S. Dollars or Canadian Dollars to the Canadian Borrower from time to time on any Business Day during the Commitment Period in
an aggregate principal amount at any time outstanding the Dollar Amount of which shall not exceed THIRTY MILLION U.S. DOLLARS
(U.S.$30,000,000) (the “Canadian Swingline Committed Amount”) for the purposes hereinafter set forth, notwithstanding
the fact that such Canadian Swingline Loans, when aggregated with the outstanding amount of Canadian Revolving Loans, may exceed
the amount of the Canadian Swingline Lender’s Commitment; provided, however, that after giving effect to any
Canadian Swingline Loan, (i) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of outstanding
Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving Committed Amount and (ii) with regard
to the Canadian Revolving Lenders collectively, the aggregate principal Dollar Amount (determined as of the most recent Determination
Date) of the outstanding Canadian Revolving Loans plus outstanding Canadian Swingline Loans plus outstanding Multicurrency
Alternative Currency Revolving Loans shall not exceed the Multicurrency Revolving Committed Amount. Within the foregoing limits,
and subject to the other terms and conditions hereof, the Canadian Borrower may borrow under this Section 2.7, prepay under
Section 2.11, and reborrow under this Section 2.7. Immediately upon the making of a Canadian Swingline Loan, each
Canadian Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian
Swingline Lender a risk participation in such Canadian Swingline Loan in an amount equal to the product of such Lender’s
Multicurrency Revolving Commitment Percentage times the amount of such Canadian Swingline Loan.

 

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(b)              
Borrowing Procedures. The Canadian Borrower may request a Canadian Swingline Loan borrowing by delivering a written
Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery
may be by fax or electronically by pdf) to the Canadian Swingline Lender and the Administrative Agent (serving in such capacity
on behalf of the Multicurrency Agent). Each such notice must be received by the Canadian Swingline Lender and the Administrative
Agent (serving in such capacity on behalf of the Multicurrency Agent) not later than (x) 1:00 p.m., in the case of a borrowing
of Canadian Prime Rate Loans, and (y) 11:00 a.m. in the case of a borrowing of U.S. Base Rate Loans, on the requested borrowing
date, and shall specify (i) the amount to be borrowed, which shall be a minimum of U.S.$100,000 or C$100,000, as the case may be,
(ii) the requested borrowing date, which shall be a Business Day, and (iii) whether the requested borrowing shall be comprised
of U.S. Base Rate Loans or Canadian Prime Rate Loans. Promptly after receipt by the Canadian Swingline Lender of any telephonic
Notice of Borrowing, the Canadian Swingline Lender will confirm with the Administrative Agent (serving in such capacity on behalf
of the Multicurrency Agent) (by telephone or in writing) that the Administrative Agent (serving in such capacity on behalf of the
Multicurrency Agent) has also received such Notice of Borrowing and, if not, the Canadian Swingline Lender will notify the Administrative
Agent (serving in such capacity on behalf of the Multicurrency Agent) (by telephone or in writing) of the contents thereof. Unless
the Canadian Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent (serving in such capacity
on behalf of the Multicurrency Agent) (including at the request of any Canadian Revolving Lender) prior to 2:00 p.m. on the date
of the proposed Canadian Swingline Loan (A) directing the Canadian Swingline Lender not to make such Canadian Swingline Loan as
a result of the limitations set forth in the proviso to the first sentence of Section 2.7(a), or (B) that one or more of
the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof,
the Canadian Swingline Lender will, not later than 3:00 p.m. on the borrowing date specified in such Notice of Borrowing, make
the amount of its Canadian Swingline Loan available to the Canadian Borrower at its office by crediting the account of the Canadian
Borrower on the books of the Canadian Swingline Lender in immediately available funds, or as otherwise directed by the Canadian
Borrower.

 

(c)               
Refinancing of Canadian Swingline Loans.

 

(i)The Canadian
Swingline Lender at any time in its sole and absolute discretion may request, on behalf of the Canadian Borrower (which hereby
irrevocably authorizes the Canadian Swingline Lender to so request on its behalf), that each Canadian Revolving Lender make a U.S.
Base Rate Loan or Canadian Prime Rate Loan, as applicable, in an amount equal to such Canadian Revolving Lender’s Multicurrency
Revolving Commitment Percentage of the amount of Canadian Swingline Loans then outstanding (a “Mandatory Canadian Borrowing”).
Such request shall be made in writing (which written request shall be deemed to be a Notice of Borrowing for purposes hereof) and
in accordance with the requirements of Section 2.2, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Multicurrency Revolving Committed Amount and
the conditions set forth in Section 4.2. The Canadian Swingline Lender shall furnish the Canadian Borrower with a copy of
the applicable Notice of Borrowing promptly after delivering such notice to the Multicurrency Agent. Each Canadian Revolving Lender
shall make an amount equal to its Multicurrency Revolving Commitment Percentage of the amount specified in such Notice of Borrowing
available to the Multicurrency Agent in immediately available funds, in U.S. Dollars or Canadian Dollars, as applicable, depending
on the currency of the applicable Canadian Swingline Loan being refinanced, for the account of the Canadian Swingline Lender at
the Multicurrency Agent’s office not later than 9:00 a.m. on the day following the day specified in such Notice of Borrowing,
whereupon, subject to Section 2.7(c)(ii), each Canadian Revolving Lender that so makes funds available shall be deemed to
have made a Base Rate Loan to the Canadian Borrower in such amount. The Multicurrency Agent shall remit the funds so received to
the Canadian Swingline Lender.

 

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(ii)If for any
reason any Canadian Swingline Loan cannot be refinanced by such a Mandatory Canadian Borrowing in accordance with Section 2.7(c)(i),
the request for Base Rate Loans submitted by the Canadian Swingline Lender as set forth herein shall be deemed to be a request
by the Canadian Swingline Lender that each of the Canadian Revolving Lenders fund its risk participation in the relevant Canadian
Swingline Loan and each Canadian Revolving Lender’s payment to the Multicurrency Agent for the account of the Canadian Swingline
Lender pursuant to Section 2.7(c)(i) shall be deemed payment in respect of such participation.

 

(iii)If any Canadian
Revolving Lender fails to make available to the Multicurrency Agent for the account of the Canadian Swingline Lender any amount
required to be paid by such Canadian Revolving Lender pursuant to the foregoing provisions of this Section 2.7(c) by the
time specified in Section 2.7(c)(i), the Canadian Swingline Lender shall be entitled to recover from such Canadian Revolving
Lender (acting through the Multicurrency Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the Canadian Swingline Lender at a rate per annum
equal to the greater of the Interbank Reference Rate and a rate determined by the Canadian Swingline Lender in accordance with
banking industry rules on interbank compensation. A certificate of the Canadian Swingline Lender submitted to any Canadian Revolving
Lender (through the Multicurrency Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest
error.

 

(iv)Each Canadian
Revolving Lender’s obligation to make Canadian Revolving Loans or to purchase and fund risk participations in Canadian Swingline
Loans pursuant to this Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Canadian Revolving Lender may have against
the Canadian Swingline Lender, the Canadian Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance
of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,
however, that each Canadian Revolving Lender’s obligation to make Canadian Revolving Loans pursuant to this Section
2.7(c) is subject to the conditions set forth in Section 4.2. No such funding of risk participations shall relieve or
otherwise impair the obligation of the Canadian Borrower to repay Canadian Swingline Loans, together with interest as provided
herein.

 

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(d)              
Repayment of Participations.

 

(i)At any time
after any Canadian Revolving Lender has purchased and funded a risk participation in a Canadian Swingline Loan, if the Canadian
Swingline Lender receives any payment on account of such Canadian Swingline Loan, the Canadian Swingline Lender will distribute
to such Canadian Revolving Lender its Multicurrency Revolving Commitment Percentage of such payment (appropriately adjusted, in
the case of interest payments, to reflect the period of time during which such Canadian Revolving Lender’s risk participation
was funded) in the same funds as those received by the Canadian Swingline Lender.

 

(ii)If any payment
received by the Canadian Swingline Lender in respect of principal or interest on any Canadian Swingline Loan is required to be
returned by the Canadian Swingline Lender under any of the circumstances described in Section 9.5 (including pursuant to
any settlement entered into by the Canadian Swingline Lender in its discretion), each Canadian Revolving Lender shall pay to the
Canadian Swingline Lender its Multicurrency Revolving Commitment Percentage thereof on demand of the Multicurrency Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Interbank Reference
Rate. The Multicurrency Agent will make such demand upon the request of the Canadian Swingline Lender. The obligations of the Canadian
Revolving Lenders under this clause shall survive the payment in full of the Credit Party Obligations and the termination of this
Credit Agreement.

 

(e)               
Interest on Canadian Swingline Loans. Subject to the provisions of Sections 2.9 and 2.14, Canadian
Swingline Loans shall bear interest at a per annum rate equal to (i) in the case of U.S. Dollar Swingline Loans, the U.S. Base
Rate plus the Applicable Percentage or (ii) in the case of Canadian Dollar Swingline Loans, the Canadian Prime Rate plus
the Applicable Percentage. Interest on Canadian Swingline Loans shall be payable in arrears on each Interest Payment Date.

 

(f)               
Interest for Account of Canadian Swingline Lender. The Canadian Swingline Lender shall be responsible for invoicing
the Canadian Borrower for interest on the Canadian Swingline Loans. Until each Canadian Revolving Lender funds its Base Rate Loan
or risk participation pursuant to this Section 2.7 to refinance such Canadian Revolving Lender’s Multicurrency Revolving
Commitment Percentage of any Canadian Swingline Loan, interest in respect of such Multicurrency Revolving Commitment Percentage
shall be solely for the account of the Canadian Swingline Lender.

 

(g)               
Payments Directly to Canadian Swingline Lender. The Canadian Borrower shall make all payments of principal and interest
in respect of the Canadian Swingline Loans directly to the Canadian Swingline Lender.

 

(h)              
Repayment of Canadian Swingline Loans. The Canadian Borrower shall repay each Canadian Swingline Loan on
the Revolving/Term Loan Maturity Datein accordance with
Section 2.7(k), unless accelerated sooner pursuant to Section 7.2.

 

(i)                
Canadian Swingline Note. The Canadian Swingline Loans shall be evidenced by a duly executed promissory note of the
Canadian Borrower to the Canadian Swingline Lender in the original Dollar Amount of the Canadian Swingline Committed Amount and
substantially in the form of Exhibit E-6.

 

(j)                
Defaulting Lenders. Notwithstanding anything to the contrary contained in this Section 2.7, the Canadian Swingline
Lender shall not be obligated to make any Canadian Swingline Loan at a time when any other Lender is a Defaulting Lender, unless
the Canadian Swingline Lender has entered into arrangements (which may include the delivery of cash collateral) with the Canadian
Borrower or such Defaulting Lender which are satisfactory to the Canadian Swingline Lender to eliminate the Canadian Swingline
Lender’s Fronting Exposure, if any (after giving effect to Section 2.25(c)) with respect to any such Defaulting Lender.

 

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(k)              
On the Amendment No. 1 Effective Date, the participations in any outstanding
Canadian Swingline Loans shall be reallocated so that after giving effect thereto, the Non-Extended Canadian Revolving Lenders
and the Extended Canadian Revolving Lenders shall share ratably in the Canadian Swingline Loans in accordance with their respective
Multicurrency Revolving Commitment Percentage. Thereafter, until the Revolving Maturity Date with respect to the Non-Extended Multicurrency
Revolving Facility, the participations in any new Canadian Swingline Loans shall be allocated ratably in accordance with the Canadian
Revolving Lenders’ respective Multicurrency Revolving Commitment Percentages. On the Revolving Maturity Date with respect
to the Non-Extended Multicurrency Revolving Facility, all then outstanding Canadian Swingline Loans shall be repaid in full (and
there shall be no adjustment to the participations in such Canadian Swingline Loans as a result of the occurrence of such Revolving
Maturity Date); provided, however, that if, and only to the extent that, on the Revolving Maturity Date with respect to the Non-Extended
Multicurrency Revolving Facility (after giving effect to any repayments of Canadian Revolving Loans), there shall exist sufficient
unutilized Extended Multicurrency Revolving Commitments so that all or a portion of the then outstanding Canadian Swingline Loans
could be incurred under the Extended Multicurrency Revolving Commitments and in compliance with the Canadian Swingline Committed
Amount, then on the Revolving Maturity Date with respect to the Non-Extended Multicurrency Revolving Facility the participations
in such Canadian Swingline Loans shall be reallocated to the Extended Multicurrency Revolving Lenders ratably in accordance with
their respective Multicurrency Revolving Commitment Percentages (after giving effect to the termination of the Non-Extended Multicurrency
Revolving Commitments), the same shall be deemed to have been incurred solely under the Extended Multicurrency Revolving Commitments,
and such Canadian Swingline Loans shall not be so required to be repaid in full on the Revolving Maturity Date with respect to
the Non-Extended Canadian Multicurrency Facility. Commencing with the Revolving Maturity Date with respect to the Non-Extended
Multicurrency Revolving Facility, the Canadian Swingline Committed Amount shall be the lesser of (x) U.S.$30,000,000 and (y) the
aggregate principal amount of the total unutilized Extended Multicurrency Revolving Commitments at such time, and any Canadian
Swingline Loans incurred on and after such date (including any Canadian Swingline Loans that remain outstanding, in accordance
with this Section 2.7(k), as of the Revolving Maturity Date with respect to the Non-Extended Multicurrency Revolving Facility shall
become due on the Revolving Maturity Date with respect to the Extended Multicurrency Revolving Facility. 

 

2.8             
Letter of Credit Subfacility.

 

(a)               
Issuance. Subject to the terms and conditions hereof and of the LOC Documents, if any, and any other terms and conditions
which the Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the U.S. Revolving
Lenders shall participate in, Letters of Credit for the account of the Parent Borrower or the account of a Subsidiary from time
to time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate Dollar
Amount of LOC Obligations shall not at any time exceed ONE HUNDRED FIFTY MILLION U.S. DOLLARS (U.S.$150,000,000) (the “LOC
Committed Amount”), (ii) the aggregate principal Dollar Amount (determined as of the most recent Determination Date)
of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving Committed Amount,
(iii) with regard to the U.S. Revolving Lenders collectively, the aggregate principal Dollar Amount (determined as of the most
recent Determination Date) of the outstanding U.S. Revolving Loans plus outstanding U.S. Swingline Loans plus LOC
Obligations shall not exceed the U.S. Revolving Committed Amount, (iv) all Letters of Credit shall be denominated in U.S. Dollars,
Canadian Dollars, Euros or Sterling, (v) Letters of Credit shall be issued for lawful corporate purposes and may be issued as standby
letters of credit, including in connection with workers’ compensation and other insurance programs, commercial letters of
credit and trade letters of credit and (vi) the Parent Borrower shall be the applicant and therefore liable with respect to each
Letter of Credit issued for the account of a Subsidiary. Except as otherwise expressly agreed upon by all the U.S. Revolving Lenders,
no Letter of Credit shall have an original expiry date more than twelve (12) months from the date of issuance; provided,
however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions
to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically
from time to time on the request of the Parent Borrower or by operation of the terms of the applicable Letter of Credit to a date
not more than twelve (12) months from the date of extension; provided, further, that,
subject to Section 2.8(i), no Letter of Credit, as originally issued or as extended, shall have an expiry date extending
beyond the date which is five (5) Business Days prior to the Revolving/Term Loan
Maturity Date with respect to the Extended U.S. Revolving Facility.
Each Letter of Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall
be a Business Day. Any Letters of Credit issued hereunder shall be in a minimum original face amount of U.S.$100,000, C$100,000
or 100,000 units of the applicable Multicurrency Alternative Currency (other than U.S. Dollars) or, in each case, such lesser amount
as the Issuing Lender may agree. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and
after the Closing Date shall be subject to and governed by the terms and conditions hereof. Notwithstanding anything herein to
the contrary, in no event shall the Dollar Amount (determined as of the date of the most recent issuance of any Letter of Credit
by the applicable Issuing Lender) of the aggregate face amount of Letters of Credit issued by (A) Wells Fargo Bank, National Association
and its Affiliates exceed, at any time, U.S.$75,000,000 and (B) Bank of America, N.A. and its Affiliates exceed, at any time, U.S.$75,000,000,
except in each case (A) through (B) as may be consented to in writing by such bank (in its sole discretion) delivered to the Administrative
Agent.

 

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(b)              
Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender at
least five (5) Business Days (or such shorter period as the Issuing Lender may agree in its sole discretion) prior to the requested
date of issuance. The Issuing Lender will promptly upon request provide to the Administrative Agent for dissemination to the U.S.
Revolving Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with
respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account
party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. The Issuing
Lender will further provide to the Administrative Agent promptly upon request copies of the Letters of Credit. The Issuing Lender
will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of LOC Obligations then
outstanding.

 

(c)               
Participations. Each U.S. Revolving Lender upon issuance of a Letter of Credit shall be deemed to have purchased
without recourse a risk participation from the Issuing Lender in such Letter of Credit and the obligations arising thereunder and
any collateral relating thereto, in each case in an amount (expressed in U.S. Dollars in the Dollar Amount thereof in the case
of Letters of Credit denominated in Canadian Dollars, Euro or Sterling) equal to its Revolving Commitment Percentage 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 Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations
arising under such Letter of Credit. Without limiting the scope and nature of each U.S. Revolving Lender’s participation
in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any LOC Document,
each such U.S. Revolving Lender shall pay to the Issuing Lender its Revolving Commitment Percentage of the Dollar Amount (expressed
in U.S. Dollars in the Dollar Amount thereof in the case of Letters of Credit denominated in Canadian Dollars, Euro or Sterling)
of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant
to the provisions of subsection (d) hereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute
and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event.
Any such reimbursement shall not relieve or otherwise impair the obligation of the Parent Borrower to reimburse the Issuing Lender
under any Letter of Credit, together with interest as hereinafter provided.

 

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(d)              
Reimbursement. In the event of any drawing under any Letter of Credit, the Issuing Lender will promptly notify the
Parent Borrower and the Administrative Agent. The Parent Borrower shall reimburse the Issuing Lender on the day that is one Business
Day after the day of drawing under any Letter of Credit (with the proceeds of a U.S. Revolving Loan obtained hereunder or otherwise)
in same day funds as provided herein or in the LOC Documents. If the Parent Borrower shall fail to reimburse the Issuing Lender
as provided herein, the unreimbursed Dollar Amount of such drawing (expressed in U.S. Dollars in the Dollar Amount thereof in the
case of Letters of Credit denominated in Canadian Dollars) shall bear interest at a per annum rate equal to the Alternate Base
Rate plus the Applicable Percentage. Unless the Parent Borrower shall immediately notify the Issuing Lender and the Administrative
Agent of its intent to otherwise reimburse the Issuing Lender, the Parent Borrower shall be deemed to have requested a U.S. Revolving
Loan in the Dollar Amount sufficient to satisfy the reimbursement obligations in respect of the drawing as provided in subsection
(e) hereof, the proceeds of which will be used to satisfy the reimbursement obligations. The Parent Borrower’s reimbursement
obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim
or defense to payment the Parent Borrower may claim or have against the Issuing Lender, the Administrative Agent, the U.S. Revolving
Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including any defense based on any failure of
the Parent Borrower to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit.
The Issuing Lender will promptly notify the U.S. Revolving Lenders of the Dollar Amount of any unreimbursed drawing and each Lender
shall promptly pay to the Administrative Agent for the account of the Issuing Lender in U.S. Dollars and in immediately available
funds, the Dollar Amount of such U.S. Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing. With
respect to any unreimbursed drawing that is not fully refinanced by a U.S. Revolving Loan for any reason, the unreimbursed amount
of such drawing shall bear interest at a per annum rate equal to the Alternate Base Rate plus the Applicable Percentage plus 2%.
Such payment shall be made on the day such notice is received by such U.S. Revolving Lender from the Issuing Lender if such notice
is received at or before 2:00 p.m., otherwise such payment shall be made at or before 12:00 noon on the Business Day next succeeding
the day such notice is received. If such U.S. Revolving Lender does not pay such amount to the Issuing Lender in full upon such
request, such U.S. Revolving Lender shall, on demand, pay to the Administrative Agent for the account of the Issuing Lender interest
on the unpaid amount during the period from the date of such drawing until such U.S. Revolving Lender pays such amount to the Issuing
Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate
and thereafter at a rate equal to the Alternate Base Rate. Each U.S. Revolving Lender’s obligation to make such payment to
the Issuing Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be
affected by any circumstance whatsoever and without regard to the termination of this Credit Agreement or the Commitments hereunder,
the existence of a Default or Event of Default or the acceleration of the Credit Party Obligations hereunder and shall be made
without any offset, abatement, withholding or reduction whatsoever.

 

(e)               
Repayment with U.S. Revolving Loans. On any day on which the Parent Borrower shall have requested, or been deemed
to have requested, a U.S. Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice
to the U.S. Revolving Lenders that a U.S. Revolving Loan has been requested or deemed requested in connection with a drawing under
a Letter of Credit equal to the Dollar Amount of such drawing, in which case a U.S. Revolving Loan borrowing comprised entirely
of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without
giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each U.S. Revolving
Lender’s respective U.S. Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments
pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Issuing Lender for application to the respective
LOC Obligations. Each U.S. Revolving Lender hereby irrevocably agrees to make such U.S. Revolving Loans immediately upon any such
request or deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding
sentence and on the same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum
amount for borrowings of Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then
satisfied, except for the condition specified in Section 4.2(c)(i), (iii) whether a Default or an Event of Default then
exists, (iv) failure for any such request or deemed request for a Revolving Loan to be made by the time otherwise required in Section
2.1(b)(i), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the U.S. Revolving Committed Amount after
any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made
on the date otherwise required above (including as a result of the commencement of a proceeding under the Bankruptcy Code), then
each such U.S. Revolving Lender hereby agrees that it shall forthwith fund (as of the date the Mandatory LOC Borrowing would otherwise
have occurred, but adjusted for any payments received from the Parent Borrower on or after such date and prior to such purchase)
its Participation Interests in the LOC Obligations; provided, further, that in the event any Lender shall fail to
fund its Participation Interest on the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Lender’s
unfunded Participation Interest therein shall bear interest payable by such Lender to the Issuing Lender upon demand, at the rate
equal to, if paid within two (2) Business Days of such date, the Federal Funds Rate, and thereafter at a rate equal to the Alternate
Base Rate.

 

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(f)               
Modification, Extension. The issuance of any supplement, modification, amendment, renewal, or extension to any Letter
of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

 

(g)               
Letter of Credit Governing Law. Unless otherwise expressly agreed by the Issuing Lender and the Parent Borrower when
a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs
and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance,
shall apply to each commercial Letter of Credit.

 

(h)              
Defaulting Lenders. Notwithstanding anything to the contrary contained in this Section 2.8, the Issuing Lender
shall not be obligated to issue any Letter of Credit at a time when any other Lender is a Defaulting Lender, unless the Issuing
Lender has entered into arrangements (which may include the delivery of cash collateral) with the Parent Borrower or such Defaulting
Lender which are satisfactory to the Issuing Lender to eliminate the Issuing Lender’s Fronting Exposure, if any (after giving
effect to Section 2.25(c)) with respect to any such Defaulting Lender.

 

(i)                
On the Amendment No. 1 Effective Date, the participations in any outstanding
Letters of Credit shall be reallocated so that after giving effect thereto the Non-Extended U.S. Revolving Lenders and the Extended
U.S. Revolving Lenders shall share ratably in the LOC Obligations in accordance with their respective U.S. Revolving Commitment
Percentages . Thereafter, until the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility, the participations
in any new Letters of Credit shall be allocated ratably in accordance with the U.S. Revolving Lenders’ respective U.S. Revolving
Commitment Percentages . On the Revolving Maturity Date with respect to the Non-Extended U.S. Revolving Facility, the participations
in the outstanding Letters of Credit of the Non-Extended U.S. Revolving Lenders shall be reallocated to the Extended U.S. Revolving
Lenders ratably in accordance with their respective U.S. Revolving Commitment Percentages (after giving effect to the termination
of the Non-Extended U.S. Revolving Commitments) but in any case, only to the extent the sum of the participations in the outstanding
Letters of Credit of the Non-Extended U.S. Revolving Lenders and Extended U.S. Revolving Lenders does not exceed the lesser of
the LOC Committed Amount and the total unutilized Extended U.S. Revolving Commitments at such time. Commencing with the Revolving
Maturity Date with respect to the Non-Extended U.S. Revolving Facility, the LOC Committed Amount shall be the lesser of (x) U.S.$150,000,000
and (y) the aggregate principal amount of the total unutilized Extended U.S. Revolving Commitments at such time. If the reallocation
described above cannot, or can only partially, be effected as a result of the limitations set forth herein, the Parent Borrower
shall cash collateralize such Letters of Credit as necessary to permit full reallocation as provided herein.

 

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2.9             
Default Rate.

 

If any principal of
or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, payable on demand, at a per annum rate two percent (2%)
greater than the interest rate which would otherwise be applicable (or if no rate is applicable, whether in respect of interest,
fees or other amounts, then two percent (2%) greater than the Alternate Base Rate plus the Applicable Percentage).

 

2.10         
Conversion Options.

 

(a)               
The Parent Borrower may, in the case of U.S. Revolving Loans and the Term Loans, elect from time to time to convert Alternate
Base Rate Loans to LIBOR Rate Loans and/or LIBOR Rate Loans to Alternate Base Rate Loans, by delivering a Notice of Conversion/Extension
to the Administrative Agent at least three (3) Business Days’ prior to the proposed date of conversion. If the date upon
which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan or a LIBOR Rate Loans is to be converted to an Alternate
Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period
from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate
Base Rate Loan or LIBOR Rate Loan, as applicable. All or any part of outstanding Alternate Base Rate Loans and LIBOR Rate Loans
may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default
or Event of Default has occurred and is continuing except with the consent of the Required Lenders, and (ii) partial conversions
shall be in a minimum aggregate principal amount of the Borrowing Minimum or a whole multiple amount of the Borrowing Multiple
in excess thereof.

 

(b)              
The Canadian Borrower may, in the case of Canadian Revolving Loans, elect from time to time to convert (i) U.S. Base Rate
Loans to LIBOR Rate Loans denominated in U.S. Dollars and/or LIBOR Rate Loans denominated in U.S. Dollars to U.S. Base Rate Loans
or (ii) Canadian Prime Rate Loans to LIBOR Rate Loans denominated in Canadian Dollars and/or LIBOR Rate Loans denominated in Canadian
Dollars to Canadian Prime Rate Loans, by delivering a Notice of Conversion/Extension to the Multicurrency Agent at least three
(3) Business Days’ prior to the proposed date of conversion. If the date of such proposed conversion is not a Business Day,
then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest
Period to such succeeding Business Day such Loan shall bear interest as if it were a U.S. Base Rate Loan, LIBOR Rate Loan or Canadian
Prime Rate Loan, as applicable. All or any part of outstanding U.S. Base Rate Loans, LIBOR Rate Loans and Canadian Prime Rate Loans
may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default
or Event of Default has occurred and is continuing, except with the consent of the Required Lenders, and (ii) partial conversions
shall be in an aggregate minimum principal amount of the Borrowing Minimum or a whole multiple amount of the Borrowing Multiple
in excess thereof.

 

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(c)               
A Multicurrency Borrower may, in the case of Multicurrency Alternative
Currency Revolving Loans, elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate Loans denominated
in U.S. Dollars and/or LIBOR Rate Loans denominated in U.S. Dollars to Alternate Base Rate Loans, by delivering a Notice of Conversion/Extension
to the Multicurrency Agent at least three (3) Business Days’ prior to the proposed date of conversion. If the date of such
proposed conversion is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the
period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an
Alternate Base Rate Loan or LIBOR Rate Loan, as applicable. All or any part of outstanding Alternate Base Rate Loans or LIBOR Rate
Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default
or Event of Default has occurred and is continuing, except with the consent of the Required Lenders, and (ii) partial conversions
shall be in an aggregate minimum principal amount of the Borrowing Minimum or a whole multiple amount of the Borrowing Multiple
in excess thereof.

 

(d)              
Any LIBOR Rate Loan may be continued as such upon the expiration of an Interest Period with respect thereto by compliance
by the Applicable Borrower with the notice provisions contained in Sections 2.10(a), (b) and (c); provided,
that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, except with
the consent of the Required Lenders, in which case such LIBOR Rate Loan shall (w) in the case of a LIBOR Rate Loan denominated
in U.S. Dollars, to the extent borrowed by the Parent Borrower or another Multicurrency Borrower, be automatically converted to
an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto; (x) in the case of a LIBOR Rate
Loan denominated in U.S. Dollars, to the extent borrowed by the Canadian Borrower, shall be automatically converted to a U.S. Base
Rate Loan at the end of the applicable Interest Period with respect thereto; (y) in the case of a LIBOR Rate Loan denominated in
Canadian Dollars, shall be automatically converted to a Canadian Prime Rate Loan; and (z) in the case of a LIBOR Rate Loan denominated
in a Multicurrency Alternative Currency (other than U.S. Dollars), to the extent borrowed by a Multicurrency Borrower, shall be
automatically converted to an Alternate Base Rate Loan denominated in U.S. Dollars in an amount equal to the Dollar Amount of such
Loan at the end of the applicable Interest Period with respect thereto. If a Borrower shall fail to give timely notice of an election
to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans shall
(i) in the case of a LIBOR Rate Loan denominated in U.S. Dollars, to the extent borrowed by the Parent Borrower or another Multicurrency
Borrower, be automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto,
(ii) in the case of a LIBOR Rate Loan denominated in U.S. Dollars, to the extent borrowed by the Canadian Borrower, be automatically
converted to a U.S. Base Rate Loan at the end of the applicable Interest Period with respect thereto, (iii) in the case of a LIBOR
Rate Loan denominated in Canadian Dollars, to the extent borrowed by the Canadian Borrower, be automatically converted to a Canadian
Prime Rate Loan at the end of the applicable Interest Period with respect thereto and (iv) in the case of a LIBOR Rate Loan denominated
in a Multicurrency Alternative Currency (other than U.S. Dollars), to the extent borrowed by a Multicurrency Borrower, be automatically
converted to an Alternate Base Rate Loan denominated in U.S. Dollars in an amount equal to the Dollar Amount of such Loan at the
end of the applicable Interest Period with respect thereto.

 

2.11         
Prepayments.

 

(a)               
Voluntary Prepayments. Revolving Loans, Term Loans and Swingline Loans may be repaid in whole or in part without
premium or penalty; provided that (i) LIBOR Rate Loans may be repaid only upon three (3) Business Days’ prior written
notice to (A) in the case of the Parent Borrower, the Administrative Agent and (B) in the case of the Canadian Borrower and any
Multicurrency Borrower other than the Parent Borrower, the Multicurrency Agent (who will notify the Administrative Agent), and
Base Rate Loans may be repaid only upon at least one (1) Business Day’s prior written notice to (A) in the case of the Parent
Borrower, the Administrative Agent (who will notify the Multicurrency Agent) and (B) in the case of the Canadian Borrower and any
Multicurrency Borrower other than the Parent Borrower, the Multicurrency Agent (who will notify the Administrative Agent), (ii)
repayments of LIBOR Rate Loans must be accompanied by payment of any amounts owing under Section 2.20 and (iii) partial
repayments of Loans shall be in minimum principal amount of the Borrowing Minimum, and in integral multiples of the Borrowing Multiple
in excess thereof. To the extent that the Parent Borrower elects to prepay the Closing Date Term Loan or, if applicable, any Incremental
Term Loans, amounts prepaid under this Section 2.11(a) shall be applied to such Term Loans (to the remaining principal installments
thereof as directed by the Parent Borrower) first ratably to any Base Rate Loans and then to LIBOR Rate Loans in direct order of
Interest Period maturities. All prepayments under this Section 2.11(a) shall be subject to Section 2.20, but otherwise
without premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment Date
that would have occurred had such loan not been prepaid or, at the request of the Administrative Agent in the case of a prepayment
under this clause (a) or clause (b) below, interest on the principal amount prepaid shall be payable on any date that a prepayment
is made hereunder through the date of prepayment. Amounts prepaid on the Revolving Loans and the Swingline Loans may be reborrowed
in accordance with the terms hereof. Amounts prepaid on the Term Loans may not be reborrowed. Each notice delivered by the Parent
Borrower, a Multicurrency Borrower or the Canadian Borrower pursuant to this Section 2.11(a) shall be revocable by the Parent
Borrower, such Multicurrency Borrower or the Canadian Borrower, as applicable (by notice to the Agents on or prior to the proposed
prepayment date specified therein).

 

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(b)              
Mandatory Prepayments.

 

(i)Aggregate
Revolving Committed Amount. If at any time after the Closing Date, the aggregate principal Dollar Amount (determined as of
the most recent Determination Date) of (x) the outstanding U.S. Revolving Loans plus outstanding U.S. Swingline Loans plus
LOC Obligations shall exceed the U.S. Revolving Committed Amount and/or (y) the outstanding Multicurrency Alternative Currency
Revolving Loans plus Canadian Revolving Loans plus outstanding Canadian Swingline Loans shall exceed the Multicurrency
Revolving Committed Amount (or 105% of the Multicurrency Revolving Committed Amount if such excess is as a result of currency fluctuations)
(in each case as then in effect), then the Parent Borrower, the Canadian Borrower or the applicable Multicurrency Borrower, as
applicable, immediately shall prepay the applicable Loans in an amount sufficient to eliminate such excess over the Multicurrency
Revolving Committed Amount (such prepayment to be applied as set forth in clause (ii) below).

 

(ii)Application
of Mandatory Prepayments. All amounts required to be prepaid pursuant to Section 2.11(b)(i), shall be applied first
to Swingline Loans (ratably among Canadian Swingline Loans and U.S. Swingline Loans), and second to the Revolving Loans (ratably
among Non-U.S. Revolving Loans and U.S. Revolving Loans). Any such prepayment
shall be pro rata amongst Classes. Within the parameters of the applications set forth above, prepayments shall be applied
first ratably to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All prepayments
under this Section 2.11(b) shall be subject to Section 2.20 and be accompanied by interest on the principal amount
prepaid through the date of prepayment.

 

(c)               
[Reserved].Class
Reductions and Terminations. If, as a result of any reduction or termination of Revolving Commitments of any Class in accordance
with Section 2.12, the aggregate Dollar Amount (determined as of the most recent Determination Date) of (i) in the case of a reduction
or termination of the U.S. Revolving Commitments of any Class, the outstanding U.S. Revolving Loans of such Class plus the U.S.
Swingline Loans attributable to the U.S. Revolving Commitments of such Class plus the LOC Obligations attributable to the U.S.
Revolving Commitments of such Class shall exceed the U.S. Revolving Committed Amount attributable to such Class or (ii) in the
case of a reduction or termination of the Multicurrency Revolving Commitments of any Class, the outstanding Multicurrency Alternative
Revolving Loans of such Class plus the Canadian Swingline Loans attributable to the Multicurrency Revolving Commitments of such
Class shall exceed the Multicurrency Revolving Committed Amount attributable to such Class, then the Parent Borrower, the Canadian
Borrower or the applicable Multicurrency Borrower, as applicable, immediately shall prepay the applicable Loans in an amount sufficient
to eliminate such excess over the U.S. Revolving Committed Amount or the Multicurrency Revolving Committed Amount, as the case
may be, attributable to such Class. All amounts required to be prepaid pursuant to this Section 2.11(c) shall be applied first
to Swingline Loans (if applicable) and second to Revolving Loans. Within the parameters of the applications set forth above, prepayments
shall be applied first ratably to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities.
All prepayments under this Section 2.11(c) shall be subject to Section 2.20 and be accompanied by interest on the principal amount
prepaid through the date of prepayment.

 

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(d)              
Prepayment of LIBOR Rate Loans. Provided that so long as no Event of Default is in existence to the extent that any
such prepayment would create funding losses under Section 2.20, the portion of such payment that would cause such funding
losses shall not be due and payable until the earliest date on which no funding losses would occur as a result of such payment
(without giving effect to any continuation or conversion of any Loan).

 

(e)               
Application to U.S. Obligations. Notwithstanding any term of this Section 2.11 or any other term of this Agreement,
(i) the Canadian Credit Parties shall not be required to repay or prepay any U.S. Obligations, and prepayments or repayments by
the Canadian Borrower shall be applied only to Canadian Swingline Loans and Canadian Revolving Loans and (ii) the Foreign Subsidiary
Borrowers shall not be required to repay or prepay any U.S. Obligations, and prepayments or repayments by the Foreign Subsidiary
Borrowers shall be applied only to Multicurrency Alternative Currency Revolving Loans.

 

(f)               
Discounted Prepayments.

 

(i)Notwithstanding
anything to the contrary in Section 2.11(a) or 2.15 (which provisions shall not be applicable to this Section 2.11(f)) or any
other provision of this Agreement, any Purchasing Borrower Party shall have the right at any time and from time to time to prepay
Term Loans to the Lenders at a discount to the par value of such Loans and on a non pro rata basis (each, a “Discounted
Voluntary Prepayment”) pursuant to the procedures described in this Section 2.10(f) (it being understood that such prepayment
may be made with either debt or cash); provided that (A) no Discounted Voluntary Prepayment shall be made from the proceeds
of any Revolving Loan or Swingline Loan, (B) any Discounted Voluntary Prepayment shall be offered to all Lenders with Term Loans
on a pro rata basis and (C) such Purchasing Borrower Party shall deliver to the Administrative Agent a certificate stating that
(1) no Default or Event of Default has occurred and is continuing or would result from the Discounted Voluntary Prepayment (after
giving effect to any related waivers or amendments obtained in connection with such Discounted Voluntary Prepayment), (2) each
of the conditions to such Discounted Voluntary Prepayment contained in this Section 2.11(f) has been satisfied and (3) except
as previously disclosed in writing to the Administrative Agent and the Term Loan Lenders, such Purchasing Borrower Party does
not have, as of the date of each Discounted Prepayment Option Notice and each Discounted Voluntary Prepayment Notice, any material
non-public information (“MNPI”) with respect to the Parent Borrower or any of its Subsidiaries that has not
been disclosed to the Lenders (other than Lenders that do not wish to receive MNPI with respect to the Parent Borrower, any of
its Subsidiaries or Affiliates) prior to such time that could reasonably be expected to have a material effect upon, or otherwise
be material to, a Term Loan Lender’s decision to offer Term Loans to the Purchasing Borrower Party to be repaid, except
to the extent that such Term Loan Lender has entered into a customary “big boy” letter with the Parent Borrower.

 

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(ii)To the extent
a Purchasing Borrower Party seeks to make a Discounted Voluntary Prepayment, such Purchasing Borrower Party will provide a Discounted
Prepayment Option Notice that such Purchasing Borrower Party desires to prepay Term Loans in an aggregate principal amount specified
therein by the Purchasing Borrower Party (each, a “Proposed Discounted Prepayment Amount”), in each case at
a discount to the par value of such Term Loans as specified below. The Proposed Discounted Prepayment Amount of Term Loans shall
not be less than U.S.$5,000,000. The Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted
Voluntary Prepayment: (A) the Proposed Discounted Prepayment Amount of Term Loans, (B) a discount range (which may be a single
percentage) selected by the Purchasing Borrower Party with respect to such proposed Discounted Voluntary Prepayment (representing
the percentage of par of the principal amount of Term Loans to be prepaid) (the “Discount Range”), and (C)
the date by which Lenders are required to indicate their election to participate in such proposed Discounted Voluntary Prepayment
which shall be at least five Business Days following the date of the Discounted Prepayment Option Notice (the “Acceptance
Date”).

 

(iii)Upon receipt
of a Discounted Prepayment Option Notice in accordance with Section 2.11(f)(ii), the Administrative Agent shall promptly
notify each Term Loan Lender thereof. On or prior to the Acceptance Date, each such Lender may specify by Lender Participation
Notice to the Administrative Agent (A) a minimum price (the “Acceptable Price”) within the Discount Range (for
example, 80% of the par value of the Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements
specified by the Administrative Agent) of Term Loans with respect to which such Lender is willing to permit a Discounted Voluntary
Prepayment at the Acceptable Price (“Offered Loans”). Based on the Acceptable Prices and principal amounts
of Term Loans specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation
with the Purchasing Borrower Party, shall determine the applicable discount for Term Loans (the “Applicable Discount”),
which Applicable Discount shall be (A) the percentage specified by the Purchasing Borrower Party if the Purchasing Borrower Party
has selected a single percentage pursuant to Section 2.11(f)(ii) for the Discounted Voluntary Prepayment or (B) otherwise,
the lowest Acceptable Price at which the Purchasing Borrower Party can pay the Proposed Discounted Prepayment Amount in full (determined
by adding the principal amounts of Offered Loans commencing with the Offered Loans with the lowest Acceptable Price); provided,
however, that in the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Price,
the Applicable Discount shall be the highest Acceptable Price specified by the Lenders that is within the Discount Range. The
Applicable Discount shall be applicable for all Lenders who have offered to participate in the Discounted Voluntary Prepayment
and have Qualifying Loans. Any Lender with outstanding Term Loans whose Lender Participation Notice is not received by the Administrative
Agent by the Acceptance Date shall be deemed to have declined to accept a Discounted Voluntary Prepayment of any of its Term Loans
at any discount to their par value within the Applicable Discount. For the avoidance of doubt, any Term Loans redeemed by the
Parent Borrower pursuant to a Discounted Voluntary Prepayment shall immediately cease to be outstanding.

 

(iv)The Purchasing
Borrower Party shall make a Discounted Voluntary Prepayment by prepaying those Term Loans (or the respective portions thereof)
offered by the Lenders (“Qualifying Lenders”) that specify an Acceptable Price that is equal to or lower than
the Applicable Discount (“Qualifying Loans”) at the Applicable Discount; provided that if the
aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount
of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying
the Applicable Discount, the Purchasing Borrower Party shall prepay such Qualifying Loans ratably among the Qualifying Lenders
based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative
Agent). If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would
be less than the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each
case calculated by applying the Applicable Discount, the Purchasing Borrower Party shall prepay all Qualifying Loans.

 

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(v)Each Discounted
Voluntary Prepayment shall be made within four Business Days of the Acceptance Date (or such other date as the Administrative Agent
shall reasonably agree, given the time required to calculate the Applicable Discount and determine the amount and holders of Qualifying
Loans), without premium or penalty (but subject to Section 2.19), upon irrevocable notice in the form of a Discounted Voluntary
Prepayment Notice, delivered to the Administrative Agent no later than 1:00 p.m. (New York City time), three Business Days prior
to the date of such Discounted Voluntary Prepayment, which notice shall specify the date and amount of the Discounted Voluntary
Prepayment and the Applicable Discount determined by the Administrative Agent. Upon receipt of any Discounted Voluntary Prepayment
Notice, the Administrative Agent shall promptly notify each relevant Lender thereof. If any Discounted Voluntary Prepayment Notice
is given, the amount specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable Discount
on the applicable Loans, on the date specified therein together with accrued interest (on the par principal amount) to but not
including such date on the amount prepaid.

 

(vi)To the extent
not expressly provided for herein, each Discounted Voluntary Prepayment shall be consummated pursuant to reasonable procedures
(including as to timing, rounding and calculation of Applicable Discount in accordance with Section 2.11(f)(iii) above)
established by the Administrative Agent in consultation with the Parent Borrower.

 

(vii)Prior to the
delivery of a Discounted Voluntary Prepayment Notice, upon written notice to the Administrative Agent, the Purchasing Borrower
Party may withdraw its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice.

 

(viii)The aggregate
principal amount of the Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount
of the Term Loans prepaid on the date of any such Discounted Voluntary Prepayment.

 

(ix)Each prepayment
of the outstanding Term Loans pursuant to this Section 2.11(f) shall be applied at par to the remaining principal repayment
installments of the Term Loans pro rata among such installments for the respective class.

 

(x)For the avoidance
of doubt, it is within each Lender’s sole and absolute discretion whether to accept a Discounted Voluntary Prepayment.

 

2.12         
Termination and Reduction of Commitments.

 

(a)               
Voluntary Reductions.

 

(x)(i) The Parent
Borrower shall have the right to terminate or permanently reduce the unused portion of the U.S. Revolving Committed Amount;
provided that in no event shall any termination or reduction of the total Non-Extending U.S. Revolving Commitments be on less than
a pro rata basis (but may be on a greater than pro rata basis) with any termination or reduction of the total Extended U.S. Revolving
Commitments, (ii) the Canadian Borrower shall have the right to terminate or permanently reduce the unused portion of
the Multicurrency Revolving Committed Amount; provided that in no event
shall any termination or reduction of the total Non-Extending Multicurrency Commitments be on less than a pro rata basis (but may
be on a greater than pro rata basis) with any termination or reduction of the total Extended Multicurrency Revolving Commitments,
and (iii) each Multicurrency Borrower shall have the right to terminate or permanently reduce the unused portion of the Multicurrency
Revolving Committed Amount; provided that in no event shall any termination
or reduction of the total Non-Extending Multicurrency Revolving Commitments be on less than a pro rata basis (but may be on a greater
than pro rata basis) with any termination or reduction of the total Extended Multicurrency Revolving Commitments, in
each case at any time or from time to time upon not less than three (3) Business Days’ prior written notice to the Agents
(who shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify
the effective date thereof and the amount of any such reduction which shall be in a minimum amount of U.S.$2,000,000 or a whole
multiple of U.S.$1,000,000 in excess thereof and shall be accompanied by any prepayment required under Section 2.11(b)(i).
Delivery by the Applicable Borrower of a notice of reduction pursuant to this Section shall be deemed to be a permanent reduction
of the U.S. Revolving Committed Amount or the Multicurrency Revolving Committed Amount, as applicable. Each notice delivered by
the Parent Borrower, by a Multicurrency Borrower or by the Canadian Borrower pursuant to this Section 2.12(a) shall be revocable
by the Parent Borrower, by such Multicurrency Borrower or by the Canadian Borrower, as applicable (by notice to the Agents on or
prior to the proposed termination or reduction date specified therein).

 

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(y)The Parent Borrower
shall have the right to terminate or permanently reduce the unused portion of the Delayed Draw Term Loan Commitments, without premium
or penalty (except with respect to the payment of the Delayed Draw Undrawn Fee pursuant to Section 2.13(e)) at any time
or from time to time upon not less than three (3) Business Days’ prior written notice to the Administrative Agent (who shall
notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective
date thereof and the amount of any such reduction which shall be in a minimum amount of U.S.$2,000,000 or a whole multiple of U.S.$1,000,000
in excess thereof. Each notice delivered pursuant to this Section 2.12(a)(y) shall be irrevocable. Any termination or reduction
of the Delayed Draw Term Loan Commitments shall be permanent. Each reduction of the Delayed Draw Term Loan Commitments shall be
made ratably to the Delayed Draw Term Loan Commitments of each Lender.

 

(b)              
Mandatory Reduction. The Revolving Commitments of any
Class shall terminate automatically on the Revolving/Term Loan Maturity
Date of such Class. All outstanding Delayed Draw Term Loan
Commitments shall automatically terminate on the earlier of (x) the second Delayed Draw Funding Date and (y) the Delayed Draw Termination
Date, whether or not the full amount of available Delayed Draw Term Loan Committed Amount are borrowed.

 

2.13         
Fees.

 

(a)               
Commitment Fee.

 

(i)In consideration
of the U.S. Revolving Commitment, the Parent Borrower agrees to pay to the Administrative Agent for the ratable benefit of the
U.S. Revolving Lenders a commitment fee (the “U.S. Commitment Fee”) in an amount equal to the Applicable Percentage
per annum on the average daily unused amount of the U.S. Revolving Committed Amount then in effect (other than that portion attributable
to the Defaulting Lenders, if any). For purposes of computation of the U.S. Commitment Fee, LOC Obligations shall be considered
usage of the U.S. Revolving Committed Amount, but U.S. Swingline Loans shall not be considered usage of the U.S. Revolving Committed
Amount.

 

(ii) In consideration
of the Multicurrency Revolving Commitment, the Canadian Borrower and the Multicurrency Borrowers, jointly and severally, agree
to pay to the Multicurrency Agent for the ratable benefit of the Multicurrency Revolving Lenders a commitment fee (the “Multicurrency
Commitment Fee”) in an amount equal to the Applicable Percentage per annum on the average daily unused amount of the
Multicurrency Revolving Committed Amount then in effect (other than that portion attributable to the Defaulting Lenders, if any).
For purposes of computation of the Multicurrency Commitment Fee, Canadian Swingline Loans shall not be considered usage of the
Multicurrency Revolving Committed Amount.

 

(iii)In consideration
of the Delayed Draw Term Loan Commitment, the Parent Borrower agrees to pay to the Administrative Agent for the ratable benefit
of the Delayed Draw Term Loan Lenders a commitment fee (the “Delayed Draw Commitment Fee”; together with the
U.S. Commitment Fee and the Multicurrency Commitment Fee, collectively, the “Commitment Fees”) in an amount
equal to the Applicable Percentage per annum on the average daily unused amount of the Delayed Draw Term Loan Committed Amount
then in effect (other than that portion attributable to the Defaulting Lenders, if any).

 

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The Commitment Fees
shall be payable quarterly in arrears on the last day of each calendar quarter and, in the case of the Delayed Draw Commitment
Fee, on the Delayed Draw Termination Date.

 

(b)              
Letter of Credit Fee. In consideration of the LOC Commitments, the Parent Borrower agrees to pay to the Administrative
Agent, for the ratable benefit of the U.S. Revolving Lenders (including the Issuing Lender) a fee (the “Letter of Credit
Fee”) equal to the Applicable Percentage per annum for LIBOR Rate Loans on the average daily maximum amount available
to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be
payable quarterly in arrears on the last day of each calendar quarter.

 

(c)               
Issuing Lender Fees. In addition to the Letter of Credit Fees payable pursuant to subsection (b) above, the
Parent Borrower shall pay to the Issuing Lender for its own account without sharing by the other Lenders (i) a fronting fee of
one-eighth of one percent (0.125%) per annum on the average daily maximum amount available to be drawn under each such Letter of
Credit issued by it, such fee to be payable quarterly in arrears on the last day of each calendar quarter and (ii) the reasonable
and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer, administration, cancellation
and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”).

 

(d)              
Administrative Agent’s Fee. The Parent Borrower agrees to pay to the Administrative Agent the annual administrative
agent fee as described in the Fee Letter.

 

2.14         
Computation of Interest and Fees.

 

(a)               
Interest on each Alternate Base Rate Loan shall be due and payable in arrears on each Interest Payment Date applicable to
such Loan; and interest on each LIBOR Rate Loan shall be due and payable on each Interest Payment Date applicable to such Loan.
Interest payable hereunder with respect to Alternate Base Rate Loans accruing interest at the Prime Rate, U.S. Base Rate Loans,
Canadian Prime Rate Loans and LIBOR Rate Loans denominated in Canadian Dollars or Sterling shall be calculated on the basis of
a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable
hereunder shall be calculated on the basis of a 360 day year for the actual days elapsed. The Administrative Agent shall as soon
as practicable notify the Borrowers and the Lenders of each determination of a LIBOR Rate on the Business Day of the determination
thereof. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as
of the opening of business on the day on which such change in the Alternate Base Rate shall become effective. The Administrative
Agent shall as soon as practicable notify the Borrowers and the Lenders of the effective date and the amount of each such change.

 

(b)              
Each determination of an interest rate by the Administrative Agent or the Multicurrency Agent, as applicable, pursuant to
any provision of this Credit Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest
error. The Administrative Agent or the Multicurrency Agent shall, at the request of the Borrowers, deliver to the Borrowers a statement
showing the computations used by the Administrative Agent or the Multicurrency Agent, as applicable, in determining any interest
rate.

 

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(c)               
Each Borrower hereby acknowledges that the rate or rates of interest applicable to certain of the Loans and fees as specified
hereunder may be computed on the basis of a year of 360 days and paid for the actual number of days elapsed. For purposes of the
Interest Act (Canada), if interest to be paid hereunder is to be computed on the basis of a 360 day year or any other period
of time that is less than a calendar year, the equivalent yearly rate of interest may be determined by multiplying the specified
rate of interest by the number of days (365 or 366) in such calendar year and dividing such product by 360 or such other period
of time, as the case may be. For the purpose of the Interest Act (Canada) and any other purpose, (i) the principle of deemed reinvestment
shall not apply to any interest calculation under this Credit Agreement, and (ii) the rates of interest stipulated in this Credit
Agreement are intended to be nominal rates and not effective rates or yields.

 

Notwithstanding any
other provisions of this Credit Agreement, if the amount of any interest, premium, fees or other monies or any rate of interest
stipulated for, taken, reserved or extracted under this Credit Agreement would otherwise contravene the provisions of Section 347
of the Criminal Code (Canada) or any successor or similar legislation, or would exceed the amounts which any Lender is legally
entitled to charge and receive under any law to which such compensation is subject, then such amount or rate of interest shall
be reduced to such maximum amount as would not contravene such provision; and to the extent that any excess has been charged or
received such Lender shall apply such excess against the outstanding Canadian Revolving Loans and Canadian Swingline Loans and
refund any further excess amount.

 

(d)              
It is the intent of the Agents, the Lenders and the Credit Parties to conform to and contract in strict compliance with
applicable usury law from time to time in effect. All agreements between or among the Agents, the Lenders and the Credit Parties
are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing
or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including prepayment or acceleration
of the maturity of any Credit Party Obligation), shall the interest taken, reserved, contracted for, charged, or received under
this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from
any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of
the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such interest shall
be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of
any amendment or new document. If any Agent or Lender shall ever receive anything of value which is characterized as interest on
the Loans under applicable law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount
equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal
amount owing on the Loans and not to the payment of interest, or refunded to the applicable Borrower or the other payor thereof
if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to
demand payment of the Loans or any other Indebtedness evidenced by any of the Credit Documents does not include the right to receive
any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any
unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans
shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term
(including any renewal or extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed
the maximum nonusurious amount permitted by applicable law.

 

(e)               
Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan (and in the case of an Affiliate, the provisions of this Agreement shall apply to such Affiliate to the same extent as
to such Lender); provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay
such Loan in accordance with the terms of this Agreement and such Lender shall not be entitled to any amounts payable hereunder
solely in respect of increased costs resulting from such exercise and existing at the time of such exercise.

 

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2.15         
Pro Rata Treatment and Payments.

 

(a)               
Pro Rata Distribution of Payments. Each payment on account of an amount due from the Parent Borrower hereunder or
under any other Credit Document (other than any such payment in respect of the Multicurrency Revolving Commitment) shall be made
by the Parent Borrower to the Administrative Agent for the pro rata account of the Lenders entitled to receive such
payment as provided herein in the currency in which such amount is denominated and in such funds as are customary at the place
and time of payment for the settlement of international payments in such currency. Each payment on account of an amount due from
the Canadian Borrower hereunder or under any other Credit Document shall be made by the Canadian Borrower to the Multicurrency
Agent for the pro rata account of the Canadian Lenders entitled to receive such payment as provided herein in the
currency in which such amount is denominated and in such funds as are customary at the place and time of payment for the settlement
of international payments in such currency. Without limiting the terms of the preceding sentence, accrued interest on any Loans
denominated in Canadian Dollars shall be payable in Canadian Dollars, and accrued interest on Canadian Revolving Loans denominated
in U.S. Dollars shall be payable in U.S. Dollars, in each case to the Multicurrency Agent. Each payment on account of an amount
due from any Multicurrency Borrower hereunder or under any other Credit Document in respect of the Multicurrency Revolving Commitment
shall be made by such Multicurrency Borrower to the Multicurrency Agent for the pro rata account of the Multicurrency
Revolving Lenders entitled to receive such payment as provided herein in the currency in which such amount is denominated and in
such funds as are customary at the place and time of payment for the settlement of international payments in such currency. Without
limiting the terms of the preceding sentence, accrued interest on any Loans denominated in a Multicurrency Alternative Currency
shall be payable in such Multicurrency Alternative Currency to the Multicurrency Agent. The Multicurrency Agent shall inform the
Administrative Agent and the Administrative Agent shall inform the Multicurrency Agent, by facsimile as of the first Business Day
of each month, of all principal, interest or fees received from the Borrowers during the prior month. Upon request, the Administrative
Agent or the Multicurrency Agent, as applicable will give the Borrowers a statement showing the computation used in calculating
such amount, which statement shall be presumptively correct in the absence of manifest error. The obligation of the Borrowers to
make each payment on account of such amount in the currency in which such amount is denominated shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment, which is expressed in or converted into any other currency, except to
the extent such tender or recovery shall result in the actual receipt by the Administrative Agent or the Multicurrency Agent, as
applicable, of the full amount in the appropriate currency payable hereunder. Each of the Borrowers agree that its obligation to
make each payment on account of such amount in the currency in which such amount is denominated shall be enforceable as an additional
or alternative claim for recovery in such currency of the amount (if any) by which such actual receipt shall fall short of the
full amount of such currency payable hereunder, and shall not be affected by judgment being obtained for such amount.

 

(b)              
Application of Payments Prior to Exercise of Remedies. Each borrowing of Revolving Loans and any reduction of the
Revolving Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the
Revolving Lenders. Unless otherwise specified in this Credit Agreement, each payment under this Credit Agreement or any Note shall
be applied (i) first, to any fees then due and owing by the Borrowers pursuant to Section 2.13, (ii) second,
to interest then due and owing hereunder and under the Notes of the Borrowers and (iii) third, to principal then due and
owing hereunder and under the Notes of the Borrowers. Each payment on account of any fees pursuant to Section 2.13 shall
be made pro rata in accordance with the respective amounts due and owing. Each payment (other than voluntary repayments
and mandatory prepayments) by the Borrowers on account of principal of and interest on the Revolving Loans and on the Term Loans
shall be made pro rata according to the respective amounts due and owing hereunder. Each voluntary repayment and
mandatory prepayment on account of principal of the Loans shall be applied in accordance with Section 2.11(a) and Section
2.11(b)(ii), respectively. All payments (including prepayments) to be made by the Borrowers on account of principal, interest
and fees shall be made without defense, set-off or counterclaim and shall be made to the Administrative Agent or the Multicurrency
Agent, as applicable, for the account of the Lenders (except as provided in Section 2.25(b)) at the Administrative Agent’s
office or Multicurrency Agent’s Office, as applicable, specified in Section 9.2 and (i) in the case of Loans or other
amounts denominated in U.S. Dollars, shall be made in U.S. Dollars not later than 12:00 p.m. on the date when due, (ii) in the
case of Loans or other amounts denominated in Canadian Dollars, shall be made in Canadian Dollars not later than 12:00 p.m. on
the date when due and (iii) in the case of Loans or other amounts denominated in a Multicurrency Alternative Currency (other than
U.S. Dollars), shall be made in such Multicurrency Alternative Currency not later than 12:00 p.m. on the date when due. The Administrative
Agent and the Multicurrency Agent, as applicable, shall distribute such payments to the Lenders entitled thereto promptly upon
receipt in like funds as received. If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable
on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments
of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBOR Rate
Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such
payment shall be made on the immediately preceding Business Day.

 

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(c)               
Allocation of Payments After Exercise of Remedies. Notwithstanding any other provision of this Credit Agreement to
the contrary, after the exercise of remedies (other than the invocation of default interest pursuant to Section 2.9) by
any of the Agents pursuant to Section 7.2 (or after the Commitments shall automatically terminate and the Loans (with accrued
interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with
the terms of such Section), all amounts collected or received by any Agent or any Lender on account of the Credit Party Obligations
or any other amounts outstanding under any of the Credit Documents shall be paid over or delivered as follows:

 

FIRST, to
the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of the Agents in connection
with enforcing the rights of the Lenders under the Credit Documents;

 

SECOND, to
payment of any fees owed to the Agents;

 

THIRD, to
the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the Lenders
in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing
to such Lender;

 

FOURTH, to
the payment of all of the Credit Party Obligations consisting of accrued fees and interest, and including, with respect to any
Guaranteed Hedging Agreement and/or any Guaranteed Cash Management Agreement, any fees, premiums and scheduled periodic payments
due under such Guaranteed Hedging Agreement and/or Guaranteed Cash Management Agreement and any interest accrued thereon;

 

FIFTH, to
the payment of the outstanding principal amount of the Credit Party Obligations and the payment or cash collateralization of the
outstanding LOC Obligations, and including with respect to any Guaranteed Hedging Agreement and/or any Guaranteed Cash Management
Agreement, any breakage, termination or other payments due under such Guaranteed Hedging Agreement and any interest accrued thereon;

 

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SIXTH, to
all other Credit Party Obligations and other obligations which shall have become due and payable under the Credit Documents or
otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

 

SEVENTH,
to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 

In carrying out the foregoing, (i) amounts
received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category
and (ii) each of the Lenders, Cash Management Banks and/or Hedging Agreement Providers shall receive an amount equal to its pro
rata share (based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender or the outstanding
obligations payable to such Hedging Agreement Provider and/or Cash Management Bank bears to the aggregate then outstanding Loans
and LOC Obligations and obligations payable under all Hedging Agreements with a Hedging Agreement Provider and/or Cash Management
Agreements with a Cash Management Bank) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”,
“FIFTH” and “SIXTH” above.

 

No Agent shall be deemed
to have notice of the existence of, notice of any Credit Party Obligations owed to, or be responsible for any distribution to,
any Hedging Agreement Provider and/or Cash Management Bank for any purposes of this Agreement unless such amounts have been notified
in writing to all Agents by the Parent Borrower and, as applicable, such Hedging Agreement Provider or Cash Management Bank.

 

(d)              
Defaulting Lenders. Notwithstanding the foregoing clauses (a), (b) and (c), if there exists a Defaulting Lender,
each payment by the Borrowers to such Defaulting Lender hereunder shall be applied in accordance with Section 2.25(b).

 

2.16         
Non-Receipt of Funds by an Agent.

 

(a)               
Funding by Lenders; Presumption by Agent. Unless the applicable Agent shall have been notified in writing by a Lender
prior to the date a Loan is to be made by such Lender (which notice shall be effective upon receipt) that such Lender does not
intend to make the proceeds of such Loan available to such Agent, such Agent may assume that such Lender has made such proceeds
available to such Agent on such date, and such Agent may in reliance upon such assumption (but shall not be required to) make available
to the Applicable Borrower a corresponding amount. If such corresponding amount is not in fact made available to such Agent, such
Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount
forthwith upon such Agent’s demand therefor, such Agent will promptly notify the Applicable Borrower, and such Borrower shall
immediately pay such corresponding amount to such Agent. The applicable Agent shall also be entitled to recover from the Lender
or the Applicable Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such
corresponding amount was made available by such Agent to the Applicable Borrower to the date such corresponding amount is recovered
by such Agent at a per annum rate equal to (i) from the Applicable Borrower at the applicable rate for the applicable borrowing
pursuant to the Notice of Borrowing and (ii) from a Lender at the Federal Funds Rate or the Interbank Reference Rate, as applicable.

 

(b)              
Payments by Borrower; Presumptions by Agent. Unless the applicable Agent shall have been notified in writing by the
Applicable Borrower, prior to the date on which any payment is due from it hereunder (which notice shall be effective upon receipt)
that the Applicable Borrower does not intend to make such payment, such Agent may assume that such Borrower has made such payment
when due, and such Agent may in reliance upon such assumption (but shall not be required to) make available to each Lender on such
payment date an amount equal to the portion of such assumed payment to which such Lender is entitled hereunder, and if such Borrower
has not in fact made such payment to such Agent, such Lender shall, on demand, repay to such Agent the amount made available to
such Lender. If such amount is repaid to such Agent on a date after the date such amount was made available to such Lender, such
Lender shall pay to such Agent on demand interest on such amount in respect of each day from the date such amount was made available
by such Agent at a per annum rate equal to, if repaid to such Agent within two (2) days from the date such amount was made available
by such Agent, the Federal Funds Rate or the Interbank Reference Rate, as applicable, and thereafter at a rate equal to the Alternate
Base Rate.

 

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(c)               
Evidence of Amounts Owed. A certificate of an Agent submitted to a Borrower or any Lender with respect to any amount
owing under this Section 2.16 shall be conclusive in the absence of manifest error.

 

(d)              
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent or the Multicurrency
Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such
funds are not made available to the applicable Borrower by such Agent because the conditions to the applicable Extension of Credit
set forth in Article IV are not satisfied or waived in accordance with the terms thereof, such Agent shall forthwith return
such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(e)               
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in
Letters of Credit and Swingline Loans and to make payments pursuant to Section 9.5(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any such payment under Section 9.5(c) on any date
required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under
Section 9.5(c).

 

(f)               
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

 

2.17         
Inability to Determine Interest Rate.

 

Notwithstanding any
other provision of this Credit Agreement, if (a) the Administrative Agent or the Multicurrency Agent, as applicable, shall reasonably
determine (which determination shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting
the relevant market, reasonable and adequate means do not exist for ascertaining the LIBOR Rate for such Interest Period, or (b)
the Required Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that
the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of funding LIBOR Rate Loans that a Borrower has
requested be outstanding as a LIBOR tranche during such Interest Period, then the Administrative Agent shall forthwith give telephone
notice of such determination, confirmed in writing, to the Borrowers and the Lenders at least two (2) Business Days prior to the
first day of such Interest Period. If such notice is given (a) any LIBOR Rate Loans requested to be made by the Canadian Borrower
on the first day of such Interest Period shall be made, at the sole option of the Canadian Borrower, in U.S. Dollars as U.S. Base
Rate Loans or in Canadian Dollars as Canadian Prime Rate Loans, as applicable, or such request shall be cancelled, (b) any affected
U.S. Base Rate Loans that were to have been converted at the request of the Canadian Borrower on the first day of such Interest
Period to, or LIBOR Rate Loans denominated in U.S. Dollars that were to have been continued by the Canadian Borrower as LIBOR Rate
Loans shall be converted to or continued, at the sole option of the Canadian Borrower, as U.S. Base Rate Loans, (c) any affected
Canadian Prime Rate Loans that were to have been converted at the request of the Canadian Borrower on the first day of such Interest
Period to, or LIBOR Rate Loans denominated in Canadian Dollars that were to have been continued by the Canadian Borrower as, LIBOR
Rate Loans shall be converted to or continued, at the sole option of the Canadian Borrower, as Canadian Prime Rate Loans, (d) any
affected LIBOR Rate Loans denominated in U.S. Dollars requested to be made by the Parent Borrower or any other Multicurrency Borrower
on the first day of such Interest Period shall be made, at the sole option of the Parent Borrower or such Multicurrency Borrower,
as applicable, in U.S. Dollars as Alternate Base Rate Loans or such request shall be cancelled, (e) any affected Loans denominated
in U.S. Dollars that were to have been converted at the request of the Parent Borrower or any other Multicurrency Borrower on the
first day of such Interest Period to or continued as LIBOR Rate Loans shall be converted to or continued, at the sole option of
the Parent Borrower or such Multicurrency Borrower, as applicable, as Alternate Base Rate Loans and (f) any affected LIBOR Rate
Loans denominated in a Multicurrency Alternative Currency (other than U.S. Dollars) requested to be made by a Multicurrency Borrower
on the first day of such Interest Period shall be made, at the sole option of such Multicurrency Borrower, in U.S. Dollars as Alternate
Base Rate Loans or such request shall be cancelled. Until any such notice has been withdrawn by the Administrative Agent, no further
Loans shall be made as, continued as, or converted into, LIBOR Rate Loans for the Interest Periods so affected.

 

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2.18         
Illegality.

 

Notwithstanding any
other provision of this Credit Agreement, if the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof by the relevant Governmental Authority to any Lender shall make it unlawful for such Lender or its LIBOR Lending
Office or its Canadian Lending Office to make or maintain LIBOR Rate Loans, as contemplated by this Credit Agreement or to obtain
in the applicable interbank market through its LIBOR Lending Office or Canadian Lending Office the funds with which to make such
Loans, (a) such Lender shall promptly notify the Administrative Agent or the Multicurrency Agent, as applicable, and the Borrowers
thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or continue LIBOR Rate Loans as such shall forthwith
be suspended until the Administrative Agent or Multicurrency Agent, as applicable, shall give notice that the condition or situation
which gave rise to the suspension shall no longer exist and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans,
if any, shall be (w) converted to Alternate Base Rate Loans denominated in U.S. Dollars in the case of Loans denominated in U.S.
Dollars to the Parent Borrower or any other Multicurrency Borrower, (x) converted to U.S. Base Rate Loans in the case of Loans
denominated in U.S. Dollars to the Canadian Borrower, (y) converted to Canadian Prime Rate Loans in the case of Loans denominated
in Canadian Dollars to the Canadian Borrower and (z) repaid in the case of Loans denominated in a Multicurrency Alternative Currency
(other than U.S. Dollars), in each case, on the last day of the Interest Period for such Loans or within such earlier period as
required by law. The Applicable Borrower hereby agrees promptly to pay any Lender, upon its demand, any additional amounts necessary
to compensate such Lender for actual and direct costs (but not including anticipated profits) reasonably incurred by such Lender
including any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its LIBOR
Rate Loans hereunder. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through
the Administrative Agent or the Multicurrency Agent, as applicable, to the Applicable Borrower shall be conclusive in the absence
of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office)
to avoid or to minimize any amounts which may otherwise be payable pursuant to this Section; provided, however, that
such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such
Lender in its sole discretion to be material.

 

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2.19         
Requirements of Law.

 

(a)               
If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance
by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental
Authority made subsequent to the Closing Date:

 

(i)              
shall subject any Lender or the Issuing Lender to any Tax of any kind whatsoever with respect to this Agreement, any Letter
of Credit, any participation in a Letter of Credit or any LIBOR Rate Loan made by it, or change the basis of taxation of payments
to such Lender or the Issuing Lender in respect thereof (except for any Indemnified Taxes indemnifiable under Section 2.21
or any Excluded Taxes);

 

(ii)              
shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets
held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other
acquisition of funds by, any office of any Lender or the Issuing Lender which is not otherwise included in the determination of
the LIBOR Rate hereunder; or

 

(iii)              
shall impose on such Lender any other condition;

 

and the result of any of the foregoing
is to increase the cost to such Lender of making or maintaining LIBOR Rate Loans or to increase the cost to such Lender or the
Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or maintaining its obligation to participate in
or to issue any Letter of Credit), or to reduce any amount receivable hereunder or under any Note, then, in any such case, the
Applicable Borrower shall promptly pay such Lender or the Issuing Lender, upon its demand, any additional amounts necessary to
compensate such Lender or the Issuing Lender for such additional cost or reduced amount receivable which such Lender or the Issuing
Lender reasonably deems to be material as determined by such Lender or Issuing Lender. A certificate as to any additional amounts
payable pursuant to this Section submitted by such Lender, through the Administrative Agent or Multicurrency Agent, as applicable,
to the Applicable Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including
reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any
amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that such efforts
shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its
sole discretion to be material. Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the date enacted, adopted
or issued.

 

(b)              
If any Lender or the Issuing Lender shall have reasonably determined that the adoption of or any change in any Requirement
of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or
the Issuing Lender or any corporation controlling such Lender or the Issuing Lender with any request or directive regarding capital
adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent
to the Closing Date does or shall have the effect of reducing the rate of return on such Lender’s or such corporation’s
capital as a consequence of its obligations hereunder to a level below that which such Lender, the Issuing Lender or such corporation
could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s, the Issuing Lender’s
or such corporation’s policies with respect to capital adequacy or liquidity) by an amount reasonably deemed by such Lender
or the Issuing Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such
Lender or the Issuing Lender, the Applicable Borrower shall pay to such Lender such additional amount as shall be certified by
such Lender or the Issuing Lender as being required to compensate it for such reduction (but, in the case of outstanding Base Rate
Loans, without duplication of any amounts already recovered by a Lender by reason of an adjustment in the Alternate Base Rate,
Canadian Prime Rate or U.S. Base Rate, as applicable). Such a certificate as to any additional amounts payable under this Section
submitted by a Lender or the Issuing Lender (which certificate shall include a description of the basis for the computation), through
the Administrative Agent or the Multicurrency Agent, to the Borrowers shall be conclusive absent manifest error.

 

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(c)               
Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to the foregoing provisions
of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such compensation, provided
that the Applicable Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section
2.19 for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender, as
the case may be, notifies the Applicable Borrower of the Requirement of Law giving rise to such increased costs or reductions and
of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased
costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of
retroactive effect thereof).

 

(d)              
The agreements in this Section 2.19 shall survive the termination of this Credit Agreement and payment of the Notes
and all other amounts payable hereunder.

 

2.20         
Indemnity.

 

The Applicable Borrower
hereby agrees to indemnify each Lender and to hold such Lender harmless from any funding loss or expense which such Lender may
sustain or incur as a consequence of (a) default by such Borrower in payment of the principal amount of or interest on any Loan
by such Lender in accordance with the terms hereof, (b) default by such Borrower in accepting a borrowing after such Borrower has
given a notice in accordance with the terms hereof, (c) default by such Borrower in making any repayment after such Borrower has
given a notice in accordance with the terms hereof, and/or (d) the making by such Borrower of a repayment or prepayment of a Loan,
or the conversion thereof, on a day which is not the last day of the Interest Period with respect thereto, in each case including
any such loss or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to maintain
its Loans hereunder to the extent not received by such Lender in connection with the re-employment of such funds (but excluding
loss of anticipated profits). A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender,
through the Administrative Agent or the Multicurrency Agent, to the Applicable Borrower (which certificate must be delivered to
the Administrative Agent or Multicurrency Agent, as applicable, within thirty (30) days following such default, repayment, prepayment
or conversion and shall set forth the basis for requesting such amounts in reasonable detail) shall be conclusive in the absence
of manifest error. The agreements in this Section 2.20 shall survive termination of this Credit Agreement and payment of
the Notes and all other amounts payable hereunder.

 

2.21         
Taxes.

 

(a)               
All payments made by any Credit Party hereunder or under any Credit Document will be, except as required by applicable law,
made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments
or other charges of whatever nature now or hereafter imposed by any Governmental Authority or by any political subdivision or taxing
authority thereof or therein, including all interest, penalties and additions to tax with respect thereto (“Taxes”).
If any Credit Party, the Administrative Agent or any other applicable withholding agent is required by law to make any deduction
or withholding on account of any Taxes from or in respect of any sum paid or payable by any Credit Party to any Lender or the Administrative
Agent under any of the Credit Documents, then the applicable withholding agent shall make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax, the sum payable by the applicable Credit Party to such Lender or the Administrative Agent shall
be increased by such Credit Party to the extent necessary to ensure that after such deduction or withholding has been made (including
such deductions and withholdings applicable to additional sums payable under this Section 2.21) each Lender (or, in the
case of a payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the
sum it would have received had no such deduction or withholding been made. As soon as practicable
after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 2.21, such Credit Party
shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

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(b)              
In addition, the applicable Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

 

(c)               
The Credit Parties shall, jointly and severally, indemnify and hold harmless each Lender and the Administrative Agent, within
10 days after written demand therefor, for the full amount of any Indemnified Taxes (including any Indemnified Taxes imposed on
or attributable to amounts payable under this Section 2.21) paid or payable by such Lender or the Administrative Agent, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability prepared in good faith and delivered by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of another Lender, shall be conclusive absent manifest error.

 

(d)              
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to any payments made under
any Credit Document shall deliver to the Parent Borrower and the Administrative Agent, at the time or times reasonably requested
by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by
the Parent Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if reasonably requested by the Parent Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Parent Borrower or the Administrative Agent
as will enable the Parent Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than any documentation relating to U.S. federal withholding Taxes or Canadian
withholding Taxes) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender. Each Lender hereby authorizes the Administrative Agent to deliver to the Parent Borrower and to any successor Administrative
Agent any documentation provided to the Administrative Agent pursuant to this Section 2.21(d).

 

Without limiting the
generality of the foregoing,

 

(1)Each Lender
that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) shall deliver to the
Parent Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Parent Borrower or the Administrative Agent), two executed
originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding.

 

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(2)Each Lender
that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) agrees to deliver
to the Parent Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Parent Borrower or the Administrative Agent), whichever of
the following is applicable:

 

(i) two executed
originals of IRS Form W-8BEN or W-8BEN-E (or successor forms) claiming eligibility for the benefits of an income tax treaty to
which the United States is a party,

 

(ii) two
executed originals of IRS Form W-8ECI (or successor forms),

 

(iii) in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the
Code, (x) two executed originals of a certificate substantially in the form of Exhibit F (any such certificate, a “Tax
Exempt Certificate”) and (y) two executed originals of IRS Form W-8BEN or W-8BEN-E (or successor forms),

 

(iv) to the
extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), IRS Form
W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, Tax Exempt Certificate, Form W-9,
Form W-8IMY or any other required information (or any successor forms) from each beneficial owner that would be required under
this Section 2.21(d) if such beneficial owner were a Lender, as applicable (provided that if the Lender is a partnership
(and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the
United States Tax Compliance Certificate may be provided by such Lender on behalf of such direct or indirect partners(s)), or

 

(v) two executed
originals of any other form prescribed by applicable U.S. federal income Tax laws (including the Treasury Regulations) as a basis
for claiming a complete exemption from, or a reduction in, United States federal withholding Tax on any payments to such Lender
under the Credit Documents.

 

(3)If a payment
made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Parent Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Parent Borrower or the Administrative Agent as may be necessary for the Parent Borrower and the Administrative
Agent to comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s
FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment.

 

In addition, each Lender
agrees that, whenever a lapse in time or change in circumstances renders any such documentation (including any specific documentation
required in this Section 2.21(d)) obsolete, expired or inaccurate in any respect, it shall deliver promptly to the Parent
Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested
by the Parent Borrower or the Administrative Agent) or promptly notify the Parent Borrower and the Administrative Agent in writing
of its legal ineligibility to do so.

 

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Notwithstanding anything
to the contrary in this Section 2.21(d), no Lender shall be required to deliver any documentation that it is not legally
eligible to deliver.

 

(e)               
Each Lender that requests reimbursement for amounts owing pursuant to this Section 2.21 agrees to use reasonable
efforts (including reasonable efforts to change its lending office) to avoid or to minimize any amounts which might otherwise be
payable pursuant to this Section 2.21; provided, however, that such efforts shall not cause the imposition
on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be material.

 

(f)               
If the Administrative Agent or any Lender determines, in its good faith discretion, that it has received a refund of any
Indemnified Taxes as to which it has been indemnified by a Credit Party or with respect to which a Credit Party has paid additional
amounts pursuant to this Section 2.21, it shall promptly pay to the relevant Credit Party an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Party under this Section 2.21
with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes imposed
with respect to such refund) of the Administrative Agent or such Lender, as the case may be, and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund); provided that the applicable Credit Party,
upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Credit Party (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender
in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection
shall not be construed to interfere with the right of a Lender or the Administrative Agent to arrange its Tax affairs in whatever
manner it thinks fit nor oblige any Lender or the Administrative Agent to disclose any information relating to its Tax affairs
or any computations in respect thereof or require any Lender or the Administrative Agent to do anything that would prejudice its
ability to benefit from any other refunds, credits, reliefs, remissions or repayments to which it may be entitled. Notwithstanding
anything to the contrary, in no event will any Lender be required to pay any amount to a Credit Party the payment of which would
place such Lender in a less favorable net after-tax position than it would have been in if the additional amounts or indemnification
payments giving rise to such refund of any Indemnified Taxes had never been paid.

 

(g)               
For the avoidance of doubt, for purposes of this Section 2.21, the term Lender shall include the Swingline Lender
and any Issuing Lender and the term Administrative Agent shall include the Multicurrency Agent.

 

(h)              
The agreements in this Section 2.21 shall survive the termination of this Credit Agreement, the payment of the Notes
and all other amounts payable hereunder, the resignation of the Administrative Agent and any assignment of rights by, or replacement
of, any Lender.

 

2.22         
Indemnification; Nature of Issuing Lender’s Duties.

 

(a)               
In addition to its other obligations under Section 2.6, the Parent Borrower hereby agrees to protect, indemnify,
pay and hold the Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses,
costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or be
subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit, except to the extent resulting from
the gross negligence or willful misconduct of the Issuing Lender or such Lender as determined by a court of competent jurisdiction
pursuant to a final non-appealable judgment or (ii) the failure of the Issuing Lender to honor a drawing under a Letter of Credit
as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental
Authority (all such acts or omissions, herein called “Government Acts”).

 

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(b)              
As between the Parent Borrower, the Issuing Lender and each Lender, the Parent Borrower shall assume all risks of the acts,
omissions or misuse of any Letter of Credit by the beneficiary thereof. Neither the Issuing Lender nor any Lender shall be responsible
for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in
part, that may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of a Letter of Credit to comply
fully with conditions required in order to draw upon a Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission
or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation
of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing
under a Letter of Credit or of the proceeds thereof; and (vii) any consequences arising from causes beyond the control of the Issuing
Lender or any Lender, including any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing
Lender’s rights or powers hereunder.

 

(c)               
In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or
omitted by the Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken
or omitted in good faith, shall not put such Issuing Lender under any resulting liability to the Parent Borrower. It is the intention
of the parties that this Credit Agreement shall be construed and applied to protect and indemnify the Issuing Lender and each Lender
against any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Parent
Borrower, including any and all risks of the acts or omissions, whether rightful or wrongful, of any Governmental Authority. The
Issuing Lender and the Lenders shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to pay any
drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the control of the Issuing Lender
and the Lenders.

 

(d)              
Nothing in this Section 2.22 is intended to limit the reimbursement obligation of the Parent Borrower contained in
Section 2.8. The obligations of the Parent Borrower under this Section 2.22 shall survive the termination of this
Credit Agreement. No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair
the rights of the Issuing Lender and the Lenders to enforce any right, power or benefit under this Credit Agreement.

 

(e)               
Notwithstanding anything to the contrary contained in this Section 2.22, the Parent Borrower shall have no obligation
to indemnify any Issuing Lender or any Lender in respect of any liability incurred by such Issuing Lender or such Lender arising
out of the gross negligence or willful misconduct of the Issuing Lender (including action not taken by the Issuing Lender or such
Lender), as determined by a court of competent jurisdiction.

 

2.23         
Replacement of Lenders.

 

The Borrowers shall
be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.18, Section
2.19 or Section 2.21, (b) is a Defaulting Lender hereunder or (c) ceases to qualify as a Canadian Lender or a Multicurrency
Revolving Lender; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default
shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have
taken no action under Section 2.18, Section 2.19(a) or Section 2.21(e), as applicable, so as to eliminate
the continued need for payment of amounts owing pursuant to Section 2.18, Section 2.19 or Section 2.21, (iv)
the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior
to the date of replacement, (v) the Applicable Borrower shall be liable to such replaced Lender under Section 2.20 if any
LIBOR Rate Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto,
(vi) the replacement shall be a financial institution that, if not already a Lender, shall be reasonably acceptable to the Administrative
Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 9.6
(provided that the Applicable Borrower shall be obligated to pay the registration and processing fee referred to therein),
(viii) with respect to payments due through such time as such replacement shall be consummated, the Applicable Borrower shall pay
all additional amounts (if any) required pursuant to Section 2.18, 2.19 or 2.21, as the case may be, (ix)
a Canadian Revolving Lender may only be replaced with a financial institution that would qualify as a Canadian Revolving Lender
and a Multicurrency Revolving Lender may only be replaced with a financial institution that is reasonably acceptable to the Multicurrency
Agent, and (x) any such replacement shall not be deemed to be a waiver of any rights that the Borrowers, either Agent or any other
Lender shall have against the replaced Lender. In the event any replaced Lender fails to execute the agreements required under
Section 9.6 in connection with an assignment pursuant to this Section 2.23, the Applicable Borrower may, upon two
(2) Business Days’ prior notice to such replaced Lender, execute such agreements on behalf of such replaced Lender. A Lender
shall not be required to be replaced if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Applicable Borrower to require such replacement cease to apply.

 

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2.24         
Relationship between the Canadian Swingline Lender and the Administrative Agent.

 

The Canadian Swingline
Lender shall promptly inform the Administrative Agent of the funding of any Canadian Swingline Loan and the terms thereof, as well
as any other notices and communications received from any Borrower.

 

2.25         
Defaulting Lenders.

 

Notwithstanding anything
to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is
no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(a)Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 9.1.

 

(b)Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent or the Multicurrency
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise, and including any amounts
made available to the Administrative Agent or the Multicurrency Agent for the account of such Defaulting Lender pursuant to Section
9.7), shall be applied at such time or times as may be determined by the Administrative Agent or Multicurrency Agent, as applicable,
as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent or Multicurrency
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing
Lender and/or the Swingline Lender hereunder; third, if so determined by the Administrative Agent or Multicurrency Agent
or requested by the Issuing Lender and/or the Swingline Lender, to be held as cash collateral for future funding obligations of
such Defaulting Lender of any participation in any Swingline Loan or Letter of Credit; fourth, as the Borrowers may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed
to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent or Multicurrency Agent; fifth,
if so determined by the Administrative Agent or Multicurrency Agent and the Borrowers, to be held in a non-interest bearing deposit
account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth,
to the payment of any amounts owing to the Administrative Agent or Multicurrency Agent, the Lenders, the Issuing Lender or Swingline
Lender as a result of any judgment of a court of competent jurisdiction obtained by the Administrative Agent or Multicurrency Agent,
any Lender, the Issuing Lender or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment
of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(i) such payment is a payment of the principal amount of any Revolving Loans or funded participations in Swingline Loans or Letters
of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share and (ii) such Revolving Loans or
funded participations in Swingline Loans or Letters of Credit were made at a time when the conditions set forth in Section 4.2
were satisfied or waived, such payment shall be applied solely to pay the Revolving Loans of, and funded participations in Swingline
Loans or Letters of Credit owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Revolving Loans of, or funded participations in Swingline Loans or Letters of Credit owed to, such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post cash collateral pursuant to this Section 2.25(b) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

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(c)Reallocation
of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes
of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit or Swingline Loans pursuant to Sections 2.6, 2.7 and 2.8, the “Revolving Commitment Percentage”
of each non-Defaulting Lender shall be computed without giving effect to the Revolving Commitment of such Defaulting Lender; provided
that (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no
Event of Default exists, (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Letters of Credit and Swingline Loans shall not exceed the positive difference, if any, of (A) the Revolving Commitment of that
non-Defaulting Lender minus (B) the aggregate outstanding principal amount of the Revolving Loans of that Lender and (iii)
for the avoidance of doubt, to the extent that the Defaulting Lender constitutes a Canadian Revolving Lender or U.S. Revolving
Lender, such reallocation shall only be to the Canadian Revolving Lenders or U.S. Revolving Lenders, as applicable.

 

(d)Cash
Collateral for Letters of Credit. Promptly on demand by the Issuing Lender or the Administrative Agent from time to time, the
Parent Borrower shall deliver to the Administrative Agent cash collateral (in U.S. Dollars) in an amount sufficient to cover all
Fronting Exposure with respect to the Issuing Lender (after giving effect to Section 2.25(c)), or in the sole discretion
of the Administrative Agent and Issuing Lender, shall provide other collateral or make other arrangements satisfactory to the Administrative
Agent and Issuing Lender in their sole discretion to cover such Fronting Exposure, in each case on terms reasonably satisfactory
to the Administrative Agent and the Issuing Lender. Any such cash collateral shall be deposited in a separate account with the
Administrative Agent, subject to the exclusive dominion and control of the Administrative Agent, as collateral (solely for the
benefit of the Issuing Lender) for the payment and performance of each Defaulting Lender’s Revolving Commitment Percentage
of outstanding LOC Obligations. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Lender
immediately for each Defaulting Lender’s Revolving Commitment Percentage of any drawing under any Letter of Credit which
has not otherwise been reimbursed by the Parent Borrower or such Defaulting Lender.

 

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(e)Prepayment
of Swingline Loans. Promptly on demand by the Swingline Lender or the Administrative Agent from time to time, the Borrowers
shall prepay Swingline Loans in an amount equal to all Fronting Exposure with respect to the Swingline Lender (after giving effect
to Section 2.25(c)).

 

(f)Certain
Fees. For any period during which any Lender is a Defaulting Lender, such Defaulting Lender (i) shall not be entitled to receive
any Commitment Fee pursuant to Section 2.13(a) (and the Borrowers shall not be required to pay any such fee that otherwise
would have been required to have been paid to such Defaulting Lender) and (ii) shall not be entitled to receive any Letter of Credit
Fees pursuant to Section 2.13(b) otherwise payable to the account of a Defaulting Lender with respect to any Letter of Credit
as to which such Defaulting Lender has not provided cash collateral or other credit support arrangements satisfactory to the Issuing
Lender pursuant to Section 2.25(d), but instead, the Borrowers shall pay to the non-Defaulting Lenders the amount of such
Letter of Credit Fees in accordance with the upward adjustments in their respective Revolving Commitment Percentages allocable
to such Letter of Credit pursuant to Section 2.25(c), with the balance of such fee, if any, payable to the Issuing Lender
for its own account, provided that no such fee shall be payable to the Issuing Lender to the extent the Borrowers have provided
the Issuing Lender with cash collateral for its Fronting Exposure as provided herein.

 

(g)Defaulting
Lender Cure. If the Borrowers, the Administrative Agent, the Swingline Lender and the Issuing Lender agree in writing in their
good faith judgment that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will
so notify the parties hereto, whereupon as of the date specified in such notice and subject to any conditions set forth therein
(which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase that
portion of outstanding Revolving Loans of the other Lenders or take such other actions as the Administrative Agent may determine
to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to
be held on a pro rata basis by the Lenders in accordance with their Revolving Commitment Percentages (without giving effect to
Section 2.25(c)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
such Lender’s having been a Defaulting Lender.

 

2.26         
Incremental Loans.

 

(a)               
At any time, the Parent Borrower may by written notice to the Administrative Agent elect to request the establishment of:

 

(i)              
one or more incremental term loan commitments (any such incremental term loan commitment which may be part of an existing
tranche, an “Incremental Term Loan Commitment”) to make an incremental term loan (any such incremental term
loan, an “Incremental Term Loan”); or

 

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(ii)              
one or more increases in the Extended U.S. Revolving
Commitments (an “Incremental Revolving Commitment” and, together with the Incremental Term Loan Commitments,
the “Incremental Loan Commitments”) to make incremental Revolving Loans (any such increase, an “Incremental
Revolving Commitment Increase” and, together with the Incremental Term Loan, the “Incremental Loans”);

 

provided that the total aggregate
amount for all such Incremental Loan Commitments shall not exceed U.S.$2,000,000,000. Each such notice shall specify the date (each,
an “Increased Amount Date”) on which the Parent Borrower proposes that any Incremental Loan Commitment shall
be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative
Agent. The Parent Borrower may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any other Person
reasonably satisfactory to the Administrative Agent, to provide an Incremental Loan Commitment (any such Person, an “Incremental
Lender”). Any Lender or any Incremental Lender offered or approached to provide all or a portion of any Incremental Loan
Commitment may elect or decline, in its sole discretion, to provide such Incremental Loan Commitment. Any Incremental Loan Commitment
shall become effective as of such Increased Amount Date; provided that:

 

(A)             
no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to (1) any Incremental
Loan Commitment and (2) the making of any Incremental Loans pursuant thereto (except in connection with any Consolidated Company
Investment; provided that in such case, no Event of Default under Sections 7.1(a) or (g) shall exist after
giving effect thereto);

 

(B)             
the representations and warranties made by the Credit Parties herein or in any other Credit Document or which are contained
in any certificate furnished at any time under or in connection herewith or therewith shall be true and correct in all material
respects (except to the extent that any such representation or warranty is qualified by materiality, in which case such representation
and warranty shall be true and correct) on and as of the date of such Increased Amount Date as if made on and as of such date (except
for those which expressly relate to an earlier date) (except in connection with any Acquisition not prohibited hereunder; provided
that in such case, the representations and warranties set forth in Sections 3.1(i), 3.2, 3.3, 3.4,
3.6, 3.7 and 3.13 with respect to the Parent Borrower and its Subsidiaries (on a pro forma basis giving effect
to such Acquisition), and customary specified acquisition agreement representations and warranties with respect to the entity and/or
assets to be acquired, shall be true and correct in all material respects on and as of such Increased Amount Date);

 

(C)             
the Administrative Agent and the Lenders shall have received from the Parent Borrower a Pro Forma Compliance Certificate
demonstrating that the Parent Borrower will be in compliance on a pro forma basis with the financial covenants set forth in Section
6.1 after giving effect to (1) any Incremental Loan Commitment (assuming the full drawing of any Incremental Revolving Commitment),
(2) the making of any Incremental Loans pursuant thereto and (3) any Consolidated Company Investment consummated in connection
therewith; provided that if such Incremental Loans are incurred in connection with a Consolidated Company Investment or
an irrevocable redemption or repayment of Indebtedness, compliance with the financial covenants set forth in Section 6.1
may be determined, at the option of the Parent Borrower, at the time of signing the applicable acquisition agreement or the date
of irrevocable notice of redemption or repayment, as applicable (in which case, such Incremental Loans will be deemed outstanding
for purposes of calculating the maximum amount of Indebtedness that can be incurred under any leverage-based test hereunder); provided
further, that if the Parent Borrower has made such election, in connection with the calculation of any financial ratio (other
than the financial covenants set forth in Section 6.1) on or following such date and prior to the earlier of the date on
which such Consolidated Company Investment is consummated or the definitive agreement for such Consolidated Company Investment
is terminated or such redemption or repayment is made, as applicable, any such ratio shall be calculated on a Pro Forma Basis assuming
such Consolidated Company Investment, redemption or repayment and other pro forma events in connection therewith (including any
incurrence of Indebtedness) have been consummated, except to the extent such calculation would result in a lower leverage ratio
than would apply if such calculation was made without giving pro forma effect to such Consolidated Company Investment, redemption,
repayment, other pro forma events and Indebtedness;

 

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(D)             
the proceeds of any Incremental Loans shall be used for working capital and general corporate purposes of the Parent Borrower
and its Subsidiaries (including Consolidated Company Investments);

 

(E)              
each Incremental Loan Commitment (and the Incremental Loans made thereunder) shall constitute obligations of the Parent
Borrower and shall be guaranteed with the other Extensions of Credit on a pari passu basis;

 

(F)              
(1)in the case of each Incremental Term Loan (the terms of which shall be set forth in the relevant Lender Joinder Agreement):

 

(w)such
Incremental Term Loan will mature and amortize in a manner reasonably acceptable to the Administrative Agent, the Incremental Lenders
making such Incremental Term Loan and the Parent Borrower, but will not in any event have a shorter weighted average life to maturity
than the remaining weighted average life to maturity of the Latest Maturing Loan or a maturity date earlier than the Latest Maturity
Date;

 

(x)the
Applicable Percentage and pricing grid, if applicable, for such Incremental Term Loan shall be determined by the Administrative
Agent, the applicable Incremental Lenders and the Parent Borrower on the applicable Increased Amount Date;

 

(y)all
other terms and conditions applicable to any Incremental Term Loan, to the extent not consistent with the terms and conditions
applicable to the existing Term Loan, shall be reasonably satisfactory to the Administrative Agent; and

 

(z)such
Incremental Term Loans shall be made available only to the Parent Borrower and only in U.S. Dollars;

 

(2)in
the case of each Incremental Revolving Commitment Increase (the terms of which shall be set forth in the relevant Lender Joinder
Agreement):

 

(w)such
Incremental Revolving Commitment Increase shall mature on the latest
Revolving/Term Loan Maturity Date;

 

(x)the
Applicable Percentage and pricing grid, if applicable, for the Revolving Commitments and the Revolving Loans may be increased by
the Administrative Agent, the applicable Incremental Lenders and the Parent Borrower on the applicable Increased Amount Date if
necessary to be consistent with such Incremental Revolving Commitment Increase;

 

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(y)except
as provided above, all of the other terms and conditions applicable to such Incremental Revolving Commitment Increase shall, except
to the extent otherwise provided in this Section 2.26, be identical to the terms and conditions applicable to the U.S. Revolving
Commitments and the U.S. Revolving Loans; and

 

(z)such
Incremental Revolving Commitment Increase shall be made available only to the Parent Borrower (or any other Borrower so designated
according with Section 2.1(f)) and only in U.S. Dollars;

 

it being understood
that, to the extent any financial maintenance covenant is added for the benefit of any Incremental Loan Commitment or any Incremental
Loans, no consent with respect to such financial maintenance covenant shall be required from the Administrative Agent or any existing
Lender so long as such financial maintenance covenant is added to this Agreement for the benefit of the existing Commitments and
Loans;

 

(G)             
(1)any Incremental Lender making any Incremental Term Loan shall be entitled to the same voting rights as the existing
Term Loan Lenders under the Term Loans and each Incremental Term Loan shall receive proceeds of prepayments on the same basis as
the existing Term Loans (such prepayments to be shared pro rata on the basis of the original aggregate funded amount thereof among
the existing Term Loans and the Incremental Term Loans);

 

(2)any
Incremental Lender with an Incremental Revolving Commitment Increase shall be entitled to the same voting rights as the existing
Revolving Lenders under the Revolving Loans and any Extensions of Credit made in connection with each Incremental Revolving Commitment
Increase shall receive proceeds of prepayments on the same basis as the other Revolving Loans made hereunder;

 

(H)             
such Incremental Loan Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed and delivered
by the applicable Borrower, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement may,
without the consent of any other Lenders or Credit Parties, effect such amendments to this Agreement and the other Credit Documents
as may be necessary or appropriate, in the opinion of the Administrative Agent and the Parent Borrower, to effect the provisions
of this Section 2.26); and

 

(I)                
the Parent Borrower shall deliver or cause to be delivered any customary legal opinions or other customary closing documents
(including a resolution duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing
such Incremental Loan) reasonably requested by Administrative Agent in connection with any such transaction.

 

(b)              
(i)The Incremental Term Loans shall be deemed to be Term Loans; provided that such Incremental Term Loan may
be designated as a separate tranche of Term Loans for all purposes of this Credit Agreement.

 

(ii)The Incremental
Lenders shall be included in any determination of the Required Lenders or Required Revolving Lenders, as applicable, and the Incremental
Lenders will not constitute a separate voting class for any purposes under this Credit Agreement.

 

(c)               
(i)On any Increased Amount Date on which any Incremental Term Loan Commitment becomes effective, subject to the foregoing
terms and conditions, each Incremental Lender with an Incremental Term Loan Commitment shall make an Incremental Term Loan to the
applicable Borrower in an amount equal to its Incremental Term Loan Commitment and shall become a Term Loan Lender hereunder with
respect to such Incremental Term Loan Commitment and the Incremental Term Loan made pursuant thereto.

 

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(ii)On any Increased
Amount Date on which any Incremental Revolving Commitment Increase becomes effective, subject to the foregoing terms and conditions,
each Incremental Lender with an Incremental Revolving Commitment shall become a Revolving Lender hereunder with respect to such
Incremental Revolving Commitment.

 

2.27         
Extensions of Revolving/ Maturity
Date and/or Term Loan Maturity Date.

 

(a)               
At least 30 days but not more than 60 days prior to the first and/or second anniversary of the Closing Date, the Parent
Borrower, by written notice to the Administrative Agent, may request an extension of theany
Revolving/ Maturity
Date and/or the Term Loan Maturity Date in effect at such time by one year from its then scheduled expiration, with
any Term Loan extension providing for the repayment of 2.50% of the aggregate principal amount of such extended Term Loans per
quarter during each year following the Revolving/Term Loan Maturity Date during
which such extended Term Loans remain outstanding. The Administrative Agent shall promptly notify each applicable
Lender of such request, and each such Lender shall
in turn, in its sole discretion, not later than 20 days prior to such anniversary date, notify the Parent Borrower and the Administrative
Agent in writing as to whether such Lender will consent to such extension. If any Lender shall fail to notify the Administrative
Agent and the Parent Borrower in writing of its consent to any such request for extension of the applicable
Revolving/
Maturity Date and/or the Term Loan Maturity Date at least 20 days prior to such anniversary date, such Lender shall
be deemed to be a Non-Consenting Lender with respect to such request. The Administrative Agent shall notify the Parent Borrower
not later than 15 days prior to the applicable anniversary date of the decision of the Lenders regarding the Parent Borrower’s
request for an extension of the applicable Revolving/
Maturity Date and/or the Term Loan Maturity Date , as the
case may be.

 

(b)If all the Lenders
consent in writing to any such request in accordance with subsection (a) of this Section 2.27, then the Revolving/
Maturity Date and/or Term Loan Maturity Date, as applicable,
in effect at such time shall, effective as at the then applicable anniversary date (the “Extension Date”), be
extended for one year; provided that on each Extension Date the applicable conditions set forth in Section 4.2 shall be
satisfied. If less than all of the Lenders consent in writing to any such request in accordance with subsection (a) of this Section
2.27, then the Revolving/
Maturity Date and/or Term Loan Maturity Date, as applicable,
in effect at such time shall, effective as at the then applicable Extension Date and subject to subsection (d) of this Section
2.27, be extended as to those Lenders that so consented (each a “Consenting Lender”) but shall not be extended
as to any other Lender (each a “Non-Consenting Lender”). To the extent that the applicable
Revolving/
Maturity Date and/or the Term Loan Maturity Date is not extended as to any Lender pursuant to this Section 2.27
and the Commitment of such Lender is not assumed in accordance with subsection (c) of this Section 2.27 on or prior to the
applicable Extension Date, the Commitment of such Non-Consenting Lender shall automatically terminate in whole on such unextended
Revolving/ Maturity
Date and/or the Term Loan Maturity Date, as applicable,
without any further notice or other action by the Parent Borrower, such Lender or any other Person; provided that such Non-Consenting
Lender’s rights under Sections 2.19, 2.21 and 9.5, shall survive the Revolving/
Maturity Date and/or the Term Loan Maturity Date, as applicable,
for such Lender as to matters occurring prior to such date. It is understood and agreed that no Lender shall have any obligation
whatsoever to agree to any request made by the Parent Borrower for any requested extension of the applicable
Revolving/
Maturity Date and/or the Term Loan Maturity Date.

 

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(c)If less than
all of the Lenders consent to any such request pursuant to subsection (a) of this Section 2.27, then the Administrative
Agent shall promptly so notify the Consenting Lenders, and each Consenting Lender may, in its sole discretion, give written notice
to the Administrative Agent not later than 10 days prior to the then applicable Revolving/Term
Loan MaturityExtension Date of the amount
of the Non-Consenting Lenders’ Commitments and/or Term Loans for which it is willing to accept an assignment. If the Consenting
Lenders notify the Administrative Agent that they are willing to accept assignments of Commitments and/or Term Loans in an aggregate
amount that exceeds the amount of the Commitments and/or Term Loans of the Non-Consenting Lenders, respectively,
then such Commitments and/or Term Loans shall be allocated among the Consenting Lenders willing to accept such assignments
in such amounts as are agreed between the Parent Borrower and the Administrative Agent. If after giving effect to the assignments
of Commitments and/or Term Loans described above there remains any Commitments and/or Term Loans of Non-Consenting Lenders,
then the Parent Borrower may arrange for one or more Consenting Lenders or other Eligible Assignees (each such Eligible
Assignee, an “Assuming Lender”) to assume, effective as of the Extension Date, any Non-Consenting Lender’s
Commitment and/or Term Loans and all of the obligations of such Non-Consenting Lender under this Agreement thereafter arising,
without recourse to or warranty by, or expense to, such Non-Consenting Lender; provided, however, that the amount
of the Commitment and/or Term Loans of any such Assuming Lender after giving effect to such substitution shall in no event be less
than $5,000,000 unless the amount of the Commitment and/or Term Loans of such Non-Consenting Lender is less than $5,000,000, in
which case such Assuming Lender shall assume all of such lesser amount; and provided further that:

 

(i)any
such Consenting Lender or Assuming Lender shall have paid to such Non-Consenting Lender (A) the aggregate principal amount of,
and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Loans, if any, of such Non-Consenting
Lender plus (B) any accrued but unpaid Commitment Fees, Letter of Credit Fees and Issuing Lender Fees owing to such Non-Consenting
Lender as of the effective date of such assignment;

 

(ii)all
additional costs reimbursements, expense reimbursements and indemnities payable to such Non-Consenting Lender, and all other accrued
and unpaid amounts owing to such Non-Consenting Lender hereunder, as of the effective date of such assignment shall have been paid
to such Non-Consenting Lender; and

 

(iii)with
respect to any such Assuming Lender, the applicable processing and recordation fee required under Section 9.6(b)(iv) for such assignment
shall have been paid;

 

provided further
that such Non-Consenting Lender’s rights under Sections 2.19, 2.21 and 9.5, shall survive such substitution
as to matters occurring prior to the date of substitution. At least three Business Days prior to the applicable Extension Date,
(A) each such Assuming Lender, if any, shall have delivered to the Parent Borrower and the Administrative Agent an Assignment and
Assumption, duly executed by such Assuming Lender, the Parent Borrower and the Administrative Agent, (B) any such Consenting Lender
shall have delivered confirmation in writing satisfactory to the Parent Borrower and the Administrative Agent as to the increase
in the amount of its Commitment and/or Term Loans and (C) each Non-Consenting Lender being replaced pursuant to this Section
2.27 shall have delivered to the Administrative Agent any Note or Notes held by such Non-Consenting Lender. Upon the payment
or prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the immediately preceding sentence, each such Consenting
Lender or Assuming Lender, as of the applicable Extension Date, will be substituted for such Non-Consenting Lender under this Agreement
and shall be a Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Lenders,
and the obligations of each such Non-Consenting Lender hereunder shall, by the provisions hereof, be released and discharged.

 

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(d)If (after giving
effect to any assignments or assumptions pursuant to subsection (c) of this Section 2.27) Lenders having Commitments andor
Term Loans equal to at least 50% of the Commitments andor
Term Loans of the applicable tranche subject to an extension request
under this Section 2.27 (in each case, in effect immediately prior to the applicable Extension Date)
consent in writing to a requested extension (whether by execution or delivery of an Assignment and Assumption or otherwise) not
later than one Business Day prior to such Extension Date, then the Administrative Agent shall so notify the Parent Borrower, and,
subject to the satisfaction of the applicable conditions in Section 4.2, the Revolving/
Maturity Date or Term Loan Maturity Date, as applicable,
then in effect for such tranche of Commitments or Term Loans shall
be extended for the additional one-year period as described in subsection (b) of this Section 2.27, and all references in
this Agreement, and in the Notes, if any, to the “Revolving/
Maturity Date” and/or “Term Loan Maturity Date ”,”
as applicable, shall, with respect to each Consenting Lender and each Assuming Lender for such Extension Date, refer
to the applicable Revolving/
Maturity Date and/or Term Loan Maturity Date as so extended. Promptly following each Extension Date, the Administrative
Agent shall notify the Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Revolving/
Maturity Date and/or Term Loan Maturity Date , as applicable,
in effect immediately prior thereto and shall thereupon record in the Register the relevant information with respect to each such
Consenting Lender and each such Assuming Lender.

 

2.28         
Mexican Peso Revolving Credit Facility. The Lenders hereby
agree that the Parent Borrower may, at its sole option and by written notice to the Administrative Agent, from time to time request
that a portion of the U.S. Revolving Committed Amount not to exceed U.S.$200,000,000 in the aggregate be allocated to a separate
revolving credit facility (the “Peso Facility”) under which the Parent Borrower shall be permitted to borrow
(either directly or through a Wholly-Owned Restricted Subsidiary), on a revolving credit basis, loans denominated in Mexican Pesos
(it being understood that, upon such allocation, the U.S. Revolving Committed Amount shall be reduced
(pro rata amongst Classes), on a dollar-for-dollar basis and in accordance with the terms set forth in Section 2.12(a)
of the Credit Agreement for voluntary reductions of the unused portion of the U.S. Revolving Committed Amount, by the amount
of the commitments so allocated to the Peso Facility). The terms and conditions applicable to the Peso Facility (other than those
terms relating to interest rate) shall be substantially the same as those terms and conditions applicable to the facility in respect
of the U.S. Revolving Commitments or shall otherwise be reasonably satisfactory to the Administrative Agent (which for the avoidance
of doubt shall include changes to notice and timing requirements to reflect the operational requirements of the Administrative
Agent). In connection with the implementation of the Peso Facility, the Administrative Agent and the Parent Borrower shall be permitted
to effect, without the consent of any other Lender, such amendments to the Credit Agreement and the other Credit Documents as may
be necessary or appropriate, in the opinion of the Administrative Agent and the Parent Borrower, to effect the provisions of this
Section 2.28 (collectively, the “Peso Facility Amendment”). Any additional bank, financial institution,
existing Lender or other Person that elects to extend commitments in respect of the Peso Facility shall be reasonably satisfactory
to the Parent Borrower and the Administrative Agent and, if not already a Lender, shall become a Lender under the Credit Agreement
pursuant to the Peso Facility Amendment. No Lender shall be obligated to provide any commitments in respect of the Peso Facility
unless it so agrees. For the avoidance of doubt, the Administrative Agent shall not be obligated to be the administrative agent
for the Peso Facility and the Peso Facility may have a different administrative agent with only the consent of the Parent Borrower
and the Administrative Agent and such other administrative agent.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders
to enter into this Credit Agreement and to make Loans herein provided for, the Credit Parties hereby represent and warrant to the
Agents and to each Lender that:

 

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3.1             
Corporate Existence; Compliance with Law.

 

The Parent Borrower
and each of its Subsidiaries is a corporation or other legal entity duly organized, validly existing and (to the extent the concept
is applicable in such jurisdiction) in good standing under the laws of its jurisdiction of organization, except where the failure
to be in good standing would not reasonably be likely to have a Material Adverse Effect. The Parent Borrower and each of its Subsidiaries
(i) has the corporate power and authority and the legal right to own and operate its property and to conduct its business, (ii)
is duly qualified as a foreign corporation or other legal entity and in good standing under the laws of each jurisdiction where
its ownership of property or the conduct of its business requires such qualification, and (iii) is in compliance with all Requirements
of Law, except where (a) the failure to have such power, authority and legal right as set forth in clause (i) hereof, (b) the failure
to be so qualified or in good standing as set forth in clause (ii) hereof, or (c) the failure to comply with Requirements of Law
as set forth in clause (iii) hereof, is not reasonably likely, in the aggregate, to have a Material Adverse Effect.
No Credit Party is an EEA Financial Institution.

 

3.2             
Corporate Power; Authorization.

 

Each of the Credit
Parties has the corporate power and authority to make, deliver and perform the Credit Documents to which it is a party and has
taken all necessary corporate action to authorize the execution, delivery and performance of such Credit Documents. No consent
or authorization of, or filing with, any Person (including any Governmental Authority), is required in connection with the execution,
delivery or performance by a Credit Party, or the validity or enforceability against a Credit Party, of the Credit Documents, other
than such consents, authorizations or filings which have been made or obtained and those consents, authorizations and filings the
failure of which to make or obtain would not reasonably be likely to have a Material Adverse Effect.

 

3.3             
Enforceable Obligations.

 

This Agreement has
been duly executed and delivered by the Parent Borrower and the Canadian Borrower and, upon delivery of a counterpart signature
page hereto by each of the Initial Guarantors, will be duly executed and delivered by each Initial Guarantor, and each other Credit
Document will be duly executed and delivered by each Credit Party party thereto, as applicable, and this Credit Agreement constitutes
(or, in the case of each Initial Guarantor, will constitute upon the delivery of a counterpart signature page hereto), and each
other Credit Document when executed and delivered will constitute, legal, valid and binding obligations of each Credit Party executing
the same, enforceable against such Credit Party in accordance with their respective terms, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally
and by general principles of equity.

 

3.4             
No Legal Bar.

 

The execution, delivery
and performance by each Credit Party of the Credit Documents to which it is a party will not (a) violate (i) such Person’s
articles or certificate of incorporation (or equivalent formation document), bylaws or other organizational or governing documents
or (ii) any Requirement of Law or (b) cause a breach or default under any of their respective Material Contracts, except, with
respect to any violation, breach or default referred to in clause (a)(ii) or (b), to the extent that such violation, breach or
default would not reasonably be likely to have a Material Adverse Effect.

 

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3.5             
No Material Litigation.

 

No litigation, investigation
or proceeding of or before any court, tribunal, arbitrator or governmental authority is pending or, to the knowledge of any Responsible
Officer of the Parent Borrower, threatened in writing by or against the Borrowers or any of the Restricted Subsidiaries, or against
any of their respective properties or revenues, existing or future (a) that is adverse in any material respect to the interests
of the Lenders with respect to any Credit Document or any of the transactions contemplated hereby or thereby, or (b) that is reasonably
likely to have a Material Adverse Effect.

 

3.6             
Investment Company Act.

 

None of the Borrowers
nor any Restricted Subsidiary is an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended, and is not controlled by such a company.

 

3.7             
Margin Regulations.

 

No part of the proceeds
of the Loans hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock”
within the meaning of Regulation U. Neither the execution and delivery hereof by the Borrowers, nor the performance by them of
any of the transactions contemplated by this Credit Agreement (including the direct or indirect use of the proceeds of the Loans)
will violate or result in a violation of Regulation T, U or X.

 

3.8             
Compliance with Environmental Laws. Except for any matters
that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect:

 

(a)               
None of the Borrowers nor any of the Restricted Subsidiaries has received from any third party any notices of claims or
potential liability under, or notices of failure to comply with, any Environmental Laws.

 

(b)              
None of the Borrowers nor any of the Restricted Subsidiaries has received any notice of violation, or notice of any action,
either judicial or administrative, from any Governmental Authority relating to the actual or alleged violation of any Environmental
Law, including any such notice of violation or action based upon any actual or alleged Release or threat of Release of any Hazardous
Substances by a Borrower or any of the Restricted Subsidiaries or its employees or agents, or as to the existence of any contamination
at any location for which a Borrower or any Restricted Subsidiary is or is alleged to be responsible.

 

(c)               
None of the Borrowers nor any of the Restricted Subsidiaries, nor, to the knowledge of any Borrower, any other Person, has
caused any Release or threat of Release of any Hazardous Substance, with respect to any real property currently or formerly owned,
leased or operated by a Borrower or any Restricted Subsidiary or has violated any Environmental Law, that is reasonably likely
to result in penalties, fines, claims or other liabilities to a Borrower or any Restricted Subsidiary pursuant to any Environmental
Law.

 

(d)              
The Borrowers and the Restricted Subsidiaries and their respective operations are in compliance with all Environmental Laws,
and have obtained, maintained and are in compliance with all necessary governmental permits, licenses and approvals required under
Environmental Law for the operations conducted on their respective properties.

 

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3.9             
Subsidiaries.

 

Schedule 3.9
is a complete and correct list of the Parent Borrower’s Subsidiaries and the Joint Ventures of the Parent Borrower and its
Subsidiaries, in each case, as of the Closing Date after giving effect to the Combination , showing, as to each Subsidiary and
Joint Venture, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its
Capital Stock or similar equity interests outstanding owned by the Parent Borrower and each other Subsidiary.

 

3.10         
Financial Statements, Fiscal Year and Fiscal Quarters.

 

(a)               
The Parent Borrower has furnished to the Administrative Agent and the Lenders (i) copies of audited consolidated financial
statements of RockTenn and its Subsidiaries (prior to giving effect to the Combination) and of MWV and its Subsidiaries for the
three (3) fiscal years most recently ended prior to the Closing Date for which audited financial statements are available (it being
understood that the Administrative Agent and the Lenders have received audited consolidated financial statements of RockTenn, MWV
and their respective Subsidiaries for fiscal years 2012, 2013 and 2014), in each case audited by independent public accountants
of recognized national standing and prepared in conformity with GAAP, (ii) copies of interim unaudited condensed consolidated balance
sheets, statements of operations and statements of cash flows of RockTenn and its Subsidiaries (prior to giving effect to the Combination)
as of and for December 31, 2014 and March 31, 2015 and of MWV and its Subsidiaries as of and for March 31, 2015, (iii) copies of
pro forma condensed consolidated balance sheet and statement of income for the Parent Borrower and its Subsidiaries
for the periods for which such pro forma financial statements would be required pursuant to Regulation S-X under the Securities
Act applicable to a registration statement under the Securities Act on Form S-1 (“Regulation S-X”), in each
case giving pro forma effect to the Transactions (prepared in accordance with Regulation S-X, and all other rules
and regulations of the SEC under the Securities Act), and including such other adjustments as are reasonably acceptable to the
Lead Arrangers, (iv) quarterly projections prepared by management of balance sheets, income statements and cash flow statements
of the Parent Borrower and its Subsidiaries for the fiscal years ending September 30, 2015 and 2016 and (v) annual projections
prepared by management of balance sheets, income statements and cash flow statements of the Parent Borrower and its Subsidiaries
for the fiscal years ending September 30, 2017, 2018 and 2019.

 

(b)              
The financial statements referenced in subsection (a) (other than the financial statements referenced in clause (iii)
and the projections referenced in clause (iv) of subsection (a)) fairly present in all material respects the consolidated
financial condition of RockTenn and its Subsidiaries or MWV and its Subsidiaries, as applicable, as at the dates thereof and the
results of operations for such periods in conformity with GAAP consistently applied (subject, in the case of the quarterly financial
statements, to normal year-end audit adjustments and the absence of certain notes). The Borrowers and the Restricted Subsidiaries
taken as a whole did not have any material contingent obligations, contingent liabilities, or material liabilities for known taxes,
long-term leases or unusual forward or long-term commitments required to be reflected in the foregoing financial statements or
the notes thereto that are not so reflected.

 

(c)               
The pro forma condensed consolidated balance sheet and statement of income referenced in clause (iii) of subsection
(a) are based upon reasonable assumptions made known to the Lenders and upon information not known to be incorrect or misleading
in any material respect.

 

(d)              
The projections referenced in clause (iv) of subsection (a) were prepared in good faith on the basis of the assumptions
stated therein, which assumptions are fair in light of then existing conditions (it being understood that projections may vary
from actual results and that such variances may be material).

 

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(e)               
Since September 30, 2014, there has been no change with respect to the Consolidated Companies taken as a whole which has
had or is reasonably likely to have a Material Adverse Effect.

 

3.11         
ERISA.

 

(a)               
Compliance. Each Plan maintained by the Borrowers and the Restricted Subsidiaries has at all times been maintained,
by its terms and in operation, in compliance with all applicable laws, except for such instances of non-compliance that, individually
or in the aggregate, are not reasonably likely to have a Material Adverse Effect.

 

(b)              
Liabilities. None of the Borrowers and the Restricted Subsidiaries is subject to any liabilities (including withdrawal
liabilities) with respect to any Plans of the Borrowers, the Restricted Subsidiaries and their ERISA Affiliates arising from Titles
I or IV of ERISA, other than obligations to fund benefits under an ongoing Plan and to pay current contributions, expenses and
premiums with respect to such Plans, except for such liabilities that, individually or in the aggregate, are not reasonably likely
to have a Material Adverse Effect.

 

(c)               
Funding. Each Borrower and each Restricted Subsidiary and, with respect to any Plan which is subject to Title IV
of ERISA, each of their respective ERISA Affiliates, have made full and timely payment of all amounts (A) required to be contributed
under the terms of each Plan and applicable law, and (B) required to be paid as expenses (including PBGC or other premiums) of
each Plan, except for failures to pay such amounts (including any penalties attributable to such amounts) that, individually or
in the aggregate, are not reasonably likely to have a Material Adverse Effect.

 

(d)              
ERISA Event or Foreign Plan Event. No ERISA Event or Foreign Plan Event has occurred or is reasonably expected to
occur, except for such ERISA Events and Foreign Plan Events that, individually or in the aggregate, are not reasonably likely to
have a Material Adverse Effect.

 

3.12         
Accuracy and Completeness of Information.

 

None of the written
reports, financial statements, certificates, or final schedules to this Agreement or any other Credit Document heretofore, contemporaneously
or hereafter furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Agents, the Lead Arrangers or any
Lender for purposes of or in connection with this Credit Agreement or any other Credit Document, or any transaction contemplated
hereby or thereby, when taken as a whole, contains as of the date of such report, financial statement, certificate or schedule
or, with respect to any such items so furnished on or prior to the Closing Date, as of the Closing Date any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that, with respect to forecasts or projected financial information, the Credit
Parties represent only that such information was prepared in good faith based upon assumptions believed by them to be reasonable
at the time made, at the time so furnished and, with respect to any such items so furnished on or prior to the Closing Date, as
of the Closing Date (it being understood that such forecasts and projections may vary from actual results and that such variances
may be material).

 

3.13         
Compliance with Trading with the Enemy Act, OFAC Rules and Regulations, Patriot Act and FCPA.

 

(a)               
Neither any Credit Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within
the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et
seq.), as amended. Neither any Credit Party nor any or its Subsidiaries is in violation of (i) the Trading with the Enemy Act,
as amended, (ii) any of the foreign assets control regulations of the Office of Foreign Assets Control of the United States Treasury
Department (“OFAC”) (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto, (iii) the Patriot Act or (iv) the Canadian AML Acts. None of the Credit Parties (A) is subject to sanctions administered
by OFAC or the U.S. Department of State or (B) to the best of its knowledge, engages in any dealings or transactions, or is otherwise
associated, with any person subject to such sanctions.

 

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(b)              
None of the Credit Parties or their Subsidiaries or, to the knowledge of the Credit Parties, their respective Affiliates,
directors, officers, employees or agents is in violation of any Sanctions.

 

(c)               
None of the Credit Parties or their Subsidiaries or their respective Affiliates, directors, officers, employees or agents
(i) is a Sanctioned Person or a Sanctioned Entity, (ii) has more than 15% of its assets located in Sanctioned Entities, or (iii)
derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.
The proceeds of any Loan will not be used and have not been used, in each case directly by any Credit Party or any of its Subsidiaries
or, to the knowledge of the Credit Parties, indirectly by any other Person, to fund any operations in, finance any investments
or activities in or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

(d)              
Each of the Credit Parties and their Subsidiaries and, to the knowledge of the Credit Parties, their respective directors,
officers, employees or agents is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq.,
the Corruption of Foreign Public Officials Act (Canada) and any applicable foreign counterpart thereto. None of the Credit Parties
or their Subsidiaries or, to the knowledge of the Credit Parties, their respective directors, officers, employees or agents has
made and no proceeds of any Loan will be used, in each case directly by any Credit Party or any of its Subsidiaries or, to the
knowledge of the Credit Parties, indirectly by any other Person, to make a payment, offering, or promise to pay, or authorized
the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing
business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a
foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent
to induce the recipient to misuse his or her official position to direct business wrongfully to such Credit Party or its Subsidiary
or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., the Corruption
of Foreign Public Officials Act (Canada) or any applicable foreign counterpart thereto.

 

3.14         
Use of Proceeds.

 

The Extensions of Credit
will be used solely (a) to repay certain existing Indebtedness of the Parent Borrower, RockTenn, MWV and their respective Subsidiaries
in connection with the Transactions, (b) to pay fees and expenses incurred in connection with the Transactions and (c) to provide
for working capital and general corporate purposes of the Parent Borrower and its Subsidiaries, including any Acquisition or other
Investment not prohibited hereunder.

 

ARTICLE IV

CONDITIONS PRECEDENT

 

4.1             
Conditions to Closing Date and Initial Revolving Loans and Term Loans.

 

This Credit Agreement
shall become effective upon, and the obligation of each Lender to make the initial Revolving Loans and the Term Loans on the Closing
Date is subject to, the satisfaction of the following conditions precedent:

 

(a)Execution
of Credit Agreement and Credit Documents. Receipt by the Administrative Agent of (i) for the account of each U.S. Revolving
Lender that makes a request therefor, a U.S. Revolving Note, (ii) for the account of each Multicurrency Revolving Lender that makes
a request therefor, a Multicurrency Revolving Note, (iii) for the account of each Canadian Revolving Lender that makes a request
therefor, a Canadian Revolving Note, (iv) for the account of each Closing Date Term Loan Lender that makes a request therefor,
a Closing Date Term Loan Note, (v) for the account of the U.S. Swingline Lender, a U.S. Swingline Note, (vi) for the account of
the Canadian Swingline Lender, a Canadian Swingline Note, and (vii) a fully-executed counterpart of this Credit Agreement; in each
case executed by a duly authorized officer of each party thereto and in each case conforming to the requirements of this Credit
Agreement; provided that if either Initial Guarantor is not authorized to deliver a counterpart to this Credit Agreement
until after the consummation of the Combination, the delivery of a fully-executed counterpart to this Credit Agreement by such
Initial Guarantor (and the delivery of the documentation required by Section 4.1(b) and Section 4.1(c) with respect to such Initial
Guarantor) shall not be a condition precedent to the effectiveness of this Credit Agreement and of the obligation of each Lender
to make the initial Revolving Loans and the Term Loans on the Closing Date; provided, however, that each such Initial
Guarantor shall deliver a counterpart to this Credit Agreement (and the documentation required by Section 4.1(b) and Section 4.1(c)
with respect to such Initial Guarantor) on the Closing Date promptly after the consummation of the Combination and the failure
by any such Initial Guarantor to so deliver a counterpart to this Credit Agreement (and the documentation required by Section 4.1(b)
and Section 4.1(c) with respect to such Initial Guarantor) on the Closing Date shall be an Event of Default.

 

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(b)Legal
Opinion. Receipt by the Administrative Agent of the following legal opinions of counsel to the Credit Parties, in form and
substance reasonably acceptable to the Administrative Agent:

 

(i)a legal
opinion of Cravath, Swaine & Moore LLP, special New York counsel to the Credit Parties, providing customary opinions regarding
valid existence, good standing and organizational power and authority of the U.S. Credit Parties existing as of the Closing Date
organized in New York and Delaware, the Investment Company Act of 1940, as amended, no conflicts with/no creation of liens under
material contracts, enforceability of the Credit Documents, no conflicts with or consents under New York law or Delaware corporate/limited
liability company law, due authorization, execution and delivery of the Credit Documents by the U.S. Credit Parties existing as
of the Closing Date organized in New York and Delaware and no conflicts with organizational documents of the U.S. Credit Parties
existing as of the Closing Date organized in New York and Delaware;

 

(ii)legal
opinion of the general counsel of the Parent Borrower, providing customary opinions regarding valid existence, good standing and
organizational power and authority of the U.S. Credit Parties existing as of the Closing Date organized in Georgia, no conflicts
with or consents under Georgia law, due authorization, execution and delivery of the Credit Documents by the U.S. Credit Parties
existing as of the Closing Date organized in Georgia, no conflicts with organizational documents of the U.S. Credit Parties existing
as of the Closing Date organized in Georgia, and no material litigation; and

 

(iii)a
legal opinion of McInnes Cooper, Canadian counsel to the Canadian Credit Parties, covering, inter alia, the valid existence and
good standing of the Canadian Credit Parties, due authorization, execution and delivery of the Credit Documents by the Canadian
Credit Parties existing as of the Closing Date, and no conflicts with or consents under applicable Nova Scotia and Canadian federal
law.

 

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(c)Corporate
Documents. Receipt by the Administrative Agent of the following (or their equivalent), each (other than with respect to clause
(iv)) certified by the secretary or assistant secretary of the applicable Credit Party as of the Closing Date to be true and correct
and in force and effect pursuant to a certificate in a form reasonably satisfactory to the Administrative Agent:

 

(i)Articles
of Incorporation. Copies of the articles of incorporation or charter documents of each Credit Party certified to be true and
complete as of a recent date by the appropriate Governmental Authority of the state of its organization (to the extent customary
in the applicable jurisdiction).

 

(ii)Resolutions.
Copies of resolutions of the board of directors or comparable managing body of each Credit Party approving and adopting the respective
Credit Documents (including the transactions contemplated therein) and authorizing execution and delivery thereof.

 

(iii)Bylaws.
Copies of the bylaws, operating agreement or partnership agreement of each Credit Party.

 

(iv)Good
Standing. Copies, where applicable, of certificates of good standing, existence or its equivalent of each Credit Party in its
state or province of organization, certified as of a recent date by the appropriate Governmental Authorities of the applicable
state or province of organization.

 

(d)Officer’s
Certificate. Receipt by the Administrative Agent of a certificate, in form and substance reasonably satisfactory to it, of
a Responsible Officer certifying that after giving effect to each of the Transactions (including the Combination), the Credit Parties
taken as a whole are solvent as of the Closing Date.

 

(e)Account
Designation Letter. Receipt by the Administrative Agent of an executed counterpart of the Account Designation Letter.

 

(f)Financial
Information. Receipt by the Administrative Agent of the financial information described Section 3.10(a) (for the avoidance
of doubt, the Administrative Agent hereby acknowledges receipt of the financial information described in Section 3.10(a)).

 

(g)Termination
of Existing Credit Agreements. The Administrative Agent shall have received evidence, in form and substance reasonably satisfactory
to the Administrative Agent, that all principal, interest and other amounts outstanding in connection with the Existing Credit
Agreements have been or substantially concurrently with the Closing Date are being repaid in full and terminated and all Liens
relating thereto shall have been terminated and released (or arrangements reasonably satisfactory to the Administrative Agent shall
have been made therefor).

 

(h)Fees.
Receipt by the Agents and the Lenders of all fees, if any, then owing pursuant to the Fee Letter or pursuant to any other Credit
Document, which fees may be paid or netted from the proceeds of the initial Extensions of Credit hereunder.

 

(i)Consumation
of the Combination. Substantially contemporaneously with the initial Extensions of Credit hereunder, the Combination shall
have been consummated in accordance with the terms and conditions of the Combination Agreement without waiver or modification of
any provision thereof or consent required thereunder unless approved by the Lead Arrangers (such approval not to be unreasonably
withheld, conditioned or delayed), other than any such waivers, modifications or consents as are not materially adverse to the
interests of the Lenders. The Administrative Agent shall have received a copy, certified by an officer of the Parent Borrower as
true and complete, of the Combination Agreement as originally executed and delivered, together with all exhibits and schedules
thereto.

 

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(j)Patriot
Act. Each of the Lenders shall have received, at least three (3) days prior to the Closing Date (to the extent reasonably requested
on a timely basis at least seven (7) days prior to the Closing Date), all documentation and other information required by the applicable
Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act and the Canadian AML Acts.

 

(k)Representations
and Warranties. The representations and warranties made by the Credit Parties herein or in any other Credit Document or which
are contained in any certificate furnished at any time under or in connection herewith or therewith shall be true and correct in
all material respects (except to the extent that any such representation or warranty is qualified by materiality, in which case
such representation and warranty shall be true and correct) on and as of the date of such Extension of Credit as if made on and
as of such date (except for those which expressly relate to an earlier date) (it being understood and agreed that, for purposes
of this Section 4.1(k), such representations and warranties shall be made giving pro forma effect to the Combination).

 

(l)No
Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving
effect to the Extension of Credit to be made on such date.

 

4.2             
Conditions to Subsequent Extensions of Credit.

 

The obligation of each
Lender to make any Extension of Credit hereunder (other than the initial Extensions of Credit hereunder on the Closing Date) is
subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

 

(a)Representations
and Warranties. The representations and warranties made by the Credit Parties herein or in any other Credit Document (other
than the representations and warranties pursuant to Sections 3.5 and 3.10(e)) or which are contained in any certificate
furnished at any time under or in connection herewith or therewith shall be true and correct in all material respects (except to
the extent that any such representation or warranty is qualified by materiality, in which case such representation and warranty
shall be true and correct) on and as of the date of such Extension of Credit as if made on and as of such date (except for those
which expressly relate to an earlier date).

 

(b)No
Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving
effect to the Extension of Credit to be made on such date.

 

(c)Compliance
with Commitments. Immediately after giving effect to the making of any such Extension of Credit (and the application of the
proceeds thereof), (i) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of outstanding
Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving Committed Amount, (ii) the aggregate
principal Dollar Amount of the outstanding U.S. Revolving Loans, U.S. Swingline Loans and LOC Obligations shall not exceed the
U.S. Revolving Committed Amount, (iii) the aggregate Dollar Amount of LOC Obligations shall not exceed the LOC Committed Amount,
(iv) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of outstanding U.S. Swingline
Loans shall not exceed the U.S. Swingline Committed Amount, (v) the aggregate principal Dollar Amount (determined as of the most
recent Determination Date) of outstanding Canadian Swingline Loans shall not exceed the Canadian Swingline Committed Amount and
(vi) the aggregate principal Dollar Amount (determined as of the most recent Determination Date) of outstanding Canadian Revolving
Loans plus Multicurrency Alternative Currency Revolving Loans plus Canadian Swingline Loans shall not exceed the
Multicurrency Revolving Committed Amount.

 

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(d)Additional
Conditions to U.S. Revolving Loans. If a U.S. Revolving Loan is requested, all conditions set forth in Section 2.1 shall
have been satisfied.

 

(e)Additional
Conditions to Canadian Revolving Loans. If a Canadian Revolving Loan is requested, all conditions set forth in Section 2.2
shall have been satisfied.

 

(f)Additional
Conditions to U.S. Swingline Loans. If a U.S. Swingline Loan is requested, all conditions set forth in Section 2.6 shall
have been satisfied.

 

(g)Additional
Conditions to Canadian Swingline Loans. If a Canadian Swingline Loan is requested, all conditions set forth in Section 2.7
shall have been satisfied.

 

(h)Additional
Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, all conditions set forth in Section
2.8 shall have been satisfied.

 

(i)Additional
Conditions to Incremental Term Loans. Any Incremental Term Loans shall be borrowed pursuant to, and in accordance with, Section
2.26.

 

(j)Additional
Conditions to Delayed Draw Term Loans. If a Delayed Draw Term Loan is requested, all conditions set forth in Section 2.5
shall have been satisfied, including receipt by each Delayed Draw Term Loan Lender that makes a request therefor of a Closing Date
Term Loan Note.

 

Other than the initial
Extensions of Credit hereunder on the Closing Date, each request for an Extension of Credit (including extensions and conversions)
and each acceptance by a Borrower of an Extension of Credit (including extensions and conversions) shall be deemed to constitute
a representation and warranty by the Credit Parties as of the date of such Loan that the conditions in subsections (a) through
(h) and (j) of this Section have been satisfied.

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

The Credit Parties
covenant and agree that on the Closing Date, and so long as this Credit Agreement is in effect and until the Commitments have been
terminated, no Loans remain outstanding and all amounts owing hereunder or under any other Credit Document or in connection herewith
or therewith (other than contingent indemnity obligations) have been paid in full (or, in the case of any Letter of Credit, cash
collateralized, backstopped or replaced in a manner reasonably satisfactory to the applicable Issuing Lender), the Credit Parties
shall:

 

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5.1             
Corporate Existence, Etc. 

 

Preserve and maintain,
and cause each of the Material Subsidiaries to preserve and maintain, its corporate existence (except as otherwise permitted pursuant
to Section 6.4), its material rights, franchises, licenses, permits, consents, approvals and contracts, and its material
trade names, service marks and other Intellectual Property (for the scheduled duration thereof), in each case material to the normal
conduct of its business, and its qualification to do business as a foreign corporation in all jurisdictions where it conducts business
or other activities making such qualification necessary, where the failure to be so qualified is reasonably likely to have a Material
Adverse Effect.

 

5.2             
Compliance with Laws, Etc. 

 

Comply, and cause each
of the Restricted Subsidiaries to comply, with all Requirements of Law (including all Environmental Laws, ERISA, the Trading with
the Enemy Act, OFAC, the Patriot Act and the Canadian AML Acts, each as amended) and Contractual Obligations applicable to or binding
on any of them where the failure to comply with such Requirements of Law and Contractual Obligations is reasonably likely to have
a Material Adverse Effect. Each of the Borrowers will maintain in effect and enforce policies and procedures designed to ensure
compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions.

 

5.3             
Payment of Taxes and Claims.

 

File and cause each
Restricted Subsidiary to file all Tax returns that are required to be filed by each of them and pay, collect, withhold and remit
all Taxes that have become due pursuant to such returns or pursuant to any assessment in respect thereof received by a Borrower
or any Restricted Subsidiary, and each Borrower and each Restricted Subsidiary will pay or cause to be paid all other Taxes due
and payable (whether or not shown on a Tax return) before the same become delinquent, except, in each case, (i) such Taxes as are
being contested in good faith by appropriate and timely proceedings and as to which adequate reserves have been established in
accordance with GAAP or (ii) where failure to take the foregoing actions, individually or in the aggregate, is not reasonably likely
to have a Material Adverse Effect.

 

5.4             
Keeping of Books.

 

Keep, and cause each
of the Restricted Subsidiaries to keep, proper books of record and account, containing complete and accurate entries of all their
respective financial and business transactions.

 

5.5             
Visitation, Inspection, Etc. 

 

Permit, and cause each
of the Restricted Subsidiaries to permit, any representative of an Agent or, during the continuance of an Event of Default, any
Lender, at such Agent’s or such Lender’s expense, to visit and inspect any of its property, to examine its books and
records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with its officers, all
at such reasonable times during normal business hours of the Parent Borrower or the applicable Restricted Subsidiary, as the case
may be, after reasonable prior notice to the Parent Borrower; provided, however, that unless an Event of Default
has occurred and is continuing, such visits and inspections can occur no more frequently than once per year.

 

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5.6             
Insurance; Maintenance of Properties and Licenses.

 

(a)               
Maintain or cause to be maintained with financially sound and reputable insurers or through self insurance, risk retention
or risk transfer programs, insurance with respect to its properties and business, and the properties and business of the Restricted
Subsidiaries, against loss or damage of the kinds that the Parent Borrower in its judgment deems reasonable, such insurance to
be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Parent Borrower in its
judgment deems reasonable.

 

(b)              
Cause, and cause each Restricted Subsidiary to cause, all properties material to the conduct of its business to be maintained
and kept in good condition, repair and working order, ordinary wear and tear excepted, and supplied with all necessary equipment
and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment
of any Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted
at all times except as would not, individually or in the aggregate, have a Material Adverse Effect; provided, however,
that nothing in this Section 5.6(b) shall prevent a Credit Party from discontinuing the operation or maintenance of any
such properties if such discontinuance is, in the judgment of the Parent Borrower, desirable in the conduct of its business or
the business of any Borrower or any of the Restricted Subsidiaries.

 

(c)               
Maintain, in full force and effect in all material respects, each and every material license, permit, certification, qualification,
approval or franchise issued by any Governmental Authority (each a “License”) required for each of the Credit
Parties to conduct their respective businesses as presently conducted except as would not, individually or in the aggregate, have
a Material Adverse Effect; provided, however, that nothing in this Section 5.6(c) shall prevent a Credit Party from
discontinuing the operation or maintenance of any such License if such discontinuance is, in the judgment, of the Parent Borrower,
desirable in the conduct of its business or business of any Borrower or any of the Restricted Subsidiaries.

 

5.7             
Financial Reports; Other Notices.

 

Furnish to the Administrative
Agent (for delivery to each Lender):

 

(a)after
the end of each of the first three quarterly accounting periods of each of its fiscal years (commencing with the fiscal quarter
ending September 30, 2015), as soon as prepared, but in any event at the same time it files or is (or would be) required to file
the same with the SEC, the quarterly unaudited consolidated balance sheet of the Parent Borrower and its consolidated Subsidiaries
as of the end of such fiscal quarter and the related unaudited consolidated statements of income and cash flows (together with
all footnotes thereto) of the Parent Borrower and its consolidated Subsidiaries for such fiscal quarter and the then elapsed portion
of such fiscal year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding
portion of the Parent Borrower’s previous fiscal year, accompanied by a certificate, dated the date of furnishing, signed
by a Responsible Officer of the Parent Borrower to the effect that such financial statements accurately present in all material
respects the consolidated financial condition of the Parent Borrower and its consolidated Subsidiaries and that such financial
statements have been prepared in accordance with GAAP consistently applied (subject to year-end adjustments); provided,
however, during any period that the Parent Borrower has consolidated Subsidiaries which are not Consolidated Companies,
the Parent Borrower shall also provide such financial information in a form sufficient to enable the Agents and the Lenders to
determine the compliance of the Borrowers with the terms of this Credit Agreement with respect to the Consolidated Companies; provided
further, however, that, for the fiscal quarter of the Parent Borrower ending June 30, 2015, the Parent Borrower shall
furnish to the Administrative Agent the financial statements and other information to be set forth in the Quarterly Report on Form
10-Q as filed by the Parent Borrower for the fiscal quarter ending June 30, 2015;

 

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(b)after
the end of each of its fiscal years, as soon as prepared, but in any event at the same time it files or is (or would be) required
to file the same with the SEC, the annual audited report for that fiscal year for the Parent Borrower and its consolidated Subsidiaries,
containing a consolidated balance sheet of the Parent Borrower and its consolidated Subsidiaries as of the end of such fiscal year
and the related consolidated statements of income, stockholders’ equity and cash flows (together with all footnotes thereto)
of the Parent Borrower and its consolidated Subsidiaries for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year (which financial statements shall be reported on by the Parent Borrower’s independent
certified public accountants, such report to state that such financial statements fairly present in all material respects the consolidated
financial condition and results of operation of the Parent Borrower and its consolidated Subsidiaries in accordance with GAAP,
and which shall not be subject to any “going concern” or like qualification, exception, assumption or explanatory language
(other than solely as a result of a maturity date in respect of any Term Loans, Revolving Commitments or Revolving Loans) or any
qualification, exception, assumption or explanatory language as to the scope of such audit); provided, however, during
any period that the Parent Borrower has consolidated Subsidiaries which are not Consolidated Companies, the Parent Borrower shall
also provide such financial information in a form sufficient to enable the Agents and the Lenders to determine the compliance of
the Borrowers with the terms of this Credit Agreement with respect to the Consolidated Companies;

 

(c)not
later than five days after the delivery of the financial statements described in Section 5.7(a) and (b) above, commencing
with such financial statements for the period ending September 30, 2015, a certificate of a Responsible Officer substantially in
the form of Exhibit G, stating that, to the best of such Responsible Officer’s knowledge, each of the Credit Parties
during such period observed or performed in all material respects all of its covenants and other agreements, and satisfied in all
material respects every condition, contained in this Credit Agreement to be observed, performed or satisfied by it, and that such
Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and such
certificate shall include (i) the calculations in reasonable detail required to indicate compliance with Section 6.1 as
of the last day of such period and that the financial information provided has been prepared in accordance with GAAP applied consistently
for the periods related thereto and (ii) a schedule that includes actual actions taken and run-rate synergies achieved versus actions
scheduled and associated estimated run-rate synergies pursuant to clause (ix) in the definition of EBITDA;

 

(d)promptly
upon the filing thereof or otherwise becoming available, copies of all financial statements, annual, quarterly and special reports,
proxy statements and notices sent or made available generally by the Parent Borrower to its public security holders, of all regular
and periodic reports and all registration statements and prospectuses, if any, filed by any of them with any securities exchange
or with the SEC;

 

(e)as
soon as possible and in any event within thirty (30) days after a Borrower or any Restricted Subsidiary knows or has reason to
know that any ERISA Event or Foreign Plan Event with respect to any Plan or Foreign Plan has occurred and such ERISA Event or Foreign
Plan Event involves a matter that has had, or is reasonably likely to have, a Material Adverse Effect, a statement of a Responsible
Officer of such Borrower or such Restricted Subsidiary setting forth details as to such ERISA Event or Foreign Plan Event and the
action which such Borrower or such Restricted Subsidiary proposes to take with respect thereto;

 

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(f)[reserved];

 

(g)prompt
written notice of the occurrence of any Default or Event of Default;

 

(h)prompt
written notice of the occurrence of any Material Adverse Effect;

 

(i)a
copy of any material notice to the holders of (or any trustee with respect to) the Existing Senior Notes; and

 

(j)with
reasonable promptness, (x) such other information relating to each Borrower’s performance of this Credit Agreement or its
financial condition as may reasonably be requested from time to time by the Administrative Agent (at the request of the Multicurrency
Agent or any Lender) and (y) all documentation and other information required by the applicable Governmental Authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the
Canadian AML Acts, or applicable anti-corruption statutes, including the Foreign Corrupt Practices Act, that is reasonably requested
from time to time by any Agent or any Lender.

 

The Credit Parties
will cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided
by or on behalf of the Credit Parties to the Administrative Agent and Lenders (collectively, “Information Materials”)
pursuant to this Article V; provided that upon the filing by the Credit Parties of the items referenced in Section
5.7(a), 5.7(b) or 5.7(d) with the SEC for public availability, the Credit Parties, with respect to such items
so filed, shall not be required to separately furnish such items to the Administrative Agent and Lenders. In addition, the Credit
Parties will designate Information Materials (i) that are either available to the public or not material with respect to the Credit
Parties and their Subsidiaries or any of their respective securities for purposes of United States federal and state securities
laws, as “Public Information” and (ii) that are not Public Information as “Private Information”.

 

5.8             
Notices Under Certain Other Indebtedness.

 

Promptly following
its receipt thereof, the Parent Borrower shall furnish the Administrative Agent a copy of any notice received by it, the Canadian
Borrower, any Multicurrency Borrower or any of the Restricted Subsidiaries from the holder(s) of Indebtedness (or from any trustee,
agent, attorney, or other party acting on behalf of such holder(s)) in a Dollar Amount which, in the aggregate, exceeds U.S.$150,000,000,
where such notice states or claims the existence or occurrence of any default or event of default with respect to such Indebtedness
under the terms of any indenture, loan or credit agreement, debenture, note, or other document evidencing or governing such Indebtedness.

 

5.9             
Notice of Litigation.

 

Notify the Administrative
Agent of any actions, suits or proceedings instituted by any Person against a Borrower or any Restricted Subsidiary where the uninsured
portion of the money damages sought (which shall include any deductible amount to be paid by such Borrower or such Restricted Subsidiary)
is reasonably likely to have a Material Adverse Effect. Said notice is to be given promptly, and is 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.

 

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5.10         
Additional Guarantors.

 

(a)               
The Parent Borrower, the Canadian Borrower or a Multicurrency Borrower may, in its sole and absolute discretion, elect to
cause a Restricted Subsidiary to become a Guarantor of its Credit Party Obligations by executing a Joinder Agreement. Upon the
execution and delivery by such Subsidiary of a Joinder Agreement, such Restricted Subsidiary shall be deemed to be a Credit Party
hereunder, and each reference in this Agreement to a “Credit Party” shall also mean and be a reference to such Restricted
Subsidiary, for so long as such Joinder Agreement is in effect.

 

(b)              
In the case of each Restricted Subsidiary that becomes a Guarantor in accordance with clause (a) above, the applicable Borrower
shall ensure that before the execution of any Joinder Agreement, the Administrative Agent receives the items referred to in Section
4.1(a) in respect of such Guarantor, and a certificate of a Responsible Officer of such Borrower with respect to the representations
and warranties in Article III.

 

5.11         
Use of Proceeds.

 

Use the Loans (other
than the Incremental Loans) solely for the purposes provided in Section 3.14. Use the proceeds of any Incremental Term Loan
and any Incremental Revolving Commitment Increases as permitted pursuant to Section 2.26, as applicable. The Borrowers will
not request any Extension of Credit, and no Borrower shall use directly or, to its knowledge, indirectly, and shall procure that
its Subsidiaries and its or their respective directors, officers, employees and agents shall not use directly or, to its knowledge,
indirectly, the proceeds of any Extension of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of
the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the
purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Entity, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a
corporation incorporated in the United States, Canada (or any province or territory thereof) or in a European Union member state,
or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

ARTICLE VI

NEGATIVE COVENANTS

 

The Credit Parties
covenant and agree that on the Closing Date, and so long as this Credit Agreement is in effect and until the Commitments have been
terminated, no Loans remain outstanding and all amounts owing hereunder or under any other Credit Document or in connection herewith
or therewith (other than contingent indemnity obligations) have been paid in full (or, in the case of any Letter of Credit, cash
collateralized, backstopped or replaced in a manner reasonably satisfactory to the Issuing Lender):

 

6.1             
Financial Requirements.

 

The Borrowers will
not:

 

(a)Debt
to Capitalization Ratio. Suffer or permit the Debt to Capitalization Ratio as of the last day of each full fiscal quarter of
the Parent Borrower ending on or after September 30, 2015 to be greater than 0.60:1.00.

 

(b)Consolidated
Interest Coverage Ratio. Suffer or permit the Consolidated Interest Coverage Ratio as of the last day of each full fiscal quarter
of the Parent Borrower ending on or after September 30, 2015, as calculated for a period consisting of the four preceding fiscal
quarters of the Parent Borrower, to be less than 2.50:1.00.

 

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6.2             
Liens.

 

The Borrowers will
not, and will not permit any Restricted Subsidiary to, create, assume or suffer to exist any Lien upon any of their respective
Properties whether now owned or hereafter acquired; provided, however, that this Section 6.2 shall not apply
to the following:

 

(a)any
Lien for Taxes not yet due or Taxes or assessments or other governmental charges which are being actively contested in good faith
by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP;

 

(b)any
Liens, pledges or deposits (i) in connection with worker’s compensation, social security, health, disability or other employee
benefits, or property, casualty or liability insurance, assessments or other similar charges or deposits incidental to the conduct
of the business of a Borrower or any Restricted Subsidiary (including security deposits posted with landlords and utility companies)
or the ownership of any of their assets or properties which were not incurred in connection with the borrowing of money or the
obtaining of advances or credit and which do not in the aggregate materially detract from the value of their Properties or materially
impair the use thereof in the operation of their businesses and (ii) in respect of letters of credit, bank guarantees or similar
instruments issued for the account of any Credit Party in the ordinary course of business supporting obligations of the type set
forth in clause (i) above;

 

(c)statutory
Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary course of business
for amounts not overdue by more than 30 days, or which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been established, or which are not material in amount;

 

(d)pledges
or deposits for the purpose of securing a stay or discharge in the course of any legal proceeding and judgment liens in respect
of judgments that do not constitute an Event of Default under Section 7.1(i);

 

(e)Liens
consisting of encumbrances in the nature of zoning restrictions, easements, rights and restrictions on real property and statutory
Liens of landlords and lessors which in each case do not materially impair the use of any material Property;

 

(f)any
Lien in favor of the United States of America or any department or agency thereof, or in favor of any state government or political
subdivision thereof, or in favor of a prime contractor under a government contract of the United States, or of any state government
or any political subdivision thereof, and, in each case, resulting from acceptance of partial, progress, advance or other payments
in the ordinary course of business under government contracts of the United States, or of any state government or any political
subdivision thereof, or subcontracts thereunder and which do not materially impair the use of such Property as currently being
utilized by a Borrower or any Restricted Subsidiary;

 

(g)any
Lien securing any debt securities issued (including via exchange offer and regardless of when issued) in the capital markets if
and to the extent that the Credit Party Obligations under this Agreement are concurrently secured by a Lien equal and ratable with
the Lien securing such debt securities;

 

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(h)Liens
(i)(A) existing on the Closing Date securing industrial development bonds and Indebtedness of Foreign Subsidiaries in an aggregate
principal amount not to exceed $325,000,000 and (B) securing Refinancing Indebtedness in respect of Indebtedness referenced in
clause (i)(A) above and (ii) securing any industrial development bonds or similar instruments with respect to which both the debtor
and the investor are Consolidated Companies;

 

(i)(i)
Liens existing or deemed to exist in connection with any Permitted Securitization Transaction, but only to the extent that any
such Lien relates to the applicable Securitization Assets or other accounts receivable and other assets (together with related
rights and proceeds) sold, contributed, financed or otherwise conveyed or pledged pursuant to such transactions and (ii) Liens
existing or deemed to exist in connection with any inventory financing arrangement so long as the fair market value of the inventory
on which such Liens exist pursuant to this subsection (i)(ii) does not exceed $250,000,000 at any time;

 

(j)any
interest of a lessor, licensor, sublessor or sublicensor (or of a lessee, licensee, sublessee or sublicensee) under, and Liens
arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to,
leases, licenses, subleases and sublicenses not prohibited by this Agreement;

 

(k)any
interest of title of an owner of equipment or inventory on loan or consignment to, or subject to any title retention or similar
arrangement with, a Credit Party, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements
in foreign jurisdictions) relating to such arrangements entered into in the ordinary course of business (but excluding any general
inventory financing);

 

(l)banker’s
liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with depositary institutions
and securities accounts and other financial assets maintained with a securities intermediary; provided that such deposit
accounts or other funds and securities accounts or other financial assets are not established or deposited for the purpose of providing
collateral for any Indebtedness and are not subject to restrictions on access by any Credit Party in excess of those required by
applicable banking regulations;

 

(m)Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 (or the applicable corresponding section) of
the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon;

 

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

 

(o)Liens
that are contractual rights of set-off not securing any Indebtedness;

 

(p)Liens
(i) solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by any Credit Party in connection
with a letter of intent or purchase agreement for an Acquisition or other transaction not prohibited hereunder and (ii) consisting
of an agreement to dispose of any Property in a disposition not prohibited hereunder, including customary rights and restrictions
contained in such an agreement;

 

(q)Liens
on any Property of a Credit Party in favor of any other Credit Party or Restricted Subsidiary;

 

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(r)any
restriction or encumbrance with respect to the pledge or transfer of the Capital Stock of any Joint Venture;

 

(s)Liens
securing insurance premium financing arrangements;

 

(t)any
Lien renewing, extending, refinancing or refunding any Lien permitted by subsection (g) or (h) above; provided
that (i) the Property covered thereby is not increased, (ii) the amount secured or benefited thereby is not increased, (iii) the
direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured
or benefited thereby is permitted by Section 6.3;

 

(u) Liens
on cash, deposits or other collateral granted in favor of the Swingline Lender or the Issuing Lender to cash collateralize any
Defaulting Lender’s participation in Letters of Credit or Swingline Loans;

 

(v)Liens
on cash or deposits granted to any Agent or Issuing Lender in accordance with the terms of this Agreement to cash collateralize
any of the Credit Party Obligations; and

 

(w)other
Liens in addition to those permitted by subsections (a) through (v) above; provided that, at the time of incurrence
of any Lien under this subsection (w), the aggregate outstanding principal amount of all obligations secured by such Lien (or in
the case of Liens on inventory in connection with an inventory financing arrangement, which Liens are not otherwise permitted by
subsection (i) of this Section 6.2, the fair market value of the inventory on which such Liens exist) shall not exceed the Priority
Debt Basket at such time (determined prior to giving effect to the incurrence of such Lien).

 

6.3             
Subsidiary Indebtedness.

 

The Borrowers will
not permit any of their Restricted Subsidiaries (other than the Borrowers and the Guarantors) to create, incur, assume or suffer
to exist any Indebtedness except:

 

(a) (A)
Indebtedness existing as of the Closing Date underin
respect of industrial development bonds and Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed
$325,000,000 and (B) Refinancing Indebtedness in respect of Indebtedness incurred under clause (A) above;

 

(b)Indebtedness
of any Restricted Subsidiary owing to the Parent Borrower or any Restricted Subsidiary;

 

(c)other
Indebtedness (whether secured or unsecured); provided that (i) at the time of incurrence of any Indebtedness under this
subsection (c), the aggregate principal amount of such Indebtedness does not exceed the Priority Debt Basket at such time (determined
prior to giving effect to the incurrence of such Indebtedness) and (ii) for the avoidance of doubt, the Farm Credit Term Loan Facility
shall be considered Indebtedness incurred pursuant to this clause (c);

 

(d)Indebtedness
and obligations owing under Hedging Agreements and/or Cash Management Agreements so long as such Hedging Agreements and/or Cash
Management Agreements are not entered into for speculative purposes;

 

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(e)Guaranty
Obligations of any Restricted Subsidiary in respect of Indebtedness of the Parent Borrower or any other Restricted Subsidiary to
the extent such Indebtedness is permitted to exist or be incurred pursuant to this Section 6.3;

 

(f)obligations
of any Restricted Subsidiary in connection with (i) any Permitted Securitization Transaction to the extent such obligations constitute
Indebtedness and (ii) any inventory financing arrangements so long as the aggregate principal amount of Indebtedness in respect
thereof incurred under this subsection (f)(ii) does not exceed $250,000,000 at any time outstanding;

 

(g)Indebtedness
of any Restricted Subsidiary consisting of completion guarantees, performance bonds, surety bonds or customs bonds incurred in
the ordinary course of business;

 

(h)Indebtedness
owed to any Person (including obligations in respect of letters of credit, bank guarantees and similar instruments for the benefit
of such Person) providing workers’ compensation, social security, health, disability or other employee benefits or property,
casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred
in the ordinary course of business;

 

(i)Indebtedness
owed in respect of any overdrafts and related liabilities arising from treasury, depositary and cash management services or in
connection with any automated clearinghouse transfers of funds; provided that such Indebtedness shall be repaid in full
within five Business Days of the incurrence thereof;

 

(j)Indebtedness
in respect of judgments that do not constitute an Event of Default under Section 7.1(i);

 

(k)Indebtedness
consisting of the financing of insurance premiums with the providers of such insurance or their Affiliates; and

 

(l)Indebtedness
created under this Agreement or any other Credit Document.

 

6.4             
Merger and Sale of Assets.

 

The Borrowers will
not, and will not permit any Restricted Subsidiary to, dissolve, wind-up, merge, amalgamate or consolidate with any other Person
or sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of the
business or assets of the Borrowers and their respective Restricted Subsidiaries (taken as a whole), whether now owned or hereafter
acquired (excluding any inventory or other assets sold or disposed of in the ordinary course of business); provided that,
notwithstanding any of the foregoing limitations, the Borrowers and the Restricted Subsidiaries may take the following actions:

 

(a)(i)
if no Event of Default shall then exist or immediately thereafter will exist, a Borrower may merge, amalgamate or consolidate with
any Person so long as (A) such Borrower is the surviving entity or (B) the surviving entity (the “Successor Borrower”)
(x) is organized under the laws of the United States or any State thereof, (y) expressly assumes such Borrower’s obligations
under this Agreement and the other Credit Documents to which such Borrower is a party pursuant to a supplement hereto or thereto,
as applicable, in form and substance reasonably satisfactory to the Administrative Agent and (z) each Guarantor of the Credit Party
Obligations of such Borrower shall have confirmed that its obligations hereunder in respect of such Credit Party Obligations shall
apply to the Successor Borrower’s obligations under this Agreement (it being understood that, if the foregoing conditions
in clauses (x) through (z) are satisfied, then the Successor Borrower will automatically succeed to, and be substituted for, such
Borrower under this Agreement; provided, however, that such Borrower shall have provided not less than five Business Days’
notice of any merger, amalgamation or consolidation of such Borrower, and such Borrower or Successor Borrower shall, promptly upon
the request of the Administrative Agent or any Lender, supply any documentation and other evidence as is reasonably requested by
the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has
complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and
regulations), (ii) any Restricted Subsidiary may merge, amalgamate or consolidate with a Borrower if such Borrower is the surviving
entity, (iii) any Restricted Subsidiary (other than a Borrower) may merge, amalgamate or consolidate with any other Person (other
than a Borrower); provided that a Restricted Subsidiary shall be the continuing or surviving entity and to the extent such
continuing or surviving Restricted Subsidiary assumes the obligations under any Existing Senior Notes, such Restricted Subsidiary
shall become a Guarantor of the Credit Party Obligations and deliver an executed Joinder Agreement and the documents required pursuant
to Section 5.10(b), (iv) any Restricted Subsidiary (other than a Borrower) may merge or amalgamate with any Person that is not
a Restricted Subsidiary in connection with a sale of Property permitted under this Section 6.4, and (v) any Restricted Subsidiary
(other than a Borrower) may be dissolved so long as the property and assets of such Restricted Subsidiary are transferred to the
Parent Borrower or any other Restricted Subsidiary;

 

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(c)any
Restricted Subsidiary may sell, lease, transfer or otherwise dispose of any or all of its Property to (i) a Borrower, (ii) any
Guarantor or (iii) any Restricted Subsidiary of the Parent Borrower; provided that, with respect to transfers described
in clause (iii), upon completion of such transaction (A) there shall exist no Default or Event of Default and (B) the Subsidiary
to which the Restricted Subsidiary’s Property is sold, leased, transferred or otherwise disposed shall be a Restricted Subsidiary
and, if such Restricted Subsidiary is a Guarantor, a Guarantor;

 

(d)any
Restricted Subsidiary (other than a Borrower) may liquidate or dissolve if the Parent Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Parent Borrower and is not materially disadvantageous to the Lenders;

 

(e)the
Parent Borrower and its Restricted Subsidiaries may sell, transfer or otherwise dispose of or wind down the Non-Core MWV Businesses;
and

 

(f)the
Parent Borrower and its Restricted Subsidiaries may consummate the transactions contemplated by the Combination Agreement to occur
on the Closing Date (including the Combination).

 

ARTICLE VII

EVENTS OF DEFAULT

 

7.1             
Events of Default.

 

An Event of Default
shall exist upon the occurrence of any of the following specified events (each an “Event of Default”):

 

(a)Payments.
A Borrower shall fail to make when due (including by mandatory prepayment) any principal payment with respect to the Loans, or
any Credit Party shall fail to make any payment of interest, fee or other amount payable hereunder within three (3) Business Days
of the due date thereof; or

 

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(b)Covenants
Without Notice. Any Credit Party shall fail to observe or perform any covenant or agreement contained in Section 5.1
(as to maintenance of existence of the Borrowers), subsections (g) and (h) of Section 5.7, Section 5.8,
Section 5.9, Section 5.11 or Article VI; or

 

(c)Other
Covenants. Any Credit Party shall fail to observe or perform any covenant or agreement contained in this Agreement or any other
Credit Document, other than those referred to in subsections (a) and (b) of Section 7.1, and such failure
shall remain unremedied for thirty (30) days after the earlier of (i) a Responsible Officer of a Credit Party obtaining knowledge
thereof, or (ii) written notice thereof shall have been given to the Parent Borrower by an Agent or any Lender; or

 

(d)Representations.
Any representation or warranty made or deemed to be made by a Credit Party or by any of its officers under this Agreement or any
other Credit Document (including the Schedules attached hereto and thereto), or in any certificate or other document submitted
to the Agents or the Lenders by any such Person pursuant to the terms of this Agreement or any other Credit Document, shall be
incorrect in any material respect when made or deemed to be made or submitted; or

 

(e)Non-Payments
of Other Indebtedness. Any Credit Party or any Restricted Subsidiary shall fail to make when due (whether at stated maturity,
by acceleration, on demand or otherwise, and after giving effect to any applicable grace period) any payment of principal of or
interest on any Indebtedness (other than the Credit Party Obligations) exceeding U.S.$150,000,000 individually or in the aggregate;
or

 

(f)Defaults
Under Other Agreements. Any Credit Party or any Restricted Subsidiary shall (i) fail to observe or perform within any applicable
grace period any covenants or agreements contained in any agreements or instruments relating to any of its Indebtedness (other
than the Credit Documents) the principal amount of which exceeds U.S.$150,000,000 individually or in the aggregate, or any other
event shall occur if the effect of such failure or other event is to accelerate, or to permit the holder of such Indebtedness or
any other Person to accelerate, the maturity of such Indebtedness; or (ii) breach or default any Hedging Agreement and/or Cash
Management Agreement (subject to any applicable cure periods) the termination value owed by such Credit Party or Restricted Subsidiary
as a result thereof shall exceed U.S.$150,000,000 if the effect of such breach or default is to terminate such Hedging Agreement
or to permit the applicable counterparty to such Hedging Agreement to terminate such Hedging Agreement; provided that this
clause (f) shall not apply to (x) any secured Indebtedness that becomes due as a result of the voluntary sale, transfer or other
disposition of the assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited
under this Agreement) so long as such Indebtedness is paid or (y) any Indebtedness that becomes due as a result of a voluntary
refinancing thereof not prohibited under this Agreement; or

 

(g)Bankruptcy.
Any Credit Party or any Material Subsidiary shall commence a voluntary case concerning itself under the Bankruptcy Code or applicable
foreign bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
laws; or makes a proposal to its creditors or files notice of its intention to do so, institutes any other proceeding under applicable
law seeking to adjudicate it a bankrupt or an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise,
arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors, composition of it or its debts or any
other similar relief; or an involuntary case for bankruptcy is commenced against any Credit Party or any Material Subsidiary and
the petition is not controverted within thirty (30) days, or is not dismissed within sixty (60) days, after commencement of the
case; or a custodian (as defined in the Bankruptcy Code), receiver, receiver-manager, trustee or similar official under applicable
foreign bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
laws is appointed for, or takes charge of, all or any substantial part of the property of any Credit Party or any Material Subsidiary;
or a Credit Party or a Material Subsidiary commences proceedings of its own bankruptcy or insolvency or to be granted a suspension
of payments or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction, whether now or hereafter in effect, relating to any Credit Party
or any Material Subsidiary or there is commenced against any Credit Party or any Material Subsidiary any such proceeding which
remains undismissed for a period of sixty (60) days; or any Credit Party or any Material Subsidiary is adjudicated insolvent or
bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or any Credit Party or any Material
Subsidiary suffers any appointment of any custodian, receiver, receiver-manager, trustee or the like for it or any substantial
part of its property to continue undischarged or unstayed for a period of sixty (60) days; or any Credit Party or any Material
Subsidiary makes a general assignment for the benefit of creditors; or any Credit Party or any Material Subsidiary shall fail to
pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or any Credit
Party or any Material Subsidiary shall call a meeting of its creditors with a view to arranging a composition or adjustment of
its debts; or any Credit Party or any Material Subsidiary shall by any act or failure to act indicate its consent to, approval
of or acquiescence in any of the foregoing; or any corporate action is taken by any Credit Party or any Material Subsidiary for
the purpose of effecting any of the foregoing; or

 

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(h)ERISA.
A Plan of a Credit Party or any Restricted Subsidiary or a Plan subject to Title IV of ERISA of any of its ERISA Affiliates:

 

(i)shall
fail to be funded in accordance with the minimum funding standard required by applicable law, the terms of such Plan, Section 412
of the Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan
under applicable law, the terms of such Plan or Section 412 of the Code or Section 302 of ERISA; or

 

(ii)is
being, or has been, terminated or the subject of termination proceedings under applicable law or the terms of such Plan; or

 

(iii)results
in a liability of a Credit Party or any Restricted Subsidiary under applicable law, the terms of such Plan, or Title IV of ERISA,
other than liabilities for benefits in the ordinary course;

 

and there shall
result from any such failure, waiver, termination or other event a liability to the PBGC or such Plan that would have a Material
Adverse Effect; or a Foreign Plan Event occurs that would have a Material Adverse Effect; or

 

(i)Money
Judgment. Judgments or orders for the payment of money (net of any amounts paid by an independent third party insurance company
or surety or fully covered by independent third party insurance or surety bond issued by a company with an AM Best rating in one
of the two highest categories as to which the relevant insurance company or surety does not dispute coverage) in excess of U.S.$150,000,000
individually or in the aggregate or otherwise having a Material Adverse Effect shall be rendered against any Credit Party or any
Restricted Subsidiary, and such judgment or order shall continue unsatisfied (in the case of a money judgment) and in effect for
a period of thirty (30) days during which execution shall not be effectively stayed or deferred (whether by action of a court,
by agreement or otherwise); or

 

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(j)Default
Under other Credit Documents; The Guaranty. (a) There shall exist or occur any “Event of Default” as provided under
the terms of any Credit Document, or any Credit Document ceases to be in full force and effect or the validity or enforceability
thereof is disaffirmed by or on behalf of any Credit Party, or at any time it is or becomes unlawful for any Credit Party to perform
or comply with its obligations under any Credit Document, or the obligations of any Credit Party under any Credit Document are
not or cease to be legal, valid and binding on any Credit Party; or (b) without limiting the foregoing, the Guaranty or any provision
thereof shall cease to be in full force and effect or any Guarantor or any Person acting by or on behalf of any Guarantor shall
deny or disaffirm any Guarantor’s obligations under the Guaranty; or

 

(k)Change
in Control. A Change in Control shall occur; or

 

(l)Securitization
Events. There shall occur any breach of any covenant by any Credit Party, any Restricted Subsidiary or any Permitted Securitization
Subsidiary contained in any agreement relating to Permitted Securitization Transaction causing or permitting the acceleration of
the obligations thereunder or requiring the prepayment of such obligations or termination of such securitization program prior
to its stated maturity or term; provided, however, such breach shall not constitute an Event of Default unless any
Credit Parties shall have payment obligations or liabilities under such Permitted Securitization Transaction that have had or are
reasonably expected to have a Material Adverse Effect.

 

7.2             
Acceleration; Remedies.

 

Upon the occurrence
and during the continuance of an Event of Default, the Administrative Agent (or, where specified, the Multicurrency Agent) may,
or upon the request and direction of the Required Lenders shall, by written notice to the Borrowers take any of the following actions
(including any combination of such actions):

 

(a)Termination
of Commitments. Declare the Commitments terminated whereupon the Commitments shall be immediately terminated.

 

(b)Acceleration;
Demand. Declare the unpaid principal of and any accrued interest in respect of all Loans and any and all other indebtedness
or obligations (including fees) of any and every kind owing by any Credit Party to the Agents and/or any of the Lenders hereunder
to be due and direct the Parent Borrower to pay to the Administrative Agent cash collateral as security for the LOC Obligations
for subsequent drawings under then outstanding Letters of Credit in an amount equal to 105% of the maximum amount which may be
drawn under Letters of Credit then outstanding, whereupon the same shall be immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by each Credit Party.

 

(c)Enforcement
of Rights. With respect to any of the Agents, exercise any and all rights and remedies created and existing under the Credit
Documents, whether at law or in equity.

 

(d)Rights
Under Applicable Law. With respect to any of the Agents, exercise any and all rights and remedies available to the Agents or
the Lenders under applicable law.

 

Notwithstanding the
foregoing, if an Event of Default specified in Section 7.1(g) shall occur, then the Commitments shall automatically terminate
and all Loans, all accrued interest in respect thereof, all accrued and unpaid Fees and other indebtedness or obligations owing
to the Agents and/or any of the Lenders hereunder automatically shall immediately become due and payable without presentment, demand,
protest or the giving of any notice or other action by the Agents or the Lenders, all of which are hereby waived by the Credit
Parties.

 

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ARTICLE VIII

AGENCY PROVISIONS

 

8.1             
Appointment.

 

Each Lender hereby
irrevocably designates and appoints Wells Fargo as the Administrative Agent of such Lender under this Credit Agreement and Wells
Fargo and/or any of its designated Affiliates, as the Multicurrency Agent under this Credit Agreement, and each such Lender irrevocably
authorizes Wells Fargo, as the Administrative Agent for such Lender, to take such action on its behalf under the provisions of
this Credit Agreement and to exercise such powers and perform such duties as are expressly delegated to the Agents by the terms
of this Credit Agreement, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to
the contrary elsewhere in this Credit Agreement, none of the Agents shall have any duties or responsibilities, except those expressly
set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Credit Agreement or otherwise exist against any Agent.

 

8.2             
Delegation of Duties.

 

Anything herein to
the contrary, notwithstanding, none of the bookrunners, arrangers or other agents listed on the cover page hereof shall have any
powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable,
as the Administrative Agent, the Multicurrency Agent, a Lender or the Issuing Lender hereunder.

 

Each of the Agents
may execute any of its duties under this Credit Agreement by or through agents or attorneys-in-fact and shall be entitled to advice
of counsel concerning all matters pertaining to such duties. The Agents shall not be responsible for the negligence or misconduct
of any agents or attorneys-in-fact selected by them with reasonable care. Without limiting the foregoing, each Agent may appoint
one of its Affiliates as its agent to perform its functions hereunder relating to the advancing of funds to the Borrowers and distribution
of funds to the Lenders and to perform other functions of the Agents hereunder.

 

8.3             
Exculpatory Provisions.

 

The Agents shall not
have any duties or obligations except those expressly set forth herein and in the other Credit Documents. Without limiting the
generality of the foregoing, the Agents:

 

(a)shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Credit Documents that the Agents are required to exercise as directed in writing
by the Required Lenders or Required Multicurrency Lenders, as applicable (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Credit Documents); provided that no Agent shall be required to take
any action that, in its opinion or the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document
or applicable law; and

 

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(c)shall
not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent, the Multicurrency Agent or any of their Affiliates in any capacity.

 

No Agent shall be liable
for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders or Required Multicurrency
Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary, or as the applicable Agent or
Agents shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.1 and 7.2)
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction pursuant
to a final non-appealable judgment.

 

The Agents shall not
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to the Agents.

 

8.4             
Reliance by Agents.

 

Each Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or
the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender,
each Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless such Agent shall have received
notice to the contrary from such Lender or the Issuing Lender prior to the making of such Loan or the issuance of such Letter of
Credit. Each Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts.

 

8.5             
Notice of Default.

 

No Agent shall be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent has received notice
from a Lender or the Parent Borrower referring to this Credit Agreement, describing such Default or Event of Default and stating
that such notice is a “notice of default”. In the event that an Agent receives such a notice, such Agent shall give
prompt notice thereof to the other Agents and the Lenders. The Agents shall take such action with respect to such Default or Event
of Default as shall be reasonably directed by the Required Lenders; provided, however, that unless and until an Agent
shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except
to the extent that this Credit Agreement expressly requires that such action be taken, or not taken, only with the consent or upon
the authorization of the Required Lenders, or all of the Lenders, as the case may be.

 

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8.6             
Non-Reliance on Agents and Other Lenders.

 

Each Lender expressly
acknowledges that none of the Agents nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representation or warranty to it and that no act by an Agent hereinafter taken, including any review of the affairs of
the Credit Parties, shall be deemed to constitute any representation or warranty by the Agents to any Lender. Each Lender represents
to the Agents that it has, independently and without reliance upon the Agents or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Credit Parties and made its own decision to make its Loans hereunder
and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon the Agents
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such investigation
as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness
of the Credit Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by an
Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning
the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Credit Parties which
may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

 

8.7             
Agents in Their Individual Capacity.

 

Each of the Agents
and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Credit Parties
as though such Agent were not an Agent hereunder. With respect to its Loans made or renewed by it and any Note issued to it, each
Agent shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as though it were
not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

 

8.8             
Successor Agent; Issuing Lender; Swingline Lender.

 

Any Agent may resign
as such Agent upon thirty (30) days’ prior notice to the Parent Borrower and the Lenders. If an Agent shall resign as such
Agent under this Credit Agreement and the other Credit Documents, then the Required Lenders shall appoint from among the Lenders
a successor agent for the Lenders, which successor agent shall be approved by the Parent Borrower (so long as no Event of Default
has occurred and is continuing), whereupon such successor agent shall succeed to the rights, powers and duties of the resigning
Agent, and the term “Administrative Agent” or “Multicurrency Agent,” as applicable, shall mean such successor
agent effective upon such appointment and approval, and the resigning Agent’s rights, powers and duties as an Agent shall
be terminated, without any other or further act or deed on the part of such former Agent or any of the parties to this Credit Agreement
or any holders of the Notes or Credit Party Obligations; provided that the Multicurrency Agent may, at its option and at
any time, assign its rights, powers and duties to the Administrative Agent upon notice to the Parent Borrower and the Lenders.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the resigning Agent gives notice of its resignation, then the resigning Agent may on behalf of the Lenders and
the Issuing Lender, appoint a successor Agent, which successor Agent shall be approved by the Parent Borrower; provided
that if the resigning Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (a) the resigning Agent shall be discharged
from its duties and obligations hereunder and under the other Credit Documents and (b) all payments, communications and determinations
provided to be made by, to or through the resigning Agent shall instead be made by or to each Lender and the Issuing Lender directly,
until such time as the Required Lenders appoint a successor Agent as provided for above in this Section.

 

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Any resignation by
any Agent pursuant to this Section shall also constitute its resignation as Issuing Lender and Swingline Lender. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring Issuing Lender and Swingline Lender, (b) the retiring Issuing
Lender and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other
Credit Documents, and (c) the successor Issuing Lender shall issue letters of credit in substitution for the Letters of Credit,
if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Issuing Lender to effectively
assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

 

After any retiring
Agent’s resignation as an Agent, Issuing Lender or Swingline Lender, the provisions of this Article VIII and Section
9.5 shall inure to its benefit (and the benefit of its sub-agents and Related Parties) as to any actions taken or omitted to
be taken by it while it was an Agent, Issuing Lender or Swingline Lender under this Credit Agreement.

 

Any Issuing Lender
or Swingline Lender shall be entitled to resign such role upon thirty (30) days’ prior notice to the Parent Borrower and
the Lenders so long as a successor acceptable to the Parent Borrower will take its place (such consent to a successor by the Parent
Borrower not to be unreasonably withheld). Any such successor shall become an Issuing Lender or Swingline Lender hereunder as if
it were listed as such in this Agreement without further action.

 

8.9             
Patriot Act Notice.

 

(a)               
Each Lender and each Agent (for itself and not on behalf of any other party) hereby notifies the Credit Parties that, pursuant
to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Credit Party,
which information includes the name and address of each Credit Party, and other information that will allow such Lender or such
Agent, as applicable, to identify such Credit Party in accordance with the Patriot Act.

 

(b)              
Each Lender and each Agent (for itself and not on behalf of any other party) hereby notifies the Credit Parties that, pursuant
to the requirements of the Canadian AML Acts, it is required to obtain, verify and record information that identifies each Credit
Party, which information includes the name and address of each Credit Party, information concerning its direct and indirect holders
of equity interests and other Persons exercising control over it, and its and their respective directors and officers, and other
information that will allow such Lender or such Agent, as applicable, to identify such Credit Party in accordance with the Canadian
AML Acts.

 

8.10         
Guaranty Matters.

 

(a)               
The Lenders and Issuing Lender irrevocably authorize and direct each of the Agents and without any consent or action by
any Lender:

 

(i)              
to release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Restricted Subsidiary
as a result of a transaction permitted hereunder; and

 

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(ii)              
in the case of the Guaranty of RockTenn, to release the Guaranty of RockTenn when all Existing RockTenn Senior Notes have
been redeemed, repurchased or defeased (including any refinancing or replacement of such Indebtedness with Indebtedness of the
Parent Borrower); and

 

(iii)              
in the case of the Guaranty of MWV, to release the Guaranty of MWV when all Existing MWV Notes have been redeemed, repurchased
or defeased (including any refinancing or replacement of such Indebtedness with Indebtedness of the Parent Borrower).

 

(b)              
Immediately upon the occurrence of any event set forth in paragraph (a) of this Section 8.10, the applicable Guaranty shall
automatically be released.

 

(c)               
In connection with a release pursuant to this Section 8.10, the applicable Agent shall promptly execute and deliver
to the applicable Credit Party, at the Parent Borrower’s expense, all documents that the applicable Credit Party shall reasonably
request to evidence such release. Upon request by an Agent at any time, the Required Lenders or the Required Multicurrency Lenders,
as the case may be, will confirm in writing such Agent’s authority to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 8.10; provided, however, that the applicable Agent may not decline to release
any guarantee pursuant to this Section 8.10 due to the absence of any such confirmation.

 

8.11         
Withholding.

 

To the extent required
by any applicable law (as determined in good faith by the Agent), the applicable Agent may withhold from any payment to any Lender
under any Credit Document an amount equal to any applicable withholding Tax. If the IRS or any other Governmental Authority asserts
a claim that the Agent did not properly withhold Tax from any amount paid to or for the account of any Lender for any reason (including
because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the applicable
Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender
shall indemnify and hold harmless such Agent (to the extent that such Agent has not already been reimbursed by the Credit Parties
and without limiting or expanding the obligation of the Credit Parties to do so) for all amounts paid, directly or indirectly,
by such Agent as Tax or otherwise, including any penalties, additions to Tax or interest thereon, together with all expenses incurred,
including legal expenses and any out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
applicable Agent shall be conclusive absent manifest error. Each Lender hereby authorizes each Agent to set off and apply any and
all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due to such Agent
under this Section 8.11. The agreements in this Section 8.11 shall survive the resignation and/or replacement of
the Agents, any assignment of rights by, or the replacement of a Lender, the termination of the Loans and the repayment, satisfaction
or discharge of all obligations under this Agreement. For the avoidance of doubt, for purposes of this Section 8.11, the
term Lender shall include the Swingline Lender and any Issuing Lender.

 

ARTICLE IX

MISCELLANEOUS

 

9.1             
Amendments and Waivers.

 

Neither this Credit
Agreement, nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, supplemented, waived or modified
except in accordance with the provisions of this Section. The Required Lenders may, or, with the written consent of the Required
Lenders, the Administrative Agent may, from time to time, (a) enter into with the Borrowers written amendments, supplements or
modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Credit Agreement or the
other Credit Documents or changing in any manner the rights of the Lenders or of the Borrowers hereunder or thereunder or (b) waive,
on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Credit Agreement
or the other Credit Documents or any Default or Event of Default and its consequences; provided that no such waiver and
no such amendment, waiver, supplement, modification or release shall:

 

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(i)              
change the currency in which a Lender’s or a Voting Participant’s Commitment is funded or in which payments
are made, reduce the amount or extend the scheduled date of maturity of any Loan or Note or any installment thereon, or reduce
the stated rate of any interest or fee payable hereunder (except in connection with a waiver of interest at the increased post-default
rate or as a result of any change in the definition of “Leverage Ratio” or any component thereof) or extend the scheduled
date of any payment thereof or increase the amount or extend the expiration date of any Lender’s or Voting Participant’s
Commitment, in each case without the written consent of each Lender directly affected thereby; or

 

(ii)              
amend, modify or waive any provision of this Section 9.1 or reduce the percentage specified in the definition of
Required Lenders, Required Multicurrency Lenders or Required Revolving Lenders, without the written consent of each Lender directly
affected thereby; or

 

(iii)              
amend, modify or waive any provision of Article VIII without the written consent of the then Agents; or

 

(iv)              
release all or substantially all of the Guarantors from their obligations under the Guaranty (other than as permitted hereunder)
or all or substantially all of the value of the Guaranty provided by all of the Guarantors, without the written consent of all
the Lenders; or

 

(v)              
amend, modify or waive any provision of the Credit Documents requiring consent, approval or request of the Required Lenders
or all Lenders, without the written consent of the Required Lenders or of all Lenders as appropriate; or

 

(vi)              
amend or modify the definition of “Credit Party Obligations”, “Canadian Obligations”, “Foreign
Subsidiary Borrower Obligations” or “U.S. Obligations” to delete or exclude any obligation or liability or any
Person described therein without the written consent of each Lender directly affected thereby; or

 

(vii)              
amend, modify or waive the order in which Credit Party Obligations are paid in Section 2.15(b) or (c) without
the written consent of each Lender directly affected thereby; or

 

(viii)              
amend, modify or waive any (A) provision of Sections 2.2 or 2.3 without the consent of the Required Multicurrency
Lenders, or (B) any provision of Section 2.7 without the consent of the Canadian Swingline Lender and Required Revolving
Lenders; or

 

(ix)              
amend, modify or waive (A) any provision of Section 2.1 without the consent of the Required Revolving Lenders, (B)
any provision of Section 2.6 without the consent of the U.S. Swingline Lender and Required Revolving Lenders, or (C) any
provision of Section 2.8 without the consent of the Issuing Lender and Required Revolving Lenders; or

 

(x)              
amend, modify or waive any provision of Section 4.2 without the consent of the Required Revolving Lenders and prior
to the Delayed Draw Termination Date, Delayed Draw Term Loan Lenders holding a majority of the aggregate principal amount of Delayed
Draw Term Loans and Delayed Draw Term Loan Commitments; or

 

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(xi)              
subordinate the Commitments and Loans to any other Indebtedness without the written consent of all Lenders;

 

provided, further, that no
amendment, waiver or consent affecting the rights or duties of an Agent under any Credit Document shall in any event be effective,
unless in writing and signed by the applicable Agent in addition to the Lenders required hereinabove to take such action. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except those affecting it referred to in clause (i) above.

 

Notwithstanding anything
in any Credit Document to the contrary, under no circumstances shall any Hedging Agreement Provider or Cash Management Bank have
any voting rights under the Credit Documents.

 

Any such waiver, any
such amendment, supplement or modification and any such release shall apply equally to each of the Lenders and shall be binding
upon the Borrowers, the Lenders, the other Credit Parties, the Agents and all future holders of the Notes or Credit Party Obligations.
In the case of any waiver, the Borrowers, the other Credit Parties, the Lenders and the Agents shall be restored to their former
position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any Default or Event of
Default permanently waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon.

 

Notwithstanding any
of the foregoing to the contrary, the consent of the Borrowers shall not be required for any amendment, modification or waiver
of the provisions of Article VIII (other than the provisions of Section 8.9 and Section 8.10); provided,
however, that the Administrative Agent will provide written notice to the Borrowers of any such amendment, modification
or waiver. In addition, notwithstanding the foregoing, this Agreement and any other Credit Document may be amended by an agreement
in writing entered into by the Parent Borrower and the Administrative Agent to cure any ambiguity, omission, mistake, defect or
inconsistency so long as, in each case, the Lenders shall have received at least five Business Days prior written notice thereof
and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written
notice from (x) the Required Lenders stating that the Required Lenders object to such amendment or (y) if affected by such amendment,
any Swingline Lender or the Issuing Lender stating that it objects to such amendment.

 

In addition, notwithstanding
any of the foregoing to the contrary, this Agreement may be amended with the written consent of the Administrative Agent, the Borrowers
and the Lenders providing the relevant Replacement Term Loan to permit the refinancing of all outstanding amounts under the Term
Loans (“Refinanced Term Loan”) with a replacement term loan tranche denominated in Dollars (“Replacement
Term Loan”) hereunder; provided that (a) the aggregate principal amount of such Replacement Term Loan shall not
exceed the aggregate principal amount of such Refinanced Term Loan, (b) the weighted average life to maturity of such Replacement
Term Loan shall not be shorter than the weighted average life to maturity of such Refinanced Term Loan at the time of such refinancing
(except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the
Term Loans) and (c) all other terms (other than interest rate margins) applicable to such Replacement Term Loan shall be substantially
identical to, or less favorable to the Lenders providing such Replacement Term Loan than those applicable to such Refinanced Term
Loan, except to the extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity
Date in effect immediately prior to such refinancing.

 

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Notwithstanding anything
in this Credit Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and
without further consent, to enter into amendments or modifications to this Agreement (including amendments to this Section 9.1)
or any of the other Credit Documents or to enter into additional Credit Documents as the Administrative Agent reasonably deems
appropriate in order to effectuate the terms of Section 2.3(a), Section 2.26 (including as applicable, (1) to permit
the Incremental Term Loans and the Incremental Revolving Commitment Increases to share ratably in the benefits of this Credit Agreement
and the other Credit Documents, (2) to include the Incremental Term Loan Commitments and the Incremental Revolving Commitment Increase,
as applicable, or outstanding Incremental Term Loans and outstanding Incremental Revolving Commitment Increase, as applicable,
in any determination of (i) Required Lenders or Required Revolving Lenders, as applicable or (ii) similar required lender terms
applicable thereto), Section 2.27 or Section 2.28; provided that no amendment or modification shall result
in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s U.S. Revolving Commitment
Percentage or Multicurrency Revolving Commitment Percentage, in each case, without the written consent of such affected Lender
and (3) to include Multicurrency Revolving Commitments in additional Multicurrency Alternative Currencies on the terms of Section
2.26; provided that no amendment or modification shall result in any increase in the amount of any Lender’s Commitment
or any increase in any Lender’s U.S. Revolving Commitment Percentage or Multicurrency Revolving Commitment Percentage, in
each case, without the written consent of such affected Lender.

 

Notwithstanding the
fact that the consent of all the Lenders is required in certain circumstances as set forth above, (A) each Lender is entitled to
vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the
provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein solely with respect
to approving the terms of any such bankruptcy reorganization plan and (B) the Required Lenders may consent to allow a Credit Party
to use cash collateral in the context of a bankruptcy or insolvency proceeding.

 

The Borrowers shall
be permitted to replace with a replacement financial institution acceptable to the Administrative Agent (such consent not to be
unreasonably withheld or delayed) any Lender that fails to consent to any proposed amendment, modification, termination, waiver
or consent with respect to any provision hereof or of any other Credit Document that requires the unanimous approval of all of
the Lenders, the approval of all of the Lenders affected thereby or the approval of a class of Lenders, in each case in accordance
with the terms of this Section 9.1, so long as the consent of the Required Lenders (or, in the case of any proposed amendment,
modification, termination, waiver or consent that requires the approval of a class of Lenders, of Lenders holding a majority in
interest of the outstanding Loans and unused Commitments in respect of such class) shall have been obtained with respect to such
amendment, modification, termination, waiver or consent; provided that (1) such replacement does not conflict with any Requirement
of Law, (2) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender
on or prior to the date of replacement, (3) the replacement financial institution shall approve the proposed amendment, modification,
termination, waiver or consent and together with all other replacement financial institutions is sufficient to pass the proposed
amendment, modification, termination, waiver or consent, (4) the Borrowers shall be liable to such replaced Lender under Section
2.20 if any LIBOR Rate Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period
relating thereto, (5) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section
9.6 (provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein),
(6) the Borrowers shall pay to the replaced Lender all additional amounts (if any) required pursuant to Section 2.18, 2.19
or 2.21, as the case may be, (7) the Borrowers provide at least three (3) Business Days’ prior notice to such replaced
Lender, and (8) any such replacement shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent
or any other Lender shall have against the replaced Lender. In the event any replaced Lender fails to execute the agreements required
under Section 9.6 in connection with an assignment pursuant to this Section 9.1, the Borrowers may, upon two (2)
Business Days’ prior notice to such replaced Lender, execute such agreements on behalf of such replaced Lender. A Lender
shall not be required to be replaced if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrowers to require such replacement cease to apply.

 

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If at any time the
Farm Credit Term Loan Facility or any other Credit Document (as defined in the Farm Credit Term Loan Facility), or the documentation
for any replacement credit facilities therefor, includes (a) representations and warranties, covenants or events of default (including
related definitions) in favor of a Lender (as defined in the Farm Credit Term Loan Facility), or lender under any such replacement
credit facilities, that are not provided for in this Agreement or the other Credit Documents, (b) representations and warranties,
covenants or events of default (including related definitions) in favor of a Lender (as defined in the Farm Credit Term Loan Facility),
or lender under any such replacement credit facilities, that are more restrictive than the same or similar provisions provided
for in this Agreement and the other Credit Documents and/or (c) requirements for the Farm Credit Term Loan Facility to be secured
by collateral or guaranteed by Domestic Subsidiaries of the Parent Borrower that are not already Guarantors (any or all of the
foregoing, collectively, the “Most Favored Lender Provisions”) (in the case of each of the Most Favored Lender
Provisions, other than any differences between the Farm Credit Term Loan Facility and the other Credit Documents (as defined in
the Farm Credit Term Loan Facility), on the one hand, and this Agreement and the other Credit Documents, on the other hand, existing
as of the Closing Date (or otherwise consistent with such differences)), then (i) such Most Favored Lender Provisions shall immediately
and automatically be deemed incorporated into this Agreement and the other Credit Documents as if set forth fully herein and therein,
mutatis mutandis, and no such incorporated provision may thereafter be waived, amended or modified except pursuant to the
provisions of this Section 9.1, and (ii) the Borrowers and the Guarantors shall promptly, and in any event within five (5)
days after entering into any such Most Favored Lender Provisions, so advise the Administrative Agent in writing. Thereafter, upon
the request of the Required Lenders, the Borrowers and the Guarantors shall enter into an amendment to this Agreement and, if applicable,
the other Credit Documents evidencing the incorporation of such Most Favored Lender Provisions, it being agreed that any failure
to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation described in clause
(i) of the immediately preceding sentence.

 

9.2             
Notices.

 

(a)               
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including
by facsimile or other electronic communications as provided below), and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made (a) when delivered by hand, (b) when transmitted via facsimile to the number set out herein, (c)
the day following the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to a reputable national
overnight air courier service, or (d) the third Business Day following the day on which the same is sent by certified or registered
mail, postage prepaid, in each case addressed as follows in the case of the Borrowers, the other Credit Parties, the Agents, and
the Lenders, or to such other address as may be hereafter notified by the respective parties hereto and any future holders of the
Notes and Credit Party Obligations:

 

if to any
of the Credit Parties

 

c/o WestRock Company

504 Thrasher Street, N.W.

Norcross, Georgia 30071-1956

Attention:Chief Financial Officer

Telecopier:(770) 263-3582

Telephone:(678) 291-7700

 

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With a copy
to:

 

WestRock Company

504 Thrasher Street, N.W.

Norcross, Georgia 30071-1956

Attention:General Counsel

Telecopier:(770) 263-3582

Telephone:(678) 291-7456

 

if to the
Administrative Agent or the Multicurrency Agent:

 

Wells Fargo Bank, National Association

MAC D1109-019

1525 W. W.T. Harris Blvd.

Charlotte, North Carolina 28262

Attention: Syndication Agency Services

Telecopier:(704) 590-2703

Telephone:(704) 590-3481

E-mail address: agencyservices.requests@wellsfargo.com.

 

With a copy
to:

 

Wells Fargo Bank, National Association

MAC G0185-061

7000 Central Parkway, Suite 600

Atlanta, GA 30328

Attention: Karen McClain, Portfolio Management

Telecopier: (770) 551-4643

Telephone: (770) 551-4662

E-mail address: karen.mcclain@wellsfargo.com

 

If to any
Lender:To the address set forth on the Register

 

(b)              
Notices and other communications to the Lenders or the Agents hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the applicable Agent. The Agents or the
Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications. Notwithstanding the foregoing, notices, requests and demands delivered pursuant to the requirements of Article
II shall be deemed to have been duly given or made when transmitted via e-mail to the e-mail address of the Administrative Agent
or Multicurrency Agent, as applicable, set forth in Section 9.2(a).

 

Unless the Agents otherwise
prescribe, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor.

 

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9.3             
No Waiver; Cumulative Remedies.

 

No failure to exercise
and no delay in exercising, on the part of the Agents or any Lender, any right, remedy, power or privilege hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

9.4             
Survival of Representations and Warranties.

 

All representations
and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith
shall survive the execution and delivery of this Credit Agreement and the Notes and the making of the Loans; provided that
all such representations and warranties shall terminate on the date upon which the Commitments have been terminated and all Credit
Party Obligations (other than contingent indemnity obligations) have been paid in full (or, in the case of any Letter of Credit,
cash collateralized, backstopped or replaced in a manner reasonably satisfactory to the Issuing Lender).

 

9.5             
Payment of Expenses.

 

(a)               
Costs and Expenses. The Credit Parties shall pay (i) all reasonable, documented out-of-pocket expenses incurred by
the Agents and their Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agents) in connection
with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented out-of-pocket
expenses incurred by the Issuing Lender and each Swingline Lender in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or Swingline Loan or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by
the Agents, each Lender, the Issuing Lender and the Swingline Lenders (including the fees, charges and disbursements of counsel
for any of the Agents, Lenders, Issuing Lender and Swingline Lenders), and all fees and time charges for attorneys who may be employees
of any of the Agents, Lenders, Issuing Lender and Swingline Lenders, in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Credit Documents, Loans or Letters of Credit.

 

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(b)              
Indemnification by the Credit Parties. The Credit Parties shall indemnify the Agents (and any sub-agent thereof),
each Lender, the Issuing Lender and the Swingline Lenders, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties,
damages, liabilities and related expenses (including the fees, charges and disbursements of one firm of counsel for all such Indemnitees,
taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single
firm of special counsel acting in multiple jurisdictions) for all such Indemnitees, taken as a whole (and, in the case of an actual
or perceived conflict of interest where the Indemnitee affected by such conflict informs the Parent Borrower of such conflict and
thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee and, if necessary, of a single firm
of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions)
for such affected Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrowers
or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release or threat of Release of Hazardous
Substances on, at, under or from any property owned, leased or operated by any Credit Party or any of its Subsidiaries, or any
liability under Environmental Law related in any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by a Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from (1) the gross negligence, bad faith or willful misconduct of such Indemnitee or (2) a claim brought by the
Parent Borrower or any Subsidiary against such Indemnitee for material breach in bad faith of such Indemnitee’s obligations
hereunder or (B) result from a proceeding that does not involve an act or omission by the Parent Borrower or any of its Affiliates
and that is brought by an Indemnitee against any other Indemnitee (other than claims against any arranger, bookrunner or agent
hereunder in its capacity or in fulfilling its roles as an arranger, bookrunner or agent hereunder or any similar role with respect
to the credit facilities hereunder). Notwithstanding the foregoing, (x) this Section 9.5(b) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims or damages arising from any non-Tax claim and (y) none of the Canadian Credit
Parties or the Foreign Subsidiary Borrowers shall be required to provide any indemnification under this Section 9.5(b) with respect
to any obligation of any U.S. Credit Party.

 

(c)               
Reimbursement by Lenders. To the extent that the Credit Parties for any reason fail to indefeasibly pay any amount
required under subsections (a) or (b) of this Section to be paid by it to the Agents (or any sub-agent thereof),
the Issuing Lender, any Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to such
Agent (or any such sub-agent), the Issuing Lender, such Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought and based on
the aggregate principal amount of all Loans and unused Commitments then outstanding) of such unpaid amount; provided that
the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by
or asserted against such Agent (or any such sub-agent), the Issuing Lender or such Swingline Lender in its capacity as such, or
against any Related Party of any of the foregoing acting for an Agent (or any such sub-agent), Issuing Lender or Swingline Lender
in connection with such capacity and only the Multicurrency Revolving Lenders shall have any obligation to make any payment to
the Multicurrency Agent pursuant to this Section 9.5(c). The agreements in this Section 9.5(c) shall survive the
termination of this Credit Agreement and payment of the Notes and all other amounts payable hereunder.

 

(d)              
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Credit Parties shall
not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall
be liable for any damages arising from the transmission of any information or other materials through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated
hereby or thereby.

 

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(e)               
Payments. All amounts due under this Section shall be payable promptly/not later than five (5) days after demand
therefor.

 

9.6             
Successors and Assigns; Participations; Purchasing Lenders.

 

(a)               
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other
Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Agents and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to
an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject
to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)              
Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it);
provided that any such assignment shall be subject to the following conditions:

 

(i)              
Minimum Amounts.

 

(A)             
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at
the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount
need be assigned; and

 

(B)             
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than U.S.$10,000,000, in the case of any assignment in respect of a revolving
facility, or U.S.$1,000,000, in the case of any assignment in respect of a term facility, unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Parent Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided that the Parent Borrower shall be deemed to have given its consent ten
(10) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative
Agent) of an assignment under a term facility unless it shall object thereto by written notice to the Administrative Agent prior
to such tenth (10th) Business Day.

 

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(ii)              
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except
that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate
Types on a non-pro rata basis.

 

(iii)              
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section and, in addition:

 

(A)the
consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event
of Default has occurred and is continuing at the time of such assignment, (y) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund or (z) the primary syndication of the Loans has not been completed as determined in good faith by Wells
Fargo; provided, that the Parent Borrower shall be deemed to have consented to any such assignment with respect to a term
facility unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having
received notice thereof;

 

(B)the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (i) a Revolving Commitment or (ii) a Term Loan, a Delayed Draw Term Loan Commitment or an Incremental Term Loan Commitment
to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund;

 

(C)the
consent of the Multicurrency Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of a Multicurrency Revolving Commitment; and

 

(D)the
consent of the Issuing Lender and the applicable Swingline Lender (such consent not to be unreasonably withheld or delayed) shall
be required for assignments in respect of a Revolving Commitment.

 

(iv)              
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption, together with a processing and recordation fee of U.S.$3,500 (unless waived by the Administrative
Agent in its sole discretion) and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(v)              
No Assignment to a Credit Party. No such assignment shall be made to any Credit Party or any of Credit Party’s
Affiliates or Subsidiaries.

 

(vi)              
No Assignment to Natural Persons and Disqualified Institutions. No such assignment shall be made to a natural person
or a Disqualified Institution on the most recent list of Disqualified Institutions made available to the Lenders at the request
of the Parent Borrower prior to the date of such assignment.

 

(vii)              
Multicurrency Assignments. A Multicurrency Revolving Lender and a Canadian Revolving Lender may only assign Multicurrency
Revolving Commitments, Canadian Revolving Loans and Multicurrency Alternative Currency Revolving Loans to an entity that is able
to fulfill all obligations of a Multicurrency Revolving Lender and a Canadian Revolving Lender under the terms of this Agreement
(including the obligation to make Loans in any Multicurrency Alternative Currency) in accordance with the requirements of applicable
law.

 

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Subject to acceptance
and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 2.18 and 9.5 with respect to facts and circumstances occurring prior to the effective date
of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with subsection (d) of this Section.

 

No Agent shall have
any responsibility or liability for monitoring the list or identities of, or enforcing provisions relating to, Disqualified Institutions.

 

(c)               
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall
maintain at one of its offices in Charlotte, North Carolina a copy of each Assignment and Assumption delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest
amounts) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and
the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers
and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)              
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers, the Issuing Lender,
the Swingline Lenders or the Agents, sell participations to any Person (other than a natural person or any Credit Party or any
Credit Party’s Affiliates or Subsidiaries or any Disqualified Institution on the most recent list of Disqualified Institutions
made available to the Lenders at the request of the Parent Borrower prior to the date of such assignment) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)
the Borrowers, the Agents and the Lenders, Issuing Lender and Swingline Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver that affects such Participant. Subject to subsection (e) of this Section, the Borrowers agree that each Participant
shall be entitled to the benefits of Sections 2.19 and 2.21 (subject to the requirements and limitations of such
Sections and Section 2.23 and it being understood that a Participant shall be required to deliver the documentation required under
Section 2.21(d) to only the participating Lender) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to Section
2.16 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive (absent manifest error) and such Lender (and
the Borrower, to the extent that the Participant requests payment from the Borrower) shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. The portion of the Participant Register relating to any Participant requesting payment from the Borrowers under the
Credit Documents shall be made available to the Borrowers upon reasonable request. Except as provided in the preceding sentence,
a Lender shall not be required to disclose its Participant Register to the Borrowers or any other Person except to the extent required
in connection with a Tax audit or inquiry to establish that the Loans hereunder are in registered form for U.S. federal income
tax purposes.

 

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Notwithstanding the
preceding paragraph, any Participant that is a Farm Credit Lender that (i) has purchased a participation in a minimum amount of
$7,000,000, (ii) has been designated as a “Voting Participant” in a notice (a “Voting Participant Notice”)
sent by the relevant Lender to the Administrative Agent and (iii) receives, prior to becoming a “Voting Participant,”
the consent of the Administrative Agent, the Parent Borrower, the Multicurrency Agent, the applicable Swingline Lender and the
Issuing Lender (each such consent to be required only to the extent and under the circumstances it would be required if such Voting
Participant were to become a Lender pursuant to an assignment in accordance with clause (b)) (a “Voting Participant”),
shall be entitled to vote as if such Voting Participant were a Lender on all matters subject to a vote by the Lenders and the voting
rights of the selling Lender shall be correspondingly reduced, on a U.S. Dollar-for-U.S. Dollar (or Dollar Amount-for-Dollar Amount)
basis. Each Voting Participant Notice shall include, with respect to each Voting Participant, the information that would be included
by a prospective Lender in an Assignment and Assumption. Notwithstanding the foregoing, each Farm Credit Lender designated as a
Voting Participant in Schedule 9.6 hereto shall be a Voting Participant without delivery of a Voting Participant Notice
and without the prior written consent of the Parent Borrower, the Administrative Agent, the Multicurrency Agent, the applicable
Swingline Lender and the Issuing Lender. The selling Lender and the Voting Participant shall notify the Administrative Agent and
the Borrower within three (3) Business Days of any termination, reduction or increase of the amount of such participation. The
Parent Borrower, the Multicurrency Agent and the Administrative Agent shall be entitled to conclusively rely on information contained
in Voting Participant Notices and all other notices delivered pursuant hereto. The voting rights of each Voting Participant are
solely for the benefit of such Voting Participant and shall not inure to any assignee or participant of such Voting Participant
that is not itself a Voting Participant.

 

(e)               
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections
2.19 and 2.21 than the applicable Lender would have been entitled to receive with respect to the participation sold
to such Participant, unless the sale of the participation to such Participant is made with the applicable Borrower’s prior
written consent or the entitlement to a greater payment results from a change in law after the date such Participant became a participant.

 

(f)               
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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9.7             
Adjustments; Set-off.

 

(a)               
If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate to or for
the credit or the account of any Borrower or any other Credit Party against any and all of the obligations of such Borrower or
such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender or the Issuing Lender,
irrespective of whether or not such Lender or the Issuing Lender shall have made any demand under this Agreement or any other Credit
Document and although such obligations of such Borrower or such Credit Party may be contingent or unmatured or are owed to a branch
or office of such Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such indebtedness.
The rights of each Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights
and remedies (including other rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates may have. Each
Lender and the Issuing Lender agrees to notify the Parent Borrower and the Administrative Agent promptly after any such setoff
and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

(b)              
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion
of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the applicable Agent of such
fact, and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or
make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the applicable Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts
owing them, provided that:

 

(i)              
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)              
the provisions of this subsection shall not be construed to apply to (A) any payment made by a Borrower pursuant to and
in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other
than to any Credit Party or any Subsidiary thereof (as to which the provisions of this subsection shall apply).

 

(c)               
Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that
any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff
and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in the
amount of such participation.

 

9.8             
Table of Contents and Section Headings.

 

The table of contents
and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Credit
Agreement.

 

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9.9             
Counterparts; Electronic Execution.

 

(a)               
This Credit Agreement may be executed by one or more of the parties to this Credit Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same agreement.

 

(b)              
The words “execution,” “signed,” “signature,” and words of like import in any Assignment
and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.

 

9.10         
Severability.

 

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

 

9.11         
Integration.

 

This Credit Agreement
and the other Credit Documents represent the agreement of the Borrowers, the Agents and the Lenders with respect to the subject
matter hereof, and there are no promises, undertakings, representations or warranties by the Agents, the Borrowers or any Lender
relative to the subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

 

9.12         
Governing Law.

 

THIS CREDIT AGREEMENT
AND THE OTHER CREDIT DOCUMENTS (EXCEPT AS OTHERWISE PROVIDED THEREIN) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

9.13         
Consent to Jurisdiction and Service of Process.

 

Each of the Borrowers
and each other Credit Party and each other party hereto irrevocably and unconditionally submits, for itself and its property, with
respect to this Credit Agreement, any Note or any of the other Credit Documents and all judicial proceedings in respect thereof
to the exclusive jurisdiction of the courts of the State of New York in New York County in the Borough of Manhattan or, if under
applicable law exclusive jurisdiction is vested in the federal courts, the United States District Court for the Southern District
of New York (and appellate courts thereof), and, by execution and delivery of this Credit Agreement, each of the Borrowers and
the other Credit Parties (i) accepts, for itself and in connection with its properties, generally and unconditionally, the exclusive
jurisdiction of the aforesaid courts and irrevocably agrees to be bound by any final judgment rendered thereby in connection with
this Credit Agreement, any Note or any other Credit Document from which no appeal has been taken or is available; (ii) agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; and
(iii) agrees that it will not bring or support any action, cause of action, claim, cross-claim or third-party claim of any kind
or description, whether in law or in equity, whether in contract or in tort or otherwise, against any person in any way relating
to this Credit Agreement, any Note or any other Credit Document in any forum other than the Supreme Court of the State of New York
in New York County in the Borough of Manhattan or, if under applicable law exclusive jurisdiction is vested in the federal courts,
the United States District Court for the Southern District of New York (and appellate courts thereof). Each of the Borrowers and
the other Credit Parties irrevocably agrees that all service of process in any such proceedings in any such court may be effected
by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at
its address set forth in Section 9.2 or at such other address of which the Administrative Agent shall have been notified
pursuant thereto, such service being hereby acknowledged by each of the Borrowers and the other Credit Parties to be effective
and binding service in every respect. Each of the Borrowers, the Agents and the Lenders irrevocably waives any objection, including
any objection to the laying of venue 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 any such jurisdiction.

 

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9.14         
Confidentiality.

 

Each of the Agents,
the Lenders and the Issuing Lender agrees to maintain the confidentiality of the Information, except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors
and other representatives who shall maintain the confidential nature of such Information, (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process
(in which case such Agent, such Lender or the Issuing Lender shall promptly notify the Parent Borrower in advance to the extent
lawfully permitted to do so and practicable), (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder, under any other Credit Document, Guaranteed Hedging Agreement or Guaranteed Cash Management Agreement or any action
or proceeding relating to this Agreement, any other Credit Document, Guaranteed Hedging Agreement or Guaranteed Cash Management
Agreement or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement, (g) to (i) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to a Borrower and its obligations, (ii) an investor or prospective investor in securities issued
by an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such
securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party
in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by an
Approved Fund, or (iv) a nationally recognized rating agency that requires access
to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of securities
issued by an Approved Fund or (v) any third-party service provider that
(x) provides audit, regulatory or risk management services to the Administrative Agent or any of the Lenders or (y) provides services
to the Administrative Agent or any of the Lenders in connection with the administration of this Agreement, the other Credit Documents
and the Commitments (in each case, it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such information and instructed to keep such information confidential), (h) with the consent of the
Parent Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to any Agent, any Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than the Credit Parties that is not, to such Agent’s, Lender’s or Issuing Lender’s
knowledge, subject to a confidentiality obligation to the Parent Borrower or any of its Affiliates with respect to such Information.
For purposes of this Section, “Information” means all information received from any Credit Party or any Subsidiary
thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses, other than any such information
that is available to the Administrative Agent, any Lender or the Issuing Lender on a nonconfidential basis prior to disclosure
by any Credit Party or any Subsidiary thereof; provided that, in the case of information received from a Credit Party or
any Subsidiary thereof after the Closing Date, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

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9.15         
Acknowledgments.

 

Each of the Borrowers
and the other Credit Parties each hereby acknowledges that:

 

(a)it
has been advised by counsel in the negotiation, execution and delivery of each Credit Document;

 

(b)neither
any Agent nor any Lender has any fiduciary relationship with or duty to the Borrowers or any other Credit Party arising out of
or in connection with this Credit Agreement and the relationship between the Agents and the Lenders, on one hand, and the Borrowers
and the other Credit Parties, on the other hand, in connection herewith is solely that of debtor and creditor;

 

(c) each
Agent, each Lender and their respective Affiliates may have economic interests that conflict with those of the Credit Parties,
their stockholders and/or their Affiliates; and

 

(c)no
joint venture exists among the Lenders or among the Borrowers and the Lenders.

 

9.16         
Waivers of Jury Trial.

 

THE BORROWERS, THE
OTHER CREDIT PARTIES, THE ADMINISTRATIVE AGENT, THE MULTICURRENCY AGENT, THE ISSUING LENDER AND THE LENDERS HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

9.17         
Judgment Currency.

 

If, for the purposes
of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Credit Document in one currency
into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent or the Multicurrency Agent, as applicable, could purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to any
Agent or any Lender hereunder or under the other Credit Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Credit
Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt
by such Agent or such Lender of any sum adjudged to be so due in the Judgment Currency, such Agent or such Lender may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency
so purchased is less than the sum originally due to any Agent or any Lender in the Agreement Currency, the Borrowers agree, as
a separate obligation and notwithstanding any such judgment, to indemnify such Agent or such Lender or the Person to whom such
obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally
due to any Agent or any Lender in such currency, such Agent or such Lender agrees to return the amount of any excess to the Borrowers
(or to any other Person who may be entitled thereto under applicable law).

 

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9.18         
Subordination of Intercompany Debt.

 

Each Credit Party agrees
that all intercompany Indebtedness among Credit Parties (the “Intercompany Debt”) is subordinated in right of
payment, to the prior payment in full of all Credit Party Obligations. Notwithstanding any provision of this Agreement to the contrary,
so long as no Event of Default has occurred and is continuing, the Credit Parties may make and receive payments with respect to
the Intercompany Debt to the extent otherwise permitted by this Agreement; provided, that in the event of and during the
continuation of any Event of Default, no payment shall be made by or on behalf of any Credit Party on account of any Intercompany
Debt other than payments to a Borrower. In the event that any Credit Party other than a Borrower receives any payment of any Intercompany
Debt at a time when such payment is prohibited by this Section 9.18, such payment shall be held by such Credit Party, in
trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent.

 

9.19         
Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution;
and

 

(b)              
the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)              
a reduction in full or in part or cancellation of any such liability;

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it
or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Credit Document; or

 

(iii)              
the variation of the terms of such liability in connection with the exercise
of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

ARTICLE X

GUARANTY OF PARENT BORROWER OBLIGATIONS

 

10.1         
The Guaranty.

 

In order to induce
the Lenders to enter into this Credit Agreement, any Hedging Agreement Provider to enter into any Guaranteed Hedging Agreement
and any Cash Management Bank to enter into any Guaranteed Cash Management Agreement and to extend credit hereunder and thereunder
and in recognition of the direct benefits to be received by the U.S. Guarantors from the Extensions of Credit hereunder, under
any Guaranteed Hedging Agreement and under any Guaranteed Cash Management Agreement, each of the U.S. Guarantors hereby agrees
with the Agents and the Lenders as follows: such U.S. Guarantor hereby unconditionally and irrevocably jointly and severally guarantees
as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise,
of any and all U.S. Obligations. If any or all of U.S. Obligations become due and payable hereunder or under any Guaranteed Hedging
Agreement or under any Guaranteed Cash Management Agreement, each U.S. Guarantor unconditionally promises to pay such U.S. Obligations
to the Agents, the Lenders, the Hedging Agreement Providers, the Cash Management Banks or their respective order, on demand, together
with any and all reasonable expenses which may be incurred by the Agents or the Lenders in collecting any of such U.S. Obligations.

 

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Notwithstanding any
provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a U.S. Guarantor
shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state, federal or provincial
law relating to fraudulent conveyances or transfers) then the obligations of each such U.S. Guarantor hereunder shall be limited
to the maximum amount that is permissible under applicable law (whether federal, state or provincial and including the Bankruptcy
Code).

 

10.2         
Bankruptcy.

 

Additionally, each
of the U.S. Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all U.S. Obligations
to the Lenders, any Cash Management Bank and any Hedging Agreement Provider whether or not due or payable by the Parent Borrower
upon the occurrence of any of the events specified in Section 7.1(g), and unconditionally promises to pay such U.S. Obligations
to the Administrative Agent for the account of the Lenders, to any such Cash Management Bank and to any such Hedging Agreement
Provider, or order, on demand, in lawful money of the United States upon any such occurrence. Each of the U.S. Guarantors further
agrees that to the extent that the Parent Borrower or a U.S. Guarantor shall make a payment or a transfer of an interest in any
property to any Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider, which payment or transfer or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to
be repaid to the Parent Borrower or a U.S. Guarantor, the estate of the Parent Borrower or a U.S. Guarantor, a trustee, receiver
or any other party under any bankruptcy law, state, provincial or federal law, common law or equitable cause, then to the extent
of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full
force and effect as if said payment had not been made.

 

10.3         
Nature of Liability.

 

The liability of each
U.S. Guarantor hereunder is exclusive and independent of any security for or other guaranty of the U.S. Obligations whether executed
by any such U.S. Guarantor, any other guarantor or by any other party, and no U.S. Guarantor’s liability hereunder shall
be affected or impaired by (a) any direction as to application of payment by the Parent Borrower or by any other party, or (b)
any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the U.S. Obligations,
or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase,
decrease or change in personnel by the Parent Borrower, or (e) any payment made to any Agent, any Lender, any Cash Management Bank
or any Hedging Agreement Provider on the U.S. Obligations which such Agent, such Lender, such Cash Management Bank or such Hedging
Agreement Provider repays the Parent Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium
or other debtor relief proceeding, and each of the U.S. Guarantors waives any right to the deferral or modification of its obligations
hereunder by reason of any such proceeding.

 

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10.4         
Independent Obligation.

 

The obligations of
each U.S. Guarantor hereunder are independent of the obligations of any other U.S. Guarantor or the Parent Borrower, and a separate
action or actions may be brought and prosecuted against each U.S. Guarantor whether or not action is brought against any other
U.S. Guarantor or the Parent Borrower and whether or not any other U.S. Guarantor or the Parent Borrower is joined in any such
action or actions.

 

10.5         
Authorization.

 

Each of the U.S. Guarantors
authorizes each Agent, each Lender, each Cash Management Bank and each Hedging Agreement Provider, without notice or demand (except
as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from
time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change
the terms of the U.S. Obligations or any part thereof in accordance with this Agreement, any Guaranteed Cash Management Agreement
and any Guaranteed Hedging Agreement, as applicable, including any increase or decrease of the rate of interest thereon, (b) take
and hold security from any U.S. Guarantor or any other party for the payment of the Guaranty under this Article X or the U.S. Obligations
and exchange, enforce waive and release any such security, (c) apply such security and direct the order or manner of sale thereof
as the Agents and the Lenders in their discretion may determine and (d) release or substitute any one or more endorsers, U.S. Guarantors,
the Parent Borrower or other obligors.

 

10.6         
Reliance.

 

It is not necessary
for the Agents, the Lenders, any Cash Management Bank or any Hedging Agreement Provider to inquire into the capacity or powers
of the Parent Borrower or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any
U.S. Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

 

10.7         
Waiver.

 

(a)               
Each of the U.S. Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to
require any Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider to (i) proceed against the Parent Borrower,
any other guarantor or any other party, (ii) proceed against or exhaust any security held from the Parent Borrower, any other guarantor
or any other party, or (iii) pursue any other remedy in any Agent’s, any Lender’s, any Cash Management Bank’s
or any Hedging Agreement Provider’s power whatsoever. Each of the U.S. Guarantors waives any defense based on or arising
out of any defense of the Parent Borrower, any other guarantor or any other party other than payment in full of the U.S. Obligations
(other than contingent indemnity obligations), including any defense based on or arising out of (i) the disability of the Parent
Borrower, any other Guarantor or any other party, (ii) the unenforceability of the U.S. Obligations or any part thereof from any
cause, (iii) the cessation from any cause of the liability of the Parent Borrower other than payment in full of the U.S. Obligations
of the Parent Borrower (other than contingent indemnity obligations), (iv) any amendment, waiver or modification of the U.S. Obligations,
(v) any substitution, release, exchange or impairment of any security for any of the U.S. Obligations, (vi) any change in the corporate
existence or structure of a Borrower or any other Guarantor, (vii) any claims or rights of set off that such Guarantor may have,
and/or (viii) any Requirement of Law or order of any Governmental Authority affecting any term of the U.S. Obligations. Each of
the Agents may, at its election, foreclose on any security held by such Agent by one or more judicial or nonjudicial sales (to
the extent such sale is permitted by applicable law), or exercise any other right or remedy such Agent or any Agent or Lender may
have against the Parent Borrower or any other party, or any security, without affecting or impairing in any way the liability of
any U.S. Guarantor hereunder except to the extent the U.S. Obligations of the Parent Borrower have been paid in full and the Commitments
have been terminated. Each of the U.S. Guarantors waives any defense arising out of any such election by any of the Agents or Lenders,
even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of
the U.S. Guarantors against the Parent Borrower or any other party or any security.

 

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(b)              
Each of the U.S. Guarantors waives all presentments, demands for performance, protests and notices, including notices of
nonperformance, notice of protest, notices of dishonor, notices of acceptance of the Guaranty under this Article X, and notices
of the existence, creation or incurring of new or additional U.S. Obligations. Each U.S. Guarantor assumes all responsibility for
being and keeping itself informed of the Parent Borrower’s financial condition and assets, and of all other circumstances
bearing upon the risk of nonpayment of the U.S. Obligations and the nature, scope and extent of the risks which such U.S. Guarantor
assumes and incurs hereunder, and agrees that neither any Agent nor any Lender shall have any duty to advise such U.S. Guarantor
of information known to it regarding such circumstances or risks.

 

(c)               
Each of the U.S. Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise
have as a result of the Guaranty under this Article X (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise)
to the claims of the Lenders, any Cash Management Bank or any Hedging Agreement Provider (collectively, the “Other Parties”)
against the Parent Borrower or any other guarantor of the U.S. Obligations owing to the Lenders, such Cash Management Bank or such
Hedging Agreement Provider and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from
any Other Party which it may at any time otherwise have as a result of the Guaranty under this Article X until such time as the
U.S. Obligations shall have been paid in full and the Commitments have been terminated. Each of the U.S. Guarantors hereby further
agrees not to exercise any right to enforce any other remedy which the Agents, the Lenders, any Cash Management Bank or any Hedging
Agreement Provider now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part
of the U.S. Obligations and any benefit of, and any right to participate in, any security or collateral given to or for the benefit
of the Lenders, the Cash Management Banks and/or the Hedging Agreement Providers to secure payment of the U.S. Obligations until
such time as the U.S. Obligations (other than contingent indemnity obligations) shall have been paid in full and the Commitments
have been terminated (or, in the case of any Letter of Credit, cash collateralized, backstopped or replaced in a manner reasonably
satisfactory to the Issuing Lender).

 

10.8         
Limitation on Enforcement.

 

The Lenders, the Cash
Management Bank and the Hedging Agreement Providers agree that the Guaranty under this Article X may be enforced only by the action
of the Administrative Agent acting upon the instructions of the Required Lenders and that no Lender, Cash Management Bank or Hedging
Agreement Provider shall have any right individually to seek to enforce or to enforce the Guaranty under this Article X, it being
understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders
under the terms of this Credit Agreement. The Lenders, the Cash Management Banks and the Hedging Agreement Providers further agree
that the Guaranty under this Article X may not be enforced against any director, officer, employee or stockholder of the U.S. Guarantors.

 

10.9         
Confirmation of Payment.

 

The Administrative
Agent and the Lenders will, upon request after payment of the U.S. Obligations which are the subject of the Guaranty under this
Article X and termination of the Commitments relating thereto, confirm to the Parent Borrower, the U.S. Guarantors or any other
Person that such U.S. Obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of
Section 10.2.

 

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10.10     
Keepwell.

 

Each Qualified ECP
Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support
as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty under this Article
X in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section
10.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section
10.10, or otherwise under the Guaranty under this Article X, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect until the termination of this Agreement or the release of such Guarantor in accordance with Section
8.11. Each Qualified ECP Guarantor intends that this Section 10.10 constitute, and this Section 10.10 shall be
deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all
purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

ARTICLE XI

GUARANTY OF CANADIAN OBLIGATIONS AND FOREIGN SUBSIDIARY BORROWER OBLIGATIONS

 

11.1         
The Guaranty.

 

In order to induce
the Lenders to enter into this Credit Agreement, any Hedging Agreement Provider to enter into any Guaranteed Hedging Agreement
and any Cash Management Bank to enter into any Guaranteed Cash Management Agreement and to extend credit hereunder and thereunder
and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder, under any Guaranteed
Hedging Agreement and under any Guaranteed Cash Management Agreement, each of the Guarantors hereby agrees with the Agents and
the Lenders as follows: such Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor
and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and
all Foreign Borrower Obligations. If any or all of the Foreign Borrower Obligations becomes due and payable hereunder or under
any Guaranteed Hedging Agreement or under any Guaranteed Cash Management Agreements, each Guarantor unconditionally promises to
pay such Foreign Borrower Obligations to the Agents, the Lenders, the Hedging Agreement Providers, the Cash Management Banks or
their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Agents or the Lenders
in collecting any of the Foreign Borrower Obligations.

 

Notwithstanding any
provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a Guarantor
would either breach any applicable law or shall be adjudicated to be invalid or unenforceable for any reason (including because
of the provisions of applicable state, provincial, or federal law relating to fraudulent conveyances or transfers) then the obligations
of each such Guarantor hereunder shall be limited to the maximum amount that is permissible under or would not otherwise breach
applicable law (whether federal, state or provincial, and including the Bankruptcy Code.

 

11.2         
Bankruptcy.

 

Additionally, each
of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all Foreign Borrower
Obligations to the Lenders, any Cash Management Agreement and any Hedging Agreement Provider whether or not due or payable by the
applicable Foreign Borrower upon the occurrence of any of the events specified in Section 7.1(g), and unconditionally promises
to pay such Foreign Borrower Obligations to the Multicurrency Agent for the account of the Lenders, to any such Cash Management
Bank and to any such Hedging Agreement Provider, or order, on demand, in lawful money of the United States upon any such occurrence.
Each of the Guarantors further agrees that to the extent that any Foreign Borrower or a Guarantor shall make a payment or a transfer
of an interest in any property to the Multicurrency Agent, any Lender, any Cash Management Bank or any Hedging Agreement Provider,
which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise
is avoided, and/or required to be repaid to any Foreign Borrower or a Guarantor, the estate of any Foreign Borrower or a Guarantor,
a trustee, receiver or any other party under any bankruptcy law, state, provincial or federal law, common law or equitable cause,
then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and
continued in full force and effect as if said payment had not been made.

 

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11.3         
Nature of Liability.

 

The liability of each
Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Foreign Borrower Obligations whether
executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be
affected or impaired by (a) any direction as to application of payment by any Foreign Borrower or by any other party, or (b) any
other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Foreign Borrower
Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination
or increase, decrease or change in personnel by any Foreign Borrower, or (e) any payment made to any Agent, any Lender, any Cash
Management Bank or any Hedging Agreement Provider on the Foreign Borrower Obligations which such Agent, such Lender, such Cash
Management Bank or such Hedging Agreement Provider repays any Foreign Borrower pursuant to court order in any bankruptcy, reorganization,
arrangement, moratorium or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification
of its obligations hereunder by reason of any such proceeding.

 

11.4         
Independent Obligation.The obligations of each Guarantor
hereunder are independent of the obligations of any other Guarantor or any Foreign Borrower, and a separate action or actions may
be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or any Foreign Borrower
and whether or not any other Guarantor or any Foreign Borrower is joined in any such action or actions.

 

11.5         
Authorization.

 

Each of the Guarantors
authorizes each Agent, each Lender, each Cash Management Bank and each Hedging Agreement Provider without notice or demand (except
as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from
time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change
the terms of the Foreign Borrower Obligations or any part thereof in accordance with this Agreement, any Guaranteed Cash Management
Agreement and any Guaranteed Hedging Agreement, as applicable, including any increase or decrease of the rate of interest thereon,
(b) take and hold security from any Guarantor or any other party for the payment of the Guaranty under this Article XI or the Foreign
Borrower Obligations and exchange, enforce, waive and release any such security, (c) apply such security and direct the order or
manner of sale thereof as the Agents and the Lenders in their discretion may determine and (d) release or substitute any one or
more endorsers, Guarantors, Foreign Borrowers or other obligors.

 

11.6         
Reliance.

 

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It is not necessary
for the Agents, the Lenders, any Cash Management Bank or any Hedging Agreement Provider to inquire into the capacity or powers
of each Foreign Borrower or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and
any Foreign Borrower Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

 

11.7         
Waiver.

 

(a)               
Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require
the Agents, any Lender, any Cash Management Bank or any Hedging Agreement Provider to (i) proceed against any Foreign Borrower,
any other guarantor or any other party, (ii) proceed against or exhaust any security held from any Foreign Borrower, any other
guarantor or any other party, or (iii) pursue any other remedy in the Agents’, any Lender’s, any Cash Management Bank’s
or any Hedging Agreement Provider’s power whatsoever. Each of the Guarantors waives any defense based on or arising out of
any defense of any Foreign Borrower, any other guarantor or any other party other than payment in full of the Foreign Borrower
Obligations (other than contingent indemnity obligations), including any defense based on or arising out of (i) the disability
of any Foreign Borrower, any other guarantor or any other party, (ii) the unenforceability of the Foreign Borrower Obligations
or any part thereof from any cause, (iii) the cessation from any cause of the liability of each Foreign Borrower other than payment
in full of the Foreign Borrower Obligations, (iv) any amendment, waiver or modification of the Foreign Borrower Obligations, (v)
any substitution, release, exchange or impairment of any security for any of the Foreign Borrower Obligations, (vi) any change
in the corporate existence or structure of any Foreign Borrower or any other Guarantor, (vii) any claims or rights of set off that
such Guarantor may have, and/or (viii) any Requirement of Law or order of any Governmental Authority affecting any term of the
Foreign Borrower Obligations. The Agents may, at their election, foreclose on any security held by the Agents by one or more judicial
or nonjudicial sales (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Agents
or any Lender may have against any Foreign Borrower or any other party, or any security, without affecting or impairing in any
way the liability of any Guarantor hereunder except to the extent the Foreign Borrower Obligations have been paid in full and the
Commitments have been terminated. Each of the Guarantors waives any defense arising out of any such election by the Agents or any
of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right
or remedy of the Guarantors against any Foreign Borrower or any other party or any security.

 

(b)              
Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance,
notice of protest, notices of dishonor, notices of acceptance of the Guaranty under this Article XI, and notices of the existence,
creation or incurring of new or additional Foreign Borrower Obligations. Each Guarantor assumes all responsibility for being and
keeping itself informed of each Foreign Borrower’s financial condition and assets, and of all other circumstances bearing
upon the risk of nonpayment of the Foreign Borrower Obligations and the nature, scope and extent of the risks which such Guarantor
assumes and incurs hereunder, and agrees that neither the Agents nor any Lender shall have any duty to advise such Guarantor of
information known to it regarding such circumstances or risks.

 

(c)               
Each of the Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have
as a result of the Guaranty under this Article XI (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise)
to the claims of the Lenders or the Other Parties against any Foreign Borrower or any other guarantor of the Foreign Borrower Obligations
of each Foreign Borrower owing to the Lenders or the Other Parties and all contractual, statutory or common law rights of reimbursement,
contribution or indemnity from any Other Party which it may at any time otherwise have as a result of the Guaranty under this Article
XI until such time as the Foreign Borrower Obligations shall have been paid in full and the Commitments have been terminated. Each
of the Guarantors hereby further agrees not to exercise any right to enforce any other remedy which the Agents, the Lenders, any
Cash Management Bank or any Hedging Agreement Provider now have or may hereafter have against any Other Party, any endorser or
any other guarantor of all or any part of the Foreign Borrower Obligations and any benefit of, and any right to participate in,
any security or collateral given to or for the benefit of the Lenders, the Cash Management Banks and/or the Hedging Agreement Providers
to secure payment of the Foreign Borrower Obligations until such time as the Foreign Borrower Obligations (other than contingent
indemnity obligations) shall have been paid in full and the Commitments have been terminated (or, in the case of any Letter of
Credit, cash collateralized, backstopped or replaced in a manner reasonably satisfactory to the Issuing Lender).

 

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11.8         
Limitation on Enforcement.

 

The Lenders, the Cash
Management Banks and the Hedging Agreement Providers agree that the Guaranty under this Article XI may be enforced only by the
action of the Administrative Agent or Multicurrency Agent acting upon the instructions of the Required Lenders and that no Lender,
Cash Management Bank or Hedging Agreement Provider shall have any right individually to seek to enforce or to enforce the Guaranty
under this Article XI, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent
or the Multicurrency Agent for the benefit of the Lenders under the terms of this Credit Agreement. The Lenders, the Cash Management
Banks and the Hedging Agreement Providers further agree that the Guaranty under this Article XI may not be enforced against any
director, officer, employee or stockholder of the Guarantors.

 

11.9         
Confirmation of Payment.

 

The Agents and the
Lenders will, upon request after payment of the Foreign Borrower Obligations which are the subject of the Guaranty under this Article
XI and termination of the Commitments relating thereto, confirm to each Foreign Borrower, the Guarantors or any other Person that
such Foreign Borrower Obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of
Section 11.2.

 

11.10     
Keepwell.

 

Each Qualified ECP
Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support
as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty under this Article
XI in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section
11.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section
11.10, or otherwise under the Guaranty under this Article XI, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect until the termination of this Agreement or the release of such Guarantor in accordance with Section
8.11. Each Qualified ECP Guarantor intends that this Section 11.10 constitute, and this Section 11.10 shall be
deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all
purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

ARTICLE XII

SPECIAL PROVISIONS APPLICABLE TO LENDERS

UPON THE OCCURRENCE OF A SHARING EVENT

 

12.1         
Participations.

 

    149 

     

    

Upon the occurrence
and during the continuation of a Sharing Event, the Lenders shall automatically and without further action be deemed to have exchanged
interests in the outstanding Loans and outstanding Letters of Credit such that, in lieu of the interests of each Lender in each
Loan and each outstanding Letter of Credit, such Lender shall hold an interest in all Loans made to the Borrowers and all outstanding
Letters of Credit issued for the account of such Persons or their Subsidiaries at such time, whether or not such Lender shall previously
have participated therein, equal to such Lender’s Exchange Percentage thereof. The foregoing exchanges shall be accomplished
automatically pursuant to this Section 12.1 through purchases and sales of participations in the various Loans and outstanding
Letters of Credit as required hereby, although at the request of the Administrative Agent each Lender hereby agrees to enter into
customary participation agreements approved by the Administrative Agent to evidence the same. All purchases and sales of participating
interests pursuant to this Section 12.1 shall be made in U.S. Dollars. At the request of the Administrative Agent, each
Lender which has sold participations in any of its Loans and outstanding Letters of Credit as provided above (through the Administrative
Agent) will deliver to each Lender (through the Administrative Agent) which has so purchased a participating interest therein a
participation certificate in the appropriate amount as determined in conjunction with the Administrative Agent and the Multicurrency
Agent. It is understood that the amount of funds delivered by each Lender shall be calculated on a net basis, giving effect to
both the sales and purchases of participations by the various Lenders as required above. For the avoidance of doubt, in the event
that on or after the occurrence of a Sharing Event, there shall be a disbursement under a Letter of Credit that is not reimbursed
by the Parent Borrower then this paragraph shall apply automatically and without further action to such disbursement. For purposes
of subclause (iii)(A) of the definition of “Excluded Taxes” a Lender that acquires a participation pursuant to this
Section 12.1 shall be treated as having acquired such participation on the earlier date(s) on which such Lender acquired
the applicable interest(s) in the Commitment(s) and/or Loan(s) to which such participation relates.

 

12.2         
Administrative Agent’s Determinations Binding. 

 

All determinations
by the Administrative Agent pursuant to this Article XII shall be made by it in accordance with the provisions herein and
with the intent being to equitably share the credit risk after a Sharing Event for all Loans and Letters of Credit and other Extensions
of Credit hereunder in accordance with the provisions hereof. Absent manifest error, all determinations by the Administrative Agent
hereunder shall be binding on the Credit Parties and each of the Lenders. The Administrative Agent shall have no liability to any
Credit Party or Lender hereunder for any determinations made by it hereunder except to the extent resulting from the Administrative
Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable
decision).

 

12.3         
Participation Payments in U.S. Dollars.

 

Upon, and after, the
occurrence of a Sharing Event (a) no further Extensions of Credit shall be made, (b) all amounts from time to time accruing with
respect to, and all amounts from time to time payable on account of, Loans denominated in Canadian Dollars or any Multicurrency
Alternative Currency (including any interest and other amounts which were accrued but unpaid on the date of such Sharing Event)
shall be payable in U.S. Dollars (taking the Dollar Amount of such amounts on the date payment is made with respect thereto) and
shall be distributed by the Administrative Agent for the account of the Lenders which made such Loans or are participating therein
and (c) all Commitments shall be automatically terminated. Notwithstanding anything to the contrary contained above, the failure
of any Lender to purchase its participating interests as required above in any Extensions of Credit upon the occurrence of a Sharing
Event shall not relieve any other Lender of its obligation hereunder to purchase its participating interests in a timely manner,
but no Lender shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by
such other Lender on any date.

 

    150 

     

    

12.4         
Delinquent Participation Payments.

 

If any amount required
to be paid by any Lender pursuant to this Article XII is not paid to the Administrative Agent on the date upon which the
Sharing Event occurred, such Lender shall, in addition to such aforementioned amount, also pay to the Administrative Agent on demand
an amount equal to the product of (a) the amount so required to be paid by such Lender for the purchase of its participations,
(b) the daily average Federal Funds Rate, during the period from and including the date of request for payment to the date on which
such payment is immediately available to the Administrative Agent and (c) a fraction the numerator of which is the number of days
that elapsed during such period and the denominator of which is 360. A certificate of the Administrative Agent submitted to any
Lender with respect to any amounts payable under this Article XII shall be conclusive in the absence of manifest error.
Amounts payable by any Lender pursuant to this Article XII shall be paid to the Administrative Agent for the account of
the relevant Lenders; provided that, if the Administrative Agent (in its sole discretion) has elected to fund on behalf
of such other Lender the amounts owing to such other Lenders, then the amounts shall be paid to the Administrative Agent for its
own account.

 

12.5         
Settlement of Participation Payments.

 

Whenever, at any time
after the relevant Lenders have received from any other Lenders purchases of participations pursuant to this Article XII,
the various Lenders receive any payment on account thereof, such Lenders will distribute to the Administrative Agent, for the account
of the various Lenders participating therein, such Lenders’ participating interests in such amounts (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such participations were outstanding) in like funds
as received; provided, however, that in the event that such payment received by any Lenders is required to be returned,
the Lenders who received previous distributions in respect of their participating interests therein will return to the respective
Lenders any portion thereof previously so distributed to them in like funds as such payment is required to be returned by the respective
Lenders.

 

12.6         
Participation Obligations Absolute.

 

Each Lender’s
obligation to purchase participating interests pursuant to this Article XII shall be absolute and unconditional and shall
not be affected by any circumstance, including (a) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against any other Lender, any Credit Party or any other Person for any reason whatsoever, (b) the occurrence or continuance
of a Default or an Event of Default, (c) any adverse change in the condition (financial or otherwise) of any Credit Party or any
other Person, (iv) any breach of this Agreement by any Credit Party, any Lender or any other Person, or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing. The Lenders agree that the provisions of this Article
XII shall be effective as against each of the Lenders before, during, and after the commencement of any bankruptcy case of any
of the Credit Parties. For the avoidance of doubt, after the occurrence of a Sharing Event, nothing herein shall prohibit a Lender
from assigning its Exchange Percentage in obligations hereunder on a non-pro rata basis and as otherwise permitted by Section
9.6.

 

12.7         
Increased Costs; Indemnities.

 

Notwithstanding anything
to the contrary contained elsewhere in this Agreement, upon any purchase of participations as required above, (a) each Lender which
has purchased such participations shall be entitled to receive from the Borrowers any increased costs and indemnities directly
from Borrowers to the same extent as if it were the direct Lender as opposed to a participant therein and (b) each Lender which
has sold such participations shall be entitled to receive from the Borrowers indemnification from and against any and all Taxes
imposed as a result of the sale of the participations pursuant to this Article XII. Each Borrower acknowledges and agrees
that, upon the occurrence of a Sharing Event and after giving effect to the requirements of this Article XII, increased
Taxes may be owing by it pursuant to Section 2.21, which Taxes shall be paid (to the extent provided in Section 2.21)
by the respective Borrower or Borrowers, without any claim that the increased Taxes are not payable because same resulted from
the participations effected as otherwise required by this Article XII.

 

    151 

     

    

12.8         
Provisions Solely to Effect Sharing Arrangement.

 

The provisions of this
Article XII are and are intended solely for the purpose of effecting a sharing arrangement among the Lenders and reflect an agreement
among creditors for purposes of defining the relative rights and obligations of the Lenders in relation to one another in connection
with such arrangement. None of the Credit Parties shall have any rights or obligations (except as contemplated by Sections 12.3
and 12.7 hereof) under this Article XII against any Lender, Administrative Agent, Multicurrency Agent or otherwise. Nothing
contained in this Article XII is intended to or shall impair the obligations of the Credit Parties, which are absolute and unconditional,
to pay the Credit Party Obligations as and when the same shall become due and payable in accordance with their terms. All references
in this Article XII to a Credit Party shall include such person as a debtor-in-possession and any receiver or trustee for such
person in any bankruptcy case thereof.

 

 

 

 

 

 

152Exhibit 10.1

SENECA FOODS CORPORATION,

SENECA FOODS, LLC,

SENECA SNACK COMPANY,

and

GREEN VALLEY FOODS, LLC

as Borrowers,

certain Subsidiaries of Borrowers as Guarantors,

______________________________________________________________________________

THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

Dated as of July 5, 2016

$500,000,000

______________________________________________________________________________

CERTAIN FINANCIAL INSTITUTIONS,

as Lenders

and

BANK OF AMERICA, N.A.,

as Agent, Issuing Bank and Syndication Agent

and

BANK OF AMERICA, N.A.

as Lead Arranger

TABLE OF CONTENTS

 

Page

	
SECTION 1.

	 	
DEFINITIONS; RULES OF CONSTRUCTION

	 	 	
2

	 
	 	
1.1

	 	
Definitions

	 	 	
2

	 
	 	
1.2

	 	
Accounting Terms

	 	 	
31

	 
	 	
1.3

	 	
Uniform Commercial Code

	 	 	
32

	 
	 	
1.4

	 	
Certain Matters of Construction

	 	 	
33

	 
	
SECTION 2.

	 	
THE REVOLVING CREDIT FACILITY

	 	 	
33

	 
	 	
2.1

	 	
Commitment

	 	 	
33

	 
	 	
2.2

	 	
[Intentionally Omitted.]

	 	 	
36

	 
	 	
2.3

	 	
Letter of Credit Facility

	 	 	
36

	 
	
SECTION 3.

	 	
INTEREST, FEES AND CHARGES

	 	 	
39

	 
	 	
3.1

	 	
Interest

	 	 	
39

	 
	 	
3.2

	 	
Fees

	 	 	
40

	 
	 	
3.3

	 	
Computation of Interest, Fees, Yield Protection

	 	 	
41

	 
	 	
3.4

	 	
Reimbursement Obligations

	 	 	
41

	 
	 	
3.5

	 	
Illegality

	 	 	
41

	 
	 	
3.6

	 	
Inability to Determine Rates

	 	 	
42

	 
	 	
3.7

	 	
Increased Costs; Capital Adequacy

	 	 	
42

	 
	 	
3.8

	 	
Mitigation

	 	 	
43

	 
	 	
3.9

	 	
Funding Losses

	 	 	
43

	 
	 	
3.10

	 	
Maximum Interest

	 	 	
44

	 
	
SECTION 4.

	 	
LOAN ADMINISTRATION

	 	 	
44

	 
	 	
4.1

	 	
Manner of Borrowing and Funding Loans

	 	 	
44

	 
	 	
4.2

	 	
Defaulting Lender

	 	 	
46

	 
	 	
4.3

	 	
Number and Amount of LIBOR Loans; Determination of Rate

	 	 	
46

	 
	 	
4.4

	 	
Borrower Agent

	 	 	
46

	 
	 	
4.5

	 	
One Obligation

	 	 	
47

	 
	 	
4.6

	 	
Effect of Termination

	 	 	
47

	 
	
SECTION 5.

	 	
PAYMENTS

	 	 	
47

	 
	 	
5.1

	 	
General Payment Provisions

	 	 	
47

	 
	 	
5.2

	 	
Repayment of Loans

	 	 	
47

	 
	 	
5.3

	 	
[Intentionally Omitted.]

	 	 	
48

	 
	 	
5.4

	 	
Payment of Other Obligations

	 	 	
48

	 

 

i

TABLE OF CONTENTS

(continued)

Page     

 

	 	
5.5

	 	
Marshaling; Payments Set Aside

	 	 	
48

	 
	 	
5.6

	 	
Application and Allocation of Payments

	 	 	
48

	 
	 	
5.7

	 	
Application of Payments

	 	 	
49

	 
	 	
5.8

	 	
Loan Account; Account Stated

	 	 	
49

	 
	 	
5.9

	 	
Taxes

	 	 	
50

	 
	 	
5.10

	 	
Lender Tax Information

	 	 	
52

	 
	 	
5.11

	 	
Nature and Extent of Each Borrower's Liability

	 	 	
53

	 
	
SECTION 6.

	 	
CONDITIONS PRECEDENT

	 	 	
55

	 
	 	
6.1

	 	
Conditions Precedent to Initial Loans

	 	 	
56

	 
	 	
6.2

	 	
Conditions Precedent to All Credit Extensions

	 	 	
57

	 
	
SECTION 7.

	 	
COLLATERAL

	 	 	
58

	 
	 	
7.1

	 	
Grant of Security Interest

	 	 	
58

	 
	 	
7.2

	 	
Lien on Deposit Accounts; Cash Collateral

	 	 	
58

	 
	 	
7.3

	 	
[Intentionally Omitted.]

	 	 	
59

	 
	 	
7.4

	 	
Certain After-Acquired Collateral

	 	 	
59

	 
	 	
7.5

	 	
No Assumption of Liability

	 	 	
59

	 
	 	
7.6

	 	
Further Assurances

	 	 	
59

	 
	
SECTION 8.

	 	
COLLATERAL ADMINISTRATION

	 	 	
58

	 
	 	
8.1

	 	
Borrowing Base Certificates

	 	 	
59

	 
	 	
8.2

	 	
Administration of Accounts

	 	 	
60

	 
	 	
8.3

	 	
Administration of Inventory

	 	 	
61

	 
	 	
8.4

	 	
Labeling Equipment

	 	 	
61

	 
	 	
8.5

	 	
Administration of Deposit Accounts

	 	 	
62

	 
	 	
8.6

	 	
General Provisions

	 	 	
62

	 
	 	
8.7

	 	
Power of Attorney

	 	 	
63

	 
	
SECTION 9.

	 	
REPRESENTATIONS AND WARRANTIES

	 	 	
64

	 
	 	
9.1

	 	
General Representations and Warranties

	 	 	
64

	 
	 	
9.2

	 	
Complete Disclosure

	 	 	
69

	 
	
SECTION 10.

	 	
COVENANTS AND CONTINUING AGREEMENTS

	 	 	
69

	 
	 	
10.1

	 	
Affirmative Covenants

	 	 	
69

	 
	 	
10.2

	 	
Negative Covenants

	 	 	
74

	 
	 	
10.3

	 	
Financial Covenants

	 	 	
78

	
 

	 	 	 	 	 	 	 	 

 

	 	 	 	 ii	 	 	 	 

TABLE OF CONTENTS

(continued)

Page  

  

	
SECTION 11.

	 	
GUARANTY

	 	 	
79

	 
	 	
11.1

	 	
Guaranty of Payment and Performance

	 	 	
79

	 
	 	
11.2

	 	
The Guarantors' Agreement to Pay Enforcement Costs, etc

	 	 	
79

	 
	 	
11.3

	 	
Waivers by Guarantors; Agent's and Secured Parties' Freedom to Act

	 	 	
80

	 
	 	
11.4

	 	
Unenforceability of Obligations Against Borrowers

	 	 	
80

	 
	 	
11.5

	 	
Subrogation; Subordination

	 	 	
81

	 
	 	
11.6

	 	
Termination; Reinstatement

	 	 	
81

	 
	 	
11.7

	 	
Contribution

	 	 	
82

	 
	
SECTION 12.

	 	
EVENTS OF DEFAULT; REMEDIES ON DEFAULT

	 	 	
82

	 
	 	
12.1

	 	
Events of Default

	 	 	
82

	 
	 	
12.2

	 	
Remedies upon Default

	 	 	
84

	 
	 	
12.3

	 	
License

	 	 	
85

	 
	 	
12.4

	 	
Setoff

	 	 	
85

	 
	 	
12.5

	 	
Remedies Cumulative; No Waiver

	 	 	
85

	 
	
SECTION 13.

	 	
AGENT

	 	 	
86

	 
	 	
13.1

	 	
Appointment, Authority and Duties of Agent

	 	 	
86

	 
	 	
13.2

	 	
Agreements Regarding Collateral and Borrower Materials

	 	 	
87

	 
	 	
13.3

	 	
Reliance By Agent

	 	 	
87

	 
	 	
13.4

	 	
Action Upon Default

	 	 	
87

	 
	 	
13.5

	 	
Ratable Sharing

	 	 	
88

	 
	 	
13.6

	 	
Indemnification

	 	 	
88

	 
	 	
13.7

	 	
Limitation on Responsibilities of Agent

	 	 	
88

	 
	 	
13.8

	 	
Successor Agent and Co-Agents

	 	 	
89

	 
	 	
13.9

	 	
Due Diligence and Non-Reliance

	 	 	
89

	 
	 	
13.10

	 	
Remittance of Payments and Collections

	 	 	
89

	 
	 	
13.11

	 	
Agent in its Individual Capacity

	 	 	
90

	 
	 	
13.12

	 	
Agent Titles

	 	 	
90

	 
	 	
13.13

	 	
Bank Product Providers

	 	 	
90

	 
	 	
13.14

	 	
No Third Party Beneficiaries

	 	 	
90

	 
	
SECTION 14.

	 	
BENEFIT OF AGREEMENT; ASSIGNMENTS

	 	 	
91

	 
	 	
14.1

	 	
Successors and Assigns

	 	 	
91

	 
	 	
14.2

	 	
Participations

	 	 	
91

	 

iii

TABLE OF CONTENTS

(continued)

Page

	 	
14.3

	 	
Assignments

	 	 	
92

	 
	 	
14.4

	 	
Replacement of Certain Lenders

	 	 	
93

	 
	
SECTION 15.

	 	
MISCELLANEOUS

	 	 	
93

	 
	 	
15.1

	 	
Consents, Amendments and Waivers

	 	 	
93

	 
	 	
15.2

	 	
Indemnity

	 	 	
94

	 
	 	
15.3

	 	
Notices and Communications

	 	 	
94

	 
	 	
15.4

	 	
Performance of Borrowers' Obligations

	 	 	
95

	 
	 	
15.5

	 	
Credit Inquiries

	 	 	
95

	 
	 	
15.6

	 	
Severability

	 	 	
95

	 
	 	
15.7

	 	
Cumulative Effect; Conflict of Terms

	 	 	
96

	 
	 	
15.8

	 	
Counterparts

	 	 	
96

	 
	 	
15.9

	 	
Entire Agreement

	 	 	
96

	 
	 	
15.10

	 	
Relationship with Lenders

	 	 	
96

	 
	 	
15.11

	 	
No Advisory or Fiduciary Responsibility

	 	 	
96

	 
	 	
15.12

	 	
Confidentiality

	 	 	
97

	 
	 	
15.13

	 	
GOVERNING LAW

	 	 	
97

	 
	 	
15.14

	 	
Consent to Forum

	 	 	
97

	 
	 	
15.15

	 	
Waivers by Obligors

	 	 	
98

	 
	 	
15.16

	 	
Patriot Act Notice

	 	 	
98

	 
	 	
15.17

	 	
Effective Date

	 	 	
98

	 
	 	
15.18

	 	
NO ORAL AGREEMENT

	 	 	
98

	 
	 	
15.19

	 	
Restatement

	 	 	
98

	 

 

iv

 

LIST OF EXHIBITS AND SCHEDULES

Exhibit A Revolver Note

Exhibit B Assignment and Acceptance

Exhibit C Assignment Notice

Exhibit D Form of Joinder Agreement

Exhibit E Form of Bank Product Notice

Schedule 1.1                      Commitments of Lenders

Schedule 2                         Existing Investments

Schedule 8.4                      Labeling Equipment

Schedule 8.5                      Deposit Accounts

Schedule 8.6.1   Business Locations

Schedule 9.1.4   Names and Capital Structure

Schedule 9.1.7   Distributions

Schedule 9.1.11 Patents, Trademarks, Copyrights and Licenses

Schedule 9.1.14 Environmental Matters

Schedule 9.1.15 Restrictive Agreements

Schedule 9.1.16 Litigation

Schedule 9.1.18 Pension Plans

Schedule 9.1.20 Labor Contracts

Schedule 10.2.1(c)            Existing Indebtedness

Schedule 10.2.2 Existing Liens

Schedule 10.2.16               Existing Affiliate Transactions

THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT is dated as of July 5, 2016, among SENECA FOODS CORPORATION, a New York corporation (the "Parent"), SENECA FOODS, LLC, a Delaware limited liability company ("Seneca LLC"), SENECA SNACK COMPANY, a Washington corporation ("Seneca Snack"), GREEN VALLEY FOODS, LLC, a Delaware limited liability company ("Green Valley", and together with the Parent, Seneca LLC and Seneca Snack, collectively, the "Borrowers"), MARION FOODS, INC., a New York corporation ("Marion"), LEBANON VALLEY COLD STORAGE, LLC, a Pennsylvania limited liability company ("Lebanon LLC"), LEBANON VALLEY COLD STORAGE, LP, a Pennsylvania limited partnership ("Lebanon LP"), PORTLAND FOOD PRODUCTS COMPANY, an Oregon corporation ("Portland Food"), GRAY & COMPANY, an Oregon corporation ("Gray"), and DIANA FRUIT CO., INC., a California corporation ("Diana Fruit", and together with Marion, Lebanon LLC, Lebanon LP, Portland Food and Gray, collectively, the "Guarantors"), the financial institutions party to this Agreement from time to time as lenders (collectively, "Lenders"), BANK OF AMERICA, N.A., a national banking association, as agent for the Secured Parties ("Agent"), as Issuing Bank and as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, as Lead Arranger.

R E C I T A L S:

WHEREAS, pursuant to a certain Second Amended and Restated Loan and Security Agreement, dated as of July 20, 2011, among the Borrowers, the Original Lenders, the other financial institutions party thereto and Agent, as amended (as amended, the "Existing Loan Agreement"), the Original Lenders agreed to provide (subject to the terms set forth therein) a revolving credit facility to the Borrowers;

WHEREAS, the Borrowers have requested that the Lenders increase Commitments from $475,000,000 to $500,000,000 and the Lenders are willing to provide such increased Commitments on the terms and conditions set forth in this Agreement;

WHEREAS, each of the Guarantors wishes to continue and reaffirm the guaranty provided by such Guarantor in the Existing Loan Agreement in favor of Agent and the Lenders;

WHEREAS, the Obligors wish to continue and reaffirm the grant of liens and security interests by the Obligors in favor of Agent for the benefit of the Secured Parties and, to the extent not covered in the Existing Loan Agreement, grant liens in favor of Agent for the benefit of Agent and the other Secured Parties;

WHEREAS, the Borrowers and the Guarantors are members of a group of related entities, the success of any one of which is dependent in part on the success of the other members of such group;

WHEREAS, the Guarantors expect to receive substantial direct and indirect benefits from the extensions of credit to the Borrowers by the Lenders pursuant to this Agreement (which benefits are hereby acknowledged);

WHEREAS, the Guarantors wish to jointly and severally guaranty the Borrowers' obligations to the Lenders under or in respect of this Agreement as provided herein; and

1

WHEREAS, the parties hereto wish to amend, restate and supersede the Existing Loan Agreement in its entirety as more fully set forth herein.

NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows:

SECTION 1. DEFINITIONS; RULES OF CONSTRUCTION.

1.1 Definitions.

As used herein, the following terms have the meanings set forth below:

Account: as defined in the UCC, including all rights to payment for goods sold or leased, or for services rendered.

Account Debtor: a Person who is obligated under an Account, Chattel Paper or General Intangible.

Accounts Formula Amount:  85% of the Value of Eligible Accounts.

Adjusted Availability: the sum of (a) Availability, plus (b) the amount by which (i) the sum of (A) the Accounts Formula Amount, plus (B) the Inventory Formula Amount, minus (C) the Availability Reserve exceeds (ii) the aggregate Commitments, provided that the amount in this clause (b) shall not exceed an amount equal to 2.50% of the aggregate Commitments as of the applicable date of determination.

Affiliate: with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.  "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  "Controlling" and "Controlled" have correlative meanings.

Agent: as defined in the preamble to this Agreement.

Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, agents and attorneys.

Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants, turnaround consultants, and other professionals and experts retained by Agent.

Allocable Amount: as defined in Section 5.11.3.

Anti-Terrorism Laws: any laws relating to terrorism or money laundering, including the Patriot Act.

Applicable Law: all laws, rules, regulations and governmental guidelines applicable to the Person, conduct, transaction, agreement or matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities.

Applicable Margin: with respect to any Type of Loan, the margin set forth below, as determined by the Adjusted Availability and Fixed Charge Coverage Ratio for the last Fiscal Quarter:

2

	
Level

 

	
Adjusted Availability

(as a percentage of the Borrowing Base and as an average for quarter most recently ended)

	 

Fixed Charge Coverage Ratio

	 

Base Rate Loans

	 

LIBOR Loans

	
I

	
> 35%

	
> 1.75 to 1.00

	
0.25%

	
1.25%

	
II

	
In all other circumstances

	
0.50%

	
1.50%

Until receipt by Agent and Lenders of the financial statements and corresponding Compliance Certificate for the Fiscal Quarter ending June 30, 2017, margins shall be determined as if Level I were applicable.  Thereafter, the margins shall be subject to increase or decrease upon receipt by Agent pursuant to Section 10.1.2 of the financial statements and corresponding Compliance Certificate for the last Fiscal Quarter, which change shall be effective on the first day of the calendar month following receipt.  Adjusted Availability shall be determined for such pricing grid based on the average daily Adjusted Availability for the most recently ended Fiscal Quarter for which a Compliance Certificate has been provided pursuant to Section 10.1.2.  If, by the first day of a month, any financial statement or Compliance Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the margins shall be determined as if Level II were applicable, from such day until the first day of the calendar month following actual receipt.  Notwithstanding the foregoing, if the financial statements for any period are determined to have been inaccurate or such financial statements are restated, and Adjusted Availability and/or the Fixed Charge Coverage Ratio would have been different for such period, and the interest rate accruing on the Loans would have been different, based on the accurate or restated financial statements, then the Applicable Margin for periods affected thereby shall be retroactively re-determined based on such accurate or restated financial statements and either the Borrowers shall pay on demand any additional interest that results from re-determination or the Lenders and the Agent shall refund to the Borrowers any overpayment of interest that results from redetermination.

Approved Fund: any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in its ordinary course of activities, and is administered or managed by a Lender, an entity that administers or manages a Lender, or an Affiliate of either.

Asset Disposition: a sale, lease, license, consignment, transfer or other disposition of Property of an Obligor, including a disposition of Property in connection with a sale-leaseback transaction or synthetic lease.

Assignment and Acceptance: an assignment agreement between a Lender and Eligible Assignee, in the form of Exhibit B or otherwise satisfactory to Agent.

Availability: the Borrowing Base minus the principal balance of all Loans.

Availability Reserve: the sum (without duplication) of (a) the Inventory Reserve; (b) the Rent and Charges Reserve; (c) the LC Reserve; (d) the Bank Product Reserve; (e) all accrued Royalties, whether or not then due and payable by a Borrowing Base Obligor; (f) the aggregate amount of liabilities secured by Liens upon Collateral that are senior to Agent's Liens (but imposition of any such reserve shall not waive an Event of Default arising therefrom); (g) all outstanding payables of the Borrowing Base Obligors owing to farmers, growers, producers,

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sellers or other Persons supplying agricultural products, including without limitation, PACA Commodities, to the Borrowing Base Obligors to the extent such persons are entitled to (and have not waived or subordinated to the satisfaction of Agent) Liens, trusts or priority claims (whether pursuant to the California Producer's Lien Law, PACA or otherwise); (h) the Dilution Reserve; (i) the Supply Chain Financing Reserve; and (j) such additional reserves, in such amounts and with respect to such matters, as Agent in its discretion may elect to impose from time to time.  Availability Reserve may include, but is not limited to, reserves relating to the amount of any accrued and unpaid wage claims, wage deficiencies or employee benefits due and owing to any Wisconsin employee of any Borrowing Base Obligor.

Bank of America: Bank of America, N.A., a national banking association, and its successors and assigns.

Bank of America Indemnitees: Bank of America and its officers, directors, employees, Affiliates, agents and attorneys.

Bank Product: any of the following products, services or facilities extended to any Borrower or Subsidiary by a Lender or any of its Affiliates: (a) Cash Management Services; (b) products under Hedging Agreements; (c) commercial credit card and merchant card services; (d) Supply Chain Financings; and (e) other banking products or services as may be requested by any Borrower or Subsidiary, but expressly excluding (x) any loan, operating lease or Capital Lease financing provided by a Lender or any of its Affiliates and (y) any Master Reimbursement Letter of Credit.

Bank Product Debt: Indebtedness and other obligations of an Obligor relating to Bank Products.

Bank Product Reserve: the aggregate amount of reserves established by Agent from time to time in its discretion in respect of Secured Bank Product Obligations (other than Supply Chain Financings).

Bankruptcy Code: Title 11 of the United States Code.

Base Rate: for any day, a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as of such day, plus 1.0%.

Base Rate Loan: any Loan that bears interest based on the Base Rate.

Benefit Amount: as defined in Section 11.7.

Bluegrass: Bluegrass Holdings, LLC, an Oregon limited liability company, 100% of the Equity Interests of which are owned by Murlark.

Board of Governors: the Board of Governors of the Federal Reserve System.

Borrowed Money: with respect to any Obligor, without duplication, its (a) Indebtedness that (i) arises from the lending of money by any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are customarily paid (excluding trade payables owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) reimbursement obligations with respect to letters of credit; and (d) guaranties of any Indebtedness of the foregoing types owing by another Person.

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Borrower Agent: as defined in Section 4.4.

Borrower Materials: Borrowing Base Certificates, Compliance Certificates and other information, reports, financial statements and other materials delivered by Obligors hereunder, as well as other Reports and information provided by Agent to Lenders.

Borrowers: as defined in the preamble to this Agreement.

Borrowing: a group of Loans of one Type that are made on the same day or are converted into Loans of one Type on the same day.

Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the aggregate amount of Commitments, minus the LC Reserve; or (b) the sum of the Accounts Formula Amount, plus the Inventory Formula Amount, minus the Availability Reserve.

Borrowing Base Certificate: a certificate, in form and substance satisfactory to Agent, by which Borrowers certify calculation of the Borrowing Base.

Borrowing Base Obligor: (a) each Borrower and (b) each Guarantor as to whose assets have satisfied the requirements set forth in Section 10.1.1(b) to be included in the Borrowing Base and as to which under each of clauses (a) and (b) (other than in respect of Diana Fruit prior to December 31, 2016) Agent shall have received an opinion in form and substance satisfactory to Agent.  As of the Effective Date, the Borrowing Base Obligors are the Parent, Seneca LLC, Seneca Snack, Green Valley, Marion, Portland Food, Gray and Diana Fruit.

Business Day: any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, North Carolina and New York, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted between banks in the London interbank Eurodollar market.

Buy-Sell and Option Agreement: the Buy-Sell and Option Agreement, made and entered into effective as of April 1, 2014, among David J. Truitt, Luciana T. Truitt, the Parent, TBI and Murlark (as in effect on April 1, 2014).

California Producer's Lien Law:  §55631, et seq. of the California Food and Agricultural Code, as amended.

Capital Expenditures: all liabilities incurred or expenditures made by a Borrower or Subsidiary for the acquisition of fixed assets, or any improvements, replacements, substitutions or additions thereto with a useful life of more than one year, in each case that would be required to be capitalized in accordance with GAAP (excluding any Delayed Lease Financing).

Capital Lease: any lease that is required to be capitalized for financial reporting purposes in accordance with GAAP; provided, that the adoption or issuance of any accounting standards after the Effective Date will not cause any lease that was not or would not have been a Capital Lease prior to such adoption or issuance to be deemed a Capital Lease.

Cash Collateral: cash, and any interest or other income earned thereon, that is delivered to Agent to Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto.

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Cash Collateral Account: a demand deposit, money market or other account established by Agent at such financial institution as Agent may select in its discretion, which account shall be subject to Agent's Liens for the benefit of Secured Parties.

Cash Collateralize: the delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with respect to LC Obligations, 103% of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent's good faith estimate of the amount due or to become due, including all fees and other amounts relating to such Obligations.  "Cash Collateralization" has a correlative meaning.

Cash Equivalents: (a) marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the United States government, maturing within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and bankers' acceptances maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody's at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than 30 days for underlying investments of the types described in clauses (a) and (b) entered into with any bank described in clause (b); (d) commercial paper issued by Bank of America or rated A-1 (or better) by S&P or P-1 (or better) by Moody's, and maturing within nine months of the date of acquisition; and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at least $500,000,000.

Cash Management Services: any services provided from time to time by any Lender or any of its Affiliates to any Borrower or Subsidiary in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services.

Casualty Event: with respect to any Property (including any interest in Property) of any Person or any of its Subsidiaries, any loss of, damage to, or condemnation or other taking of, such Property for which any such Person or Subsidiary receives insurance proceeds, proceeds of a condemnation award or other compensation.

CERCLA: the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.).

Change in Law: the occurrence, after the date hereof, of (a) the adoption, taking effect or phasing in of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof; or (c) the making, issuance or application of any request, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States

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regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

Change of Control: an event or series of events by which (a) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act), directly or indirectly, of thirty percent (30%) or more of the combined voting power of the outstanding Equity Interests of Parent, (b) during any period of twelve consecutive calendar months, individuals who were directors of Parent on the first day of such period (together with any new director whose election by the board of directors of Parent or whose nomination for election by the stockholders of Parent was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) shall cease to constitute a majority of the board of directors of Parent, or (c) the shareholders or directors of any Borrower shall have approved (i) any merger or consolidation in which such Borrower is not the surviving or continuing corporation or pursuant to which shares of such Borrower's stock would be converted into cash, securities or other property, other than a merger of such Borrower in which shareholders immediately prior to the merger continue to be the beneficial owners of voting securities sufficient to maintain voting control of the surviving corporation immediately after the merger; (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of such Borrower, unless to another Borrower, or (iii) any plan of liquidation or dissolution of such Borrower, unless permitted by this Agreement.

Claims: all claims, liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys' fees and Extraordinary Expenses) at any time (including after Full Payment of the Obligations or replacement of Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a) any Loans, Letters of Credit, Loan Documents, Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken or omitted in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee is a party thereto.

Code: the Internal Revenue Code of 1986.

Cold Storage Pears:  Inventory of the Borrowing Base Obligors consisting of pears which are placed in cold storage for ripening.

Collateral: all Property described in Section 7.1, all Property described in any Security Document as security for any Obligations, and all other Property that now or hereafter secures (or is intended to secure) any Obligations.

Commitment: for any Lender, its obligation to make Loans and to participate in LC Obligations up to the maximum principal amount shown on Schedule 1.1, as hereafter modified

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pursuant to Section 2.1.7 or an Assignment and Acceptance to which it is a party.  "Commitments" means the aggregate amount of such Commitments of all Lenders.

Commitment Termination Date: the earliest to occur of (a) the Termination Date; (b) the date on which Borrowers terminate the Commitments pursuant to Section 2.1.4; or (c) the date on which the Commitments are terminated pursuant to Section 12.2.

Commodity Exchange Act: the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

Compliance Certificate: a certificate, in form and substance satisfactory to Agent, by which Borrowers certify compliance with Section 10.3, and calculate the applicable Level for the Applicable Margin.

Connection Income Taxes: Other Connection Taxes that are imposed on or measured by net income (however denominated), or are franchise or branch profits Taxes.

Contingent Obligation: any obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Indebtedness, lease, dividend or other obligation ("primary obligations") of another obligor ("primary obligor") in any manner, whether directly or indirectly, including any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the holder of any primary obligation against loss in respect thereof.  The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto.

Current Asset Related Intangibles: all trade names, trademarks, brand names, copyrights, patents, licenses, permits, and all other general intangibles and rights necessary or advisable for the sale or collection of Inventory or Accounts of an Obligor or otherwise relating thereto.

CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.), as amended.

Default: an event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default.

Default Rate: for any Obligation (including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate otherwise applicable thereto.

Defaulting Lender: any Lender that (a) has failed to comply with its funding obligations hereunder, and such failure is not cured within two Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder or under any other credit facility, or has made a public statement to that effect; (c) has failed, within three Business Days following request by Agent or any Borrower, to confirm in a manner satisfactory to Agent and Borrowers that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including reorganization, liquidation, or appointment of a receiver,

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custodian, administrator or similar Person by the Federal Deposit Insurance Corporation or any other regulatory authority); provided, however, that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority's ownership of an equity interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within the United States or from enforcement of judgments or writs of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender's agreements; and provided further, that a Lender shall not be deemed to be a Defaulting Lender under clauses (a), (b) or (c) if it has notified Agent and Borrowers in writing that it will not make a funding because a condition to funding (specifically identified in the notice) is not or cannot be satisfied.

Delayed Lease Financing: Liabilities incurred or expenditures made by the Borrowers or any of their Subsidiaries in connection with the acquisition of fixed assets to the extent refunded with the proceeds received in connection with the lease financing of such asset (pursuant to which a Borrower or such Subsidiary is the lessee) within 365 days of the incurrence of such liability or the making of such expenditure.

Deposit Account Control Agreements: the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

Designated Jurisdiction: a country or territory that is the subject of a Sanction.

Diana Fruit: as defined in the preamble to this Agreement.

Dilution Reserve: a reserve established by Agent to reflect dilution with respect to the Accounts, as determined by Agent in its discretion, equal to the product of (a) the Eligible Accounts at such time and (b) the excess, if any, of (i) the percentage obtained by dividing (A) the aggregate amount of non-cash reductions in Accounts of Borrowing Base Obligors for a period, as determined by Agent in its discretion, preceding such time by (B) the total net sales of Borrowing Base Obligors for such period over (ii) 5.00%.

Distribution: any declaration or payment of a distribution, interest or dividend on any Equity Interest (other than payment-in-kind); any distribution, advance or repayment of Indebtedness to a holder of Equity Interests which is either a Senior Officer of a Borrower or any Subsidiary or the holder (together with any family member or Affiliate) of 5% or more of any class of Equity Interests of the Parent; or any purchase, redemption, or other acquisition or retirement for value of any Equity Interest.

Dollars: lawful money of the United States.

Dominion Account: a special account established by Obligors at Bank of America or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal purposes.

Dundee: Dundee Insurance Company, Inc., a Utah corporation and wholly-owned Subsidiary of Parent, the sole business of Dundee Insurance Company, Inc. being the providing of insurance to Parent and its Subsidiaries.

Dundee Investments:  Investments made by Parent in Dundee from time to time in an aggregate amount not to exceed $15,000,000 in any fiscal year.

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EBITDA: determined on a consolidated basis for Borrowers and Subsidiaries, (a) net income, plus (b) to the extent deducted in calculating net income, without duplication, (i) income taxes, (ii) interest expense, (iii) depreciation and amortization expense, and (iv) other non-recurring extraordinary or unusual non-cash charges, minus (c) to the extent such items were added in calculating net income, (i) extraordinary or unusual gains, (ii) gains from any Casualty Event, Asset Disposition (except for a sale of Inventory in the Ordinary Course of Business) or discontinued operations, and (iii) gains arising from the write-up of assets during such period; provided, that solely for purposes of calculating the Fixed Charge Coverage Ratio for purposes of determining the Applicable Margin, EBITDA shall be calculated to exclude the impact of non-cash purchase accounting adjustments to inventory.

Effective Date: as defined in Section 6.1.

Eligible Account: an Account owing to a Borrowing Base Obligor that arises in the Ordinary Course of Business from the sale of goods or rendition of services, is payable in Dollars and is deemed by Agent, in its discretion, to be an Eligible Account.  Without limiting the foregoing, no Account shall be an Eligible Account if (a) it is unpaid for more than 60 days after the original due date, or more than 90 days after the original invoice date; (b) 50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under the foregoing clause; (c) when aggregated with other Accounts owing by the Account Debtor, it exceeds 25% of the aggregate Eligible Accounts (or such higher percentage as Agent may establish for the Account Debtor from time to time), but only to the extent in excess of such percentage; (d) it does not conform with a covenant or representation herein; (e) it is owing by a creditor or supplier, or is otherwise subject to an asserted or exercised offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); (f) an Insolvency Proceeding has been commenced by or against the Account Debtor; or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent, or is subject to any Sanction or on any specially designated nationals list maintained by OFAC; or a Borrowing Base Obligor is not able to bring suit or enforce remedies against the Account Debtor through judicial process; (g) the Account Debtor is organized or has its principal offices or assets outside (i) Japan (in an aggregate amount of all Eligible Accounts from Account Debtors organized or having its principal offices or assets in Japan not to exceed $1,000,000, such Accounts are referenced as the "Permitted Japanese Accounts"), provided, that Agent may, in its discretion and as a condition to such Permitted Japanese Accounts remaining Eligible Accounts (to the extent all other conditions are met), require that the Borrowing Base Obligors provide local law security documentation in respect of such Permitted Japanese Accounts to ensure that Agent has a duly perfected and/or enforceable Lien under the Applicable Laws of Japan, (ii) the United States or (iii) Canada, unless the Account is supported by a letter of credit issued or confirmed by a bank acceptable to the Agent or by credit insurance, in each case in form and substance satisfactory to the Agent and as to which letter of credit the Agent has a security interest perfected by control; (h) it is owing by a Governmental Authority (other than the United States Department of Agriculture in an aggregate amount of all Eligible Accounts from the United States Department of Agriculture not to exceed $10,000,000, such Accounts are referenced as the "Permitted USDA Accounts"), unless the Account Debtor is the United States or any department, agency or instrumentality thereof and the Account has been assigned to Agent in compliance with the federal Assignment of Claims Act, provided, that Agent may, in its discretion and as a condition

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to such USDA Accounts remaining Eligible Accounts (to the extent all other conditions are met), require that the Borrowing Base Obligors assign such Accounts to Agent in compliance with the federal Assignment of Claims Act; (i) it is not subject to a duly perfected, first priority Lien in favor of Agent, or is subject to any other Lien, other than (x) exclusive of PACA Commodities, a Permitted Lien, and (y) with respect to PACA Commodities, a Lien permitted under Section 10.2.2(c)(iii); (j) the goods giving rise to it have not been delivered to the Account Debtor, the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale; (k) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (l) its payment has been extended or the Account Debtor has made a partial payment; (m) it arises from a sale to an Affiliate, from a sale on a cash-on-delivery, bill-and-hold, sale‐or‐return, sale‐on‐approval, consignment, or other repurchase or return basis, or from a sale for personal, family or household purposes; (n) it represents a progress billing or retainage, or relates to services for which a performance, surety or completion bond or similar assurance has been issued; (o) it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof; (p) the Account Debtor is located in Minnesota (or any other jurisdiction which adopts a statute or other requirement with respect to which any Person that obtains business from within such jurisdiction or is otherwise subject to such jurisdiction's tax law must file a "Business Activity Report" (or other applicable report) or make any other required filings in a timely manner in order to enforce its claims in such jurisdiction's courts or arising under such jurisdiction's laws); provided that Accounts which would be Eligible Accounts but for the terms of this clause (p) shall nonetheless be deemed to be Eligible Accounts if the Borrowing Base Obligor that owns such Account has filed a "Business Activity Report" (or other applicable report) with the applicable state office or is qualified to do business in such jurisdiction and, at the time the Account was created, was qualified to do business in such jurisdiction or had on file with the applicable state office a current "Business Activity Report" (or other applicable report); or (q) the Account is owed by an Account Debtor that has a pending PACA Claim being asserted against any Borrowing Base Obligor or any Subsidiary at the time that the Eligible Accounts are being determined.  In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances more than 90 days old will be excluded.

Eligible Assignee: a Person that is (a) a Lender, U.S.-based Affiliate of a Lender or Approved Fund; (b) any other financial institution approved by Agent and Borrower Agent (which approval by Borrower Agent shall not be unreasonably withheld or delayed, and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment), that is organized under the laws of the United States or any state or district thereof, has total assets in excess of $5 billion, extends asset-based lending facilities in its ordinary course of business and whose becoming an assignee would not constitute a prohibited transaction under Section 4975 of the Code or any other Applicable Law; or (c) during any Event of Default, any Person acceptable to Agent in its discretion, not to be unreasonably withheld or delayed.

Eligible Inventory: Inventory owned by a Borrowing Base Obligor that Agent, in its discretion, deems to be Eligible Inventory.  Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it (a) is finished goods, "brite" goods (finished goods which have not been labeled), semi-finished frozen goods or can, can stock and plastic container raw materials (other than Cold Storage Pears), and not work-in-process (other than "brite" goods and semi-finished frozen goods); (b) is not held on consignment, nor subject to any deposit or down payment; (c) is

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in good and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale; (d) is not slow-moving (i.e., older than two pack seasons), obsolete or unmerchantable, and does not constitute returned or repossessed goods, unless such goods are suitable for resale; (e) meets all standards imposed by any Governmental Authority, has not been acquired from a Person subject to any Sanction or on any specially designated nationals list maintained by OFAC, and does not constitute hazardous materials under any Environmental Law; (f) conforms with the covenants and representations herein; (g) is subject to Agent's duly perfected, first priority Lien, except a Permitted Lien; (h) is within the continental United States or Canada, is not in transit except between locations of Borrowing Base Obligors, and is not consigned to any Person; (i) is not subject to any warehouse receipt or negotiable Document; (j) is not subject to any License or other arrangement that restricts such Borrowing Base Obligor's or Agent's right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver (other than in respect of Excluded License Agreements); (k) (i) is not located on leased premises or in the possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges Reserve has been established, (ii) is not located at a facility owned by a Borrowing Base Obligor subject to a mortgage unless the mortgagee of such Real Estate shall have entered into a Mortgagee Consent, or (iii) is located on leased premises or in the possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or is located at a facility owned by a Borrowing Base Obligor but subject to a mortgage and for which a Lien Waiver or Mortgagee Consent, as applicable, has not been obtained, provided that the amount of Inventory that may be Eligible Inventory under this clause (iii) of this clause (k) will not at any time exceed 10% of all Inventory of the Borrowing Base Obligors in the aggregate, subject to the maintenance of Rent and Charges Reserves with respect thereto, it being understood, however, that the Agent anticipates, without limiting the generality of the Agent's discretion with respect to the maintenance of additional Rent and Charges Reserves, that the Rent and Charges Reserves will include an amount equal to the amount of rent, mortgage payments, fees and equivalent amounts that are payable by the Borrowing Base Obligors for a period of 90 days with respect to any location (A) referenced in this clause (iii) of this clause (k) and (B) for which the landlord, warehouseman or mortgagee with respect thereto has not waived or subordinated any rights it may have in the Collateral to the rights of the Agent; (l) has not been sold to any Borrowing Base Obligor; (m) was not purchased from a Person that has a pending PACA Claims asserted against a Borrowing Base Obligor or any Subsidiary at the time that the Eligible Inventory is being determined; and (n) is not subject to a Lien in favor of a seller of farm products or a secured creditor of a seller of farm products pursuant to the Food Security Act.

Enforcement Action: any action to enforce any Obligations (other than Secured Bank Product Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of Account Debtors, exercise of setoff or recoupment, exercise of any right to vote or act in an Obligor's Insolvency Proceeding, or otherwise).

Environmental Laws: all Applicable Laws (including all programs, permits and guidance promulgated by regulatory agencies), relating to public health (but excluding occupational safety and health, to the extent regulated by OSHA) or the protection or pollution of the environment, including CERCLA, RCRA and CWA.

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Environmental Notice: a notice (whether written or oral) from any Governmental Authority or other Person of any possible noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Environmental Release, environmental pollution or hazardous materials, including any complaint, summons, citation, order, claim, demand or request for correction, remediation or otherwise.

Environmental Release: a release as defined in CERCLA or under any other Environmental Law.

Equipment Access Agreement: an agreement, in form and substance satisfactory to Agent, pursuant to which the Agent is granted access to and use of any Labeling Equipment (a) which is leased by a Borrower or a Subsidiary, or (b) which is subject to a Lien permitted by Section 10.2.2(j).

Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest.

ERISA: the Employee Retirement Income Security Act of 1974, as amended.

ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) complete or partial withdrawal of an Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) filing of a notice of intent to terminate, treatment of a Pension Plan or a Multiemployer Plan amendment as a termination under Section 4041 or 4041A of ERISA, or institution of proceedings by the PBGC to terminate a Pension Plan; (e) determination that a Pension Plan is considered an at-risk plan or that a Multiemployer Plan is in critical or endangered status under the Code or ERISA; (f) an event or condition that constitutes grounds under Section 4042 of ERISA for termination of, or appointment of a trustee to administer, any Pension Plan; (g) imposition of any liability on an Obligor or ERISA Affiliate under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA; or (h) failure by an Obligor or ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan or to make a required contribution to a Multiemployer Plan.

Event of Default: as defined in Section 12.

Excluded License Agreements: contracts pursuant to which (a) an Obligor agrees to manufacture food products for the counterparty to such contracts for sale by such counterparty in stores operated by such counterparty, and (b) the cans or other containers in which such food products are delivered by the applicable Obligor is labeled with a name exclusively used by such counterparty and its Affiliates for selling their house brands of food products.

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Excluded Swap Obligation: with respect to an Obligor, each Swap Obligation as to which, and only to the extent that, such Obligor's guaranty of or grant of a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor does not constitute an "eligible contract participant" as defined in the act (determined after giving effect to any keepwell, support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors) when such guaranty or grant of Lien becomes effective with respect to the Swap Obligation.  If a Hedging Agreement governs more than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded Swap Obligation(s) for the applicable Obligor.

Excluded Tax: (a) Taxes imposed on or measured by a Recipient's net income (however denominated), franchise Taxes and branch profits Taxes (i) as a result of such Recipient being organized under the laws of, or having its principal office or applicable Lending Office located in, the jurisdiction imposing such Tax, or (ii) constituting Other Connection Taxes; (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of a Lender with respect to its interest in a Loan or Commitment pursuant to a law in effect when the Lender acquires such interest (except pursuant to an assignment request by Borrower Agent under Section 14.4) or changes its Lending Office, unless the Taxes were payable to its assignor immediately prior to such assignment or to the Lender immediately prior to its change in Lending Office; (c) Taxes attributable to a Recipient's failure to comply with Section 5.10; and (d) U.S. federal withholding Taxes imposed pursuant to FATCA.  In no event shall "Excluded Taxes" include any withholding Tax imposed on amounts paid by or on behalf of a foreign Obligor to a Recipient that has complied with Section 5.10.2.

Existing Loan Agreement: as defined in the recitals to this Agreement.

Extraordinary Expenses: all costs, expenses or advances that Agent or any Lender may incur during a Default or Event of Default, or during the pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Agent's Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender liability or other Claims; (c) the exercise, protection or enforcement of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes, charges or Liens with respect to any Collateral; (e) any Enforcement Action; (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations; and (g) Protective Advances.  Such costs, expenses and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees, brokers' fees and commissions, auctioneers' fees and commissions, accountants' fees, environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses.

FATCA: Sections 1471 through 1474 of the Code (including any amended or successor version if substantively comparable and not materially more onerous to comply with), and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

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Federal Funds Rate: (a) the weighted average of interest rates on overnight federal funds transactions with members of the Federal Reserve System on the applicable day (or the preceding Business Day, if the applicable day is not a Business Day), as published by the Federal Reserve Bank of New York on the next Business Day; or (b) if no such rate is published on the next Business Day, the average rate (rounded up to the nearest 1/8 of 1%) charged to Bank of America on the applicable day on such transactions, as determined by Agent; provided, that in no event shall such rate be less than zero.

Fee Letter: the fee letter agreement among Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Parent.

FILO Credit Facility: as defined in Section 2.1.8.

FILO Credit Facility Amendment: as defined in Section 2.1.8.

FILO Lenders: as defined in Section 2.1.8.

Financial Affiliate: a Subsidiary of the bank holding company controlling any Lender, which Subsidiary is engaging in any of the activities permitted by Section 4(e) of the Bank Holding Company Act of 1956 (12 U.S.C. §1843).

Fiscal Quarter: each period of three months, commencing on the first day of a Fiscal Year.

Fiscal Year: the fiscal year of Borrowers and Subsidiaries for accounting and tax purposes, ending on March 31st of each year.

Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for Borrowers and Subsidiaries for the most recent four Fiscal Quarters, of (a) EBITDA (determined on a first-in, first-out method of accounting inventory) minus Capital Expenditures made (except those (x) financed with Borrowed Money other than Loans or (y) made solely with the proceeds of insurance to repair, rebuild or replace the asset as to which the insurance proceeds were received), cash taxes paid and Distributions made (exclusive of Distributions made consisting of repurchases of the Equity Interests of Parent to the extent the amount of such repurchase has been deducted in calculating net income when determining EBITDA), to (b) Fixed Charges.

Fixed Charges: the sum of interest expense (other than payment-in-kind) and regularly scheduled principal payments made on Indebtedness, but excluding any such principal payments made to the extent refinanced with other Indebtedness.

FLSA: the Fair Labor Standards Act of 1938.

Food Security Act:  The Food Security Act of 1985, as amended, and the rules and regulations promulgated thereunder from time to time in effect.

Foreign Lender: any Lender that is organized under the laws of a jurisdiction other than the laws of the United States, or any state or district thereof.

Foreign Plan: any employee benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not subject to the laws of the United States; or (b) mandated by a government other than the United States for employees of any Obligor or Subsidiary.

Foreign Subsidiary: a Subsidiary that is a "controlled foreign corporation" under Section 957 of the Code, such that a guaranty by such Subsidiary of the Obligations or a Lien on the assets of such Subsidiary to secure the Obligations would result in material tax liability to Borrowers.

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Fronting Exposure: a Defaulting Lender's Pro Rata share of LC Obligations, Swingline Loans or Protective Advances, as applicable, except to the extent Cash Collateralized by the Defaulting Lender or allocated to other Lenders under Section 4.2.

Full Payment: with respect to any Obligations, (a) the full and indefeasible cash payment thereof, including any interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); (b) if such Obligations are LC Obligations or inchoate or contingent in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in its discretion, in the amount of required Cash Collateral); and (c) a release of any Claims of Obligors against Agent, Lenders and Issuing Bank arising on or before the payment date.  No Loans shall be deemed to have been paid in full until all Commitments related to such Loans have expired or been terminated.

GAAP: generally accepted accounting principles in effect in the United States from time to time.

GAAP Subsidiary: any entity which, in accordance with GAAP, has its accounts consolidated with the Borrowers' accounts.

Governmental Approvals: all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and required reports to, all Governmental Authorities.

Governmental Authority: any federal, state, local, foreign or other agency, authority, body, commission, court, instrumentality, political subdivision, central bank, or other entity or officer exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions for any governmental, judicial, investigative, regulatory or self-regulatory authority (including the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or European Central Bank).

Gray: as defined in the preamble to this Agreement.

Green Valley: as defined in the preamble to this Agreement.

Guarantor Payment: as defined in Section 5.11.3.

Guarantors: as defined in the preamble to this Agreement, including each other Person who guarantees payment or performance of any Obligations by executing and delivering to Agent a Joinder Agreement in accordance with Section 10.1.9.

Guaranty: the guarantee by the Guarantors of the Obligations of the Borrowers under this Agreement and the other Loan Documents pursuant to Section 11 hereof.

Hedging Agreement: an agreement relating to any swap, cap, floor, collar, option, forward, cross right or obligation, or combination thereof or similar transaction, with respect to interest rate, foreign exchange, currency, commodity, credit or equity risk.

Indebtedness: As applied to any Person and whether recourse is secured by or is otherwise available against all or only a portion of the assets of such Person and whether or not contingent, but without duplication: (a) every obligation of such Person for money borrowed, (b) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses and any earnouts, (c) every reimbursement obligation of such Person with respect to letters of credit, bankers' acceptances or similar facilities issued for the account of such Person, (d) every obligation of such Person issued or assumed as the deferred purchase price of property or services (including securities repurchase agreements but

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excluding trade accounts payable or accrued liabilities arising in the ordinary course of business which are not overdue or which are being contested in good faith), (e) every obligation of such Person under any Capitalized Lease, (f) every obligation of such Person under any synthetic lease, (g) every obligation of such Person in respect of sales of (i) accounts or general intangibles for money due or to become due, (ii) chattel paper, instruments or documents creating or evidencing a right to payment of money or (iii) other receivables (collectively, "receivables"), whether pursuant to a purchase facility or otherwise, other than in connection with the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement, and together with any obligation of such Person to pay any discount, interest, fees, indemnities, penalties, recourse, expenses or other amounts in connection therewith, (h) every obligation of such Person (an "equity related purchase obligation") to purchase, redeem, retire or otherwise acquire for value any shares of Equity Interests issued by such Person or any rights measured by the value of such Equity Interests, (i) every obligation of such Person under any forward contract, futures contract, swap, option or other financing agreement or arrangement (including, without limitation, caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other indices (a "derivative contract"), including without limitation the Hedging Agreements, (j) every obligation in respect of Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent that such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor and such terms are enforceable under applicable law, and (k) every Contingent Obligation with respect to Indebtedness of any other Person.

The "amount" or "principal amount" of any Indebtedness at any time of determination represented by (u) any Indebtedness, issued at a price that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof determined in accordance with GAAP, (v) any Capital Lease shall be the principal component of the aggregate of the rentals obligation under such Capitalized Lease payable over the term thereof that is not subject to termination by the lessee, (w) any sale of receivables shall be the amount of unrecovered capital or principal investment of the purchaser (other than the Borrowers) thereof, excluding amounts representative of yield or interest earned on such investment, (x) any synthetic lease shall be the stipulated loss value, termination value or other equivalent amount, (y) any derivative contract shall be the maximum amount of any termination or loss payment required to be paid by such Person if such derivative contract were, at the time of determination, to be terminated by reason of any event of default or early termination event thereunder, whether or not such event of default or early termination event has in fact occurred, and (z) any equity related purchase obligation shall be the maximum fixed redemption or purchase price thereof inclusive of any accrued and unpaid dividends to be comprised in such redemption or purchase price.

Indemnified Taxes: (a) Taxes, other than Excluded Taxes, imposed on or relating to any payment of an Obligation; and (b) to the extent not otherwise described in clause (a), Other Taxes.

Indemnitees: Agent Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees.

Ineligible Securities:  Securities which may not be underwritten or dealt in by member banks of the Federal Reserve System under Section 16 of the Banking Act of 1933 (12 U.S.C. §24, Seventh), as amended.

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Insolvency Proceeding: any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors.

Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing.

Intellectual Property Claim: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower's or Subsidiary's ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person's Intellectual Property.

Interest Period: as defined in Section 3.1.3.

Inventory: as defined in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a business of a Borrower or any of its Subsidiaries (but excluding Equipment).

Inventory Formula Amount: 85% of the NOLV Percentage of the Value of Eligible Inventory.

Inventory Reserve: reserves established by Agent to reflect factors that may negatively impact the Value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

Investment: as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of any Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guaranty or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

IRS: the United States Internal Revenue Service.

Issuing Bank: Bank of America or any Affiliate of Bank of America, or any replacement issuer appointed pursuant to Section 2.3.4.

Issuing Bank Indemnitees: Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys.

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Joinder Agreement: as defined in Section 10.1.9.

Labeling Equipment: any owned or leased Equipment used to put labels on "Brite" goods.

Labeling Facility: any facility of a Borrowing Base Obligor located at: Modesto, California, Janesville Wisconsin, Geneva, New York, Ripon, Wisconsin or Montgomery, Minnesota.

LC Application: an application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance satisfactory to Issuing Bank.

LC Conditions: the following conditions necessary for issuance of a Letter of Credit: (a) each of the conditions set forth in Section 6; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and, if no Loans are outstanding, the LC Obligations do not exceed the Borrowing Base (without giving effect to the LC Reserve for purposes of this calculation); (c) the expiration date of such Letter of Credit is (i) no more than 365 days from issuance, in the case of standby Letters of Credit, and (ii) no more than 120 days from issuance, in the case of documentary Letters of Credit; (d) the Letter of Credit and payments thereunder are denominated in Dollars; and (e) the purpose and form of the proposed Letter of Credit is satisfactory to Agent and Issuing Bank in their discretion.

LC Documents: all documents, instruments and agreements (including LC Requests and LC Applications) delivered by Borrowers or any other Person to Issuing Bank or Agent in connection with any Letter of Credit.

LC Obligations: the sum (without duplication) of (a) all amounts owing by Borrowers for any drawings under Letters of Credit; and (b) the Stated Amount of all outstanding Letters of Credit.

LC Request: a request for issuance of a Letter of Credit, to be provided by Borrower Agent to Issuing Bank, in form satisfactory to Agent and Issuing Bank.

LC Reserve: the aggregate of all LC Obligations, other than those that have been Cash Collateralized by Borrowers.

Lebanon LLC: as defined in the preamble to this Agreement.

Lebanon LP: as defined in the preamble to this Agreement.

Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and attorneys.

Lenders: as defined in the preamble to this Agreement, including Agent in its capacity as a provider of Swingline Loans and any other Person who hereafter becomes a "Lender" pursuant to an Assignment and Acceptance.

Lending Office: the office designated as such by the applicable Lender at the time it becomes party to this Agreement or thereafter by notice to Agent and Borrower Agent.

Letter of Credit: any standby or documentary letter of credit issued by Issuing Bank for the account of a Borrower, or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by Agent or Issuing Bank for the benefit of a Borrower.

Letter of Credit Subline: $50,000,000.

LIBOR: the per annum rate of interest (rounded up to the nearest 1/8th of 1%) determined by Agent at or about 11:00 a.m. (London time) two Business Days prior to an interest period, for a

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term equivalent to such period, equal to the London Interbank Offered Rate, or comparable or successor rate approved by Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Agent from time to time); provided, that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice; provided further, that in no event shall LIBOR be less than zero.

LIBOR Loan: a Loan that bears interest based on LIBOR.

License: any license or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business.

Licensor: any Person from whom an Obligor obtains the right to use any Intellectual Property.

Lien: any Person's interest in Property securing an obligation owed to, or a claim by, such Person, whether such interest is based on common law, statute or contract, including liens, security interests, pledges, hypothecations, statutory trusts, reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property.

Lien Waiver: an agreement, in form and substance satisfactory to Agent, by which (a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the Collateral or to use the premises to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any Documents in its possession relating to the Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges Agent's Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor's Intellectual Property rights, the Licensor grants to Agent the right, vis-à-vis such Licensor, to enforce Agent's Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License.

Loan: a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

Loan Account: the loan account established by each Lender on its books pursuant to Section 5.8.

Loan Documents: this Agreement, Other Agreements and Security Documents.

Loan Year: each 12 month period commencing on the Effective Date and on each anniversary of the Effective Date.

Margin Stock: as defined in Regulation U of the Board of Governors.

Marion: as defined in the preamble to this Agreement.

Master Reimbursement Agreement: the Amended and Restated Master Reimbursement Agreement dated as of July 20, 2011 between the Parent and Wells Fargo providing for Wells Fargo to cause the issuance of certain letters of credit to secure the payment of principal and

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interest on various bonds in an amount up to $23,500,000, as such agreement may be amended, restated, supplemented or otherwise modified from time to time, including any renewals, extensions, replacements or refinancings thereof.

Master Reimbursement Letter of Credit: means any letter of credit issued by a Lender or any of its Affiliates pursuant to or in connection with the Master Reimbursement Agreement.

Material Adverse Effect: the effect of any event or circumstance that, taken alone or in conjunction with other events or circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, operations, Properties, prospects or condition (financial or otherwise) of the Borrowers and their Subsidiaries taken as a whole, on the value of any material Collateral, on the enforceability of any Loan Documents, or on the validity or priority of Agent's Liens on any Collateral; (b) impairs the ability of an Obligor to perform its obligations under the Loan Documents, including repayment of any Obligations; or (c) otherwise impairs the ability of Agent or any Lender to enforce or collect any Obligations or to realize upon any Collateral.

Material Contract: any agreement or arrangement to which a Borrower or Subsidiary is party (other than the Loan Documents) (a) that is deemed to be a material contract under any securities law applicable to such Obligor, including the Securities Act of 1933; (b) for which breach, termination, nonperformance or failure to renew would have a Material Adverse Effect; or (c) that relates to Subordinated Debt, or Indebtedness in an aggregate amount of $20,000,000 or more.

Moody's: Moody's Investors Service, Inc., and its successors.

Mortgagee Consents: with respect to any Real Estate and any assets of an Obligor which are located at Real Estate owned by an Obligor and subject to a mortgage, a letter, certificate or other instrument in writing from the mortgagee on a form approved by Agent or otherwise in form and substance acceptable to Agent.

Multiemployer Plan: any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

Multiple Employer Plan: a Plan that has two or more contributing sponsors, including an Obligor or ERISA Affiliate, at least two of whom are not under common control, as described in Section 4064 of ERISA.

Murlark: Murlark Properties, LLC, an Oregon limited liability company.

Net Proceeds: with respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by a Borrower or Subsidiary in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to repayment of Indebtedness secured by a Permitted Lien senior to Agent's Liens on Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed.

NOLV Percentage: the net orderly liquidation value of Inventory, expressed as a percentage, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net

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of all liquidation expenses, as determined from the most recent appraisal of Borrowing Base Obligors' Inventory performed by an appraiser and on terms satisfactory to Agent.

Notes: each Revolver Note or other promissory note executed by a Borrower to evidence any Obligations.

Notice of Borrowing: a Notice of Borrowing to be provided by Borrower Agent to request a Borrowing of Loans, in form satisfactory to Agent.

Notice of Conversion/Continuation: a Notice of Conversion/Continuation to be provided by Borrower Agent to request a conversion or continuation of any Loans as LIBOR Loans, in form satisfactory to Agent.

Noticed Hedge: Secured Bank Product Obligations arising under a Hedging Agreement.

Obligations: all (a) principal of and premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors under Loan Documents, (d) Secured Bank Product Obligations, and (e) other Indebtedness, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several; provided, that Obligations of an Obligor shall not include its Excluded Swap Obligations.

Obligor: each Borrower, Guarantor, or other Person that is liable for payment of any Obligations or that has granted a Lien in favor of Agent on its assets to secure any Obligations.

OFAC: Office of Foreign Assets Control of the U.S. Treasury Department.

Ordinary Course of Business: the ordinary course of business of any Borrower or Subsidiary, consistent with past practices and undertaken in good faith.

Organic Documents: with respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization, limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or similar agreement or instrument governing the formation or operation of such Person.

Original Lenders: the "Lenders" as defined in the Existing Loan Agreement.

OSHA: the Occupational Safety and Hazard Act of 1970.

Other Agreement: each Note; Guaranty; LC Document; Fee Letter; Lien Waiver; Equipment Access Agreement, Borrowing Base Certificate, Compliance Certificate, Borrower Materials, financial statement or report delivered hereunder; or other document, instrument or agreement (other than this Agreement or a Security Document) now or hereafter delivered by an Obligor or other Person to Agent or a Lender in connection with any transactions relating hereto.

Other Connection Taxes: Taxes imposed on a Recipient due to a present or former connection between it and the taxing jurisdiction (other than connections arising from the Recipient having executed, delivered, become party to, performed obligations or received payments under,

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received or perfected a Lien or engaged in any other transaction pursuant to, enforced, or sold or assigned an interest in, any Loan or Loan Document).

Other Taxes: all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or otherwise with respect to, any Loan Document, except Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 14.4(c)).

Overadvance: as defined in Section 2.1.5.

Overadvance Loan: a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

PACA: The Perishable Agricultural Commodities Act (7 USC §§ 499a et seq.) as amended, and the rules and regulations promulgated thereunder from time to time in effect.

PACA Commodities: as defined in Section 10.1.11(a).

PACA Claim: with respect to any Person, any right or claim of or for the benefit of such Person under PACA or any similar law enacted by any other state or jurisdiction including, without limitation, any right, title or interest in or to any claims, remedies or trust assets or other benefits or any proceeds thereof.

Parent: as defined in the preamble to this Agreement.

Participant: as defined in Section 14.2.

Patriot Act: 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).

Payment Item: each check, draft or other item of payment payable to an Obligor, including those constituting proceeds of any Collateral.

PBGC: the Pension Benefit Guaranty Corporation.

Pension Funding Rules: Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans set forth in, for plan years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302 of ERISA, both as in effect prior to such act, and thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

Pension Plan: any employee pension benefit plan (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the preceding five plan years.

Permitted Acquisition:  the acquisition of any assets (out of the ordinary course of business) or any Person, business or division by any Borrower or Guarantor, provided that each of the following conditions is met with respect to any such acquisition:

(a) such Borrower or Guarantor shall have delivered to Agent a statement certified by the principal financial or accounting officer of the Parent to the effect that (i) no Default or

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Event of Default exists, (ii) the Fixed Charge Coverage Ratio (calculated on a pro forma basis determined in a manner acceptable to Agent) after giving effect to such acquisition is not less than 1.0 to 1.0 (such statement to be accompanied by computations, in reasonable detail, evidencing such Fixed Charge Coverage Ratio) and (iii) Availability is not less than 12.5% of the Borrowing Base, both before and after giving effect to such acquisition; provided that (A) with respect to any acquisition of Equity Interests in any Truitt Company on or prior to December 31, 2017, if pro forma Availability for each of the 30 days immediately prior to such acquisition is not less than 12.5% of the Borrowing Base after giving effect to such acquisition as if such acquisition had been consummated at the beginning of such 30 day period, then clause (a)(ii) above shall not be applicable and (B) with respect to any other acquisition, if pro forma Availability for each of the 30 days immediately prior to such acquisition is not less than 15% of the Borrowing Base after giving effect to such acquisition as if such acquisition had been consummated at the beginning of such 30 day period, then clause (a)(ii) above shall not be applicable;

(b) the consideration for such acquisition shall not include the assumption of Indebtedness by such Borrower or Guarantor, other than Indebtedness which is permitted pursuant to Section 10.2.1;

(c) if such acquisition is an acquisition of a Person, such acquisition shall have been approved by the board of directors (or other managing board) and shareholders or members, if applicable, of the Person so acquired or of the holders of the Equity Interest of the Person so acquired;

(d) not less than ten (10) Business Days prior to the closing of such acquisition, such Borrower or Guarantor shall notify Agent of the terms thereof and shall provide to Agent such information and documents as may be deemed by Agent to be necessary in order for Agent to determine if the acquisition is a Permitted Acquisition; and

(e) either (i) such acquisition is the acquisition of assets only for use in the same line of business as (or a line of business substantially similar or complementary to) the line of business of the Borrowers and such assets, immediately upon the consummation of such acquisition, become Collateral pursuant to the Security Documents, and the Agent shall, concurrently with the closing of the acquisition have (or, to the extent not included in the provisions of Section 7.1, be granted), for the benefit of Secured Parties, a perfected, first priority security interest in such assets (subject only to Permitted Liens) or (ii) such acquisition involves the purchase of the Equity Interests of a Person and each of the following conditions is met:

(A) such acquisition is either (1) the acquisition of one hundred percent (100%) of each of the Equity Interests and voting securities of such Person or (2) the acquisition of all (but not less than all) of the remaining Equity Interests and voting securities of any Truitt Company  not currently owned by a Borrower or Guarantor;

(B) such Person is either (1) in the same line of business (or a substantially similar line of business) as the Borrowers or (2) Dundee; and

(C) contemporaneously with the occurrence of such acquisition (other than the acquisition of Dundee), such Borrower or Guarantor shall (1) pledge the Equity Interests of such Person to Agent, for the benefit of Secured Parties, pursuant to a Pledge Agreement (or shall execute a separate pledge agreement in form and

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substance reasonably satisfactory to the Agent) or shall execute an amendment to a Pledge Agreement (or shall execute an amendment to a separate pledge agreement in form and substance reasonably satisfactory to the Agent) as requested by Agent to effectuate such pledge, (2) cause such acquired Person to guaranty all of the Obligations hereunder by executing and delivering a Joinder Agreement in accordance with Section 10.1.9, (3) cause such acquired Person to take all steps as may be necessary or advisable in the reasonable opinion of Agent to grant to Agent, as applicable, for the benefit of Secured Parties, a first priority, perfected security interest in all of its assets which would be deemed Collateral pursuant to the Security Documents (except that there may exist liens thereon permitted by Section 10.2.2 hereof and there may exist a prior lien on those assets which secure Indebtedness of such acquired Person following such Permitted Acquisition, to the extent permitted under Section 10.2.1 hereof) as collateral security for such guaranty, pursuant to security documents, mortgages, pledges and other documents in form and substance reasonably satisfactory to Agent, as applicable, each of which documents shall be Security Documents hereunder, and (4) cause such Person to deliver to the Lenders and Agent (x) evidence of proper or similar corporate authorization and (y) legal opinions with respect to each of the matters and documents set forth in this clause (including, without limitation, a local counsel legal opinion, if applicable, to the extent such Person will become a Borrowing Base Obligor upon consummation of such acquisition) (C), in each case, in form and substance reasonably satisfactory to Agent and the Required Lenders.

Permitted Asset Disposition: as long as no Default or Event of Default exists and all Net Proceeds of Collateral are remitted to Agent to be applied to the Obligations, an Asset Disposition that is (a) a sale of Inventory in the Ordinary Course of Business; (b) a disposition of Inventory that is obsolete, unmerchantable or otherwise unsalable in the Ordinary Course of Business; (c) termination of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could not reasonably be expected to have a Material Adverse Effect and does not result from an Obligor's default; (d) the licensing of Intellectual Property in the Ordinary Course of Business; (e) other Asset Dispositions having a net book value on the Borrowers' books and records not in excess of $25,000,000 in the aggregate in any Fiscal Year and $75,000,000 in the aggregate from and after the Effective Date so long as each such Asset Disposition is in exchange for consideration having a fair market value at least equal to that of the property exchanged; (g) a Delayed Lease Financing; (h) a sale by the Parent of Equity Interests of a Truitt Company required pursuant to the Truitt Required Sale Provisions; or (i) approved in writing by Agent and Required Lenders.

Permitted Contingent Obligations: Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Effective Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of purchasers in connection with dispositions of assets permitted hereunder; or (f) arising under the Loan Documents.

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Permitted Lien: as defined in Section 10.2.2.

Person: any individual, corporation, limited liability company, partnership, joint venture, joint stock company, land trust, business trust, unincorporated organization, Governmental Authority or other entity.

Plan: an employee benefit plan (as defined in Section 3(3) of ERISA) maintained for employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA Affiliate is required to contribute on behalf of its employees.

Platform: as defined in Section 15.3.3.

Pledge Agreement: each pledge agreement pursuant to which an Obligor grants to Agent, for the benefit of Secured Parties, a Lien on the Equity Interests held by such Obligor in an entity, as security for the Obligations, in form and substance satisfactory to Agent.

Portland Food: as defined in the preamble to this Agreement.

Prime Rate: the rate of interest announced by Bank of America from time to time as its prime rate.  Bank of America bases such rate on various factors, including its costs and desired return, general economic conditions and other factors, and uses the rate as a reference point for pricing some loans, which may be priced at, above or below such rate.  Any change in such rate publicly announced by Bank of America shall take effect at the opening of business on the day specified in the announcement.

Pro Rata: with respect to any Lender, a percentage (rounded to the ninth decimal place) determined (a) while Commitments are outstanding, by dividing the amount of such Lender's Commitment by the aggregate amount of all Commitments; and (b) at any other time, by dividing the amount of such Lender's Loans and LC Obligations by the aggregate amount of all outstanding Loans and LC Obligations or, if all Loans and LC Obligations have been paid in full and/or Cash Collateralized, by dividing the remaining Obligations of such Lender and its Affiliates by the aggregate remaining Obligations.

Properly Contested: with respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor's liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment would not have a Material Adverse Effect, nor result in forfeiture or sale of any assets of the Obligor; (e) no Lien is imposed on assets of the Obligor, unless bonded and stayed to the reasonable satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.

Property: any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

Protective Advances: as defined in Section 2.1.6.

Purchase Money Debt: (a) Indebtedness (other than the Obligations) for payment of any of the purchase price of fixed assets; (b) Indebtedness (other than the Obligations) incurred within 10 days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof.

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Purchase Money Lien: a Lien that secures Purchase Money Debt, encumbering only the fixed assets acquired with such Indebtedness and constituting a Capital Lease or a purchase money security interest under the UCC.

Qualified ECP: an Obligor with total assets exceeding $10,000,000, or that constitutes an "eligible contract participant" under the Commodity Exchange Act and can cause another Person to qualify as an "eligible contract participant" under Section 1a(18)(A)(v)(II) of such act.

RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i).

Reaffirmation Agreement: that certain Reaffirmation Agreement dated as of even date herewith by and among certain of the Obligors in favor of Agent.

Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures, parking areas or other improvements thereon.

Recipient: Agent, Issuing Bank, any Lender or any other recipient of a payment to be made by an Obligor under a Loan Document or on account of an Obligation.

Refinancing Conditions: the following conditions for Refinancing Debt:  (a) it is in an aggregate principal amount that does not exceed the principal amount of the Indebtedness being extended, renewed or refinanced; (b) it has a final maturity no sooner than the Indebtedness being extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Indebtedness being extended, renewed or refinanced; (d) no additional Lien is granted to secure it; (e) no additional Person is obligated on such Indebtedness; and (f) upon giving effect to it, no Default or Event of Default exists.

Refinancing Debt: Borrowed Money that is the result of an extension, renewal or refinancing of Indebtedness permitted under Section 10.2.1(b), (c) or (e).

Reimbursement Date: as defined in Section 2.3.2.

Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord, warehouseman, mortgagee, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve at least equal to three months rent, the amount of payments due under the applicable mortgage and other charges that could be payable to any such Person, unless it has executed a Lien Waiver or Mortgagee Consent, as applicable.

Report: as defined in Section 13.2.3.

Reportable Event: any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

Required Lenders: Secured Parties holding more than 50% of (a) the aggregate outstanding Commitments; or (b) after termination of the Commitments, the aggregate outstanding Loans and LC Obligations or, upon Full Payment of all Loans and LC Obligations, the aggregate remaining Obligations; provided, however, that Commitments, Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Loan or LC Obligation by the Lender that funded the applicable Loan or issued the applicable Letter of Credit.

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Reserve Percentage: the reserve percentage (expressed as a decimal, rounded up to the nearest 1/8th of 1%) applicable to member banks under regulations issued from time to time by the Board of Governors for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as "Eurocurrency liabilities").

Restrictive Agreement: an agreement (other than a Loan Document) that conditions or restricts the right of any Borrower, Subsidiary or other Obligor to repay Indebtedness, to declare or make Distributions by a Subsidiary of an Obligor to such Obligor, to modify, extend or renew any agreement evidencing Indebtedness, or to repay any intercompany Indebtedness.

Restricted Investment: any Investment by a Borrower or Subsidiary, other than (a) Investments in Subsidiaries to the extent existing on the Effective Date; (b) Cash Equivalents that are subject to Agent's Lien and control, pursuant to documentation in form and substance satisfactory to Agent; (c) loans and advances permitted under Section 10.2.6; (d) Permitted Acquisitions; (e) Investments existing on the Effective Date and listed on Schedule 2; (f) Investments consisting of promissory notes received as proceeds of Permitted Asset Dispositions; (g) other Investments in an aggregate amount not in excess of $2,000,000; (h) Investments by the Borrowers in Subsidiaries that have guarantied the Obligations and otherwise complied with the provisions of Section 10.1.9; (i) Investments by a Borrower in another Borrower; (j) Dundee Investments; and (k) Investments with respect to Indebtedness permitted by Section 10.2.1(h) so long as the Person in which such Investments are made remains a Borrower; provided, however, that, with the exception of loans and advances referred to in Section 10.2.6(a) and clause (h) above, such Investments will be considered Investments permitted by hereunder only if all actions have been taken to the satisfaction of Agent to provide to Agent, for the benefit of Secured Parties, a first priority perfected security interest in all of such Investments free of all Liens other than Permitted Liens.

Revolver Note: a promissory note executed by Borrowers in favor of a Lender in the form of Exhibit A, in the amount of such Lender's Commitment.

Royalties: all royalties, fees, expense reimbursement and other amounts payable by a Borrowing Base Obligor under a License, including, without limitation, all reserves that Agent from time to time may establish for Inventory with labels bearing trademarks or trade names licensed by any Borrowing Base Obligor from Societe des Produits Nestlé, S.A., or from similar third parties, in an amount determined by Agent to be sufficient to make any required royalty payments owing by Borrowing Base Obligors with respect to such Inventory necessary to sell or dispose of the Inventory in a commercially reasonable manner.

S&P: Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

Sanction: any sanction administered or enforced by the U.S. Government (including OFAC), United Nations Security Council, European Union, Her Majesty's Treasury or other sanctions authority.

Secured Bank Product Obligations: Bank Product Debt owing to a Secured Bank Product Provider, up to the maximum amount (in the case of any Secured Bank Product Provider other than Bank of America and its Affiliates) specified by such provider in writing to Agent, which amount may be established or increased (by further written notice to Agent from time to time) as

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long as no Default or Event of Default exists and no Overadvance would result from establishment of a Bank Product Reserve or a Supply Chain Financing Reserve, as applicable, for such amount and all other Secured Bank Product Obligations; provided, that Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations.

Secured Bank Product Provider: (a) Bank of America or any of its Affiliates; and (b) any other Lender or Affiliate of a Lender that is providing a Bank Product, provided such provider delivers written notice to Agent, in form and substance satisfactory to Agent, by the later of the Effective Date or 10 days following creation of the Bank Product, (i) describing the Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, and (ii) agreeing to be bound by Section 13.13.

Secured Parties: Agent, Issuing Bank, Lenders and Secured Bank Product Providers.

Security Documents: the Pledge Agreements, the Trademark Security Agreements, the Reaffirmation Agreement, the Deposit Account Control Agreements and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations.

Seneca LLC: as defined in the preamble to this Agreement.

Seneca Snack: as defined in the preamble to this Agreement.

Senior Officer: the chairman of the board, president, chief executive officer or chief financial officer of a Borrower or, if the context requires, an Obligor.

Settlement Report: a report summarizing Loans and participations in LC Obligations outstanding as of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Commitments.

Silgan:  Silgan Containers LLC, a Delaware limited liability company.

Silgan Payable: amounts due and owing by Seneca LLC to Silgan under the terms of the Modesto Container Supply Agreement dated as of August 1, 2015 between Seneca LLC and Silgan, in an aggregate amount not to exceed $15,000,000 at any time, as such Supply Agreement is in effect on the date hereof and without giving effect to any amendments thereto, other than amendments in the Ordinary Course of Business that do not increase the deferred purchase price provided for in such Supply Agreement.

Solvent: as to any Person, such Person (a) owns Property whose fair salable value is greater than the amount required to pay all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than the probable total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not unreasonably small for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not "insolvent" within the meaning of Section 101(32) of the Bankruptcy Code; and (f) has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay or defraud either present or future creditors of such Person or any of its Affiliates.  "Fair salable value" means the amount that could be obtained for assets within a reasonable time, either through collection or through

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sale under ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase.

Specified Obligor: an Obligor that is not then an "eligible contract participant" under the Commodity Exchange Act (determined prior to giving effect to Section 5.11).

Stated Amount: the outstanding amount of a Letter of Credit, including any automatic increase or tolerance (whether or not then in effect) provided by the Letter of Credit or related LC Documents.

Subordinated Debt: Indebtedness incurred by a Borrower that is expressly subordinate and junior in right of payment to Full Payment of all Obligations, and is on terms (including maturity, interest, fees, repayment, covenants and subordination) satisfactory to Agent.

Subsidiary: any entity at least 50% of whose voting securities or Equity Interests is owned by a Borrower or any combination of Borrowers (including indirect ownership by a Borrower through other entities in which the Borrower directly or indirectly owns 50% of the voting securities or Equity Interests); provided that for purposes of this Agreement and the other Loan Documents, Dundee will not be deemed a Subsidiary; provided further that no Truitt Company will be deemed to be a Subsidiary until such time as the Borrowers directly or indirectly own 100% of the voting securities or Equity Interests of such Truitt Company.

Supply Chain Financing: any supply chain financing arrangement provided to any Borrower by a Lender or any of its Affiliates.

Supply Chain Financing Reserve: a reserve in an amount equal to all debts, liabilities and other obligations owing by a Borrower with respect to any Supply Chain Financing provided by a Lender or any of its Affiliates.

Swap Obligations: with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

Swingline Loan: any Borrowing of (a) any Base Rate Loan or (b) any other Loan that bears interest at a rate mutually acceptable to Borrowers and Agent, in each case, funded with Agent's funds, until such Borrowing is settled among Lenders or repaid by Borrowers.

Taxes: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

TBI: Truitt Bros., Inc., an Oregon corporation.

Termination Date: July 5, 2021.

Trademark Security Agreement: each trademark security agreement pursuant to which an Obligor grants to Agent, for the benefit of Secured Parties, a Lien on such Obligor's interests in trademarks, as security for the Obligations, in form and substance satisfactory to Agent.

Transferee: any actual or potential Eligible Assignee, Participant or other Person acquiring an interest in any Obligations.

Trigger Period: the period (a) commencing on the day that an Event of Default occurs, or Availability is less than the greater of (i) 10% of the Commitments then in effect and (ii) $30,000,000, in each case under clauses (i) and (ii) for five (5) consecutive Business Days, and

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(b) continuing until no Event of Default exists and Availability is greater than the greater of (i) 10% of the Commitments then in effect and (ii) $30,000,000, in each case under clauses (i) and (ii) for twenty-one (21) consecutive calendar days.

Truitt Company: any of TBI, Murlark and Bluegrass.  Truitt Companies means TBI, Murlark and Bluegrass collectively.

Truitt Required Sale Provisions: the provisions set forth in the last sentence of Section 3.1 (Truitt Put Option), Section 3.3 (Required Sale of Entities), and the last sentence of Section 4 (Purchase upon Death) of the Buy-Sell and Option Agreement, in each case to the extent such provisions would obligate the Parent to sell any of its Equity Interests in a Truitt Company, approve a sale of assets of a Truitt Company, cooperate with any other Selling Owner (as defined therein) with respect to any such sale, use its best efforts to sell its Equity Interests in a Truitt Company to a prospective purchaser in any such sale, or execute any documents effectuating any such sale.

Type: any type of a Loan (i.e., Base Rate Loan or LIBOR Loan) that has the same interest option and, in the case of LIBOR Loans, the same Interest Period.

UCC: the Uniform Commercial Code as in effect in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

Unfunded Pension Liability: the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

Unused Line Fee Rate: a per annum rate equal to 0.25%.

Upstream Payment: a Distribution by a Subsidiary of an Obligor to such Obligor.

U.S. Person: "United States Person" as defined in Section 7701(a)(30) of the Code.

U.S. Tax Compliance Certificate: as defined in Section 5.10.2(b)(iii).

Value: (a) for Inventory, its value determined on the basis of the lower of cost or market, calculated on a first-in, first‐out basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person.

Wells Fargo: Wells Fargo Bank, National Association, a national banking association.

1.2 Accounting Terms.

Under the Loan Documents (except as otherwise specified herein), all accounting terms shall be interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of Borrowers delivered to Agent before the Effective Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Borrowers' certified public accountants concur in such

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change, the change is disclosed to Agent, and Section 10.3 is amended in a manner satisfactory to Required Lenders to take into account the effects of the change.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrowers and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

1.3 Uniform Commercial Code.

As used herein, the following terms are defined in accordance with the UCC in effect in the State of New York from time to time:  "Chattel Paper," "Deposit Account," "Document," "Equipment," "Farm Products," "Instrument," "Investment Property," "Letter-of-Credit Right" and "Supporting Obligation."

1.4 Certain Matters of Construction.

The terms "herein," "hereof," "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision.  Any pronoun used shall be deemed to cover all genders.  In the computation of periods of time from a specified date to a later specified date, "from" means "from and including," and "to" and "until" each mean "to but excluding."  The terms "including" and "include" shall mean "including, without limitation" and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision.  Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document.  All references to (a) laws or statutes include all related rules, regulations, interpretations, amendments and successor provisions; (b) any document, instrument or agreement include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any section mean, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include successors and assigns; (f) time of day mean time of day at Agent's notice address under Section 15.3.1; or (g) discretion of Agent, Issuing Bank or any Lender mean the sole and absolute discretion of such Person.  All references to Value, Borrowing Base components, Loans, Letters of Credit, Obligations and other amounts herein shall be denominated in Dollars, unless expressly provided otherwise, and all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time.  Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP).  Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank or any Lender under any Loan Documents.  No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision.  Whenever the phrase "to the best of Borrowers' knowledge" or words of similar import are used in any Loan Documents, it means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of

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employees or agents and a good faith attempt to ascertain the matter to which such phrase relates.

SECTION 2. THE REVOLVING CREDIT FACILITY.

2.1 Commitment.

2.1.1. Loans.  Each Lender agrees, severally on a Pro Rata basis up to its Commitment, on the terms set forth herein, to make Loans to Borrowers from time to time through the Commitment Termination Date.  The Loans may be repaid and reborrowed as provided herein.  Subject to Section 2.1.5 and Section 2.1.6, in no event shall Lenders have any obligation to honor a request for a Loan if the unpaid balance of Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base.

2.1.2. Revolver Notes.  The Loans made by each Lender and interest accruing thereon shall be evidenced by the records of Agent and such Lender.  At the request of any Lender, Borrowers shall deliver a Revolver Note to such Lender.

2.1.3. Use of Proceeds.  The proceeds of Loans shall be used by Borrowers solely (a) to satisfy existing Indebtedness; (b) to pay fees and transaction expenses associated with the closing of this credit facility; (c) to pay Obligations in accordance with this Agreement; (d) to make Permitted Acquisitions and (e) for working capital and other lawful corporate purposes of Borrowers, including, but not limited to, the making of Capital Expenditures and Distributions, all in accordance with the terms of this Agreement.  Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other Person, (x) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding of the Loan, is the subject of any Sanction; or (y) in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other individual or entity participating in any transaction).

2.1.4. Voluntary Reduction or Termination of Commitments.

(a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement.  Upon at least 5 Business Days prior written notice to Agent, Borrowers may, at their option, terminate the Commitments and this credit facility.  Any notice of termination given by Borrowers shall be irrevocable.  On the Termination Date, Borrowers shall make Full Payment of all Obligations.

(b) Borrowers may permanently reduce the Commitments, on a Pro Rata basis for each Lender, upon at least 5 Business Days prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given.  Each reduction shall be in a minimum amount of $10,000,000, or an increment of $1,000,000 in excess thereof.

2.1.5. Overadvances.  If the aggregate Loans exceed the Borrowing Base ("Overadvance") at any time, the excess amount shall be payable by Borrowers on demand by Agent, but all such Loans shall nevertheless constitute Obligations secured by the Collateral and entitled to all benefits of the Loan Documents.  Agent may require Lenders to honor requests for Overadvance Loans and to forbear from requiring Borrowers to cure an Overadvance, (a) when no other Event of Default is known to Agent, as long as (i) the Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required), and (ii) the Overadvance is not known by Agent to exceed 10% of the Borrowing Base; and

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(b) regardless of whether an Event of Default exists, if Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the Overadvance (i) is not increased by more than $5,000,000, and (ii) does not continue for more than 30 consecutive days.  In no event shall Overadvance Loans be required that would cause the outstanding Loans and LC Obligations to exceed the aggregate Commitments.  Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by Agent or Lenders of the Event of Default caused thereby.  In no event shall any Borrower or other Obligor be deemed a beneficiary of this Section nor authorized to enforce any of its terms.

2.1.6. Protective Advances.  Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Base Rate Loans ("Protective Advances") (a) up to an aggregate amount of $15,000,000 outstanding at any time, if Agent deems such Loans necessary or desirable to preserve or protect Collateral, or to enhance the collectibility or repayment of Obligations; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including costs, fees and expenses.  Each Lender shall participate in each Protective Advance on a Pro Rata basis.  Required Lenders may at any time revoke Agent's authority to make further Protective Advances under clause (a) by written notice to Agent.  Absent such revocation, Agent's determination that funding of a Protective Advance is appropriate shall be conclusive. In no event shall Protective Advances be required that would cause the outstanding Loans and LC Obligations to exceed the aggregate Commitments.

2.1.7. Increase in Commitments.  Subject to Section 2.1.8(b)(vii), Borrowers may request an increase in Commitments from time to time upon notice to Agent, as long as (a) the requested increase is in a minimum amount of $10,000,000 and is offered on the same terms as existing Commitments, except for any closing fee to which Borrowers agree, (b) increases under this Section do not exceed $250,000,000 in the aggregate, (c) no reduction in Commitments pursuant to Section 2.1.4 has occurred prior to the requested increase, and (d) the requested increase does not cause the Commitments to exceed 90% of any applicable cap under any Subordinated Debt agreement.  Agent shall promptly notify Lenders of the requested increase and, within 10 Business Days thereafter, each Lender shall notify Agent if and to what extent such Lender commits to increase its Commitment.  Any Lender not responding within such period shall be deemed to have declined an increase.  If Lenders fail to commit to the full requested increase, Eligible Assignees may issue additional Commitments and become Lenders hereunder.  Agent may allocate, in its discretion, in consultation with Borrowers, the increased Commitments among committing Lenders and, if necessary, Eligible Assignees.  Provided the conditions set forth in Section 6.2 are satisfied, total Commitments shall be increased by the requested amount (or such lesser amount committed by Lenders and Eligible Assignees) on a date agreed upon by Agent and Borrower Agent, but no later than 45 days following Borrowers' increase request.  Agent, Borrowers, and new and existing Lenders shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of Commitments.  On the effective date of an increase, all outstanding Loans, LC Obligations and other exposures under the Commitments shall be reallocated among Lenders, and settled by Agent if necessary,  in accordance with Lenders' adjusted shares of such Commitments.

2.1.8. FILO Credit Facility.

(a) Notwithstanding anything to the contrary contained in this Agreement, at any time after the Effective Date, the Borrowers may request a separate "first-in, last out" credit facility provided by one or more Lenders and/or other Eligible Assignees as agree to hold "first-in, last out" commitments (the "FILO Lenders") that are subject to a separate "first-in, last out" incremental borrowing base (collectively, the "FILO Credit Facility"), which FILO Credit Facility, subject to Section 5.6.2 (as amended in accordance with Section 2.1.8(b)(i)), shall constitute Obligations (and Secured Obligations) for all purposes under the Loan Documents

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(including for the purposes of being secured by the Collateral and being guaranteed by the Obligors).  The Agent shall promptly notify the Lenders of each such request and the Lenders shall respond thereto in the same manner specified for any Commitment increase requests in Section 2.1.7.  The Agent shall notify Lenders and Borrowers of the responses to such request and any actions to arrange for Lenders and/or other Eligible Assignees to serve as FILO Lenders in the same manner specified for commitment increases in Section 2.1.7.  Any FILO Lender participating in the FILO Credit Facility which is not then a Lender (or an Affiliate of such Lender engaged in the ordinary course of its business in extending commercial loans) shall be subject to the prior approval of the Agent and the Borrowers (such consent not to be unreasonably withheld or delayed).

(b) Notwithstanding anything herein to the contrary, the FILO Credit Facility shall be established in accordance following terms and conditions:

(i) the establishment thereof shall result in an amendment of the payment waterfall in Section 5.6.2 (without the requirement of the consent of the Lenders under Section 15.1) to include payment of accrued and unpaid interest of Secured Obligations under the FILO Credit Agreement as a new clause "Eighth" and unpaid payment of principal of Secured Obligations under the FILO Credit Agreement as a new clause "Ninth", immediately after the existing clause "Seventh", but immediately prior to the existing clause "last";

(ii) subject to other express limitations set forth in this Section 2.1.8, the FILO Credit Facility shall be on terms and conditions as determined by the Borrowers, the Agent and the FILO Lenders, it being understood and agreed that such terms and conditions may include, without limitation, FILO Credit Facility-specific borrowing base, advance rate (including seasonal or fluctuating advance rates), eligibility criteria, availability reserves (including reserves implemented against the Borrowing Base with respect to obligations owing to the FILO Lenders), representations, warranties, covenants and Events of Default, interest rates, fees, final maturity date, amortization, mandatory and voluntary prepayment and commitment termination provision as to the FILO Credit Facility and any other provision of the Loan Documents related to cash dominion, and amendment and waiver provisions (including modifications to Section 15.1 to provide for customary or market provisions in favor of the FILO Lenders, which may include voting rights i n favor of the FILO Lenders relating to modifications of the Borrowing Base that would affect the FILO Credit Facility or the FILO Lenders) in respect of or relating to the FILO Credit Facility and other customary or market terms and conditions for asset-based "first in, last out" credit facilities of this nature;

(iii) the advance rates in respect of the incremental borrowing base under FILO Credit Facility shall not exceed ten percent (10.0%) on any class of assets eligible for inclusion therein;

(iv) the arrangement of the FILO Credit Facility, and any upfront, underwriting, arrangement or similar fees in respect of the FILO Credit Facility, shall be agreed to by Borrowers, Bank of America and the FILO Lenders;

(v) the FILO Credit Facility shall be subject to closing conditions as may be determined by Agent, the FILO Lenders and the Borrowers;

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(vi) the FILO Credit Facility shall be subject to the condition precedent that no Event of Default shall have occurred and be continuing immediately before or after giving effect thereto;

(vii) the aggregate amount of the FILO commitments under the FILO Credit Facility shall not exceed $75,000,000 and (y) (i) the aggregate amount of the FILO commitments under the FILO Credit Facility, plus (ii) the aggregate amount of Increased Commitments provided from time to time in accordance with Section 2.1.7, shall not exceed, at any time outstanding, $250,000,000;

(viii) all documentation in respect of the FILO Credit Facility shall be consistent with the foregoing and in form and substance reasonably satisfactory to the Agent and the FILO Credit Facility Lenders, and the FILO Credit Facility Amendment shall have been approved by the Agent;

(ix) Borrowers shall not be required to offer any Lender an opportunity to join the FILO Credit Facility as a FILO Lender; and

(x) no Lender shall be obligated to participate in the FILO Credit Facility.

(c) Notwithstanding anything in Section 15.1 or any other provision of the Loan Documents to the contrary, the Lenders hereby irrevocably authorize Agent to enter into amendments, restatements or other supplements or modifications to this Agreement and the other Loan Documents with the Obligors and the FILO Lenders as may be necessary or desirable in order to establish the FILO Credit Facility, in each case on terms consistent with this Section 2.1.8 ("FILO Credit Facility Amendment") without the consent or approval of any Lenders (other than the Lenders participating in the FILO Credit Facility).  The Lenders hereby consent to the FILO Credit Facility and other transactions contemplated by this Section 2.1.8 (including, for the avoidance of doubt, the terms and condition illustrated in clause (b) above) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment section or amendment or waiver section) or any other Loan Document that may otherwise prohibit or restrict the FILO Credit Facility, the FILO Credit Facility Amendment or any other transaction contemplated by this Section 2.1.8.  Agent shall have the right (but not the obligation) to consult with the Required Lenders with respect to the FILO Credit Facility and any matter contemplated by this Section 2.1.8; provided, however, that whether or not there has been any consultation with the Required Lenders by Agent with respect to a FILO Credit Facility, any such FILO Credit Facility Amendment entered into by Agent pursuant to this Section 2.1.8 shall be binding and conclusive on the Lenders in all respects.

2.2 [Intentionally Omitted.]

2.3 Letter of Credit Facility.

2.3.1. Issuance of Letters of Credit.  Issuing Bank shall issue Letters of Credit from time to time until 30 days prior to the Termination Date (or until the Commitment Termination Date, if earlier), on the terms set forth herein, including the following:

(a) Each Borrower acknowledges that Issuing Bank's issuance of any Letter of Credit is conditioned upon Issuing Bank's receipt of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for issuance of a letter of credit of similar type and amount.  Issuing Bank

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shall have no obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii) each LC Condition is satisfied; and (iii) if a Defaulting Lender exists, such Lender or Borrowers have entered into arrangements satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender.  If, in sufficient time to act, Issuing Bank receives written notice from Required Lenders that a LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit.  Prior to receipt of any such notice, Issuing Bank shall not be deemed to have knowledge of any failure of LC Conditions.

(b) Letters of Credit may be requested by a Borrower to support obligations incurred in the Ordinary Course of Business, or as otherwise approved by Agent.  The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be required at the discretion of Issuing Bank.

(c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the beneficiary.  In connection with issuance of any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or Documents; any deviation from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond the control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority.  The rights and remedies of Issuing Bank under the Loan Documents shall be cumulative.  Issuing Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit.  Borrowers shall take all action to avoid and mitigate any damages relating to any Letter of Credit or claimed against Issuing Bank, Agent or any Lender, including through enforcement of any available rights against a beneficiary.

(d) In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made by a proper Person.  Issuing Bank may consult with and employ legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such experts.  Issuing Bank may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or misconduct of agents and attorneys-in-fact selected with reasonable care.

2.3.2. Reimbursement; Participations.

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(a) If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall pay to Issuing Bank, on the same day ("Reimbursement Date"), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Loans from the Reimbursement Date until payment by Borrowers.  The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary.  Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a Borrowing of Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

(b) Upon issuance of a Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata interest and participation in all LC Obligations relating to the Letter of Credit.  If Issuing Bank makes any payment under a Letter of Credit and Borrowers do not reimburse such payment on the Reimbursement Date, Agent shall promptly notify Lenders and each Lender shall promptly (within one Business Day) and unconditionally pay to Agent, for the benefit of Issuing Bank, the Lender's Pro Rata share of such payment.  Upon request by a Lender, Issuing Bank shall furnish copies of any Letters of Credit and LC Documents in its possession at such time.

(c) The obligation of each Lender to make payments to Agent for the account of Issuing Bank in connection with Issuing Bank's payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this Agreement under all circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists for its protection (and not a Borrower's protection) or that does not materially prejudice a Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a Letter of Credit's expiration date if authorized by the UCC or applicable customs or practices; or any setoff or defense that any Obligor may have with respect to any Obligations.  Issuing Bank does not assume any responsibility for any failure or delay in performance or any breach by any Borrower or other Person of any obligations under any LC Documents.  Issuing Bank does not make to Lenders any express or implied warranty, representation or guaranty with respect to the Collateral, LC Documents or any Obligor.  Issuing Bank shall not be responsible to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity, genuineness, enforceability, collectibility, value or sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor.

(d) No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action taken or omitted to be taken in connection with any LC Documents except as a result of its actual gross negligence or willful misconduct.  Issuing Bank shall not have any liability to any

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Lender if Issuing Bank refrains from any action under any Letter of Credit or LC Documents until it receives written instructions from Required Lenders.

2.3.3. Cash Collateral.  If any LC Obligations, whether or not then due or payable, shall for any reason be outstanding at any time (a) that an Event of Default exists, (b) that Availability is less than zero, (c) after the Commitment Termination Date, or (d) within 20 Business Days prior to the Termination Date, then Borrowers shall, at Issuing Bank's or Agent's request, Cash Collateralize the stated amount of all outstanding Letters of Credit and pay to Issuing Bank the amount of all other LC Obligations.  Borrowers shall, on demand by Issuing Bank or Agent from time to time, Cash Collateralize the Fronting Exposure associated with any Defaulting Lender.  If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of Agent) advance, as Loans, the amount of the Cash Collateral required (whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied).

2.3.4. Resignation of Issuing Bank.  Issuing Bank may resign at any time upon thirty days' notice to Agent and Borrowers.  On the effective date of such resignation, Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and obligations of an Issuing Bank hereunder, including under Sections 2.3, 13.6 and 15.2, relating to any Letter of Credit issued prior to such date.  Agent shall promptly appoint a replacement Issuing Bank, subject to such replacement Issuing Bank's acceptance of such appointment, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers.

SECTION 3. INTEREST, FEES AND CHARGES.

3.1 Interest.

3.1.1. Rates and Payment of Interest.

(a) The Obligations shall bear interest (i) if a Base Rate Loan, at the Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any other Obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Loans.  Interest shall accrue from the date the Loan is advanced or the Obligation is incurred or payable, until paid in full by Borrowers, and shall in no event be less than zero at any time.  If a Loan is repaid on the same day made, one day's interest shall accrue.

(b) During an Insolvency Proceeding with respect to any Obligor, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment).  Each Obligor acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable estimate to compensate Agent and Lenders for this.

(c) Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid; and (iii) on the Commitment Termination Date.  Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand.  Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.

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3.1.2. Application of LIBOR to Outstanding Loans.

(a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any portion of the Base Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan.  During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Loan.

(b) Whenever Borrowers desire to convert or continue Loans as LIBOR Loans, Borrower Agent shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three Business Days before the requested conversion or continuation date.  Promptly after receiving any such notice, Agent shall notify each Lender thereof.  Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified).  If, upon the expiration of any Interest Period in respect of any LIBOR Loans, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to convert such Loans into Base Rate Loans.  Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the definition of LIBOR.

3.1.3. Interest Periods.  In connection with the making, conversion or continuation of any LIBOR Loans, Borrowers shall select an interest period ("Interest Period") to apply, which Interest Period shall be 30, 60 or 90 days; provided, however, that:

(a) the Interest Period shall commence on the date the Loan is made or continued as, or converted into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar month at its end;

(b) if any Interest Period commences on a day for which there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and if any Interest Period would expire on a day that is not a Business Day, the period shall expire on the next Business Day; and

(c) no Interest Period shall extend beyond the Termination Date.

3.1.4. Interest Rate Not Ascertainable.  If Agent shall determine that on any date for determining LIBOR, due to any circumstance affecting the London interbank market, adequate and fair means do not exist for ascertaining such rate on the basis provided herein, then Agent shall immediately notify Borrowers of such determination.  Until Agent notifies Borrowers that such circumstance no longer exists, the obligation of Lenders to make LIBOR Loans shall be suspended, and no further Loans may be converted into or continued as LIBOR Loans.

3.2 Fees.

3.2.1. Unused Line Fee.  Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Fee Rate times the amount by which the Commitments exceed the average daily balance of Loans and stated amount of Letters of Credit during any month.  Such fee shall be payable in arrears, on the first day of each month and on the Commitment Termination Date.

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3.2.2. LC Facility Fees.  Borrowers shall pay (a) to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin in effect for LIBOR Loans times the average daily Stated Amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first day of each month; (b) to Agent, for Issuing Bank's own account, a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter of Credit, which fee shall be payable monthly in arrears, on the first day of each month; and (c) to Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred.  During an Event of Default, the fee payable under clause (a) shall be increased by 2% per annum.

3.2.3. Agent Fees.  Borrowers shall pay to Agent, for its own account, the fees described in the Fee Letter.

3.3 Computation of Interest, Fees, Yield Protection.

All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days.  Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error.  All fees shall be fully earned when due and shall not be subject to rebate, refund or proration.  All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money.  A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

3.4 Reimbursement Obligations.

Borrowers shall reimburse Agent and Lenders for all Extraordinary Expenses.  Borrowers shall also reimburse Agent for all legal, accounting, appraisal, consulting, and other fees, costs and expenses incurred by it in connection with (a) negotiation and preparation of any Loan Documents, including any amendment or other modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of Agent's Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), each inspection, audit or appraisal with respect to any Obligor or Collateral, whether prepared by Agent's personnel or a third party.  If, for any reason (including inaccurate reporting in any Borrower Materials), it is determined that a higher Applicable Margin should have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall immediately pay to Agent, for the Pro Rata benefit of Lenders, an amount equal to the difference between the amount of interest and fees that would have accrued using the proper margin and the amount actually paid.  All amounts payable by Borrowers under this Section shall be due on demand.

3.5 Illegality.

If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to perform any of its obligations hereunder, to make, maintain, fund or charge applicable interest or fees with respect

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to any Loans or Letters of Credit, or to determine or charge interest rates based on LIBOR, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Agent, any obligation of such Lender to perform such obligations, to make, maintain or fund such Loans or participate in such Letters of Credit (or to charge interest or fees with respect thereto), or to continue or convert Base Rate Loans to LIBOR Loans, shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination no longer exist.  Upon delivery of such notice, Borrowers shall prepay the applicable Loans, Cash Collateralize the applicable LC Obligations or, if applicable, convert LIBOR Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans.  Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted.

3.6 Inability to Determine Rates.

If Required Lenders notify Agent for any reason in connection with a request for a Borrowing of, or conversion to or continuation of, a LIBOR Loan that (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (b) adequate and reasonable means do not exist for determining LIBOR for the requested Interest Period, or (c) LIBOR for the requested Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan, then Agent will promptly so notify Borrower Agent and each Lender.  Thereafter, the obligation of Lenders to make or maintain LIBOR Loans shall be suspended until Agent (upon instruction by Required Lenders) revokes such notice.  Upon receipt of such notice, Borrower Agent may revoke any pending request for a Borrowing of, conversion to or continuation of a LIBOR Loan or, failing that, will be deemed to have submitted a request for a Base Rate Loan.

3.7 Increased Costs; Capital Adequacy.

3.7.1. Change in Law.  If any Change in Law shall:

(a) impose, modify or deem applicable any reserve, liquidity, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in calculating LIBOR) or Issuing Bank;

(b) subject any Recipient to Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (iii) Connection Income Taxes) with respect to any Loan, Letter of Credit, Commitment or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(c) impose on any Lender, Issuing Bank or interbank market any other condition, cost or expense affecting any Loan, Loan Document, Letter of Credit, participation in LC Obligations, or Commitment;

and the result thereof shall be to increase the cost to such Lender of making or maintaining any Loan or Commitment, or to increase the cost to such Lender or Issuing Bank of participating in,

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issuing or maintaining any Letter of Credit, or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Bank, Borrowers will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered.

3.7.2. Capital Adequacy.  If any Lender or Issuing Bank determines that any Change in Law affecting such Lender or Issuing Bank or any Lending Office of such Lender or such Lender's or Issuing Bank's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's, Issuing Bank's or holding company's capital as a consequence of this Agreement, or such Lender's or Issuing Bank's Commitments, Loans, Letters of Credit or participations in LC Obligations, to a level below that which such Lender, Issuing Bank or holding company could have achieved but for such Change in Law (taking into consideration such Lender's, Issuing Bank's and holding company's policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate it or its holding company for any such reduction suffered.

3.7.3. LIBOR Loan Reserves.  If any Lender is required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, Borrowers shall pay additional interest to such Lender on each LIBOR Loan equal to the costs of such reserves allocated to the Loan by the Lender (as determined by it in good faith, which determination shall be conclusive).  The additional interest shall be due and payable on each interest payment date for the Loan; provided, however, that if the Lender notifies Borrowers (with a copy to Agent) of the additional interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after Borrowers' receipt of the notice.

3.7.4. Compensation.  Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for any increased costs incurred or reductions suffered more than nine months prior to the date that the Lender or Issuing Bank notifies Borrower Agent of the Change in Law giving rise to such increased costs or reductions and of such Lender's or Issuing Bank's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

3.8 Mitigation.

If any Lender gives a notice under Section 3.5 or requests compensation under Section 3.7, or if Borrowers are required to pay additional amounts with respect to a Lender under Section 5.9, then such Lender shall use reasonable efforts to designate a different Lending Office or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (a) would eliminate the need for such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful.  Borrowers shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

3.9 Funding Losses.

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If for any reason (other than default by a Lender) (a) any Borrowing of, or conversion to or continuation of, a LIBOR Loan does not occur on the date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on a day other than the end of its Interest Period, (c) Borrowers fail to repay a LIBOR Loan when required hereunder, or (d) a Lender (other than a Defaulting Lender) is required to assign a LIBOR Loan prior to the end of its Interest Period pursuant to Section 14.4, then Borrowers shall pay to Agent its customary administrative charge and to each Lender all resulting losses and expenses, including loss of anticipated profits and any loss or expense arising from liquidation or redeployment of funds or from fees payable to terminate deposits of matching funds.  Lenders shall not be required to purchase Dollar deposits in any interbank or offshore Dollar market to fund any LIBOR Loan, but this Section shall be deemed to apply as if each Lender had purchased such deposits to fund its LIBOR Loans.

3.10 Maximum Interest.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law ("maximum rate").  If Agent or any Lender shall receive interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers.  In determining whether the interest contracted for, charged or received by Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

SECTION 4. LOAN ADMINISTRATION.

4.1 Manner of Borrowing and Funding Loans.

4.1.1. Notice of Borrowing.

(a) Whenever Borrowers desire funding of a Borrowing of Loans, Borrower Agent shall give Agent a Notice of Borrowing.  Such notice must be received by Agent no later than 12:00 noon (i) on the Business Day of the requested funding date, in the case of Base Rate Loans, and (ii) at least three Business Days prior to the requested funding date, in the case of LIBOR Loans.  Notices received after 12:00 noon shall be deemed received on the next Business Day.  Each Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing is to be made as Base Rate Loans or LIBOR Loans, and (D) in the case of LIBOR Loans, the duration of the applicable Interest Period (which shall be deemed to be 30 days if not specified).

(b) Unless payment is otherwise timely made by Borrowers, the becoming due of any Obligations (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for Base Rate Loans on the due date, in the amount of such Obligations.  The proceeds of such Loans shall be disbursed as direct payment of the relevant Obligation.  In addition, Agent may, at its option, charge such Obligations against any operating, investment or other account of a Borrower maintained with Agent or any of its Affiliates.

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(c) If Borrowers establish a controlled disbursement account with Agent or any Affiliate of Agent, then the presentation for payment of any check, ACH or electronic debit, or other payment item at a time when there are insufficient funds to cover it shall be deemed to be a request for Base Rate Loans on the date of such presentation, in the amount of such payment item.  The proceeds of such Loans may be disbursed directly to the controlled disbursement account or other appropriate account.

4.1.2. Fundings by Lenders.  Each Lender shall timely honor its Commitment by funding its Pro Rata share of each Borrowing of Loans that is properly requested hereunder.  Except for Borrowings to be made as Swingline Loans, Agent shall endeavor to notify Lenders of each Notice of Borrowing (or deemed request for a Borrowing) by 1:00 p.m. on the proposed funding date for Base Rate Loans or by 4:00 p.m. at least two Business Days before any proposed funding of LIBOR Loans.  Each Lender shall fund to Agent such Lender's Pro Rata share of the Borrowing to the account specified by Agent in immediately available funds not later than 3:00 p.m. on the requested funding date, unless Agent's notice is received after the times provided above, in which case Lender shall fund its Pro Rata share by 12:00 noon on the next Business Day.  Subject to its receipt of such amounts from Lenders, Agent shall disburse the proceeds of the Loans as directed by Borrower Agent.  Unless Agent shall have received (in sufficient time to act) written notice from a Lender that it does not intend to fund its Pro Rata share of a Borrowing, Agent may assume that such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to Borrowers.  If a Lender's share of any Borrowing or of any settlement pursuant to Section 4.1.3(b) is not received by Agent within three Business Days, then Borrowers agree to repay to Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable to the Borrowing.  A Lender or Issuing Bank may fulfill its obligations under Loan Documents through one or more Lending Offices, and this shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations.

4.1.3. Swingline Loans; Settlement.

(a) Agent may, but shall not be obligated to, advance Swingline Loans to Borrowers, up to an aggregate outstanding amount of $35,000,000, unless the funding is specifically required to be made by all Lenders hereunder.  Each payment on a Swingline Loan shall be made to Agent for its own account.  The obligation of Borrowers to repay Swingline Loans shall be evidenced by the records of Agent and need not be evidenced by any promissory note.

(b) Settlement among Lenders and Agent with respect to Swingline Loans and other Loans shall take place on a date determined from time to time by Agent (but at least weekly),  in accordance with the Settlement Report delivered by Agent to Lenders.  Between settlement dates, Agent may in its discretion apply payments on other Loans to Swingline Loans, regardless of any designation by Borrower or any provision herein to the contrary.  Each Lender's obligation to make settlements with Agent is absolute and unconditional, without offset, counterclaim or other defense, and whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied.  If, due to an Insolvency Proceeding with respect to an Obligor or otherwise, any Swingline Loan may not be settled among Lenders hereunder, then each Lender shall be deemed to have purchased from Agent a Pro Rata participation in each unpaid Swingline Loan and shall transfer the amount of such participation to Agent, in immediately available funds, within one Business Day after Agent's request therefor.

4.1.4. Notices.  Borrowers may request, convert or continue Loans, select interest rates, and transfer funds based on telephonic or e-mailed instructions to Agent.  Borrowers shall confirm each such request by prompt delivery to Agent of a Notice of Borrowing or Notice of

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Conversion/Continuation, if applicable, but if it differs in any material respect from the action taken by Agent or Lenders, the records of Agent and Lenders shall govern.  Neither Agent nor any Lender shall have any liability for any loss suffered by a Borrower as a result of Agent or any Lender acting upon its understanding of telephonic or e-mailed instructions from a person believed in good faith by Agent or any Lender to be a person authorized to give such instructions on a Borrower's behalf.

4.2 Defaulting Lender.

4.2.1. Reallocation of Pro Rata Share; Amendments.  For purposes of determining Lenders' obligations to fund or acquire participations in Loans or Letters of Credit, Agent shall exclude the Commitments and Loans of any Defaulting Lender(s) from the calculation of Pro Rata shares.  No reallocation shall cause a Lender to exceed its Commitment.  A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan Document, except as provided in  Section 15.1.1(c).

4.2.2. Payments; Fees.  Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan Documents, and a Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent, non-Defaulting Lenders and other Secured Parties have been paid in full.  Agent may apply such amounts to the Defaulting Lender's defaulted obligations, use the funds to Cash Collateralize such Lender's Fronting Exposure, or readvance the amounts to Borrowers hereunder.  A Lender shall not be entitled to receive any fees accruing hereunder during the period in which it is a Defaulting Lender, and the unfunded portion of its Commitment shall be disregarded for purposes of calculating the unused line fee under Section 3.2.1.  To the extent any LC Obligations owing to a Defaulted Lender are reallocated to other Lenders, Letter of Credit fees attributable to such LC Obligations under Section 3.2.2 shall be paid to such other Lenders.  Agent shall be paid all Letter of Credit fees attributable to LC Obligations that are not so reallocated.

4.2.3. Status; Cure.  Agent may determine in its discretion that a Lender constitutes a Defaulting Lender and the effective date of such status shall be conclusive and binding on all parties, absent manifest error.  Borrowers, Agent and Issuing Bank may agree in writing that a Lender is no longer a Defaulting Lender.  At such time, Pro Rata shares shall be reallocated without exclusion of such Lender's Commitments and Loans, and all outstanding Loans, LC Obligations and other exposures under the Commitments shall be reallocated among Lenders and settled by Agent (with appropriate payments by the reinstated Lender, including its payment of breakage costs for reallocated LIBOR Loans) in accordance with the readjusted Pro Rata shares.  Unless expressly agreed by Borrowers, Agent and Issuing Bank, no reallocation of Commitments and Loans to non-Defaulting Lenders and no reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender.  The failure of any Lender to fund a Loan, to make a payment in respect of LC Obligations or otherwise to perform its obligations hereunder shall not relieve any other Lender of its obligations, and no Lender shall be responsible for default by another Lender.

4.3 Number and Amount of LIBOR Loans; Determination of Rate.   Each Borrowing of LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus any increment of $500,000 in excess thereof.  No more than 10 Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose.  Upon determining LIBOR for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone or electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing.

4.4 Borrower Agent.  Each Borrower hereby designates the Parent ("Borrower Agent") as its representative and agent for all purposes under the Loan Documents, including requests for Loans and

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Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and delivery of Borrowing Base, financial reports and other Borrower Materials, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other dealings with Agent, Issuing Bank or any Lender.  Borrower Agent hereby accepts such appointment.  Agent and Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by Borrower Agent on behalf of any Borrower.  Agent and Lenders may give any notice or communication with a Borrower hereunder to Borrower Agent on behalf of such Borrower.  Each of Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively with Borrower Agent for any or all purposes under the Loan Documents.  Each Borrower agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by Borrower Agent shall be binding upon and enforceable against it.

4.5 One Obligation.

The Loans, LC Obligations and other Obligations constitute one general obligation of Borrowers and are secured by Agent's Lien on all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

4.6 Effect of Termination.

On the effective date of any termination of the Commitments, all Obligations shall be immediately due and payable, and any Lender may terminate its and its Affiliates' Bank Products (including, only with the consent of Agent, any Cash Management Services).  All undertakings of Obligors contained in the Loan Documents shall survive any termination, and Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan Documents until Full Payment of the Obligations.  Notwithstanding Full Payment of the Obligations, Agent shall not be required to terminate its Liens in any Collateral unless, with respect to any damages Agent may incur as a result of the dishonor or return of Payment Items applied to Obligations, Agent receives (a) a written agreement satisfactory to Agent, executed by Obligors, indemnifying Agent and Lenders from such damages; and (b) such Cash Collateral as Agent, in its discretion, deems appropriate to protect against such damages.  Sections 2.3, 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 5.10, 13, 15.2 and this Section, and the obligation of each Obligor and Lender with respect to each indemnity given by it in any Loan Document, shall survive Full Payment of the Obligations and any release relating to this credit facility.

SECTION 5. PAYMENTS.

5.1 General Payment Provisions.

All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon on the due date.  Any payment after such time shall be deemed made on the next Business Day.  Any payment of a LIBOR Loan prior to the end of its Interest Period shall be accompanied by all amounts due under Section 3.9.  Any prepayment of Loans shall be applied first to Base Rate Loans and then to LIBOR Loans.

5.2 Repayment of Loans.

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Loans shall be due and payable in full on the Termination Date, unless payment is sooner required hereunder.  Loans may be prepaid from time to time, without penalty or premium.  If any Asset Disposition includes the disposition of Accounts or Inventory, then Net Proceeds equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing Base upon giving effect to such disposition, shall be applied to the Loans.  Notwithstanding anything herein to the contrary, if an Overadvance exists, Borrowers shall, on the sooner of Agent's demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Loans in an amount sufficient to reduce the principal balance of Loans to the Borrowing Base.

5.3 [Intentionally Omitted.]

5.4 Payment of Other Obligations.

Obligations other than Loans, including LC Obligations and Extraordinary Expenses, shall be paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, on demand.

5.5 Marshaling; Payments Set Aside.

None of Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or against any Obligations.  If any payment by or on behalf of Borrowers is made to Agent, Issuing Bank or any Lender, or Agent, Issuing Bank or any Lender exercises a right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or such Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to the extent of such recovery, the Obligation originally intended to be satisfied, and all Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

5.6 Application and Allocation of Payments.

5.6.1. Application.  Payments made by Borrowers hereunder shall be applied (a) first, as specifically required hereby; (b) second, to Obligations then due and owing; (b) third, to other Obligations specified by Borrowers; and (c) fourth, as determined by Agent in its discretion.

5.6.2. Post-Default Allocation.  Notwithstanding anything herein to the contrary, during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows:

(a) first, to all costs and expenses, including Extraordinary Expenses, owing to Agent;

(b) second, to all amounts owing to Agent on Swingline Loans;

(c) third, to all amounts owing to Issuing Bank;

(d) fourth, to all Obligations constituting fees (other than Secured Bank Product Obligations);

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(e) fifth, to all Obligations constituting interest (other than Secured Bank Product Obligations);

(f) sixth, to Cash Collateralization of LC Obligations;

(g) seventh, to all Loans and Noticed Hedges, including Cash Collateralization of outstanding Noticed Hedges; and

(h) last, to all other Obligations.

Amounts shall be applied to each category of Obligations set forth above until Full Payment thereof and then to the next category.  If amounts are insufficient to satisfy a category, they shall be applied on a pro rata basis among the Obligations in the category.  Monies and proceeds obtained from an Obligor shall not be applied to its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other Obligors to preserve the allocations in each category.  Agent shall have no obligation to calculate the amount to be distributed with respect to any Secured Bank Product Obligations, and may request a reasonably detailed calculation of such amount from the applicable Secured Party.  If a Secured Party fails to deliver such calculation within ten days following request by Agent, Agent may assume the amount to be distributed is zero.  The allocations set forth in this Section 5.6.2 are solely to determine the rights and priorities of Agent and Secured Parties as among themselves, and may be changed by agreement among them without the consent of any Obligor.  This Section 5.6.2 is not for the benefit of or enforceable by any Obligor, and each Obligor irrevocably waives the right to direct the application of any payments or Collateral proceeds subject to this Section 5.6.2.

5.6.3. Erroneous Application.  Agent shall not be liable for any application of amounts made by it in good faith and, if any such application is subsequently determined to have been made in error, the sole recourse of any Lender or other Person to which such amount should have been made shall be to recover the amount from the Person that actually received it (and, if such amount was received by any Lender, such Lender hereby agrees to return it).

5.7 Application of Payments.

During any Trigger Period, while an Event of Default is outstanding, and at other times, unless otherwise directed by Borrower Agent, the ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the Obligations at the beginning of the next Business Day.  If, as a result of such application, a credit balance exists, the balance shall not accrue interest in favor of Borrowers and shall be made available to Borrowers as long as no Default or Event of Default exists.  Each Obligor irrevocably waives the right, during any Trigger Period or while an Event of Default is outstanding, to direct the application of any payments or Collateral proceeds, and agrees that Agent shall have the continuing, exclusive right to apply and reapply same against the Obligations, in such manner as Agent deems advisable; provided that upon the occurrence and during the continuance of an Event of Default, application of any monies shall be made in accordance with Section 5.6.2.

5.8 Loan Account; Account Stated.

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5.8.1. Loan Account.  Agent shall maintain in accordance with its usual and customary practices an account or accounts ("Loan Account") evidencing the Indebtedness of Borrowers resulting from each Loan or issuance of a Letter of Credit from time to time.  Any failure of Agent to record anything in the Loan Account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder.  Agent may maintain a single Loan Account in the name of Borrower Agent, and each Borrower confirms that such arrangement shall have no effect on the joint and several character of its liability for the Obligations.

5.8.2. Entries Binding.  Entries made in the Loan Account shall constitute presumptive evidence of the information contained therein.  If any information contained in the Loan Account is provided to or inspected by any Person, then such information shall be conclusive and binding on such Person for all purposes absent manifest error, except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute.

5.9 Taxes.

5.9.1. Payments Free of Taxes; Obligation to Withhold; Tax Payment.

(a) All payments of Obligations by Obligors shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If Applicable Law requires the deduction or withholding of any Tax from any such payment by Agent or an Obligor, then Agent or such Obligor shall be entitled to make such deduction or withholding based on information and documentation provided pursuant to Section 5.10.

(b) If Agent or any Obligor is required by the Code to withhold or deduct Taxes, including backup withholding and withholding taxes, from any payment, then (i) Agent shall pay the full amount that it determines is to be withheld or deducted to the relevant Governmental Authority pursuant to the Code, and (ii) to the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

(c) If Agent or any Obligor is required by any Applicable Law other than the Code to withhold or deduct Taxes from any payment, then (i) Agent or such Obligor, to the extent required by Applicable Law, shall timely pay the full amount to be withheld or deducted to the relevant Governmental Authority, and (ii) to the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

5.9.2. Payment.  Without limiting the foregoing, Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at Agent's option, timely reimburse Agent for payment of, any Other Taxes.

5.9.3. Tax Indemnification.

(a) Each Obligor shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes (including those imposed or asserted on or attributable to amounts payable under this Section) payable or paid by a Recipient or required to be withheld or deducted from a payment to a Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were

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correctly or legally imposed or asserted by the relevant Governmental Authority.  Each Obligor shall indemnify and hold harmless Agent against any amount that a Lender or Issuing Bank fails for any reason to pay indefeasibly to Agent as required pursuant to this Section.  Each Obligor shall make payment within 10 days after demand for any amount or liability payable under this Section.  A certificate as to the amount of such payment or liability delivered to Obligors by a Lender or Issuing Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of any Recipient, shall be conclusive absent manifest error.

(b) Each Lender and Issuing Bank shall indemnify and hold harmless, on a several basis, (i) Agent against any Indemnified Taxes attributable to such Lender or Issuing Bank (but only to the extent Obligors have not already paid or reimbursed Agent therefor and without limiting Obligors' obligation to do so), (ii) Agent and Obligors, as applicable, against any Taxes attributable to such Lender's failure to maintain a Participant register as required hereunder, and (iii) Agent and Obligors, as applicable, against any Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are payable or paid by Agent or an Obligor in connection with any Obligations, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  Each Lender and Issuing Bank shall make payment within 10 days after demand for any amount or liability payable under this Section.  A certificate as to the amount of such payment or liability delivered to any Lender or Issuing Bank by Agent shall be conclusive absent manifest error.

5.9.4. Evidence of Payments.   As soon as practicable after payment by an Obligor of any Taxes pursuant to this Section, Borrower Agent shall deliver to Agent the original or a certified copy of a receipt issued by the appropriate Governmental Authority evidencing the payment, a copy of any return required by Applicable Law to report the payment or other evidence of payment reasonably satisfactory to Agent.

5.9.5. Treatment of Certain Refunds.  Unless required by Applicable Law, at no time shall Agent have any obligation to file for or otherwise pursue on behalf of a Lender or Issuing Bank, nor have any obligation to pay to any Lender or Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the account of a Lender or Issuing Bank.  If a Recipient determines in its discretion that it has received a refund of Taxes as to which it was indemnified by Obligors or with respect to which an Obligor paid additional amounts pursuant to this Section, it shall pay the amount of such refund to Obligors (but only to the extent of indemnity payments or additional amounts actually paid by Obligors with respect to the Taxes giving rise to the refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund), provided that Obligors shall, upon request by the Recipient, repay the amount paid over to Obligors (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient if the Recipient is required to repay such refund to the Governmental Authority.  Notwithstanding anything herein to the contrary, no Recipient shall be required to pay any amount to Obligors if such payment would place it in a less favorable net after-Tax position than it would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  In no event shall Agent or any Recipient be required to make its tax returns (or any other information relating to its taxes that it deems confidential) available to any Obligor or other Person.

5.9.6. Survival.  Each party's obligations under Sections 5.9 and 5.10 shall survive the resignation or replacement of Agent or any assignment of rights by or replacement of a Lender or Issuing

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Bank, the termination of the Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations.

5.10 Lender Tax Information.

5.10.1. Status of Lenders.  Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments of Obligations shall deliver to Obligors and Agent properly completed and executed documentation reasonably requested by Obligors or Agent as will permit such payments to be made without or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by Obligors or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Obligors or Agent to enable them to determine whether such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding the foregoing, such documentation (other than documentation described in Sections 5.10.2(a), (b) and (d)) shall not be required if a Lender reasonably believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially prejudice its legal or commercial position.

5.10.2. Documentation.  Without limiting the foregoing, if any Obligor is a U.S. Person,

(a) Any Lender that is a U.S. Person shall deliver to Obligors and Agent on or prior to the date on which such Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request of Obligors or Agent), executed copies of IRS Form W-9, certifying that such Lender is exempt from U.S. federal backup withholding Tax;

(b) Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Obligors and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request of Obligors or Agent), whichever of the following is applicable:

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BENE establishing an exemption from or reduction of U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty, and (y) with respect to other payments under the Loan Documents, IRS Form W-8BENE establishing an exemption from or reduction of U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

(ii) executed copies of IRS Form W-8ECI;

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate in form satisfactory to Agent to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of an Obligor within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code ("U.S. Tax Compliance Certificate"), and (y) executed copies of IRS Form W-8BENE; or

(iv) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W

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8BENE, a U.S. Tax Compliance Certificate in form satisfactory to Agent, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more of its direct or indirect partners is claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such partner;

(c) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Obligors and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit Obligors or Agent to determine the withholding or deduction required to be made; and

(d) if payment of an Obligation to a Lender would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), such Lender shall deliver to Obligors and Agent, at the time(s) prescribed by law and otherwise upon reasonable request, such documentation prescribed by Applicable Law (including Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be appropriate for Obligors or Agent to comply with their obligations under FATCA and to determine that such Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (d), "FATCA" shall include any amendments made to FATCA after the date hereof.

5.10.3. Redelivery of Documentation.  If any form or certification previously delivered by a Lender pursuant to this Section expires or becomes obsolete or inaccurate in any respect, such Lender shall promptly update the form or certification or notify Obligors and Agent in writing of its inability to do so.

5.11 Nature and Extent of Each Borrower's Liability.

5.11.1. Joint and Several Liability.  Each Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Agent and Lenders the prompt payment and performance of, all Obligations and all agreements under the Loan Documents, except its Excluded Swap Obligations.  Each Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Obligor is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for the Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Agent or any Lender against any Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or

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(h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except Full Payment of all Obligations.

5.11.2. Waivers.

(a) Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or otherwise, to compel Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Borrower.  Each Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment of all Obligations and waives, to the maximum extent permitted by law, any right to revoke any guaranty of Obligations as long as it is a Borrower.  It is agreed among each Borrower, Agent and Lenders that the provisions of this Section 5.11 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and Lenders would decline to make Loans and issue Letters of Credit.  Each Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business.

(b) Agent and Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including realization upon Collateral or any Real Estate by judicial foreclosure or non‐judicial sale or enforcement, without affecting any rights and remedies under this Section 5.11.  If, in taking any action in connection with the exercise of any rights or remedies, Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining to "election of remedies" or otherwise, each Borrower consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had.  Any election of remedies that results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower's obligation to pay the full amount of the Obligations.  Each Borrower waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for the Obligations, even though that election of remedies destroys such Borrower's rights of subrogation against any other Person.  Agent may bid all or a portion of the Obligations at any foreclosure or trustee's sale or at any private sale, and the amount of such bid need not be paid by Agent but shall be credited against the Obligations.  The amount of the successful bid at any such sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 5.11, notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.

5.11.3. Extent of Liability; Contribution.

(a) Notwithstanding anything herein to the contrary, each Borrower's liability under this Section 5.11 shall be limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, and (ii) such Borrower's Allocable Amount.

(b) If any Borrower makes a payment under this Section 5.11 of any Obligations (other than amounts for which such Borrower is primarily liable) (a "Guarantor Payment") that, taking into account all other Guarantor Payments previously or concurrently made by any other

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Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower's Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.  The "Allocable Amount" for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 5.11 without rendering such payment voidable under Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law.

(c) Nothing contained in this Section 5.11 shall limit the liability of any Borrower to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support such Borrower's business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder.  Agent and Lenders shall have the right, at any time in their discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of such Loans and Letters of Credit to such Borrower.

(d) Each Obligor that is a Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation becomes effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP's obligations and undertakings under this Section 5.11 voidable under any applicable fraudulent transfer or conveyance act).  The obligations and undertakings of each Qualified ECP under this Section shall remain in full force and effect until Full Payment of all Obligations.  Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell, support or other agreement" for the benefit of, each Obligor for all purposes of the Commodity Exchange Act.

5.11.4. Joint Enterprise.  Each Borrower has requested that Agent and Lenders make this credit facility available to Borrowers on a combined basis, in order to finance Borrowers' business most efficiently and economically.  Borrowers' business is a mutual and collective enterprise, and the successful operation of each Borrower is dependent upon the successful performance of the integrated group.  Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration of the facility, all to their mutual advantage.  Borrowers acknowledge that Agent's and Lenders' willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and at Borrowers' request.

5.11.5. Subordination.  Each Borrower hereby subordinates any claims, including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of all Obligations; provided, however, so long as an Event of Default does not exist, any Borrower may make payments with respect to any such claims permitted by the terms of this Agreement.

SECTION 6. CONDITIONS PRECEDENT.

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6.1 CONDITIONS PRECEDENT TO INITIAL LOANS.

In addition to the conditions set forth in Section 6.2, Lenders shall not be required to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to Borrowers hereunder, until the date ("Effective Date") that each of the following conditions has been satisfied:

(a) Notes shall have been executed by Borrowers and delivered to each Lender that requests issuance of a Note.  Each other Loan Document shall have been duly executed and delivered to Agent by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof.

(b) Agent shall have received acknowledgments of all filings or recordations necessary to perfect its Liens in the Collateral, as well as UCC and Lien searches and other evidence satisfactory to Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens.

(c) Agent shall have received duly executed agreements establishing each Dominion Account and related lockbox, in form and substance, and with financial institutions, satisfactory to Agent.

(d) Agent shall have received certificates, in form and substance satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect to the initial Loans and transactions hereunder, (i) Borrowers and their Subsidiaries taken as a whole are Solvent; (ii) no Default or Event of Default exists; (iii) the representations and warranties set forth in Section 9 are true and correct; and (iv) each Obligor has complied with all agreements and conditions to be satisfied by it under the Loan Documents.

(e) Agent shall have received a certificate of a duly authorized officer of each Obligor, certifying (i) that attached copies of such Obligor's Organic Documents are true and complete, and in full force and effect, without amendment except as shown; (ii) that an attached copy of resolutions authorizing execution and delivery of the Loan Documents is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this credit facility; and (iii) to the title, name and signature of each Person authorized to sign the Loan Documents.  Agent may conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing.

(f) Agent shall have received a written opinion addressed to Agent and Lenders of (i) Bond Schoeneck & King, PLLC counsel to the Obligors and their Subsidiaries, (ii) Stokes Lawrence, special Washington state counsel to Seneca Snack, and (iii) Saalfeld Griggs PC, special Oregon counsel to Portland Food and Gray, as well as any other local counsel to Obligors or Agent, in each case, in form and substance satisfactory to Agent.

(g) Agent shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other appropriate official of such Obligor's jurisdiction of organization.  Agent shall have received good standing certificates for each Obligor, issued by the Secretary of State or other appropriate official of such Obligor's jurisdiction of organization and each jurisdiction where such Obligor's conduct of business or ownership of Property necessitates qualification.

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(h) Agent shall have received copies of policies or certificates of insurance for the insurance policies carried by Obligors, all in compliance with the Loan Documents.

(i) No material adverse change in the financial condition of any Obligor or in the quality, quantity or value of any Collateral shall have occurred since March 31, 2016.

(j) Borrowers shall have paid all fees and expenses to be paid to Agent and Lenders on the Effective Date.

(k) Agent shall have received a Borrowing Base Certificate prepared as of July 5, 2016.  Upon giving effect to the initial funding of Loans and issuance of Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability shall be at least $60,000,000.

(l) Borrowers and their Subsidiaries shall have delivered to Agent a Mortgagee Consent or Lien Waiver, as applicable, as requested by the Agent with respect to any Real Estate and/or any assets of the Obligors that are in the possession of a landlord or warehouseman.

(m) Borrowers and their Subsidiaries shall have delivered to Agent an Equipment Access Agreement with respect to any leased Labeling Equipment located at a Labeling Facility other than with respect to Labeling Equipment leased from Bank of America or any of its Affiliates.

6.2 Conditions Precedent to All Credit Extensions.

Agent, Issuing Bank and Lenders shall not be required to fund any Loans, arrange for issuance of any Letters of Credit or grant any other accommodation to or for the benefit of Borrowers, unless the following conditions are satisfied:

(a) No Default or Event of Default shall exist at the time of, or result from, such funding, issuance or grant;

(b) The representations and warranties of each Obligor in the Loan Documents shall be true and correct on the date of, and upon giving effect to, such funding, issuance or grant (except for representations and warranties that expressly relate to an earlier date);

(c) All conditions precedent in any other Loan Document shall be satisfied;

(d) No event shall have occurred or circumstance exist that has or could reasonably be expected to have a Material Adverse Effect; and

(e) With respect to issuance of a Letter of Credit, the LC Conditions shall be satisfied.

Each request (or deemed request) by Borrowers for funding of a Loan, issuance of a Letter of Credit or grant of an accommodation shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding, issuance or grant.  As an additional condition to any funding, issuance or grant, Agent shall have received such other information, documents, instruments and agreements as it deems appropriate in connection therewith.

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SECTION 7. COLLATERAL.

7.1 Grant of Security Interest.

To secure the prompt payment and performance of all Obligations, each Obligor hereby grants to Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon the following Property, whether now owned or hereafter acquired, and wherever located:

(a) all Accounts (including health-care-insurance receivables);

(b) all Chattel Paper (whether tangible or electronic);

(c) all Deposit Accounts;

(d) all Documents;

(e) all Farm Products;

(f) all Current Asset Related Intangibles;

(g) all Inventory;

(h) all Instruments (including promissory notes);

(i) all Investment Property;

(j) all Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing);

(k) all Supporting Obligations;

(l) all monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or Affiliate of Agent or a Lender, including any Cash Collateral and Cash Equivalents;

(m) all of the Equity Interests that any of the Obligors now or hereafter own in any other Person;

(n) all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and

(o) any and all contract rights and books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records) relating to any of the foregoing.

7.2 Lien on Deposit Accounts; Cash Collateral.

7.2.1. Deposit Accounts.  To further secure the prompt payment and performance of all Obligations, each Obligor hereby grants to Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Obligor, including

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any sums in any blocked or lockbox accounts or in any accounts into which such sums are swept.  Each Obligor hereby authorizes and directs each bank or other depository, during any Trigger Period or while an Event Default is outstanding, to deliver to Agent, upon request, all balances in any Deposit Account maintained by such Obligor, without inquiry into the authority or right of Agent to make such request.

7.2.2. Cash Collateral.  Any Cash Collateral may be invested, at Agent's discretion (and with the consent of Obligors, as long as no Event of Default exists), but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for any investment or loss.  Each Obligor hereby grants to Agent, for the benefit of Secured Parties and as security for the Obligations, a security interest in all Cash Collateral held from time to time and all proceeds thereof, whether held in a Cash Collateral Account or otherwise.  Agent may apply Cash Collateral to the payment of Obligations as they become due, in such order as Agent may elect; provided, however during an Event of Default, such Cash Collateral shall be applied to the Obligations in accordance with Section 5.6.2.  During any Trigger Period or while an Event of Default is outstanding, each Cash Collateral Account and all Cash Collateral shall be under the sole dominion and control of Agent, and no Obligor or other Person shall have any right to any Cash Collateral, until Full Payment of all Obligations.

7.3 [Intentionally Omitted.]

7.4 Certain After-Acquired Collateral.

Obligors shall promptly notify Agent in writing if, after the Effective Date, any Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights and, in any case, having a value in excess of $50,000, and, upon Agent's request, shall promptly take such actions as Agent deems appropriate to effect Agent's duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver.  If any Collateral is in the possession of a third party, at Agent's request, Obligors shall obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

7.5 No Assumption of Liability.

The Lien on Collateral granted hereunder is given as security only and shall not subject Agent or any Lender to, or in any way modify, any obligation or liability of Obligors relating to any Collateral.  In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor.

7.6 Further Assurances.

Promptly upon request, Obligors shall deliver such instruments, assignments, title certificates, or other documents or agreements, and shall take such actions, as Agent deems appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement.  Each Obligor ratifies any action taken by Agent before the Effective Date to effect or perfect its Lien on any Collateral.

SECTION 8. COLLATERAL ADMINISTRATION.

8.1 Borrowing Base Certificates.

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By the 20th day of each month, Borrowers shall deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of the previous month, and at such other times as Agent may request; provided that the Borrowing Base Certificate will be delivered weekly setting forth the Borrowing Base as at the end of each calendar week within five (5) days after the ending of each week during which the Availability is less than 12.5% of the Borrowing Base for each Business Day of such week (or for any period of five (5) consecutive Business Days ending during such week); (it being understood that such weekly Borrowing Base Certificates shall reflect changes in Accounts and that changes in Inventory and ineligible Accounts and Inventory will continue to be updated on a monthly basis).  All calculations of Availability in any Borrowing Base Certificate shall originally be made by Borrowers and certified by a Senior Officer, provided that Agent may from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value of any Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting Collateral; and (c) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Availability Reserve.

8.2 Administration of Accounts.

8.2.1. Records and Schedules of Accounts.  Each Borrowing Base Obligor shall keep accurate and complete records of its Accounts, including all payments and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form satisfactory to Agent, on such periodic basis as Agent may request.  Each Borrowing Base Obligor shall also provide to Agent, on or before the 20th day of each month, an inventory summary (together with a schedule of locations of such Inventory in form and reasonable detail satisfactory to Agent) and a detailed aged trial balance of all Accounts as of the end of the preceding month, specifying each Account's Account Debtor name, amount, age, showing any discount, allowance, credit, authorized return or dispute, and in addition, upon the reasonable request of the Agent, proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Agent may reasonably request.  If Accounts in an aggregate face amount of $5,000,000 or more cease to be Eligible Accounts, Borrowing Base Obligors shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrowing Base Obligor has knowledge thereof.

8.2.2. Taxes.  If an Account of any Borrowing Base Obligor includes a charge for any Taxes, Agent is authorized, in its discretion, to pay the amount thereof to the proper taxing authority for the account of such Borrowing Base Obligor and to charge Borrowing Base Obligors therefor; provided, however, that neither Agent nor Lenders shall be liable for any Taxes that may be due from Borrowing Base Obligors or with respect to any Collateral.

8.2.3. Account Verification.  Whether or not a Default or Event of Default exists, Agent shall have the right at any time, in the name of Agent, any designee of Agent or any Borrowing Base Obligor, to verify the validity, amount or any other matter relating to any Accounts of Borrowing Base Obligors by mail, telephone or otherwise.  Borrowing Base Obligors shall cooperate fully with Agent in an effort to facilitate and promptly conclude any such verification process.

8.2.4. Maintenance of Dominion Account.  Obligors shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent.  Obligors shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent's control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges.  If a Dominion Account is not maintained with Bank of America,

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Agent may, during any Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America.  Agent and Lenders assume no responsibility to Obligors for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

8.2.5. Proceeds of Collateral.  During any Trigger Period or while an Event of Default is outstanding, Borrowing Base Obligors shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account).  During any Trigger Period or while an Event of Default is outstanding, if any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

8.3 Administration of Inventory.

8.3.1. Records and Reports of Inventory.  Each Borrowing Base Obligor shall keep accurate and complete records of its Inventory, including costs and daily withdrawals and additions, and shall submit to Agent inventory and reconciliation reports in form satisfactory to Agent, on such periodic basis as Agent may request.  Each Borrowing Base Obligor shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested by Agent when an Event of Default exists) and periodic cycle counts consistent with historical practices, and shall provide to Agent a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may request.  Agent may participate in and observe each physical count.

8.3.2. Returns of Inventory.  No Borrowing Base Obligor shall return any Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; (c) Agent is promptly notified if the aggregate Value of all Inventory returned in any month exceeds $5,000,000; and (d) any payment received by a Borrowing Base Obligor for a return is promptly remitted to Agent for application to the Obligations.

8.3.3. Acquisition, Sale and Maintenance.  No Borrowing Base Obligor shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA.  No Borrowing Base Obligor shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrowing Base Obligor to repurchase such Inventory.  Borrowing Base Obligors shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located.

8.4 Labeling Equipment.

Schedule 8.4 sets forth a description of all Labeling Equipment leased by the Parent or any Subsidiary located at a Labeling Facility.  Each Obligor shall keep accurate and complete records of its Labeling Equipment maintained at a Labeling Facility and shall submit to Agent, on such periodic basis as Agent may request, a current schedule thereof, in form satisfactory to Agent.  No Obligor shall, nor shall such Obligor permit any Subsidiary to, move any Labeling Equipment located at a Labeling Facility to another location, without providing Agent with 15 Business Days' prior written notice to Agent or as otherwise agreed to by Agent.  Each Obligor

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shall, and shall cause each Subsidiary to, provide Agent with an Equipment Access Agreement with respect to any Labeling Equipment located at a Labeling Facility or such other location to which such Labeling Equipment has been moved (a) which is owned and subject to a Lien, or (b) which is leased by such Obligor or Subsidiary from any Person other than Bank of America or any of its Affiliates; provided that the Obligors shall not be required to provide Equipment Access Agreements with respect to the Labeling Equipment set forth on Schedule 8.4.

8.5 Administration of Deposit Accounts.

Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts.  Each Obligor shall take all actions necessary to establish Agent's control of each such Deposit Account (other than (x) an account exclusively used for payroll, payroll taxes or employee benefits or (y) an account containing not more than $50,000 at any time so long as the aggregate balance maintained in all such accounts under this clause (y) does not exceed $750,000 at any time).  Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any other Person (other than Agent) to have control over a Deposit Account or any Property deposited therein.  Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

8.6 General Provisions.

8.6.1. Location of Collateral.  All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by Obligors at the business locations set forth in Schedule 8.6.1, except that Obligors may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.5; and (b) move Collateral to another location in the United States, upon 15 Business Days prior written notice to Agent or as otherwise agreed to by the Agent; provided that Borrowing Base Obligors shall at all times maintain Inventory at locations subject to a Lien Waiver that constitutes not less than 90% of all Inventory of the Borrowing Base Obligors.

8.6.2. Insurance of Collateral; Condemnation Proceeds.

(a) Each Obligor shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood and other risks, in amounts, with endorsements and with insurers (with a Best's Financial Strength Rating of at least A_ VII, unless otherwise approved by Agent) in accordance with general practices of businesses engaged in similar activities in similar geographic areas.  All proceeds under each policy shall be payable to Agent for application to the Obligations.  From time to time upon request, Obligors shall deliver to Agent the originals or certified copies of its insurance policies.  Unless Agent shall agree otherwise, each policy shall include satisfactory endorsements (i) showing Agent as lender loss payee; (ii) requiring 30 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Obligor or the owner of the Collateral, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy.  If any Obligor fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Obligors therefor.  Each Obligor agrees to deliver to Agent, promptly as rendered, copies of all reports made to insurance companies in respect of claims or disputes in respect of coverage in excess of $250,000.  While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim, as long as the proceeds are

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delivered to Agent for application to the Obligations.  If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

(b) Any proceeds of insurance related to Collateral and any awards arising from condemnation of any Collateral shall be paid to Agent for application to the Obligations.  Any such proceeds or awards that relate to Inventory shall be applied to payment of the Loans, and then to any other Obligations outstanding.

8.6.3. Protection of Collateral.  All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon any Collateral, shall be borne and paid by Obligors.  Agent shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Agent's actual possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Obligors' sole risk.

8.6.4. Defense of Title to Collateral.  Each Obligor shall at all times defend its title to Collateral and Agent's Liens therein against all Persons, claims and demands whatsoever, except Permitted Liens.

8.7 Power of Attorney.

Each Obligor hereby irrevocably constitutes and appoints Agent (and all Persons designated by Agent) as such Obligor's true and lawful attorney (and agent-in-fact) for the purposes provided in this Section.  Agent, or Agent's designee, may, without notice and in either its or an Obligor's name, but at the cost and expense of Obligors:

(a) Endorse an Obligor's name on any Payment Item or other proceeds of Collateral (including proceeds of insurance) that come into Agent's possession or control; and

(b) During an Event of Default, (i) notify any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts; (ii) settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for such amounts and at such times as Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral; (v) prepare, file and sign an Obligor's name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to an Obligor, and notify postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to any Accounts, Inventory or other Collateral; (viii) use an Obligor's stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing, electronic or information systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as may be necessary or appropriate to obtain payment under any letter of credit, banker's acceptance or other instrument for which an Obligor is a beneficiary; and (xii) take all other actions as Agent deems appropriate to fulfill any Obligor's obligations under the Loan Documents.

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SECTION 9. REPRESENTATIONS AND WARRANTIES.

9.1 General Representations and Warranties.

To induce Agent and Lenders to enter into this Agreement and to make available the Commitments, Loans and Letters of Credit, each Borrower represents and warrants that:

9.1.1. Organization and Qualification.  Each Borrower and Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.  Each Borrower and Subsidiary is duly qualified, authorized to do business and in good standing as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

9.1.2. Power and Authority.  Each Obligor is duly authorized to execute, deliver and perform its Loan Documents.  The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, other than those already obtained; (b) contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require the imposition of any Lien (other than Permitted Liens) on any Property of any Obligor.

9.1.3. Enforceability.  Each Loan Document is a legal, valid and binding obligation of each Obligor party thereto, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

9.1.4. Capital Structure.  Schedule 9.1.4 shows, for each Borrower and Subsidiary, its name, its jurisdiction of organization, tax identification number, its authorized and issued Equity Interests, and, except in the case of Parent, the holders of its Equity Interests, and all agreements binding on such holders with respect to their Equity Interests.  Except as disclosed on Schedule 9.1.4, in the five years preceding the Effective Date, no Borrower or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a merger or combination.  Each Borrower and Subsidiary has good title to its Equity Interests in its Subsidiaries, subject only to Agent's Lien, and all such Equity Interests are duly issued, fully paid and non-assessable.  There are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating to Equity Interests of (a) any Borrower (other than the Parent ) or any Subsidiary or (b) the Parent to which it or any other Borrower or any Subsidiary is a party.  Upon any new Subsidiary becoming a Guarantor in accordance with Section 10.1.9, the Borrowers shall promptly update Schedule 9.1.4 to include the information required by this Section 9.1.4 with respect to such new Subsidiary.

9.1.5. Title to Properties; Priority of Liens.  Each Borrower and Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except Permitted Liens; provided that all owned Labeling Equipment that is subject to a Lien shall be subject to the terms of Equipment Access Agreements.  Each Borrower and Subsidiary has paid and discharged all lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens.  All Liens of Agent in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Agent's Liens.

9.1.6. Accounts.  Agent may rely, in determining which Accounts are Eligible Accounts, on all statements and representations made by Borrowers with respect thereto.  Borrowers

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warrant, with respect to each Account at the time it is shown as an Eligible Account in a Borrowing Base Certificate, that:

(a) it is genuine and in all respects what it purports to be, and is not evidenced by a judgment;

(b) it arises out of a completed, bona fide sale and delivery of goods or rendition of services in the Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto;

(c) it is for a sum certain, maturing as stated in the invoice covering such sale or rendition of services, a copy of which has been furnished or is available to Agent on request;

(d) it is not subject to any offset, Lien (other than Agent's Lien), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account Debtor, without contingency in any respect;

(e) no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Borrowing Base Obligor is the sole payee or remittance party shown on the invoice;

(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder; and

(g) to the best of Borrowers' knowledge, (i) there are no facts or circumstances that are reasonably likely to impair the enforceability or collectibility of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Borrowing Base Obligor's customary credit standards, is Solvent, is not contemplating or subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor's financial condition.

9.1.7. Financial Statements.  The consolidated balance sheets, and related statements of income, cash flow and shareholder's equity, of Borrowers and Subsidiaries that have been and are hereafter delivered to Agent and Lenders, are prepared in accordance with GAAP, and fairly present the financial positions and results of operations of Borrowers and Subsidiaries at the dates and for the periods indicated.  All projections delivered from time to time to Agent and Lenders have been prepared in good faith, based on reasonable assumptions in light of the circumstances at such time.  Since March 31, 2016, there has been no change in the condition, financial or otherwise, of any Borrower or Subsidiary that could reasonably be expected to have a Material Adverse Effect.  No financial statement delivered to Agent or Lenders at any time contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make such statement not materially misleading.  The Borrowers and Subsidiaries taken as a whole are Solvent.  Except as set forth on Schedule 9.1.7, between March 31, 2016 and the Effective Date, Parent has not made any Distribution.

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9.1.8. Surety Obligations.  No Borrower or Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder.

9.1.9. Taxes.  Each Borrower and Subsidiary has filed all federal, state and local tax returns and other reports that it is required by law to file, and has paid, or made provision for the payment of, all Taxes upon it, its income and its Properties that are due and payable, except to the extent being Properly Contested.  The provision for Taxes on the books of each Borrower and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year.

9.1.10. Brokers.  There are no brokerage commissions, finder's fees or investment banking fees payable in connection with any transactions contemplated by the Loan Documents.

9.1.11. Intellectual Property. Each Borrower and Subsidiary owns or has the lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any rights of others.  There is no pending or, to any Borrower's knowledge, threatened Intellectual Property Claim with respect to any Borrower, any Subsidiary or any of their Property (including any Intellectual Property) that if resolved adversely to such Borrower or Subsidiary would have a Material Adverse Effect.  Except as disclosed on Schedule 9.1.11, no Borrower or Subsidiary pays or owes any Royalty or other compensation to any Person with respect to any Intellectual Property.  All Intellectual Property owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Subsidiary is shown on Schedule 9.1.11.

9.1.12. Governmental Approvals.  Each Borrower and Subsidiary has, and is in compliance with all Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties.  All necessary import, export or other licenses, permits or certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Borrowers and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.

9.1.13. Compliance with Laws.  Each Borrower and Subsidiary has duly complied, and its Properties and business operations are in compliance, in all material respects with all Applicable Law, except where noncompliance would not have a Material Adverse Effect.  There are no citations, notices or orders of noncompliance issued to any Borrower or Subsidiary under any Applicable Law which would have a Material Adverse Effect.  No Inventory has been produced in violation of the FLSA.

9.1.14. Compliance with Environmental Laws.  Except as disclosed on Schedule 9.1.14, no Borrower's or Subsidiary's past or present operations, Real Estate or other Properties are subject to any federal, state or local investigation to determine whether any remedial action is needed to address any environmental pollution, hazardous material or environmental clean-up that would have a Material Adverse Effect.  No Borrower or Subsidiary has received any Environmental Notice that would have a Material Adverse Effect.  No Borrower or Subsidiary has any contingent liability with respect to any Environmental Release, environmental pollution or hazardous material on any Real Estate now or previously owned, leased or operated by it which would have a Material Adverse Effect.

9.1.15. Burdensome Contracts.  No Borrower or Subsidiary is a party or subject to any contract, agreement or charter restriction that could reasonably be expected to have a Material Adverse Effect.  No Borrower or Subsidiary is party or subject to any Restrictive Agreement, except as shown on Schedule 9.1.15.  No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an Obligor.

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9.1.16. Litigation.  Except as shown on Schedule 9.1.16, there are no proceedings or investigations pending or, to any Borrower's knowledge, threatened against any Borrower or Subsidiary, or any of their businesses, operations, Properties, prospects or conditions, that (a) relate to any Loan Documents or transactions contemplated thereby; or (b) could reasonably be expected to have a Material Adverse Effect if determined adversely to any Borrower or Subsidiary.  No Borrower or Subsidiary is in default with respect to any order, injunction or judgment of any Governmental Authority.

9.1.17. No Defaults.  No event or circumstance has occurred or exists that constitutes a Default or Event of Default.  No Borrower or Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, under any Material Contract or in the payment of any Indebtedness.

9.1.18. ERISA.  Except as disclosed on Schedule 9.1.18:

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code, and other federal and state laws.  Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of Borrowers, nothing has occurred which would prevent, or cause the loss of, such qualification.  Each Obligor and ERISA Affiliate has met all applicable requirements of the Pension Funding Rules, and no application for a waiver of the minimum funding standards or an extension of any amortization period has been made with respect to any Plan.

(b) There are no pending or, to the knowledge of Borrowers, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted in or could reasonably be expected to have a Material Adverse Effect.

(c) (i) No ERISA Event has occurred that could reasonably be expected to result in liability to an Obligor or an ERISA Affiliate in an aggregate amount that equals or exceeds $1,000,000; (ii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%; and no Obligor or ERISA Affiliate knows of any reason that such percentage could reasonably be expected to drop below 60%; (iii) no Obligor or ERISA Affiliate has incurred any liability to the PBGC except for the payment of premiums, and no premium payments are due and unpaid; (iv) no Obligor or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; and (v) no Pension Plan has been terminated by its plan administrator or the PBGC, and no fact or circumstance exists that could reasonably be expected to cause the PBGC to institute proceedings to terminate a Pension Plan.

(d) With respect to any Foreign Plan, except to the extent failure to do so would not result in liability to the Obligor or ERISA Affiliate in an aggregate amount that equals or exceeds $1,000,000, (i) all employer and employee contributions required by law or by the terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance, or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has

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been registered as required and has been maintained in good standing with applicable regulatory authorities.

9.1.19. [Intentionally Omitted.]

9.1.20. Labor Relations.  Except as described on Schedule 9.1.20, no Borrower or Subsidiary is party to or bound by any collective bargaining agreement, management agreement or consulting agreement.  There are no material grievances, disputes or controversies with any union or other organization of any Borrower's or Subsidiary's employees, or, to any Borrower's knowledge, any asserted or threatened strikes, work stoppages or demands for collective bargaining, except for demands for collective bargaining occurring in the ordinary course of business at facilities with existing collective bargaining agreements.

9.1.21. Payable Practices.  No Borrower or Subsidiary has made any material change in its historical accounts payable practices from those in effect on the Effective Date.

9.1.22. Not a Regulated Entity.  No Obligor is (a) an "investment company" or a "person directly or indirectly controlled by or acting on behalf of an investment company" within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to incur Indebtedness.

9.1.23. Margin Stock; Ineligible Securities.

(a) No Borrower or Subsidiary is engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.  No Loan proceeds or Letters of Credit will be used by Borrowers to purchase or carry, or to reduce or refinance any Indebtedness incurred to purchase or carry, any Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors.

(b) No portion of the proceeds of any Loans is to be used, and no portion of any Letter of Credit is to be obtained, for the purpose of knowingly purchasing, or providing credit support for the purchase of, during the underwriting or placement period or within thirty (30) days thereafter, any Ineligible Securities underwritten or privately placed by a Financial Affiliate.

9.1.24. [Intentionally Omitted].

9.1.25. [Intentionally Omitted].

9.1.26. PACA.  No PACA Claims have ever been successfully asserted against any of the Borrowers or their Subsidiaries.  None of the Borrowers or their Subsidiaries has violated or failed to comply with PACA.

9.1.27. Subsidiary Business.  Neither Seneca Foods International, Ltd., Gray Glace Products Company nor Friday U.K., Limited engages in any business or has any assets.

9.1.28. Food Security Act.  Neither any Borrower nor any of their Subsidiaries has received any notice given pursuant to Section 1324(e)(1) or (3) of the Food Security Act and there has not been filed any financing statement or notice, purportedly in compliance with the provisions of the Food Security Act, purporting to perfect, or continue perfected, a security interest in farm products purchased by any Borrower or any Subsidiary in favor of a secured creditor of the seller of such farm products,

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except under circumstances where such Borrower or Subsidiary has taken all actions necessary to ensure that such Borrower or Subsidiary obtains a waiver or release of any security interest in farm products covered by any such notice or financing statement or notice upon such Borrower's or Subsidiary's payment of the purchase price for such farm products.  The Borrowers and each of their Subsidiaries have registered pursuant to Section 1324(c)(2)(D) of the Food Security Act, with the Secretary of State of each State in which are produced farm products purchased by any Borrower and any Subsidiary and which has established or hereafter establishes a central filing system, as a buyer of farm products produced in such State.

9.1.29. OFAC.  No Borrower, Subsidiary, or any director, officer, employee, agent, affiliate or representative thereof, is or is owned or controlled by any individual or entity that is currently the subject or target of any Sanction or is located, organized or resident in a Designated Jurisdiction

9.2 Complete Disclosure.

No Loan Document contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make the statements contained therein not materially misleading.  There is no fact or circumstance that any Obligor has failed to disclose to Agent in writing that could reasonably be expected to have a Material Adverse Effect.

SECTION 10. COVENANTS AND CONTINUING AGREEMENTS.

10.1 Affirmative Covenants.

As long as any Commitments or Obligations are outstanding, each Borrower shall, and shall cause each Subsidiary to:

10.1.1. Inspections; Appraisals.

(a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower's or Subsidiary's books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower's or Subsidiary's business, financial condition, assets, prospects and results of operations.  Lenders may participate in any such visit or inspection, at their own expense.  Neither Agent nor any Lender shall have any duty to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor, provided, upon request by Borrower Agent, Agent shall share the results of any appraisal.  Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Obligors shall not be entitled to rely upon them.

(b) Reimburse Agent for all charges, costs and expenses of Agent in connection with (i) examinations of any Obligor's books and records or any other financial or Collateral matters as Agent deems appropriate, up to one time per Loan Year, provided, that if Availability is less than 15% of the Borrowing Base at any time, Agent shall have the right to perform examinations up to two times per Loan Year; and (ii) appraisals of Inventory, up to one time per Loan Year; provided, however, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses thereof shall be reimbursed by Borrowers without regard to such limits.  Subject to and without limiting the foregoing, Borrowers specifically agree to pay Agent's then standard charges for examination activities, including the standard charges of Agent's internal appraisal group.  This Section shall not be construed to limit Agent's right to use

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third parties for such purposes.  No Borrowing Base calculation shall include any Collateral until completion of applicable field examinations and appraisals (which shall not be included in the limits provided above) satisfactory to Agent, including, without limitation, any Collateral acquired in a Permitted Acquisition or otherwise outside the Ordinary Course of Business.

10.1.2. Financial and Other Information.  Keep adequate records and books of account with respect to its business activities, in which proper entries are made in accordance with GAAP reflecting all financial transactions; and furnish to Agent and Lenders:

(a) as soon as available, and in any event within 90 days after the close of each Fiscal Year, (i) consolidated balance sheets as of the end of such Fiscal Year and the related consolidated statements of income, cash flow and shareholders' equity for such Fiscal Year, for Borrowers and GAAP Subsidiaries, which shall be audited and certified (without qualification) by a firm of independent certified public accountants of recognized standing selected by Borrowers and acceptable to Agent, and shall set forth in comparative form corresponding figures for the preceding Fiscal Year and other information acceptable to Agent, and (ii) to the extent the GAAP Subsidiaries include any Person that is not a Subsidiary, consolidated balance sheets as of the end of such Fiscal Year and the related consolidated statements of income, cash flow and shareholders' equity for such Fiscal Year, for Borrowers and Subsidiaries, certified by the chief financial officer of Borrower Agent, together with such financial statements prepared using first-in, first-out method of inventory accounting as certified by the chief financial officer of Borrower Agent;

(b) as soon as available, and in any event within 45 days after the end of each Fiscal Quarter, unaudited consolidated balance sheets as of the end of such Fiscal Quarter and the related consolidated statements of income and cash flow for such Fiscal Quarter and for the portion of the Fiscal Year then elapsed, for Borrowers and GAAP Subsidiaries and, to the extent the GAAP Subsidiaries include any Person that is not a Subsidiary, for Borrowers and Subsidiaries, setting forth in comparative form corresponding figures for the corresponding Fiscal Quarter of the previous Fiscal Year and the corresponding portion of the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent as prepared in accordance with GAAP and fairly presenting the financial position and results of operations for such Fiscal Quarter and period, except for normal year-end adjustments and the absence of footnotes, together with such financial statements prepared using first-in, first-out method of inventory accounting as certified by the chief financial officer of Borrower Agent;

(c) concurrently with delivery of financial statements under clauses (a) and (b) above, or more frequently if requested by Agent while a Default or Event of Default exists, a Compliance Certificate executed by the chief financial officer of Borrower Agent;

(d) concurrently with delivery of financial statements under clause (a) above, copies of all management letters and other material reports, if any, submitted to Borrowers by their accountants in connection with such financial statements;

(e) as soon as available and in any event prior to the end of each Fiscal Year, projections of Borrowers' consolidated balance sheets, results of operations, cash flow and Availability for the next Fiscal Year, month by month;

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(f) at Agent's request, a listing of each Borrowing Base Obligor's trade payables, specifying the trade creditor and balance due, and a detailed trade payable aging, all in form satisfactory to Agent;

(g) promptly after the sending or filing thereof, copies of any proxy statements, financial statements or reports that any Borrower has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses that any Borrower files with the Securities and Exchange Commission or any other Governmental Authority, or any securities exchange; and copies of any press releases or other statements made available by a Borrower to the public concerning material changes to or developments in the business of such Borrower;

(h) promptly after the sending or filing thereof, copies of any annual report to be filed in connection with each Plan or Foreign Plan;

(i) such other reports and information (financial or otherwise) as Agent may request from time to time in connection with any Collateral or any Borrower's, Subsidiary's or other Obligor's financial condition or business;

(j) promptly after submission to any Governmental Authority, all material documents and information furnished to such Governmental Authority in connection with any investigation of any Borrower or any Subsidiary of a Borrower other than routine inquiries by such Governmental Authority and inquiries with respect to matters that would not have a Material Adverse Effect and except as prohibited by law; and

(k) by November 30 of each year, an off-season reserve analysis for the remainder of such Fiscal Year ending on March 31, in form and detail consistent with past practices and satisfactory to Agent.

10.1.3. Notices.  Notify Agent and Lenders in writing, promptly after a Borrower's obtaining knowledge thereof, of any of the following that affects an Obligor:  (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, if an adverse determination would have a Material Adverse Effect; (b) any pending or threatened labor dispute, strike or walkout, or the expiration of any material labor contract; (c) any other default or termination for cause of Material Contract; (d) the existence of any Default or Event of Default; (e) any judgment in an amount exceeding $5,000,000; (f) the assertion of any Intellectual Property Claim, if an adverse resolution would have a Material Adverse Effect; (g) any violation or asserted violation of any Applicable Law (including ERISA, OSHA, FLSA, or any Environmental Laws), if an adverse resolution would have a Material Adverse Effect; (h) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor that reasonably could be expected to result in liabilities of $250,000 or more; or receipt of any Environmental Notice with respect to a matter that reasonably could be expected to result in liabilities of $250,000 or more; (i) the occurrence of any ERISA Event that could reasonably be expected to result in liability to an Obligor or an ERISA Affiliate in an aggregate amount that equals or exceeds $1,000,000; (j) the discharge of or any withdrawal or resignation by Borrowers' independent accountants; (k) any opening of a new office or place of business at which assets having a value in excess of $250,000 will be located, at least 30 days prior to such opening; or (l) the receipt or delivery of any material notices that any Borrower or any Subsidiary of a Borrower gives or receives under or in connection with (i) PACA or any PACA Claim being asserted, or (ii) any claim of any Lien under the California Producer's Lien Law.

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10.1.4. Landlord and Storage Agreements.  Upon request, provide Agent with copies of all existing agreements, and promptly after execution thereof provide Agent with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at which any Collateral may be kept or that otherwise may possess or handle any Collateral.

10.1.5. Compliance with Laws.  Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, PACA and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism Laws) or maintain would have a Material Adverse Effect.  Without limiting the generality of the foregoing, (a) if any Environmental Release occurs at or on any Properties of any Borrower or Subsidiary, it shall act promptly and diligently to investigate and report to all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate, such Environmental Release, all as and to the extent required by Applicable Laws, and (b) if any such Environmental Release could reasonably could be expected to result in liabilities of $250,000 or more shall occur, it shall act promptly to report to Agent.

10.1.6. Taxes.  Pay and discharge all Taxes prior to the date on which they become delinquent or penalties attach, unless such Taxes are being Properly Contested.

10.1.7. Insurance.  In addition to the insurance required hereunder with respect to Collateral, maintain with financially sound and reputable insurers (or through Dundee as its captive insurer) insurance with respect to their properties and business against such casualties and contingencies as shall be in accordance with the general practices of businesses engaged in similar activities in similar geographic areas and in amounts, containing such terms, in such forms and for such periods as may be reasonable and prudent and in accordance with the terms of the Security Documents.

10.1.8. Licenses.  Keep each License affecting any Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of Borrowers and Subsidiaries and necessary to conduct the business of Borrowers in full force and effect; pay all Royalties when due; and notify Agent of any default or breach asserted by any Person to have occurred under any License.

10.1.9. Future Subsidiaries.  Promptly notify Agent upon any Person becoming a Subsidiary and, if such Person is not a Foreign Subsidiary, cause it to guaranty the Obligations by executing and delivering to Agent a Joinder Agreement in the form attached hereto as Exhibit D (each, a "Joinder Agreement", and to execute and deliver such documents, instruments and agreements and to take such other actions as Agent shall require to evidence and perfect a Lien in favor of Agent (for the benefit of Secured Parties) on all assets of such Person that would constitute Collateral, including delivery of such legal opinions (including, without limitation, a local counsel legal opinion, if applicable, to the extent such Person will become a Borrowing Base Obligor upon such Person becoming a Subsidiary), in form and substance satisfactory to Agent, as it shall deem appropriate.

10.1.10. Records and Accounts.  The Borrowers will maintain written records pertaining to perishable agricultural commodities and by-products and/or farm products in its possession to which a constructive trust under PACA or a Lien under the California Producer's Lien Law is applicable.

10.1.11. Additional Matters Relating to PACA.

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(a) Defined Terms.  As referred to in this Section 10.1.11, "Affiliate PACA Contracts" shall mean any contract or agreement for the growing, purchase and/or sale of any Perishable Agricultural Commodity (as defined in Section 499a(b)(4) of PACA (other than tree or viticultural fruit), the "PACA Commodities") among any of the Borrowers or their Subsidiaries, as a commission merchant, dealer, and/or broker (as those terms are defined, respectively, in Sections 499a(b)(5), (6) and (7) of PACA, the "Affiliate PACA Buyer") and any of the Borrowers or their Subsidiaries, as a supplier or seller of PACA Commodities (the "Affiliate PACA Seller"), and "Non-Affiliate PACA Contracts" shall mean any contract or agreement for the purchase and sale of any PACA Commodities, among any of the Borrowers or their Subsidiaries as a supplier or seller of PACA Commodities (the "Non-Affiliate PACA Seller"), and any commission merchant, dealer, and/or broker (as those terms are defined, respectively, in Sections 499a(b)(5), (6) and (7) of PACA) that is not an Affiliate of any of the Borrowers or their Subsidiaries (the "Non-Affiliate PACA Buyer").  As referred to in this Agreement, "PACA Trust" shall mean the statutory trust authorized by Section 499e(c) of PACA.

(b) Affiliate PACA Contracts After Effective Date.  Require that any Affiliate PACA Contracts, or any provisions under any contract or agreement that constitute an Affiliate PACA Contract:

(i) provide for payment terms of not less than 31 days after receipt and acceptance (as defined in 7 U.S.C. Sections 46.46(a) and 46.2(dd)) of any shipment of PACA Commodities sold under such Affiliate PACA Contract; and

(ii) provide for the Affiliate PACA Seller's irrevocable waiver of its right to give written notice of any kind to the Affiliate PACA Buyer of the Affiliate PACA Seller's intent to preserve the benefits of the PACA Trust.

(c) Affiliate PACA Contracts Existing on the Effective Date.  Require that any Affiliate PACA Contracts, or any provisions under any contract or agreement that constitutes an Affiliate PACA Contract, existing as of the Effective Date, be amended to conform to Section 10.1.11(b) above on or prior to the Effective Date.

(d) Non-Affiliate PACA Contracts After Effective Date.  Require that any Non-Affiliate PACA Contracts, or any provisions under any contract or agreement that constitutes a Non-Affiliate PACA Contract, executed on or after the Effective Date, provide for payment terms of not more than 30 days after receipt and acceptance (as defined in 7 U.S.C. Sections 46.46(a) and 46.2(dd)) of any shipment of PACA Commodities sold under such Non-Affiliate PACA Contract.

(e) Payment for Perishable Agricultural Commodities.  Pay, not later than the date required for payment thereof, any outstanding invoices for perishable agricultural commodities purchased from any vendor except for a Borrower or a Subsidiary of a Borrower, provided that, if any such invoice requires payment upon delivery, payment shall be made on the date of delivery, and further provided that such payment may be made on a later date with respect to any vendor that has waived in writing its rights under PACA with respect to the applicable invoice.  If notification, other than on an invoice, is received by a Borrower or a Subsidiary of a Borrower from a vendor that such vendor intends to enforce its rights under PACA or to establish that a statutory trust or lien exists in favor of such vendor, such Borrower or Subsidiary shall pay the amount claimed to be owed to such vendor within one Business Day after receiving such notice and shall promptly give notice to Agent of its receipt of such notice from such vendor, which notice to Agent shall be accompanied by a copy of such vendor notice, provided that, the applicable Borrower or Subsidiary may defer the payment of the amounts claimed to be owed to

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such vendor if and so long as (i) the claimed obligation is being properly contested in good faith and such claim is being diligently defended in good faith by the applicable Borrower or Subsidiary in any applicable legal or administrative action initiated in connection with such claims, (ii) the right of the vendor to enforce any liens or trusts provided under PACA has been stayed or otherwise legally prohibited during the pendency of such action, and (iii) the Reserve shall include the amount owed to such vendor, unless otherwise agreed by the Agent.

10.1.12. Food Security Act.

(a) Promptly provide Agent with a copy of any notice received by such Borrower with respect to a security interest created by a seller of farm products or a secured creditor of a seller of farm products; and

(b) With respect to any farm products produced in a state with a central filing system, register with the secretary of state of such state prior to the purchase of such farm products and maintain such registration in full force and effect.

10.1.13. Post-Closing Obligation.  On or prior to December 31, 2016 (a) provide evidence satisfactory to Agent that Diana Fruit has been merged into Gray whereby Gray is the surviving entity, or (b) provide Agent, for the benefit of Secured Parties, with a local counsel opinion in form and substance satisfactory to Agent consistent with the opinions provided on the Effective Date pursuant to Section 6.1(f).

10.2 Negative Covenants.

As long as any Commitments or Obligations are outstanding, each Borrower shall not, and shall cause each Subsidiary not to:

10.2.1. Permitted Indebtedness.  Create, incur, guarantee or suffer to exist any Indebtedness, except:

(a) the Obligations;

(b) unsecured Subordinated Debt;

(c) Indebtedness (other than the Obligations and Subordinated Debt), but only to the extent outstanding on the Effective Date and listed and described on Schedule 10.2.1(c) and not satisfied with proceeds of the initial Loans;

(d) Bank Product Debt (other than Indebtedness or other obligations relating to Supply Chain Financings);

(e) Indebtedness that is in existence when a Person becomes a Subsidiary or that is assumed by a Borrower or Subsidiary in connection with a Permitted Acquisition of assets, as long as such Indebtedness was not incurred in contemplation of such Person becoming a Subsidiary or such acquisition, and does not exceed $50,000,000 in the aggregate at any time;

(f) Permitted Contingent Obligations;

(g) Refinancing Debt as long as each Refinancing Condition is satisfied;

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(h) Indebtedness of a Borrower to another Borrower;

(i) Indebtedness in respect of Supply Chain Financings, provided that such Indebtedness does not exceed $50,000,000 in the aggregate at any time;

(j) the Silgan Payable;

(k) [intentionally omitted]; and

(l) Indebtedness that is not included in any of the preceding clauses of this Section (and which is not owing to Dundee) and is either (i) not secured by any Lien and does not exceed $250,000,000 in the aggregate at any time; or (ii) secured by a Lien and does not exceed $250,000,000 in the aggregate at any time to the extent such Lien is permitted by Section 10.2.2(j) or Section 10.2.2(k).

10.2.2. Permitted Liens.  Create or suffer to exist any Lien upon any of its Property, except the following (collectively, "Permitted Liens"):

(a) Liens in favor of Agent;

(b) Liens for Taxes not yet due or being Properly Contested;

(c) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of any Borrower or Subsidiary, and (iii) with respect to any statutory Liens under the California Producer's Liens Law in favor of California sellers of farm products and statutory Liens in favor of California sellers of PACA Commodities and tree and viticultural fruit, the Borrowers are in compliance with Section 10.1.11;

(d) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of tenders, bids, leases, contracts (except those relating to Indebtedness), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to Agent's Liens;

(e) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers;

(f) Liens arising by virtue of a judgment or judicial order against any Borrower or Subsidiary, or any Property of a Borrower or Subsidiary, as long as such Liens are (i) in existence for less than 60 consecutive days or being Properly Contested, and (ii) at all times junior to Agent's Liens;

(g) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business;

(h) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank on Payment Items in the course of collection;

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(i) existing Liens shown on Schedule 10.2.2;

(j) Liens on Property other than Collateral securing Indebtedness permitted pursuant to Section 10.2.1(l)(ii); provided, that if a Lien is granted on any Labeling Equipment owned by a Borrower or Subsidiary, such Borrower shall, or shall cause such Subsidiary to, provide Agent with an Equipment Access Agreement;

(k) Liens on Property that constitutes Collateral securing Indebtedness permitted pursuant to Section 10.2.1(l)(ii) so long as such Lien is junior and subordinated, on terms and conditions satisfactory to Agent, to the Liens granted in favor of Agent;

(l) Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens arising in the ordinary course in respect of obligations not overdue;

(m) Liens on farm products purchased by a Borrower or Subsidiary that have been granted by the sellers of such farm products to secured creditors of such seller, provided that such Borrower or Subsidiary has complied with Sections 9.1.28 and 10.1.12 of this Agreement with respect to such Liens; and

(n) at any time the Parent owns an Equity Interest in a Truitt Company and such Truitt Company is deemed not to be a Subsidiary hereunder, Liens in favor of David J. Truitt and Luciana T. Truitt on the Equity Interests of such Truitt Company arising solely from (i) the Truitt Required Sale Provisions or (ii) the provisions set forth in the last two sentences of Section 3.2 of the Buy-Sell and Option Agreement.

10.2.3. Distributions; Upstream Payments.

(a) Declare or make any Distributions, except (i) Upstream Payments, (ii) other Distributions in an aggregate amount not to exceed $50,000 in any Fiscal Year, and (iii) other Distributions if at the time such Distribution is made (both before and after giving effect thereto) either (A)(1) Availability is not less than 15% of the Borrowing Base, (2) the Fixed Charge Coverage Ratio (determined on a pro forma basis) is not less than 1.0 to 1.0, and (3) no Default or Event of Default has occurred and is continuing or would occur immediately thereafter as a result thereof or (B)(1) Availability (calculated on a pro forma basis determined in a manner acceptable to Agent) on such date and for each of the 30 days preceding such Distribution is not less than 17.5% of the Borrowing Base and (2) no Default or Event of Default has occurred and is continuing or would occur immediately thereafter as a result thereof; or

(b) Create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the Effective Date as shown on Schedule 9.1.15.

10.2.4. Restricted Investments.  Make any Restricted Investment.

10.2.5. Disposition of Assets.  Make any Asset Disposition, except a Permitted Asset Disposition, or a transfer of Property by a Subsidiary or Obligor to a Borrower.

10.2.6. Loans.  Make any loans or other advances of money to any Person, except (a) advances to an officer or employee for salary, travel expenses, commissions and similar items in the Ordinary Course of Business; so long as such advances do not exceed $1,000,000 in the aggregate at any time outstanding; (b) prepaid expenses and extensions of trade credit made in the Ordinary Course of

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Business; (c) deposits with financial institutions permitted hereunder; and (d) as long as no Default or Event of Default exists, intercompany loans by a Borrower to another Borrower.

10.2.7. Restrictions on Payment of Certain Indebtedness.  Make any payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to any (a) Subordinated Debt, except regularly scheduled payments of principal, interest and fees, but only to the extent permitted under any subordination agreement relating to such Indebtedness; or (b) Indebtedness (other than the Obligations) prior to its due date under the agreements evidencing such Indebtedness as in effect on the Effective Date (or as amended thereafter with the consent of Agent), unless made in connection with refinancing of such Indebtedness permitted under Section 10.2.1.

10.2.8. Fundamental Changes.

(a) Merge, combine or consolidate with any Person, or liquidate, wind up its affairs or dissolve itself, in each case whether in a single transaction or in a series of related transactions, except (i) for mergers or consolidations of a wholly-owned Subsidiary with another wholly-owned Subsidiary or into a Borrower, provided (x) the Parent has provided Agent with not less than thirty (30) days' prior written notice of such event, (y) if any such merger or consolidation involves an Obligor, an Obligor is the continuing or surviving Person and (z) the continuing or surviving Obligor executes and delivers all documents and agreements reasonably requested by Agent in connection therewith, or (ii) in connection with a Permitted Acquisition; or

(b) Change its name or conduct business under any fictitious name in either case without thirty (30) days' prior notice to the Agent and without entering into amendments to the Loan Documents reasonably requested by the Agent, change its tax, charter or other organizational identification number; or change its form or state of organization.

10.2.9. Subsidiaries.  Form or acquire any Subsidiary after the Effective Date, except in accordance with Sections 10.1.9 and 10.2.4; or permit any existing Subsidiary to issue any additional Equity Interests except director's qualifying shares.

10.2.10. Organic Documents.  Amend, modify or otherwise change any of its Organic Documents in a manner adverse to the Agent and the Lenders.

10.2.11. Tax Consolidation.  File or consent to the filing of any consolidated income tax return with any Person other than Borrowers and Subsidiaries; provided that, if at any time a Truitt Company is not a Subsidiary hereunder but a Borrower is required to include such Truitt Company in its consolidated income tax return pursuant to the Code, such Truitt Company may be included in any such consolidated income tax return.

10.2.12. Accounting Changes.  Make any material change in accounting treatment or reporting practices, except as required by GAAP and in accordance with Section 1.2; or change its Fiscal Year.

10.2.13. Restrictive Agreements.  Become a party to any Restrictive Agreement, except a Restrictive Agreement (a) in effect on the Effective Date; (b) relating to secured Indebtedness permitted hereunder, as long as the restrictions apply only to collateral for such Indebtedness; or (c) constituting customary restrictions on assignment in leases and other contracts.

10.2.14. Hedging Agreements.  Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of Business and not for speculative purposes.

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10.2.15. Conduct of Business.  Engage in any business, other than its business as conducted on the Effective Date or any substantially similar or complementary business and any activities incidental thereto.

10.2.16. Affiliate Transactions.  Enter into or be party to any transaction with an Affiliate, except (a) transactions contemplated by the Loan Documents; (b) payment of reasonable compensation to officers and employees for services actually rendered, and loans and advances permitted by Section 10.2.6; (c) payment of customary directors' fees and indemnities; (d) transactions solely among Borrowers; (e) transactions with Affiliates that were consummated prior to the Effective Date, as shown on Schedule 10.2.16; (f) transactions with Dundee upon fair and reasonable terms and no less favorable than would be obtained in a comparable arm's-length transaction with a non-Affiliate, consistent with Dundee's role as a wholly-owned Subsidiary of Parent, the sole business of which is to provide insurance to Parent and its Subsidiaries; and (g) transactions with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms fully disclosed to Agent and no less favorable than would be obtained in a comparable arm's-length transaction with a non-Affiliate.

10.2.17. Plans.  Become party to any Multiemployer Plan or Foreign Plan, other than any in existence on the Effective Date, and other than through a transaction that would otherwise be a Permitted Acquisition.

10.2.18. Amendments to Subordinated Debt.  Amend, supplement or otherwise modify any document, instrument or agreement relating to any Subordinated Debt, if such modification (a) increases the principal balance of such Indebtedness, or increases any required payment of principal or interest; (b) accelerates the date on which any installment of principal or any interest is due, or adds any additional redemption, put or prepayment provisions; (c) shortens the final maturity date or otherwise accelerates amortization; (d) increases the interest rate; (e) increases or adds any fees or charges; (f) modifies any covenant in a manner or adds any representation, covenant or default that is more onerous or restrictive in any material respect for any Borrower or Subsidiary, or that is otherwise materially adverse to any Borrower, any Subsidiary or Lenders; or (g) results in the Obligations not being fully benefited by the subordination provisions thereof.

10.2.19. Sale and Leaseback.  Except with respect to Delayed Lease Financing, enter into any arrangement, directly or indirectly, whereby a Borrower or any Subsidiary of a Borrower shall sell or transfer any property owned by it in order for a Borrower or a Subsidiary of a Borrower to lease such property or lease other property that a Borrower or a Subsidiary of a Borrower intends to use for substantially the same purpose as the property being sold or transferred other than to the extent the aggregate fair market value of all such property sold from and after the Effective Date does not exceed $10,000,000.

10.2.20. Silgan Payable.  Pay, prepay, redeem or repurchase the Silgan Payable or any portion thereof in advance of the scheduled payment schedule and maturity thereof, except that the Borrowers may make prepayments of the Silgan Payable if (a) Availability at the time of each such prepayment, and after giving effect to such prepayment, is greater than 20% of the Borrowing Base, (b) Availability, as projected by the Borrowers in a manner acceptable to Agent for the 6 months commencing at the time of such prepayment, would not at any time be less than 20% of the Borrowing Base, and (c) no Event of Default has occurred and is continuing at the time of such prepayment.

10.2.21. Subsidiary Business.  Permit Seneca Foods International, Ltd., Gray Glace Products Company or Friday U.K., Limited to engage in any business or have any assets.

10.3 Financial Covenants.

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As long as any Commitments or Obligations are outstanding, Borrowers shall:

10.3.1. Fixed Charge Coverage Ratio.  Maintain a Fixed Charge Coverage Ratio of at least 1.0 to 1.0 for each period of four Fiscal Quarters ending during or immediately before any period (a) commencing on the day that an Event of Default occurs, or the day that Availability is less than the greater of (i) 10% of the Commitments then in effect and (ii) $25,000,000, in each case under clauses (i) and (ii), (A) for five (5) consecutive Business Days if occurring during the period commencing on June 1st through and including July 31st or during the period commencing September 1st through and including October 31st in each Fiscal Year or (B) at any time if occurring during any other calendar month and (b) continuing until no Event of Default exists and Availability is the greater of (i) 10% of the Commitments then in effect and (ii) $25,000,000, in each case under clauses (i) and (ii) for twenty-one consecutive calendar days.

SECTION 11. GUARANTY.

11.1 Guaranty of Payment and Performance.

As each Guarantor expects to receive substantial direct and indirect benefits from the extensions of credit by Agent and the other Secured Parties to the Borrowers, for value received and hereby acknowledged, and as an inducement to the Lenders to make the Loans, each Guarantor hereby reaffirms its guaranties to Agent and the other Secured Parties under the Existing Loan Agreement to which such Guarantor is a party and hereby absolutely, unconditionally and jointly and severally with the other Guarantors guarantees to Agent and the other Secured Parties the full and punctual payment when due (whether at stated maturity, by required prepayment, by acceleration or otherwise), as well as the performance, of all of the Obligations including all such which would become due but for the operation of the automatic stay pursuant to §362(a) of the Federal Bankruptcy Code and the operation of §§502(b) and 506(b) of the Federal Bankruptcy Code.  This Guaranty contained herein is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the Obligations and not of their collectibility only and is in no way conditioned upon any requirement that Agent or any Lender first attempt to collect any of the Obligations from any Borrower or resort to any collateral security or other means of obtaining payment.  If an Event of Default shall occur, the obligations of each Guarantor hereunder with respect to such Obligations in default shall become immediately due and payable to Agent and the other Secured Parties, without demand or notice of any nature, all of which are expressly waived by such Guarantor.  Payments by the Guarantors hereunder may be required by Agent or any Lender on any number of occasions.  Each Guarantor hereby acknowledges and agrees that such Guarantor's liability hereunder is joint and several with the other Guarantors and any other Person(s) who may guarantee the Obligations under and in respect of this Agreement.

11.2 The Guarantors' Agreement to Pay Enforcement Costs, etc.

Each Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay to Agent and the other Secured Parties, on demand, all costs and expenses (including court costs and legal expenses) incurred or expended by Agent and the other Secured Parties in connection with the Obligations, this Guaranty contained herein and the enforcement thereof, together with interest on amounts recoverable under this Section from the time when such amounts become due until payment, whether before or after judgment, at the rate of interest for overdue principal

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set forth in this Agreement, provided that if such interest exceeds the maximum amount permitted to be paid under applicable law, then such interest shall be reduced to such maximum permitted amount.

11.3 Waivers by Guarantors; Agent's and Secured Parties' Freedom to Act.

Each Guarantor agrees that the Obligations will be paid and performed strictly in accordance with their respective terms, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Agent and the other Secured Parties with respect thereto.  Each Guarantor waives promptness, diligence, presentment, demand, protest, notice of acceptance, notice of any Obligations incurred and all other notices of any kind, all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of the Borrowers or any other entity or other person primarily or secondarily liable with respect to any of the Obligations, and all suretyship defenses generally.  Without limiting the generality of the foregoing, each Guarantor agrees to the provisions of any instrument evidencing, securing or otherwise executed in connection with any Obligation and agrees that the obligations of such Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (a) the failure of Agent or any Lender to assert any claim or demand or to enforce any right or remedy against the Borrowers or any other entity or other person primarily or secondarily liable with respect to any of the Obligations; (b) any extensions, compromise, refinancing, consolidation or renewals of any Obligation; (c) any change in the time, place or manner of payment of any of the Obligations or any rescissions, waivers, compromise, refinancing, consolidation, amendments or modifications of any of the terms or provisions of this Agreement, the Notes, the other Loan Documents, any Bank Product, or any other agreement evidencing, securing or otherwise executed in connection with any of the Obligations; (d) the addition, substitution or release of any entity or other person primarily or secondarily liable for any Obligation, (e) the adequacy of any rights which Agent or the other Secured Parties may have against any collateral security or other means of obtaining repayment of any of the Obligations; (f) the impairment of any collateral securing any of the Obligations, including without limitation the failure to perfect or preserve any rights which Agent or any Lender might have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (g) any other act or omission which might in any manner or to any extent vary the risk of such Guarantor or otherwise operate as a release or discharge of such Guarantor, all of which may be done without notice to such Guarantor.  To the fullest extent permitted by law, each Guarantor hereby expressly waives any and all rights or defenses arising by reason of (i) any "one action" or "anti-deficiency" law which would otherwise prevent Agent and the other Secured Parties from bringing any action, including any claim for a deficiency, or exercising any other right or remedy (including any right of set-off), against such Guarantor before or after Agent's or such Lender's commencement or completion of any foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (ii) any other law which in any other way would otherwise require any election of remedies by Agent or the other Secured Parties.

11.4 Unenforceability of Obligations Against Borrowers.

If for any reason a Borrower has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from such

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Borrower by reason of such Borrower's insolvency, bankruptcy or reorganization or by other operation of law or for any other reason, this Guaranty shall nevertheless be binding on each Guarantor to the same extent as if such Guarantor at all times had been the principal obligor on all such Obligations.  In the event that acceleration of the time for payment of any of the Obligations is stayed upon the insolvency, bankruptcy or reorganization of such Borrower, or for any other reason, all such amounts otherwise subject to acceleration under the terms of this Agreement, the Notes, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by the Guarantors.

11.5 Subrogation; Subordination.

Until the final payment and performance in full of all of the Obligations and any and all other obligations of the Borrowers to Agent and the other Secured Parties or any affiliate of Agent and the other Secured Parties, no Guarantor shall exercise any rights against the Borrowers arising as a result of payment by such Guarantor hereunder, by way of subrogation, reimbursement, restitution, contribution or otherwise, and will not prove any claim in competition with Agent and the other Secured Parties or such affiliate in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; no Guarantor will not claim any setoff, recoupment or counterclaim against the Borrowers in respect of any liability of such Guarantor to any Borrower; and each Guarantor waives any benefit of and any right to participate in any collateral security which may be held by Agent and/or the other Secured Parties or any such affiliate.  The payment of any amounts due with respect to any indebtedness of any Borrowers now or hereafter owed to any Guarantor is hereby subordinated to the prior payment in full of all of the Obligations and any and all other obligations of the Borrowers to Agent and the other Secured Parties or any affiliate of Agent and the other Secured Parties.  Each Guarantor agrees that, after the occurrence of any Default or Event or Default, such Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of any Borrower to such Guarantor until all of the Obligations shall have been paid in full.  If, notwithstanding the foregoing sentence, any Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any Obligations are still outstanding, such amounts shall be collected, enforced and received by such Guarantor as trustee for Agent and the other Secured Parties and be paid over to Agent for the benefit of Secured Parties on account of the Obligations without affecting in any manner the liability of such Guarantor under the other provisions of this Guaranty.

11.6 Termination; Reinstatement.

This Guaranty shall remain in full force and effect until Agent and the other Secured Parties are given written notice of each Guarantor's intention to discontinue the guaranty contained herein, notwithstanding any intermediate or temporary payment or settlement of the whole or any part of the Obligations.  No such notice shall be effective unless received and acknowledged by an officer of Agent at the address of Agent for notices set forth in this Agreement.  No such notice shall affect any rights of Agent or the other Secured Parties or of any affiliate of Agent or the other Secured Parties hereunder, including without limitation the rights set forth in Sections 11.3 and 11.5, with respect to any Obligations incurred or accrued prior to the receipt of such notice or any Obligations incurred or accrued after the receipt of such notice pursuant to this Agreement (including any Loans that the other Secured Parties may make at a time when they

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may have the right hereunder not to make such Loans), any Bank Product, or any other contract or commitment in existence prior to such receipt, all of which Obligations shall continue to be unconditionally guaranteed by such Guarantor.  All checks, drafts, notes, instruments (negotiable or otherwise) and writings made by or for the account of the Borrowers and drawn on Agent or any Lender or any of its administrative agents purporting to be dated on or before the date of receipt of such notice, although presented to and paid or accepted by Agent or such Lender after that date, shall form part of the Obligations and shall continue to be unconditionally guaranteed by each Guarantor.  The Guaranty contained herein shall continue to be effective or be reinstated, notwithstanding any such notice, if at any time any payment made or value received with respect to any Obligation is rescinded or must otherwise be returned by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, all as though such payment had not been made or value received.

11.7 Contribution.

To the extent a Guarantor makes a payment hereunder in excess of the aggregate amount of the benefit received by such Guarantor in respect of the extensions of credit under the Credit Agreement (the "Benefit Amount"), then such Guarantor, after the payment in full, in cash, of all of the Obligations, shall be entitled to recover from each other guarantor of the Obligations such excess payment, pro rata, in accordance with the ratio of the Benefit Amount received by each such other guarantor to the total Benefit Amount received by all guarantors of the Obligations, and the right to such recovery shall be deemed to be an asset and property of the Guarantor so funding; provided, that all such rights to recovery shall be subordinated and junior in right of payment to the final and undefeasible payment in full in cash of all of the Obligations.

SECTION 12. EVENTS OF DEFAULT; REMEDIES ON DEFAULT.

12.1 Events of Default.

Each of the following shall be an "Event of Default" hereunder, if the same shall occur for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise:

(a) A Borrower fails to pay any Obligations when due (whether at stated maturity, on demand, upon acceleration or otherwise);

(b) Any representation, warranty or other written statement of an Obligor made in connection with any Loan Documents or transactions contemplated thereby is incorrect or misleading in any material respect when given;

(c) An Obligor breaches or fail to perform any covenant contained in Section 7.2, 7.4, 7.6, 8.1, 8.2.4, 8.2.5, 8.6.2, 10.1.1, 10.1.2, 10.1.3, 10.1.11, 10.1.12, 10.2 or 10.3;

(d) An Obligor breaches or fails to perform any other covenant or undertaking contained in any Loan Documents, and such breach or failure is not cured within 15 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Agent, whichever is sooner;

(e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor denies or contests the validity or enforceability of any Loan Documents or Obligations, or the

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perfection or priority of any Lien granted to Agent; or any Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by Agent and Lenders);

(f) Any breach or default of an Obligor occurs under any Hedging Agreement, or any document, instrument or agreement to which it is a party or by which it or any of its Properties is bound, relating to any Indebtedness (other than the Obligations) (i) in excess of $25,000,000, or (ii) owing under the Master Reimbursement Agreement and/or the Silgan Payable, in each case under clauses (i) or (ii) if the maturity of or any payment with respect to such Indebtedness may be accelerated or demanded due to such breach;

(g) Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds, individually or cumulatively with all unsatisfied judgments or orders against all Obligors, $5,000,000 (net of any insurance coverage therefor acknowledged in writing by the insurer), unless a stay of enforcement of such judgment or order becomes effective within 60 days of the entry of such judgment or order, by reason of a pending appeal or otherwise;

(h) A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds $10,000,000;

(i) An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority from conducting any material part of its business; an Obligor suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary to its business; there is a cessation of any material part of an Obligor's business for a material period of time; any material Collateral or Property of an Obligor is taken or impaired through condemnation; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs in violation of the terms of this Agreement; or Borrowers and Subsidiaries taken as a whole are not Solvent;

(j) An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and:  the Obligor consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within 60 days after filing, or an order for relief is entered in the proceeding;

(k) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC in excess of $1,000,000 in the aggregate (or annual payments in excess of $1,000,000 in the aggregate in the case of withdrawal liability payments to a Multiemployer Plan), or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor or ERISA Affiliate fails to pay when due (or within any available cure period) any installment payment with respect to its withdrawal liability under Section 4201 of ERISA to a Multiemployer Plan; or any event similar to the foregoing occurs or exists with respect to a Foreign Plan;

(l) An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a felony committed in the conduct of the Obligor's business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation of War Materials Act) that could lead to forfeiture of any material Property or any Collateral;

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(m) A Change of Control occurs;

(n) [intentionally omitted];

(o) [intentionally omitted]; or

(p) any PACA Claim, PACA Claims or claim or claims under the California Producer's Lien Law in excess of $5,000,000 individually or in the aggregate is asserted against any Borrower or any Subsidiary of a Borrower.

12.2 Remedies upon Default.

If an Event of Default described in Section 12.1(j) occurs with respect to any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Commitments shall terminate, without any action by Agent or notice of any kind.  In addition, or if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to time:

(a) declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they shall be due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Obligors to the fullest extent permitted by law;

(b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing Base;

(c) require Obligors to Cash Collateralize LC Obligations, Secured Bank Product Obligations and other Obligations that are contingent or not yet due and payable, and, if Obligors fail promptly to deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Loans (whether or not an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied); and

(d) exercise any other rights or remedies afforded under any agreement, by law, at equity or otherwise, including the rights and remedies of a secured party under the UCC.  Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble Collateral, at Obligors' expense, and make it available to Agent at a place designated by Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor, Obligors agree not to charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in bulk, at such locations, all as Agent, in its discretion, deems advisable.  Each Obligor agrees that 10 days' notice of any proposed sale or other disposition of Collateral by Agent shall be reasonable.  Agent shall have the right to conduct such sales on any Obligor's premises, without charge, and such sales may be adjourned from time to time in accordance with Applicable Law.  Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Agent may, at the direction of the Required Lenders, purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may, at the direction of the Required Lenders, credit bid and set off the amount of such price against the Obligations.

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12.3 License.

Agent is hereby granted an irrevocable, non-exclusive license or other right to, while an Event of Default exists, use, license or sub-license (without payment of royalty or other compensation to any Person) any or all Intellectual Property of Obligors, computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral.  Each Obligor's rights and interests under Intellectual Property shall inure to Agent's benefit.

12.4 Setoff.

At any time during an Event of Default, Agent, Issuing Bank, Lenders, and any of their Affiliates are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by Agent, Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against any Obligations, irrespective of whether or not Agent, Issuing Bank, such Lender or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch or office holding such deposit or obligated on such indebtedness.  The rights of Agent, Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such Person may have.

12.5 Remedies Cumulative; No Waiver.

12.5.1. Cumulative Rights.  All agreements, warranties, guaranties, indemnities and other undertakings of Obligors under the Loan Documents are cumulative and not in derogation of each other.  The rights and remedies of Agent and Lenders are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other rights or remedies available by agreement, by law, at equity or otherwise.  All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations.

12.5.2. Waivers.  No waiver or course of dealing shall be established by (a) the failure or delay of Agent or any Lender to require strict performance by any Obligor with any terms of the Loan Documents, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a Default, Event of Default or other failure to satisfy any conditions precedent; or (c) acceptance by Agent or any Lender of any payment or performance by an Obligor under any Loan Documents in a manner other than that specified therein.  It is expressly acknowledged by Borrowers that any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such covenant on a subsequent date.

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SECTION 13. AGENT.

13.1 Appointment, Authority and Duties of Agent.

13.1.1. Appointment and Authority.  Each Secured Party appoints and designates Bank of America as Agent under all Loan Documents.  Agent may, and each Secured Party authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents, for the benefit of Secured Parties.  Each Secured Party agrees that any action taken by Agent or Required Lenders in accordance with the provisions of the Loan Documents, and the exercise by Agent or Required Lenders of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties.  Without limiting the generality of the foregoing, Agent shall have the sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each Loan Document, including any intercreditor or subordination agreement, and accept delivery of each Loan Document from any Obligor or other Person; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral under the Loan Documents, Applicable Law or otherwise.  The duties of Agent shall be ministerial and administrative in nature, and Agent shall not have a fiduciary relationship with any Secured Party, Participant or other Person, by reason of any Loan Document or any transaction relating thereto.  Agent alone shall be authorized to determine whether any Accounts or Inventory constitute Eligible Accounts or Eligible Inventory, whether to impose or release any reserve, or whether any conditions to funding or to issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any Lender or other Person for any error in judgment.

13.1.2. Duties.  The title of "Agent" is used solely as a matter of market custom and the duties of Agent are administrative in nature only.  Agent has no duties except those expressly set forth in the Loan Documents, and in no event does Agent have any agency, fiduciary or implied duty to or relationship with any Secured Party or other Person by reason of any Loan Document or related transaction.  The conferral upon Agent of any right shall not imply a duty to exercise such right, unless instructed to do so by Lenders in accordance with this Agreement.

13.1.3. Agent Professionals.  Agent may perform its duties through agents and employees.  Agent may consult with and employ Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional.  Agent shall not be responsible for the negligence or misconduct of any agents, employees or Agent Professionals selected by it with reasonable care.

13.1.4. Instructions of Required Lenders.  The rights and remedies conferred upon Agent under the Loan Documents may be exercised without the necessity of joinder of any other party, unless required by Applicable Law.  In determining compliance with a condition for any action hereunder, including satisfaction of any condition in Section 6, Agent may presume that the condition is satisfactory to a Secured Party unless Agent has received notice to the contrary from such Secured Party before Agent takes the action.  Agent may request instructions from Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents, and may seek assurances to its satisfaction from Secured Parties of their indemnification obligations against all Claims that could be incurred by Agent in connection with any act.  Agent shall be entitled to refrain from any act until it has received such instructions or assurances, and Agent shall not incur liability to any Person by reason of so refraining.  Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting in accordance with the instructions of Required Lenders.  Notwithstanding the foregoing, instructions by and consent of specific Lenders or Secured Parties shall be required to the extent provided in Section 15.1.1.  In no event shall Agent be required to take any action that, in its opinion, is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to personal liability.

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13.2 Agreements Regarding Collateral and Borrower Materials.

13.2.1. Lien Releases; Care of Collateral.  Secured Parties authorize Agent to release any Lien with respect to any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of an Asset Disposition which Borrowers certify in writing to Agent is a Permitted Asset Disposition or a Lien which Borrowers certify is a Permitted Lien entitled to priority over Agent's Liens (and Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral; or (d) with the written consent of all Lenders.  Secured Parties authorize Agent to subordinate its Liens to any Purchase Money Lien permitted hereunder.  Agent shall have no obligation to assure that any Collateral exists or is owned by an Obligor, or is cared for, protected or insured, nor to assure that Agent's Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral.

13.2.2. Possession of Collateral.  Agent and Secured Parties appoint each Lender as agent (for the benefit of Secured Parties) for the purpose of perfecting Liens in any Collateral held or controlled by such Lender, to the extent such Liens are perfected by possession or control.  If any Lender obtains possession or control of any Collateral, it shall notify Agent thereof and, promptly upon Agent's request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent's instructions.

13.2.3. Reports.  Agent shall promptly forward to each Lender, when complete, copies of any field audit, examination or appraisal report prepared by or for Agent with respect to any Obligor or Collateral ("Report").  Reports and other Borrower Materials may be made available to Lenders by providing access to them on the Platform, but Agent shall not be responsible for system failures or access issues that may occur from time to time.  Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Agent or any other Person performing an audit or examination will inspect only limited information and will rely significantly upon Borrowers' books, records and representations; (b) that Agent makes no representation or warranty as to the accuracy or completeness of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly for such Lender's internal use, not to distribute any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender's Participants, attorneys and accountants), and to use all Borrower Materials solely for administration of the Obligations.  Each Lender shall indemnify and hold harmless Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower Materials, as well as from any Claims arising as a direct or indirect result of Agent furnishing same to such Lender, via the Platform or otherwise.

13.3 Reliance By Agent.

Agent shall be entitled to rely, and shall be fully protected in relying, upon any certification, notice or other communication (including those by telephone, telex, telegram, telecopy or e-mail) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person, and upon the advice and statements of Agent Professionals.  Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for any such delay in acting.

13.4 Action Upon Default.

Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof.  If any Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent thereof in writing and the Agent shall thereafter notify the other Lenders.  Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations), or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral or to assert any rights relating to any Collateral.

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13.5 Ratable Sharing.

If any Lender shall obtain any payment or reduction of any Obligation, whether through set-off or otherwise, in excess of its share of such Obligation, determined on a Pro Rata basis or in accordance with Section 5.6.2, as applicable, such Lender shall forthwith purchase from Agent, Issuing Bank and the other Lenders such participations in the affected Obligation as are necessary to cause the purchasing Lender to share the excess payment or reduction on a Pro Rata basis or in accordance with Section 5.6.2, as applicable.  If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.  Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the amount thereof to Agent for application under Section 4.2.2 and it shall provide a written statement to Agent describing the Obligation affected by such payment or reduction.  No Lender shall set off against any Dominion Account without the prior consent of Agent.

13.6 Indemnification.

EACH LENDER SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING BANK INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR AGENT (IN THE CAPACITY OF AGENT), PROVIDED FURTHER THAT LENDERS SHALL NOT BE REQUIRED TO INDEMNIFY AND HOLD HARMLESS THE AGENT IN RESPECT OF CLAIMS THAT ARE DETERMINED IN A FINAL, NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO RESULT FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE AGENT.  In Agent's discretion, it may reserve for any Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making any distribution of Collateral proceeds to Secured Parties.  If Agent is sued by any receiver, bankruptcy trustee, debtor-in-possession or other Person for any alleged preference or fraudulent transfer, then any monies paid by Agent in settlement or satisfaction of such proceeding, together with all interest, costs and expenses (including attorneys' fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each Lender, to the extent not reimbursed by the Obligors, to the extent of such Lender's Pro Rata share.

13.7 Limitation on Responsibilities of Agent.

Agent shall not be liable to any Secured Party for any action taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Agent's gross negligence or willful misconduct.  Agent does not assume any responsibility for any failure or delay in performance or any breach by any Obligor, Lender or other Secured Party of any obligations under the Loan Documents.  Agent does not make any express or implied representation, warranty or guarantee to Secured Parties with respect to any Obligations, Collateral, Loan Documents or Obligor.  No Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectibility, value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection or priority of any Lien therein; the validity, enforceability or collectibility of any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor or Account Debtor.  No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance by any Obligor of any terms of the Loan Documents, or the satisfaction of any conditions precedent contained in any Loan Documents.

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13.8 Successor Agent and Co-Agents.

13.8.1. Resignation; Successor Agent.  Subject to the appointment and acceptance of a successor Agent as provided below, Agent may resign at any time by giving at least 30 days written notice thereof to Lenders and Borrowers.  Upon receipt of such notice, Required Lenders shall have the right to appoint a successor Agent which shall be (a) a Lender or an Affiliate of a Lender; or (b) a commercial bank that is organized under the laws of the United States or any state or district thereof, has a combined capital surplus of at least $200,000,000 and (provided no Default or Event of Default exists) is reasonably acceptable to Borrowers.  If no successor agent is appointed prior to the effective date of the resignation of Agent, then Agent may appoint a successor agent from among Lenders or, if no Lender accepts such role, Agent may appoint Required Lenders as successor Agent.  Upon acceptance by a successor Agent of an appointment to serve as Agent hereunder, or upon appointment of Required Lenders as successor Agent, such successor Agent shall thereupon succeed to and become vested with all the powers and duties of the retiring Agent without further act, and the retiring Agent shall be discharged from its duties and obligations hereunder but shall continue to have the benefits of the indemnification set forth in Sections 13.6 and 15.2.  Notwithstanding any Agent's resignation, the provisions of this Section 13 shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while Agent.  Any successor to Bank of America by merger or acquisition of stock or this loan shall continue to be Agent hereunder without further act on the part of the parties hereto, unless such successor resigns as provided above.

13.8.2. Separate Collateral Agent.  It is the intent of the parties that there shall be no violation of any Applicable Law denying or restricting the right of financial institutions to transact business in any jurisdiction.  If Agent believes that it may be limited in the exercise of any rights or remedies under the Loan Documents due to any Applicable Law, Agent may appoint an additional Person who is not so limited, as a separate collateral agent or co-collateral agent.  If Agent so appoints a collateral agent or co-collateral agent, each right and remedy intended to be available to Agent under the Loan Documents shall also be vested in such separate agent.  Secured Parties shall execute and deliver such documents as Agent deems appropriate to vest any rights or remedies in such agent.  If any collateral agent or co-collateral agent shall die or dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of such agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent.

13.9 Due Diligence and Non-Reliance.

Each Lender acknowledges and agrees that it has, independently and without reliance upon Agent or any other Lenders, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own decision to enter into this Agreement and to fund Loans and participate in LC Obligations hereunder.  Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors.  Each Secured Party acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations.  Each Secured Party will, independently and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making Loans and participating in LC Obligations, and in taking or refraining from any action under any Loan Documents.  Except for notices, reports and other information expressly requested by a Lender, Agent shall have no duty or responsibility to provide any Secured Party with any notices, reports or certificates furnished to Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into possession of Agent or its Affiliates.

13.10 Remittance of Payments and Collections.

13.10.1. Remittances Generally.  All payments by any Lender to Agent shall be made by the time and on the day set forth in this Agreement, in immediately available funds.  If no time for payment is specified or if payment is due on demand by Agent and request for payment is made by Agent by 11:00 a.m. on a Business Day, payment shall be made by Lender not later than 2:00 p.m. on such day, and if request is made after 11:00 a.m., then payment shall be made by 11:00 a.m. on the next Business Day.  Payment by Agent to any Secured Party shall be made by wire transfer, in the type of funds received by Agent.  Any such payment shall be subject to Agent's right of offset for any amounts due from such payee under the Loan Documents.

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13.10.2. Failure to Pay.  If any Secured Party fails to pay any amount when due by it to Agent pursuant to the terms hereof, such amount shall bear interest from the due date until paid at the rate determined by Agent as customary in the banking industry for interbank compensation.  In no event shall Borrowers be entitled to receive credit for any interest paid by a Secured Party to Agent, nor shall any Defaulting Lender be entitled to interest on any amounts held by Agent pursuant to Section 4.2.

13.10.3. Recovery of Payments.  If Agent pays any amount to a Secured Party in the expectation that a related payment will be received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from each Secured Party that received it.  If Agent determines at any time that an amount received under any Loan Document must be returned to an Obligor or paid to any other Person pursuant to Applicable Law or otherwise, then, notwithstanding any other term of any Loan Document, Agent shall not be required to distribute such amount to any Lender.  If any amounts received and applied by Agent to any Obligations are later required to be returned by Agent pursuant to Applicable Law, each Lender shall pay to Agent, on demand, such Lender's Pro Rata share of the amounts required to be returned.

13.11 Agent in its Individual Capacity.

As a Lender, Bank of America shall have the same rights and remedies under the other Loan Documents as any other Lender, and the terms "Lenders," "Required Lenders" or any similar term shall include Bank of America in its capacity as a Lender.  Bank of America and its Affiliates may accept deposits from, lend money to, provide Bank Products to, act as financial or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if Bank of America were not Agent hereunder, without any duty to account therefor to Lenders.  In their individual capacities, Bank of America and its Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and each Secured Party agrees that Bank of America and its Affiliates shall be under no obligation to provide such information to any Secured Party, if acquired in such individual capacity.

13.12 Agent Titles.

Each Lender, other than Bank of America, that is designated (on the cover page of this Agreement or otherwise) by Bank of America as an "Agent" or "Arranger" of any type shall not have any right, power, responsibility or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event be deemed to have any fiduciary relationship with any other Lender.

13.13 Bank Product Providers.

Each Secured Bank Product Provider, by delivery of a notice to Agent in the form attached hereto as Exhibit E of a Bank Product, agrees to be bound by Section 5.6 and this Section 13.  Each Secured Bank Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with such provider's Secured Bank Product Obligations.

13.14 No Third Party Beneficiaries.

This Section 13 is an agreement solely among Secured Parties and Agent, and shall survive Full Payment of the Obligations.  This Section 13 does not confer any rights or benefits upon Borrowers or any other Person.  As between Borrowers and Agent, any action that Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Secured Parties.

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SECTION 14. BENEFIT OF AGREEMENT; ASSIGNMENTS.

14.1 Successors and Assigns.

This Agreement shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, Secured Parties, and their respective successors and assigns, except that (a) no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance with Section 14.3.  Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with Section 14.3.  Any authorization or consent of a Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender.

14.2 Participations.

14.2.1. Permitted Participants; Effect.  Any Lender may, in the ordinary course of its business and in accordance with Applicable Law, at any time sell to a financial institution other than a Defaulting Lender ("Participant") a participating interest in the rights and obligations of such Lender under any Loan Documents.  Despite any sale by a Lender of participating interests to a Participant, such Lender's obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for performance of such obligations, such Lender shall remain the holder of its Loans and Commitments for all purposes, all amounts payable by Borrowers shall be determined as if such Lender had not sold such participating interests, and Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents.  Each Lender shall be solely responsible for notifying its Participants of any matters under the Loan Documents, and Agent and the other Lenders shall not have any obligation or liability to any such Participant.  A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.9 unless Borrowers agree otherwise in writing.

14.2.2. Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of any Loan Documents other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with respect to any Loan or Commitment in which such Participant has an interest, postpones the Commitment Termination Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or releases any Borrower, Guarantor or substantial portion of the Collateral.

14.2.3. Participant Register.  Each Lender that sells a participation shall, acting as a non-fiduciary agent of Borrowers (solely for tax purposes), maintain a register in which it enters the Participant's name, address and interest in Commitments, Loans (and stated interest) and LC Obligations.  Entries in the register shall be conclusive, absent manifest error, and such Lender shall treat each Person recorded in the register as the owner of the participation for all purposes, notwithstanding any notice to the contrary.  No Lender shall have an obligation to disclose any information in such register except to the extent necessary to establish that a Participant's interest is in registered form under the Code

14.2.4. Benefit of Set-Off.  Borrowers agree that each Participant shall have a right of set-off in respect of its participating interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it.  By exercising any right of set-off, a Participant agrees to share with Lenders all amounts received through its set-off, in accordance with Section 13.5 as if such Participant were a Lender.

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14.3 Assignments.

14.3.1. Permitted Assignments.  A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan Documents, as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender's rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount of $5,000,000 (unless otherwise agreed by Agent in its discretion) and integral multiples of $2,000,000 in excess of that amount; (b) except in the case of an assignment in whole of a Lender's rights and obligations, the aggregate amount of the Commitments retained by the transferor Lender is at least $2,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such assignment shall execute and deliver to Agent, for its acceptance and recording, an Assignment and Acceptance.  Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to (i) any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors and any Operating Circular issued by such Federal Reserve Bank, or (ii) counterparties to swap agreements relating to any Loans; provided, however, that any payment by Borrowers to the assigning Lender in respect of any Obligations assigned as described in this sentence shall satisfy Borrowers' obligations hereunder to the extent of such payment, and no such assignment shall release the assigning Lender from its obligations hereunder.

14.3.2. Effect; Effective Date.  Upon delivery to Agent of an assignment notice in the form of Exhibit C and a processing fee of $3,500 (unless otherwise agreed by Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 14.3.  From such effective date, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder.  Upon consummation of an assignment, the transferor Lender, Agent and Borrowers shall make appropriate arrangements for issuance of replacement and/or new Notes, as applicable.  The transferee Lender shall comply with Section 5.10 and deliver, upon request, an administrative questionnaire satisfactory to Agent.

14.3.3. Certain Assignees.  No assignment may be made to a Borrower, Affiliate of a Borrower, Defaulting Lender or natural person.  In connection with any assignment by a Defaulting Lender, such assignment shall only be effective upon payment by the Eligible Assignee or Defaulting Lender to Agent of an aggregate amount sufficient, upon distribution (through direct payment, purchases of participations or subparticipations, or other compensating actions as Agent deems appropriate), (a) to satisfy all funding and payment liabilities then owing by the Defaulting Lender hereunder, and (b) to acquire its Pro Rata share of all Loans and LC Obligations.  If an assignment by a Defaulting Lender shall become effective under Applicable Law for any reason without compliance with the foregoing sentence, then the assignee shall be deemed a Defaulting Lender for all purposes until such compliance occurs.

14.3.4. Register.  Agent, acting as a non-fiduciary agent of Borrowers (solely for tax purposes), shall maintain (a) a copy (or electronic equivalent) of each Assignment and Acceptance delivered to it, and (b) a register for recordation of the names, addresses and Commitments of, and the Loans, interest and LC Obligations owing to, each Lender.  Entries in the register shall be conclusive, absent manifest error, and Borrowers, Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan Documents, notwithstanding any notice to the contrary.  Agent may choose to show only one Borrower as the borrower in the register, without any effect on the liability of any Obligor with respect to the Obligations.  The register shall be available for inspection by Borrowers or any Lender, from time to time upon reasonable notice

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14.4 Replacement of Certain Lenders.

If a Lender (a) fails to give its consent to any amendment, waiver or action for which consent of all Lenders was required and Required Lenders consented, or (b) is a Defaulting Lender, or (c) within the last 120 days gave a notice under Section 3.5 or requested payment or compensation under Section 3.7 or 5.9 (and has not designated a different Lending Office pursuant to Section 3.8), then Agent or Borrower Agent may, by notice to such Lender within 120 days after such event, require such Lender to assign all of its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate Assignment and Acceptance(s), within 20 days after the notice.  Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment and Acceptance if the Lender fails to execute it.  Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed to it under the Loan Documents, including all principal, interest and fees through the date of assignment (but excluding any prepayment charge).

SECTION 15. MISCELLANEOUS.

15.1 Consents, Amendments and Waivers.

15.1.1. Amendment.  No modification of any Loan Document, including any extension or amendment of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of the Required Lenders (or by the Agent with the consent of Required Lenders) and each Obligor party to such Loan Document; provided, however, that

(a) without the prior written consent of Agent, no modification shall be effective with respect to any provision in a Loan Document that relates to any rights, duties or discretion of Agent;

(b) without the prior written consent of Issuing Bank, no modification shall be effective with respect to any LC Obligations, Section 2.3 or any other provision in a Loan Document that relates to any rights, duties or discretion of Issuing Bank;

(c) without the prior written consent of each affected Lender, including a Defaulting Lender, no modification shall be effective that would (i) increase the Commitment of such Lender; (ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in Section 4.2); (iii) extend the Termination Date applicable to such Lender's Obligations; or (iv) amend this clause (c);

(d) without the prior written consent of all Lenders (except any Defaulting Lender), no modification shall be effective that would (i) alter Section 5.6, 7.1 (except to add Collateral) or 15.1.1; (ii) amend the definition of Borrowing Base (or any defined term used in such definition), Pro Rata or Required Lenders; (iii) increase any advance rate; (iv) release Collateral with a book value greater than $20,000,000 during any calendar year, except as currently contemplated by the Loan Documents; or (v) release any Obligor from liability for any Obligations, if such Obligor is Solvent at the time of the release; and

(e) without the prior written consent of a Secured Bank Product Provider, no modification shall be effective that affects its relative payment priority under Section 5.6.

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15.1.2. Limitations.  The agreement of Obligors shall not be necessary to the effectiveness of any modification of a Loan Document that deals solely with the rights and duties of Lenders, Agent and/or Issuing Bank as among themselves.  Only the consent of the parties to the Fee Letter or any agreement relating to a Bank Product shall be required for any modification of such agreement, and any non-Lender that is party to a Bank Product agreement shall have no right to participate in any manner in modification of any other Loan Document.  Any waiver or consent granted by Agent or Lenders hereunder shall be effective only if in writing and only for the matter specified.

15.1.3. Payment for Consents.  No Obligor will, directly or indirectly, pay any remuneration or other thing of value, whether by way of additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on the same terms, on a Pro Rata basis to all Lenders providing their consent.

15.2 Indemnity.

EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE.  In no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the gross negligence or willful misconduct of such Indemnitee.

15.3 Notices and Communications.

15.3.1. Notice Address.  Subject to Section 4.1.4, all notices and other communications by or to a party hereto shall be in writing and shall be given to any Obligor, at Borrower Agent's address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in the case of a Person who becomes a Lender after the Effective Date, at the address shown on its Assignment and Acceptance), or at such other address as a party may hereafter specify by notice in accordance with this Section 15.3.  Each such notice or other communication shall be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the U.S. mail, with first-class postage pre-paid, addressed to the applicable address; or (c) if given by personal delivery, when duly delivered to the notice address with receipt acknowledged.  Notwithstanding the foregoing, no notice to Agent pursuant to Section 2.1.4, 2.3, 3.1.2 or 4.1. shall be effective until actually received by the individual to whose attention at Agent such notice is required to be sent.  Any written notice or other communication that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party.  Any notice received by Borrower Agent shall be deemed received by all Obligors.

15.3.2. Electronic Communications; Voice Mail.  Electronic mail and internet websites may be used only for routine communications, such as financial statements, Borrowing Base Certificates and other information required by Section 10.1.2, administrative matters, distribution of Loan Documents, and matters permitted under Section 4.1.4.  Agent and Lenders make no assurances as to the privacy and security of electronic communications.  Electronic and voice mail may not be used as effective notice under the Loan Documents.

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15.3.3. Platform.  Borrower Materials shall be delivered pursuant to procedures approved by Agent, including electronic delivery (if possible) upon request by Agent to an electronic system maintained by Agent ("Platform").  Borrowers shall notify Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed received by Agent only upon its receipt of such notice.  Borrower Materials and other information relating to this credit facility may be made available to Secured Parties on the Platform.  The Platform is provided "as is" and "as available."  Agent does not warrant the accuracy or completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the Borrower Materials or any issues involving the Platform.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY AGENT WITH RESPECT TO BORROWER MATERIALS OR THE PLATFORM.  No Agent Indemnitee shall have any liability to Borrowers, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) relating to use by any Person of the Platform, including any unintended recipient, nor for delivery of Borrower Materials and other information via the Platform, internet, e-mail, or any other electronic platform or messaging system.

15.3.4. Public Information.  Obligors and Secured Parties acknowledge that "public" information may not be segregated from material non-public information on the Platform.  Secured Parties acknowledge that Borrower Materials may include Obligors' material non-public information, and should not be made available to personnel who do not wish to receive such information or may be engaged in investment or other market-related activities with respect to an Obligor's securities.

15.3.5. Non-Conforming Communications.  Agent and Lenders may rely upon any notices purportedly given by or on behalf of any Obligor even if such notices were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied from a later confirmation.  Each Obligor shall indemnify and hold harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any telephonic communication purportedly given by or on behalf of a Borrower.

15.4 Performance of Borrowers' Obligations.

Agent may, in its discretion at any time and from time to time, at Borrowers' expense, pay any amount or do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent's Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien.  All payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, on demand, with interest from the date incurred to the date of payment thereof at the Default Rate applicable to Base Rate Loans.  Any payment made or action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents.

15.5 Credit Inquiries.

Each Borrower hereby authorizes Agent and Lenders (but they shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Obligor or Subsidiary.

15.6 Severability.

Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be valid under Applicable Law.  If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect.

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15.7 Cumulative Effect; Conflict of Terms.

The provisions of the Loan Documents are cumulative.  The parties acknowledge that the Loan Documents may use several limitations, tests or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided.  Except as otherwise provided in another Loan Document (by specific reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control.

15.8 Counterparts.

Any Loan Document may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto.  Agent may (but shall have no obligation to) accept any signature, contract formation or record-keeping through electronic means, which shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act.  Upon request by Agent, any electronic signature or delivery shall be promptly followed by a manually executed or paper document.

15.9 Entire Agreement.

Time is of the essence of the Loan Documents.  The Loan Documents constitute the entire contract among the parties relating to the subject matter hereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

15.10 Relationship with Lenders.

The obligations of each Lender hereunder are several, and no Lender shall be responsible for the obligations or Commitments of any other Lender.  Amounts payable hereunder to each Lender shall be a separate and independent debt.  It shall not be necessary for Agent or any other Lender to be joined as an additional party in any proceeding for such purposes.  Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute Agent and any Secured Party to be a partnership, association, joint venture or any other kind of entity, nor to constitute control of any Borrower.

15.11 No Advisory or Fiduciary Responsibility.

In connection with all aspects of each transaction contemplated by any Loan Document, Borrowers acknowledge and agree that (a)(i) this credit facility and any related arranging or other services by Agent, any Lender, any of their Affiliates or any arranger are arm's-length commercial transactions between Borrowers and their Affiliates, on one hand, and Agent, any Lender, any of their Affiliates or any arranger, on the other hand; (ii) Borrowers have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) Borrowers are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrowers, any of their Affiliates or any other Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a broad range of transactions that involve interests that differ from those of Borrowers and their Affiliates, and have no obligation to disclose any of such interests to Borrowers or their Affiliates.  To the fullest extent permitted by Applicable Law, each Borrower hereby waives and releases any claims that it may have against Agent, Lenders, their Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document.

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15.12 Confidentiality.

Each of Agent, Lenders and Issuing Bank shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives (provided they are informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank Product or to any swap, derivative or other transaction under which payments are to be made by reference to an Obligor or Obligor's obligations; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than Borrowers; (h) on a confidential basis to a provider of a Platform; or (i) with the consent of Borrower Agent.  Notwithstanding the foregoing, Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, tombstone and advertising purposes, and may use Borrowers' logos, trademarks or product photographs in advertising materials.  As used herein, "Information" means information received from an Obligor or Subsidiary relating to it or its business that is identified as confidential when delivered.  A Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that accorded its own confidential information.  Each of Agent, Lenders and Issuing Bank acknowledges that (i) Information may include material non-public information; (ii) it has developed compliance procedures regarding the use of such information; and (iii) it will handle the material non-public information in accordance with Applicable Law.

15.13 GOVERNING LAW.

UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.

15.14 CONSENT TO FORUM.

15.14.1. Forum.

EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER NEW YORK, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT.  EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT'S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM.  EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 15.3.1.  A final judgment in any proceeding of any such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner provided by Applicable Law.

15.14.2. Other Jurisdictions.   Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law.  Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction.

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15.15 Waivers by Obligors.

To the fullest extent permitted by Applicable Law, each Obligor waives (a) the right to trial by jury (which Agent and each Lender hereby also waives) in any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment, maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by Agent on which an Obligor may in any way be liable, and hereby ratifies anything Agent may do in this regard; (c) notice prior to taking possession or control of any Collateral; (d) any bond or security that might be required by a court prior to allowing Agent to exercise any rights or remedies; (e) the benefit of all valuation, appraisement and exemption laws; (f) any claim against Agent, Issuing Bank or any Lender, on any theory of liability, for special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto; and (g) notice of acceptance hereof.  Each Obligor acknowledges that the foregoing waivers are a material inducement to Agent, Issuing Bank and Lenders entering into this Agreement and that they are relying upon the foregoing in their dealings with Obligors.  Each Obligor has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel.  In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

15.16 Patriot Act Notice.

Agent and Lenders hereby notify Obligors that pursuant to the requirements of the Patriot Act, Agent and Lenders are required to obtain, verify and record information that identifies each Obligor, including its legal name, address, tax ID number and other information that will allow Agent and Lenders to identify it in accordance with the Patriot Act.  Agent and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding Obligors' management and, other than with respect to Parent, owners, such as legal name, address, social security number and date of birth.  Obligors shall, promptly upon request, provide all documentation and other information as Agent, Issuing Bank or any Lender may request from time to time in order to comply with any obligations under any "know your customer," anti-money laundering or other requirements of Applicable Law.

15.17 Effective Date.

This Agreement shall become effective among the parties hereto as of the Effective Date.  Until the Effective Date, the terms of the Existing Loan Agreement shall remain in full force and effect.

15.18 NO ORAL AGREEMENT.

THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

15.19 Restatement.

This Agreement amends, restates and supersedes the Existing Loan Agreement.  All references in the Loan Documents or any other document or instrument executed or delivered in connection therewith to Agreement shall hereafter be deemed to be references to this Agreement.  It is the intention of the parties hereto that this Agreement shall not constitute a novation or discharge of the indebtedness and obligations evidenced by the Existing Loan Agreement.

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IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set forth above.

	 	
BORROWERS:

SENECA FOODS CORPORATION

By: __Timothy Benjamin_________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin,  CFO

Telecopy: 315-926-8300

 

	 	
SENECA FOODS, LLC

By: _ Timothy Benjamin _________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin, CFO

Telecopy: 315-926-8300

 

	 	
SENECA SNACK COMPANY

By: _ Timothy Benjamin ___________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin, CFO

Telecopy: 315-926-8300

 

	 	
GREEN VALLEY FOODS, LLC

By: __ Timothy Benjamin _________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

99

	 	
GUARANTORS:

MARION FOODS, INC.

By: ___Timothy Benjamin________________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

	 	
LEBANON VALLEY COLD STORAGE, LLC

By: __ Timothy Benjamin __________________

Name: Timothy Benjamin

Title: Treasurer & CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

	 	
LEBANON VALLEY COLD STORAGE, LP

By: Lebanon Valley Cold Storage, LLC,

Its General Partner

 

By: _   Timothy Benjamin _____________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

100

	 	
PORTLAND FOOD PRODUCTS COMPANY

By: __ Timothy Benjamin _________________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

	 	
GRAY & COMPANY

By: __ Timothy Benjamin _______________

Name: Timothy Benjamin

Title: Treasurer and CFP

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

	 	
DIANA FRUIT, INC.

By: __ Timothy Benjamin ______________

Name: Timothy Benjamin

Title: Treasurer and CFO

 

Address:

c/o Seneca Foods Corporation

3736 South Main Street

Marion, New York 14505

 

Attn: Timothy Benjamin

Telecopy: 315-926-8300

 

101

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                         Qualified in Ontario County

                                       Commission Expires 5-14-18

                                                No. O1SA6007320

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public   Notary Public, State of New York

                                               Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                     No. O1SA6007320

102

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                             Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                     No. O1SA6007320

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                               Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                         No. O1SA6007320

103

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                          Qualified in Ontario County

                                          Commission Expires 5-14-18

                                                 No. O1SA6007320

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                               Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                    No. O1SA6007320

104

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                             Qualified in Ontario County

                                             Commission Expires 5-14-18

                                                     No. O1SA6007320

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                              Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                       No. O1SA6007320

105

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                              Qualified in Ontario County

                                              Commission Expires 5-14-18

                                                          No. O1SA6007320

STATE OF NEW YORK )

) ss. ____________

COUNTY OF ONTARIO_____ )

On this _24th___ day of _June__, 2016 before me, 2016 the undersigned, personally appeared __ Timothy Benjamin ___, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

/s/Robin Salone  ROBIN SALONE

Notary Public Notary Public, State of New York

                                           Qualified in Ontario County

                                            Commission Expires 5-14-18

                                                       No. O1SA6007320

106

	 	
AGENT AND LENDERS:

BANK OF AMERICA, N.A.,

as Agent, Lender and Issuing Bank

By: __/s/Edgar Ezerins___________________

Name: Edgar Ezerins

Title: Senior Vice President

 

Address:

CityPlace I

185 Asylum Street, 35th Floor

Hartford, CT 06103

CT2-500-35-02

 

Attn: Edgar Ezerins

Telecopy: 312-453-5789

 

107

MANUFACTURERS AND TRADES TRUST COMPANY, as a Lender

By: __   /s/Brian Bennett___________________

Name: Brian Bennett

Title: Senior Vice President

Address:

M&T Place

255 East Avenue, 3rd Floor

Rochester, NY 14604

Attn: Brian Bennett, Assistant Vice President

Telecopy: 585-325-5105

108

U.S. BANK NATIONAL ASSOCIATION,

 as a Lender

By: __   /s/John R. LePage___________________

Name: John R. LePage

Title: Vice President

Address:

100 Pearl Street, 14th Floor

Hartford, CT 06103

Attn: John R. LePage, Vice President

Telecopy: 617.603.7624

109

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By: __   /s/Robert H. Waters, Jr.___________________

Name: Robert H. Waters, Jr.

Title: Vice President

Address:

One South Broad Street

3rd FL MAC: Y1375-031

 Philadelphia, PA 19107

Attn: Rel. Mgr. - Seneca Foods Corporation

Telecopy: (267) 321-6901/6902

110

BMO HARRIS BANK N.A., as a Lender

By: __   /s/Dan Duffy___________________

Name: Dan Duffy

Title: Vice President

Address:

1111 W. Monroe, 20th Floor

Chicago, IL 60603

Attn: ____________________

 Telecopy: ________________

111

JPMORGAN CHASE BANK N.A., as a Lender

By: __   /s/Marie C. Duhamel___________________

Name: Marie C. Duhamel

Title: Authorized Officer

Address:

 Mail Cost NY3-T091

1 South Clinton Avenue, Floor 07

Rochester, NY 14604

Attn: Marie C. Duhamel

 Telecopy: 585-797-1880

112

SCHEDULE 1.1

to

Third Amended and Restated Loan and Security Agreement

COMMITMENTS OF LENDERS

	
Lender

	 	
Commitment for the period from April 1 through and including July 31 of each year

	 	 	
Commitment for the period from August 1 through and including March 31 of each year

	 	 	
Percentage of Aggregate Commitments of all Lenders

	 
	
Bank of America, N.A.

	 	
$

	
128,000,000

	 	 	
$

	
160,000,000

	 	 	 	
32.0

	
%

	
U.S. Bank National Association

	 	
$

	
64,000,000

	 	 	
$

	
80,000,000

	 	 	 	
16.0

	
%

	
Wells Fargo Bank, National Association

	 	
$

	
52,000,000

	 	 	
$

	
65,000,000

	 	 	 	
13.0

	
%

	
JPMorgan Chase Bank, N.A.

	 	
$

	
52,000,000

	 	 	
$

	
65,000,000

	 	 	 	
13.0

	
%

	
Manufacturers and Traders Trust Company

	 	
$

	
52,000,000

	 	 	
$

	
65,000,000

	 	 	 	
13.0

	
%

	
BMO Harris Bank N.A.

	 	
$

	
52,000,000

	 	 	
$

	
65,000,000

	 	 	 	
13.0

	
%

	
Total

	 	
$

	
400,000,000

	 	 	
$

	
500,000,000

	 	 	 	
100.00

	
%

113

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