Document:

Credit Agreement with CoBank, ACB, Agriland and FCS dated September 21, 2006

 Exhibit 10.2 
 Execution Version 
 2006 AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 (CONVERTIBLE REVOLVING
LOAN AND TERM LOAN) 
 BY AND
BETWEEN 
 COBANK, ACB, 
 AS LEAD ARRANGER AND CO-SYNDICATION AGENT, AND SOLE
BOOK RUNNER, AND AS 
 ADMINISTRATIVE,
DOCUMENTATION AND COLLATERAL AGENT; 
 AGRILAND, FCS

 AS CO-SYNDICATION AGENT, AND AS
A SYNDICATION PARTY; AND THE OTHER 
 SYNDICATION PARTIES NAMED HEREIN 
 AND

 PILGRIM’S PRIDE CORPORATION, AS BORROWER 
 DATED AS OF SEPTEMBER 21, 2006 

 TABLE OF CONTENTS 
  

			
	 Article 1. DEFINED TERMS
	  	1
		
	 1.1 Administrative Agent Office
	  	1
		
	 1.2 Advance
	  	1
		
	 1.3 Advance Date
	  	2
		
	 1.4 Aggregate Commitment
	  	2
		
	 1.5 Aggregate Revolving Commitment
	  	2
		
	 1.6 Aggregate Term Commitment
	  	2
		
	 1.7 Amendment Documents
	  	2
		
	 1.8 Applicable Lending Office
	  	2
		
	 1.9 Appraisal
	  	2
		
	 1.10 Appraised Value
	  	2
		
	 1.11 Availability Period
	  	2
		
	 1.12 Available Amount
	  	2
		
	 1.13 Bank Debt
	  	3
		
	 1.14 Banking Day
	  	3
		
	 1.15 Base Rate
	  	3
		
	 1.16 Borrower’s Account
	  	4
		
	 1.17 Borrower Benefit Plan
	  	4
		
	 1.18 Borrowing Notice
	  	4
		
	 1.19 Capital Lease
	  	4
		
	 1.20 Capital Lease Obligation
	  	4
		
	 1.21 Casualty Event
	  	4
		
	 1.22 Casualty Proceeds
	  	4
		
	 1.23 Closing Date
	  	4

  

 i 

			
	 1.24 Code
	  	4
		
	 1.25 Committed Revolving Advances
	  	4
		
	 1.26 Compliance Certificate
	  	5
		
	 1.27 Consolidated Current Assets
	  	5
		
	 1.28 Consolidated Current Liabilities
	  	5
		
	 1.29 Consolidated Interest Expense
	  	5
		
	 1.30 Consolidated Net Income
	  	5
		
	 1.31 Consolidated Subsidiary
	  	5
		
	 1.32 Control Acquisition Date
	  	5
		
	 1.33 Converted Loan(s)
	  	5
		
	 1.34 Current Assets
	  	5
		
	 1.35 Current Liabilities
	  	5
		
	 1.36 Current Ratio
	  	5
		
	 1.37 Debt
	  	6
		
	 1.38 Default Interest Rate
	  	6
		
	 1.39 Depreciation
	  	6
		
	 1.40 EBITDA
	  	6
		
	 1.41 Environmental Laws
	  	6
		
	 1.42 ERISA
	  	7
		
	 1.43 ERISA Affiliate
	  	7
		
	 1.44 Farm Credit System Institution
	  	7
		
	 1.45 Financial Projections
	  	7
		
	 1.46 Fiscal Quarter
	  	7
		
	 1.47 Fiscal Year
	  	7
		
	 1.48 Fixed Charge Coverage Ratio
	  	7

  

 ii 

			
	 1.49 Fixed Rate Term Commitment
	  	7
		
	 1.50 Floating Rate Term Commitment
	  	7
		
	 1.51 Floating Rate Tranche Margin
	  	7
		
	 1.52 Foreign Subsidiary Debt
	  	8
		
	 1.53 Funding Share
	  	8
		
	 1.54 GAAP
	  	8
		
	 1.55 GK Collateral
	  	8
		
	 1.56 GK Fixed Assets
	  	8
		
	 1.57 GK Lien Date
	  	8
		
	 1.58 GK Pro Rata Share
	  	8
		
	 1.59 Gold Kist
	  	9
		
	 1.60 Gold Kist Stock
	  	9
		
	 1.61 Good Faith Contest
	  	9
		
	 1.62 Governmental Authority
	  	9
		
	 1.63 Grower Settlement Agreements
	  	9
		
	 1.64 Hancock Loan
	  	9
		
	 1.65 Harris Loan
	  	9
		
	 1.66 Hazardous Substances
	  	9
		
	 1.67 Individual Commitment
	  	10
		
	 1.68 Individual Fixed Rate Term Commitment
	  	10
		
	 1.69 Individual Floating Rate Term Commitment
	  	10
		
	 1.70 Individual Outstanding Obligations
	  	10
		
	 1.71 Individual Pro Rata Share
	  	10
		
	 1.72 Individual Revolving Commitment
	  	10
		
	 1.73 Individual Revolving Lending Capacity
	  	10

  

 iii 

			
	 1.74 Individual Revolving Outstanding Obligations
	  	10
		
	 1.75 Individual Revolving Pro Rata Share
	  	11
		
	 1.76 Individual Term Commitment
	  	11
		
	 1.77 Individual Term Lending Capacity
	  	11
		
	 1.78 Individual Term Outstanding Obligations
	  	11
		
	 1.79 Individual Term Pro Rata Share
	  	11
		
	 1.80 ING Loan
	  	11
		
	 1.81 Intangible Asset
	  	11
		
	 1.82 Intercompany Bond
	  	12
		
	 1.83 Interest Expense
	  	12
		
	 1.84 Investment
	  	12
		
	 1.85 Leverage Ratio
	  	12
		
	 1.86 LIBO Rate
	  	12
		
	 1.87 Lien
	  	13
		
	 1.88 Loans
	  	13
		
	 1.89 Loan Documents
	  	13
		
	 1.90 Material Adverse Effect
	  	13
		
	 1.91 Material Agreements
	  	13
		
	 1.92 Maturity Date
	  	13
		
	 1.93 Multiemployer Plan
	  	13
		
	 1.94 Net Tangible Assets
	  	13
		
	 1.95 Net Working Capital
	  	13
		
	 1.96 Net Worth
	  	13
		
	 1.97 Non-Recourse Debt
	  	13
		
	 1.98 Note or Notes
	  	14

  

 iv 

			
	 1.99 Operating Lease
	  	14
		
	 1.100 Organizational Documents
	  	14
		
	 1.101 Pari Passu Loan
	  	14
		
	 1.102 Permanent Reduction of Production
	  	14
		
	 1.103 Permitted Capital Raising Transaction
	  	15
		
	 1.104 Permitted Unrestricted Subsidiary Debt
	  	15
		
	 1.105 Person
	  	15
		
	 1.106 Pilgrim Family
	  	15
		
	 1.107 Plan
	  	15
		
	 1.108 Potential Default
	  	15
		
	 1.109 Prohibited Transaction
	  	16
		
	 1.110 Protein IRB Bonds
	  	16
		
	 1.111 Receivables Securitization Program
	  	16
		
	 1.112 Reportable Event
	  	16
		
	 1.113 Required Lenders
	  	16
		
	 1.114 Revolving Loan
	  	16
		
	 1.115 Revolving Loan Availability Period
	  	16
		
	 1.116 Scheduled Payments
	  	16
		
	 1.117 Security Documents
	  	16
		
	 1.118 Senior Subordinated Notes
	  	16
		
	 1.119 Senior Unsecured Notes
	  	17
		
	 1.120 Subsidiary
	  	17
		
	 1.121 Successor Agent
	  	17
		
	 1.122 Syndication Parties
	  	17
		
	 1.123 Tangible Net Worth
	  	17

  

 v 

			
	 1.124 Term Loan Allocation Ratio
	  	17
		
	 1.125 Term Fee Factor
	  	17
		
	 1.126 Term Loan
	  	17
		
	 1.127 Term Loan Availability Period
	  	17
		
	 1.128 3-Month LIBO Rate
	  	18
		
	 1.129 Title Insurer
	  	18
		
	 1.130 Title Policy
	  	18
		
	 1.131 Total Liabilities
	  	18
		
	 1.132 Treasury Rate
	  	18
		
	 1.133 Unrestricted Subsidiary
	  	19
		
	 Article 2. REVOLVING LOAN
	  	22
		
	 2.1 Revolving Loan
	  	22
		
	 2.1.1 Individual Syndication Party Commitment
	  	22
		
	 2.1.2 Individual Syndication Party Pro Rata Share
	  	22
		
	 2.1.3 Aggregate Revolving Commitment; Available Amount
	  	22
		
	 2.2 Promise to Pay; Revolving Promissory Notes
	  	22
		
	 2.3 Advances Under 2004 Credit Agreement
	  	23
		
	 2.4 Syndication Party Records
	  	23
		
	 2.5 Use of Proceeds
	  	23
		
	 2.6 Revolving Advances; Funding
	  	23
		
	 2.7 Syndication Party Funding Failure
	  	23
		
	 2.8 Voluntary Reduction of Aggregate Revolving Commitment
	  	24
		
	 2.9 Automatic Reduction of Aggregate Revolving Commitment
	  	24
		
	 2.10 Voluntary Conversion of Revolving Loan
	  	25
		
	 2.11 Automatic Conversion of Revolving Loan
	  	25

  

 vi 

			
	 2.12 Increase of Aggregate Revolving Commitment
	  	25
		
	 Article 3. TERM LOAN
	  	26
		
	 3.1 Term Loan
	  	26
		
	 3.1.1 Individual Syndication Party Term Lending Capacity
	  	26
		
	 3.1.2 Individual Syndication Party Share
	  	27
		
	 3.1.3 Aggregate Term Commitment; Individual Tranche Amounts; Available Amount
	  	27
		
	 3.1.4 Voluntary Converted Loan
	  	27
		
	 3.2 Promise to Pay; Term Loan Promissory Notes
	  	27
		
	 3.3 Fixed Rate Tranche and Floating Rate Tranche
	  	28
		
	 3.3.1 Fixed Rate Tranche
	  	28
		
	 3.3.2 Floating Rate Tranche
	  	28
		
	 3.4 Syndication Party Records
	  	28
		
	 3.5 Use of Proceeds
	  	28
		
	 3.6 Term Advances; Funding
	  	28
		
	 3.7 Syndication Party Funding Failure
	  	28
		
	 3.8 Reduction of Aggregate Term Commitment
	  	29
		
	 3.9 Increase of Aggregate Term Commitment
	  	29
		
	 3.10 Condition to Funding Obligation
	  	30
		
	 Article 4. INTEREST AND FEES
	  	31
		
	 4.1 Interest on Revolving Loan
	  	31
		
	 4.1.1 Base Rate Option
	  	31
		
	 4.1.2 LIBO Rate Option
	  	31
		
	 4.2 Interest on Voluntary Converted Loan
	  	31
		
	 4.3 Interest on Automatic Converted Loan
	  	32
		
	 4.4 Interest on Term Loan.
	  	32

  

 vii 

			
	 4.4.1 Fixed Rate Tranche
	  	32
		
	 4.4.2 Floating Rate Tranche
	  	32
		
	 4.5 Additional Provisions for LIBO Rate Loans and the Floating Rate Tranche
	  	32
		
	 4.5.1 Inapplicability or Unavailability of LIBO Rate and/or 3-Month LIBO Rate
	  	32
		
	 4.5.2 Change in Law; LIBO Rate Loan Unlawful
	  	32
		
	 4.6 Default Interest Rate
	  	33
		
	 4.7 Interest Calculation
	  	33
		
	 4.8 Fees
	  	33
		
	 4.8.1 Commitment Fee – Revolving Loan
	  	33
		
	 4.8.2 Commitment Fee – Term Loan
	  	34
		
	 4.9 Interest Rate Margins; Commitment Fee Factor
	  	34
		
	 4.9.1 Calculation
	  	34
		
	 4.9.2 Compliance Certificate
	  	35
		
	 4.9.3 Re-pricing
	  	36
		
	 4.10 Maximum Interest Rate
	  	36
		
	 Article 5. PAYMENTS; FUNDING LOSSES
	  	37
		
	 5.1 Principal Payments on Voluntary Converted Loan
	  	37
		
	 5.2 Principal Payment on Automatic Converted Loan.
	  	37
		
	 5.3 Principal Payments on Term Loan
	  	38
		
	 5.4 Interest Payments
	  	38
		
	 5.5 Voluntary Prepayments
	  	38
		
	 5.6 Mandatory Prepayments
	  	39
		
	 5.7 Application of Principal Payments
	  	41
		
	 5.7.1 Scheduled Payments
	  	41
		
	 5.7.2 Voluntary Prepayments
	  	41

  

 viii 

			
	 5.7.3 Mandatory Prepayments
	  	41
		
	 5.8 Manner of Payment
	  	42
		
	 5.9 Distribution of Principal and Interest Payments
	  	42
		
	 5.9.1 Principal and Interest Payments on Revolving Loan
	  	42
		
	 5.9.2 Principal Payments on Term Loan
	  	42
		
	 5.9.3 Interest Payments on Term Loan
	  	42
		
	 5.10 Funding Losses
	  	43
		
	 5.11 Prepayment Fee – Fixed Rate Tranche
	  	43
		
	 5.12 Fee for Prepayment by Refinance
	  	45
		
	 Article 6. BANK EQUITY INTERESTS
	  	45
		
	 6.1 Purchase of Bank Equity Interests
	  	45
		
	 Article 7. SECURITY
	  	45
		
	 7.1 Borrower’s Collateral
	  	45
		
	 7.2 Guaranty
	  	46
		
	 Article 8. REPRESENTATIONS AND WARRANTIES
	  	46
		
	 8.1 Organization, Good Standing, Etc
	  	46
		
	 8.2 Corporate Authority, Due Authorization; Consents
	  	47
		
	 8.3 Litigation
	  	47
		
	 8.4 No Violations
	  	47
		
	 8.5 Binding Agreement
	  	47
		
	 8.6 Compliance with Laws
	  	48
		
	 8.7 Principal Place of Business
	  	48
		
	 8.8 Payment of Taxes
	  	48
		
	 8.9 Licenses and Approvals
	  	48
		
	 8.10 Employee Benefit Plans
	  	48

  

 ix 

			
	 8.10.1 Employee Benefit Plans; Multiemployer Plans
	  	48
		
	 8.10.2 Pension Benefit Plans
	  	49
		
	 8.10.3 Prohibited Transactions
	  	49
		
	 8.10.4 Civil/Criminal Action
	  	49
		
	 8.10.5 Funding
	  	49
		
	 8.10.6 Compliance With Law
	  	50
		
	 8.10.7 Multiple Employer Plan
	  	50
		
	 8.10.8 Plan Termination Liability; Multiemployer Plan Withdrawal Liability
	  	50
		
	 8.10.9 Pension Plan Termination
	  	50
		
	 8.10.10 Reportable Event
	  	50
		
	 8.10.11 Payment of Contributions
	  	51
		
	 8.10.12 Welfare Benefit Plans
	  	51
		
	 8.11 Equity Investments
	  	51
		
	 8.12 Title to Real and Personal Property
	  	51
		
	 8.13 Financial Statements
	  	52
		
	 8.14 Environmental Compliance
	  	52
		
	 8.15 Fiscal Year
	  	52
		
	 8.16 Material Agreements
	  	53
		
	 8.17 Regulations U and X
	  	53
		
	 8.18 Trademarks, Tradenames
	  	53
		
	 8.19 No Default on Outstanding Judgments or Orders
	  	53
		
	 8.20 No Default in Other Agreements
	  	53
		
	 8.21 Labor Matters; Labor Agreements
	  	53
		
	 8.22 Governmental Regulation
	  	54
		
	 8.23 Borrower Information
	  	54

  

 x 

			
	 8.24 Financial Projections
	  	54
		
	 8.25 Solvency
	  	54
		
	 8.26 Anti-Terrorism Laws
	  	55
		
	 8.26.1 Violation of Law
	  	55
		
	 8.26.2 Classification
	  	55
		
	 8.26.3 Conduct of Business
	  	55
		
	 8.27 Disclosure
	  	56
		
	 Article 9. CONDITIONS TO CLOSING AND TO ADVANCES
	  	56
		
	 9.1 Conditions to Closing
	  	56
		
	 9.1.1 Loan and Amendment Documents; Possession of Collateral; and Pilgrim Guaranty
	  	56
		
	 9.1.2 Approvals
	  	56
		
	 9.1.3 Organizational Documents
	  	56
		
	 9.1.4 Evidence of Insurance
	  	56
		
	 9.1.5 Appointment of Agent for Service.
	  	56
		
	 9.1.6 No Material Change
	  	57
		
	 9.1.7 Fees and Expenses
	  	57
		
	 9.1.8 Evidence of Corporate Action
	  	57
		
	 9.1.9 Opinion of Counsel
	  	57
		
	 9.1.10 Financial Projections
	  	57
		
	 9.1.11 Further Assurances
	  	57
		
	 9.2 Borrowing Notice; Funding Notice
	  	58
		
	 9.2.1 Revolving Loan
	  	58
		
	 9.2.2 Term Loan
	  	58
		
	 9.2.3 Funding Notice and Funding
	  	58
		
	 9.3 Conditions to Advance
	  	58

  

 xi 

			
	 9.3.1 Default
	  	58
		
	 9.3.2 Availability Period
	  	58
		
	 9.3.3 Representations and Warranties; Fees and Expenses
	  	59
		
	 9.3.4 No Material Change
	  	59
		
	 9.3.5 Advance for Acquisition of Gold Kist Stock
	  	59
		
	 9.4 Limitation on LIBO Rate Loans
	  	60
		
	 9.5 Illegality of Loan
	  	61
		
	 9.6 Treatment of Affected Loans
	  	61
		
	 Article 10. AFFIRMATIVE COVENANTS
	  	62
		
	 10.1 Books and Records
	  	62
		
	 10.2 Reports and Notices
	  	62
		
	 10.2.1 Annual Financial Statements
	  	62
		
	 10.2.2 Quarterly Financial Statements
	  	62
		
	 10.2.3 Notice of Default
	  	63
		
	 10.2.4 ERISA Reports
	  	63
		
	 10.2.5 Notice of Litigation
	  	63
		
	 10.2.6 Notice of Material Adverse Effect
	  	63
		
	 10.2.7 Notice of Environmental Proceedings
	  	63
		
	 10.2.8 Regulatory and Other Notices
	  	64
		
	 10.2.9 Adverse Action Regarding Required Licenses
	  	64
		
	 10.2.10 Notice of Certain Changes
	  	64
		
	 10.2.11 Available Amount Reports
	  	64
		
	 10.2.12 Appraisals
	  	65
		
	 10.2.13 Filings and Reports
	  	65
		
	 10.2.14 Additional Information
	  	65

  

 xii 

			
	 10.3 Maintenance of Existence and Qualification
	  	65
		
	 10.4 Compliance with Legal Requirements and Agreements
	  	65
		
	 10.5 Compliance with Environmental Laws
	  	66
		
	 10.6 Taxes
	  	66
		
	 10.7 Insurance
	  	66
		
	 10.8 Title to and Maintenance of Properties
	  	67
		
	 10.9 Inspection
	  	67
		
	 10.10 Required Licenses; Permits; Etc
	  	67
		
	 10.11 ERISA
	  	68
		
	 10.12 Financial Covenants
	  	68
		
	 10.12.1 Leverage Ratio
	  	68
		
	 10.12.2 Tangible Net Worth
	  	68
		
	 10.12.3 Current Ratio
	  	69
		
	 10.12.4 Net Tangible Assets to Total Liabilities
	  	69
		
	 10.12.5 Fixed Charge Coverage Ratio
	  	69
		
	 10.12.6 Net Working Capital
	  	69
		
	 10.13 Appraised Property
	  	69
		
	 10.14 Title Insurance Endorsements.
	  	70
		
	 10.15 Production Cut-back
	  	70
		
	 10.16 Embargoed Person
	  	71
		
	 10.17 Anti-Money Laundering
	  	72
		
	 10.18 Additional Collateral
	  	72
		
	 10.19 Lien on Gold Kist Stock
	  	73
		
	 10.20 Schedule of GK Assets
	  	73
		
	 10.21 Lien on GK Fixed Assets
	  	74

  

 xiii 

			
	 10.21.1 GK Security Documents
	  	74
		
	 10.21.2 Requirements Regarding Real Property Collateral
	  	74
		
	 10.21.3 Lien Searches
	  	74
		
	 10.21.4 Proof of Authorization
	  	75
		
	 10.21.5 Gold Kist Solvency Certificate and Pro Forma Financial Statements
	  	75
		
	 10.21.6 Legal Opinion
	  	75
		
	 10.21.7 Update to Exhibits
	  	75
		
	 Article 11. NEGATIVE COVENANTS
	  	76
		
	 11.1 Borrowing
	  	76
		
	 11.2 No Other Businesses
	  	77
		
	 11.3 Liens
	  	77
		
	 11.4 Sale of Collateral
	  	79
		
	 11.5 Liabilities of Others
	  	80
		
	 11.6 Loans
	  	80
		
	 11.7 Merger; Acquisitions; Business Form; Etc
	  	81
		
	 11.8 Investments
	  	81
		
	 11.9 Transactions With Related Parties
	  	83
		
	 11.10 Dividends, etc
	  	83
		
	 11.11 ERISA
	  	83
		
	 11.12 Change in Fiscal Year
	  	84
		
	 11.13 Leases
	  	84
		
	 11.14 Principal Payments
	  	84
		
	 11.15 Anti-Terrorism Law
	  	85
		
	 Article 12. INDEMNIFICATION
	  	85
		
	 12.1 General; Stamp Taxes; Intangibles Tax
	  	85

  

 xiv 

			
	 12.2 Indemnification Relating to Hazardous Substances
	  	86
		
	 Article 13. EVENTS OF DEFAULT; RIGHTS AND REMEDIES
	  	87
		
	 13.1 Events of Default
	  	87
		
	 13.2 Modification upon Gold Kist Acquisition
	  	89
		
	 13.3 No Advance
	  	89
		
	 13.4 Rights and Remedies
	  	89
		
	 13.5 Waiver of Borrower’s Rights Under Farm Credit Act
	  	90
		
	 13.6 Unrestricted Subsidiary.
	  	90
		
	 Article 14. AGENCY AGREEMENT
	  	90
		
	 14.1 Funding of Syndication Interest
	  	90
		
	 14.2 Syndication Parties’ Obligations to Remit Funds
	  	91
		
	 14.3 Syndication Party’s Failure to Remit Funds
	  	91
		
	 14.4 Agency Appointment
	  	92
		
	 14.5 Power and Authority of the Administrative Agent
	  	92
		
	 14.5.1 Advice
	  	92
		
	 14.5.2 Documents; Intercreditor Agreement
	  	93
		
	 14.5.3 Proceedings
	  	93
		
	 14.5.4 Retain Professionals
	  	93
		
	 14.5.5 Incidental Powers
	  	93
		
	 14.5.6 Release of Certain Liens
	  	93
		
	 14.6 Duties of the Administrative Agent
	  	94
		
	 14.6.1 Possession of Documents
	  	94
		
	 14.6.2 Distribute Payments
	  	94
		
	 14.6.3 Loan Administration
	  	94
		
	 14.6.4 Action Upon Default
	  	94

  

 xv 

			
	 14.6.5 Indemnification as Condition to Action
	  	95
		
	 14.6.6 Forwarding of Information
	  	95
		
	 14.7 Consent Required for Certain Actions.
	  	95
		
	 14.7.1 Unanimous
	  	95
		
	 14.7.2 Required Lenders
	  	96
		
	 14.7.3 Increase in Individual Commitment Amounts
	  	96
		
	 14.7.4 Action Without Vote
	  	96
		
	 14.7.5 Vote of Participants
	  	96
		
	 14.8 Distribution of Principal and Interest
	  	96
		
	 14.9 Distribution of Certain Amounts
	  	97
		
	 14.9.1 Funding Losses
	  	97
		
	 14.9.2 Fees
	  	97
		
	 14.10 Possession of Loan Documents
	  	97
		
	 14.11 Collateral Application
	  	97
		
	 14.12 Amounts Required to be Returned
	  	98
		
	 14.13 Reports and Information to Syndication Parties
	  	98
		
	 14.14 Standard of Care
	  	99
		
	 14.15 No Trust Relationship
	  	99
		
	 14.16 Sharing of Costs and Expenses
	  	99
		
	 14.17 Syndication Parties’ Indemnification of the Administrative Agent
	  	100
		
	 14.18 Books and Records
	  	100
		
	 14.19 Administrative Agent Fee
	  	100
		
	 14.20 The Administrative Agent’s Resignation or Removal
	  	100
		
	 14.21 Representations and Warranties of All Parties
	  	101
		
	 14.22 Representations and Warranties of CoBank
	  	101

  

 xvi 

			
	 14.23 Syndication Parties’ Independent Credit Analysis
	  	102
		
	 14.24 No Joint Venture or Partnership
	  	102
		
	 14.25 Purchase for Own Account; Restrictions on Transfer; Participations
	  	102
		
	 14.26 Certain Participants’ Voting Rights
	  	103
		
	 14.27 Method of Making Payments
	  	104
		
	 14.28 Events of Syndication Default/Remedies
	  	104
		
	 14.28.1 Syndication Party Default
	  	104
		
	 14.28.2 Remedies
	  	104
		
	 14.29 Withholding Taxes
	  	105
		
	 14.30 Amendments Concerning Agency Function
	  	105
		
	 14.31 Reallocation of Outstanding Advances
	  	105
		
	 14.32 Replacement of Holdout Lender
	  	105
		
	 14.33 Further Assurances
	  	106
		
	 Article 15. MISCELLANEOUS
	  	106
		
	 15.1 Costs and Expenses
	  	106
		
	 15.2 Service of Process and Consent to Jurisdiction
	  	107
		
	 15.3 Jury Waiver
	  	107
		
	 15.4 Notices
	  	108
		
	 15.4.1 Borrower
	  	108
		
	 15.4.2 Administrative Agent
	  	108
		
	 15.4.3 Agriland
	  	108
		
	 15.4.4 Syndication Parties
	  	109
		
	 15.5 Liability of Administrative Agent and Co-Arrangers
	  	109
		
	 15.6 Successors and Assigns
	  	109
		
	 15.7 Severability
	  	109

  

 xvii 

			
	 15.8 Entire Agreement
	  	109
		
	 15.9 Applicable Law
	  	109
		
	 15.10 Captions
	  	109
		
	 15.11 Complete Agreement; Amendments
	  	109
		
	 15.12 Additional Costs of Maintaining Loan
	  	110
		
	 15.13 Capital Requirements
	  	111
		
	 15.14 Replacement Notes
	  	111
		
	 15.15 Mutual Release
	  	111
		
	 15.16 Liberal Construction
	  	112
		
	 15.17 Counterparts
	  	112
		
	 15.18 Confidentiality
	  	112
		
	 15.19 Limitation of Liability
	  	113
		
	 15.20 Patronage Payments
	  	113
		
	 15.21 Affect of Amended and Restated Credit Agreement
	  	114

  

 xviii 

 EXHIBITS 
  

			
	Exhibit 1.26	  	Compliance Certificate
		
	Exhibit 1.101	  	Intercreditor Agreement Form
		
	Exhibit 2.2	  	Revolving Note Form
		
	Exhibit 2.12	  	Adoption Agreement Form
		
	Exhibit 3.2A	  	Term Note – Fixed Rate Tranche Form
		
	Exhibit 3.2B	  	Term Note – Floating Rate Tranche Form
		
	Exhibit 7.1	  	Pledged Facilities
		
	Exhibit 8.3	  	Litigation
		
	Exhibit 8.8	  	Payment of Taxes
		
	Exhibit 8.10	  	Employee Benefit Plans, Borrower Pension Plans, Multiemployer Plans
		
	Exhibit 8.11	  	Equity Investments
		
	Exhibit 8.14	  	Environmental Compliance
		
	Exhibit 8.16	  	Material Agreements
		
	Exhibit 8.21	  	Labor Matters and Agreements
		
	Exhibit 9.2A	  	Revolving Borrowing Notice Form
		
	Exhibit 9.2B	  	Term Borrowing Notice Form
		
	Exhibit 10.2.11	  	Available Amount Report Form
		
	Exhibit 10.18	  	Additional Property
		
	Exhibit 11.3	  	Liens on Effective Date
		
	Exhibit 11.8	  	Investments
		
	Exhibit 14.25	  	Syndication Acquisition Agreement Form
		
	Exhibit 14.27	  	Wire Instructions
		
	Schedule 1	  	Syndication Parties and Individual Commitments

  

 xix 

 2006 AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 (CONVERTIBLE REVOLVING
LOAN AND TERM LOAN) 
 Recitals 
 A. COBANK, ACB as the Administrative, Documentation, and Collateral Agent for the benefit of the present and future Syndication Parties, Lead Arranger and
Book Manager, and as a Syndication Party, FARM CREDIT SERVICES OF AMERICA, FLCA, as Co-Arranger and as a Syndication Party, the Syndication Parties identified on Schedule 1 thereto, and PILGRIM’S PRIDE CORPORATION, a corporation formed under
the laws of the State of Delaware, entered into that certain 2004 Amended and Restated Credit Agreement (“2004 Credit Agreement”) dated as of April 7, 2004 (“Original Effective Date”). 
 B. The parties to the 2004 Credit Agreement desire to make certain amendments to, but not to discharge any indebtedness or other obligations owing under,
the 2004 Credit Agreement, as incorporated in this 2006 Amended and Restated Credit Agreement. 
 Agreement

 THIS 2006 AMENDED AND RESTATED CREDIT AGREEMENT (“Credit Agreement”) is entered into as of the 21st day of
September 2006 (“Effective Date”), by and between COBANK, ACB (“CoBank”) as the Administrative, Documentation, and Collateral Agent for the benefit of the present and future Syndication Parties (in its capacity
as Administrative Agent and Collateral Agent, the “Administrative Agent”), Lead Arranger and Book Manager, AGRILAND, FCS, as Co-Syndication Agent (“Agriland”) and as a Syndication Party, the Syndication Parties
identified on Schedule 1 hereto, and PILGRIM’S PRIDE CORPORATION, a corporation formed under the laws of the State of Delaware, whose address is 4845 US Highway 271 N., Pittsburg, Texas 75686 (“Borrower”), and amends,
restates, and replaces in its entirety the 2004 Credit Agreement effective as of the Effective Date. 
 ARTICLE 1. DEFINED TERMS 
 As used in this Credit Agreement, the following terms shall have the meanings set forth below (and such meaning shall be equally applicable to both the
singular and plural form of the terms defined, as the context may require): 
 1.1 Administrative Agent Office: shall mean the address
set forth at Subsection 15.4.2 hereof, as it may change from time to time by notice to all parties to this Credit Agreement. 
 1.2
Advance: means a collective reference to a Revolving Advance and a Term Advance, where the context requires. 

 1.3 Advance Date: a day (which shall be a Banking Day) on which an Advance is made.

 1.4 Aggregate Commitment: shall be the sum of the Aggregate Revolving Commitment and the Aggregate Term Commitment at any time.

 1.5 Aggregate Revolving Commitment: shall be the sum of the Individual Revolving Commitments shown on Schedule 1, as revised by the
Administrative Agent from time to time as provided in Sections 2.8, 2.9, and 2.12 hereof. 
 1.6 Aggregate Term Commitment: shall be
the sum of the Individual Term Commitments shown on Schedule 1, as revised by the Administrative Agent from time to time as provided in Sections 3.8 and 3.9 hereof. 
 1.7 Amendment Documents: this Credit Agreement, each amendment to a security agreement, each amendment to a deed of trust, the amendment to the Pilgrim Guaranty, and any other similar documents executed on or
as of the Effective Date in connection with this Credit Agreement. 
 1.8 Applicable Lending Office: means, for each Syndication Party
and for each type of Advance, the lending office of such Syndication Party designated as such for such type of Advance on its signature page hereof or in the applicable Syndication Acquisition Agreement or such other office of such Syndication Party
as such Syndication Party may from time to time specify to the Administrative Agent and Borrower as the office by which its Advances of such type are to be made and maintained. 
 1.9 Appraisal: A written appraisal report by an ARA or MAI certified appraiser with a General Certification from the State in which the property
being appraised is located, which report provides the appraiser’s opinion as to the market value of the property being appraised on the basis of (a) comparable sales and (b) replacement cost and reflecting an appraisal done
(i) no more than six (6) months prior to the date such Appraisal is delivered to the Administrative Agent, or, (ii) with respect to Appraisals provided in connection with Additional Property as provided in Section 10.18(b)
hereof, done no more than six (6) months prior to the date such Appraisal is delivered to the Administrative Agent. 
 1.10 Appraised
Value: the value of an asset included within the Collateral determined on the basis of the fair market value as set forth in the most recent Appraisal. 
 1.11 Availability Period: means a collective reference to the Revolving Loan Availability Period and the Term Loan Availability Period, where the context requires. 
 1.12 Available Amount: the lesser of (a) the Aggregate Commitment; and (b) the sum of (i) seventy-five percent (75%) of the
Appraised Value (as shown on the latest Available Amount Report pursuant to the latest Appraisal as provided pursuant to the 2004 Credit Agreement or this Credit Agreement, whichever is later) of the 
  

 2 

 Collateral (other than the GK Collateral) in which the Syndication Parties have a perfected first priority lien, subject
to Permitted Encumbrances, (without considering the lien which secures any Pari Passu Loan), plus (ii) (A) during the period from the Closing Date to, but not including, the Control Acquisition Date, the GK Pro Rata Share of 150% of
the net book value of the GK Fixed Assets, (B) during the period on and after the Control Acquisition Date to, but not including, the GK Lien Date: (1) during any part of such period that the Loans are directly or indirectly secured by the
Gold Kist Stock (and while the Gold Kist Stock constitutes “margin stock” as that term is defined in Federal Reserve Board Regulation U at 12 C.F.R. §221.2), then fifty percent (50.0%) of the market value (determined as provided
in Federal Reserve Board Regulation U at 12 C.F.R. §221.7) of the Gold Kist Stock on which the Syndication Parties have a perfected first priority lien security interest, and (2) during any part of such period that the Loans are not
secured, directly or indirectly, by any Gold Kist Stock (while the Gold Kist Stock constitutes “margin stock” as that term is defined in Federal Reserve Board Regulation U at 12 C.F.R. §221.2), then the GK Pro Rata Share of 150% of
the net book value of the GK Fixed Assets, and (C) on and after the GK Lien Date, seventy-five percent (75%) of the Appraised Value (as shown on the latest Available Amount Report pursuant to the latest Appraisal as provided by Borrower to
the Administrative Agent) of the GK Fixed Assets in which the Syndication Parties have a perfected first priority lien, subject to Permitted Encumbrances, (without considering the lien which secures any Pari Passu Loan) and as to which all of
the requirements of Section 10.21 hereof have been satisfied, less (iii) the amount owing under all Pari Passu Loans. 
 1.13 Bank Debt: all amounts owing under or on account of the Notes, Funding Losses and all interest, fees, expenses, charges and other amounts payable by Borrower pursuant to the Loan Documents. 
 1.14 Banking Day: any day (a) other than a Saturday or Sunday and other than a day which is a Federal legal holiday or a legal holiday for
banks in the States of Colorado or New York; and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation of or conversion into, or a LIBO Rate Period for, a LIBO Rate Loan, or a notice
by Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or LIBO Rate Period, on which dealings in U.S. Dollar deposits are carried out in the London interbank market. 
 1.15 Base Rate: a rate of interest per annum equal to the “prime rate” as published from time to time in the Eastern Edition of the Wall
Street Journal as the average prime lending rate for seventy-five percent (75%) of the United States’ thirty (30) largest commercial banks, or if the Wall Street Journal shall cease publication or cease publishing the “prime
rate” on a regular basis, such other regularly published average prime rate applicable to such commercial banks as is acceptable to the Administrative Agent in its reasonable discretion, with such rate modified by adding the Base Rate Margin.

  

 3 

 1.16 Borrower’s Account: means Borrower’s account # 3788148 at Harris Trust and Savings
Bank (ABA #071000288). 
 1.17 Borrower Benefit Plan: means (a) any funded “employee welfare benefit plan,” as that
term is defined in Section 3(1) of ERISA; (b) any “multiemployer plans,” as defined in Section 3(37) of ERISA; (c) any “employee pension benefit plan” as defined in Section 3(2) of ERISA;
(d) any “employee benefit plan”, as such term is defined in Section 3(3) of ERISA; (e) any “multiple employer plan” within the meaning of Section 413 of the Code; (f) any “multiple employer
welfare arrangement” within the meaning of Section 3(40) of ERISA; (g) a “voluntary employees’ beneficiary association” within the meaning of Section 501(c)(9) of the Code; (h) a “welfare
benefit fund” within the meaning of Section 419 of the Code; or (i) any employee welfare benefit plan within the meaning of Section 3(1) of ERISA for the benefit of retired or former employees, which is maintained by the
Borrower or in which Borrower participates or to which Borrower is obligated to contribute, but excluding any such plan, arrangement, association or fund that is maintained outside of the United States primarily for the benefit of persons
substantially all of whom are nonresident aliens. 
 1.18 Borrowing Notice: means a Revolving Borrowing Notice and/or a Term Borrowing
Notice, as the context requires. 
 1.19 Capital Lease: means any lease of property (whether real, personal or mixed) by a
Person, the discounted present value of the rental obligations of such Person as lessee under such lease, in accordance with GAAP, is required to be capitalized on the balance sheet of such Person. 
 1.20 Capital Lease Obligation: the discounted present value of the rental obligation, under a Capital Lease. 
 1.21 Casualty Event: means a loss or taking caused by or resulting from a fire, earthquake, explosion, wind, rain, or condemnation, or
substantially similar occurrence. 
 1.22 Casualty Proceeds: the amount received on account of a Casualty Event from insurance,
condemnation award, judgment, or settlement. 
 1.23 Closing Date: that date on which the Administrative Agent, the Syndication
Parties, and Borrower have executed all Loan Documents to which they are parties and on which the conditions set forth in Section 9.1 of this Credit Agreement have been met, which shall be no later than September 29, 2006. 
 1.24 Code: means the Internal Revenue Code of 1986, as amended from time to time. 
 1.25 Committed Revolving Advances: the principal amount of all Revolving Advances which any Syndication Party is obligated to make as a result of
Borrower having presented a Revolving Borrowing Notice to the Administrative Agent as provided in Section 9.2 hereof, but which has not been funded. 
  

 4 

 1.26 Compliance Certificate: a certificate of the chief financial officer of Borrower in the form
attached hereto as Exhibit 1.26 and otherwise reasonably acceptable to the Administrative Agent. 
 1.27 Consolidated Current
Assets: the total current assets of Borrower and its Subsidiaries as measured in accordance with GAAP. 
 1.28 Consolidated Current
Liabilities: the total current liabilities of Borrower and its Subsidiaries as measured in accordance with GAAP. 
 1.29 Consolidated
Interest Expense: all interest expense of Borrower and its Consolidated Subsidiaries, as determined in accordance with GAAP. 
 1.30
Consolidated Net Income: the net income of Borrower and all its Consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 1.31 Consolidated Subsidiary: any Subsidiary whose accounts are consolidated with those of Borrower in accordance with GAAP. 
 1.32 Control Acquisition Date: means the date on which the amount of Gold Kist Stock that Borrower has acquired initially exceeds 50%. 
 1.33 Converted Loan(s): means the Voluntary Converted Loan and/or the Automatic Converted Loan, as the context requires. 
 1.34 Current Assets: the current amount of assets of a Person which in accordance with GAAP may be properly classified as current assets after
deducting adequate reserves where proper. 
 1.35 Current Liabilities: all items (including taxes accrued as estimated) which in
accordance with GAAP may be properly classified as current liabilities, and including in any event all amounts outstanding from time to time; provided that for the purposes of making the ratio calculations under Section 10.12 hereof, Current
Liabilities shall not include (a) indebtedness of Borrower related to the Protein IRB Bonds to the extent proceeds remain held in trust and are not paid to Borrower pursuant to the terms of the bond documents pursuant to which the Protein IRB
Bonds were issued, (b) indebtedness related to the Intercompany Bonds so long as Borrower or a Subsidiary of Borrower remains the holder of such Intercompany Bonds, and (c) any indebtedness so long as the trustee or agent in respect of
such indebtedness holds cash and cash equivalents sufficient to repay the principal balance of such indebtedness, subject to the Administrative Agent’s reasonable verification that such cash and cash equivalents are held by a trustee for the
sole purpose of insuring such repayment. 
 1.36 Current Ratio: the ratio of Current Assets to Current Liabilities of Borrower and its
Consolidated Subsidiaries. 
  

 5 

 1.37 Debt: means as to any Person, without duplication: (a) indebtedness, obligations, or
liability of such Person for borrowed money (including by the issuance of debt securities), or for the deferred purchase price of property or services (excluding trade obligations); (b) the aggregate of the principal components of all Capital
Leases and other agreements for the use, acquisition or retention of real or personal property which are required to be capitalized under GAAP; (c) to the extent drawn upon, obligations of such Person arising under bankers’ or trade
acceptance facilities, letters of credit, customer advances and other extensions of credit whether or not representing obligations for borrowed money; (d) all guarantees, endorsements and other contingent obligations of such Person with respect
to indebtedness arising from money borrowed by others; (e) all obligations secured by a lien on property owned by such Person, whether or not such Person has assumed or become liable for such obligations; and (f) all obligations of such
Person under any agreement providing for an interest rate swap, cap, cap and floor, contingent participation or other hedging mechanisms with respect to interest payable on any of the items described in this definition; provided that for the
purposes of making the ratio calculations under Section 10.12 hereof, Debt shall not include (a) indebtedness of Borrower related to the Protein IRB Bonds to the extent proceeds remain held in trust and are not paid to Borrower pursuant to
the terms of the bond documents pursuant to which the Protein IRB Bonds were issued, (b) indebtedness related to the Intercompany Bonds so long as Borrower or a Subsidiary of Borrower remains the holder of such Intercompany Bonds, and
(c) any indebtedness so long as the trustee or agent in respect of such indebtedness holds cash and cash equivalents sufficient to repay the principal balance of such indebtedness, subject to the Administrative Agent’s reasonable
verification that such cash and cash equivalents are held by a trustee for the sole purpose of insuring such repayment. 
 1.38 Default
Interest Rate: with respect to any Loan, a rate of interest equal to 200 basis points in excess of the interest rate which would otherwise be applicable on such Loan as of the date or dates of calculation. 
 1.39 Depreciation: the total depreciation of Borrower and its Consolidated Subsidiaries as measured in accordance with GAAP. 
 1.40 EBITDA: for any period, for Borrower and its Consolidated Subsidiaries, net income for such period, plus the sum of the amounts of
(a) Interest Expense, plus (b) federal and state income taxes, plus (c) depreciation and amortization expenses, plus (d) extraordinary losses, minus (e) extraordinary gains, in each case as charged against (or added to, as
the case may be) revenues to arrive at net income for such period, all as determined by GAAP. 
 1.41 Environmental Laws: any
federal, state, or local law, statute, ordinance, rule, regulation, administration order, or permit now in effect or hereinafter enacted, pertaining to the public health, safety, industrial hygiene, or the environmental conditions on, under or about
the Collateral, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 as amended, 42 U.S.C. 9601-9657 (“CERCLA”) and the Resource Conservation and Recovery Act of 1976,
42 U.S.C. 6901-6987 (“RCRA”). 
  

 6 

 1.42 ERISA: the Employee Retirement Income Security Act of 1974, as amended, and the regulations
thereunder. 
 1.43 ERISA Affiliate: means any corporation or trade or business which is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as Borrower or is under common control (within the meaning of Section 414(c) of the Code) with Borrower, provided, however, that for purposes of provisions
herein concerning minimum funding obligations (imposed under Section 412 of the Code or Section 302 of ERISA), the term “ERISA Affiliate” shall also include any entity required to be aggregated with Borrower under
Section 414(m) or 414(o) of the Code. 
 1.44 Farm Credit System Institution: shall mean any Farm Credit Bank, any
Federal land bank association, any production credit association, the banks for cooperatives, and such other institutions as may be a part of the Farm Credit System and chartered by and subject to regulation by the Farm Credit Administration.

 1.45 Financial Projections: Financial projections of the operations of Borrower and its Subsidiaries as provided to the
Administrative Agent on August 29, 2006. 
 1.46 Fiscal Quarter: each of the four (4) quarter accounting periods of thirteen
(13) or fourteen (14) weeks of Borrower that together comprise a Fiscal Year. 
 1.47 Fiscal Year: the 52 or 53 week period
(a) ending on the Saturday closest to September 30 in each calendar year, regardless of whether such Saturday occurs in September or October of any calendar year and (b) beginning on the day immediately following the end of the
preceding Fiscal Year. 
 1.48 Fixed Charge Coverage Ratio: the ratio of (a) the sum of EBITDA and all amounts payable under all
non-cancelable Operating Leases (determined on a consolidated basis in accordance with GAAP) for the period in question, to (b) the sum of (without duplication) (i) Interest Expense for such period, (ii) the sum of the
scheduled current maturities (determined on a consolidated basis in accordance with GAAP) of Debt during the period in question, (iii) all amounts payable under non-cancelable Operating Leases (determined as aforesaid) during such
period, and (iv) all amounts payable with respect to Capital Leases (determined on a consolidated basis in accordance with GAAP) for the period in question. 
 1.49 Fixed Rate Term Commitment: shall be the sum of the Individual Fixed Rate Term Commitments shown on Schedule 1, as revised by the Administrative Agent from time to time as provided in Sections 3.8, 3.9,
and 3.10 hereof. 
 1.50 Floating Rate Term Commitment: shall be the sum of the Individual Floating Rate Term Commitments shown on
Schedule 1, as revised by the Administrative Agent from time to time as provided in Sections 3.8 and 3.9 hereof. 
 1.51 Floating Rate
Tranche Margin: means, subject to any revision pursuant to Subsection 4.9.3 hereof, (a) 175 basis points during any period that Borrower’s Debt to 
  

 7 

 EBITDA ratio, as set forth in the most recent Compliance Certificate, is greater than 3.0x; (b) 150 basis points
during any period that Borrower’s Debt to EBITDA ratio, as set forth in the most recent Compliance Certificate, is equal to or less than 3.0x; and (c) notwithstanding the provisions of clauses (a) or (b), 175 basis points for the
first twelve (12) months following the date of the initial Advance made for the purpose of acquiring any Gold Kist Stock. For the purposes of determining the Floating Rate Tranche Margin, Borrower’s EBITDA shall be determined on a rolling
four (4) Fiscal Quarter basis. 
 1.52 Foreign Subsidiary Debt. Debt of a non-U.S. Subsidiary of Borrower in an aggregate
principal amount not to exceed seventy-five percent (75.0%) of such Subsidiary’s working capital. 
 1.53 Funding Share:
shall mean the amount of any Advance which each Syndication Party is required to fund, which shall be the amount of such Advance multiplied by such Syndication Party’s Individual Revolving Pro Rata Share (if a Revolving Advance) or such
Syndication Party’s Individual Term Pro Rata Share (if a Term Advance), in each case as of, but without giving effect to, such Advance. 
 1.54 GAAP: generally accepted accounting principles in the United States of America, applied consistently, as in effect from time to time. 
 1.55 GK Collateral: shall mean the GK Fixed Assets (including such assets after their transfer to Borrower, by merger or otherwise) and all proceeds arising from the disposition thereof and including all
insurance policies and proceeds therefrom, presently existing or acquired in the future. 
 1.56 GK Fixed Assets: (a) until the
date, subsequent to the Control Acquisition Date, that Borrower provides to the Administrative Agent the schedule of consolidated fixed assets of Gold Kist pursuant to Section 10.20 hereof, means the consolidated fixed assets of Gold Kist as
reflected on the quarter-end financials of Gold Kist that are publicly available for its fiscal quarter ending immediately preceding the Closing Date; and (b) on and after the GK Lien Date, means the consolidated fixed assets of Gold Kist as
reflected on the schedule thereof which Borrower provides to the Administrative Agent pursuant to Section 10.20 hereof. 
 1.57 GK
Lien Date: means the earlier of (a) nine (9) months following the Control Acquisition Date, or (b) six (6) months after the date on which Borrower has acquired 100% of the issued and outstanding Gold Kist Stock. 

1.58 GK Pro Rata Share: means a fraction, expressed as a percentage, where (a) the numerator is the total number of shares of Gold Kist
Stock owned by Borrower (which must be in excess of fifty percent (50.0%), and (b) the denominator is the total number of issued and outstanding shares of Gold Kist Stock, on the date of measurement, and revised from time to time at the written
request of Borrower accompanied by such proof as the Administrative Agent shall reasonably require, showing the amount of Gold Kist Stock that Borrower has acquired since the last 
  

 8 

 revision of the GK Pro Rata Share, provided that the amount of Gold Kist Stock so acquired is more than one percent
(1.0%) of the issued and outstanding shares of Gold Kist Stock. 
 1.59 Gold Kist: means Gold Kist, Inc., a Delaware corporation.

 1.60 Gold Kist Stock: means the issued and outstanding common stock of Gold Kist. 
 1.61 Good Faith Contest: means the contest of an item if (a) the item is diligently contested in good faith by appropriate proceedings timely
instituted, (b) either the item is (i) bonded or (ii) adequate reserves are established with respect to the contested item if and to the extent reasonably satisfactory to the Required Lenders, and (c) during the period of such
contest, the enforcement of any contested item is effectively stayed. 
 1.62 Governmental Authority: means any nation or government,
any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 1.63 Grower Settlement Agreements: means those certain promissory notes dated October 22, 1987 payable to the order of each of (a) Earl
B. Lott, (b) Thomas David Mott, (c) Perry L. Stricklin, and (d) Irone Sumblin. 
 1.64 Hancock Loan: shall mean the
loan to Borrower from John Hancock Mutual Life Insurance Company, ING Capital LLC and other lenders in the maximum principal amount of $185,000,000.00 made pursuant to that certain Fourth Amended and Restated Note Purchase Agreement dated as of
November 18, 2003, as it may be amended from time to time (provided that the principal amount owing does not exceed $185,000,000.00) and the notes issued thereunder and providing a maturity date for said notes of December 15, 2013 or
earlier. 
 1.65 Harris Loan: the loans, letters of credit and reimbursement obligations relating to letters of credit in the current
principal amount of not more than $175,239,727.00 to Borrower from Harris Bank, N.A. (individually and as Agent), and a group of lenders arranged by Harris Bank, N.A., and their respective successors and assigns, pursuant to that certain Third
Amended and Restated Secured Credit Agreement dated as of April 7, 2004, as it may be amended from time to time (provided that the principal amount owing thereunder does not exceed $375,239,727.00). 
 1.66 Hazardous Substances: dangerous, toxic or hazardous pollutants, contaminants, chemicals, wastes, materials or substances, as defined in or
governed by the provisions of any Environmental Laws or any other federal, state or local law, statute, code, ordinance, regulation, requirement or rule relating thereto (“Environmental Regulations”), and also including urea
formaldehyde, polychlorinated biphenyls, asbestos, asbestos-containing materials, nuclear fuel or waste, and petroleum products, or any other waste, material, substances, pollutant or contaminant which would subject an owner of property to any
damages, penalties or liabilities under any applicable Environmental Regulations. 
  

 9 

 1.67 Individual Commitment: means the Individual Revolving Commitment and/or the Individual Term
Commitment of any Syndication Party, as the context requires. 
 1.68 Individual Fixed Rate Term Commitment: shall mean with respect
to any Syndication Party the amount shown as its Individual Fixed Rate Term Commitment on Schedule 1 hereto, subject to adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance with Section 14.27
hereof, or a reduction in the Aggregate Term Commitment in accordance with Sections 3.8, 3.10, or 10.15 hereof and allocable to the Fixed Rate Tranche. 
 1.69 Individual Floating Rate Term Commitment: shall mean with respect to any Syndication Party the amount shown as its Individual Floating Rate Term Commitment on Schedule 1 hereto, subject to
adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance with Section 14.27 hereof, or a reduction in the Aggregate Term Commitment in accordance with Sections 3.8 or 10.15 hereof and allocable to the
Floating Rate Tranche. 
 1.70 Individual Outstanding Obligations: means, when required by the context, a collective reference to
Individual Revolving Outstanding Obligations and Individual Term Outstanding Obligations. 
 1.71 Individual Pro Rata Share: means
with respect to any Syndication Party, (a) the sum of its Individual Revolving Commitment and its Individual Term Commitment, (b) divided by the Aggregate Commitment, in each case as of the time of determination. 
 1.72 Individual Revolving Commitment: shall mean with respect to any Syndication Party the amount shown as its Individual Revolving Commitment on
Schedule 1 hereto, subject to adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance with Section 14.27 hereof, or a reduction in the Aggregate Revolving Commitment in accordance with Sections
2.8, 2.9, or 10.15 hereof. 
 1.73 Individual Revolving Lending Capacity: shall mean with respect to any Syndication Party the amount
at any time of its Individual Revolving Commitment, less its Individual Revolving Outstanding Obligations. 
 1.74 Individual Revolving
Outstanding Obligations: shall mean with respect to any Syndication Party the total at any time, without duplication, of (a) the aggregate outstanding principal amount of all Revolving Advances made by such Syndication Party (after giving
effect to the Reallocation); and (b) all of such Syndication Party’s Committed Revolving Advances. 
  

 10 

 1.75 Individual Revolving Pro Rata Share: shall mean with respect to any Syndication Party a
fraction, expressed as a percentage (rounded to 8 decimal points), where the numerator is such Syndication Party’s Individual Revolving Commitment; and the denominator is the Aggregate Revolving Commitment, determined (a) in the case of
LIBO Rate Loans, at 12:00 noon (Central time) on the Banking Day Borrower delivers a Borrowing Notice pursuant to which Borrower requests such LIBO Rate Loan, and (b) in all other cases, 12:00 noon (Central time) on the Banking Day
Borrower delivers a Borrowing Notice. 
 1.76 Individual Term Commitment: shall mean with respect to any Syndication Party the sum of
(a) its Individual Fixed Rate Term Commitment; and (b) its Individual Floating Rate Term Commitment. 
 1.77 Individual Term
Lending Capacity: shall mean with respect to any Syndication Party the amount at any time of its Individual Term Commitment, less its Individual Term Outstanding Obligations. 
 1.78 Individual Term Outstanding Obligations: shall mean with respect to any Syndication Party the total at any time, without duplication, of
(a) the aggregate outstanding principal amount of all Term Advances made by such Syndication Party; and (b) all of such Syndication Party’s Committed Term Advances. 
 1.79 Individual Term Pro Rata Share: shall mean with respect to any Syndication Party a fraction, expressed as a percentage (rounded to 8 decimal
points), (a) where the numerator is such Syndication Party’s Individual Term Commitment; and the denominator is the Aggregate Term Commitment; or (b) if the determination is being made solely with respect to the Fixed Rate Tranche,
then where the numerator is such Syndication Party’s Individual Fixed Rate Term Commitment and the denominator is the Fixed Rate Term Commitment; or (c) if the determination is being made solely with respect to the Floating Rate Tranche,
then where the numerator is such Syndication Party’s Individual Floating Rate Term Commitment and the denominator is the Floating Rate Term Commitment, determined in each case (y) in the case of LIBO Rate Loans, at 12:00 noon (Central
time) on the Banking Day Borrower delivers a Borrowing Notice pursuant to which Borrower requests such LIBO Rate Loan, and (z) in all other cases, 12:00 noon (Central time) on the Banking Day such determination is to be made.

 1.80 ING Loan: that loan in the current principal amount of not more than $75,000,000.00, pursuant to that certain Credit Agreement
among Avicola Pilgrim’s Pride de Mexico, S de RL de CV, and certain of its Subsidiaries, the Borrower, ING Capital LLC and the other lenders named therein, dated on or about September 25, 2006, as it may be amended from time to time, and
including any loan to refinance the principal owing under such loan so long as the amount of such refinance loan does not exceed $75,000,000.00 principal. 
 1.81 Intangible Asset: means, license agreements, trademarks, trade names, patents, capitalized research and development, proprietary products (the results of past research and development treated as long term
assets and excluded from inventory) and goodwill (all determined on a consolidated basis in accordance with GAAP. 
  

 11 

 1.82 Intercompany Bond: means an Investment by Borrower or a Subsidiary in, and Debt of the
Borrower or another Subsidiary incurred in connection with, bonds, notes, debentures or similar instruments issued by any federal, state or local government of the United States or any state, territory, municipality, regulatory or administrative
authority or instrumentality or agency thereof in which such bonds, notes, debentures or instruments are fully secured as to payment of both principal and interest by a requisition, loan, lease or similar payment agreement with the Borrower or a
Subsidiary. 
 1.83 Interest Expense: means all interest charges during such period, including all amortization of debt discount
expense and imputed interest with respect to Capital Lease obligations, determined on a consolidated basis in accordance with GAAP. 
 1.84 Investment: means, with respect to any Person, (a) any loan or advance by such Person to any other Person, (b) the purchase or other acquisition by such Person of any capital stock, obligations or securities of, or any
capital contribution to, or investment in, or the acquisition by such Person of all or substantially all of the assets of, or any interest in, any other Person, (c) any performance or standby letter of credit where (i) that Person has the
reimbursement obligation to the issuer, and (ii) the proceeds of such letter of credit are to be used for the benefit of any other Person, (d) the agreement by such Person to make funds available for the benefit of another Person to either
cover cost overruns incurred in connection with the construction of a project or facility, or to fund a debt service reserve account, (e) the agreement by such Person to assume, guarantee, endorse or otherwise be or become directly or
contingently responsible or liable for the obligations or Debts of any other Person (other than by endorsement for collection in the ordinary course of business), (f) an agreement to purchase any obligations, stocks, assets, goods or services
but excluding an agreement to purchase any assets, goods or services entered into in the ordinary course of business, (g) an agreement to supply or advance any funds, assets, goods or services entered into outside the ordinary course of
business, or (h) an agreement to maintain or cause such Person to maintain a minimum working capital or net worth or otherwise to assure the creditors of any Person against loss. 
 1.85 Leverage Ratio: the ratio for Borrower and its Consolidated Subsidiaries of (a) the aggregate outstanding principal amount of all Debt;
less unrestricted cash and cash equivalents, to (b) the sum of the aggregate outstanding principal amount of all Debt included in clause (a) above; less unrestricted cash and cash equivalents plus
Net Worth. 
 1.86 LIBO Rate: means (a) the rate quoted by the British Bankers’ Association at 11:00 A.M. London Time on the
day which is two (2) Banking Days prior to the first day of each LIBO Rate Period for the offering of U.S. dollar deposits in the London interbank market for the LIBO Rate Period selected by Borrower as published by Bloomberg or another major
information vendor listed on the British Banker’s 
  

 12 

 Association’s official website (rounded upward to the nearest thousandth); (b) divided by a percentage
equal to 100% minus the stated maximum rate of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves) applicable on such date to any member bank of the Federal Reserve System
in respect of “Eurocurrency liabilities” as defined in Regulation D (or any successor category of liabilities under Regulation D); plus (c) the LIBOR Margin. 
 1.87 Lien: means with respect to any asset any mortgage, deed of trust, pledge, security interest, hypothecation, assignment for security
purposes, encumbrance, lien (statutory or other), or other security agreement or charge, or encumbrance of any kind or nature whatsoever (including, without limitation, any conditional sale, Capital Lease or other title retention agreement related
to such asset). 
 1.88 Loans: shall mean, collectively, all Revolving Loans (including all Converted Loans) and all Term Loans
outstanding at any time. 
 1.89 Loan Documents: this Credit Agreement, the Amendment Documents, the Notes, the GK Security Documents,
and the Security Documents. 
 1.90 Material Adverse Effect: means: (a) a material adverse effect on the financial condition,
results of operation, business or property of Borrower and the Subsidiaries, considered in the aggregate; or (b) a material adverse effect on the ability of Borrower to perform its obligations under this Credit Agreement and the other Loan
Documents. 
 1.91 Material Agreements: all agreements of a Person, the termination or breach of which, based upon the knowledge of
such Person (or such other Person as may be specifically designated herein) as of the date of making any representation with respect thereto, would have a Material Adverse Effect. 
 1.92 Maturity Date: September 21, 2016. 
 1.93 Multiemployer Plan: means a Plan defined as such in Section 3(37) of ERISA. 
 1.94 Net Tangible
Assets: the excess of the value of total assets (as determined in accordance with GAAP) over the value of Intangible Assets of the Borrower and its Consolidated Subsidiaries. 
 1.95 Net Working Capital: the excess for the Borrower and its Consolidated Subsidiaries of Current Assets over Current Liabilities. 
 1.96 Net Worth: the total assets (as determined in accordance with GAAP) minus the Total Liabilities of the Borrower and its Consolidated
Subsidiaries, all determined on a consolidated basis as in accordance with GAAP. 
 1.97 Non-Recourse Debt: means Debt (a) as to
which neither Borrower nor any of its Subsidiaries (other than Unrestricted Subsidiaries) (i) provides credit support of 
  

 13 

 any kind (including any undertaking, agreement or instrument that would constitute Debt), (ii) is directly or
indirectly liable as a guarantor or otherwise or (iii) constitutes the lender, and (b) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary)
would permit upon notice, lapse of time or both any holder of any other Debt (other than the Senior Unsecured Notes or Senior Subordinated Notes) of Borrower or any of its Subsidiaries (other than Unrestricted Subsidiaries) to declare a default on
such other Debt or cause the payment thereof to be accelerated or payable prior to its stated maturity. 
 1.98 Note or Notes: means,
as the context requires (a) the Revolving Notes executed by Borrower pursuant to Section 2.2 hereof, and all amendments, renewals, substitutions and extensions thereof; and/or (b) the Term Notes executed by Borrower pursuant to
Section 3.2 hereof, and all amendments, renewals, substitutions and extensions thereof. 
 1.99 Operating Lease: means any lease
of property (whether real, personal or mixed) for a period of longer than one year by a Person under which such Person is lessee, other than a Capital Lease. 
 1.100 Organizational Documents: in the case of a corporation, its articles or certificate of incorporation and bylaws; in the case of a partnership, its partnership agreement and certificate of limited
partnership, if applicable; in the case of a limited liability company, its articles of organization and its operating agreement, limited liability company agreement or regulations. 
 1.101 Pari Passu Loan: shall mean a loan which meets all of the following requirements: (a) the proceeds are all made available to Borrower;
(b) it is secured by all or a portion of the Collateral equally and ratably with the Bank Debt on the same lien priority basis; (c) the lender thereunder has executed an intercreditor agreement with the Administrative Agent in form and
substance substantially identical to Exhibit 1.101 hereto (“Intercreditor Agreement”); (d) Borrower has furnished to the Administrative Agent a pro-forma Available Amount Report with such updated Appraisals as the
Administrative Agent may reasonably require at, or no more than ten (10) days prior to, the date the Administrative Agent is requested to execute such intercreditor agreement; provided that no updated Appraisals will be required so long as
(i) the aggregate outstanding principal balance of all Pari Passu Loans (including the proposed Pari Passu Loan) incurred since the last Appraisal does not exceed $25,000,000.00 and (ii) the Leverage Ratio is not greater than fifty
five percent (55%); and (e) Borrower demonstrates to the Administrative Agent, in each case on a pro-forma basis (including, in each case, the proposed Pari Passu Loan), (i) that the aggregate outstanding principal amounts owing under all
Notes will not exceed the Available Amount as determined pursuant to clause (b) of Section 1.12 hereof (without regard to clause (a) of such Section), and (ii) compliance with the financial covenants. 
 1.102 Permanent Reduction of Production: means the removal, shut down, or disassembly of a facility’s processing equipment, or other action
by Borrower which, in 
  

 14 

 any such case, has the effect of reducing the production capacity of such facility to a level that is less than
seventy-five percent (75%) of the production capacity as shown in the Appraisal used to support the Appraised Value of such facility for the purposes of determining Borrower’s Available Amount for a period of ninety (90) consecutive
days unless (a) within such period Borrower provides to the Administrative Agent a written plan to bring the facility up to its former production capacity within twelve (12) months of Borrower taking such action resulting in a reduction of
production capacity; and (b) the facility in fact resumes production at the former capacity within such twelve (12) month period. 
 1.103 Permitted Capital Raising Transaction: means any issuance, on or before the date which is eighteen (18) months after the Control Acquisition Date, of unsecured debt and/or equity securities (and including any unsecured
loan or other transaction under which the debt instruments issued thereunder automatically convert to equity or any refinancings thereof, or any exchanges or conversions of such debt instruments into debt instruments on or before twelve
(12) months of their issuance) for the purpose of raising capital for the Borrower and its Subsidiaries in an aggregate amount not in excess of $650,000,000.00. 
 1.104 Permitted Unrestricted Subsidiary Debt: means any issuance of unsecured debt in a Permitted Capital Raising Transaction by an Unrestricted Subsidiary. 
 1.105 Person: any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation,
limited liability company, cooperative association, institution, or government or governmental agency (whether national, federal, state, provincial, county, city, municipal or otherwise, including without limitation, any instrumentality, division,
agency, body or department thereof), or other entity. 
 1.106 Pilgrim Family: means (a) Lonnie A. “Bo” Pilgrim, his
spouse, his issue, his estate and any trust, partnership or other entity primarily for the benefit of him, his spouse and/or issue or (b) Pilgrim Ltd. 
 1.107 Plan: means any plan, agreement, arrangement or commitment which is an employee benefit plan, as defined in Section 3(3) of ERISA, maintained by Borrower or any Subsidiary or any ERISA Affiliate
or with respect to which Borrower or any Subsidiary or any ERISA Affiliate at any relevant time has any liability or obligation to contribute, but excluding any such plan, arrangement, association or fund that is maintained outside of the United
States primarily for the benefit of persons substantially all of whom are nonresident aliens. 
 1.108 Potential Default: any event,
other than an event described in Section 13.1(a) hereof, which with the giving of notice or lapse of time, or both, would become an Event of Default. 
  

 15 

 1.109 Prohibited Transaction: means any transaction prohibited under Section 406 of ERISA or
Section 4975 of the Code. 
 1.110 Protein IRB Bonds: means the $25,000,000 aggregate principal amount of the Issuer’s
Environmental Facilities Reserve Bonds (Pilgrim’s Pride Corporation Project), Series 1999 issued by Camp County Industrial Development Corporation, a nonstock, nonprofit industrial development corporation existing under the laws of the
State of Texas. 
 1.111 Receivables Securitization Program: shall mean any receivables securitization program to which Borrower or a
Subsidiary is a party which provides for the sale by Borrower or such Subsidiary, without recourse, of their receivables for a cash consideration, and including in any event the receivables securitization program pursuant to which Borrower or such
Subsidiary will sell to Pilgrim’s Pride Funding Corporation all or substantially all of Borrower’s receivables and Pilgrim’s Pride Funding Corporation will in turn sell an undivided interest in all of such receivables to Fairway
Finance Company, LLC, and its successors or assigns. 
 1.112 Reportable Event: means any of the events set forth in
Section 4043(b) of ERISA or in the regulations thereunder. 
 1.113 Required Lenders: shall mean Syndication Parties whose
Individual Commitments constitute fifty-one percent (51%) of the Aggregate Commitment. Pursuant to Section 14.26 hereof, Voting Participants shall, under the circumstances set forth therein, be entitled to voting rights and to be included
in determining whether certain action is being taken by the Required Lenders. 
 1.114 Revolving Loan: shall mean the loan facility
made available to Borrower under Article 2 of this Credit Agreement and shall include the Converted Loans. 
 1.115 Revolving Loan
Availability Period: shall mean the period from the Closing Date until the Banking Day immediately prior to the fifth anniversary of the Closing Date. 
 1.116 Scheduled Payments: means payments of principal required under Section 5.1, 5.2, and/or 5.3 hereof, as the context requires. 
 1.117 Security Documents: the security agreements, mortgages, deeds of trust, leasehold mortgages or deeds of trust, financing statements, pledge
agreements, leasehold assignment and consents, and/or other documents executed by Borrower in favor of the Administrative Agent, on behalf and for the benefit of the Syndication Parties, to secure Borrower’s performance of its obligations under
the Notes and other Loan Documents with a lien on the Collateral, all in form and substance acceptable to the Administrative Agent. 
 1.118 Senior Subordinated Notes: means (a) Borrower’s existing 9 1/4% Senior
Subordinated Notes due 2013 in an aggregate amount equal to $100,000,000.00; and (b) additional notes with substantially the same terms as the 9 1/4% Senior Subordinated Notes due 2013 of Borrower that may be issued after the Effective Date in an aggregate amount not to exceed $100,000,000.00. 
  

 16 

 1.119 Senior Unsecured Notes: means (a) Borrower’s existing 9 5/8% Senior Unsecured Notes due 2011 in an aggregate amount equal to $303,500,000.00 and (b) additional notes in
an aggregate amount not to exceed $100,000,000.00 with substantially the same terms as the 9 5/8% Senior
Unsecured Notes due 2011 issued by Borrower that may, in either case (a) or (b), be issued after the Closing Date. 
 1.120 Subsidiary: means with respect to any Person: (a) any corporation in which such Person, directly or indirectly, (i) owns more than fifty percent (50%) of the outstanding stock thereof, or (ii) has the power
under ordinary circumstances to elect at least a majority of the directors thereof (measured by voting power rather than number of shares), or (b) any partnership, association, joint venture, limited liability company, or other unincorporated
organization or entity with respect to which such Person, directly or indirectly, (i) owns more than fifty percent (50%) of the outstanding equity interest thereof, or (ii) has the power under ordinary circumstances to directly or
indirectly elect or appoint a majority of the directors or equivalent governing body thereof; provided however (c) the cooperative association known as Food Processors Water Cooperative, Inc. shall not be deemed to be a Subsidiary. 

1.121 Successor Agent: such Person as may be appointed as successor to the rights and duties of the Administrative Agent as provided in
Section 14.20 of this Credit Agreement. 
 1.122 Syndication Parties: shall mean those entities listed on Schedule 1
hereto, and such Persons as shall from time to time execute a Syndication Acquisition Agreement substantially in the form of Exhibit 14.25 hereto signifying their election to purchase all or a portion of the Syndication Interest of any
Syndication Party, in accordance with Section 14.25 hereof, and to become a Syndication Party hereunder. 
 1.123 Tangible Net
Worth: the Net Worth minus the amount of all Intangible Assets of the Borrower and its Consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 1.124 Term Loan Allocation Ratio: means (a) for the Floating Rate Tranche means the ratio, expressed as a percentage, determined by dividing
(i) the Floating Rate Term Commitment by (ii) the Aggregate Term Commitment; and (b) for the Fixed Rate Tranche means the ratio, expressed as a percentage, determined by dividing (i) the Fixed Rate Term Commitment by
(ii) the Aggregate Term Commitment. 
 1.125 Term Fee Factor: means 12.5 basis points per annum. 
 1.126 Term Loan: shall mean the loan facility made available to Borrower under Article 3 of this Credit Agreement. 
 1.127 Term Loan Availability Period: shall mean the period from the Closing Date until the Banking Day immediately after the earlier of
(a) the date on which Borrower has acquired 100% of the Gold Kist Stock; or (b) the six (6) month anniversary of the Closing Date. 
  

 17 

 1.128 3-Month LIBO Rate: means (a) the rate quoted by the British Bankers’ Association
at 11:00 A.M. London Time on the day which is two (2) Banking Days prior to the first day of each LIBO Rate Period for the offering of U.S. dollar deposits in the London interbank market for a LIBO Rate Period of three (3) months as
published by Bloomberg or another major information vendor listed on the British Banker’s Association’s official website (rounded upward to the nearest thousandth); (b) divided by a percentage equal to 100% minus
the stated maximum rate of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves) applicable on such date to any member bank of the Federal Reserve System in respect of
“Eurocurrency liabilities” as defined in Regulation D (or any successor category of liabilities under Regulation D). 
 1.129
Title Insurer: means any title insurance company issuing any of the Title Policies. 
 1.130 Title Policy: means the ALTA 1992
Loan title insurance policies (or, in the case of real property located in the State of Texas, the TLTA 1992 Loan title insurance policies) delivered by Borrower pursuant to the terms of this Credit Agreement and the title insurance policies
delivered by Borrower pursuant to the terms of the 2004 Credit Agreement (and any predecessor) with respect to all real property of Borrower included in the Collateral in which Borrower has (a) a fee interest or (b) a leasehold interest
calling for a rental payment equal to or in excess of $100,000.00 per annum. 
 1.131 Total Liabilities: at any date, the aggregate
amount of all liabilities of the Borrower and its Consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP; provided that for the purposes of making the ratio calculations under Section 10.12 hereof, Total
Liabilities shall not include (a) indebtedness related to the Protein IRB Bonds to the extent proceeds remain held in trust and are not paid to Borrower pursuant to the terms of the bond documents pursuant to which the Protein IRB Bonds were
issued, (b) indebtedness related to the Intercompany Bonds so long as Borrower or a Subsidiary of Borrower remains the holder of such Intercompany Bonds, and (c) any indebtedness so long as the trustee in respect of such indebtedness holds
cash and cash equivalents sufficient to repay the principal balance of such indebtedness, subject to the Administrative Agent’s reasonable verification that such cash and cash equivalents are held by a trustee for the sole purpose of insuring
such repayment. 
 1.132 Treasury Rate: means, as of the date any determination thereof is to be made, a per annum rate equal to the
arithmetic mean of the annual yields to maturity for United States Treasury securities having a term to maturity equal to the period from the date of such determination to the Maturity Date, as quoted in The Wall Street Journal published most
recently prior to the second Banking Day preceding the date of determination. If no maturity exactly corresponding to such period shall appear therein, such yields for the two most closely corresponding published maturities shall be calculated

  

 18 

 pursuant to the foregoing sentence and the Treasury Rate shall be interpolated from such yields on a straight-line basis
(rounding, in the case of relevant periods, to the nearest month). If The Wall Street Journal no longer publishes such information, such annual yields shall be determined, by reference to the Federal Reserve Statistical Release H.15(519) or
any successor publication (“Release H.15”) under. the heading “Treasury Constant Maturities” or, for periods less than one year, “Treasury Bills - Secondary Market.” If Release H.15 is no longer published, such annual yields shall be determined, at Borrower’s expense, by an independent investment
banking firm acceptable to Borrower and the Administrative Agent. 
 1.133 Unrestricted Subsidiary: means any Subsidiary of Borrower
that is designated by the Board of Directors of Borrower as an “Unrestricted Subsidiary” pursuant to the indentures related to the Senior Unsecured Notes and the Senior Subordinated Notes, but only to the extent that such Subsidiary
(a) has no Debt other than Non-Recourse Debt; (b) is not party to any agreement, contract, arrangement or understanding with Borrower or any other Subsidiary (other than an Unrestricted Subsidiary) of Borrower unless the terms of any such
agreement, contract, arrangement or understanding are no less favorable to Borrower or such Subsidiary than those that might be obtained at the time from Persons who are not affiliates of Borrower; (c) is a Person with respect to which neither
Borrower nor any of its Subsidiaries (other than Unrestricted Subsidiaries) has any direct or indirect obligation (i) to subscribe for additional equity interests of such Person or (ii) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; and (d) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of Borrower or any of its Subsidiaries (other than
Unrestricted Subsidiaries). 
 The following terms are defined in portions of this Credit Agreement other than Article 1: 
  

			
	Adoption Agreement	  	Section 2.12
	Additional Costs	  	Section 15.12
	Additional Property	  	Section 10.18
	Administrative Agent	  	Introductory Agreement paragraph
	Advance Payment	  	Section 14.1
	Affected Loans	  	Section 9.6
	Agriland Bank Equity Interests	  	Section 6.1
	Anti-Terrorism Laws	  	Subsection 8.26.1
	Authorized Officer	  	Subsection 9.1.8
	Automatic Conversion Amount	  	Section 2.11
	Automatic Conversion Date	  	Section 2.11
	Automatic Converted Loan	  	Section 2.11
	Available Amount Report Deadline	  	Subsection 10.2.11
	Available Amount Report	  	Subsection 10.2.11
	Bank Equity Interests	  	Section 6.1
	Balloon Payment	  	Subsection 5.1.2
	Base Rate Loans	  	Subsection 4.1.1

  

 19 

			
	Base Rate Margin	  	Subsection 4.9.1
	Borrower	  	Introductory Agreement paragraph
	Borrower Pension Plan	  	Subsection 8.10.2
	Borrowing Notice	  	Section 9.2
	CERCLA	  	Section 1.41
	Change in Law	  	Subsection 4.2.2
	CoBank	  	Introductory Agreement paragraph
	COBRA	  	Subsection 8.10.12
	Collateral	  	Section 7.1
	Commitment Fee Factor	  	Subsection 4.9.1
	Commitment Letter	  	Subsection 9.1.7
	Contributing Syndication Parties	  	Section 14.3
	Credit Agreement	  	Introductory Agreement paragraph
	Delinquency Interest	  	Section 14.3
	Delinquent Amount	  	Section 14.3
	Delinquent Syndication Party	  	Section 14.3
	Effective Date	  	Introductory Agreement paragraph
	Embargoed Person	  	Section 10.16
	Environmental Regulations	  	Section 1.66
	Event of Default	  	Section 15.1
	Event of Syndication Default	  	Subsection 14.28.1
	Executive Order	  	Subsection 8.26.1
	FCS Bank Equity Interests	  	Section 6.1
	Fee Letter	  	Subsection 9.1.7
	Fixed Rate Tranche	  	Subsection 3.3.1
	Floating Rate Tranche	  	Subsection 3.3.2
	Funding Losses	  	Section 5.10
	Funding Loss Notice	  	Section 5.10
	Funding Notice	  	Section 9.2
	Funding Source	  	Sections 2.12 and 3.9
	GK Collateral	  	Section 10.21
	GK Security Documents	  	Subsection 10.21.1
	Hancock	  	Section 3.10
	Holdout Lender	  	Section 14.32
	Indemnified Agency Parties	  	Section 14.17
	Indemnified Parties	  	Section 12.1
	Individual Fixed Rate Share	  	Subsection 3.1.2
	Individual Floating Rate Share	  	Subsection 3.1.2
	Intercreditor Agreement	  	Section 1.100
	IRS	  	Subsection 8.10.2
	LIBO Rate Loan	  	Subsection 4.1.2
	LIBO Rate Period	  	Subsection 4.1.2
	LIBO Request	  	Subsection 4.1.2
	LIBOR Margin	  	Subsection 4.9.1
	Licensing Laws	  	Section 8.4
	Mandatory Prepayments	  	Section 5.6

  

 20 

			
	Margin Report Deadline	  	Subsection 4.9.2
	Margins	  	Subsection 4.9.1
	Matched Maturity U.S. Treasury Rate	  	Section 5.11
	Mortgage	  	Section 10.14
	OFAC	  	Section 10.16
	Original Effective Date	  	Recital A
	Other Lists	  	Section 10.16
	Payment Account	  	Section 14.8
	Payment Distribution	  	Section 14.8
	Permitted Encumbrances	  	Section 11.3
	Pilgrim Ltd	  	Section 7.2
	Pilgrim Guaranty	  	Section 7.2
	Prepayment Fee	  	Section 5.11
	Pricing Level	  	Subsection 4.9.1
	Pro Rata Amount	  	Section 5.6
	RCRA	  	Section 1.41
	Reallocation	  	Section 14.31
	Reduction	  	Section 14.31
	Refinance Fee	  	Section 5.12
	Regulatory Change	  	Subsection 15.12
	Release H.15	  	Section 1.130
	Replacement Lender	  	Section 14.32
	Re-pricing Date	  	Subsection 9.1.3
	Required Licenses	  	Section 8.9
	Revised Floating Rate Tranche Margin	  	Subsection 9.1.3
	Revised Pricing Date	  	Subsection 9.1.3
	Revolving Advance	  	Section 2.1
	Revolving Borrowing Notice	  	Subsection 9.2.1
	Revolving Commitment Fee	  	Subsection 4.8.1
	Revolving Commitment Increase	  	Section 2.12
	Revolving Note(s)	  	Section 2.2
	SDN List	  	Section 10.16
	Shut Down	  	Section 10.15
	Successor Agent	  	Section 14.20
	Super Majority Lenders	  	Subsection 10.12.2
	Syndication Acquisition Agreement	  	Section 14.25
	Syndication Interest	  	Section 14.1
	Syndication Party Advance Date	  	Section 14.2
	Term Advance	  	Section 3.1
	Term Borrowing Notice	  	Subsection 9.2.2
	Term Commitment Fee	  	Subsection 4.8.2
	Term Commitment Increase	  	Section 3.9
	Term Note(s)	  	Section 3.2
	Term Note – Fixed Rate Tranche	  	Section 3.2
	Term Note – Floating Rate Tranche	  	Section 3.2
	Transfer	  	Section 14.25

  

 21 

			
	2004 Credit Agreement	  	Recital A
	Update Certificate	  	Subsection 4.9.2
	Voluntary Conversion Date	  	Section 2.10
	Voluntary Converted Loan	  	Section 2.10
	Voluntary Prepayments	  	Section 5.5
	Voting Participant	  	Section 14.26
	Voting Participant Notification	  	Section 14.26
	Wire Instructions	  	Section 14.27

 ARTICLE 2. REVOLVING LOAN 
 2.1 Revolving Loan. On the terms and conditions set forth in this Credit Agreement, and so long as no Event of Default or Potential Default has
occurred and is continuing, Borrower may, during the Revolving Loan Availability Period, request an advance under the Revolving Loan (“Revolving Advance”), and each of the Syndication Parties severally agrees, to fund its Individual
Pro Rata Share of each Revolving Advance from time to time during the Revolving Loan Availability Period, subject to the following: 
 2.1.1 Individual Syndication Party Commitment. No Syndication Party shall be required or permitted to fund Revolving Advances in an amount which would exceed its Individual Revolving Lending Capacity as in effect at the time of the
Administrative Agent’s receipt of the Borrowing Notice requesting such Revolving Advance. 
 2.1.2 Individual Syndication Party Pro
Rata Share. No Syndication Party shall be required or permitted to fund Revolving Advances in excess of an amount equal to its Individual Revolving Pro Rata Share multiplied by the amount of the requested Revolving Advance. 
 2.1.3 Aggregate Revolving Commitment; Available Amount. Borrower shall not be entitled to request a Revolving Advance in an amount which:
(a) when added to the aggregate Individual Revolving Outstanding Obligations of all Syndication Parties, would exceed the Aggregate Revolving Commitment; or (b) when added to (i) the aggregate Individual Revolving Outstanding
Obligations of all Syndication Parties, and (ii) the aggregate Individual Term Outstanding Obligations of all Syndication Parties, would exceed the Available Amount. 
 2.2 Promise to Pay; Revolving Promissory Notes. Borrower promises to pay to the order of each Syndication Party, at the office of the Administrative Agent at 5500 South Quebec Street, Greenwood Village,
Colorado 80111, or such other place as the Administrative Agent shall direct in writing, an amount equal to (a) the outstanding amount of all Revolving Advances (including all Revolving Advances, if any, which have become included in a
Converted Loan) made by, or allocated to (with respect to any Voluntary Converted Loan), such Syndication Party; plus (b) any Bank Debt owing hereunder to such Syndication Party; plus (c) interest as set forth herein, payable to such
Syndication Party for the account of its Applicable Lending Office. All such 
  

 22 

 amounts are to be payable in the manner and at the time set forth in this Credit Agreement. At the request of any
Syndication Party, made to the Administrative Agent which shall then provide notice to Borrower, Borrower, in order to further evidence its obligations to such Syndication Party as set forth above in this Section, agrees to execute its promissory
note in substantially the form of Exhibit 2.2 hereto duly completed, in the stated maximum principal amount equal to such Syndication Party’s Individual Revolving Commitment, dated the date of this Credit Agreement, payable to such
Syndication Party for the account of its Applicable Lending Office, and maturing as to principal on the Maturity Date (each a “Revolving Note” and collectively, the “Revolving Notes”). 
 2.3 Advances Under 2004 Credit Agreement. The aggregate principal amount owing on the Closing Date under the 2004 Credit Agreement on account of
Advances (as such term is defined in the 2004 Credit Agreement) shall be treated as a Revolving Advance hereunder made on the Closing Date and each of the Syndication Parties severally agrees to fund its Individual Revolving Pro Rata Share of such
Revolving Advance. Such Revolving Advance will be allocated as provided in Section 14.31 hereof and/or distributed as provided in Section 15.20 hereof, as applicable. 
 2.4 Syndication Party Records. Each Syndication Party shall record on its books and records the amount of each Revolving Advance, the rate and
interest period applicable thereto, all payments of principal and interest, and the principal balance from time to time outstanding. The Syndication Party’s record thereof shall be prima facie evidence as to all such amounts and shall be
binding on Borrower absent manifest error. Notwithstanding the foregoing, Borrower will never be required to pay as principal more than the principal amount of the Revolving Loans funded by the Syndication Parties. 
 2.5 Use of Proceeds. The proceeds of the Revolving Loan will be used by Borrower: (a) to fund expansion of Borrower’s production and
processing facilities; (b) for future acquisitions (including acquisition of more than, but not equal to or less than, 50% of all issued and outstanding Gold Kist Stock); (c) as provided in Section 2.3 hereof; and (d) for general
corporate purposes of Borrower, and Borrower agrees not to request or use such proceeds for any other purpose. In the event Borrower uses any part of such proceeds for the purpose of purchasing or carrying any margin stock within the meaning of
Regulation U of the Board of Governors, including for the purpose of acquiring Gold Kist Stock as described in clause (b) above, Borrower shall complete and provide to the Administrative Agent Federal Reserve Board forms U-I and/or G-3, if
requested to do so by the Administrative Agent or any Syndication Party. 
 2.6 Revolving Advances; Funding. Borrower may request, and
the Syndication Parties shall fund, Revolving Advances in the manner and within the time deadlines as provided in Section 9.2 hereof. 
 2.7 Syndication Party Funding Failure. The failure of any Syndication Party to remit its Funding Share of any requested Revolving Advance on the date specified for such Revolving Advance shall not relieve any other Syndication Party
of its 
  

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 obligation (if any) to remit its Funding Share of any Revolving Advance on such date, but no Syndication Party shall
be responsible for the failure of any other Syndication Party to remit its Funding Share of any Revolving Advance to be remitted by such other Syndication Party. 
 2.8 Voluntary Reduction of Aggregate Revolving Commitment. Borrower may, by written notice to the Administrative Agent on or before 10:00 A.M. (Central time) on any Banking Day, irrevocably reduce the
Aggregate Revolving Commitment; provided that (a) such reduction must be in minimum amounts of $25,000,000.00 and incremental multiples of $5,000,000.00 (or, if Borrower elects to proceed under clause (y) of this Section, the amount of the
Individual Revolving Commitment of such affected Syndication Party or Parties); and (b) Borrower must simultaneously make any principal payment necessary (along with any applicable Funding Losses on account of such principal payment) so
that (i) the principal amount outstanding under the Revolving Loan does not exceed the reduced Aggregate Revolving Commitment on the date of such reduction, and (ii) the Individual Revolving Outstanding Obligations owing to any Syndication
Party do not exceed the Individual Revolving Commitment of that Syndication Party (after reduction thereof in accordance with the following sentence). Upon the reduction of the Aggregate Revolving Commitment as provided in the preceding sentence,
either (x) the Individual Revolving Commitment of each Syndication Party shall be reduced in the same proportion as the Individual Revolving Commitment of such Syndication Party bears to the Aggregate Revolving Commitment before such reduction;
or (y) upon the delivery by Borrower to the Administrative Agent of a written election of Borrower, which election shall be irrevocable, to allocate the reduction of the Aggregate Revolving Commitment pursuant to this Section 2.8 to any
one or more (but fewer than all) of the Syndication Parties, and upon written approval thereof by the Administrative Agent and the Required Lenders, the reduction of Aggregate Revolving Commitment shall be allocated to the Syndication Party or
Parties so designated by Borrower provided that such reduction is sufficient to reduce the Individual Revolving Commitment of each such designated Syndication Party to zero. In the event Borrower elects to proceed as provided in clause
(y) above (and such election is approved in writing by the Administrative Agent and the Required Lenders), then (i) Borrower agrees to pay to each such designated Syndication Party all principal, accrued interest, and Funding Losses owing
to such Syndication Party as of the date of, and on account of, such payment, and (ii) each such designated Syndication Party agrees to reduce its Individual Revolving Commitment to zero upon receipt of such payment and to return its Revolving
Note to the Administrative Agent. The Administrative Agent shall revise Schedule 1 as necessary to reflect any Individual Revolving Commitment change required by this Section. 
 2.9 Automatic Reduction of Aggregate Revolving Commitment. As of the Banking Day coinciding with or immediately succeeding the one year
anniversary of the Closing Date, the Aggregate Revolving Commitment shall be automatically reduced to $500,000,000.00, and Borrower shall either, (a) convert a portion of the Revolving Loan in accordance with Section 2.10 below, or
(b) make such Mandatory Prepayment, if any, as may be required pursuant to Section 5.6(e) hereof on account of such reduction. The Administrative Agent shall revise Schedule 1 as necessary to reflect any Individual Revolving Commitment
change required by this Section. 
  

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 2.10 Voluntary Conversion of Revolving Loan. At any one time prior to the Banking Day coinciding
with or immediately succeeding the one year anniversary of the Closing Date, Borrower may elect to convert up to $295,000,000.00 of the outstanding balance owing under the Revolving Loan to a non-revolving term loan (“Voluntary Converted
Loan”) which shall bear interest as provided in Article 4 hereof and be payable as provided in Article 5 hereof. Effective as of the Banking Day that Borrower elects to convert a portion of the outstanding balance owing under the Revolving
Loan to a Voluntary Converted Loan (“Voluntary Conversion Date”), the Aggregate Revolving Commitment shall be automatically and irrevocably reduced by the amount of such Voluntary Converted Loan. Notwithstanding any other provision
in this Agreement, the principal amount of the Voluntary Converted Loan shall be allocated among the Syndication Parties with Individual Revolving Commitments in accordance with Exhibit 2.10 hereto, and the respective Individual Revolving
Commitment of each such Syndication Party shall be reduced in a like amount. The Voluntary Converted Loan shall not be deemed a Term Loan for any purposes. 
 2.11 Automatic Conversion of Revolving Loan. The outstanding balance of principal owing under the Revolving Loan as of the last day of the Revolving Loan Availability Period (“Automatic Conversion
Amount”) will be automatically converted into a term loan (“Automatic Converted Loan”) as of such day (“Automatic Conversion Date”), which shall bear interest as provided in Article 4 hereof and be payable
as provided in Article 5 hereof. The Automatic Converted Loan shall not be deemed a Term Loan for any purposes. 
 2.12 Increase of
Aggregate Revolving Commitment. Borrower shall have the right to increase the Aggregate Revolving Commitment from time to time in an amount (each such increase a “Revolving Commitment Increase”) which would bring the Aggregate
Revolving Commitment to a maximum of $1,000,000,000.00; provided that each of the following conditions has been satisfied: (a) no Event of Default or Potential Default has occurred and is continuing; (b) Borrower has submitted to the
Administrative Agent a written request for such Revolving Commitment Increase, specifying (i) the aggregate dollar amount thereof, which shall be a minimum of $50,000,000.00 and in increments of $10,000,000.00, (ii) the name of one or more
financial institutions or Farm Credit System Institutions (which, in any case, may be an existing Syndication Party hereunder or an affiliate thereof) that has committed to provide funding of the Revolving Commitment Increase pursuant to the terms
of, and as a Syndication Party under, this Agreement (each a “Funding Source”), and (iii) the amount of the Revolving Commitment Increase which each such Funding Source has committed to provide, which must be a minimum of
$10,000,000.00 and in increments of $1,000,000.00; (c) each Funding Source has, unless it is at such time a Syndication Party hereunder, executed an agreement in the form of Exhibit 2.12 hereto (“Adoption Agreement”);
(d) the Administrative Agent has approved each Funding Source as a Syndication Party hereunder (unless such Funding Source is already a Syndication Party or an affiliate thereof), which approval shall not be unreasonably withheld; (e) each

  

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 Funding Source has remitted to the Administrative Agent, by wire transfer in accordance with the Wire Instructions, the
amount directed by the Administrative Agent so that such Funding Source will have funded its share (based on such Funding Source’s Individual Revolving Pro Rata Share as recalculated as provided in clause (w) below in this Section) of all
outstanding Revolving Advances, to the extent not previously funded by such Funding Source; and (f) Borrower has, if requested by such Funding Source(s), executed such additional Revolving Note payable to such Funding Source(s) and in such
amounts, as the Administrative Agent shall require to reflect the Revolving Commitment Increase. Upon the satisfaction of each of the foregoing conditions, (v) the Aggregate Revolving Commitment shall be automatically increased by the amount of
the Revolving Commitment Increase; (w) the Individual Revolving Pro Rata Share of each of the Syndication Parties, including the Funding Source, shall be recalculated by the Administrative Agent to reflect the amount of the Revolving Commitment
Increase which each such Funding Source has committed to provide, and the amount of the Revolving Commitment Increase; (x) the Funding Source(s) shall be allocated a share of all existing Revolving Advances and any such amounts remitted
pursuant to clause (e) above shall be allocated among, and paid over to, those Persons who were Syndication Parties prior to the Revolving Commitment Increase, based on their Individual Revolving Pro Rata Shares as they existed prior to the
Revolving Commitment Increase, to reflect a reduction in their share of outstanding Revolving Advances; (y) to the extent that any Syndication Party is entitled to recover Funding Losses on account of having been allocated any portion of the
amounts remitted pursuant to clause (e) above, Borrower shall pay to the Administrative Agent the amount of such Funding Losses which the Administrative Agent shall then forward to such Syndication Party; and (z) the Administrative Agent
shall revise Schedule 1 to reflect the Revolving Commitment Increase. Provided however, that except to the extent expressly requested by Borrower to be effected sooner, any such allocation or reallocation that would require or result in the payment
by the Borrower of any Funding Losses to any Syndication Party shall be postponed to the extent required to avoid payment by Borrower of such Funding Losses, including by the postponement of funding additional Advances. 
 ARTICLE 3. TERM LOAN 
 3.1 Term Loan. On
the terms and conditions set forth in this Credit Agreement, and so long as no Event of Default or Potential Default has occurred and is continuing, Borrower may request an Advance under the Term Loan (“Term Advance”), on any
Banking Day during the Term Loan Availability Period (“Term Loan Advance Date”), and each of the Syndication Parties severally agrees, to fund its Individual Term Pro Rata Share of such Term Advance, subject to the following:

 3.1.1 Individual Syndication Party Term Lending Capacity. No Syndication Party shall be required or permitted to fund a Term Advance
in an amount which would exceed its Individual Term Commitment as in effect at the time of the Administrative Agent’s receipt of the Term Borrowing Notice requesting such Term Advance. 
  

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 3.1.2 Individual Syndication Party Share. No Syndication Party shall be required or permitted to
fund a Term Advance (a) under the Floating Rate Tranche in excess of an amount equal to its Individual Floating Rate Term Commitment (“Individual Floating Rate Share”); or (b) under the Fixed Rate Tranche in excess of an
amount equal to its Individual Fixed Rate Term Commitment (“Individual Fixed Rate Share”). 
 3.1.3 Aggregate Term
Commitment; Individual Tranche Amounts; Available Amount. Borrower shall not be entitled to request a Term Advance in an amount which: (a) when added to the aggregate Individual Term Outstanding Obligations of all Syndication Parties, would
exceed the Aggregate Term Commitment; or; (b) (i) to the extent to be allocated to the Floating Rate Tranche, would exceed the Floating Rate Term Commitment, less the amount of all previous Term Advances allocated to the Floating Rate
Tranche, or (ii) to the extent to be allocated to the Fixed Rate Tranche, would exceed the Fixed Rate Term Commitment, less the amount of all previous Term Advances allocated to the Fixed Rate Tranche; or (c) when added to the aggregate
Individual Revolving Outstanding Obligations of all Syndication Parties and the aggregate Individual Term Outstanding Obligations of all Syndication Parties, would exceed the Available Amount. 
 3.1.4 Voluntary Converted Loan. Borrower shall not be entitled to request a Term Advance unless and until Borrower has made its election to
convert $295,000,000.00 of the outstanding principal owing under the Revolving Loan to the Voluntary Converted Loan. 
 3.2 Promise to
Pay; Term Loan Promissory Notes. Borrower promises to pay to the order of each Syndication Party, at the office of the Administrative Agent at 5500 South Quebec Street, Greenwood Village, Colorado 80111, or such other place as the Administrative
Agent shall direct in writing, an amount equal to (a) the outstanding amount of all Term Advances made by such Syndication Party; plus (b) any Bank Debt owing hereunder to such Syndication Party; plus (c) interest as set forth herein,
payable to such Syndication Party for the account of its Applicable Lending Office. All such amounts are to be payable in the manner and at the time set forth in this Credit Agreement. At the request of any Syndication Party, made to the
Administrative Agent which shall then provide notice to Borrower, Borrower, in order to further evidence its obligations to such Syndication Party as set forth above in this Section, agrees to execute its promissory note in substantially the form,
as applicable, of Exhibit 3.2A (each a “Term Note - Fixed Rate Tranche”) hereto, with respect to the Fixed Rate Tranche, and/or in substantially the form of Exhibit 3.2B (each a “Term Note - Floating Rate
Tranche”) hereto, with respect to the Floating Rate Tranche, in each case duly completed, in the stated maximum principal amount equal to such Syndication Party’s Individual Fixed Rate Term Commitment or Individual Floating Rate Term
Commitment, as applicable, dated the date of this Credit Agreement, payable to such Syndication Party for the account of its Applicable Lending Office, and maturing as to principal on the Maturity Date (the Term Notes – Fixed Rate Tranche
and/or the Term Notes Floating Rate Tranche, as the context requires, are sometimes collectively referred to as the “Term Notes”). 
  

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 3.3 Fixed Rate Tranche and Floating Rate Tranche. Each Term Advance shall be divided between two
tranches as follows: 
 3.3.1 Fixed Rate Tranche. A portion of such Term Advance determined by multiplying the amount of the Term
Advance by the Term Loan Allocation Ratio applicable to the Fixed Rate Tranche, shall be identified as the “Fixed Rate Tranche” and shall bear interest as provided in Subsection 4.4.1 and shall be payable as provided in
Section 5.3 hereof. 
 3.3.2 Floating Rate Tranche. A portion of such Term Advance determined by multiplying the amount of the
Term Advance by the Term Loan Allocation Ratio applicable to the Floating Rate Tranche, shall be identified as the “Floating Rate Tranche” and shall bear interest as provided in Subsection 4.4.2 and shall be payable as provided in
Section 5.3 hereof. 
 3.4 Syndication Party Records. Each Syndication Party shall record on its books and records the amount of
its Term Advance, the rate and interest period applicable thereto, all payments of principal and interest, and the principal balance from time to time outstanding. The Syndication Party’s record thereof shall be prima facie evidence as to all
such amounts and shall be binding on Borrower absent manifest error. Notwithstanding the foregoing, Borrower will never be required to pay as principal more than the principal amount of the Term Loan funded by the Syndication Parties. 
 3.5 Use of Proceeds. The proceeds of the Term Loan will be used by Borrower: (a) to fund expansion of Borrower’s production and
processing facilities; (b) for future acquisitions (including acquisition of more than, but not equal to or less than, 50% of all issued and outstanding Gold Kist Stock); and (c) for general corporate purposes of Borrower, and Borrower
agrees not to request or use such proceeds for any other purpose. In the event Borrower uses any part of such proceeds for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U of the Board of Governors, including
for the purpose of acquiring Gold Kist Stock as described in clause (b) above, Borrower shall complete and provide to the Administrative Agent, Federal Reserve Board forms U-I and/or G-3, if requested to do so by the Administrative Agent or any
Syndication Party. 
 3.6 Term Advances; Funding. Borrower may request, and the Syndication Parties shall fund (a) their
applicable Individual Fixed Rate Share of the portion of each Term Advance allocable to the Fixed Rate Tranche; and (b) their applicable Individual Floating Rate Share of the portion of each Term Advance allocable to the Floating Rate Tranche,
in each case, in the manner and within the time deadlines as provided in Section 9.2 hereof. 
 3.7 Syndication Party Funding
Failure. The failure of any Syndication Party to remit its applicable share of a requested Term Advance on the Term Loan Advance Date shall not relieve any other Syndication Party of its obligation (if any) to remit its applicable share of such
Term Advance on such date, but no Syndication Party shall be responsible for the failure of any other Syndication Party to remit its applicable share of a Term Advance to be funded by such other Syndication Party. 
  

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 3.8 Reduction of Aggregate Term Commitment. Borrower may, by written facsimile notice to the
Administrative Agent on or before 10:00 A.M. (Central time) on any Banking Day, irrevocably reduce the Aggregate Term Commitment; in the same manner and subject to the same conditions as set forth in Section 2.8 hereof with respect to
reduction of the Aggregate Revolving Commitment. Any such reduction shall reduce the Aggregate Commitment and shall be applied pro-rata between the Floating Rate Tranche and the Fixed Rate Tranche in accordance with the Term Loan Allocation Ratio.
The Administrative Agent shall revise Schedule 1 as necessary to reflect any change required by this Section in any Individual Term Commitment, any Individual Floating Rate Term Commitment, or any Individual Fixed Rate Term Commitment. 

3.9 Increase of Aggregate Term Commitment. Borrower shall have the right to increase the Aggregate Term Commitment from time to time in an
amount (each such increase a “Term Commitment Increase”) which would bring the Aggregate Term Commitment to a maximum of $750,000,000.00; provided that each of the following conditions has been satisfied: (a) no Event of
Default or Potential Default has occurred and is continuing; (b) Borrower has submitted to the Administrative Agent a written request for such Term Commitment Increase, specifying (i) the aggregate dollar amount thereof, which shall be a
minimum of $50,000,000.00 and in increments of $10,000,000.00, (ii) the name of one or more financial institutions or Farm Credit System Institutions (which, in any case, may be an existing Syndication Party hereunder or an affiliate thereof)
that has committed to provide funding of the Term Commitment Increase pursuant to the terms of, and as a Syndication Party under, this Agreement (each a “Funding Source”), and (iii) the amount of the Term Commitment Increase
which each such Funding Source has committed to provide, which must be a minimum of $10,000,000.00 and in increments of $1,000,000.00 and the allocation thereof between the Floating Rate Tranche and the Fixed Rate Tranche; (c) each Funding
Source has, unless it is at such time a Syndication Party hereunder, executed an Adoption Agreement; (d) the Administrative Agent has approved each Funding Source as a Syndication Party hereunder (unless such Funding Source is already a
Syndication Party or an affiliate thereof), which approval shall not be unreasonably withheld; (e) each Funding Source has remitted to the Administrative Agent, by wire transfer in accordance with the Wire Instructions, the amount directed by
the Administrative Agent so that such Funding Source will have funded its share (based on such Funding Source’s Individual Term Pro Rata Share as recalculated as provided in clause (w) below in this Section) of all outstanding Term
Advances under the Floating Rate Tranche and/or the Fixed Rate Tranche, as applicable, to the extent not previously funded by such Funding Source; and (f) Borrower has, if requested by such Funding Source(s), executed such additional Term Note
- Floating Rate Tranche and/or Term Note - Fixed Rate Tranche payable to such Funding Source(s) and in such amounts, as the Administrative Agent shall require to reflect the Term Commitment Increase as allocated between the Floating Rate Term
Commitment and the Fixed Rate Term Commitment. Upon the satisfaction of each of the foregoing conditions, (v) (i) the Aggregate Term 
  

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 Commitment shall be automatically increased by the amount of the Term Commitment Increase, (ii) the Floating Rate
Term Commitment shall be automatically increased by the amount of the Term Commitment Increase allocated to the Floating Rate Tranche, and (iii) the Fixed Rate Term Commitment shall be automatically increased by the amount of the Term
Commitment Increase allocated to the Fixed Rate Tranche; (w) the Individual Term Pro Rata Share of each of the Syndication Parties, including the Funding Source, shall be recalculated by the Administrative Agent to reflect the amount of the
Term Commitment Increase which each such Funding Source has committed to provide, and the amount of the Term Commitment Increase, in each case allocated between the Floating Rate Term Commitment and the Fixed Rate Term Commitment as applicable;
(x) the Funding Source(s) shall be allocated a share of all existing Term Advances and any such amounts remitted pursuant to clause (e) above shall be allocated among, and paid over to, those Persons who were Syndication Parties prior to
the Term Commitment Increase, based on their Individual Term Pro Rata Shares (allocated between the Floating Rate Tranche and the Fixed Rate Tranche as applicable) as they existed prior to the Term Commitment Increase, to reflect a reduction in
their share of outstanding Term Advances; (y) to the extent that any Syndication Party is entitled to recover Funding Losses on account of having been allocated any portion of the amounts remitted pursuant to clause (e) above, Borrower
shall pay to the Administrative Agent the amount of such Funding Losses which the Administrative Agent shall then forward to such Syndication Party; and (z) the Administrative Agent shall revise Schedule 1 to reflect the Term Commitment
Increase, and its allocation between the Floating Rate Term Commitment and the Fixed Rate Term Commitment. Provided however, that except to the extent expressly requested by Borrower to be effected sooner, any such allocation or reallocation that
would require or result in the payment by the Borrower of any Funding Losses or Prepayment Fees to any Syndication Party shall be postponed to the extent required to avoid payment by Borrower of such Funding Losses or Prepayment Fees, including by
the postponement of funding additional Advances. 
 3.10 Condition to Funding Obligation. Notwithstanding any provision to the
contrary herein, including, without limitation, Sections 3.1 and 3.7, (a) John Hancock Life Insurance Company (“Hancock”) shall have no obligation to fund its Individual Term Pro Rata Share of any Term Advance unless prior to,
or simultaneously with, such Term Advance, the Hancock Loan is paid in full; and (b) in the event that Hancock declines to fund its Individual Term Pro Rata Share of the initial Term Advance for the reason set forth in clause (a) of this
Section, (i) the Fixed Rate Term Commitment shall be automatically reduced by the amount of Hancock’s Individual Fixed Rate Term Commitment (including for the purposes of Subsection 3.1.3 hereof), (ii) Hancock’s Individual Fixed
Rate Term Commitment shall be automatically reduced to zero, and (iii) the Individual Term Pro Rata Shares of the other Syndication Parties shall be recalculated by the Administrative Agent (A) based on such reduced Fixed Rate Term
Commitment and (B) without consideration of Hancock’s Individual Fixed Rate Term Commitment. 
  

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 ARTICLE 4. INTEREST AND FEES 
 4.1 Interest on Revolving Loan. Interest on all Revolving Loans (and prior to their conversion to a Voluntary Converted Loan or an Automatic Converted Loan), shall be calculated as follows: 
 4.1.1 Base Rate Option. Unless Borrower requests and receives a LIBO Rate Loan pursuant to Subsection 4.1.2 hereof, the outstanding principal
balance under the Revolving Notes shall bear interest at the Base Rate (each a “Base Rate Loan”). Each request for a Revolving Advance to bear interest at the Base Rate must request a Revolving Advance in a minimum of $1,000,000.00
and in incremental multiples of $500,000.00. 
 4.1.2 LIBO Rate Option. From time to time, and so long as no Event of Default has
occurred and is continuing, at the request of Borrower included in a Borrowing Notice, all or any part of the outstanding principal balance under the Revolving Notes may bear interest at the LIBO Rate (each a “LIBO Rate Loan”);
provided that Borrower may have no more than ten (10) LIBO Rate Loans outstanding at any time. To effect this option, the Borrowing Notice must specify (a) the principal amount that is to bear interest at the LIBO Rate, which must be a
minimum of $1,000,000.00 and in incremental multiples of $500,000.00 and (b) the period selected by Borrower during which the LIBO Rate is to be applied (“LIBO Rate Period”), which may be any period of one, two, three, or six
months, provided that LIBO Rate Periods must mature no later than the Maturity Date. In addition, for the purposes of determining a LIBO Rate Period, a month means a period starting on one day in a calendar month and ending on a numerically
corresponding day in the next calendar month; provided that if there is no numerically corresponding day in the month in which a LIBO Rate Period is to end, or if a LIBO Rate Period begins on the last day of a calendar month, then such LIBO Rate
Period shall end on the last Banking Day of the calendar month in which such LIBO Rate Period is to end. Borrower may convert any Base Rate Loan to a LIBO Rate Loan, or continue a LIBO Rate Loan, by making a written request therefore (“LIBO
Request”) to the Administrative Agent by facsimile, specifying (y) the principal amount that is to bear interest at the LIBO Rate, which must be a minimum of $1,000,000.00 and in incremental multiples of $500,000.00 and (z) the
LIBO Rate Period selected by Borrower during which the LIBO Rate is to be applied. The Administrative Agent shall incur no liability in acting upon a request which it believed in good faith had been made by a properly authorized officer of Borrower.
Following the expiration of the LIBO Rate Period for any LIBO Rate Loan, interest shall automatically accrue at the Base Rate unless Borrower requests and receives another LIBO Rate Loan as provided in this Subsection. 
 4.2 Interest on Voluntary Converted Loan. The Voluntary Converted Loan shall bear interest at the 3-Month LIBO Rate in effect as of the Voluntary
Conversion Date and as re-set each three (3) month anniversary of such date, plus, in each instance, the LIBOR Margin, and shall be considered a LIBO Rate Loan. 
  

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 4.3 Interest on Automatic Converted Loan. The Automatic Converted Loan shall bear interest at the
3-Month LIBO Rate in effect as of the Automatic Conversion Date and as re-set each three (3) month anniversary of such date, plus, in each instance, the LIBOR Margin, and shall be considered a LIBO Rate Loan. 
 4.4 Interest on Term Loan. 
 4.4.1
Fixed Rate Tranche. The unpaid principal balance of the Fixed Rate Tranche of the Term Loan shall bear interest at the Treasury Rate plus 225 basis points. 
 4.4.2 Floating Rate Tranche. The unpaid principal balance of the Floating Rate Tranche of the Term Loan shall bear interest at the 3-Month LIBO Rate plus the Floating Rate Tranche Margin. 
 4.5 Additional Provisions for LIBO Rate Loans and the Floating Rate Tranche. 
 4.5.1 Inapplicability or Unavailability of LIBO Rate and/or 3-Month LIBO Rate. If the Administrative Agent at any time shall reasonably determine
that for any reason adequate and reasonable means do not exist for ascertaining the LIBO Rate and/or the 3-Month LIBO Rate (hereinafter in this Section 4.5, the term “LIBO Rate” shall include the “3-Month LIBO Rate” where
appropriate for all purposes), then the Administrative Agent shall promptly give notice thereof to Borrower. If such notice is given and until such notice has been withdrawn by the Administrative Agent, then any portion of the outstanding principal
balance hereof which bears interest determined in relation to the LIBO Rate shall, subsequent to the end of the LIBO Rate Period applicable thereto, bear interest at the Base Rate. 
 4.5.2 Change in Law; LIBO Rate Loan Unlawful. If any law, treaty, rule, regulation or determination of a court or governmental authority or any
change therein or in the interpretation or application thereof (each, a “Change in Law”) shall make it unlawful for any of the Syndication Parties to (a) advance its Funding Share of any LIBO Rate Loan (which term shall,
for the purposes of this Subsection 4.5.2, include the Floating Rate Tranche) or (b) maintain its share of all or any portion of the LIBO Rate Loans, each such Syndication Party shall promptly, by telephone or facsimile, notify the
Administrative Agent thereof, and of the reasons therefor and the Administrative Agent shall promptly notify Borrower thereof and if the notice from such Syndication Party is in writing, the Administrative Agent shall provide a copy of such notice
to Borrower. In the former event, the obligation of any such Syndication Party to make available its Funding Share of any future LIBO Rate Loan shall immediately be canceled (and, in lieu thereof shall be made as a Base Rate Loan), and in the latter
event, any such unlawful LIBO Rate Loans or portions thereof then outstanding shall be converted, at the option of such Syndication Party, to a Base Rate Loan; provided, however, that if any such Change in Law shall permit the LIBO Rate to remain in
effect until the expiration of the LIBO Rate Period applicable to any such unlawful LIBO Rate Loan, then such LIBO Rate Loan shall continue in effect until the 
  

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 expiration of such LIBO Rate Period. Upon the occurrence of any of the foregoing events on account of any change in any
law, treaty, rule, regulation or determination of a court or governmental authority or in the interpretation or application thereof, Borrower shall pay to the Administrative Agent immediately upon demand such amounts as may be necessary to
compensate any such Syndication Party for any fees, charges, or other costs incurred or payable by such Syndication Party as a result thereof and which are attributable to any LIBO Rate Loan made available to Borrower hereunder, and any reasonable
allocation made by any such Syndication Party among its operations shall be conclusive and binding upon Borrower absent manifest error. In the event any Syndication Party provides the Administrative Agent a notice under this Subsection, then
Borrower shall have the right, but not the obligation, upon written notice to the Administrative Agent, accompanied by the payment of such amounts as are described above and any applicable Funding Losses on account of the prepayment required below,
on or before 10:00 A.M. (Central time) on or before ten (10) Banking Days following receipt of such notice, to reduce the Individual Revolving Commitment and/or Individual Term Commitment, as applicable, of such Syndication Party upon
making a prepayment, to be treated as a Voluntary Prepayment to the extent not inconsistent with the provisions of this Subsection, equal to the amount of such Syndication Party’s Individual Outstanding Obligations (exclusive of such
Syndication Party’s Individual Term Outstanding Obligations relating to the Fixed Rate Tranche). In the event Borrower makes such an election, then a reduction in a dollar amount corresponding to (x) such reduction in the Syndication
Party’s Individual Revolving Commitment shall be made in the Aggregate Revolving Commitment; and (y) such reduction in the Syndication Party’s Individual Term Commitment shall be made in the Aggregate Term Commitment, and a
corresponding reduction shall be made to the Aggregate Commitment. Notwithstanding any provisions of this Credit Agreement to the contrary, including, without limitation, Sections 2.8 and 3.8, the amount of such prepayment shall be applied to
outstanding LIBO Rate Loans to the extent of such Syndication Party’s Pro Rata Share thereof and, along with the amount paid on account of such fees, charges, Funding Losses, or other costs, distributed to the Syndication Party providing such
notice and as to which Borrower has made such election. 
 4.6 Default Interest Rate. All past due payments on the Loans or of any
other Bank Debt (whether as a result of nonpayment by Borrower when due, at maturity, or upon acceleration) shall bear interest at the Default Interest Rate from and after the due date for the payment, or on the date of maturity or
acceleration, as the case may be. 
 4.7 Interest Calculation. Interest on all Loans shall be calculated on the actual number of days
the principal owing thereunder is outstanding with the daily rate calculated on the basis of a year consisting of 360 days. In calculating interest, the Advance Date shall be included and the date each payment is received shall be excluded.

 4.8 Fees. Borrower shall pay or cause to be paid the following fees: 
 4.8.1 Commitment Fee – Revolving Loan. A fee for each day during the Revolving Availability Period (“Revolving Commitment
Fee”) (a) payable in arrears 
  

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 by the fifteenth day of the month following the close of each Fiscal Quarter, and (b) determined for each day during
such Fiscal Quarter by (i) multiplying the Commitment Fee Factor in effect on such day (expressed as a daily rate on the basis of a year of 360 days) times (ii) the difference between the Aggregate Revolving Commitment in effect on
such day, and the outstanding principal balance owing under the Revolving Loan as of the close of the Administrative Agent’s business on such day. The Revolving Commitment Fee shall be payable by Borrower to the Administrative Agent, and the
Administrative Agent shall distribute the Revolving Commitment Fee to the Syndication Parties based on their Individual Revolving Pro Rata Share during such Fiscal Quarter. 
 4.8.2 Commitment Fee – Term Loan. A fee for each day during the Term Loan Availability Period (“Term Commitment Fee”)
(a) payable in arrears by the fifteenth day of the month following the close of each Fiscal Quarter, and (b) determined for each day during such Fiscal Quarter by (i) multiplying the Term Fee Factor (expressed as a daily rate on the
basis of a year of 360 days) times (ii) the difference between the Aggregate Term Commitment in effect on such day, and the outstanding principal balance owing under the Term Loan as of the close of the Administrative Agent’s business
on such day. The Term Commitment Fee shall be payable by Borrower to the Administrative Agent, and the Administrative Agent shall distribute the Term Commitment Fee to the Syndication Parties based on their Individual Term Pro Rata Share during such
Fiscal Quarter. Notwithstanding the foregoing, Borrower shall not be required to pay any Term Commitment Fee for the period from the Closing Date until the earlier of (x) the date which is ninety (90) days after the Closing Date, or
(y) January 1, 2007. 
 4.9 Interest Rate Margins; Commitment Fee Factor. The Margins and the Commitment Fee Factor shall be
determined as follows: 
 4.9.1 Calculation. The “Base Rate Margin” and the “LIBOR Margin”
(collectively the “Margins”), and the “Commitment Fee Factor” shall 
 (a) except for the period described
in clause (b) of this Subsection, be determined pursuant to the table below (expressed in basis points) based on the Leverage Ratio, as of the end of each Fiscal Quarter, with such Margins and Commitment Fee Factor effective as of the
fifth Banking Day after receipt of a Compliance Certificate as required pursuant to Subsection 4.9.2 hereof (and it being expressly understood that the LIBOR Margin once set for a LIBO Rate Loan will not change during the LIBO Rate Period therefor
based upon a subsequent change in the Leverage Ratio; provided however, any change in the Leverage Ratio reflected in the Update Certificate shall be applicable to all LIBOR Loans as of the date of such Update Certificate, notwithstanding that it
would require a change during the LIBO Rate Period therefore), except that (i) the Margins and Commitment Fee Factor effective as of the Closing Date shall be based on the Compliance Certificate provided on the Closing Date (or in accordance
with clause (d) of this Subsection if no such Compliance Certificate was provided). 
  

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 (b) For the period commencing on the date on which the initial Term Advance occurs, and continuing until
the one (1) year anniversary of such date, the Margins and the Commitment Fee Factor shall be determined from the table below based on Pricing Level IV (regardless of Borrower’s Leverage Ratio). 
 (c) In the event that, with respect to the period described in clause (a) of this Subsection, the final annual audited financial statements
establish that Borrower was not entitled to a reduction in the Margins and/or the Commitment Fee Factor previously granted based upon a Compliance Certificate, Borrower shall, upon written demand by the Administrative Agent, pay any excess amount
which should have been charged based on such annual audited financial statements. 
 (d) In the event that, with respect to the period
described in clause (a) of this Subsection, the Compliance Certificate is not received by Administrative Agent by the Margin Report Deadline, the Margins and the Commitment Fee Factor for the period commencing on the first Banking Day after the
Margin Report Deadline will each be based on Pricing Level V continuing until the fifth Banking Day after such time as Borrower delivers the Compliance Certificate to the Administrative Agent, after which time the Margins and the Commitment Fee
Factor will be based on such Compliance Certificate: 
  

									
	 Pricing Level
	  	 Leverage Ratio
	  	 LIBOR Margin
	  	 Base Rate
 Margin
	  	 Commitment
 Fee Factor

	I	  	< 45%	  	100.0 basis points	  	0 basis points	  	20.0 basis points
	II	  	345% < 50%	  	125.0 basis points	  	0 basis points	  	25.0 basis points
	III	  	350% < 55%	  	150.0 basis points	  	0 basis points	  	30.0 basis points
	IV	  	355% < 60%	  	175.0 basis points	  	25.0 basis points	  	35.0 basis points
	V	  	360%	  	200.0 basis points	  	25.0 basis points	  	40.0 basis points

 4.9.2 Compliance Certificate. (a) On the Closing Date (and based on results as of the
last day of the most recently ended Fiscal Quarter); and (b) on or before the 45th day after the beginning of the second, third and fourth Fiscal Quarter of each Fiscal Year and on or before the 90th day after the beginning of the first Fiscal Quarter of each Fiscal Year (“Margin Report Deadline”), commencing with the Fiscal Quarter which
begins on October 1, 2006, Borrower shall provide to the Administrative Agent the Compliance Certificate required pursuant to Subsections 10.2.1 and 10.2.2 hereof, which shall include a statement as to the Leverage Ratio as of the last day of
the preceding Fiscal Quarter. In addition, within ten (10) Banking Days after the Control Acquisition Date, Borrower shall provide to the Administrative Agent a Certificate signed by Borrower’s Chief Financial Officer (“Update
Certificate”), (a) setting forth for Borrower and its Consolidated Subsidiaries (i) the aggregate outstanding principal amount of all Debt; less unrestricted cash and cash equivalents, (ii) the sum of the aggregate
outstanding principal amount of all Debt included in clause (i) above; less unrestricted cash and cash equivalents plus Net Worth, and (iii) the calculation of the Leverage Ratio, in each case effective on and as of the
Control Acquisition Date and 
  

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 compiled on a pro-forma basis to include Gold Kist as a Consolidated Subsidiary, based on Gold Kist’s results from
the most recent reporting period available for which information has been publicly filed with the Securities Exchange Commission; and (b) certifying that the amounts set forth, to the best of the Chief Financial Officer’s knowledge,
accurately present amounts required to be calculated on a consolidated basis for Borrower and its Consolidated Subsidiaries (including Gold Kist on a pro forma basis). 
 4.9.3 Re-pricing. The Floating Rate Tranche Margin shall be in effect until the seventh anniversary of the Closing Date (“Re-pricing Date”). Borrower and the Administrative Agent shall
negotiate in an effort to reach agreement on a revised Floating Rate Tranche Margin to take effect on the day after the Re-pricing Date (“Revised Floating Rate Tranche Margin”). In the event that such parties reach agreement on the
Revised Floating Rate Tranche Margin, and it is approved by the Syndication Parties as provided in Section 14.7.1(f) hereof, such Revised Floating Rate Tranche Margin shall take effect on the day after the Re-pricing Date and shall thereafter
be deemed to be the Floating Rate Tranche Margin. In the event that such parties fail to reach agreement on the Revised Floating Rate Tranche Margin which is approved by the Syndication Parties as provided in Section 14.7.1(f) hereof, Borrower
shall, on or before the Banking Day coinciding with, or immediately following, the date which is thirty (30) days after the Re-pricing Date, pay in full all amounts owing under the Floating Rate Tranche of the Term Loan, and such date shall
become the Maturity Date for such Floating Rate Tranche of the Term Loan. 
 4.10 Maximum Interest Rate. Borrower acknowledges and
agrees that 12 U.S.C. § 2205 provides that Farm Credit System Institutions are not subject to any interest rate limitation imposed by any state constitution or statute or other laws, and that any such limitations are preempted, and that
therefore interest owing under the Notes, to the extent funded by a Farm Credit System Institution, is not subject to any ceiling. Nonetheless, in the event it is ever determined by a court of competent jurisdiction that interest owing on the Notes,
or some of them, is subject to any limitations imposed by the laws of the State of Colorado or Texas or any other jurisdiction, it is the intent of Borrower, and the Syndication Parties to, notwithstanding the provisions of Section 4.1 hereof,
at all times comply with the applicable usury laws relating to this Credit Agreement or the Notes now or hereafter in effect including, without limitation, Title 4 of the Texas Finance Code and any subsequent revisions or judicial interpretations
thereof if, and to the extent, determined by a court to be applicable to the Notes. It is agreed that the aggregate of all interest and other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable, or
receivable in connection with the Notes shall under no circumstances exceed the maximum nonusurious amount of interest permitted by applicable law. If the applicable laws are ever revised or judicially interpreted so as to render usurious any amount
called for under this Credit Agreement or the Notes or contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or the Notes, or if the exercise of the option to accelerate the maturity of the Notes, or if
any payment, results in Borrower having paid any interest on one or more of the Notes in excess of that permitted by applicable law, any such construction shall be subject to the provisions of this Section and, to the extent permitted by applicable
law all excess 
  

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 amounts collected on such Notes shall be credited on the principal balance of such Notes (or, if it has been paid in
full, refunded to Borrower), and those provisions shall immediately be deemed reformed and the amounts thereafter collectible will be reduced, without the necessity of the execution of any new documents, so as to comply with the then applicable law,
but so as to permit the recovery of the fullest amount of interest otherwise lawfully called for under this Credit Agreement or the Notes. In the event the maturity of any Note is accelerated, then earned interest may never include more than the
maximum amount of interest permitted by applicable law from the date of each advance of the proceeds of such Note until paid. Specifically, but without in any way limiting the generality of the foregoing, if from any circumstances whatsoever
fulfillment of any provision of this Credit Agreement or the Notes, at the time performance of such provision is due, would cause the interest contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or any
of the Notes to exceed the amount permitted by applicable law, then ipso facto and notwithstanding anything to the contrary contained herein, Borrower shall only be required to pay interest on each such Note in an amount equal to the lesser of the
amounts payable under this Credit Agreement and the maximum amount permitted by applicable law. In determining whether the amount of interest contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or any of
the Notes would ever exceed the amount permitted by applicable law, all sums charged, paid or agreed to be paid under this Credit Agreement for the use, forbearance, or detention of the indebtedness of Borrower to the Administrative Agent and/or the
Syndication Parties shall, to the extent possible under applicable law, be amortized, prorated, allocated, and spread throughout the full term of the Notes (including any renewal or extension), until payment in full. The provisions of this Section
control all agreements between the Administrative Agent and/or the Syndication Parties and Borrower relative to the Notes. In the event any interest is required to be credited to principal or refunded to Borrower with respect to some, but not all,
of the Notes, such adjustment shall be for the account of the Syndication Party which is the payee under such Note or Notes, and shall not affect the other Notes or the Syndication Parties which are the payees under such other Notes. 
 ARTICLE 5. PAYMENTS; FUNDING LOSSES 
 5.1
Principal Payments on Voluntary Converted Loan. The outstanding principal balance of the Voluntary Converted Loan shall be payable (a) in equal quarterly installments in the amount of one percent (1.0%) per annum (i.e.  1/4 of 1% per quarter) of the outstanding principal amount as of the Voluntary Conversion Date, commencing on the
fifth day of the calendar quarter next following the Voluntary Conversion Date and on the fifth day of each calendar quarter thereafter, and (b) one final payment on the Maturity Date equal to the unpaid balance owing under the Voluntary
Converted Loan, requiring a balloon payment on such date. 
 5.2 Principal Payment on Automatic Converted Loan. The outstanding
principal balance of the Automatic Converted Loan shall be payable (a) in equal quarterly installments in the amount of ten percent (10.0%) per annum (i.e. 2 1/2% per quarter) of the Automatic Conversion Amount, commencing on the fifth day of the 
  

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 calendar quarter next following the Automatic Conversion Date and on the fifth day of each calendar quarter thereafter,
and (b) one final payment on the Maturity Date equal to the unpaid balance owing under the Automatic Converted Loan, requiring a balloon payment on such date. 
 5.3 Principal Payments on Term Loan. Principal owing under the Term Loan shall be payable (a) in equal quarterly installments in the amount of one percent (1.0%) per annum (i.e.  1/4 of 1% per quarter) of the principal amount owing on the Term Loan Advance Date, commencing on the fifth day
of the calendar quarter next following the Term Loan Advance Date and on the fifth day of each calendar quarter thereafter, and (b) one final payment on the Maturity Date equal to the unpaid balance owing under the Term Loan, requiring a
balloon payment on such date. Principal payments, including prepayments, on the Term Loan shall be allocated between the Fixed Rate Tranche and the Floating Rate Tranche in accordance with the Term Loan Allocation Ratio. 
 5.4 Interest Payments. Interest shall be payable as follows: (a) interest on Base Rate Loans shall be payable monthly in arrears on the fifth
day of the following month; (b) interest on the Fixed Rate Tranche shall be payable quarterly in arrears on the fifth day of each January, April, July, and October; (c) interest on LIBO Rate Loans and the Floating Rate Tranche shall be
payable in arrears on the last day of the LIBO Rate Period therefor unless the LIBO Rate Period is longer than three (3) months, in which case interest shall also be payable every three (3) months from the date of the relevant Advance; and
(d) interest on all Loans then accrued and unpaid shall be payable on the Maturity Date. 
 5.5 Voluntary Prepayments. Borrower
shall have the right to make payments on the Revolving Loan and, subject to the limitations in Subsection 5.7.2 hereof, to prepay (“Voluntary Prepayments”) all or any part of the outstanding principal balance under the Term
Loan, the Voluntary Converted Loan and/or the Automatic Converted Loan at any time, in minimum amounts of $1,000,000.00 and in integral multiples of $500,000.00 in the event such prepayment occurs prior to the date on which Borrower acquires 100% of
the Gold Kist Stock, or in minimum amounts of $5,000,000 and integral multiples of $1,000,000 thereafter (or the entire outstanding balance in each case, if less) on any Banking Day; provided that (a) in the event of prepayment of any LIBO
Rate Loan or the Floating Rate Tranche (i) Borrower must provide three (3) Banking Days notice to the Administrative Agent prior to making such prepayment, and (ii) Borrower must, at the time of making such prepayment, pay
(A) all Funding Losses applicable to such prepayment, and (B) all interest accrued as of the date of such prepayment; and (b) in the event of prepayment of the Fixed Rate Tranche, Borrower must, at the time of making such prepayment,
pay (A) all Prepayment Fees applicable to such prepayment, and (B) all interest accrued as of the date of such prepayment. Principal amounts paid or voluntarily prepaid on the Revolving Loan (but not including the Voluntary Converted Loan)
may be reborrowed under the terms and conditions of this Credit Agreement during the Revolving Availability Period. Principal amounts paid or voluntarily prepaid on the Term Loan may not be reborrowed. 
  

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 5.6 Mandatory Prepayments. Borrower shall be required to make prepayments (“Mandatory
Prepayments”) in each of the following events: 
 (a) in the event any of the Collateral is the subject of a Casualty Event, a
Mandatory Prepayment equal to the amount of the Casualty Proceeds received by Borrower on account thereof (provided that no such Mandatory Prepayment shall be required to the extent that Borrower uses such Casualty Proceeds for repair or replacement
for any Casualty Event if the amount of Casualty Proceeds does not exceed $25,000,000.00, or such higher amount as may be approved by the Required Lenders at their discretion, and so long as (i) a contract for such repair or replacement is
entered into within 180 days of such Casualty Event for such repairs and/or the acquisition of such replacements, (ii) such repair or replacement is effected within 360 days of such Casualty Event, and (iii) any such replacements are
covered by the lien in favor of the Administrative Agent on the Collateral); 
 (b) upon the issuance of any equity securities in a capital
raising transaction resulting in net proceeds to Borrower of an amount in excess of $10,000,000.00 (which amount shall automatically increase to $20,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock), a Mandatory Prepayment
equal to fifty percent (50.0%) of the net proceeds of such offering of equity securities to the extent not used, under the conditions set forth below, for acquisitions and/or capital investment within 360 days of receipt; provided however, no
Mandatory Prepayment shall be required under this Section 5.6(b) in connection with a Permitted Capital Raising Transaction or to the extent Borrower is required to make prepayments under the terms of any unsecured debt or loan facility in
connection with any Permitted Capital Raising Transaction; 
 (c) upon sale or other disposition of any non-current assets (except for sales
in the ordinary course of business) which are a part of the Collateral (other than Collateral with respect to which the lien is released pursuant to the provisions of Section 10.15 hereof), a Mandatory Prepayment equal to one hundred percent
(100%) of the net proceeds in excess of $10,000,000 received by Borrower to the extent that such excess net proceeds are not used, under the conditions set forth below, for acquisitions and/or capital investment within 360 days of receipt by
Borrower, of or in assets which are covered by a first priority perfected lien in favor of the Administrative Agent subject to Permitted Encumbrances; 
 (d) upon sale or other disposition of any non-current assets (except for sales of investments available for sale and other sales in the ordinary course of business) which are not part of the Collateral, if Borrower at
any time subsequent to such sale desires to use (and Borrower is not required to do so under the terms of an secured or unsecured credit facility or indenture) any of the net proceeds thereof to pay amounts owing under any of the Senior Unsecured
Notes, Borrower (i) shall provide the Administrative Agent with ten (10) days advance written notice of its intention to make such payment and (ii) shall, if required to do so by the Administrative Agent, make a Mandatory Prepayment
in the Pro Rata Amount; and 
  

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 (e) at any time that (i) the aggregate outstanding principal balance owing under the Revolving Loan
(including the Converted Loans), and under the Term Loan, in the aggregate exceeds the Available Amount or exceeds the Aggregate Commitment, as it may exist at any time, or (ii) the principal balance owing under the Revolving Loan exceeds the
Aggregate Revolving Commitment, or (iii) the principal balance owing under the Term Loan exceeds the Aggregate Term Commitment, then, in any such case, a Mandatory Prepayment equal to the amount of such excess. 
 In each case of proceeds from any offering of equity securities (other than a Permitted Capital Raising Transaction) and from any sale or other
disposition of Collateral (other than Collateral with respect to which the lien is released pursuant to the provisions of Section 10.15 hereof), to avoid Mandatory Prepayment based thereon, Borrower must, within 180 days of receipt of such
proceeds, have used such proceeds for acquisitions and/or capital investments or executed a binding definitive contract for such acquisitions and/or capital investments. Mandatory Prepayments made pursuant to clauses (a) and (b) of this
Section, will, in either case, result in a permanent reduction of the Aggregate Commitment and the Revolving Commitment to the extent of the Mandatory Payments applied to the Revolving Loan. Mandatory Prepayments under clause (a) shall be due
no later than ten (10) Banking Days after the expiration of the applicable repair or replacement period set forth above in clause (a). Mandatory Prepayments under clause (b) shall be due no later than ten (10) Banking Days after the
expiration of the applicable acquisition or capital investment period set forth above in clause (b). Mandatory Prepayments under clause (c) shall be due no later than ten (10) Banking Days after the expiration of the applicable acquisition
or capital investment period set forth above in clause (c). Mandatory Prepayments under clause (d) shall be due no later than the date Borrower makes payment under the Senior Unsecured Notes from such excess proceeds. Mandatory Prepayments
under (e) shall be due the next Banking Day following such occurrence. In determining the amount of Mandatory Prepayment required under clauses (a) or (c), Borrower shall be permitted to make any prepayment required on account of such
Casualty Event or sale under any Pari Passu Loan (in a maximum amount no greater than the pro rata portion based on total outstanding principal balances of such loan and the Revolving Loans). The term “Pro Rata Amount”, as used in
this Section, means an amount determined (1) by dividing the amount of Borrower’s proposed payment of the Senior Unsecured Notes, by the total amount of principal owing under the Senior Unsecured Notes, and multiplying the result by the
average daily unpaid balance of the Loans over the immediately preceding 30 consecutive days, or (2) by dividing the amount of Borrower’s proposed payment of the Senior Subordinated Notes (where such payment is permitted hereunder), by the
total amount of principal owing under the Senior Subordinated Notes, and multiplying the result by the average daily unpaid balance of the Loans over the immediately preceding 30 consecutive days, or (3) if Borrower proposes to make payments
under both the Senior Unsecured Notes and the Senior Subordinated Notes (where such payment is permitted hereunder), by dividing the amount of Borrower’s proposed payment of the Senior Unsecured Notes plus the amount of Borrower’s proposed
payment of the Senior Subordinated Notes, by the total amount of principal owing under the Senior Unsecured Notes plus the total amount of principal owing under the Senior Subordinated Notes, and multiplying the result by the average daily unpaid
balance of the Loans over the immediately preceding 30 consecutive days. 
  

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 5.7 Application of Principal Payments. 
 5.7.1 Scheduled Payments. All Scheduled Payments with respect to a Converted Loan shall be applied to the Scheduled Payment next coming due under
such Converted Loan. All Scheduled Payments with respect to the Term Loan shall be applied to the Scheduled Payment next coming due under the Term Loan. 
 5.7.2 Voluntary Prepayments. Except as provided below and as provided in Subsection 4.5.2 and Sections 9.4 and 9.5 hereof, so long as no Event of Default has occurred and is continuing, all Voluntary
Prepayments (but excluding payments Borrower designates for application to the Revolving Loan, other than the Voluntary Converted Loan and the Automatic Converted Loan) shall be applied to the Floating Rate Tranche, the Voluntary Converted Loan, and
the Automatic Converted Loan, pro rata (based on the outstanding principal balance owing under each such Loan divided by the principal balance owing under all such Loans, determined in each case as of the date of application of such Voluntary
Prepayment). Notwithstanding the foregoing, each Syndication Party to whom has been allocated a portion of the Voluntary Converted Loan, has the absolute right to refuse to accept any Voluntary Prepayments on its portion of the Voluntary Converted
Loan until the Floating Rate Tranche and the Automatic Converted Loan have been repaid in full (in which case such Voluntary Prepayment shall be allocated between the Automatic Converted Loan and the Floating Rate Tranche substantially in the manner
provided above). After the Floating Rate Tranche and the Automatic Converted Loans have been repaid in full, Borrower, at its sole discretion, may direct that Voluntary Prepayments be applied to the Voluntary Converted Loan or the Fixed Rate
Tranche. To the extent Voluntary Prepayments are applied to the Voluntary Converted Loan, the Automatic Converted Loan, or the Term Loan, they shall be applied first to the four principal installments next coming due with respect to each such
Loan, and second to remaining installments coming due with respect to each such Loan on a ratable basis. However, notwithstanding any of the foregoing provisions of this Subsection, upon the occurrence and during the continuance of an Event
of Default, all prepayments shall be applied, as the Administrative Agent in its sole discretion shall determine, to fees, interest or principal indebtedness under the Notes, or to any other Bank Debt. 
 5.7.3 Mandatory Prepayments. All Mandatory Prepayments shall be applied, subject to clauses (x) through (z) below, on a pro rata basis
(based, with respect to any such Loan, on the outstanding principal owing under such Loan to the outstanding principal owing under all such Loans) to principal amounts owing under the Voluntary Converted Loan, the Automatic Converted Loan and/or the
Revolving Loan, and the Term Loan (allocated between the Floating Rate Tranche and the Fixed Rate Tranche in accordance with the Term Loan Allocation Ratio), and to the extent not inconsistent with the balance of this Subsection, with respect to the
Revolving Loan first to Base Rate Loans and then to LIBO Rate Loans. (x) To the extent Mandatory Prepayments are applied to the Voluntary Converted Loan, the Automatic Converted 
  

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 Loan, and the Term Loan, on account of clauses (a) or (d) of Section 5.6, they shall be applied to
required principal payments in the inverse order of their due date, so that such Mandatory Prepayments are applied first to the required principal payment last coming due. (y) To the extent, after application under clause (z) below,
Mandatory Prepayments are applied to the Voluntary Converted Loan, the Automatic Converted Loan, and the Term Loan, on account of clauses (b), (c), or (e)(i) of Section 5.6, they shall be applied first to the four principal
installments next coming due, and second to remaining installments on a ratable basis. (z) To the extent Mandatory Prepayments are required on account of clauses (e)(ii) or (e)(iii) of Section 5.6, they shall be applied to the
Revolving Loan or the Term Loan, respectively. 
 5.8 Manner of Payment. All payments, including prepayments, that Borrower is
required or permitted to make under the terms of this Credit Agreement shall be made in US dollars to the Administrative Agent (a) in immediately available federal funds, to be received no later than 1:00 P.M. Central time of the Banking Day on
which such payment is due by wire transfer through Federal Reserve Bank, Kansas City, Routing Number: 307088754, COBANK ENGWD (or to such other account as the Administrative Agent may designate by notice); and (b) without setoff or counterclaim
and free and clear of and without deduction for any taxes, levies, impost, duties, charges, fees, deductions, withholding, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any
political subdivision thereof or taxing or other authority therein unless Borrower is required by law to make such deduction or withholding. 
 5.9 Distribution of Principal and Interest Payments. The Administrative Agent shall distribute payments of principal and interest among the Syndication Parties as follows: 
 5.9.1 Principal and Interest Payments on Revolving Loan. Principal and interest payments on or applied to the Revolving Loan (including Converted
Loans) shall be remitted to the Syndication Parties in accordance with their Individual Revolving Pro Rata Share, subject to such adjustment, if any, as may be required to account for allocation of the Voluntary Converted Loan as provided in
Section 2.10 hereof. 
 5.9.2 Principal Payments on Term Loan. Principal payments on or applied to the Term Loan shall be
allocated between the Floating Rate Tranche and the Fixed Rate Tranche in accordance with the Term Loan Allocation Ratio and remitted to the Syndication Parties in accordance with the portion of their Individual Term Pro Rata Share allocable to each
such Tranche. 
 5.9.3 Interest Payments on Term Loan. Interest payments on or applied to the Floating Rate Tranche shall be remitted
to the Syndication Parties in accordance with their Individual Floating Rate Share, and interest payments on or applied to the Fixed Rate Tranche shall be remitted to the Syndication Parties in accordance with their Individual Fixed Rate Share.

  

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 5.10 Funding Losses. “Funding Losses” on account of the prepayment of a LIBO Rate
Loan (hereinafter in this Section 5.10, the term “LIBO Rate Loan” shall include the Floating Rate Tranche where appropriate) shall be determined on an individual Syndication Party basis as the amount which would result in such
Syndication Party being made whole (on a present value basis) for the actual or imputed funding losses (including, without limitation, any loss, cost or expense incurred by reason of obtaining, liquidating or employing deposits or other funds
acquired by such Syndication Party to fund or maintain such LIBO Rate Loan) incurred by such Syndication Party as a result of the prepayment of such LIBO Rate Loan on any day other than the last day of the LIBO Rate Period applicable thereto.
In the event of any such prepayment, each Syndication Party which had funded the LIBO Rate Loan being prepaid shall, promptly after being notified of such prepayment, send written notice (“Funding Loss Notice”) to the
Administrative Agent by facsimile setting forth the amount of attributable Funding Losses and the method of calculating the same. The Administrative Agent shall notify Borrower orally or in writing of the amount of such Funding Losses. A
determination by a Syndication Party as to the amounts payable pursuant to this Section shall be conclusive absent manifest error. Notwithstanding the foregoing, each Syndication Party is entitled to fund all or any part of its Pro Rata Share of any
LIBO Rate Loan in any manner it selects, and it is understood that for the purposes of determining any Funding Losses, determination shall be made by each Syndication Party as though it had actually funded and maintained each LIBO Rate Loan through
the purchase of deposits in the relevant interbank market having a maturity corresponding to the relevant LIBO Rate Period. 
 5.11
Prepayment Fee – Fixed Rate Tranche. In the event that any Voluntary Prepayment is, pursuant to the provisions set forth above in this Article 5, applied to the Fixed Rate Tranche of the Term Loan, Borrower will be obligated to pay, and
shall pay with each such Voluntary Prepayment, a fee designed to compensate the Syndication Parties for their actual or imputed funding losses (including, without limitation, any loss, cost or expense incurred by reason of obtaining, liquidating or
employing deposits or other funds acquired by such Syndication Party to fund or maintain such Loan) incurred by such Syndication Party as a result of such prepayment of Fixed Rate Tranche (“Prepayment Fee”). The Prepayment Fee shall
be an amount calculated as follows: 
 (a) The Prepayment Fee shall be the amount, if any, equal to the product obtained by multiplying
(i) a fraction, the numerator of which shall be the principal amount being accelerated or prepaid and the denominator of which shall be the aggregate outstanding principal amount owing under the Fixed Rate Tranche immediately prior to such
acceleration or prepayment, by (ii) the excess, if any, of: 
     (1) the sum as of the date of such
acceleration or prepayment of the following: 
 (i) each payment of principal required to be made on the Fixed Rate Tranche
during the remaining term thereof, including the principal payment due at the Maturity Date, assuming that all such payments on the Fixed Rate Tranche were made when due and that no other prepayment was made, and 
  

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 (ii) each payment of interest which would be required to be paid during the remaining
term of the Fixed Rate Tranche on the aggregate principal amount of the Fixed Rate Tranche from time to time outstanding (assuming such payments were made when due as described in clause (1)(i) above) at an interest rate for the remainder of
the term of the Fixed Rate Tranche equal to the annual interest rate then in effect with respect to the Fixed Rate Tranche on the date of prepayment or . acceleration; 
 over 
     (2) the sum as of the date of such acceleration or
prepayment of the following: 
 (i) each payment of principal required to be made on the Fixed Rate Tranche during the
remaining term thereof, including the principal payment due at the Maturity Date, assuming that all such payments on the Fixed Rate Tranche were made when due and that no other prepayment was made, and 
 (ii) each payment of interest which would be required to be paid during the remaining term of the Fixed Rate Tranche on the aggregate
principal amount of the Fixed Rate Tranche from time to time outstanding (assuming such payments were made when due as described in clause (2)(i) above) at an interest rate for the remainder of the term of the Fixed Rate Tranche equal to the
then applicable Matched Maturity U.S. Treasury Rate plus (i) one hundred (100) basis points for the period from the date of prepayment to the Maturity Date, 
 and discounting the amount of such excess (on a monthly basis) from the date fixed therefor back to the date of such acceleration or prepayment at a rate equal to the then applicable Matched Maturity U.S. Treasury
Rate for each such date. 
 For the purpose of calculating the Prepayment Fee, the term “Matched Maturity U.S. Treasury
Rate” shall mean, as of the date any determination thereof is to be made with respect to any prepayment, a per annum rate equal to the arithmetic mean of the annual yields to maturity for United States Treasury securities having a term to
maturity equal to the period from the date of such acceleration or prepayment to the date such payment would have become due, as quoted in The Wall Street Journal published most recently prior to the second Business Day preceding the date of
prepayment or acceleration, as applicable. If no maturity exactly corresponding to such period shall appear therein, such yields for the two most closely corresponding published maturities shall be calculated pursuant to the foregoing sentence and
the Matched Maturity U.S. Treasury Rate shall be 
  

 44 

 interpolated from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month).
If The Wall Street Journal no longer publishes such information, such annual yields shall be determined, by reference to Release H.15 or any successor publication under. the heading “Treasury Constant Maturities” or, for periods less than one year, “Treasury Bills - Secondary Market.” If Release H.15 is no longer published, such annual yields shall be determined, at Borrower’s expense, by an independent investment
banking firm acceptable to Borrower and the Administrative Agent. 
 5.12 Fee for Prepayment by Refinance. In the event that Borrower
prepays all or any portion of the Loans within two (2) years of the Closing Date as a result of, or in connection with, a new financing, Borrower shall be obligated to pay to the Administrative Agent, for allocation among the Syndication
Parties on a pro rata basis (based on their Individual Outstanding Obligations), a fee (“Refinance Fee”) equal to one percent (1.0%) of the amount so prepaid. Payment of the Refinance Fee shall be in addition to any Funding
Losses and/or Prepayment Fees payable on account of such prepayments. 
 ARTICLE 6. BANK EQUITY INTERESTS 
 6.1 Purchase of Bank Equity Interests. Borrower agrees to purchase such equity interests in Agriland (“Agriland Bank Equity
Interests”) as Agriland may from time to time require in accordance with its bylaws and capital plan in effect as of the date hereof as applicable to borrowers generally. In connection with the foregoing, Borrower hereby acknowledges
receipt, prior to the execution of this Credit Agreement, of the following with respect to Agriland (a) the bylaws, (b) a written description of the terms and conditions under which the Bank Equity Interests are issued, (c) the most
recent annual report, and if more recent than the latest annual report, the latest quarterly report. In addition, Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a Syndication Party hereunder as such
Farm Credit System Institution may from time to time require in accordance with its bylaws and capital plans as applicable to borrowers generally and as is required by any written agreement Borrower may execute with any such Farm Credit System
Institution (“FCS Bank Equity Interests” and together with the Agriland Bank Equity Interests the “Bank Equity Interests”). Agriland reserves, and Borrower agrees that each Farm Credit System Institution which may
become a Syndication Party may at its discretion reserve, the right to sell participations under the provisions of Section 14.25 hereof on a patronage released or on a non-patronage basis. 
 ARTICLE 7. SECURITY 
 7.1 Borrower’s
Collateral. As security for the payment and performance of all obligations of Borrower to the Administrative Agent and to all present and future Syndication Parties, including but not limited to principal and interest under the Notes, fees,
Funding Losses, reimbursements, and all other Bank Debt or obligations under any of the Loan Documents, and individually to Agriland and any Syndication Party that is a Farm Credit System Institution (with respect to the obligations of Borrower
thereto, if any, arising under Article 6 hereof), Borrower shall grant to, and maintain for, the 
  

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 Administrative Agent, for the benefit of all present and future Syndication Parties, and for the benefit of Agriland and
any Syndication Party that is a Farm Credit System Institution (to the extent of Borrower’s obligations thereto, if any, with respect to Bank Equity Interests), a first lien and security interest, pursuant to the Security Documents, subject
only to (i) purchase money security interests which would qualify as Permitted Encumbrances, and (ii) Permitted Encumbrances described in Section 11.3(a) hereof, in the following (“Collateral”): (a) all of
Borrower’s real property interest, furniture, fixtures and equipment located at, or used in connection with, the poultry hatching, raising, slaughtering, processing, packaging, and shipping operations and facilities identified on
Exhibit 7.1 hereto; (b) all proceeds with respect to the assets described in clause (a) above and all insurance policies in connection with the assets described in clauses (a) and (b) hereof and the proceeds thereof,
in each case whether now owned or hereafter acquired; and (c) the GK Collateral as and when required pursuant to Section 10.21 hereof; provided that only the Farm Credit System Institution issuing any Bank Equity Interests (or the
Administrative Agent on behalf of such Farm Credit System Institution) shall have a lien on the Bank Equity Interests issued by such Farm Credit System Institution, and none of the Syndication Parties shall have a lien thereon. Borrower shall
execute and deliver to the Administrative Agent, for the benefit of the Syndication Parties, the Security Documents to evidence the security interest of the Administrative Agent, for the benefit of the Syndication Parties, in the Collateral,
together with such financing statements or other documents as the Administrative Agent shall reasonably request. Borrower shall also execute such further security agreements, mortgages, deeds of trust, financing statements, assignments or other
documents as the Administrative Agent shall reasonably request from time to time, in form and substance as the Administrative Agent shall specify, to establish, confirm, perfect or provide notice of the Administrative Agent’s security interest
(for the benefit of the Administrative Agent and all Syndication Parties) in the Collateral. 
 7.2 Guaranty. Borrower’s
obligations under this Credit Agreement, the Notes, and all other Loan Documents shall be guaranteed by Pilgrim Interests, Ltd., a Texas limited partnership (“Pilgrim Ltd”) through the execution of a guarantee, or an amendment
to the guaranty (as amended) provided by Pilgrim Ltd in connection with the 2004 Credit Agreement, in either case in form and substance acceptable to the Administrative Agent and delivered on the Closing Date, provided that such guaranty shall only
be with respect to fifty percent (50.0%) of such obligations of Borrower (“Pilgrim Guaranty”). 
 ARTICLE 8. REPRESENTATIONS
AND WARRANTIES 
 To induce the Syndication Parties to make the Advances and recognizing that the Syndication Parties and the
Administrative Agent are relying thereon, Borrower represents and warrants as follows: 
 8.1 Organization, Good Standing, Etc.
Borrower: (a) is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware; (b) is duly qualified to do business and is in good standing in the State of Texas, and each other jurisdiction
in which the transaction of its business makes such 
  

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 qualification necessary, except to the extent that the failure to so qualify has not resulted in, and could not
reasonably be expected to cause, a Material Adverse Effect; and (c) has all requisite corporate and legal power to own and operate its assets and to carry on its business, and to enter into and perform the Loan Documents to which it is a party.
Each Subsidiary: (x) is duly organized, validly existing, and in good standing under the laws of its jurisdiction of organization; (y) is duly qualified to do business and is in good standing in each jurisdiction in which the transaction
of its business makes such qualification necessary, except to the extent that the failure to so qualify has not resulted in, and could not reasonably be expected to cause, a Material Adverse Effect; and (z) has all requisite corporate and legal
power to own and operate its assets and to carry on its business. 
 8.2 Corporate Authority, Due Authorization; Consents. Borrower
has taken all corporate action necessary to execute, deliver and perform its obligations under the Loan Documents to which it is a party. All consents or approvals of any Person which are necessary for, or are required as a condition of
Borrower’s execution, delivery and performance of and under the Loan Documents, have been obtained except where the failure to obtain such consent or approval could not reasonably be expected to cause a Material Adverse Effect. 
 8.3 Litigation. Except as described on Exhibit 8.3 hereto, there are no pending legal or governmental actions, proceedings or
investigations to which Borrower or any Subsidiary is a party or to which any property of Borrower or any Subsidiary is subject which could reasonably be expected to result in any Material Adverse Effect and, to Borrower’s knowledge, no such
actions or proceedings are threatened or contemplated by any federal, state, county, or city (or similar unit) governmental agency or any other Person. 
 8.4 No Violations. The execution, delivery and performance of the Loan Documents will not: (a) violate any provision of Borrower’s Organizational Documents, or any law, rule, regulation (including,
without limitation, Regulations T, U, and X of the Board of Governors of the Federal Reserve System), or any judgment, order or ruling of any court or governmental agency; (b) violate, require consent under (except such consent as has been
obtained), conflict with, result in a breach of, constitute a default under, or with the giving of notice or the expiration of time or both, constitute a default under, any existing real estate mortgage, indenture, lease, security agreement,
contract, note, instrument or any other agreements or documents binding on Borrower or affecting its property which, in any such circumstance, could reasonably be expected to result in any Material Adverse Effect; or (c) violate, conflict with,
result in a breach of, constitute a default under, or result in the loss of, or restriction of rights under, any Required License or any order, law, rule, or regulation under or pursuant to which any Required License was issued or is maintained
(“Licensing Laws”) which, in any such circumstance, could reasonably be expected to result in any Material Adverse Effect. 
 8.5 Binding Agreement. Each of the Loan Documents to which Borrower is a party is the legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, subject only to limitations on enforceability imposed by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of equity. 
  

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 8.6 Compliance with Laws. Borrower and each Subsidiary are in compliance with all federal, state,
and local laws, rules, regulations, ordinances, codes and orders, including without limitation all Environmental Laws and all Licensing Laws, with respect to which noncompliance would result in a Material Adverse Effect. 
 8.7 Principal Place of Business. As of the Closing Date, Borrower’s place of business, or chief executive office if it has more than one
place of business, and the place where the records required by Section 10.1 hereof are kept, is located at 4845 US Highway 271 N, Pittsburg, Texas 75686. 
 8.8 Payment of Taxes. Except as shown on Exhibit 8.8 hereto, Borrower and each Subsidiary have filed all required federal, state and local tax returns and have paid all taxes as shown on such
returns as they have become due, and have paid when due all other taxes, assessments or impositions levied or assessed against Borrower or any Subsidiary, or their business or properties, except for those subject to a Good Faith Contest or where the
failure to make such filing or payment could not reasonably be expected to result in a Material Adverse Effect. Exhibit 8.8 specifically indicates all such taxes which are subject to a Good Faith Contest as of the Closing Date.

 8.9 Licenses and Approvals. Borrower and each Subsidiary have ownership of, or license to use, or have been issued, all trademarks,
patents, copyrights, franchises, certificates, approvals, permits, authorities, agreements, and licenses which are used or necessary to permit it to own its properties and to conduct the business as presently being conducted as to which the
termination or revocation thereof could reasonably be expected to have a Material Adverse Effect (“Required Licenses”). Each Required License is in full force and effect, and there is no outstanding notice of cancellation or
termination or, to Borrower’s knowledge, any threatened cancellation or termination in connection therewith, nor has an event occurred with respect to any Required License which, with the giving of notice or passage of time or both, could
result in the revocation or termination thereof or otherwise in any impairment of Borrower’s rights with respect thereto, which impairment could reasonably be expected to have a Material Adverse Effect. Borrower is not required to obtain any
consent, permission, authorization, order, or license of any governmental authority, in connection with the execution, delivery, performance, or enforcement of and under the Loan Documents to which Borrower is a party except such as have been
obtained and are in full force and effect. 
 8.10 Employee Benefit Plans. Except as otherwise disclosed in writing to the
Administrative Agents and on Exhibit 8.10 hereto: 
 8.10.1 Employee Benefit Plans; Multiemployer Plans.
Exhibit 8.10 hereto sets forth as of the Closing Date a true and complete list of each Borrower Benefit Plan, Borrower Pension Plan, and Multiemployer Plan that is maintained by Borrower or in which Borrower participates or to which
Borrower is obligated to 
  

 48 

 contribute, in each case as of the Closing Date. Borrower has received no written notification that any Multiemployer
Plan to which Borrower currently has any obligation to contribute which is an “employee pension benefit plan” as such term is defined in Section 3(2) of ERISA fails to qualify under the Code. 
 8.10.2 Pension Benefit Plans. To the knowledge of Borrower, each Borrower Benefit Plan that is an “employee pension benefit plan” as
defined in Section 3(2) of ERISA that is intended to satisfy the requirements of Section 401(a) of the Code (each a “Borrower Pension Plan”), and the trust, if any, forming a part thereof, meets in all material
respects, and, in all material respects, since its inception has met, the requirements for qualification under Section 401(a) of the Code, and for exemption from taxation under Section 501(a) of the Code (except that these
representations shall not be deemed to have been made subsequent to the Closing Date). Except as disclosed on Exhibit 8.10 hereto, the Internal Revenue Service (“IRS”) has issued a favorable determination letter with
respect to the qualification of each Borrower Pension Plan as of the Closing Date and the trust, if any, relating thereto, and, to the knowledge of Borrower, the IRS has not taken any action to revoke any such letter. 
 8.10.3 Prohibited Transactions. With respect to each Borrower Benefit Plan sponsored or maintained by Borrower or in which Borrower participates
or to which Borrower is obligated to contribute (with the exception of any Multiemployer Plan), neither Borrower nor any Borrower Benefit Plan or, to the knowledge of Borrower, a fiduciary thereof, is engaged or has engaged in any transaction which
is prohibited by Part 4 of Subtitle B of Title I of ERISA or which might subject any such plan or related trust, or any trustee or administrator thereof, to a tax or penalty imposed by Section 4975 of the Code or
Section 502(i) of ERISA or to liability under Section 409 of ERISA, any of which would have a Material Adverse Effect. With respect to each Multiemployer Plan to which Borrower or a member of Borrower’s “controlled
group” (as that term is defined in Section 414(b) or (c) of the Code) has any obligation to contribute, to the knowledge of Borrower, neither Borrower nor any Multiemployer Plan or a fiduciary thereof is engaged or has
engaged in any transaction which is prohibited by Part 4 of Subtitle B of Title I of ERISA or which might subject Borrower to a tax or penalty imposed by Section 4975 of the Code or Section 502(i) of ERISA or to
liability under Section 409 of ERISA, any of which would have a Material Adverse Effect. 
 8.10.4 Civil/Criminal Action. To the
knowledge of Borrower, no civil or criminal action brought pursuant to Part 5 of Subtitle B of Title I of ERISA is pending, or, to the knowledge of Borrower, is threatened against Borrower, any Borrower Benefit Plan or any fiduciary
thereof with respect to any Borrower Benefit Plan (except that these representations shall not be deemed to have been made subsequent to the Closing Date). 
 8.10.5 Funding. (a) Each Borrower Pension Plan is in compliance with the minimum funding standards of Section 412 of the Code and Part 3 of Subtitle B of Title I of ERISA, and
(b) no waivers of the minimum funding standards have been requested, and no Borrower Pension Plan has any “accumulated funding deficiency” within the meaning of Section 412 of the Code. 
  

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 8.10.6 Compliance With Law. To the knowledge of Borrower, Borrower is in compliance in all
material respects with, and each Borrower Benefit Plan has been operated in all material respects in accordance with, the provisions of such plan and in compliance in all material respects with, ERISA, the Code and all other applicable law governing
each such Borrower Benefit Plan, including but not limited to rules and regulations promulgated by the Department of Labor, the Pension Benefit Guaranty Corporation, and the Department of the Treasury pursuant to the provisions of ERISA and the
Code, including without limitation, the bonding requirements of Section 412 of ERISA and the disclosure and reporting requirements of Part 1 of Subtitle B of Title I of ERISA, except to the extent any such failure would not have a Material
Adverse Effect (except that these representations shall not be deemed to have been made subsequent to the Closing Date). 
 8.10.7
Multiple Employer Plan. As of the Closing Date, Borrower does not participate in any “multiple employer plan” within the meaning of Section 413 of the Code. 
 8.10.8 Plan Termination Liability; Multiemployer Plan Withdrawal Liability. (a) Borrower has not incurred any material liability under
Title IV of ERISA arising in connection with the termination of, or complete or partial withdrawal from, any employee pension benefit plan (as defined in Section 3(2) of ERISA), covered or previously covered by Title IV of ERISA,
which liability, or any portion thereof, will constitute a liability of Borrower at or after the Closing Date except to the extent that any such liability would not have a Material Adverse Effect, and (b) neither Borrower nor any member of
Borrower’s “controlled group” as defined in Code Section 414(b), (c), (m), or (o) prior to the Closing Date has incurred any liability under Title IV of ERISA arising in connection with the complete or partial withdrawal
from any Multiemployer Plan, which liability, or any portion thereof, will constitute a liability of Borrower at or after the Closing Date, except to the extent that any such liability would not have a Material Adverse Effect. 
 8.10.9 Pension Plan Termination. No proceedings to terminate any Borrower Pension Plan have been instituted under Subtitle C of Title IV
of ERISA. 
 8.10.10 Reportable Event. To the knowledge of Borrower, no “reportable event” within the meaning of
Section 4043 of ERISA and the regulations thereunder has occurred with respect to any Borrower Pension Plan (other than a Multiemployer Plan), other than a reportable event for which notice or penalty for noncompliance has been waived by
regulation or otherwise. With respect to any Multiemployer Plan that is a defined benefit plan to which Borrower has any obligation to contribute, to the knowledge of Borrower, no such “reportable event” has occurred which would materially
and adversely affect such plan, and, to the knowledge of Borrower, no such plan is in reorganization within the meaning of Part 3 of Subtitle E of Title IV of ERISA (except that the representations contained in this sentence shall not
be deemed to have been made subsequent to the Closing Date). 
  

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 8.10.11 Payment of Contributions. Except as disclosed in Exhibit 8.10, in respect of
each Borrower Benefit Plan, Borrower has paid or will have paid or accrued as of the Closing Date (a) all contributions or premiums required to be made by it for all plan years ending on or prior to the Closing Date and, (b) for the plan
year which includes the Closing Date, any contributions or premiums required to be made by it by the Closing Date under the terms of the Borrower Benefit Plan. Except as disclosed in Exhibit 8.10, Borrower is not, as of the Closing Date,
obligated to pay any contributions or premiums to a Multiemployer Plan. Except as set forth in Exhibit 8.10 hereto, all contributions paid or accrued by Borrower on or prior to the Closing Date in respect of any Borrower Pension Plan
that is a defined benefit plan have been based on the actuarial assumptions and methods used for the last plan year ended on or before the Closing Date, or if there is no prior plan year for any such plan, contributions have been based upon
reasonable actuarial assumptions and methods. 
 8.10.12 Welfare Benefit Plans. As of the Closing Date, Borrower does not participate
in a “multiple employer welfare arrangement” within the meaning of Section 3(40) of ERISA. Except as disclosed in Exhibit 8.10 hereto, Borrower does not, as of the Closing Date, maintain or contribute to a
“voluntary employees’ beneficiary association” within the meaning of Section 501(c)(9) of the Code or a “welfare benefit fund” within the meaning of Section 419 of the Code, nor does Borrower maintain or
contribute to any employee welfare benefit plan within the meaning of Section 3(1) of ERISA for the benefit of retired or former employees (other than as required by Section 4980B of the Code and Sections 601 through 608 of ERISA
(“COBRA”) or other applicable law). Borrower has complied in all material respects with the applicable provisions of COBRA with respect to the Borrower Benefit Plans. 
 8.11 Equity Investments. Borrower does not, as of the Closing Date, own any stock or other voting or equity interest, directly or indirectly, in
any Person valued at the greater of book value or market value at $5,000,000 or more, other than as set forth on Exhibit 8.11 hereto. 
 8.12 Title to Real and Personal Property. Borrower and each Subsidiary (a) have all real and personal property necessary for the conduct of their respective business, and (b) have good and marketable title to, or valid
leasehold interests in, all of their material properties and assets, real and personal, including, as of the Closing Date, the properties and assets and leasehold interests reflected in the financial statements of the Borrower and its Subsidiaries
referred to in Section 8.13 hereof, except (i) any properties or assets disposed of in the ordinary course of business, (ii) rights of way, easements, and similar interests in real property or defects in title which in the aggregate
could not reasonably be expected to result in a Material Adverse Effect, and (iii) Permitted Encumbrances; and none of the properties of Borrower or any Subsidiary are subject to any Lien, except Permitted Encumbrances. All such property is in
good operating condition and repair, reasonable wear and tear excepted, and suitable in all material respects for the purposes for which it is being utilized except where their 
  

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 failure to be in good operating condition could not reasonably be expected to result in a Material Adverse Effect. All of
the leases of Borrower and each Subsidiary which constitute Material Agreements are in full force and effect and afford Borrower or such Subsidiary peaceful and undisturbed possession of the subject matter thereof. 
 8.13 Financial Statements. The consolidated balance sheets of Borrower and its Subsidiaries for the Fiscal Quarter ended July 1, 2006, and
the related consolidated statements of operations, cash flows and consolidated statements of capital shares and equities for the Fiscal Quarter then ended, and the accompanying footnotes, copies of which have been furnished to the Administrative
Agent and the Syndication Parties, fairly present in all material respects the consolidated financial condition of Borrower and its Subsidiaries as at such dates and the results of the consolidated operations of Borrower and its Subsidiaries for the
periods covered by such statements, all in accordance with GAAP. Between July 1, 2006 and the Closing Date, there has been no material adverse change in the financial condition, results of operations, or business of Borrower or any of its
Subsidiaries taken as a whole. As of the Closing Date, there are no liabilities of Borrower or any of its Subsidiaries, fixed or contingent, which are material but are not reflected in the financial statements of Borrower and its Subsidiaries
referred to above or referred to in the notes thereto, other than liabilities arising in the ordinary course of business since July 1, 2006 or referred to in periodic filings of Borrower with the Securities and Exchange Commission subsequent to
July 1, 2006 but prior to the Closing Date, copies of which have been provided to the Administrative Agent by Borrower. No information, exhibit, or report furnished by Borrower or any of its Subsidiaries to the Administrative Agent and the
Syndication Parties in connection with Borrower’s application for the Revolving Loans and the negotiation of this Credit Agreement contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the
statements contained therein not materially misleading in light of the circumstances in which they were made and taken together with the other information, exhibits and reports furnished to the Administrative Agent and the Syndication Parties.

 8.14 Environmental Compliance. Except as set forth on Exhibit 8.14 hereto, Borrower and each Subsidiary have obtained
all permits, licenses and other authorizations which are required under all applicable Environmental Laws, except to the extent failure to have any such permit, license or authorization could not reasonably be expected to result in a Material
Adverse Effect. Except as set forth on Exhibit 8.14 hereto, Borrower and each Subsidiary are in compliance with all Environmental Laws and the terms and conditions of the required permits, licenses and authorizations, and are also in
compliance with all other limitations, restrictions, obligations, schedules and timetables contained in those Laws or contained in any plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved
thereunder, except to the extent, in each case, failure to comply has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect. 
 8.15 Fiscal Year. Each fiscal year of Borrower is a year (a) ending on the Saturday closest to September 30 in each calendar year, regardless of whether such Saturday occurs in September or October of
any calendar year and (b) beginning on the day immediately following the end of the preceding Fiscal Year. 
  

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 8.16 Material Agreements. The periodic reports of Borrower filed with the Securities and Exchange
Commission, copies of which have been provided to the Administrative Agent by Borrower, and/or Exhibit 8.16 hereto list each Material Agreement of the Borrower and each Subsidiary as of the Closing Date. Borrower is not in default under
any of its Material Agreements, nor, to Borrower’s knowledge, (a) is any other party to any of Borrower’s Material Agreements in default thereunder, or (b) do any facts exist which with the giving of notice or the passage of
time, or both, would constitute such a default by any party to any of Borrower’s Material Agreement. 
 8.17 Regulations U and X.
No portion of any Advance will be used for the purpose of purchasing, carrying, or making loans to finance the purchase of, any “margin security” or “margin stock” as such terms are used in Regulations U or X of the Board of
Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and 224, including the purchase of the Gold Kist Stock, unless Borrower completes and provides to the Administrative Agent, Federal Reserve Board forms U-I and/or G-3, if requested to do
so by the Administrative Agent or any Syndication Party. 
 8.18 Trademarks, Tradenames. Borrower and each Subsidiary have ownership
or the lawful right to use all tradenames, trademarks, patents, and other intellectual property which they utilizes in their business as presently being conducted and as anticipated to be conducted, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. 
 8.19 No Default on Outstanding Judgments or Orders. Borrower and
each Subsidiary have satisfied all final and non-appealable judgments and Borrower and each Subsidiary are not in default with respect to any judgment, writ, injunction, decree, rule or regulation of any court, arbitrator or federal, state,
municipal or other Governmental Authority, commission, board, bureau, agency or instrumentality, domestic or foreign, except to the extent such failure to satisfy any or all such final and non-appealable judgments or to be in such a default has not
resulted in, and could not reasonably be expected to result in, a Material Adverse Effect. 
 8.20 No Default in Other Agreements.
Neither Borrower nor any Subsidiary is in default in any respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument where such failure to perform, observe or
fulfill has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. 
 8.21 Labor Matters; Labor
Agreements. Except as set forth in Exhibit 8.21 hereof: (a) As of the Closing Date, there are no collective bargaining agreements or other labor agreements covering any employees of Borrower or any Subsidiary the termination,
cessation, or breach of which could reasonably be expected to result in a Material Adverse Effect, and a true and correct copy of each such agreement will be furnished to the Administrative Agent upon its written request from time to time.

  

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 (b) There is no organizing activity involving Borrower or any Subsidiary pending or, to Borrower’s knowledge,
threatened by any labor union or group of employees. (c) There are, to Borrower’s knowledge, no representation proceedings pending or threatened with the National Labor Relations Board, and no labor organization or group of employees of
Borrower or any Subsidiary has made a pending demand for recognition. (d) There are no complaints or charges against Borrower or any Subsidiary pending or, to Borrower’s knowledge threatened to be filed with any federal, state, local or
foreign court, governmental agency or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of employment by Borrower or any Subsidiary of any individual. (e) There are no strikes or
other labor disputes against Borrower or any Subsidiary that are pending or, to Borrower’s knowledge, threatened. (f) Hours worked by and payment made to employees of Borrower or any Subsidiary have not been in violation of the Fair Labor
Standards Act (29 U.S.C. § 201 et seq.) or any other applicable law dealing with such matters. The representations made in subparagraphs (b) through (f) of this Section are made with respect to those occurrences described which
could, considered in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 8.22 Governmental Regulation. Neither
Borrower nor any Subsidiary is subject to regulation under the Public Utility Holding Company Act of 1935, the Investment Company Act of 1940, the Interstate Commerce Act, the Federal Power Act or any statute or regulation, in each case, limiting
its ability to incur indebtedness for money borrowed as contemplated hereby. 
 8.23 Borrower Information. To the best of
Borrower’s knowledge, the information contained in, and all attachments to, the materials presented by Borrower at the bank group meeting on August 29, 2006 were, as of such date, and are as of the Closing Date, accurate, true, correct,
and complete in all material respects, and not misleading in any material respect. 
 8.24 Financial Projections. The Financial
Projections provided to the Administrative Agent and the Syndication Parties with respect to Borrower and its Subsidiaries fairly present, as of the Effective Date, in all material respects the projected operations, financial condition, assets and
liabilities as of the dates covered thereby. To Borrower’s knowledge, no undisclosed facts existed at the time of submission of the Financial Projections which, if taken into account, would have resulted in any material change in any of the
Financial Projections. The Financial Projections were, at the time of submission, based upon reasonable estimates and assumptions, all of which were fair in light of then-current conditions, were prepared on the basis of the assumptions stated
therein, and reflected the reasonable estimate of Borrower of the results of operations and other information projected therein. Nothing in this Section shall be deemed to constitute an assurance by Borrower that it will meet the results contained
in the Financial Projections. 
 8.25 Solvency. After giving effect to the consummation of each Loan to be made under this Agreement
as of the time this representation is given, Borrower (a) will be able to pay its debts as they become due, (b) will have funds and capital sufficient to 
  

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 carry on its business and all businesses in which it is about to engage, and (c) will own property in the aggregate
having a value both at fair valuation and at fair saleable value in the ordinary course of Borrower’s business greater than the amount required to pay its Debt, including for this purpose unliquidated, contingent, and disputed claims.

 8.26 Anti-Terrorism Laws. 
 8.26.1 Violation of Law. Neither the Borrower nor, to the knowledge of Borrower, any of its Subsidiaries, is in violation of any laws relating to terrorism or money laundering (“Anti-Terrorism Laws”), including
Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (“Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, Public Law 107-56. 
 8.26.2 Classification. Neither Borrower nor, to the knowledge of Borrower, any of its Subsidiaries, or
their respective brokers or other agents acting or benefiting in any capacity in connection with the Loans, is any of the following: 
 (a) a
Person or entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (b) a Person or
entity owned or controlled by, or acting for or on behalf of, any Person or entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (c) a Person or entity with which any Syndication Party is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

 (d) a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive
Order; or 
 (e) a Person or entity that is named as a “specially designated national and blocked person” on the most current list
published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list. 
 8.26.3 Conduct of Business. Neither Borrower nor to the knowledge of Borrower, any of its brokers or other agents acting in any capacity in
connection with the Loans (a) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Person described in clause (b) of Subsection 8.26.2 above, (b) deals in,
or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (c) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading
or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  

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 8.27 Disclosure. The representations and warranties contained in this Article 8 and in the other
Loan Documents and in any financial statements provided to the Administrative Agent do not contain any untrue statement of a material fact or omit to state a material fact necessary to make such representations or warranties not misleading; and all
projections provided to the Administrative Agent were prepared in good faith based on reasonable assumptions. 
 ARTICLE 9. CONDITIONS TO CLOSING AND
TO ADVANCES 
 9.1 Conditions to Closing. The obligation of the Syndication Parties to make the initial Advance hereunder is
subject to satisfaction, in the sole discretion of the Administrative Agent and the Syndication Parties, of each of the following conditions precedent: 
 9.1.1 Loan and Amendment Documents; Possession of Collateral; and Pilgrim Guaranty. The Administrative Agent shall have received: (a) duly executed originals of this Credit Agreement, the Amendment
Documents, the Security Documents, and the other Loan Documents (other than the GK Security Documents); and (b) the Pilgrim Guaranty duly executed by Pilgrim Ltd. (or, at the Administrative Agent’s election, an amendment to the Pilgrim
Guaranty. 
 9.1.2 Approvals. The Administrative Agent shall have received evidence satisfactory to it that all consents and approvals
of governmental authorities and third parties which are with respect to Borrower necessary for, or required as a condition of the validity and enforceability of, the Loan Documents to which it is a party. 
 9.1.3 Organizational Documents. The Administrative Agent shall have received the following, dated no more than thirty (30) days prior to the
Closing Date: (a) good standing certificate (or comparable), for Borrower for its state of incorporation and the states of Arkansas, Texas, Louisiana, Tennessee, and Kentucky; (b) a copy of the certificate of incorporation of Borrower
certified by the Secretary of State (or comparable office) of the state of Delaware; and (c) a copy of the bylaws of Borrower, certified as true and complete by the Secretary or Assistant Secretary of Borrower. 
 9.1.4 Evidence of Insurance. Borrower shall have provided the Administrative Agent with insurance certificates and such other evidence, in form
and substance satisfactory to the Administrative Agent, of all insurance required to be maintained by it under the Loan Documents. 
 9.1.5 Appointment of Agent for Service. The Administrative Agent shall have received evidence satisfactory to the Administrative Agent (which, unless the Administrative Agent specifically advised Borrower to the contrary, shall
include any such evidence provided in connection with the 2004 Credit Agreement, unless such evidence has been subsequently rescinded or terminated) that Borrower has appointed a Person with offices in Denver, Colorado and otherwise reasonably
acceptable to the Administrative Agent to serve as its agent for service of process, and that said Person has accepted such appointment by Borrower. 
  

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 9.1.6 No Material Change. No change shall have occurred in the condition or operations of Borrower
or any Subsidiary since July 1, 2006 which, when considered in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 9.1.7 Fees and Expenses. Borrower shall have paid the Administrative Agent, by wire transfer of immediately available federal funds all fees set forth in the Fee Letter between CoBank and Borrower dated
August 23, 2006 (“Fee Letter”) and the Mandate Letter between CoBank, Agriland, and Borrower dated August 23, 2006 and Summary of Terms and Conditions attached thereto (collectively “Commitment Letter”),
and any other fees owing to the Administrative Agent which are due on the Closing Date, and all expenses owing as of the Closing Date pursuant to Section 15.1 hereof and for which Borrower has received an invoice. 
 9.1.8 Evidence of Corporate Action. The Administrative Agent shall have received in form and substance satisfactory to the Administrative Agent
(a) documents, certified to be true and correct by the Secretary or Assistant Secretary of Borrower, evidencing all corporate action taken by Borrower to authorize (including the specific names and titles of the persons authorized to so act
(each an “Authorized Officer”)) the execution, delivery and performance of the Loan Documents to which it is a party; and (b) a certificate of the Secretary or Assistant Secretary of Borrower, dated the Closing Date, certifying
the names and true signatures of the Authorized Officers. 
 9.1.9 Opinion of Counsel. Borrower shall have provided a favorable
opinion of its counsel addressed to the Administrative Agent and each of the present and future Syndication Parties, covering such matters as the Administrative Agent may reasonably require, including, without limitation, due incorporation,
authorization and execution, enforceability, usury, and the effect of the Amendment Documents on the real and personal property liens on the Collateral in all relevant jurisdiction, fees, taxes and qualification requirements. 
 9.1.10 Financial Projections. Borrower shall have provided to the Administrative Agent financial projections for the five (5) Fiscal Years,
commencing with the Fiscal Year during which the Closing Date falls, acceptable to the Administrative Agent. 
 9.1.11 Further
Assurances. Borrower shall have provided and/or executed and delivered to the Administrative Agent such further assignments, documents or financing statements, in form and substance satisfactory to the Administrative Agent, that Borrower is to
execute and/or deliver pursuant to the terms of the Loan Documents or as the Administrative Agent may reasonably request. 
  

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 9.2 Borrowing Notice; Funding Notice. Borrower shall give the Administrative Agent prior written
notice by facsimile (effective upon receipt): 
 9.2.1 Revolving Loan. With respect to each request for a Revolving Advance under the
Revolving Loan: (a) in the case of a Base Rate Loan, on or before 11:00 A.M. (Central time) on the day of making such Base Rate Loan, and (b) in the case of a LIBO Rate Loan, on or before 11:00 A.M. (Central time) at least three
(3) Banking Days prior to the date of making such LIBO Rate Loan. Each notice must be in substantially the form of Exhibit 9.2A hereto (“Revolving Borrowing Notice”) and must specify (c) the amount of such
Advance, (d) the proposed date of making such Advance, (e) whether Borrower requests that the Advance will bear interest at (i) the Base Rate or (ii) the LIBO Rate, and (f) in the case of a LIBO Rate Loan, the initial LIBO
Rate Period applicable thereto. 
 9.2.2 Term Loan. With respect to the request for a Term Advance under the Term Loan, on or before
11:00 A.M. (Central time) at least three (3) Banking Days prior to the date of making such Term Advance. Each notice must be in substantially the form of Exhibit 9.2B hereto (“Term Borrowing Notice”) and
must specify (a) the amount of such Advance; and (b) the proposed date of making such Advance. 
 9.2.3 Funding Notice and
Funding. The Administrative Agent shall, on or before 12:00 noon (Central time) of the same Banking Day, notify each Syndication Party (“Funding Notice”) of its receipt of each such Borrowing Notice and the amount of
such Syndication Party’s Funding Share thereunder. Not later than 2:00 P.M. (Central time) on the date of an Advance, each Syndication Party will make available to the Administrative Agent at the Administrative Agent’s Office, in
immediately available funds, such Syndication Party’s Funding Share of such Advance. After the Administrative Agent’s receipt of such funds, but not later than 3:00 P.M. (Central time), and upon fulfillment of the applicable conditions set
forth in Article 9 hereof, the Administrative Agent will make such Advance available to Borrower, in immediately available funds, and will transmit such funds by wire transfer to Borrower’s Account. 
 9.3 Conditions to Advance. The Syndication Parties’ obligation to fund each Advance is subject to (a) receipt of a properly completed
Borrowing Notice, and (b) the satisfaction, in the sole discretion of the Administrative Agent and the Syndication Parties, of each of the following conditions precedent, in addition to those set forth in Sections 9.1 and 9.2 hereof, and each
request by Borrower for an Advance shall constitute a representation by Borrower, upon which the Administrative Agent and Syndication Parties may rely, that the conditions set forth in this Section have been satisfied and that the amount of the
Advance does not exceed the limits set forth in Section 2.1 hereof: 
 9.3.1 Default. As of the Advance Date no Event of Default
or Potential Default shall have occurred and be continuing, and the disbursing of the amount of the Advance requested shall not result in an Event of Default or Potential Default. 
 9.3.2 Availability Period. The Borrowing Notice does not specify an Advance Date which is later than the last Banking Day of the Availability
Period. 
  

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 9.3.3 Representations and Warranties; Fees and Expenses. The representations and warranties of
Borrower herein shall be true and correct in all material respects on and as of the date on which the Advance is to be made as though made on such date. Borrower shall have paid the Administrative Agent, by wire transfer of immediately available
U.S. funds all fees set forth in Section 4.5 hereof and in the Fee Letter and the Commitment Letter, in each case executed by CoBank and Borrower, which are then due and payable, including all expenses owing as of the Advance Date pursuant to
Section 15.1 hereof for which Borrower has received an invoice. 
 9.3.4 No Material Change. No change shall have occurred in the
condition or operations of Borrower or any Subsidiary since the date of the financial statements (quarterly or annual, as applicable) most recently provided by Borrower to the Administrative Agent pursuant to Subsection 10.2.1 or 10.2.2 hereof,
as applicable, (or the comparable provisions of the 2004 Credit Agreement) which, when considered in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 9.3.5 Advance for Acquisition of Gold Kist Stock. No Advance may be requested for the purpose of funding any purchase of Gold Kist Stock unless
and until Borrower satisfies each of the following: 
 (a) Borrower has (or simultaneous with the Advance will have) acquired and/or has
enforceable agreements from the holders thereof to sell to Borrower, more than 50% of the Gold Kist Stock. 
 (b) Borrower provides to the
Administrative Agent such proof as the Administrative Agent may reasonably require (i) that Borrower’s acquisition of the Gold Kist Stock has been approved by the U.S. Department of Justice and, if required by applicable law, by the U.S.
Federal Trade Commission or other relevant federal agency; or (ii) that such approval as described in clause (i) above is not required. 
 (c) Borrower provides to the Administrative Agent a written certificate from Borrower’s Chief Financial Officer certifying : (i) to the aggregate purchase price paid for the acquisition of the relevant Gold Kist Stock and the
number of shares acquired, and (ii) that Borrower has (or simultaneous with the Advance will have) acquired and/or has enforceable agreements from the holders thereof to sell to Borrower, more than 50% of the Gold Kist Stock. 
 (d) Borrower provides or makes available to the Administrative Agent financial statements of Gold Kist to support the valuation of GK Fixed Assets for
inclusion in the Available Amount, as provided in Section 1.12 hereof. 
 (e) Borrower complies with the requirements of
Section 10.19 hereof with respect to all shares of Gold Kist Stock purchased by Borrower as reflected on the certificate required by clause (b) of this Subsection 9.3.5; provided that compliance with this clause (d) may be postponed
for up to ten (10) Banking Days to the extent that Borrower is unable to comply with such requirements on the date of such Advance. 
  

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 9.4 Limitation on LIBO Rate Loans. Anything herein to the contrary notwithstanding, if, on or
prior to the determination of the LIBO Rate for any LIBO Rate Period: 
 (a) The Administrative Agent determines (which determination shall
be conclusive) that quotations of interest rates in the definition of LIBO Rate are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBO Rate Loans as provided in this
Credit Agreement; or 
 (b) any Syndication Party determines (which determination shall be conclusive) that the relevant rates of
interest referred to in the definition of LIBO Rate upon the basis of which the rate of interest for LIBO Rate Loans for such LIBO Rate Period is to be determined do not adequately cover the cost to such Syndication Party of making or maintaining
such LIBO Rate Loans for such LIBO Rate Period; 
 then the Administrative Agent shall give Borrower prompt notice thereof, and so long as such condition
remains in effect, in the case of clause (a) above, the Syndication Parties, and in the case of clause (b) above, the Syndication Party that makes the determination, shall be under no obligation to make LIBO Rate Loans, convert Base Rate
Loans into LIBO Rate Loans, or continue LIBO Rate Loans, and Borrower shall, on the last day(s) of the then current applicable LIBO Rate Period(s) for the outstanding LIBO Rate Loans, either prepay such LIBO Rate Loans or convert such LIBO
Rate Loans into a Base Rate Loan in accordance with Subsection 4.1.1 hereof. In addition to the foregoing, in the event a determination is made under clause (b) above, Borrower shall have the right, but not the obligation, upon written notice
to the Administrative Agent, on or before 10:00 A.M. (Central time) on or before ten (10) Banking Days following receipt of notice from the Administrative Agent of such condition, to reduce the Individual Commitment of such Syndication
Party to zero upon making a prepayment, to be treated as a Voluntary Prepayment to the extent not inconsistent with the provisions of this Section, equal to the amount of such Syndication Party’s Individual Outstanding Obligations plus any
Funding Losses attributed to the portion of such payment applied to LIBO Rate Loans as provided below. In the event Borrower makes such an election, then a reduction in a dollar amount corresponding to such reduction in Individual Commitment shall
be made to the Aggregate Commitment, Revolving Commitment, and Term Commitment, as the case may be, and, notwithstanding any provisions of this Credit Agreement to the contrary, including, without limitation, Sections 2.8 and 3.8, the amount of such
prepayment shall be applied to outstanding LIBO Rate Loans to the extent of such Syndication Party’s Pro Rata Share thereof and, along with the amount paid on account of such Funding Losses, distributed to the Syndication Party making such
determination and as to which Borrower has made such election. Notwithstanding any other provisions in this Section to the contrary, Borrower shall not be obligated to pay any Prepayment Fee in connection with any Mandatory Prepayment of the Fixed
Rate Tranche of the Term Loan made in connection with the provisions of this Section 9.4. 
  

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 9.5 Illegality of Loan. Notwithstanding any other provision of this Credit Agreement, in the event
that it becomes unlawful for any Syndication Party or its Applicable Lending Office to honor its obligation to make or maintain LIBO Rate Loans hereunder or convert Base Rate Loans into LIBO Rate Loans, then such Syndication Party shall promptly
notify the Administrative Agent and Borrower thereof and such Syndication Party’s obligation to make or continue, or to convert Base Rate Loans into, LIBO Rate Loans shall be suspended until such time as such Syndication Party may again make
and maintain LIBO Rate Loans (in which case the provisions of Section 9.6 hereof shall be applicable) and, unless and until Borrower exercises the rights granted in the next sentence, such Syndication Party’s Individual Pro Rata
Share, of all Loans and all subsequent Advances shall be made as Base Rate Loans (and such Syndication Party’s share of interest payments shall reflect the foregoing), in each case, until such time as such Syndication Party may again make and
maintain LIBO Rate Loans (in which case the provisions of Section 9.6 hereof shall be applicable). In the event a such a notification is made, Borrower shall have the right, but not the obligation, upon written notice to the Administrative
Agent, on or before 10:00 A.M. (Central time) on or before ten (10) Banking Days following receipt of notice from such Syndication Party, to reduce the Individual Commitment of such Syndication Party to zero upon making a prepayment, to be
treated as a Voluntary repayment to the extent not inconsistent with the provisions of this Section, equal to the amount of such Syndication Party’s Individual Outstanding Obligations plus any Funding Losses attributed to the portion of such
payment applied to LIBO Rate Loans as provided below. In the event Borrower makes such an election, then a reduction in a dollar amount corresponding to such reduction in Individual Commitment shall be made to the Aggregate Commitment, Revolving
Commitment, and Term Commitment, and, notwithstanding any provisions of this Credit Agreement to the contrary, including, without limitation, Sections 2.8 and 3.8, the amount of such prepayment shall be applied to outstanding LIBO Rate Loans to the
extent of such Syndication Party’s Pro Rata Share thereof and, along with the amount paid on account of such Funding Losses, distributed to the Syndication Party making such determination and as to which Borrower has made such election.
Notwithstanding any other provisions in this Section to the contrary, Borrower shall not be obligated to pay any Prepayment Fee in connection with any Mandatory Prepayment of the Fixed Rate Tranche of the Term Loan made in connection with the
provisions of this Section 9.5. 
 9.6 Treatment of Affected Loans. If the obligations of any Syndication Party to make or
continue LIBO Rate Loans, or to convert Base Rate Loans into LIBO Rate Loans, are suspended pursuant to Section 9.4 or 9.5 hereof (all LIBO Rate Loans so affected being herein called “Affected Loans”), such Syndication
Party’s Affected Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current LIBO Rate Period(s) for the Affected Loans (or, in the case of a conversion required by Section 9.4 or 9.5, on
such earlier date as such Syndication Party may specify to Borrower). To the extent that such Syndication Party’s Affected Loans have been so converted, all payments and prepayments of principal which would otherwise 
  

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 be applied to such Syndication Party’s Affected Loans shall be applied instead to its Base Rate Loans. All Advances
which would otherwise be made or continued by such Syndication Party as LIBO Rate Loans shall be made or continued instead as Base Rate Loans, and all Base Rate Loans of such Syndication Party which would otherwise be converted into LIBO Rate Loans
shall remain as Base Rate Loans. 
 ARTICLE 10. AFFIRMATIVE COVENANTS 
 From and after the date of this Credit Agreement and until the Bank Debt is indefeasibly paid in full and the Syndication Parties have no obligation to
make an Advance, Borrower agrees that it will observe and comply with the following covenants for the benefit of the Administrative Agent and Syndication Parties: 
 10.1 Books and Records. Borrower shall at all times keep, and cause each Subsidiary to keep, proper books of record and account, in which correct and complete entries shall be made of all its dealings, in
accordance with GAAP.
 10.2 Reports and Notices. Borrower shall provide to the Administrative Agent the following reports,
information and notices: 
 10.2.1 Annual Financial Statements. As soon as available, but in no event later than ninety (90) days
after the end of any Fiscal Year of Borrower occurring during the term hereof one copy of the audit report for such year and accompanying consolidated financial statements (including all footnotes thereto), including a consolidated balance sheet, a
consolidated statement of earnings, a consolidated statement of capital, and a consolidated statement of cash flow for the Borrower and its Subsidiaries, showing in comparative form the figures for the previous Fiscal Year, all in reasonable detail,
prepared in conformance with GAAP consistently applied and certified without qualification by Ernst & Young, LLP, or other independent public accountants of nationally recognized standing selected by the Borrower and reasonably satisfactory
to the Administrative Agent, and to be accompanied by a copy of any management letter of such accountants addressed to and received by the board of directors of Borrower related to such annual audit and annual financial statements. Such annual
financial statements required pursuant to this Subsection shall be accompanied by a Compliance Certificate signed by Borrower’s Chief Financial Officer. 
 10.2.2 Quarterly Financial Statements. As soon as available but in no event more than forty-five (45) days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of Borrower’s Fiscal
Year) the following financial statements or other information concerning the operations of Borrower and its Subsidiaries for such Fiscal Quarter, the Fiscal Year to date, and for the corresponding periods of the preceding Fiscal Year, all
prepared in accordance with GAAP consistently applied: (a) a consolidated balance sheet, (b) a consolidated summary of earnings, (c) a consolidated statement of cash flows, and (d) such other statements as the Administrative
Agent may reasonably request. Such quarterly financial statements required pursuant to this Subsection shall be accompanied by a Compliance Certificate signed by Borrower’s Chief Financial Officer or other officer of Borrower acceptable to
the Administrative Agent (subject to normal year end adjustments). 
  

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 10.2.3 Notice of Default. As soon as the existence of any Event of Default or Potential Default
becomes known to any officer of Borrower, prompt written notice of such Event of Default or Potential Default, the nature and status thereof, and the action being taken or proposed to be taken with respect thereto. 
 10.2.4 ERISA Reports. As soon as possible and in any event within twenty (20) days after Borrower or any Subsidiary knows or has reason to
know that any Reportable Event (for which notice is not waived under ERISA or by regulation) or Prohibited Transaction (for which a statutory, class, or individual exemption has not been obtained) has occurred with respect to any Plan or that the
Pension Benefit Guaranty Corporation or Borrower or any Subsidiary has instituted or will institute proceedings under Title IV of ERISA to terminate any Plan, or that Borrower, any Subsidiary or any ERISA Affiliate has completely or partially
withdrawn from a Multiemployer Plan, or that a Plan which is a Multiemployer Plan is in reorganization (within the meaning of Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA) or is terminating, a
certificate of the Chief Financial Officer of Borrower or such Subsidiary setting forth details as to such Reportable Event or Prohibited Transaction or Plan termination or withdrawal or reorganization or insolvency and the action Borrower or such
Subsidiary proposes to take with respect thereto, provided, however, that notwithstanding the foregoing, no reporting is required under this Subsection unless the matter(s), individually or in the aggregate, result, or could be reasonably expected
to result, in aggregate obligations or liabilities of Borrower and/or the Subsidiaries in excess of ten million dollars ($10,000,000.00) (which amount shall automatically increase to $20,000,000.00 upon the date that Borrower acquires 100% of the
Gold Kist Stock). 
 10.2.5 Notice of Litigation. Promptly after the commencement thereof, notice of all actions, suits, arbitration
and any other proceedings before any Governmental Authority, affecting Borrower or any Subsidiary which, if determined adversely to Borrower or any Subsidiary, could reasonably be expected to require Borrower or any Subsidiary to have to pay or
deliver assets having a value of ten million dollars ($10,000,000.00) (which amount shall automatically increase to $20,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock) or more (whether or not the claim is covered by
insurance) or could reasonably be expected to result in a Material Adverse Effect. 
 10.2.6 Notice of Material Adverse Effect.
Promptly after Borrower obtains knowledge thereof, notice of any matter which, alone or when considered together with other matters, has resulted or could reasonably be expected to result in, a Material Adverse Effect. 
 10.2.7 Notice of Environmental Proceedings. Without limiting the provisions of Subsection 10.2.5 hereof, promptly after Borrower’s
receipt thereof, notice of the receipt of all pleadings, orders, complaints, indictments, or other 
  

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 communication alleging a condition that may require Borrower or any Subsidiary to undertake or to contribute to a cleanup
or other response under Environmental Regulations, or which seeks penalties, damages, injunctive relief, or criminal sanctions related to alleged violations of such laws, or which claims personal injury or property damage to any person as a result
of environmental factors or conditions or which, if adversely determined, could reasonably be expected to have a Material Adverse Effect. 
 10.2.8 Regulatory and Other Notices. Promptly after Borrower’s receipt thereof, copies of any notices or other communications received from any Governmental Authority with respect to any matter or proceeding the effect of which
could reasonably be expected to have a Material Adverse Effect. 
 10.2.9 Adverse Action Regarding Required Licenses. As soon as
Borrower learns that any petition, action, investigation, notice of violation or apparent liability, notice of forfeiture, order to show cause, complaint or proceeding is pending, or, to the best of Borrower’s knowledge, threatened, to seek to
revoke, cancel, suspend, modify, or limit any of the Required Licenses, prompt written notice thereof and Borrower shall contest any such action in a Good Faith Contest. 
 10.2.10 Notice of Certain Changes. Borrower shall: (a) notify the Administrative Agent at least ten (10) Banking Days prior to the occurrence of any change in the name or business form of Borrower;
and (b) take all actions necessary or reasonably requested by Agent in order to maintain the perfected status of the first lien and security interest of Agent and the Syndication Parties (subject only to Permitted Encumbrances) in the
Collateral. 
 10.2.11 Available Amount Reports. Borrower shall provide to the Administrative Agent a report in the form of
Exhibit 10.2.11 attached hereto (“Available Amount Report”) on each of the following dates (the appropriate date in each case being the “Available Amount Report Deadline”): (a) no later than five
(5) Banking Days prior to the date of the initial Revolving Advance or Term Advance, whichever is earlier, effective as of the last day of the Fiscal Quarter immediately preceding the Closing Date; (b) on the Control Acquisition Date,
effective as of such date and giving effect to the amount allowed pursuant to clause (b)(ii)(A) of Section 1.12 hereof; (c) to reflect the addition to the Available Amount determination of any Additional Property with respect to which each
of the applicable requirements contained in Section 10.18 hereof have been fully met to the satisfaction of the Administrative Agent; and (d) to reflect the addition for the Available Amount determination of the GK Fixed Assets with
respect to which each of the applicable requirements contained in Section 10.21 hereof have been fully met to the reasonable satisfaction of the Administrative Agent on or before the GK Lien Date. In addition, any time that, in connection with
a Pari Passu Loan, Borrower requests the Administrative Agent to execute an Intercreditor Agreement, Borrower shall provide to the Administrative Agent an endorsement to the Title Policy increasing the amount of insurance provided thereby (or a new
Title Policy in the full amount, including any such increase) if the following two conditions have occurred: (w) the maximum amount available under such Pari Passu Loan, together with the maximum amounts available 
  

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 under all Pari Passu Loans entered into since the most recent increase in the amount of the Title Policy, is equal to or
greater than $25,000,000.00, and (x) Borrower has, since the most recent increase in the amount of the Title Policy, provided to the Administrative Agent one or more Available Amount Reports which, in the aggregate, reflect an increase in the
Appraised Value of the real estate (including any structures or other improvements thereon, other than equipment) included in the Collateral in an amount equal to or greater than $25,000,000.00. In the event an increase in the amount of
insurance available under the Title Policy is required pursuant to the preceding sentence, the amount of such increase shall be the amount of the aggregate increase in Appraised Value; provided that in no event shall Borrower be required to increase
the amount of insurance provided under the Title Policy to the extent it would result in the amount thereof being an amount in excess of (y) during the Revolving Availability Period, the Aggregate Commitment, or (z) at any time after the
end of the Revolving Availability Period, the amount of Bank Debt owing. In the event the parcel or parcels of real estate with respect to which there has been an increase in Appraised Value are insured by separate Title Policies, the increase in
insured amount required above need only be provided with respect to those Title Policies. Available Amount Reports shall also be provided as required by Section 10.15 and Subsection 14.5.6 hereof. 
 10.2.12 Appraisals. Borrower shall provide the Administrative Agent with Appraisals covering all interests required to be included within the
Collateral: (a) no later than the Closing Date (other than with respect to the GK Collateral); and (b) as may be required in connection with Pari Passu Loans as provided herein. Appraisals shall also be provided as required by Sections
10.15 and 10.21 hereof, and may, at Borrower’s option, be provided pursuant to the provisions of Section 10.18 hereof. 
 10.2.13 Filings and Reports. Promptly upon their becoming available, copies of all registration statements and regular periodic reports, if any, which Borrower shall have filed with the Securities and Exchange Commission or any
governmental agency substituted therefor, or any national securities exchange, including copies of Borrower’s form 10-K annual report, form 10-Q quarterly report and any Form 8-K report filed with the Securities and Exchange Commission.

 10.2.14 Additional Information. With reasonable promptness, such other information respecting the condition or operations,
financial or otherwise, of Borrower or any Subsidiary as any Syndication Party or the Administrative Agent may from time to time reasonably request. 
 10.3 Maintenance of Existence and Qualification. Borrower shall maintain its corporate existence in good standing under the laws of the State of Delaware. Borrower shall, and shall cause each Subsidiary to,
qualify and remain qualified as a foreign corporation or other entity in each jurisdiction in which such qualification is necessary in view of its business, operations and properties except where the failure to so qualify has not and could not
reasonably be expected to result in a Material Adverse Effect. 
 10.4 Compliance with Legal Requirements and Agreements. Borrower
shall, and shall cause each Subsidiary to: (a) comply with all laws, rules, regulations and 
  

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 orders applicable to Borrower (or such Subsidiary, as applicable) or its business unless such failure to comply is
the subject of a Good Faith Contest; and (b) comply with all agreements, indentures, mortgages, and other instruments to which it (or any Subsidiary, as applicable) is a party or by which it or any of its (or any Subsidiary, or any of such
Subsidiary’s, as applicable) property is bound; provided, however, that the failure of Borrower to comply with this sentence in any instance not directly involving the Administrative Agent or a Syndication Party shall not constitute a Potential
Default or an Event of Default unless such failure could reasonably be expected to result in a Material Adverse Effect. 
 10.5 Compliance
with Environmental Laws. Without limiting the provisions of Section 10.4 of this Credit Agreement, Borrower shall, and shall cause Subsidiary to, comply in all material respects with, and take all reasonable steps necessary to cause all
persons occupying or present on any properties owned or leased by Borrower (or any Subsidiary, as applicable) to comply with, all Environmental Regulations, the failure to comply with which could reasonably be expected to result in a Material
Adverse Effect or unless such failure to comply is the subject of a Good Faith Contest. 
 10.6 Taxes. Borrower shall cause to be
paid, and shall cause each Subsidiary to pay, when due all taxes, assessments, and other governmental charges upon it, its income, its sales, its properties (or upon Subsidiary and its income, sales, and properties, as applicable), and federal and
state taxes withheld from its (or Subsidiary’s, as applicable) employees’ earnings, unless (a) the failure to pay such taxes, assessments, or other governmental charges could not reasonably be expected to result in a Material
Adverse Effect, or (b) such taxes, assessments, or other governmental charges are the subject of a Good Faith Contest. 
 10.7
Insurance. Borrower shall, and shall cause each Subsidiary to, maintain insurance coverage by good and responsible insurance underwriters in such forms and amounts and against such risks and hazards as are customary for companies engaged in
similar businesses and owing and operating similar properties, provided that Borrower and its Subsidiaries may self-insure for workmen’s compensation, group health risks and their live chicken inventory in accordance with applicable industry
standards. In any event, Borrower will insure any of the Collateral which is insurable against loss or damage by fire, theft, burglary, pilferage and loss in transit. In addition, to the extent that any real property interests which constitute a
part of the Collateral lie within a designated flood plain, Borrower must provide flood insurance with respect to such real property interests. All such policies of insurance shall be issued by sound and reputable insurers that, at the time of
issuance or renewal of such policies, are accorded a rating of A-XII or better by A.M. Best Company or A or better by Standard & Poor’s Corporation or Moody’s Investors Service, Inc. All liability policies shall name the
Administrative Agent, for the benefit of the Syndication Parties, as additional insured as its interests may appear. All such insurance policies shall be endorsed with a mortgagee’s or loss payable clause, as appropriate, in favor of the
Administrative Agent, for the benefit of the Syndication Parties. Copies of the policy or policies evidencing all insurance referred to in this Section and receipts for the payment of premiums thereon or certificates of such insurance satisfactory
to the Administrative 
  

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 Agent shall be delivered to and held by the Administrative Agent. All such insurance policies shall contain a provision
requiring at least ten (10) days’ notice to the Administrative Agent prior to any cancellation for non-payment of premiums. Borrower shall give the Administrative Agent satisfactory written evidence of renewal or substitution of all
such policies. Borrower agrees to pay, or cause to be paid, all premiums on such insurance as they become due, and will not permit any condition to exist on or with respect to its assets which would wholly or partially invalidate any insurance
thereon. Borrower shall give immediate written notice to the insurance carrier and the Administrative Agent of any loss. Borrower hereby authorizes and empowers the Administrative Agent upon the occurrence and during the continuation of an Event of
Default, at the Administrative Agent’s option and in the Administrative Agent’s sole discretion, to, in so far as affects the Collateral, act as attorney-in-fact for Borrower to make proof of loss, to adjust and compromise any claim under
insurance policies, to collect and receive insurance proceeds, and to deduct therefrom the Administrative Agent’s expenses incurred in the collection of such proceeds, and all insurance policies of Borrower shall provide that the Administrative
Agent may act as Borrower’s attorney-in-fact for such purposes. 
 10.8 Title to and Maintenance of Properties. Borrower shall
defend and maintain title to, and shall maintain, keep and preserve, and cause each Subsidiary to maintain, keep and preserve, all of its material properties (tangible and intangible) necessary or used in the proper conduct of its business in
good working order and condition, ordinary wear and tear excepted, and shall cause to be made all repairs, renewals, replacements, betterments and improvements thereof, all as in the sole judgment of Borrower or such Subsidiary may be reasonably
necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times. 
 10.9
Inspection. Borrower (a) shall permit, and cause its Subsidiaries to permit, the Administrative Agent or any Syndication Party or their agents, during normal business hours or at such other times as the parties may agree, to examine, and
make copies of or abstracts from, Borrower’s properties, books, and records, and to discuss Borrower’s affairs, finances, operations, and accounts with its respective officers, directors, employees, and independent certified public
accountants; and (b) shall permit the Administrative Agent to obtain periodic verification of the existence and condition, of the Collateral and Borrower shall reimburse the Administrative Agent for the reasonable costs incurred in connection
with such verification, provided that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to reimburse the Administrative Agent for costs incurred under this clause (b) with respect to more than one
such verification in each Fiscal Year. 
 10.10 Required Licenses; Permits; Etc. Borrower shall duly and lawfully obtain and maintain
in full force and effect, and shall cause its Subsidiaries to obtain and maintain in full force and effect, all Required Licenses as appropriate for the business being conducted and properties owned by Borrower or such Subsidiaries at any given time
except where the failure to obtain or maintain such Required Licenses could not reasonably be expected to result in a Material Adverse Effect. 
  

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 10.11 ERISA. Borrower shall (a) cause each Borrower Benefit Plan to comply in all material
respects with the Code and ERISA; (b) cause any Borrower Benefit Plan that is intended to satisfy the requirements of Section 401(a) of the Code to satisfy such requirements in all material respects; (c) prepare and deliver each
material report, statement or other document required by ERISA and the Code within the period specified therein and conforming in form and substance in all material respects to the provisions thereof; and (d) cause each Borrower Benefit Plan
(other than a Multiemployer Plan) to be administered in all material respects in accordance with the terms of each such plan and with ERISA, the Code, and any other applicable law, except to the extent any failure to comply with the preceding
clauses (a), (b) (c), or (d) would not have a Material Adverse Effect. Within ten (10) Banking Days after receiving such notice, Borrower shall furnish to Administrative Agent any written notice received by Borrower relating to an
assertion of withdrawal liability imposed by any Multiemployer Plan upon Borrower or Borrower’s controlled group, as defined in Code Section 414(b), (c), (m), or (o), or relating to any violation of the provisions of the Code or ERISA
asserted by the Department of Labor, the Pension Benefit Guaranty Corporation or the Department of the Treasury with respect to any Borrower Benefit Plan that could reasonably be expected to have a Material Adverse Effect. Borrower shall notify the
Administrative Agent within sixty (60) days after: (l) commencing participation in any “multiple employer plan” within the meaning of Section 413 of the Code; (m) commencing participation in a “multiple employer
welfare arrangement” within the meaning of Section 3(40) of ERISA; or (n) establishing or becoming obligated to contribute to any employee “retiree health plan” within the meaning of Section 3(1) of ERISA for
the benefit of retired or former employees (other than as required by Section 4980B of the Code and Sections 601 through 608 of ERISA (“COBRA”) or other applicable law). Borrower shall notify the Administrative Agent
within sixty (60) days after Borrower has knowledge of the occurrence of any fact or event which would make any of the representations contained in Subsections 8.10.2, 8.10.4, 8.10.6, or 8.10.10 hereof incorrect if such representations were
made as of the date of such occurrence with respect to any Borrower Benefit Plan that is a Multiemployer Plan. 
 10.12 Financial
Covenants. Borrower shall maintain the following financial covenants, measured on the consolidated results of Borrower and its Subsidiaries: 
 10.12.1 Leverage Ratio. A Leverage Ratio of not in excess of 0.65 at any time. 
 10.12.2 Tangible Net Worth.
(a) At all times during the period from the Closing Date to the Control Acquisition Date, Tangible Net Worth of not less than an amount in any Fiscal Year of $600,000,000.00 plus an amount equal to 50% of Borrower’s Net Income (but not
less than zero) during such Fiscal Year; (b) from and after the Control Acquisition Date, Tangible Net Worth of not less than an amount in any Fiscal Year of: (i) $400,000,000.00, if goodwill attributable to Gold Kist (determined as
provided by GAAP) for such Fiscal Year is $450,000,000.00 or higher; (ii) $450,000,000.00, if goodwill attributable to Gold Kist (determined as provided by GAAP) for such Fiscal Year is in excess of $400,000,000.00 but less than 
  

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 $450,000,000.00; and (iii) $500,000,000.00, if goodwill attributable to Gold Kist (determined as provided by GAAP)
for such Fiscal Year, is $400,000,000.00 or less plus an amount, in each case, equal to 50% of Borrower’s net income (determined as provided by GAAP) (but not less than zero) during such Fiscal Year. The Tangible Net Worth targets set forth in
clauses (b)(i), (b)(ii), and (b)(iii) shall be adjusted based on the mutual agreement of Borrower and the Administrative Agent in the event that the purchase price paid by Borrower to acquire the Gold Kist Stock varies in an amount in excess of five
percent (5.0%) above or below $20.00 per share (considered in the aggregate); provided that if the adjustment is on account of the purchase price being an amount in excess of five percent (5.0%) above $20.00 per share, the adjustment must
be approved by the Syndication Parties whose Individual Commitments constitute sixty seven percent (67%) of the Aggregate Commitment (“Super Majority Lenders”). 
 10.12.3 Current Ratio. A Current Ratio measured as of the last day of each Fiscal Quarter of not less than 1.35 to 1.00. 
 10.12.4 Net Tangible Assets to Total Liabilities. (a) At all times during the period from the Closing Date to the Control Acquisition Date, a
ratio of Net Tangible Assets to Total Liabilities measured as of the last day of each Fiscal Quarter of not less than 1.30 to 1.00; and (b) from and after the Control Acquisition Date, a ratio of Net Tangible Assets to Total Liabilities
measured as of the last day of each Fiscal Quarter of not less than 1.125 to 1.00. The Net Tangible Assets to Total Liabilities target set forth in clause (b) above shall be adjusted based on the mutual agreement of Borrower, the Administrative
Agent, and the Required Lenders in the event that the purchase price paid by Borrower to acquire the Gold Kist Stock varies in an amount in excess of five percent (5.0%) above or below $20.00 per share (considered in the aggregate); provided
that if the adjustment is on account of the purchase price being an amount in excess of five percent (5.0%) above $20.00 per share, the adjustment must be approved by the Super Majority Lenders. 
 10.12.5 Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio over the most recent eight consecutive Fiscal Quarters, measured as of the
last day of each Fiscal Quarter, of not less than 1.50 to 1.00. 
 10.12.6 Net Working Capital. (a) At all times during the
period from the Closing Date to the Control Acquisition Date, Net Working Capital, measured as of the last day of each Fiscal Quarter of not less than $85,000,000.00; and (b) from and after the Control Acquisition Date, Net Working Capital,
measured as of the last day of each Fiscal Quarter of not less than $250,000,000.00. 
 10.13 Appraised Property. No Available Amount
Report will be based in any part on the Appraised Value of any real property, or improvements, fixtures, machinery or equipment located on any real property, not, in either case, described in the Security Documents executed, on or prior to the date
of such Available Amount Report, by Borrower in connection with this Credit Agreement. 
  

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 10.14 Title Insurance Endorsements. As soon as practical following the Effective Date, but in any
event no later than thirty (30) days following the Effective Date, Borrower shall provide to the Administrative Agent with respect to each Title Policy provided to the Administrative Agent in connection with the 2004 Credit Agreement (or its
predecessors), either (a) new title policies issued by the Title Insurer which issued such Title Policy describing the mortgage or deed of trust insured thereunder (“Mortgage”) as the Mortgage as amended by the appropriate
Amendment Document and otherwise in substantially the same form as the Title Policy provided to the Administrative Agent in connection with the 2004 Credit Agreement (or its predecessors); or (b) for Texas properties a P9(3)(b) endorsement; or
(c) for other properties an endorsement thereto issued by the Title Insurer which issued such Title Policy (i) describing the insured Mortgage as the Mortgage as amended by the appropriate Amendment Document, (ii) bringing down the
effective date of such Title Policy to the Closing Date, and (iii) increasing the amount thereof to the amount set forth in the appropriate Amendment Document. 
 10.15 Production Cut-back: In the event that Borrower takes action which results in a Permanent Reduction of Production at any facility included in Borrower’s most recent Available Amount Report
(“Shut Down”), then Borrower shall give the Administrative Agent written notice thereof no later than thirty (30) days after taking such action and shall, at Borrower’s option, either: (a) promptly arrange for an
Appraisal of such facility based on such Permanent Reduction of Production and, no later than ninety (90) days after taking such action, furnish the Administrative Agent with a copy of such Appraisal and a revised Available Amount Report,
properly adjusted to reflect the Appraised Value as shown in such Appraisal; or (b) no later than thirty (30) days after taking such action, furnish the Administrative Agent with a written request to (i) release its lien on such
facility and (ii) remove such facility from the Available Amount. In the event Borrower elects to proceed under clause (b) of this Section, at the time the Administrative Agent releases its lien, on behalf of the Syndication Parties, on
such facility, Borrower shall furnish the Administrative Agent with an Available Amount Report with the entire Appraised Value of such facility (as reflected in the most recent Appraisal thereof) removed from such Available Amount Report. In the
event Borrower elects to proceed under clause (a) of this Section, but fails to provide to the Administrative Agent the Appraisal or the Available Amount Report within the time required by such clause, such facility shall be deemed to have been
removed from the Available Amount Report (and therefore, from calculation of the Available Amount) until the Appraisal and revised Available Amount Report have been provided to the Administrative Agent. In the event Borrower elects to proceed under
clause (b) of this Section, but the Required Lenders refuse to authorize the Administrative Agent to release the lien on such facility (or the Administrative Agent refuses to release such lien where it has the power to effect such release
without Required Lender approval), (x) the Syndication Parties may, at their sole discretion and cost, obtain an Appraisal on such facility based upon such Permanent Reduction of Production (“Lender Appraisal”), in which case
the Administrative Agent shall furnish a copy of such Lender Appraisal to Borrower when received and such facility shall thereafter be included in the Available Amount and all subsequent Available Amount Reports at the Appraised Value established by
such Lender Appraisal; provided, 
  

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 however, that until such Lender Appraisal has been obtained and furnished to Borrower, such facility will continue to be
included in the Available Amount Report (and therefore, included in the calculation of the Available Amount) and all subsequent Available Amount Reports at the Appraised Value in effect prior to such Permanent Reduction of Production until a Lender
Appraisal is obtained at the discretion of the Syndication Parties or an Appraisal is obtained pursuant to Subsection 10.2.12 hereof. Notwithstanding the foregoing, in the event the Syndication Parties elect to proceed under clause (x) of this
Section, Borrower shall have the option to remove such facility from the Available Amount prior to the Syndication Parties obtaining the Lender Appraisal by providing the Administrative Agent with written notice of the exercise of such option and
furnishing the Administrative Agent with an Available Amount Report with the entire Appraised Value of such facility (as reflected in the most recent Available Amount Report prior to such Permanent Reduction of Production) removed from such
Available Amount Report. At the time of furnishing the Administrative Agent with a revised Available Amount Report, and, if required pursuant to clause (a) of this Section, a revised Appraisal, or in the event Borrower shall elect to
proceed under clause (a) of this Section but shall fail to provide the Appraisal or the Appraised Value Report to the Administrative Agent within the time required, or at the time of the Syndication Parties furnishing a Lender Appraisal to
Borrower pursuant to clause (x) of this Section, Borrower shall make the payment, if any, that would be required under Section 5.6(e) hereof if the aggregate outstanding principal balance owing under the Term Loan and the Revolving Loan
(including the Converted Loans) exceeds the Available Amount as calculated pursuant to such Lender Appraisal or such revised Available Amount Report (or as calculated with the removal of such facility, if applicable). 
 10.16 Embargoed Person. At all times throughout the term of the Loans, (a) none of the funds or assets of Borrower that are used to repay the
Loans shall constitute property of, or shall be beneficially owned directly or, to the knowledge of Borrower, indirectly by, any Person subject to sanctions or trade restrictions under United States law (“Embargoed Person” or
“Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and Blocked Persons” (the “SDN List”) maintained by the Office of Foreign Assets Control
(“OFAC”), U.S. Department of the Treasury, and/or to the knowledge of Borrower, as of the date thereof, based upon reasonable inquiry by Borrower, on any other similar list (“Other List”) maintained by OFAC pursuant
to any authorizing statute including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Order or regulation
promulgated thereunder, with the result that the investment in Borrower (whether directly or indirectly), is prohibited by law, or the Loans made by the Syndication Parties would be in violation of law, or (2) the Executive Order, any related
enabling legislation or any other similar Executive Orders, and (b) no Embargoed Person shall have any direct interest, and to the knowledge of Borrower, as of the date hereof, based upon reasonable inquiry by Borrower, indirect interest, of
any nature whatsoever in Borrower, with the result that the investment in Borrower (whether directly or indirectly), is prohibited by law or the Loans are in violation of law. 
  

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 10.17 Anti-Money Laundering. At all times throughout the term of the Loans, to the knowledge of
Borrower, as of the date hereof, based upon reasonable inquiry by Borrower, none of the funds of Borrower, that are used to repay the Loans shall be derived from any unlawful activity, with the result that the investment in Borrower (whether
directly or indirectly), is prohibited by law or the Loans would be in violation of law. 
 10.18 Additional Collateral. In addition
to the GK Collateral, (a) Borrower may, at its discretion, execute and deliver a deed of trust or mortgage and assignment of leases and rents with respect to the property listed on Exhibit 10.18 attached hereto and any other property
reasonably acceptable to the Administrative Agent (“Additional Property”), in form and substance satisfactory to the Administrative Agent, to the Administrative Agent or a mortgage trustee, in each case for the benefit of the
Syndication Parties, granting a first lien of record on and a first security interest in the Additional Property, subject only to Permitted Encumbrances, and such Additional Property shall thereafter be part of the Collateral. 
 (b) Upon such time as Borrower, in addition to satisfying the requirements of clause (a) of this Section 10.18, shall, with respect to any such
parcel of Additional Property, have provided to the Administrative Agent (i) a mortgagees’ title insurance policy (Standard Texas Mortgagees Policy Form with respect to Additional Property located in the State of Texas, and Standard ALTA
form with respect to Additional Property located in states other than Texas) from an insurer acceptable to the Administrative Agent insuring the lien in favor of the Administrative Agent, on behalf of the Syndication Parties, as a first priority
lien on each such parcel of Additional Property, subject only to Permitted Encumbrances, and (A) in such amount as the Administrative Agent shall require, (B) deleting the standard printed exceptions (including exceptions for mechanics
liens and exceptions based on lack of adequate survey) and the gap exception, (C) containing only such exceptions to title as are reasonably acceptable to the Administrative Agent, (D) providing access coverage, and (E) containing
such other endorsements as the Administrative Agent may reasonably require (but in any event including a revolving credit endorsement), (ii) a survey, which survey, the certifications thereon, and all information contained therein, shall be
acceptable to the Administrative Agent, and shall contain a legal description and, except as specifically provided otherwise on Exhibit 10.18, shall, at a minimum, show the location of all structures, visible utilities, fences, hedges, or
walls on the parcel and within 5 feet of all boundaries thereof, any conflicting boundary evidence or visible encroachments, and all easements, underground utilities, and tunnels for which properly recorded evidence is available; and (iii) an
Appraisal, then such Additional Property shall be a part of the Collateral and shall be included in the Available Amount. 
 (c) Borrower may
include in the Available Amount any leasehold interest in connection with any Additional Property where Borrower is a lessee under a recorded lease calling for a rental payment equal to or in excess of $100,000.00 per annum, provided that Borrower
provides to the Administrative Agent, (i) a leasehold mortgage or deed of trust substantially in form and substance satisfactory to the Administrative Agent, (ii) a Title Policy and survey satisfying the requirements set forth in clause
(b)
  

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 of this Section 10.18 (modified as necessary to reflect a leasehold, rather than fee, interest), (iii) a lessor
consent in form and content satisfactory to the Administrative Agent and containing such estoppels of the lessor of the leasehold estate as the Administrative Agent shall require; and (iv) an Appraisal. 
 (d) Notwithstanding anything contained in this Credit Agreement or the Loan Documents to the contrary, failure by Borrower to complete the execution and
delivery of deeds of trust or mortgages and assignments of leases and rents as described in this Section 10.18 by December 31, 2006 (or such later date as may be agreed to by Borrower and the Administrative Agent), shall not be deemed a
Potential Default or Event of Default. 
 10.19 Lien on Gold Kist Stock. As soon as possible after the Control Acquisition Date, but
no later than ten (10) Banking Days thereafter, Borrower shall sign such documents and take such action as the Administrative Agent may reasonably require to provide the Administrative Agent, for the benefit of the Syndication Parties, with a
first priority perfected security interest in and lien on the Gold Kist Stock so acquired, including, without limitation, (a) delivery of stock certificates with executed stock powers (to the extent that any of the Gold Kist Stock so acquired
is certificated); and/or (b) delivery of an executed agreement, in form and substance reasonably satisfactory to the Administrative Agent whereby (i) the Administrative Agent has “control” (as that term is defined in the
applicable Uniform Commercial Code) over such Gold Kist Stock and/or (ii) a third party has possession of such Gold Kist Stock sufficient to perfect the Administrative Agent’s first priority security interest therein, for the benefit of
the Syndication Parties, pursuant, in each case, to the applicable Uniform Commercial Code. As soon as possible after Borrower acquires additional Gold Kist Stock in an amount equal to one percent (1.0%) of the total issued and outstanding
shares of Gold Kist Stock, but no later than five (5) Banking Days thereafter, Borrower shall take such action as the Administrative Agent may reasonably require to provide the Administrative Agent, for the benefit of the Syndication Parties,
with a first priority perfected security interest in and lien on the Gold Kist Stock so acquired, including, without limitation, any of the actions described in the foregoing sentence. Upon satisfaction of all conditions and requirements set forth
in Section 10.21 to the satisfaction of the Administrative Agent, the Administrative Agent shall release its lien on the Gold Kist Stock and shall return to Borrower possession of any Gold Kist Stock delivered to the Administrative Agent
pursuant to this Section. 
 10.20 Schedule of GK Assets. On or before the date which is sixty (60) days after the Control
Acquisition Date, Borrower shall provide to the Administrative Agent a schedule of all of the GK Fixed Assets in which Borrower shall grant a lien in favor of the Administrative Agent pursuant to Section 10.21, which schedule may be updated by
Borrower from time to time prior to the GK Lien Date. 
  

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 10.21 Lien on GK Fixed Assets. On or before the GK Lien Date, Borrower shall provide to the
Administrative Agent the following with respect to all GK Fixed Assets specified by Borrower in Section 10.20 hereof and the GK Collateral: 
 10.21.1 GK Security Documents. Fully executed deeds of trust, mortgages, assignment of leases and rents, and/or security agreements and financing statements, as applicable, in form and substance satisfactory to the Administrative
Agent (“GK Security Documents”), and in favor of the Administrative Agent or a mortgage trustee, in each case for the benefit of the Syndication Parties, granting a first lien of record on and a first security interest in the GK
Collateral, subject only to Permitted Encumbrances. 
 10.21.2 Requirements Regarding Real Property Collateral. With respect to all GK
Collateral that constitutes an interest in real property, (a) a mortgagees’ title insurance policy (Standard Texas Mortgagees Policy Form with respect to GK Fixed Assets located in the State of Texas, and Standard ALTA form with respect to
GK Fixed Assets located in states other than Texas) from an insurer acceptable to the Administrative Agent insuring the lien in favor of the Administrative Agent, on behalf of the Syndication Parties, as a first priority lien on each such parcel,
subject only to Permitted Encumbrances, and (i) in such amount as the Administrative Agent shall require, (ii) deleting the standard printed exceptions (including exceptions for mechanics liens and exceptions based on lack of adequate
survey) and the gap exception, (iii) containing only such exceptions to title as are reasonably acceptable to the Administrative Agent, (iv) providing access coverage, and (v) containing such other endorsements as the Administrative
Agent may reasonably require (but in any event including a revolving credit endorsement); (b) a survey, which survey, the certifications thereon, and all information contained therein, shall be acceptable to the Administrative Agent, and shall
contain a legal description and shall, at a minimum, show the location of all structures, visible utilities, fences, hedges, or walls on the parcel and within 5 feet of all boundaries thereof, any conflicting boundary evidence or visible
encroachments, and all easements, underground utilities, and tunnels for which properly recorded evidence is available; (c) an Appraisal; and (d) (i) Phase I environmental reports, satisfactory in form and content to the
Administrative Agent, on all parcels of real property which are included within the GK Collateral, and (ii) such Phase II environmental reports, or proof satisfactory to the Administrative Agent that Borrower has taken such remedial or other
action as the Administrative Agent may reasonably require, in either case, based on the contents of such environmental reports. 
 10.21.3
Lien Searches. Searches of appropriate filing offices showing that: (a) no state or federal tax liens have been filed which remain in effect against the GK Collateral; (b) except with respect to Permitted Encumbrances no financing
statements have been filed by any Person against the GK Collateral, except to perfect the security interests required by this Credit Agreement, which remain in effect against Gold Kist or Borrower or the GK Collateral; (c) all financing
statements necessary to perfect the security interests granted to the Administrative Agent, on behalf of the Syndication Parties, in the GK Collateral have been filed or recorded, to the extent such security interests are capable of being perfected
by such filing; and (d) all of the GK Security Documents required to be recorded or filed to perfect the security interests and liens granted therein shall be so recorded and filed. 
  

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 10.21.4 Proof of Authorization. In form and substance satisfactory to the Administrative Agent:
(a) documents, certified to be true and correct by the Secretary or Assistant Secretary of Borrower or Gold Kist, as applicable, evidencing all corporate action taken by Borrower or Gold Kist, as applicable, to authorize (including the specific
names and titles of the persons authorized to so act the execution, delivery and performance of the GK Security Documents to which it is a party and which relate to the GK Collateral, and a certificate of the Secretary or Assistant Secretary of
Borrower, dated the Closing Date, certifying the names and true signatures of the Authorized Officers; and (b) evidence satisfactory to the Administrative Agent that all consents and approvals of governmental authorities and third parties which
are with respect to Gold Kist and/or Borrower necessary for, or required as a condition of the validity and enforceability of, such GK Security Documents to which it is a party. 
 10.21.5 Gold Kist Solvency Certificate and Pro Forma Financial Statements. (a) A certificate executed by the chief financial officer of
Borrower or Gold Kist, as applicable, stating that after giving effect to the execution of the GK Security Documents and the pledge of the GK Fixed Assets thereunder to secure the obligations of Borrower under the Loan Documents, Gold Kist
(i) will be able to pay its debts as they become due, (ii) will have funds and capital sufficient to carry on its business and all businesses in which it is about to engage, and (iii) will own property in the aggregate having a value
both at fair valuation and at fair saleable value in the ordinary course of Gold Kist’s business greater than the amount required to pay its Debt, including for this purpose unliquidated and contingent claims, and including disputed claims;
(b) financial statements supporting the certification described in clause (a) above, which shall be certified to by the chief financial officer of Borrower or Gold Kist, as applicable, and shall include the following: (i) a pro forma
balance sheet for Borrower or Gold Kist, as applicable, setting forth the fair salable value of the its assets and (ii) a 12 month pro forma cash flow projection for such Person, with respect to which Gold Kist’s chief financial officer on
behalf of Gold Kist shall certify that such projections are based on reasonable assumptions; and (c) a certificate executed by Gold Kist’s chief financial officer on behalf of Gold Kist stating that in entering into the GK Security
Documents, it is not the intent of Gold Kist to hinder, delay or defraud its creditors. 
 10.21.6 Legal Opinion. A favorable opinion
of counsel for Gold Kist addressed to the Administrative Agent and each of the present and future Syndication Parties, covering such matters as the Administrative Agent may reasonably require, including, without limitation, authorization and
execution, enforceability, usury, creation and perfection of real and personal property liens on the GK Collateral in the relevant jurisdictions, fees, taxes, and qualification requirements. 
 10.21.7 Update to Exhibits. Following the date on which Borrower has acquired 100% of the Gold Kist Stock, Borrower shall be allowed to update the
Exhibits to this Credit Agreement as necessary to reflect changes in such Exhibits attributable to the such acquisition. 
  

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 ARTICLE 11. NEGATIVE COVENANTS 
 From and after the date of this Credit Agreement until the Bank Debt is indefeasibly paid in full, and the Syndication Parties have no obligation to make any Advance, Borrower agrees that it will observe and comply
with, and, to the extent applicable, will cause its Subsidiaries to observe and comply with, the following covenants: 
 11.1
Borrowing. Borrower shall not (nor shall it permit any of its Subsidiaries to) create, incur, or assume, directly or indirectly, any Debt, except for: 
 (a) indebtedness of Borrower arising under this Credit Agreement and the other Loan Documents; 
 (b) trade
payables arising in the ordinary course of business; 
 (c) Capital Leases in existence from time to time; 
 (d) current operating liabilities (other than trade payables or for borrowed money) incurred in the ordinary course of business; 
 (e) the Pari Passu Loans; 
 (f) secured
Debt (other than Bank Debt and the Pari Passu Loans, but including amounts owing under the Harris Loan, under the Hancock Loan, and under the ING Loan) in an aggregate amount at any time outstanding of up to the sum of (i) eighty-five percent
(85%) of the book value of the outstanding accounts receivable of Borrower and its Subsidiaries (as such accounts receivable would be shown on a consolidated balance sheet of Borrower and its Subsidiaries prepared in accordance with GAAP), less
allowance for doubtful accounts, plus (ii) seventy-five percent (75%) of the higher of book value or fair market value, determined in accordance with GAAP, of the assets of Borrower and its Subsidiaries, but excluding from such
calculation under this clause (ii), the assets covered by clause (i), the Collateral, and good will; 
 (g) unsecured Debt in any amount
provided that no more than $50,000,000.00 (which amount shall automatically increase to $100,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock) of unsecured indebtedness outstanding at any time (but excluding from such
restriction, the Senior Unsecured Notes, or any refinancing thereof, the Senior Subordinated Notes or any refinancing thereof, any Debt in connection with a Permitted Capital Raising Transaction, the Grower Settlement Agreements, and the Foreign
Subsidiary Debt) may provide for scheduled principal payments prior to the Maturity Date, and provided that with respect to any individual unsecured indebtedness of greater than $10,000,000.00 (which amount shall automatically increase to
$20,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock) incurred after the Closing Date, Borrower must demonstrate, to the satisfaction of the Administrative Agent, compliance with the covenants set forth at
Section 10.12 hereof, on a pro forma basis taking into account such additional indebtedness, before such indebtedness is incurred; 
  

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 (h) loans between Subsidiaries or between Borrower and Subsidiaries, in each case either (i) in the
ordinary course and pursuant to the reasonable requirements of Borrower’s business and consistent with demonstratable past practices; provided that any such loans to Borrower are expressly subordinated to the prior payment in full in cash of
all of Borrower’s indebtedness, obligations and liabilities to the Administrative Agent and the Syndication Parties under this Credit Agreement and the other Loan Documents; or (ii) in connection with a Receivables Securitization Program;

 (i) on and after the Control Acquisition Date, Debt on account of Gold Kist’s subordinated capital certificates in the principal
amount of up to $25,000,000.00 plus any premiums, fees or other transaction costs in connection therewith, or any refinancing thereof; and 
 (j) on and after the Control Acquisition Date, Debt on account of Gold Kist’s senior notes in the principal amount of up to $140,000,000.00 plus any premiums, fees or other transaction costs in connection therewith, or any refinancing
thereof. 
 11.2 No Other Businesses. Borrower shall not, and shall not permit its Subsidiaries to, engage in any material respects in
any business activity or operations other than operations or activities (a) in the poultry industry, (b) in the processing, packaging, distribution, and wholesale sales of poultry products, or (c) which are not substantially different
from or are related to its present business activities or operations. 
 11.3 Liens. Borrower shall not (nor shall it permit any of
its Subsidiaries to) create, incur, assume or suffer to exist any mortgage, pledge, lien, charge or other encumbrance on, or any security interest in, any of its real or personal properties (including, without limitation, leasehold interests,
leasehold improvements and any other interest in real property or fixtures), now owned or hereafter acquired, except the following (“Permitted Encumbrances”): 
 (a) Liens for taxes or assessments or other charges or levies of any Governmental Authority, that are not delinquent or if delinquent are the subject of
a Good Faith Contest; 
 (b) Liens imposed by law, such as mechanic’s, worker’s, repairman’s, miner’s, agister’s,
attorney’s, materialmen’s, landlord’s, warehousemen’s and carrier’s Liens and other similar Liens which are securing obligations incurred in the ordinary course of business for sums not yet due and payable or, if due and
payable, which (i) do not exceed an aggregate at any one time of $30,000,000.00 or (ii) are the subject of a Good Faith Contest; 
 (c) Liens under workers’ compensation, unemployment insurance, social security or similar legislation (other than ERISA), or to secure 
  

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 payments of premiums for insurance purchased in the ordinary course of business, or to secure the performance of tenders,
statutory obligations, surety and appearance bonds and bids, bonds for release of an attachment, stay of execution or injunction, leases, government contracts, performance and return-of-money bonds and other similar obligations, all of which are
incurred in the ordinary course of business and not in connection with the borrowing of money; 
 (d) Any attachment or judgment Lien, the
time for appeal or petition for rehearing of which shall not have expired or in respect of which Borrower or the Subsidiary is protected in all material respects by insurance or for the payment of which adequate reserves have been provided, provided
that the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are the subject of a Good Faith Contest, and provided further that the aggregate amount of liabilities of Borrower and its Subsidiaries so
secured (including interest and penalties) shall not be in excess of $30,000,000.00 at any one time outstanding; 
 (e) Easements,
rights-of-way, restrictions, encroachments, covenants, servitudes, zoning and other similar encumbrances which, in the aggregate, do not materially interfere with the occupation, use and enjoyment by Borrower or any Subsidiary of the property or
assets encumbered thereby in the normal course of its business or materially impair the value of the property subject thereto; 
 (f) All
precautionary filings of financing statements under the Uniform Commercial Code which cover property that is made available to or used by Borrower or any Subsidiary pursuant to the terms of an Operating Lease or Capital Lease; 
 (g) Liens, other than on the Collateral, securing its reimbursement obligations under any letter of credit issued in connection with the acquisition of
an asset; provided that (i) the lien attaches only to such asset, and (ii) the lien is released upon satisfaction of such reimbursement obligation; 
 (h) Liens on the Collateral in connection with the Bank Debt or any permitted Pari Passu Loan; 
 (i) Liens
on assets of Borrower or its Subsidiaries, other than on the Collateral, to secure indebtedness permitted under Sections 11.1(c) and 11.1(f); 
 (j) Liens existing on the Effective Date and described on Exhibit 11.3 hereto (as such Exhibit may be approved by the Administrative Agent); 
 (k) Liens on the accounts receivable of Borrower or its Subsidiaries or rights with respect thereto which are the subject of a Receivables Securitization Program; and 
 (l) Liens of Agriland on the Bank Equity Interests, and Liens of any other Farm Credit System Institution on equity interests therein required to be
purchased from time to time by Borrower. 
  

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 11.4 Sale of Collateral. Borrower shall not (nor shall it permit any of its Subsidiaries
to) sell, convey, assign, lease or otherwise transfer or dispose of, voluntarily, by operation of law or otherwise (collectively “Disposition”), any of the Collateral except: (a) the Disposition of Collateral in the
ordinary course of business, and which are either replaced or are no longer necessary or useful for the business conducted at the facilities which are included within the Collateral; (b) without duplication of clause (a) or clause (c), the
Disposition in any calendar year, in one or more events or transactions, of Collateral with a book value in the aggregate of up to $5,000,000.00 (which amount shall automatically increase to $10,000,000.00 upon the date that Borrower acquires 100%
of the Gold Kist Stock); and (c) the Disposition of Collateral utilized at a facility with respect to which there has been a Shut Down and as to which Borrower has elected to proceed under the provisions of Section 10.15(b);
provided that the following conditions are met: (x) in the case of clause (c), either (i) (A) the book value of such Collateral is $10,000,000.00 (which amount shall automatically increase to $20,000,000.00 upon the date that
Borrower acquires 100% of the Gold Kist Stock) or less and the Administrative Agent has agreed on behalf of the Syndication Parties, in advance of such sale, to release its lien thereon, and (B) the aggregate book value of all Collateral
as to which the Administrative Agent has released, or is being asked to release, its lien in any calendar year pursuant to clause (c) of this Section (excluding liens released upon the written authorization of the Required Lenders, as provided
in clause (x)(ii) of this Section) shall not exceed $15,000,000.00 (which amount shall automatically increase to $30,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock), or (ii) (A) the book value of such
Collateral is greater than $10,000,000.00 (which amount shall automatically increase to $20,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock) and/or (B) the aggregate book value of such Collateral as to which the
Administrative Agent has released, or is being asked to release, its lien in any calendar year pursuant to clause (c) of this Section is in excess of $15,000,000.00 (which amount shall automatically increase to $30,000,000.00 upon the date that
Borrower acquires 100% of the Gold Kist Stock) and, (C) in either case (x)(ii)(A) or (x)(ii)(B), the Required Lenders have provided written authorization to the Administrative Agent, in advance of such sale, to release its lien thereon on
behalf of the Syndication Parties; (y) in the case of either clause (b) or clause (c), (i) such Disposition of Collateral shall not cause or give rise to a Potential Default or an Event of Default, and (ii) at the time of any
such Disposition of Collateral no Event of Default shall have occurred and be continuing; and (z) the full Appraised Value of such Collateral shall be removed at the closing of the Disposition from the calculation of the Available Amount and no
later than ten (10) days after closing such Disposition, Borrower shall furnish the Administrative Agent with a revised Available Amount Report with the entire Appraised Value of the Collateral subject to such Disposition removed from such
Available Amount Report. At the time of furnishing the Administrative Agent with a revised Available Amount Report, Borrower shall make the payment, if any, that would be required under Section 5.6(d) hereof if the aggregate outstanding
principal balance owing under the Revolving Loan (including the Converted Loans) exceeds the Available Amount as calculated without such Collateral being included. 
  

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 11.5 Liabilities of Others. Borrower shall not (nor shall it permit any of its Subsidiaries
to) assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, or any other agreement
designed to ensure any creditor against loss), for or on account of the obligation of any Person (other than the Bank Debt), except (a) by the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of the Borrower’s or any Subsidiary’s business, (b) the guarantee of the obligations of Borrower’s wholly owned Subsidiaries, (c) guarantees by any Subsidiary of the indebtedness of Borrower under the Senior
Unsecured Notes, the Senior Subordinated Notes, the Hancock Loan and the Harris Loan; provided that each such Subsidiary also executes a guaranty reasonably satisfactory in form and substance to the Administrative Agent guaranteeing all of
Borrower’s obligations under this Credit Agreement, the Notes, and all other Loan Documents; and (d) without duplication of clauses (b) or (c), guarantees made from time to time by Borrower and its Subsidiaries in the ordinary course
of their respective businesses; provided, however, that the aggregate amount of all indebtedness guaranteed at any time under this clause (d) shall not exceed $20,000,000 in the aggregate (which amount shall automatically increase to
$40,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock). 
 11.6 Loans. Borrower shall not (nor shall it
permit any of its Subsidiaries to) lend or advance money, credit, or property to any Person, except for: 
 (a) loans between
Subsidiaries or between Borrower and Subsidiaries, in each case in the ordinary course and pursuant to the reasonable requirements of Borrower’s business and consistent with demonstratable past practices; 
 (b) trade credit extended in the ordinary course of business; 
 (c) loans and advances to employees and contract growers (other than executive officers and directors of the Borrower or its Subsidiaries) for reasonable expenses incurred in the ordinary course of business and
made on an arms length basis; 
 (d) loans and advances to officers and employees of Borrower and its Subsidiaries made in connection with
such officer’s or employee’s housing related expenses or loans associated with the procurement or sale of personal residences or necessary for the moving of key personnel, in an aggregate amount outstanding at any time not to exceed
$3,000,000.00 (which amount shall automatically increase to $6,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock); and 
 (e) loans and advances to contract growers in an aggregate amount at any time not to exceed $25,000,000.00 (which amount shall automatically increase to $50,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock).

  

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 11.7 Merger; Acquisitions; Business Form; Etc. Borrower shall not (nor shall it permit any of its
Subsidiaries to) merge or consolidate with any entity, or acquire all or substantially all of the assets of any person or entity, nor shall Borrower change its business form from a corporation; provided, however, that the foregoing shall not
prevent any such acquisition, consolidation, or merger if after giving effect thereto either clauses (a), (c) and (d) are satisfied or clauses (b), (c), and (d) are satisfied, as such clauses are set forth below: 
 (a) Both (i) the fair market value of all consideration paid or payable (whether paid or payable in money, stock, or some other form, including,
without limitation, by promissory note or some other installment obligation) by Borrower and/or its Subsidiaries on account of all such mergers, consolidations or acquisitions does not exceed $250,000,000.00 in any Fiscal Year of Borrower, and
(ii) Borrower (or, if the consolidation or merger is by a Subsidiary, then the Subsidiary) is the surviving entity; 
 (b) The
consolidation or merger is between Borrower and a Subsidiary or subsidiary of a Subsidiary, and Borrower is the surviving entity, or the consolidation or merger is between a Subsidiary and another Subsidiary or a Subsidiary and the subsidiary of a
Subsidiary, and the Subsidiary is the surviving entity; 
 (c) No Event of Default or Potential Default shall have occurred and be
continuing; 
 (d) After giving effect to the merger or consolidation on a pro forma basis, there would be no Event of Default or Potential
Default. 
 11.8 Investments. Borrower shall not (nor shall it permit any of its Subsidiaries to) own, purchase or acquire any stock,
obligations or securities of, or any other interest in, or make any capital contribution to, any Person, except that Borrower and the Subsidiaries may own, purchase or acquire: 
 (a) commercial paper maturing not in excess of one year from the date of acquisition and rated P1 by Moody’s Investors Service, Inc. or A1 by
Standard & Poor’s Corporation on the date of acquisition; 
 (b) certificates of deposit in North American commercial banks
rated C or better by Keefe, Bruyette & Woods, Inc. or 3 or better by Cates Consulting Analysts, maturing not in excess of one year from the date of acquisition; 
 (c) obligations of the United States government or any agency thereof, the obligations of which are guaranteed by the United States government, maturing, in each case, not in excess of one year from the date of
acquisition; 
 (d) repurchase agreements of any bank or trust company incorporated under the laws of the United States of America or any
state thereof and fully secured by a pledge of obligations issued or fully and unconditionally guaranteed by the United States government; 
  

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 (e) banker’s acceptances maturing within one year issued by any bank or trust company organized
under the laws of the United States or any state thereof and having capital, surplus and undivided profits of at least $50,000,000; 
 (f)
Eurodollar time deposits maturing within six months purchased directly from a bank meeting the requirements of 11.8(b); 
 (g) direct
obligations issued by any state of the United States or any political subdivision of any such state or public instrumentality thereof maturing within one year and having, at the time of acquisition, the highest rating obtainable from either
Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. or Moody’s Investors Service, Inc.; 
 (h) investments
in mutual funds that invest not less than 95% of their assets in cash and cash equivalents or investments of the kinds described in clauses (a) through (g) above; 
 (i) investments in an aggregate amount of up to $8,000,000.00 (which amount shall automatically increase to $16,000,000.00 upon the date that Borrower
acquires 100% of the Gold Kist Stock) in deposits maintained with the Pilgrim Bank of Pittsburg; 
 (j) corporate bonds rated investment
grade by Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. or by Moody’s Investors Service, Inc.; 
 (k)
Investments permitted under Sections 11.5, 11.6, 11.7, and 11.9; 
 (l) Investments made prior to the Effective Date in Persons, which are
not Subsidiaries, and which are identified on Exhibit 11.8 hereto; 
 (m) Investments in the Subsidiaries; 
 (n) Investments in Intercompany Bonds; 
 (o) Investments in Southern Hens, Inc. in an aggregate amount not to exceed $5,000,000.00 (which amount shall automatically increase to $10,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock); 
 (p) Investments from time to time made after the Effective Date in Food Processors Water Cooperative, Inc. and the Greater Shenandoah Valley Development
Company in accordance with past practice and their respective organizational documents as in effect on the date hereof; 
 (q) Investments
described in, or similar to those described in, the attached Exhibit 11.8(q), so long as at the time of purchase such Investments (other than those described in clauses (B) and (D) of Exhibit 11.8(q)) had a long-term senior
unsecured debt rating of not less than Baa3 by Moody’s Investors Service, Inc. and not less than BBB by Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc.; 
  

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 (r) Gold Kist Stock, so long as Borrower has acquired in excess of fifty percent (50.0%) of all
such stock issued and outstanding; and 
 (s) Investments not covered by clauses (a) through (r) above, in an amount not to exceed
at any time an aggregate of $50,000,000.00 (which amount shall automatically increase to $75,000,000.00 upon the date that Borrower acquires 100% of the Gold Kist Stock). 
 11.9 Transactions With Related Parties. Borrower shall not purchase, acquire, provide, or sell any equipment, other personal property, real property or services from or to any Subsidiary, except in the ordinary
course and pursuant to the reasonable requirements of Borrower’s business and consistent with demonstratable past practices of the type disclosed in Borrower’s proxy statement for its Fiscal Year ended September 2005. 
 11.10 Dividends, etc. Borrower shall not, directly or indirectly, declare or pay any dividends (other than dividends payable solely in stock of
Borrower) on account of any shares of any class (including common or preferred stock) of its capital stock now or hereafter outstanding, or set aside or otherwise deposit or invest any sums for such purpose, or redeem, retire, defease, purchase or
otherwise acquire any shares of any class of its capital stock (or set aside or otherwise deposit or invest any sums for such purpose) for any consideration other than common stock or apply or set apart any sum, or make any other distribution (by
reduction or capital or otherwise) in respect of any such shares or agree to do any of the foregoing; provided that if no Potential Default or Event of Default shall exist before and after giving effect thereto, Borrower may (a) pay dividends
on preferred stock and other capital stock of Borrower that are convertible, exchangeable or exercisable into Borrower’s common stock and on any common stock of Borrower which may be issued upon conversion, exchange or exercise of such capital
stock, (b) in addition to the dividends permitted by clauses (a) and (e) pay dividends in an aggregate amount not to exceed $13,000,000.00 (which amount shall automatically increase to $26,000,000.00 upon the date that Borrower
acquires 100% of the Gold Kist Stock) in any Fiscal Year; (c) pay dividends permitted under clause (b) hereof during the immediately preceding Fiscal Year that were declared but not paid in the immediately preceding Fiscal Year (without
giving effect to any carry over); and (d) repurchase, at any time after the Original Effective Date, its shares of capital stock in an amount not to exceed $25,000,000.00 (which amount shall automatically increase to $50,000,000.00 upon the
date that Borrower acquires 100% of the Gold Kist Stock) in the aggregate. 
 11.11 ERISA. Borrower shall not: (a) engage in or
permit any transaction which could result in a “prohibited transaction” (as such term is defined in Section 406 of ERISA) that is not exempt under a statutory, class or individual exemption or in the imposition of an excise tax
pursuant to Section 4975 of the Code; (b) engage in or 
  

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 permit any transaction or other event which could result in a “reportable event” (as such term is defined in
Section 4043 of ERISA) for which the reporting obligation is not waived under ERISA or by regulation for any Borrower Pension Plan; (c) fail to make full payment when due of all amounts which, under the provisions of any Borrower Benefit
Plan, Borrower is required to pay as contributions thereto; (d) permit to exist any “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) in excess of $100,000.00 if waived or in excess of
$25,000.00, if not waived, with respect to any Borrower Pension Plan; (e) fail to make any payments to any “multiemployer plan” that Borrower may be required to make under any agreement relating to such “multiemployer plan”
or any law pertaining thereto; or (f) terminate any Borrower Pension Plan in a manner which could result in the imposition of a lien on any property of Borrower pursuant to Section 4068 of ERISA. Borrower shall not terminate any Borrower
Pension Plan so as to result in any liability to the Pension Benefit Guaranty Corporation. As used in this Section, all terms enclosed in quotation marks shall have the meanings set forth in ERISA. Borrower’s failure to comply with any of
the foregoing provisions of this Section shall not constitute a breach of this Agreement or an Event of Default unless such failure has a Material Adverse Effect. 
 11.12 Change in Fiscal Year. Borrower shall not change its Fiscal Year unless required to do so by the Internal Revenue Service, in which case Borrower agrees to such amendment of the terms Fiscal Quarter and
Fiscal Year, as used herein, as the Administrative Agent reasonably deems necessary. 
 11.13 Leases. Borrower shall not, and shall
not permit any Subsidiary to, incur non-cancelable obligations on Operating Leases or sale and leaseback transactions if the aggregate annual amount of all minimum or guaranteed net rentals payable under such leases would exceed four percent
(4%) of the Net Tangible Assets of Borrower and its Consolidated Subsidiaries (as determined immediately preceding the execution of such lease). 
 11.14 Principal Payments. Borrower shall not make any principal payments on any subordinated or unsecured debt instruments or related documents unless and until 105 days have passed since the Maturity Date
without a voluntary or involuntary petition having been filed against Borrower under the federal bankruptcy laws during that period, other than (a) scheduled payments of Senior Unsecured Notes and the Senior Subordinated Notes;
(b) payments under debt instruments between and among Borrower and its Subsidiaries; (c) prepayment, redemption or purchase of an aggregate of up to $50,000,000.00 of the Senior Unsecured Notes and/or the Senior Subordinated Notes,
provided that Borrower demonstrates, on a pro forma basis taking into account such prepayment, redemption or purchase, compliance with the covenants set forth at Section 10.12 hereof; (d) redemption or repurchase of Senior Unsecured Notes
and/or Senior Subordinated Notes with the proceeds of the issuance of any equity securities; (e) repayment of Senior Unsecured Notes with the proceeds of the sale or other disposition of any non-current assets which are not part of the
Collateral in accordance with the provisions and limitations of Section 5.6 hereof; (f) prepayment of the Senior Unsecured Notes and/or Senior Subordinated Notes with the proceeds of a refinancing thereof, provided that such refinancing
does not require any principal payments until a 
  

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 date which is five (5) years after the Closing Date; (g) from and after the first date on which the Leverage
Ratio is equal to or less than 0.50, there shall be no restrictions on prepayment of existing Senior Unsecured Notes and/or Senior Subordinated Notes, provided that Borrower demonstrates, on a pro forma basis taking into account such prepayment,
redemption or purchase, compliance with the covenants set forth at Section 10.12 hereof; (h) prepayments required on account of asset sales, change of control, equity issuances, or similar events; (i) repayment of Foreign Subsidiary
Debt; (j) repayment of amounts owing pursuant to or in connection with the Grower Settlement Agreements existing as of the Effective Date in an aggregate amount not to exceed $1,000,000.00; (k) repayment or refinancing of amounts due in
connection with the Debt permitted under Section 11.1(i) and (j); (l) repayments of amounts owing in connection with any Permitted Capital Raising Transaction, provided that any financing constituting Permitted Capital Raising Transaction
that has a maturity date of less than five years from the Closing Date shall contain an automatic conversion or exchange, subject to the condition of no event of default thereunder, of such financing into other financing constituting Permitted
Capital Raising Transaction; provided further that the refinancing, exchanges or conversion of such other Permitted Capital Raising Transaction shall not require principal payments until a date which is five (5) years after the Closing Date;
and (m) payments of up to $100,000,000.00 as permitted by Section 11.1(g) hereof. 
 11.15 Anti-Terrorism Law. Borrower
shall not (a) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Person described in Subsection 8.26.2 above, (b) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or (c) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and Borrower shall deliver to the Administrative Agent any certification or other evidence requested from time to time by the Administrative Agent in its
reasonable discretion, confirming Borrower’ compliance with this Section). 
 ARTICLE 12. INDEMNIFICATION 
 12.1 General; Stamp Taxes; Intangibles Tax. Borrower agrees to indemnify and hold the Administrative Agent and each Syndication Party and their
directors, officers, employees, agents, professional advisers and representatives (“Indemnified Parties”) harmless from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which the
Administrative Agent or any other Indemnified Party may incur (or which may be claimed against any such Indemnified Party by any Person), including attorneys’ fees incurred by any Indemnified Party, arising out of or resulting from:
(a) the material inaccuracy of any representation or warranty of or with respect to Borrower in this Credit Agreement or the other Loan Documents; (b) the material failure of Borrower to perform or comply with any covenant or obligation of
Borrower under this Credit Agreement or the other Loan Documents; or (c) the exercise by the Administrative Agent of any right or remedy set forth in this Credit Agreement or the other Loan Documents, provided that Borrower shall have no
obligation to 
  

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 indemnify any Indemnified Party against claims, damages, losses, liabilities, costs or expenses to the extent that a
court of competent jurisdiction renders a final non-appealable determination that the foregoing are solely the result of the willful misconduct or gross negligence of such Indemnified Party. In addition, Borrower agrees to indemnify and hold the
Indemnified Parties harmless from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which the Administrative Agent or any other Indemnified Party may incur (or which may be claimed against any such
Indemnified Party by any Person), including attorneys’ fees incurred by any Indemnified Party, arising out of or resulting from the imposition or nonpayment by Borrower of any stamp tax, intangibles tax, or similar tax imposed by any state,
including any amounts owing by virtue of the assertion that the property valuation used to calculate any such tax was understated. Borrower shall have the right to assume the defense of any claim as would give rise to Borrower’s indemnification
obligation under this Section with counsel of Borrower’s choosing so long as such defense is being diligently and properly conducted and Borrower shall establish to the Indemnified Party’s satisfaction that the amount of such claims
are not, and will not be, material in comparison to the liquid and unrestricted assets of Borrower available to respond to any award which may be granted on account of such claim. So long as the conditions of the preceding sentence are met,
Indemnified Party shall have no further right to reimbursement of attorneys’ fees incurred thereafter. The obligation to indemnify set forth in this Section shall survive the termination of this Credit Agreement and other covenants. 

12.2 Indemnification Relating to Hazardous Substances. Borrower shall not, and shall cause the Subsidiaries not to, locate, produce, treat,
transport, incorporate, discharge, emit, release, deposit or dispose of any Hazardous Substance in, upon, under, over or from any property owned or held by Borrower or such Subsidiary, except in accordance with all Environmental Regulations;
Borrower shall not, and shall cause the Subsidiaries not to, permit any Hazardous Substance to be located, produced, treated, transported, incorporated, discharged, emitted, released, deposited, disposed of or to escape in, upon, under, over or from
any property owned or held by Borrower or such Subsidiary, except in accordance with Environmental Regulations; and Borrower shall, and shall cause each Subsidiary to, comply with all Environmental Regulations which are applicable to such property
except where the failure to comply could not reasonably be expected to result in a Material Adverse Effect. Borrower shall indemnify the Indemnified Parties against, and shall reimburse the Indemnified Parties for, any and all claims, demands,
judgments, penalties, liabilities, costs, damages and expenses, including court costs and attorneys’ fees incurred by the Indemnified Parties (prior to trial, at trial and on appeal) in any action against or involving the Indemnified
Parties, resulting from any breach of the foregoing covenants in this Section or the covenants in Section 10.5 hereof, or from the discovery of any Hazardous Substance in, upon, under or over, or emanating from, such property, it being the
intent of Borrower and the Indemnified Parties that the Indemnified Parties shall have no liability or responsibility for damage or injury to human health, the environmental or natural resources caused by, for abatement and/or clean-up of, or
otherwise with respect to, Hazardous Substances as the result of the Administrative Agent or any Syndication Party exercising any of its rights or remedies with respect thereto, including but not limited to becoming the owner 
  

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 thereof by foreclosure, including foreclosure on a judgment lien, or conveyance in lieu of foreclosure; provided that
such indemnification as it applies to the exercise by the Administrative Agent or any Syndication Party of its rights or remedies with respect to the Loan Documents shall not apply to claims arising solely with respect to Hazardous Substances
brought onto such property by the Administrative Agent or such Syndication Party while engaged in activities other than operations substantially the same as the operations previously conducted on such property by Borrower. The foregoing covenants of
this Section shall be deemed continuing covenants for the benefit of the Indemnified Parties, and any successors and assigns of the Indemnified Parties, including but not limited to, any transferee of the title of the Administrative Agent or
any Syndication Party or any subsequent owner of the property, and shall survive the satisfaction or release of any lien, any foreclosure of any lien and/or any acquisition of title to the property or any part thereof by the Administrative Agent or
any Syndication Party, or anyone claiming by, through or under the Administrative Agent or any Syndication Party or Borrower by deed in lieu of foreclosure or otherwise. Any amounts covered by the foregoing indemnification shall bear interest from
the date incurred at the Default Interest Rate, shall be payable on demand, and shall be secured by the Security Documents. The indemnification and covenants of this Section shall survive the termination of this Credit Agreement and other
covenants. 
 ARTICLE 13. EVENTS OF DEFAULT; RIGHTS AND REMEDIES 
 13.1 Events of Default. The occurrence of any of the following events (each an “Event of Default”) shall, at the option of the Administrative Agent, make the entire Bank Debt immediately
due and payable (provided, that in the case of an Event of Default under Subsection 13.1(h) all amounts owing under the Notes and the other Loan Documents shall automatically and immediately become due and payable without any action by or
on behalf of the Administrative Agent), and the Administrative Agent may exercise all rights and remedies for the collection of any amounts outstanding hereunder and take whatever action it deems necessary to secure itself, all without notice of
default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any kind or character: 
 (a) Failure of Borrower to pay (i) when due, whether by acceleration or otherwise, any principal in accordance with this Credit Agreement or the other Loan Documents, (ii) within five (5) Banking Days of the date when due,
whether by acceleration or otherwise, any interest or amounts other than principal in accordance with this Credit Agreement or the other Loan Documents, or (iii) within ten (10) Banking Days of the date when due, any Delinquent Amount or
Delinquency Interest. 
 (b) Any representation or warranty set forth in any Loan Document, any Borrowing Notice, any financial statements
or reports, or in connection with any transaction contemplated by any such document, shall prove in any material respect to have been false or misleading when made or furnished by Borrower. 
 (c) Any default by Borrower in the performance or compliance with the covenants, promises, conditions or provisions of Sections 10.9, 10.13, 10.14,
10.19, 10.20, 10.21, 11.1, 11.3, 11.4, 11.5, 11.7, 11.10, 11.13, or 11.14 of this Credit Agreement. 
  

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 (d) Any default by Borrower in the performance or compliance with the covenants, promises, conditions or
provisions of Sections 10.2, 10.4, 10.5, 10.6, 10.7, 10.8, 10.10, 10.11, 10.12, 10.16, 10.17, 11.6, 11.8, 11.9, 11.11, 11.12, or 11.15 of this Credit Agreement, and such failure continues for fifteen (15) days after Borrower learns of such
failure to comply, whether by Borrower’s own discovery or through notice from the Administrative Agent. 
 (e) The occurrence of an
Event of Default under any of the Security Documents or the GK Security Documents. 
 (f) Failure of Borrower to comply with any other
provision of this Credit Agreement (other than Section 10.18) or the other Loan Documents not constituting an Event of Default under any of the preceding subparagraphs of this Section 13.1, and such failure continues for thirty
(30) days after Borrower learns of such failure to comply, whether by Borrower’s own discovery or through notice from the Administrative Agent. 
 (g) The failure of Borrower to pay when due, or failure to perform or observe any other obligation or condition with respect to any of the following obligations to any Person, beyond any period of grace under the
instrument creating such obligation: (i) any indebtedness for borrowed money or for the deferred purchase price of property or services, (ii) any obligations under leases which have or should have been characterized as Capital Leases, or
(iii) any contingent liabilities, such as guaranties and letters of credit, for the obligations of others relating to indebtedness for borrowed money or for the deferred purchase price of property or services or relating to obligations under
leases which have or should have been characterized as Capital Leases; provided that no such failure will be deemed to be an Event of Default hereunder unless the amount owing under the obligation with respect to which such failures have occurred
and are continuing is at least $20,000,000.00, or unless it is with respect to a Pari Passu Loan. 
 (h) Borrower, Guarantor, or any
Subsidiary applies for or consents to the appointment of a trustee or receiver for any part of its properties; any bankruptcy, reorganization, debt arrangement, dissolution or liquidation proceeding is commenced or consented to by Borrower,
Guarantor, or any Subsidiary; or any application for appointment of a receiver or a trustee, or any proceeding for bankruptcy, reorganization, debt management or liquidation is filed for or commenced against Borrower, Guarantor, or any Subsidiary,
and is not withdrawn or dismissed within ninety (90) days thereafter; provided that no such consent or filing by or against a Subsidiary shall constitute an Event of Default under this clause (g) unless it could reasonably be expected to
result in a Material Adverse Effect. 
  

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 (i) The entry of one or more judgments in an aggregate amount in excess of $30,000,000.00 against
Borrower not stayed, discharged or paid within thirty (30) days after entry. 
 (j) The occurrence at any time from the Original
Effective Date to the Closing Date of any circumstance which would have constituted an Event of Default under the 2004 Credit Agreement. 
 (k) In the event (i) the Pilgrim Family shall cease to “own” more than fifty percent (50%) of the total voting power generally entitled to vote in the election of directors, managers or trustees of Borrower,
(ii) during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board of Directors of Borrower (together with any new directors whose election by such Board of Directors or whose
nomination for election by the stockholders of Borrower was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously
so approved) cease for any reason to constitute a majority of the Board of Directors of Borrower then in office, or (iii) the stockholders of Borrower shall approve any plan for the liquidation or dissolution of Borrower. For purposes
hereof, the Pilgrim Family shall be deemed to “own” the voting power generally entitled to vote in the election of directors, managers or trustees of Borrower if the Pilgrim Family either directly or indirectly legally or beneficially own
such voting power. 
 13.2 Modification upon Gold Kist Acquisition. Notwithstanding anything contained herein or any Loan
Document to the contrary, on and after the Control Acquisition Date, any occurrence which would otherwise constitute a Potential Event of Default or an Event of Default under Section 13.1 hereof on account of a matter solely attributable to
Gold Kist (and Borrower’s acquisition of the Gold Kist Stock), shall not be deemed to be a Potential Event of Default or an Event of Default hereunder if such occurrence would not have constituted a default or an event of default under the that
certain Fifth Amended and Restated Credit Agreement dated as of December 16, 2005 among Gold Kist, as borrower, and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland “New York Branch”, and the other lenders
named therein, as it may be amended from time to time. 
 13.3 No Advance. The Syndication Parties shall have no obligation to make
any Advance if a Potential Default or an Event of Default shall occur and be continuing. 
 13.4 Rights and Remedies. In addition to
the remedies set forth in Section 13.1 and 13.3 hereof, upon the occurrence of an Event of Default, the Administrative Agent shall be entitled to exercise all the rights and remedies provided in the Loan Documents and by any applicable law.
Each and every right or remedy granted to the Administrative Agent pursuant to this Credit Agreement and the other Loan Documents, or allowed the Administrative Agent by law or equity, shall be cumulative. Failure or delay on the part of the
Administrative Agent to exercise any such right or remedy shall not operate as a waiver thereof. Any single or partial exercise by the Administrative Agent of any such right or remedy shall not preclude any future exercise thereof or the exercise of
any other right or remedy. 
  

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 13.5 Waiver of Borrower’s Rights Under Farm Credit Act. Borrower, having been represented by
legal counsel in connection with this Credit Agreement and, in particular, in connection with the waiver contained in this Section 13.5, does hereby voluntarily and knowingly waive, relinquish, and agree not to assert at any time, any and all
rights that Borrower may have or be afforded under the sections of the Agricultural Credit Act of 1987 designated as 12 U.S.C. Sections 2199 through 2202e and the implementing Farm Credit Administration regulations as set forth in 12 C.F.R Sections
617.7000 through 617.7630, including those provisions which afford Borrower certain rights, and/or impose on any lender to Borrower certain duties, with respect to the collection of any amounts owing hereunder or the foreclosure of any liens
securing any such amounts, or which require the Administrative Agent or any present or future Syndication Party to disclose to Borrower the nature of any such rights or duties. This waiver is given by Borrower pursuant to the provisions of 12 C.F.R.
Section 617.7010(c) to induce the Syndication Parties to fund and extend to Borrower the credit facilities described herein and to induce those Syndication Parties which are Farm Credit System Institutions to agree to provide such credit
facilities commensurate with their Individual Commitments as they may exist from time to time. Borrower acknowledges that its agreement to execute such waivers pursuant to the provisions of this Section 13.5 is based on its recognition that
such action would (x) be important to induce commercial banks and other non-Farm Credit System Institutions and CoBank to become Syndication Parties and/or Voting Participants hereunder and to agree to provide, directly or indirectly, a portion
of the available funds under the Loan; and (y) enhance Borrower’s ability to obtain Pari Passu Loans. Nothing contained in this Section 13.5 nor the delivery to Borrower of any summary of any rights under, or any notice pursuant to,
the Farm Credit Law shall in any way be deemed to be, or be construed to in any way indicate, the determination or agreement by Borrower, the Administrative Agent, any Syndication Party, and/or any Voting Participants, that the Farm Credit Law, or
any rights thereunder, are or will in fact be applicable to Borrower, the Loan, or the Loan Documents. 
 13.6 Unrestricted
Subsidiary. Notwithstanding anything contained herein to the contrary, no default with respect to any Permitted Unrestricted Subsidiary Debt (including any rights that the holders thereof may have to take enforcement action against the
Subsidiary obligated in respect of such Permitted Unrestricted Subsidiary Debt) would constitute a Potential Event of Default or Event of Default. 
 ARTICLE 14. AGENCY AGREEMENT 
 14.1 Funding of Syndication Interest. Each Syndication Party, severally but not
jointly, hereby irrevocably agrees to fund its Funding Share of the Advances (“Advance Payment”) as determined pursuant to the terms and conditions contained herein and in particular, Articles 2 and 3 hereof. Each Syndication
Party’s interest (“Syndication Interest”) in each Advance hereunder shall be without recourse to the Administrative Agent or any other Syndication Party and shall not be construed as a loan from any Syndication Party to
the Administrative Agent or to any other Syndication Party. 
  

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 14.2 Syndication Parties’ Obligations to Remit Funds. Each Syndication Party agrees to remit
its Funding Share to the Administrative Agent as, and within the time deadlines (“Syndication Party Advance Date”), required in this Credit Agreement. Unless the Administrative Agent shall have received notice from a Syndication
Party prior to the date on which such Syndication Party is to provide funds to the Administrative Agent for an Advance to be made by such Syndication Party that such Syndication Party will not make available to the Administrative Agent such funds,
the Administrative Agent may assume that such Syndication Party has made such funds available to the Administrative Agent on the date of such Advance in accordance with the terms of this Credit Agreement and the Administrative Agent in its sole
discretion may, but shall not be obligated to, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent such Syndication Party shall not have made such funds available to the
Administrative Agent by 2:00 P.M. (Central time) on the Banking Day due, such Syndication Party agrees to repay the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date
such amount is made available to Borrower until the Banking Day such amount is repaid to the Administrative Agent (assuming payment is received by the Administrative Agent at or prior to 2:00 P.M. (Central time), and until the next Banking Day if
payment is not received until after 2:00 P.M.), at the customary rate set by the Administrative Agent for the correction of errors among banks for three (3) Banking Days and thereafter at the Base Rate. If such Syndication Party shall repay to
the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Syndication Party’s Advance for purposes of this Credit Agreement. If such Syndication Party does not pay such corresponding amount forthwith upon
the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify Borrower, and Borrower shall immediately pay such corresponding amount to the Administrative Agent with the interest thereon, for each day from the date
such amount is made available to Borrower until the date such amount is repaid to the Administrative Agent, at the rate of interest applicable at the time to such Advance. 
 14.3 Syndication Party’s Failure to Remit Funds. If a Syndication Party (“Delinquent Syndication Party”) fails to remit
its Funding Share in full by the date and time required (the unpaid amount of any such payment being hereinafter referred to as the “Delinquent Amount”), in addition to any other remedies available hereunder, any other Syndication
Party or Syndication Parties may, but shall not be obligated to, advance the Delinquent Amount (the Syndication Party or Syndication Parties which advance such Delinquent Amount are referred to as the “Contributing Syndication
Parties”), in which case (a) the Delinquent Amount which any Contributing Syndication Party advances shall be treated as a loan to the Delinquent Syndication Party and shall not be counted in determining the Individual Outstanding
Obligations, of any Contributing Syndication Party, and (b) the Delinquent Syndication Party shall be obligated to pay to the Administrative Agent, for the account of the Contributing Syndication Parties, interest on the Delinquent Amount at a
rate of interest equal to the 
  

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 rate of interest which Borrower is obligated to pay on the Delinquent Amount plus 200 basis points (“Delinquency
Interest”) until the Delinquent Syndication Party remits the full Delinquent Amount and remits all Delinquency Interest to the Administrative Agent, which will distribute such payments to the Contributing Syndication Parties (pro rata
(if more than one) based on the amount of the Delinquent Amount which each of them advanced) on the same Banking Day as such payments are received by the Administrative Agent if received no later than 11:00 A.M. Central time or the next
Banking Day if received by the Administrative Agent thereafter. In addition, the Contributing Syndication Parties shall be entitled to share, on the same pro rata basis, and the Administrative Agent shall pay over to them, for application against
Delinquency Interest and the Delinquent Amount, the Delinquent Syndication Party’s Payment Distribution and any fee distributions or distributions made under Section 14.10 hereof until the Delinquent Amount and all Delinquency Interest
have been paid in full. For voting purposes the Administrative Agent shall readjust the Individual Commitments of such Delinquent Syndication Party and the Contributing Syndication Parties from time to time first to reflect the advance of the
Delinquent Amount by the Contributing Syndication Parties, and then to reflect the full or partial reimbursement to the Contributing Syndication Parties of such Delinquent Amount. As between the Delinquent Syndication Party and the Contributing
Syndication Parties, the Delinquent Syndication Party’s interest in its Notes shall be deemed to have been partially assigned to the Contributing Syndication Parties in the amount of the Delinquent Amount and Delinquency Interest owing to the
Contributing Syndication Parties from time to time. For the purposes of calculating interest owed by a Delinquent Syndication Party, payments received on other than a Banking Day shall be deemed to have been received on the next Banking Day, and
payments received after 2:00 P.M. (Central time) shall be deemed to have been received on the next Banking Day. 
 14.4 Agency
Appointment. Each of the Syndication Parties hereby designates and appoints the Administrative Agent to act as agent to service and collect the Loans and its respective Notes, to act as Secured Party or mortgagee or beneficiary under the
Security Documents and the GK Security Documents, and to take such action on behalf of such Syndication Party with respect to the Loans, such Notes, the Collateral, the Security Documents, and the GK Security Documents, and to execute such powers
and to perform such duties, as specifically delegated or required herein, as well as to exercise such powers and to perform such duties as are reasonably incident thereto, and to receive and benefit from such fees and indemnifications as are
provided for or set forth herein, until such time as a successor is appointed and qualified to act as the Administrative Agent. 
 14.5
Power and Authority of the Administrative Agent. Without limiting the generality of the power and authority vested in the Administrative Agent pursuant to Section 14.4 hereof, the power and authority vested in the Administrative Agent
includes, but is not limited to, the following: 
 14.5.1 Advice. To solicit the advice and assistance of each of the Syndication
Parties and Voting Participants concerning the administration of the Loans 
  

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 and the exercise by the Administrative Agent of its various rights, remedies, powers, and discretions with respect
thereto. As to any matters not expressly provided for by this Credit Agreement or any other Loan Document, the Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with
instructions signed by all of the Syndication Parties or the Required Lenders, as the case may be (and including in each such case, Voting Participants), and any action taken or failure to act pursuant thereto shall be binding on all of the
Syndication Parties, Voting Participants, and the Administrative Agent. 
 14.5.2 Documents; Intercreditor Agreement. To execute,
seal, acknowledge, and deliver as the Administrative Agent, (a) all such instruments as may be appropriate in connection with the administration of the Loans and the exercise by the Administrative Agent of its various rights with respect
thereto; and (b) upon Borrower’s satisfaction of each condition thereto as specified in Section 1.100 hereof, one or more Intercreditor Agreements, including agreements by a lender under a Pari Passu Loan adopting and agreeing to be
bound by the same, and the Administrative Agent agrees to execute an Intercreditor Agreement (or agreement by a lender under a Pari Passu Loan adopting and being bound by an Intercreditor Agreement) upon the request of Borrower and upon
Borrower’s satisfaction of each condition thereto as specified in Section 1.100 hereof; provided that the Administrative Agent shall not exercise any rights under an Intercreditor Agreement after its execution except as directed by the
Required Lenders. 
 14.5.3 Proceedings. To initiate, prosecute, defend, and to participate in, actions and proceedings in its name as
the Administrative Agent for the ratable benefit of the Syndication Parties. 
 14.5.4 Retain Professionals. To retain attorneys,
accountants, and other professionals to provide advice and professional services to the Administrative Agent, with their fees and expenses reimbursable to the Administrative Agent by Syndication Parties pursuant to Section 14.16 hereof.

 14.5.5 Incidental Powers. To exercise powers reasonably incident to the Administrative Agent’s discharge of its duties
enumerated in Section 14.6 hereof. 
 14.5.6 Release of Certain Liens. To take such action and execute such documents as may be
reasonably necessary to release any liens on or security interests in any Collateral where Borrower is entitled to such release in connection with (a) Dispositions permitted pursuant to the provisions of Section 11.4(a), (b), and (c)(i)
hereof, without the need to obtain the consent of any of the Syndication Parties or Voting Participants; (b) the replacement or removal of any Collateral (other than in connection with a Shut Down pursuant to the terms of Section 10.15
hereof) where the book value of such Collateral is $5,000,000.00 or less, without the need to obtain the consent of any of the Syndication Parties or Voting Participants; (c) the removal of any facility from the Available Amount Report (and
therefore, from calculation of the Available Amount) arising from a Shut Down pursuant to the provisions of Section 10.15 hereof where the book value of the Collateral subject to such Shut Down is 
  

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 $10,000,000.00 or less, without the need to obtain the consent of any of the Syndication Parties or Voting Participants;
(d) dispositions permitted pursuant to the provisions of Section 11.4(c)(ii) hereof, with the consent of the Required Lenders; and (e) the removal of any facility from the Available Amount Report (and therefore, from calculation of
the Available Amount) arising from a Shut Down pursuant to the provisions of Section 10.15 where the book value of the Collateral subject to such Shut Down is more than $10,000,000.00, with the consent of the Required Lenders. 
 14.6 Duties of the Administrative Agent. The duties of the Administrative Agent hereunder shall consist of the following: 
 14.6.1 Possession of Documents. To safekeep one original of each of the Loan Documents other than the Notes (which will be in the possession of the
Syndication Party named as payee therein). 
 14.6.2 Distribute Payments. To receive and distribute to the Syndication Parties
payments made by Borrower pursuant to the Loan Documents, as provided herein. 
 14.6.3 Loan Administration. Subject to the provisions
of Section 14.7 hereof, to, on behalf of and for the ratable benefit of all Syndication Parties, in accordance with customary banking practices, exercise all rights, powers, privileges, and discretion to which the Administrative Agent is
entitled to administer the Loans. 
 14.6.4 Action Upon Default. Each Syndication Party agrees that upon its learning of any
facts which would constitute a Potential Default or Event of Default, it shall promptly notify the Administrative Agent by a writing designated as a notice of default specifying in detail the nature of such facts and default, and the Administrative
Agent shall promptly send a copy of such notice to all other Syndication Parties. The Administrative Agent shall be entitled to assume that no Event of Default or Potential Default has occurred or is continuing unless an officer thereof primarily
responsible for the Administrative Agent’s duties as such with respect to the Loans or primarily responsible for the credit relationship, if any, between the Administrative Agent and Borrower has actual knowledge of facts which would result in
or constitute a Potential Default or Event of Default, or has received written notice from Borrower of such fact, or has received written notice of default from a Syndication Party. In the event the Administrative Agent has obtained actual knowledge
(in the manner described above) or received written notice of the occurrence of a Potential Default or Event of Default as provided in the preceding sentences, the Administrative Agent may, but is not required to exercise or refrain from
exercising any rights which may be available under the Loan Documents or at law on account of such occurrence and shall be entitled to use its discretion with respect to exercising or refraining from exercising any such rights, unless and until the
Administrative Agent has received specific written instruction from the Required Lenders to refrain from exercising such rights or to take specific designated action, in which case it shall follow such instruction; provided that the Administrative
Agent shall not be required to take any action which will subject it to personal liability, or which is or may be contrary to any provision of the Loan 
  

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 Documents or applicable law. The Administrative Agent shall not be subject to any liability by reason of its acting or
refraining from acting pursuant to any such instruction. 
 14.6.5 Indemnification as Condition to Action. Except for action expressly
required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall have received further assurances (which may include cash collateral) of the
indemnification obligations of the Syndication Parties under Section 14.17 hereof in respect of any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. 
 14.6.6 Forwarding of Information. The Administrative Agent shall, within a reasonable time after receipt thereof, forward to the Syndication
Parties and the Voting Participants notices and reports provided to the Administrative Agent by the Borrower pursuant to Section 10.2 hereof. 
 14.7 Consent Required for Certain Actions. Notwithstanding the fact that this Credit Agreement may otherwise provide that the Administrative Agent may act at its discretion, the Administrative Agent may not take any of the following
actions with respect to, or under, the Loan Documents (nor may the Syndication Parties or the Voting Participants take the action described in Subsection 14.7.1(c)) without the prior written consent, given after notification by the
Administrative Agent of its intention to take any such action (or notification by such Syndication Parties or the Voting Participants as are proposing the action described in Subsection 14.7.1(c) of their intention to do so), of:

 14.7.1 Unanimous. Each of the Syndication Parties and Voting Participants holding, directly or, in the case of Voting Participants,
indirectly, an Individual Commitment, before: 
 (a) Agreeing to an increase in the Aggregate Commitment, the Aggregate Revolving Commitment,
the Aggregate Term Commitment, the Floating Rate Term Commitment, and/or the Fixed Rate Term Commitment; provided that any increase (i) in the Aggregate Revolving Commitment to a maximum of $825,000,000.00, (ii) in the Aggregate
Term Commitment (and a corresponding increase to the Floating Rate Term Commitment and the Fixed Rate Term Commitment) to a maximum of $575,000,000.00, or (iii) in the Aggregate Commitment, the Aggregate Revolving Commitment, the Aggregate Term
Commitment, the Floating Rate Term Commitment, and/or the Fixed Rate Term Commitment pursuant to the provisions of Sections 2.12 or 3.9 hereof, shall not require the consent of any Syndication Parties or Voting Participants; 
 (b) Agreeing to an extension of the Maturity Date; 
  

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 (c) Agreeing to a reduction in the amount, or to a delay in the due date, of any payment by Borrower of
interest, principal, or fees with respect to the Revolving Loan or the Term Loan; 
 (d) Amending any provisions of this
Subsection 14.7.1 or Section 15.20; 
 (e) Agreeing to release any Collateral from the lien of the Security Documents or the GK
Security Documents, except as provided in Subsection 14.5.6 hereof; or 
 (f) Agreeing to the Revised Floating Rate Tranche Margin, provided
that for the purposes of this clause (f), only the Syndication Parties which hold Individual Floating Rate Term Commitments (including the Voting Participants under such Individual Floating Rate Term Commitments) and the voting rights based thereon
shall be considered in determining whether such action has been unanimously approved. 
 14.7.2 Required Lenders. The Required Lenders
before: 
 (a) Consenting to any action or amendment, or granting any waiver with respect to, either the Revolving Loan or the Term Loan,
not covered in Subsection 14.7.1 and except as provided in Subsection 14.5.6(a), (b), or (c) hereof; or 
 (b) Agreeing to amend
Article 14 of this Credit Agreement (other than Subsection 14.7.1). 
 14.7.3 Increase in Individual Commitment Amounts. Neither the
Individual Revolving Commitment nor the Individual Term Commitment of any Syndication Party may be increased without (a) the prior written consent of such Syndication Party; and (b) if such increase would result in an increase in the
Aggregate Commitment, the Aggregate Revolving Commitment, or the Aggregate Term Commitment, compliance with Subsection 14.7.1(a) hereof. 
 14.7.4 Action Without Vote. Notwithstanding any other provisions of this Section, the Administrative Agent may, without obtaining the consent of the Syndication Parties or Voting Participants, determine (a) whether the
conditions to an Advance have been met, and (b) the amount of such Advance; 
 14.7.5 Vote of Participants. Under the
circumstances set forth in Section 14.26 hereof, each Voting Participant shall be accorded voting rights as though such Person was a Syndication Party, and in such case the voting rights of the Syndication Party from which such Voting
Participant acquired its participation interest shall be reduced accordingly. 
 14.8 Distribution of Principal and Interest. The
Administrative Agent will receive and accept all payments (including prepayments) of principal and interest made by Borrower on the Loans and the Notes and will hold all such payments in trust for the 
  

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 benefit of all present and future Syndication Parties, and, if requested in writing by the Required Lenders, in an
account segregated from the Administrative Agent’s other funds and accounts (“Payment Account”). After the receipt by the Administrative Agent of any payment representing interest or principal on the Loans, the Administrative
Agent shall remit to each Syndication Party its share of such payment as provided in Article 5 hereof in US dollars (“Payment Distribution”) no later than 3:00 P.M. (Central time) on the same Banking Day as such payment is
received by the Administrative Agent if received no later than 1:00 P.M. (Central time) or the next Banking Day if received by the Administrative Agent thereafter. Any Syndication Party’s rights to its Payment Distribution shall be subject
to the rights of any Contributing Syndication Parties to such amounts as set forth in Section 14.3 hereof. 
 14.9 Distribution of
Certain Amounts. The Administrative Agent shall (a) receive and hold in trust for the benefit of all present and future Syndication Parties, in the Payment Account and, if requested in writing by the Required Lenders, segregated from the
Administrative Agent’s other funds and accounts; and (b) shall remit to the Syndication Parties, as indicated, the amounts described below: 
 14.9.1 Funding Losses. To each Syndication Party the amount of any Funding Losses paid by Borrower to the Administrative Agent in connection with a prepayment of any portion of a LIBO Rate Loan, in accordance
with the Funding Loss Notice such Syndication Party provided to the Administrative Agent, no later than 3:00 P.M. (Central time) on the same Banking Day that payment of such Funding Losses is received by the Administrative Agent, if received no
later than 1:00 P.M. (Central time), or the next Banking Day if received by the Administrative Agent thereafter. 
 14.9.2 Fees. To
each Syndication Party (a) its Individual Revolving Pro Rata Share of the Revolving Commitment Fee paid by Borrower to the Administrative Agent; and (b) its Individual Term Pro Rata Share of the Term Commitment Fee paid by Borrower to the
Administrative Agent, in each case, no later than 3:00 P.M. (Central time) on the same Banking Day that payment of such fee is received by the Administrative Agent, if received no later than 1:00 P.M. (Central time), or the next Banking Day if
received by the Administrative Agent thereafter. 
 14.10 Possession of Loan Documents. The Loan Documents (other than the
Notes) shall be held by the Administrative Agent in its name, for the ratable benefit of itself and the other Syndication Parties without preference or priority. 
 14.11 Collateral Application. The Syndication Parties shall have no interest in any other loans made to Borrower by any other Syndication Party other than the Loans, or in any property taken as security for any
other loan or loans made to Borrower by any other Syndication Party, or in any property now or hereinafter in the possession or control of any other Syndication Party, which may be or become security for the Loans solely by reason of the provisions
in a security instrument that would cause such security instrument and the property covered thereby to secure generally all indebtedness owing by Borrower to such other Syndication Party. Notwithstanding the foregoing, to the extent such other
Syndication Party applies such funds or the proceeds 
  

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 of such property to reduction of the Loans, such other Syndication Party shall share such funds or proceeds with all
Syndication Parties according to their respective Individual Pro Rata Shares. In the event that any Syndication Party shall obtain payment, whether partial or full, from any source in respect of the Loans, including without limitation payment by
reason of the exercise of a right of offset, banker’s lien, general lien, or counterclaim, such Syndication Party shall promptly make such adjustments (which may include payment in cash or the purchase of further syndications or participations
in the Loans) to the end that such excess payment shall be shared with all other Syndication Parties in accordance with their respective Individual Pro Rata Shares. 
 14.12 Amounts Required to be Returned. If the Administrative Agent makes any payment to a Syndication Party in anticipation of the receipt of final funds from Borrower, and such funds are not received from
Borrower, or if excess funds are paid by the Administrative Agent to any Syndication Party as the result of a miscalculation by the Administrative Agent, then such Syndication Party shall, on demand of the Administrative Agent, forthwith return to
the Administrative Agent any such amounts, plus interest thereon (from the day such amounts were transferred by the Administrative Agent to the Syndication Party to, but not including, the day such amounts are returned by Syndication Party) at
a rate per annum equal to the customary rate set by the Administrative Agent for the correction of errors among banks for three (3) Banking Days and thereafter at the Base Rate. If the Administrative Agent is required at any time to return to
Borrower or a trustee, receiver, liquidator, custodian, or similar official any portion of the payments made by Borrower to the Administrative Agent, whether pursuant to any bankruptcy or insolvency law or otherwise, then each Syndication Party
shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent any such payments transferred to such Syndication Party by the Administrative Agent but without interest or penalty (unless the Administrative Agent is
required to pay interest or penalty on such amounts to the person recovering such payments). 
 14.13 Reports and Information to
Syndication Parties. The Administrative Agent shall use reasonable efforts to provide to the Syndication Parties, as soon as practicable after actual knowledge thereof is acquired by an officer thereof primarily responsible for the
Administrative Agent’s duties as such with respect to the Loans or primarily responsible for the credit relationship, if any, between the Administrative Agent and Borrower, any material factual information which has a material adverse effect on
the creditworthiness of Borrower and Borrower hereby authorizes such disclosure by the Administrative Agent to the Syndication Parties (and by the Syndication Parties to any of their participants). Failure of the Administrative Agent to provide the
information referred to in this Section or in Subsection 14.6.4 hereof shall not result in any liability upon, or right to make a claim against, the Administrative Agent except where a court of competent jurisdiction renders a final
non-appealable determination that such failure is a result of the willful misconduct or gross negligence of the Administrative Agent. The Syndication Parties acknowledge and agree that all information and reports received pursuant to this Credit
Agreement will be received in confidence in connection with their Syndication Interest, and that such information and 
  

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 reports constitute confidential information and shall not, without the prior written consent of the Administrative Agent
or Borrower, as applicable, be (x) disclosed to any third party (other than the Administrative Agent, another Syndication Party or potential Syndication Party, or a participant or potential participant in the interest of a Syndication Party,
which disclosure is hereby approved by Borrower), except pursuant to appropriate legal or regulatory process, or (y) used by the Syndication Party except in connection with the Loans and its Syndication Interest. 
 14.14 Standard of Care. The Administrative Agent shall not be liable to the Syndication Parties for any error in judgment or for any action taken
or not taken by the Administrative Agent or its agents, except for its gross negligence or willful misconduct. Subject to the preceding sentence, the Administrative Agent will exercise the same care in administering the Loans and the Loan Documents
as it exercises for similar loans which it holds for its own account and risk, and the Administrative Agent shall not have any further responsibility to the Syndication Parties. Without limiting the foregoing, the Administrative Agent may rely on
the advice of counsel concerning legal matters and on any written document it believes to be genuine and correct and to have been signed or sent by the proper Person or Persons. 
 14.15 No Trust Relationship. Neither the execution of this Credit Agreement, nor the sharing in the Loans, nor the holding of the Loan Documents
in its name by the Administrative Agent, nor the management and administration of the Loans and Loan Documents by the Administrative Agent (including the obligation to hold certain payments and proceeds in the Payment Account in trust for the
Syndication Parties), nor any other right, duty or obligation of the Administrative Agent under or pursuant to this Credit Agreement, is intended to be or create, and none of the foregoing shall be construed to be or create, any express, implied or
constructive trust relationship between the Administrative Agent and any Syndication Party. Each Syndication Party hereby agrees and stipulates that the Administrative Agent is not acting as trustee for such Syndication Party with respect to the
Loans, this Credit Agreement, or any aspect of either, or in any other respect. 
 14.16 Sharing of Costs and Expenses. To the extent
not paid by Borrower, each Syndication Party will promptly upon demand reimburse the Administrative Agent for its Individual Pro Rata Share of all reasonable costs, disbursements, and expenses incurred by the Administrative Agent on or after the
date of this Credit Agreement for legal, accounting, consulting, and other services rendered to the Administrative Agent in its role as the Administrative Agent in the administration of the Loans, interpreting the Loan Documents, and protecting,
enforcing, or otherwise exercising any rights, both before and after default by Borrower under the Loan Documents, and including, without limitation, all costs and expenses incurred in connection with any bankruptcy proceedings; provided, however,
that the costs and expenses to be shared in accordance with this Section shall not include any costs or expenses incurred by the Administrative Agent solely as a Syndication Party in connection with the Loans, nor the Administrative
Agent’s internal costs and expenses. 
  

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 14.17 Syndication Parties’ Indemnification of the Administrative Agent. Each of the
Syndication Parties agree to indemnify the Administrative Agent, including any Successor Agent, and their respective directors, officers, employees, agents, professional advisers and representatives (“Indemnified Agency Parties”),
(to the extent not reimbursed by Borrower, and without in any way limiting the obligation of Borrower to do so), ratably (based on their respective Individual Pro Rata Shares), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Loans and/or the expiration or termination of this Credit
Agreement) be imposed on, incurred by or asserted against the Administrative Agent (or any of the Indemnified Agency Parties while acting for the Administrative Agent or for any Successor Agent) in any way relating to or arising out of
this Credit Agreement or the Loan Documents, or the performance of the duties of the Administrative Agent hereunder or thereunder or any action taken or omitted while acting in the capacity of the Administrative Agent under or in connection with any
of the foregoing; provided that the Syndication Parties shall not be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of an Indemnified
Agency Party to the extent that any of the forgoing result from the gross negligence or willful misconduct of that Indemnified Agency Party as determined by the final non-appealable judgment of a court of competent jurisdiction. The agreements and
obligations in this Section shall survive the payment of the Loans and the expiration or termination of this Credit Agreement. 
 14.18 Books and Records. The Administrative Agent shall maintain such books of account and records relating to the Loans as it maintains with respect to other loans of similar type and amount, and which shall clearly and accurately
reflect the Syndication Interest of each Syndication Party. Syndication Parties, or their agents, may inspect such books of account and records at all reasonable times during the Administrative Agent’s regular business hours. 
 14.19 Administrative Agent Fee. The Administrative Agent and any Successor Agent shall be entitled to the Administrative Agent Fee (as such fee is
set forth in the Fee Letter) for acting as the Administrative Agent. In the event the Successor Agent is contractually entitled to an additional fee, each Syndication Party will be responsible for its proportionate share (based on its
Individual Pro Rata Share) thereof. 
 14.20 The Administrative Agent’s Resignation or Removal. The Administrative Agent may
resign at any time by giving at least sixty (60) days’ prior written notice of its intention to do so to each of the Syndication Parties and Borrower. After the receipt of such notice, the Required Lenders shall appoint a successor
(“Successor Agent”). If (a) no Successor Agent shall have been so appointed which is either (i) a Syndication Party, or (ii) if not a Syndication Party, which is a Person approved by Borrower, or (b) if such
Successor Agent has not accepted such appointment, in either case within forty-five (45) days after the retiring Administrative Agent’s giving of such notice of resignation, then the retiring Administrative Agent may, after consulting
with, but without requiring the approval of, Borrower, appoint a 
  

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 Successor Agent which shall be a bank or a trust company organized under the laws of the United States of America or any
state thereof and having a combined capital, surplus and undivided profit of at least $250,000,000.00. Any Administrative Agent may be removed upon the written demand of the Required Lenders, which demand shall also appoint a Successor Agent. Upon
the appointment of a Successor Agent hereunder, (y) the term “Administrative Agent” shall for all purposes of this Credit Agreement thereafter mean such Successor Agent, and (z) the Successor Agent shall notify Borrower of its
identity and of the information called for in Subsection 15.4.2 hereof. After any retiring Administrative Agent’s resignation hereunder as the Administrative Agent, or the removal hereunder of any Administrative Agent, the provisions of this
Credit Agreement shall continue to inure to the benefit of such Administrative Agent as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Credit Agreement. 
 14.21 Representations and Warranties of All Parties. The Administrative Agent and each Syndication Party represents and warrants that:
(a) the execution and delivery of, and performance of its obligations under, this Credit Agreement is within its power and has been duly authorized by all necessary corporate and other action by it; (b) this Credit Agreement is in
compliance with all applicable laws and regulations promulgated under such laws and does not conflict with nor constitute a breach of its charter or by-laws nor any agreements by which it is bound, and does not violate any judgment, decree or
governmental or administrative order, rule or regulation applicable to it; (c) no approval, authorization or other action by, or declaration to or filing with, any governmental or administrative authority or any other Person is required to be
obtained or made by it in connection with the execution and delivery of, and performance of its obligations under, this Credit Agreement; and (d) this Credit Agreement has been duly executed by it, and constitutes the legal, valid, and binding
obligation of such Person, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally and
general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in equity). Each Syndication Party that is a state or national bank represents and warrants that the act of entering into and performing
its obligations under this Credit Agreement has been approved by its board of directors or its loan committee and such action was duly noted in the written minutes of the meeting of such board or committee, and that it will, if requested to do so by
the Administrative Agent, furnish the Administrative Agent with a certified copy of such minutes or an excerpt therefrom reflecting such approval. 
 14.22 Representations and Warranties of CoBank. Except as expressly set forth in Section 14.21 hereof, the Administrative Agent makes no express or implied representation or warranty and assumes no responsibilities with respect
to the due authorization, execution, or delivery of the Loan Documents; the accuracy of any information, statements, or certificates provided by Borrower, the legality, validity, or enforceability of the Loan Documents; the value of any Collateral,
the filing or recording of any document; the collectibility of the Loans; the performance by Borrower of any of its obligations under the Loan Documents; or the financial condition or solvency of Borrower or any other party obligated with respect to
the Loans or the Loan Documents. 
  

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 14.23 Syndication Parties’ Independent Credit Analysis. Each Syndication Party acknowledges
receipt of true and correct copies of all Loan Documents (other than any Note payable to another Syndication Party) from the Administrative Agent. Each Syndication Party agrees and represents that it has relied upon its independent review
(a) of the Loan Documents, and (b) any information independently acquired by such Syndication Party from Borrower or otherwise in making its decision to acquire an interest in the Loans independently and without reliance on the
Administrative Agent. Each Syndication Party represents and warrants that it has obtained such information as it deems necessary (including any information such Syndication Party independently obtained from Borrower or others) prior to making
its decision to acquire an interest in the Loans. Each Syndication Party further agrees and represents that it has made its own independent analysis and appraisal of and investigation into each Borrower’s authority, business, operations,
financial and other condition, creditworthiness, and ability to perform its obligations under the Loan Documents and has relied on such review in making its decision to acquire an interest in the Loans. Each Syndication Party agrees that it will
continue to rely solely upon its independent review of the facts and circumstances related to Borrower, and without reliance upon the Administrative Agent, in making future decisions with respect to all matters under or in connection with the Loan
Documents and the Loans. The Administrative Agent assumes no responsibility for the financial condition of Borrower or for the performance of Borrower’s obligations under the Loan Documents. Except as otherwise expressly provided herein, no
Syndication Party shall have any duty or responsibility to furnish to any other Syndication Parties any credit or other information concerning Borrower which may come into its possession. 
 14.24 No Joint Venture or Partnership. Neither the execution of this Credit Agreement, the sharing in the Loans, nor any agreement to share in
payments or losses arising as a result of this transaction is intended to be or to create, and the foregoing shall not be construed to be, any partnership, joint venture or other joint enterprise between the Administrative Agent and any Syndication
Party, nor between or among any of the Syndication Parties. 
 14.25 Purchase for Own Account; Restrictions on Transfer;
Participations. Each Syndication Party represents that it has acquired and is retaining its interest in the Loans for its own account in the ordinary course of its banking or financing business. Each Syndication Party agrees that it will not
sell, assign, convey or otherwise dispose of (“Transfer”) to any Person, or create or permit to exist any lien or security interest on, all or any part of its interest in the Loans without the prior written consent of the
Administrative Agent and Borrower (which consent will not be unreasonably withheld); provided that: (a) any such Transfer (except a Transfer to another Syndication Party) must be in a minimum amount of $5,000,000.00; (b) each
Syndication Party must maintain an Individual Commitment of no less than $5,000,000.00, unless it Transfers its entire interest in the Loans; (c) no consent shall be required from Borrower during any period when an Event of Default shall have
occurred and be 
  

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 continuing; (d) the transferee must execute an agreement substantially in the form of Exhibit 14.25
hereto (“Syndication Acquisition Agreement”) and assume all of the transferor’s obligations hereunder and execute such documents as the Administrative Agent may reasonably require; and (e) the Syndication Party making
such Transfer must pay the Administrative Agent an assignment fee of $3,500.00. Upon receipt of such fee and the properly executed Syndication Acquisition Agreement, the assignee of such Transfer shall thereafter be treated as the Syndication Party
with respect to the Syndication Interest subject to the Transfer and shall receive all future Payment Distributions, and the assignor and assignee shall make all adjustments and payments between themselves appropriate with respect to such future
Payment Distributions. Any Syndication Party may participate any part of its interest in the Loans to any Person with the prior written consent of the Administrative Agent and Borrower (which consent will not be unreasonably withheld), provided that
(l) no such consent shall be required where the participant is a Person at least fifty percent (50%) the equity interest in which is owned by such Syndication Party or which owns at least fifty percent (50%) of the equity interest in
such Syndication Party or at least fifty percent (50%) of the equity interest of which is owned by the same Person which owns at least fifty percent (50%) of the equity interest of such Syndication Party and (m) no consent shall be
required from Borrower during any period when an Event of Default shall have occurred and be continuing, and, further, each Syndication Party understands and agrees that in the event of any such participation: (y) its obligations hereunder will
not change on account of such participation, and (z) except as provided in Section 14.26 hereof with respect to voting rights, (i) the participant will have no rights under this Credit Agreement, including, without limitation, voting
rights (except for such participants which qualify as a Voting Participant) or the right to receive payments or distributions; and (ii) the Administrative Agent shall continue to deal directly with the Syndication Party with respect to the
Loans (including with respect to voting rights - except for such participants which qualify as a Voting Participant) as though no participation had been granted and will not be obligated to deal directly with any participant. Notwithstanding
any provision contained herein to the contrary, any Syndication Party may at any time pledge or assign all or any portion of its interest in the Loans to any Federal Reserve Bank or the Federal Farm Credit Bank’s Funding Corporation in
accordance with applicable law. Agriland and each Farm Credit System Institution that becomes a Syndication Party, reserves the right to sell participations on a patronage released or non-patronage basis. 
 14.26 Certain Participants’ Voting Rights. All Persons who (a) have purchased a participation interest in the minimum amount of
$10,000,000.00 in a Syndication Party’s Syndication Interest on or after the Closing Date; and (b) are, by written notice (“Voting Participant Notification”), designated, by Agriland or any other Syndication Party (as
applicable), to Borrower and to the Administrative Agent as being entitled to be accorded the rights of a Voting Participant hereunder (each a “Voting Participant”), shall be entitled to vote (and the voting rights of Agriland or
such Syndication Party, as applicable, shall be correspondingly reduced), on a dollar basis, as if such participant were a Syndication Party, on any matter requiring or allowing a Syndication Party, to provide or withhold its consent, or to
otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with 
  

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 respect to such Voting Participant, (i) state the full name, as well as all contact information required of a
Syndication Party as set forth on the Syndication Party signature page hereto, (ii) state the dollar amount of participation interest purchased. 
 14.27 Method of Making Payments. Payment and transfer of all amounts owing or to be paid or remitted hereunder to the Administrative Agent by the Syndication Parties, including, without limitation, payment of
the Advance Payment, shall be by wire transfer in accordance with the instructions contained on Exhibit 14.27 hereto (“Wire Instructions”). Payment and transfer of all amounts to be paid or remitted hereunder to the
Syndication Parties by the Administrative Agent, including, without limitation, Payment Distributions, shall be by wire transfer in accordance with the instructions contained on their respective signature pages hereto. 
 14.28 Events of Syndication Default/Remedies. 
 14.28.1 Syndication Party Default. Any of the following occurrences, failures or acts, with respect to any of the Syndication Parties shall constitute an “Event of Syndication Default” hereunder by such Syndication
Party: (a) if any representation or warranty made by such Syndication Party in this Credit Agreement shall be found to have been untrue in any material respect; (b) if such Syndication Party fails to make any distributions or payments
required under this Credit Agreement within five (5) days of the date required; (c) if such Syndication Party breaches any other covenant, agreement, or provision of this Credit Agreement which breach shall have continued uncured for a
period of thirty (30) consecutive days after such breach first occurs, unless a shorter period is required to avoid prejudicing the rights and position of the other Syndication Parties; (d) if any agency having supervisory authority over
such Syndication Party, or any creditors thereof, shall file a petition to reorganize or liquidate such Syndication Party pursuant to any applicable federal or state law or regulation and such petition shall not be discharged or denied within
fifteen (15) days after the date on which it is filed; (e) if by the order of a court of competent jurisdiction or by any appropriate supervisory agency, a receiver, trustee or liquidator shall be appointed for such Syndication Party or
for all or any material part of its property or if such Syndication Party shall be declared insolvent; or (f) if such Syndication Party shall be dissolved, or shall make an assignment for the benefit of its creditors, or shall file a petition
seeking to take advantage of any debtors’ act, including the bankruptcy act, or shall admit in writing its inability to pay its debts generally as they become due, or shall consent to the appointment of a receiver or liquidator of all or any
material part of its property. 
 14.28.2 Remedies. Upon the occurrence of an Event of Syndication Default, the non-defaulting
Syndication Parties, acting by, or through the direction of, a simple majority of the non-defaulting Syndication Parties (determined based on the ratio of the total of their Individual Commitments to the Aggregate Commitment (after subtracting the
amount of the Individual Commitment of the defaulting Syndication Party from the Aggregate Commitment)), may, in addition to any other remedy specifically set forth in this Credit Agreement, have and exercise any and all remedies available generally
at law or equity, including the right to damages and to specific performance. 
  

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 14.29 Withholding Taxes. Each Syndication Party represents that it is entitled to receive any
payments to be made to it hereunder without the withholding of any tax and will furnish to the Administrative Agent and to Borrower such forms, certifications, statements and other documents as the Administrative Agent or Borrower may request from
time to time to evidence such Syndication Party’s exemption from the withholding of any tax imposed by any jurisdiction or to enable the Administrative Agent or Borrower, as the case may be, to comply with any applicable laws or regulations
relating thereto. Without limiting the effect of the foregoing, if any Syndication Party is not created or organized under the laws of the United States of America or any state thereof, such Syndication Party will furnish to the Administrative Agent
and Borrower IRS Form 4224 or Form 1001, or such other forms, certifications, statements or documents, duly executed and completed by such Syndication Party, as evidence of such Syndication Party’s exemption from the withholding of United
States tax with respect thereto. Notwithstanding anything herein to the contrary, Borrower shall not be obligated to make any payments hereunder to or for the benefit of such Syndication Party until such Syndication Party shall have furnished to the
Administrative Agent and Borrower the requested form, certification, statement or document. 
 14.30 Amendments Concerning Agency
Function. The Administrative Agent shall not be bound by any waiver, amendment, supplement or modification of this Credit Agreement or any other Loan Document which affects its duties hereunder or thereunder unless it shall have given its prior
written consent thereto. 
 14.31 Reallocation of Outstanding Advances. Each of the Syndication Parties agrees that: (a) the
aggregate outstanding balance of Advances under the 2004 Credit Agreement as of the Closing Date shall on such date be aggregated and reallocated among the Syndication Parties (as though they were Revolving Advances hereunder) in accordance with the
ratio which their Individual Revolving Commitment bears to the Aggregate Revolving Commitment on such date as determined by the Administrative Agent; and (c) to the extent such reallocation as described in clause (a) of this Section
(“Reallocation”) results in the Revolving Advances allocated to any Syndication Party being in excess of the Advances which were allocated to such Syndication Party under the 2004 Credit Agreement immediately prior to such
Reallocation, such Syndication Party shall remit to the Administrative Agent funds in the amount of such excess by 2:00 P.M. (Central time) on the Closing Date in the manner provided in Section 14.27 hereof. To the extent such Reallocation
results in the Advances allocated to any Syndication Party being less than the Advances which were allocated to such Syndication Party under the 2004 Credit Agreement immediately prior to such Reallocation (“Reduction”), the
Administrative Agent shall, from funds it receives pursuant to clause (c) of this Section, remit the amount of such Reduction to such Syndication Party in the manner provided in Section 14.27 hereof. 
 14.32 Replacement of Holdout Lender. If any action to be taken by the Syndication Parties or the Administrative Agent hereunder requires the
unanimous 
  

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 consent, authorization, or agreement of all Syndication Parties and Voting Participants, and a Syndication Party or
Voting Participant (“Holdout Lender”) fails to give its consent, authorization, or agreement, then the Administrative Agent, upon at least five (5) Banking Days prior irrevocable notice to the Holdout Lender, may permanently
replace the Holdout Lender with one or more substitute Syndication Parties (each, a “Replacement Lender”), and the Holdout Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender
shall specify an effective date for such replacement, which date shall not be later than fifteen (15) Banking Days after the date such notice is given. Prior to the effective date of such replacement, the Holdout Lender and each Replacement
Lender shall execute and deliver a Syndication Acquisition Agreement, subject only to the Holdout Lender being repaid its full share of the outstanding Bank Debt without any premium, discount, or penalty of any kind whatsoever. If the Holdout Lender
shall refuse or fail to execute and deliver any such Syndication Acquisition Agreement prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Syndication Acquisition Agreement. The
replacement of any Holdout Lender shall be made in accordance with the terms of Section 14.25 hereof and this Section. Until such time as the Replacement Lenders shall have acquired all of the Syndication Interest of the Holdout Lender
hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to provide the Holdout Lender’s Funding Share of Advances. In the event that the Holdout Lender is a Voting Participant, (a) the Syndication Party
through which such Voting Participant acquired its interest shall have the first option to repurchase such participation interest and be the Replacement Lender; provided (b) if the Syndication Party through which such Voting Participant
acquired its interest does not, within five (5) Banking Days after the Administrative Agent has given notice to the Holdout Lender as provided above, elect to become the Replacement Lender, then such Syndication Party shall cancel or re-acquire
such Voting Participant’s interest and shall sell to the Replacement Lender(s) an interest in its Individual Revolving Commitment and/or Individual Term Commitment, as applicable, equivalent to the Voting Participant interest. 
 14.33 Further Assurances. The Administrative Agent and each Syndication Party agree to take whatever steps and execute such documents as may be
reasonable and necessary to implement this Article 14 and to carry out fully the intent thereof. 
 ARTICLE 15. MISCELLANEOUS 
 15.1 Costs and Expenses. To the extent permitted by law, Borrower agrees to pay to the Administrative Agent and/or the Syndication Parties, as
applicable, on demand, all out-of-pocket costs and expenses (a) reasonably incurred by the Administrative Agent (including, without limitation, the reasonable fees and expenses of counsel retained by the Administrative Agent, and including fees
and expenses incurred for consulting, appraisal, engineering, inspection, and environmental assessment services) in connection with the preparation, negotiation, and execution of the Fee Letter, mandate letter, Summary of Terms and Conditions,
the GK Security Documents, the other Loan Documents, and the transactions contemplated thereby, processing the Borrowing Notices, and processing requests for and implementing Pari 
  

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 Passu Loans, and (b) incurred by the Administrative Agent or any Syndication Party (including, without limitation,
the reasonable fees and expenses of counsel retained by the Administrative Agent and the Syndication Parties) in connection with the enforcement or protection of the Syndication Parties’ rights under the Loan Documents upon the occurrence
of an Event of Default, including without limitation collection of the Loan or enforcement of rights against the Collateral (regardless of whether such enforcement or collection is by court action or otherwise) or, unless it is determined by a
final non-appealable judgment that the Administrative Agent or such Syndication Party, as applicable, has acted in a grossly negligent or willful manner, upon the commencement of an action by Borrower against the Administrative Agent or any
Syndication Party. Borrower shall not be obligated to pay the costs or expenses of any Person whose only interest in the Loan is as a holder of a participation interest. 
 15.2 Service of Process and Consent to Jurisdiction. Borrower and each Syndication Party hereby agrees that any litigation with respect to this Credit Agreement or to enforce any judgment obtained against such
Person for breach of this Credit Agreement or under the Notes or other Loan Documents may be brought in the courts of the State of Colorado and in the United States District Court for the District of Colorado (if applicable subject matter
jurisdictional requirements are present), as the Administrative Agent may elect; and, by execution and delivery of this Credit Agreement, Borrower and each Syndication Party irrevocably submits to such jurisdiction. With respect to litigation
concerning this Credit Agreement or under the Notes or other Loan Documents within the jurisdiction of the courts of the State of Colorado or the United States District Court for the District of Colorado, Borrower and each Syndication Party hereby
irrevocably appoints, until six (6) months after the expiration of the Maturity Date (as it may be extended at anytime), The Corporation Company, or such other Person as it may designate in writing to the Administrative Agent, in each case with
offices in Denver, Colorado and otherwise reasonably acceptable to the Administrative Agent to serve as the agent of Borrower or such Syndication Party to receive for and on its behalf at such agent’s Denver, Colorado office, service of
process, which service may be made by mailing a copy of any summons or other legal process to such Person in care of such agent. Borrower and each Syndication Party agrees that it shall maintain a duly appointed agent in Colorado for service of
summons and other legal process as long as it remains obligated under this Credit Agreement and shall keep the Administrative Agent advised in writing of the identity and location of such agent. The receipt by such agent and/or by Borrower or such
Syndication Party, as applicable, of such summons or other legal process in any such litigation shall be deemed personal service and acceptance by Borrower or such Syndication Party, as applicable, for all purposes of such litigation. 
 15.3 Jury Waiver. IT IS MUTUALLY AGREED BY AND BETWEEN THE ADMINISTRATIVE AGENT, EACH SYNDICATION PARTY, AND BORROWER THAT THEY EACH WAIVE TRIAL
BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS CREDIT AGREEMENT, THE NOTES, OR THE OTHER LOAN DOCUMENTS. 
  

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 15.4 Notices. All notices, requests and demands required or permitted under the terms of this
Credit Agreement shall be in writing and (a) shall be addressed as set forth below or at such other address as either party shall designate in writing, (b) shall be deemed to have been given or made: (i) if delivered personally,
immediately upon delivery, (ii) if by telex, telegram, or facsimile transmission, immediately upon sending and upon confirmation of receipt, (iii) if by nationally recognized overnight courier service with instructions to deliver the next
Banking Day, one (1) Banking Day after sending, and (iv) if by United States Mail, certified mail, return receipt requested, five (5) days after mailing. 
 15.4.1 Borrower: 
 Pilgrim’s Pride Corporation 
 4845 US Highway 271 N 
 Pittsburg, Texas 75686

 FAX: (972) 290-8950 
 Attention: Chief Financial Officer 
 with a copy to: 
 Baker & McKenzie LLP 
 4500 Trammell Crow Center 
 2001 Ross Avenue 
 Dallas, Texas 75201

 FAX: (214) 965-5902 
 Attention: Alan G. Harvey 
 15.4.2 Administrative Agent: 
 CoBank, ACB 
 5500 South Quebec Street

 Greenwood Village, Colorado 80111 
 FAX: (303) 694-5830 
 Attention: Syndications Coordinator, Corporate Finance Division 
 15.4.3 Agriland: 
 Agriland, FCS

 3210 W. Northwest Loop 323 
 Tyler, Texas 75702 
 FAX: (903) 693-6588 
 Attention: Steve Ogletree 
  

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 15.4.4 Syndication Parties: 
 See signature pages hereto. 
 15.5
Liability of Administrative Agent and Co-Arrangers. Neither the Administrative Agent, the Co-Syndication Agents, nor the Co-Arrangers shall have any liabilities or responsibilities to Borrower or any Subsidiary on account of the failure of any
Syndication Party to perform its obligations hereunder or to any Syndication Party on account of the failure of Borrower or any Subsidiary to perform their respective obligations hereunder or under any other Loan Document. 
 15.6 Successors and Assigns. This Credit Agreement shall be binding upon and inure to the benefit of Borrower, the Administrative Agent, the
Co-Arrangers, the Co-Syndication Agents, and the Syndication Parties, and their respective successors and assigns, except that Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of all of the
Syndication Parties. 
 15.7 Severability. The invalidity or unenforceability of any provision of this Credit Agreement or the other
Loan Documents shall not affect the remaining portions of such documents or instruments; in case of such invalidity or unenforceability, such documents or instruments shall be construed as if such invalid or unenforceable provisions had not been
included therein. 
 15.8 Entire Agreement. This Credit Agreement (together with all exhibits hereto, which are incorporated herein by
this reference), the other Loan Documents, represent the entire understanding of the Administrative Agent, the Co-Arrangers, each Syndication Party, and Borrower with respect to the subject matter hereof and shall replace and supersede any previous
agreements of the parties with respect to the subject matter hereof except for the indemnification provisions in the Mandate Letter. 
 15.9 Applicable Law. To the extent not governed by federal law, this Credit Agreement and the other Loan Documents, and the rights and obligations of the parties hereto and thereto shall be governed by and interpreted in accordance
with the internal laws of the State of Colorado, without giving effect to any otherwise applicable rules concerning conflicts of law. 
 15.10 Captions. The captions or headings in this Credit Agreement and any table of contents hereof are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Credit Agreement.

 15.11 Complete Agreement; Amendments. This Credit Agreement, the Notes, and the other Loan Documents, along with the
indemnification provisions in the Mandate Letter, are intended by the parties hereto to be a complete and final expression of their agreement and may not be contradicted by evidence of any prior or contemporaneous oral agreement. The Administrative
Agent, each Syndication Party, and Borrower acknowledge and agree that there is no unwritten oral agreement between them with respect to the subject matter of this Credit Agreement. This Credit Agreement may not be modified or amended unless such
modification or amendment is 
  

 109 

 in writing and is signed by Borrower, the Administrative Agent, the Co-Arrangers, and the Required Lenders or, where this
Credit Agreement requires the consent of all Syndication Parties, then by all of the Syndication Parties (and each Syndication Party hereby agrees to execute any such amendment approved pursuant to Section 14.7 hereof). Borrower agrees that it
shall reimburse the Administrative Agent for all reasonable fees and expenses incurred by the Administrative Agent in retaining outside legal counsel in connection with any amendment or modification to this Credit Agreement. 
 15.12 Additional Costs of Maintaining Loan. Borrower shall pay to the Administrative Agent from time to time such amounts as the Administrative
Agent may determine to be necessary to compensate any Syndication Party for any increase in costs to such Syndication Party which the Administrative Agent reasonably determines, based on information presented to it by such Syndication Party, are
attributable to such Syndication Party’s making or maintaining an Advance hereunder or its obligation to make such Advance, or any reduction in any amount receivable by such Syndication Party under this Credit Agreement or the Notes payable to
it in respect to such Advance or such obligation (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any change after the date of this Credit Agreement in United
States federal, state, municipal, or foreign laws or regulations (including Regulation D of the Federal Reserve Board), or the adoption or making after such date of any interpretations, directives, or requirements applying to a class of banks or
financial institutions including such Syndication Party of or under any United States federal, state, municipal, or foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority charged
with the interpretation or administration thereof (“Regulatory Change”), which: (a) changes the basis of taxation of any amounts payable to such Syndication Party under this Credit Agreement or the Notes payable to such
Syndication Party in respect of such Advance (other than taxes imposed on the overall net income of such Syndication Party); or (b) imposes or modifies any reserve, special deposit, or similar requirements relating to any extensions of credit
or other assets of, or any deposits with or other liabilities of, such Syndication Party; or (c) imposes any other condition affecting this Credit Agreement or the Notes payable to such Syndication Party (or any of such extensions of credit or
liabilities). The Administrative Agent will notify Borrower of any event occurring after the date of this Credit Agreement which will entitle such Syndication Party to compensation pursuant to this Section as promptly as practicable after it
obtains knowledge thereof and determines to request such compensation. The Administrative Agent shall include with such notice, a certificate from such Syndication Party setting forth in reasonable detail the calculation of the amount of such
compensation. Determinations by the Administrative Agent for purposes of this Section of the effect of any Regulatory Change on the costs of such Syndication Party of making or maintaining an Advance or on amounts receivable by such Syndication
Party in respect of Advances, and of the additional amounts required to compensate such Syndication Party in respect of any Additional Costs, shall be conclusive absent manifest error, provided that such determinations are made on a reasonable
basis. 
  

 110 

 15.13 Capital Requirements. In the event after the date of this Credit Agreement of the
introduction of or any change in: (a) any law or regulation; (b) the judicial, administrative, or other governmental interpretation of any law or regulation; or (c) compliance by any Syndication Party or any corporation controlling
any such Syndication Party with any guideline or request from any governmental authority (whether or not having the force of law) has the effect of requiring an increase in the amount of capital required or expected to be maintained by such
Syndication Party or any corporation controlling such Syndication Party, and such Syndication Party certifies, based on a reasonable determination, that such increase is based in any part upon such Syndication Party’s obligations hereunder with
respect to the Revolving Loan, and other similar obligations, Borrower shall pay to such Syndication Party such additional amount as shall be certified by such Syndication Party to the Administrative Agent and to Borrower to be the net present value
of (y) the amount by which such increase in capital reduces the rate of return on capital which such Syndication Party could have achieved over the period remaining until the Maturity Date, but for such introduction or change,
(z) multiplied by the product of such Syndication Party’s Individual Pro Rata Share times the Aggregate Commitment. The Administrative Agent will notify Borrower of any event occurring after the date of this Credit Agreement that will
entitle any such Syndication Party to compensation pursuant to this Section as promptly as practicable after it obtains knowledge thereof and of such Syndication Party’s determination to request such compensation. The Administrative Agent
shall include with such notice, a certificate from such Syndication Party setting forth in reasonable detail the calculation of the amount of such compensation. Determinations by any Syndication Party for purposes of this Section of the effect
of any increase in the amount of capital required to be maintained by any such Syndication Party and of the amount of compensation owed to any such Syndication Party under this Section shall be conclusive absent manifest error, provided that
such determinations are made on a reasonable basis. 
 15.14 Replacement Notes. Upon receipt by Borrower of evidence satisfactory to
it of: (a) the loss, theft, destruction or mutilation of any Note, and (in case of loss, theft or destruction) of the agreement of the Syndication Party to which the Note was payable to indemnify Borrower, and upon surrender and
cancellation of such Note, if mutilated; or (b) the assignment by any Syndication Party of all or a portion of its Syndication Interest hereunder and the Note relating thereto, pursuant to this Credit Agreement, including assignments as a
result of the Reallocation, then Borrower will deliver in lieu of such Note a new Note or, in the case of an assignment of a portion of a Syndication Interest, new Notes, for any remaining balance. All Notes executed pursuant to this Section shall
be dated as of the Effective Date. The Syndication Parties shall, as soon as practical after receipt of such new executed Notes, return to Borrower the Note which has been replaced by such new Note or Notes. 
 15.15 Mutual Release. Upon full indefeasible payment and satisfaction of the Bank Debt and Notes and the other obligations contained in this
Credit Agreement, the parties, including Borrower, the Administrative Agent, the Co-Arrangers, and each Syndication Party shall, except as provided in Articles 12 and 14 hereof, thereupon automatically each be fully, finally, and forever released
and discharged from any further claim, liability, or obligation in connection with the Bank Debt. 
  

 111 

 15.16 Liberal Construction. This Credit Agreement constitutes a fully negotiated agreement between
commercially sophisticated parties, each assisted by legal counsel, and shall not be construed and interpreted for or against any party hereto. 
 15.17 Counterparts. This Credit Agreement may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one
and the same instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. Copies of documents or signature pages bearing original signatures, and executed
documents or signature pages delivered by a party by telefax, facsimile, or e-mail transmission of an Adobe® file format document (also known as a PDF file) shall, in each such instance, be deemed to be, and shall constitute and be treated as, an original signed document or counterpart, as
applicable. Any party delivering an executed counterpart of this Credit Agreement by telefax, facsimile, or e-mail transmission of an Adobe file format document also shall deliver an original executed counterpart of this Credit Agreement, but the
failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Credit Agreement. 
 15.18 Confidentiality. Each Syndication Party shall, subject to the exceptions below, maintain the confidential nature of, and shall not use or disclose, any of Borrower’s financial information, confidential information or trade
secrets without first obtaining Borrower’s written consent. Nothing in this Section shall require any Syndication Party to obtain such consent following the occurrence and during the continuation of an Event of Default in connection with the
exercise by the Administrative Agent or any Syndication Party of its or their rights and remedies hereunder or under any of the other Loan Documents. The obligations of the Syndication Parties shall in no event apply to: (a) providing
information about Borrower to any financial institution contemplated in Sections 14.6, 14.13, and 14.25 hereof or to such Syndication Party’s parent holding company or any of such Syndication Party’s affiliates (provide such Person is
bound by similar confidentiality provisions limiting further disclosure); (b) any situation in which any Syndication Party is required by law, regulation, or subpoena or required by any Governmental Authority (which term shall, for the purposes
of this Section 15.18 specifically include the National Association of Insurance Commissioners) to disclose information; (c) providing information to counsel to the Administrative Agent or any Syndication Party in connection with the
transactions contemplated by the Loan Documents or in connection with the exercise of its or their rights or remedies thereunder; (d) providing information to officers, directors, employees, agents and representatives of such Syndication Party
as need to know such information or to independent auditors retained by such Syndication Party (it being understood that they shall be informed by such Syndication Party of the confidential nature of such information and that such Syndication Party
shall take reasonable steps to cause them to treat such information on a confidential basis); (e) any information that is in or becomes part of the public domain 
  

 112 

 otherwise than through a wrongful act of such Syndication Party or any of its employees or agents thereof; (f) any
information that is in the possession of any Syndication Party prior to receipt thereof from Borrower or any other Person known to such Syndication Party to be acting on behalf of Borrower; (g) any information that is independently developed by
any Syndication Party; and (h) any information that is disclosed to any Syndication Party by a third party that has no obligation of confidentiality with respect to the information disclosed. A Syndication Party’s confidentiality
requirements continue after it is no longer a Syndication Party under this Credit Agreement. 
 15.19 Limitation of Liability. NEITHER
BORROWER NOR ANY SUBSIDIARY MAY MAKE ANY CLAIM AGAINST THE ADMINISTRATIVE AGENT, ANY SYNDICATION PARTY, OR THE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS THEREOF FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES IN RESPECT OF
ANY BREACH OR WRONGFUL CONDUCT (WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE) IN CONNECTION WITH, ARISING OUT OF OR IN ANY WAY RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY ACT,
OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH. BORROWER HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE (AND AGREES NOT TO CONSENT TO ANY SUCH SUIT BY A SUBSIDIARY) UPON ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR
NOT KNOWN OR SUSPECTED TO EXIST. IN ADDITION, BORROWER ACKNOWLEDGES AND AGREES THAT NEITHER THE ADMINISTRATIVE AGENT NOR ANY SYNDICATION PARTY HAS ANY DUTY OR REVIEW OR ADVISE BORROWER WITH RESPECT TO ANY PHASE OF ITS BUSINESS OPERATIONS OF
CONDITION, THE RELATIONSHIP BEING SOLELY THAT OF DEBTOR AND CREDITORS AND THEIR BEING NO TRUST RELATIONSHIP OR RELIANCE. 
 15.20
Patronage Payments. Borrower acknowledges and agrees that with respect to any Farm Credit System Institution that is a Syndication Party: (a) only that portion of the Loan represented by such Syndication Party’s Individual Commitment
which is retained by such Syndication Party for its own account at any time is entitled to patronage distributions in accordance with such Syndication Party’s bylaws and its practices and procedures related to patronage distribution and any
written agreement between such Syndication Party and Borrower; (b) any patronage, or similar, payments to which Borrower is entitled on account its ownership of Bank Equity Interests or otherwise will not be based on any portion of such
Syndication Party’s interest in the Loans in which such Syndication Party has at any time granted a participation interest; and (c) that portion of the Loan represented by the Individual Commitment which is retained by any Farm Credit
System Institution for its own account at any time is entitled to patronage distributions in accordance with such Farm Credit System Institution’s bylaws and its practices and procedures related to patronage distribution only if Borrower has a
written agreement to that effect from such Farm Credit System Institution. 
  

 113 

 15.21 Affect of Amended and Restated Credit Agreement. This Credit Agreement shall be effective
from the Effective Date forward, and the execution of this Credit Agreement shall not relieve any party to the 2004 Credit Agreement from their respective obligations thereunder for the period from the Original Effective Date to the Effective Date
or from any liability for the failure to perform such obligations or from any liability arising out of indemnification obligations under the 2004 Credit Agreement. 
 [SIGNATURES BEGIN ON NEXT PAGE.] 
  

 114 

 IN WITNESS WHEREOF, the parties have executed this Credit Agreement as of the date first above written.

  

			
	BORROWER:
	
	 PILGRIM’S PRIDE CORPORATION, a
 corporation formed under the laws of the State
 of Delaware

		
	By:	 	 /s/ Richard A. Cogdill

	Name:	 	Richard A. Cogdill
	Title:	 	Chief Financial Officer
	
	ADMINISTRATIVE AGENT:
	
	COBANK, ACB
		
	By:	 	 /s/ Antony Bahr

	Name:	 	Antony Bahr
	Title:	 	Senior Vice President
	
	CO-ARRANGER:
	
	AGRILAND, FCS
		
	By:	 	 /s/ Stephen R. Ogletree

	Name:	 	Steve Ogletree
	Title:	 	Chief Executive Officer

  

 115 

			
	SYNDICATION PARTIES:
	
	Agriland, FCS
		
	By:	 	 /s/ Stephen R. Ogletree

	Name:	 	Steve Ogletree
	Title:	 	Chief Executive Officer
		
	Contact Name:	 	Steve Ogletree
	Title:	 	Chief Executive Officer
	Address:	 	3210 W. Northwest Loop 323
		 	Tyler, Texas 75102
	Phone No.:	 	(903) 593-0150
	Fax No.:	 	(903) 593-6588
	e-mail address:             -
	
	Individual Revolving Commitment:
		 	$735,000,000.00
	
	Individual Floating Rate Term Commitment:
		 	$                    0.00
	
	Individual Fixed Rate Term Commitment:
		 	$                    0.00
	
	Payment Instructions:
		
		 	Agriland, FCS
		 	ABA No.: 114924700
		 	Acct. Name: Agriland Farm Credit
		 	Services
		 	Account No.:
		 	Attn: Steve Ogletree
		 	Reference: Pilgrim’s Pride

  

 116 

			
	SYNDICATION PARTIES:
	
	Deere Credit, Inc.
		
	By:	 	 /s/ Raymond L. Murphey

	Name:	 	Raymond L. Murphey
	Title:	 	Senior Account Credit Manager
		
	Contact Name:	 	Raymond L. Murphey
	Title:	 	Senior Account Credit Manager
	Address:	 	P.O. Box 6650 – Dept. 140
		 	6400 N.W. 86th Street
		 	Johnston, Iowa 50131
		 	Phone No.: 515/267-4058
	Fax No.:	 	515/267-4020
	e-mail address:	 	MurpheyRaymond@JohnDeere.com
	
	Individual Revolving Commitment:
		 	$50,000,000.00
	
	Individual Floating Rate Term Commitment:
		 	$                    0.00
	
	Individual Fixed Rate Term Commitment:
		 	$                    0.00
	
	Payment Instructions:
		 	  
 First Chicago NBD Bank
 ABA: 071000013
 For account of Deere Credit Services
 Account No.:
 Ref: Pilgrim’s Pride Syndication Loan

  

 117 

			
	SYNDICATION PARTIES:
	
	Bank of the West
		
	By:	 	 /s/ Lee Rosin

	Name:	 	Lee Rosin
	Title:	 	Regional Vice President
		
	Contact Name:	 	Lee Rosin
	Title:	 	
	Address:	 	250 Marquette Ave., Suite 575
		 	Minneapolis, MN 55401
	Phone No.:	 	612/339-1403
	Fax No.:	 	612/339-6362
	e-mail address:	 	Lee.rosin@bankofthewest.com
	
	Individual Revolving Commitment:
		 	$10,000,000.00
	
	Individual Floating Rate Term Commitment:
		 	$                    0.00
	
	Individual Fixed Rate Term Commitment:
		 	$                    0.00
	
	Payment Instructions:
		
		 	 Bank of the West
 ABA: 121100782
 Account No.:
 For account of Pilgrims Pride
 Ref: Pilgrim’s Pride

  

 118 

			
	SYNDICATION PARTIES:
	
	John Hancock Life Insurance Company
		
	By:	 	 /s/ Kenneth Warlick

	Name:	 	Kenneth L. Warlick
	Title:	 	Managing Director
		
	Contact Name:	 	Ken Warlick
	Title:	 	Managing Director
	Address:	 	201 Knollwood Drive
		 	Suite A
		 	Champaign, IL 61820-7594
	Phone No.:	 	704/377-2653
	Fax No.:	 	704-377-8545
	e-mail address:	 	kwarlick@hancock.com
	
	Individual Revolving Commitment:
		 	$                    0.00
	
	Individual Floating Rate Term Commitment:
		 	$                    0.00
	
	Individual Fixed Rate Term Commitment:
		 	$100,000,000.00
	
	Payment Instructions:
		
		 	 JPMorgan Chase
 ABA: 071000013
 Account No.:
 For account of: John Hancock Champaign
 Service Center-Mortgage/Bond
 Ref: Pilgrim’s Pride Corporation
517580:11

  

 119 

					
	SYNDICATION PARTIES:
	
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
		
	By:	 	 AIG Global Investment Corp.,
 as investment
advisor

			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 	Dallas, TX 75225
	Phone No.:	 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Fixed Rate Term Commitment:
		 	$45,000,000.00
	
	 Compliance reporting information to:
  

AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:

	
	 The Bank of New York
 ABA:
021-000-018
 Account No.:
 For further credit to: THE VARIABLE
ANNUITY LIFE INSURANCE CO.
 Acct. No.
 Reference: PPN and Prin.:
$            ; Int. $            

	
	 Physical Delivery Instruction for Notes: 
  
 The Bank of New York
 One Wall Street – 3rd Floor Window – A
 New York, NY 10286
 Attn: Arnold Musella or Ada Casiano,
 Phone: (212) 635-1917
 Account Name: THE VARIABLE ANNUITY LIFE INSURANCE
COMPANY
 Account Number:

  

 120 

					
	SYNDICATION PARTIES:
	
	THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK
		
	By:	 	AIG Global Investment Corp. as investment advisor
			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 	Dallas, TX 75225
	Phone No.:	 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Fixed Rate Term Commitment:
		 	$10,000,000.00
	
	 Compliance reporting information to:
  

AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:

	
	 State Street Bank & Trust Company
 ABA: 011-000-028
 Account Name: THE UNITED STATES LIFE INSURANCE CO. IN THE CITY OF N.Y.,
 Fund No.: PA 77
 Acct. No.
 Reference: PPN and Prin.: $            ; Int.
$            

	
	 Physical Delivery Instruction for Notes: 
  
 DTC/New York Window
 55 Water Street
 New York, NY 10041
 Attention: Robert Mendez for the account of State Street
 Account Name: THE UNITED STATES LIFE
 INSURANCE COMPANY IN THE CITY OF NY
 Fund Number: PA 77
 Contact: Brenda Sharp, Phone: (816) 871-9154

  

 121 

					
	SYNDICATION PARTIES:
	
	MERIT LIFE INSURANCE CO.
		
	By:	 	 AIG Global Investment Corp.,
 as investment
advisor

			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 	Dallas, TX 75225
	Phone No.:	 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Fixed Rate Term Commitment:
		 	$5,000,000.00
	
	 Compliance reporting information to:
  
 AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:

	
	 State Street Bank & Trust Company
 ABA: 011-000-028
 Account Name: MERIT LIFE INSURANCE CO.;
 Fund No.: PA 20
 Acct. No.
 Reference: PPN and Prin.:
$            ; Int. $            

	
	 Physical Delivery Instruction for Notes: 
  
 DTC/New York Window
 55 Water Street
 New York, NY 10041
 Attention: Robert Mendez for the account of State Street
 Account Name: MERIT LIFE INSURANCE CO.
 Fund Number: PA 20
 Contact: Brenda Sharp, Phone:
(816) 871-9154

  

 122 

					
	SYNDICATION PARTIES:
	
	AMERICAN GENERAL ASSURANCE COMPANY
		
	By:	 	 AIG Global Investment Corp.,
 as
investment advisor

			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 		 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 		 	Dallas, TX 75225
	Phone No.:	 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Fixed Rate Term Commitment:
		 		 	$5,000,000.00
	
	 Compliance reporting information to:
  
 AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:
  
 State Street Bank & Trust Company
 ABA: 011-000-028
 Account Name: AMERICAN GENERAL
 ASSURANCE COMPANY, Fund No.: PA 86
 Acct. No. 
 Reference: PPN and Prin.:
$            ; Int. $            

	
	 Physical Delivery Instruction for Notes: 
  
 DTC/New York Window
 55 Water Street
 New York, NY 10041
 Attention: Robert Mendez for the account of State Street
 Account Name: AMERICAN GENERAL
 ASSURANCE COMPANY
 Fund No.: PA 86
 Contact: Brenda Sharp, Phone: (816) 871-9154

  

 123 

					
	 SYNDICATION PARTIES:
  

	AIG INTERNATIONAL GROUP, INC.
		
	By:	 	 AIG Global Investment Corp.,
 as
investment advisor

			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 		 	Dallas, TX 75225
	Phone No.:	 		 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Floating Rate Term Commitment:
		 		 	$30,000,000.00
	
	 Compliance reporting information to:
  
 AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:
  
 The Bank of New York
 ABA: 021-000-018
 Account No.:
 For further credit to: AIG, INC. – MATCHED
 INVESTMENT PROGRAM Acct. No.
 Reference: PPN and Prin.: $            ; Int.
$            

	
	 Physical Delivery Instruction for Notes: 
  

The Bank of New York
 One Wall Street – 3rd Floor Window – A
 New York,
NY 10286
 Attn: Arnold Musella or Ada Casiano,
 Phone:
(212) 635-1917
 Account Name: AIG, INC. – MATCHED INVESTMENT PROGRAM
 Account Number:

  

 124 

					
	 SYNDICATION PARTIES:
  

	AIG ANNUITY INSURANCE COMPANY
		
	By:	 	 AIG Global Investment Corp.,
 as
investment advisor

			
		 	By:	 	 /s/ L. McNew

		 	Name:	 	Lochlan O. McNew
		 	Title:	 	Managing Director
		
	Contact Name:	 	Bill Hasson
	Title:	 	Managing Director
	Address:	 	5949 Sherry Lane, Suite 1600
		 		 	Dallas, TX 75225
	Phone No.:	 	214/365-4050
	Fax No.:	 	214/365-4059
	e-mail address:	 	william.hasson@aig.com
	
	Individual Floating Rate Term Commitment:
		 		 	$35,000,000.00
	
	 Compliance reporting information to:
  
 AIG Global Investment Corporation
 2929 Allen Parkway, A36-04
 Houston, Texas 77019-2155
 Attn: Private Placements –
Compliance

	
	 Payment Instructions:
  
 All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal
amount and premium amount, if applicable) to identify the source and application of such funds, to:
  
 The Bank of New York
 ABA: 021-000-018
 Account No.:
 For further credit to: AIG ANNUITY INSURANCE COMPANY; Acct. No.

	
	 Physical Delivery Instruction for Notes: 
  

The Bank of New York
 One Wall Street – 3rd Floor Window – A
 New York,
NY 10286
 Attn: Arnold Musella or Ada Casiano,
 Phone:
(212) 635-1917
 Account Name: AIG ANNUITY INSURANCE COMPANY
 Account Number:

  

 125 

			
	SYNDICATION PARTIES:
	
	Transamerica Life Insurance Company
		
	By:	 	 /s/ Thomas L. Nordstrom

	Name:	 	Thomas L. Nordstrom
	Title:	 	Vice President
		
	Contact Name:	 	A. Dan Nafziger II
	Title:	 	Vice-President
	Address:	 	400 West Market Street
		 	5th Floor
		 	Louisville, KY 40202
	Phone No.:	 	502/560-2539
	Fax No.:	 	502/560-2066
		 	e-mail address: dnafziger@aegonusa.com
	
	Individual Revolving Commitment:
		 	$0
	
	Individual Floating Rate Term Commitment:
		 	$50,000,000.00
	
	Individual Fixed Rate Term Commitment:
		 	$0
	
	 Payment Instructions:
  

		 	 M&T Bank, Buffalo, NY
 ABA: 022000046

Account No.:
 For Further Credit to AEGON USA Realty Advisor,
Inc.
 Ref: Loan #D700186

  

 126 

			
	SYNDICATION PARTIES:
	
	The CIT Group/Business Credit, Inc.
		
	By:	 	 /s/ Richard Hatley

	Name:	 	Richard Hatley
	Title:	 	Vice President
		
	Contact Name:	 	Richard Hatley
	Title:
	Address:	 	505 5th Avenue
		 	New York, NY 10017
	Phone No.:	 	303/486-6905
	Fax No.:	 	303/488-3477
	e-mail address:	 	doug.hoffner@cit.com
	
	Individual Revolving Commitment:
		 	$                    0.00
	
	Individual Floating Rate Term Commitment:
		 	$25,000,000.00
	
	Individual Fixed Rate Term Commitment:
		 	$                    0.00
	
	Payment Instructions:
		 	  
 JPMorgan Chase
 ABA: 021000021
 Account No.:
 For
Account of: The CIT Group/Business Credit, Inc.
 Ref: Pilgrim’s Pride

  

 127 

			
	 SYNDICATION PARTIES:
  

	Metropolitan Life Insurance Company
		
	By:	 	 /s/ Barry L. Bogseth

	Name:	 	Barry L. Bogseth
	Title:	 	Director
		
	Contact Name:	 	Steven D. Craig
	Title:	 	Director
	Address:	 	8717 West 110th Street
		 	Suite 700
		 	Overland Park, KS 66210
	Phone No.:	 	913/661-2240
	Fax No.:	 	913/661-2254
	e-mail address:	 	scraig@metlife.com
	
	Individual Revolving Commitment:
		 	$0.00
	
	Individual Floating Rate Term Commitment:
		 	$80,000,000.00
	
	Individual Fixed Rate Term Commitment:
		 	$45,000,000.00
	
	Payment Instructions:
		
		 	 Wire to: JP Morgan Chase & Co., 270 Park Ave. New York, NY
 To Account of: MetLife – Agricultural Investments
 Account #:
 ABA Rounting: 021000021
 INV AI: Pilgrim’s Pride

  

 128Senior Unsecured Increasing Rate Bridge Facility Commitment Letter

 Exhibit 10.3 
 EXECUTION COPY 
  

			
	LEHMAN BROTHERS INC.	  	LEHMAN BROTHERS COMMERCIAL BANK
	745 Seventh Avenue	  	745 Seventh Avenue
	New York, New York 10019	  	New York, New York 10019

 September 27, 2006 
 $450,000,000 
 Senior Unsecured Bridge Facility 
 Commitment Letter 
 Pilgrim’s Pride Corporation 
 4845 US Highway 271 North 
 Pittsburg, TX 75686-0093 
 Attention: Richard A. Cogdill 
 Ladies and Gentlemen: 
 You have advised Lehman Brothers Commercial Bank (“LBCB”) and Lehman Brothers Inc. (“Lehman Brothers”) that
Pilgrim’s Pride Corporation, a Delaware corporation (the “Borrower”) intends to acquire all of the capital stock (the “Acquisition”) of Gold Kist Inc., a Delaware corporation (the “Target”). In
that connection, you have requested that the Arranger (as defined below) agree to structure, arrange and syndicate a senior unsecured bridge facility in an aggregate amount of up to $450,000,000 (the “Bridge Facility”), the proceeds
of which will be used to (i) finance a portion of the Acquisition (based upon a per share price of the Target’s shares of $20.00) and (ii) pay related fees and expenses. 
 Upon the terms and subject to the conditions set forth or referred to in this commitment letter (the “Commitment Letter”) and in the
Summary of Terms and Conditions attached hereto as Exhibit A (the “Term Sheet”), LBCB is pleased to inform you of its commitment to provide 100% of the Bridge Facility, of Lehman Commercial Paper Inc’s (“LCPI”)
agreement to act as Administrative Agent and of Lehman Brothers’ agreement to act as sole lead arranger and sole book-runner for the Bridge Facility. For the purposes of this Commitment Letter, (a) “LBCB” shall mean LBCB
and/or any affiliate thereof, including Lehman Brothers, as LBCB shall determine to be appropriate to provide the services contemplated herein, (b) the “Initial Lender” shall mean LBCB, and (c) the
“Arranger” shall mean Lehman Brothers. 
 It is agreed that the Arranger will act as the sole book-runner and sole lead
arranger for the Bridge Facility, LCPI will act as the sole and exclusive Administrative Agent (acting in such role, the “Administrative Agent”) and the sole and exclusive Syndication Agent (acting in such role, the
“Syndication Agent”) for the Bridge Facility. Each of the Arranger, the Administrative Agent and the Syndication Agent will have the rights and authority customarily given to financial institutions in such roles, but will have no
duties other than those expressly set forth herein. You agree that no other agents, co-agents, arrangers or book-runners will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by the Term Sheet
or the Fee Letter referred to below or as previously disclosed to the Arranger) will be paid in connection with the Bridge Facility unless you and we so agree. The Lehman Brothers name shall appear immediately above or immediately to the left of the
name of any other agent on the cover of any marketing materials that describe the Bridge Facility. 

 We intend to syndicate the Bridge Facility to a group of financial institutions (together with LBCB, the
“Lenders”) identified by us in consultation with you. The Arranger intends to commence syndication efforts promptly upon the execution of this Commitment Letter, and you agree actively to assist the Arranger in completing a
syndication satisfactory to them. Such assistance shall include (a) your using commercially reasonable efforts to ensure that the syndication efforts benefit from your existing lending relationships, (b) direct contact between senior
management and advisors of the Borrower and the proposed Lenders, (c) assistance in the preparation of customary marketing materials (collectively, the “Company Materials”) to be used in connection with the syndication of the
Bridge Facility and (d) the hosting, with the Initial Lender and the Arranger, of one or more meetings of prospective Lenders and, in connection with any such Lender meeting, your consultation with the Arranger with respect to the presentations
to be made at such meeting, and your making available appropriate officers and representatives of the Borrower to rehearse such presentations prior to such meetings, as reasonably requested by the Arranger. You also agree that you will work with the
Arranger to procure ratings, at your expense, by each of Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Group (“S&P”). It is understood and agreed that nothing
in this Commitment Letter shall require you to consummate the Acquisition, which you may do in your sole and absolute discretion. At the reasonable request of the Arranger, you agree to assist in the preparation of a version of the Company Materials
consisting exclusively of information and documentation that is either publicly available or not material with respect to the Borrower, the Target or any of their respective subsidiaries or securities for purposes of United States federal and state
securities laws. 
 The Arranger will, in consultation with you, manage all aspects of the syndication, including decisions as to the
selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocations of the commitments among the Lenders and the amount and distribution of fees
among the Lenders. To assist the Arranger in its syndication efforts, you agree promptly to prepare and provide to the Arranger all information with respect to the Borrower, the Target (to the extent reasonably available), the Acquisition and the
other transactions contemplated hereby, including all financial information and projections (the “Projections”), as we may reasonably request in connection with the arrangement and syndication of the Bridge Facility. You hereby
represent and covenant that, with respect to the Borrower, the Target (to your knowledge), the Acquisition and the other transactions contemplated hereby, (a) all information (other than the Projections and general economic information) that
has been or will be made available to the Arranger, the Initial Lender and/ or any proposed Lenders by you or any of your representatives in connection with the transactions contemplated hereby (the “Information”), when taken as a
whole, is or will be, when furnished, complete and correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein not materially misleading in light of the circumstances under which such statements are made and (b) the Projections that have been or will be made available to the Arranger, the Initial Lender and/or any proposed Lender by
you or any of your representatives in connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made, it being understood that actual results
may vary materially from the Projections. If, at any time from the date hereof until the execution and delivery of the definitive financing documents, you have become aware that any of the representations and warranties above would be incorrect if
the Information or Projections were being furnished, and such representations and warranties were being made, at such time, then you agree to promptly supplement the Information and Projections to the extent such information is reasonably available
to you so that the representations and warranties contained in this paragraph remain correct under those circumstances. You understand that in arranging and syndicating the Bridge Facility we may use and rely on the Information and Projections
without independent verification thereof. Notwithstanding the foregoing, it is agreed that copies of annual reports, proxy or financial statements or other reports or communications sent to the stockholders of the Target, and copies of all annual,
regular, 
  

 2 

 periodic and special reports and registration statements which in each case the Borrower or the Target has filed with the
Securities and Exchange Commission (the “SEC”), or with any national securities exchange shall for purposes of this Commitment Letter, be deemed to have been made available to the Arranger by you. In addition, the Arranger and the
Initial Lender acknowledge that, in the event the Acquisition is structured as a tender offer, all information of the Target was or will be obtained from the Target’s filings with the SEC (the “Target’s Public
Information”) and the Borrower shall not make any representation or covenant in respect of such information; other than, that to the Borrower’s knowledge, the Target’s Public Information does not contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made. 
 As consideration for the Initial Lender’s commitment hereunder and the Arranger’s agreement to perform the services described herein, you agree
to pay to the Initial Lender and/or the Arranger (as applicable) the fees set forth in the Fee Letter dated the date hereof and delivered herewith (the “Fee Letter”), in the amounts and at the times specified therein. 
 The commitments and agreements of the Arranger and the Initial Lender described herein are subject to (a) there shall not have occurred or be
threatened any event, circumstance, change or effect that, individually or in the aggregate with any other events, circumstances, changes and effects is or may be materially adverse to the business, condition (financial or otherwise) assets,
liabilities, capitalization, prospects, operations or results of operations of the Borrower, the Target or any of their respective affiliates or to the industry in which the Borrower and the Target operate (including events relating to occurrences
or cases of avian influenza affecting the markets or industry in which the Borrower and the Target operate) that, in our reasonable judgment, is or may be materially adverse to the Borrower or any of its affiliates, or we become aware of any facts
that, in our reasonable judgment, have or may have material adverse significance with respect to the value of the Target or any of its affiliates or result or may result in a material diminution of the value of the Target’s shares or the
benefits expected to be derived by the Borrower of any of its affiliates as a result of the transactions contemplated by the Acquisition, (b) our not becoming aware after the date hereof of any information or other matter affecting the Target
and its subsidiaries that is inconsistent in a material and adverse manner with any such information or other matter disclosed to us prior to the execution of this Commitment Letter, (c) our satisfaction that from the date of this Commitment
Letter until 90 days after the Initial Closing Date (as defined in the Term Sheet) (if any), there shall be no competing offering, placement or arrangement of any debt securities or bank financing (other than (i) as contemplated by this
Commitment Letter and the Fee Letter, (ii) the Commercial Bank Financing (as defined in the Term Sheet), including any accordion feature thereunder, and (iii) increases of commitments under the Borrower’s existing credit and
securitization facilities and for purposes other than to finance the Acquisition) by or on behalf of the Borrower or any affiliate thereof except with the prior written consent of the Arranger (not to be unreasonably withheld or delayed) and other
than an issuance of securities issued by the Borrower or any of its affiliates the proceeds of which will be applied in full or in part to finance the Acquisition, (d) the negotiation, execution and delivery of definitive documentation with
respect to the Bridge Facility reflecting and consistent with the terms and conditions set forth in the Term Sheet and the Fee Letter and reasonably satisfactory to each of the Initial Lender and their counsel, (e) there being a period of at
least 30 days between the commencement of the syndication process and the occurrence of the Initial Closing Date; provided that the Initial Lender shall use its reasonable best efforts to commence its syndication efforts prior to the Initial
Closing Date such that the syndication process shall not adversely affect the Borrower’s ability to consummate the Acquisition, including the tender offer for the Target’s securities, (f) your compliance with your covenants and
agreements contained herein and the correctness in all material respects of your representations and warranties contained herein both as of the date hereof and as of the Initial Closing Date and the Final Closing Date (if any), (g) the other
conditions set forth or referred to in the Term Sheet. Those matters that are not covered by the provisions hereof and of the Term Sheet are subject to the approval and agreement of the Initial Lender and the Borrower. 
  

 3 

 You hereby agree to indemnify and hold harmless each of LBCB, LCPI, Lehman Brothers, the other Lenders
and each of their respective affiliates and each of their respective officers, directors, partners, trustees, employees, affiliates, shareholders, advisors and agents (each, an “indemnified person”) from and against any and all
losses, claims, damages and liabilities to which any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Bridge Facility, the Term Loans (as defined in the Term Sheet), the Exchange Notes (as
defined in the Term Sheet), the use of the proceeds therefrom, the Acquisition, any of the other transactions contemplated by this Commitment Letter, any other transaction related thereto or any claim, litigation, investigation or proceeding
relating to any of the foregoing, regardless of whether any indemnified person is a party thereto, and to reimburse each indemnified person upon demand for all legal and other expenses reasonably incurred by it in connection with investigating,
preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding relating to any of the foregoing (including, without limitation, in
connection with the enforcement of the indemnification obligations set forth herein); provided, however, that no indemnified person shall be entitled to indemnity hereunder in respect of any loss, claim, damage, liability or expense to
the extent that it is found by a final, non-appealable judgment of a court of competent jurisdiction that such loss, claim, damage, liability or expense resulted directly from the gross negligence or willful misconduct of such indemnified person. In
no event will any indemnified person be liable on any theory of liability for (i) indirect, special or consequential damages, lost profits or punitive damages as a result of any failure to fund the Bridge Facility contemplated hereby or
otherwise in connection with the Bridge Facility or (ii) any damages arising from the use by unauthorized persons of information, projections or other materials sent through electronic, telecommunications or other information transmission
systems that are intercepted by such unauthorized persons. 
 The Borrower further agrees that, without the prior written consent of each of
LBCB, LCPI and Lehman Brothers, which consent will not be unreasonably withheld, it will not enter into any settlement of a lawsuit, claim or other proceeding arising out of this Commitment Letter or the transactions contemplated by this Commitment
Letter in which an indemnified person is a party unless such settlement includes an explicit and unconditional release from the party bringing such lawsuit, claim or other proceeding of such indemnified person. 
 The Borrower, LBCB, LCPI and Lehman Brothers agree that if any indemnification or reimbursement sought pursuant to these indemnification provisions is
judicially determined to be unavailable for a reason other than the gross negligence or willful misconduct of such indemnified person, then, whether or not LBCB, LCPI or Lehman Brothers is the indemnified person, the Borrower, on the one hand, and
LBCB,LCPI and/or Lehman Brothers, as the case may be, on the other hand, shall contribute to the losses, claims, damages, liabilities and expenses for which such indemnification or reimbursement is held unavailable (i) in such proportion as is
appropriate to reflect the relative benefits to the Borrower, on the one hand, and LBCB, LCPI and/or Lehman Brothers, as the case may be, on the other hand, in connection with the transactions to which such indemnification or reimbursement relates,
or (ii) if the allocation provided by clause (i) above is judicially determined not to be permitted, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative faults
of the Borrower, on the one hand, and LBCB, LCPI and/or Lehman Brothers, as the case may be, on the other hand, as well as any other equitable considerations; provided, however, that in no event shall the amount to be contributed by
LBCB, LCPI and/or Lehman Brothers pursuant to this paragraph exceed the amount of the fees actually received by LBCB, LCPI and/or Lehman Brothers, as the case may be, under this Commitment Letter or the Fee Letter. 
  

 4 

 In case any action or proceeding is instituted involving any indemnified person for which indemnification
is to be sought hereunder by such indemnified person, then such indemnified person will promptly notify you of the commencement of any action or proceeding; provided, however, that the failure so to notify you will not relieve you from
any liability that you may have to such indemnified person pursuant hereto or from any liability that they may have to such indemnified person other than pursuant hereto. Notwithstanding the above, following such notification, you may elect in
writing to assume the defense of such action or proceeding, and, upon such election, you will not be liable for any legal costs subsequently incurred by such indemnified person (other than reasonable costs of investigation and providing evidence) in
connection therewith, unless (i) you have failed to provide counsel reasonably satisfactory to such Indemnified Person in a timely manner, (ii) counsel provided by the Borrower reasonably determines that its representation of such
indemnified person would present it with a conflict of interest or (iii) the indemnified person reasonably determines that there may be legal defenses available to it which are different from or in addition to those available to the Borrower.
In connection with any one action or proceeding, you will not be responsible for the fees and expenses of more than one separate law firm (in addition to local counsel) for all indemnified persons. 
 You acknowledge that Lehman Brothers and its affiliates (the term “Lehman Brothers” being understood to refer hereinafter in this
paragraph to include such affiliates, including LBCB and LCPI) may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests
regarding the transactions described herein and otherwise; provided that neither Lehman Brothers nor its affiliates will provide financing or other services (including financial advisory services) or any commitment to provide financing to any
other company in connection with any such company’s proposed acquisition of the Target during the period from the date hereof to the latter of (i) the date of the expiration or termination of this Commitment Letter or (ii) the
expiration or withdrawal of the Borrower’s tender offer for the Target’s securities. Lehman Brothers will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their
other relationships with you in connection with the performance by Lehman Brothers of services for other companies, and Lehman Brothers will not furnish any such information to other companies. You also acknowledge that Lehman Brothers has no
obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained from other companies. 
 This Commitment Letter shall not be assignable by you without the prior written consent of Lehman Brothers, LCPI and LBCB (and any purported assignment
without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. This Commitment
Letter may not be amended or waived except by an instrument in writing signed by you and Lehman Brothers, LCPI and LBCB. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original, and all of which, when
taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee
Letter are the only agreements that have been entered into among us with respect to the Bridge Facility and set forth the entire understanding of the parties with respect thereto. This Commitment Letter shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 This Commitment Letter is delivered to you on the understanding that neither this
Commitment Letter, the Term Sheet nor the Fee Letter nor any of their terms or substance shall be disclosed, directly or indirectly, to any other person except (a) to your directors, officers, employees, counsel, advisors and agents who are
directly involved in the consideration of this matter, (b) to Moody’s and/or S&P in each case on a confidential and “need-to-know” basis and only in connection with the transactions contemplated hereby (in which case,
you agree to inform us promptly thereof) or (c) as may be compelled 
  

 5 

 in a judicial or administrative proceeding or as otherwise required by law (in which case, to the extent permitted by
law, you agree to inform us promptly thereof); provided that the foregoing restrictions shall cease to apply (except in respect of the Fee Letter and its terms and substance) after this Commitment Letter has been accepted by you. In addition,
this Commitment Letter is entered into on the understanding and agreement that neither the existence of this Commitment Letter, the Term Sheet nor the Fee Letter nor any of their contents, nor any of the Information or the Projections, shall be
disclosed by the Arranger or the Initial Lender or any of their respective affiliates, directly or indirectly, to any other person, except (i) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in
which case we agree, to the extent permitted by law, to inform you promptly thereof), (ii) to the Arranger’s, the Initial Lender’s and their affiliates’ directors, officers, employees, counsel, advisors and agents, in each case
on a confidential and “need-to-know” basis and only in connection with the transactions contemplated hereby, (iii) exclusively with respect to the Term Sheet, as reasonably required for the syndication of the Bridge Facility
and (iv) as otherwise expressly permitted by the immediately following paragraph. The indemnification and confidentiality provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether definitive
financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Initial Lender’s commitments hereunder. 
 The Borrower agrees that Arranger has the right to place advertisements in financial and other newspapers and journals at its own expense describing its services to the Borrower; provided that the Arranger will
submit a written copy of any such advertisements to the Borrower for its prior written approval, which approval shall not be unreasonably delayed or withheld. Furthermore, the Borrower agrees to include a reference to the Arranger’s role as
lead arranger in any press release announcing the Bridge Facility. 
 If the foregoing correctly sets forth our agreement, please indicate
your acceptance of the terms hereof and of the Term Sheet and the Fee Letter by returning to the Arranger executed counterparts hereof and of the Fee Letter not later than 5:00 p.m., New York City time, on September 28, 2006. The commitments and
agreements of Lehman Brothers and LBCB herein will expire at such time in the event the Arranger has not received such executed counterparts in accordance with the immediately preceding sentence. 
  

 6 

 Lehman Brothers, LCPI and LBCB are pleased to have been given the opportunity to assist you in connection
with this financing, and we look forward to working with you. 
  

			
	Very truly yours,
	
	LEHMAN BROTHERS COMMERCIAL BANK
		
	By:	 	 /s/ Laurie Perper

	Title:	 	Senior Vice President
	
	LEHMAN COMMERCIAL PAPER INC.
		
	By:	 	 /s/ Laurie Perper

	Title:	 	Senior Vice President
	
	LEHMAN BROTHERS INC.
		
	By:	 	 /s/ Laurie Perper

	Title:	 	Senior Vice President

 Accepted and agreed to 
 as of the date first 
 written above by: 
  

			
	PILGRIM’S PRIDE CORPORATION
		
	By:	 	 /s/ Richard A. Cogdill

	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO COMMITMENT LETTER] 

 $450,000,000 
 SENIOR UNSECURED BRIDGE FACILITY TERM SHEET 
 Summary of Terms and Conditions 
 September 27, 2006 
 We understand that
the Borrower intends to acquire all of the issued and outstanding capital stock (the “Acquisition”) of Gold Kist Inc., a Delaware corporation (the “Target”). The Acquisition and all transactions related thereto are
sometimes referred to herein as the “Transaction”. Capitalized terms not otherwise defined in this Term Sheet shall have the meanings ascribed to them in the Commitment Letter to which this Term Sheet forms a part. 
  

			
	Borrower:	  	Pilgrim’s Pride Corporation (the “Borrower”).
		
	Sole Book-Runner and Lead Arranger:	  	Lehman Brothers Inc. (the “Arranger”).
		
	Lenders:	  	A syndicate of banks, financial institutions and other entities, including LBCB (collectively, the “Banks”), arranged by the Arranger (collectively, the
“Lenders”); provided that any such syndication shall comply with the terms and conditions set forth in the Commitment Letter.
		
	Administrative Agent:	  	Lehman Commercial Paper Inc. (acting in such role, the “Administrative Agent”)
		
	Type and Amount:	  	$450.0 million senior unsecured bridge loan facility (the “Bridge Facility”).
		
	Purpose:	  	Proceeds of borrowings under the Bridge Facility (the “Interim Loans”) will be used to finance a portion of the Acquisition, refinance certain existing indebtedness
(including the Target’s outstanding Senior Notes due 2014 and any premiums associated therewith, the Target’s existing credit agreement with Cooperative Centrale Raiffeisen-Boerenleen Bank B.A., New York Branch, and a syndicate of banks
and the Target’s existing subordinated capital certificates) and to pay fees, commissions and expenses in connection therewith.
		
	Initial Closing Date:	  	Initially, the date the Borrower borrows amounts under the Bridge Facility to fund a portion of the purchase price of the Acquisition and related commissions, fees and expense, after which the
Borrower shall have acquired aggregate shares of Target representing at least 50% plus one share of Target’s total issued and outstanding capital stock (the “Initial Closing Date”). In the event the Borrower does not
borrow the entire committed amount under the Bridge Facility on the Initial Closing Date, the Borrower may subsequently borrow any remaining amounts available under the Bridge Facility on the date on which Target

			
		  	completes the Acquisition and for the purpose of consummating the Acquisition and paying related commissions, fees and expenses, which date shall be referred to herein as the
“Final Closing Date.”
		
	Maturity/Exchange:	  	The Interim Loans will mature on the date that is one year following the Initial Closing Date (the “Maturity Date”). If any Interim Loan has not been previously repaid in
full on or prior to the Maturity Date, subject to the conditions outlined in Exhibit A under “Conditions Precedent” such Interim Loan shall be converted into a term loan (each, a “Term Loan” and, together
with the Interim Loans, the “Loans”) maturing on the tenth anniversary of the Initial Closing Date (the “Final Maturity Date”). Upon the execution and delivery of one or more agreements by a Lender in
respect of the Interim Loans and the Term Loans to sell at least a minimum in aggregate principal amount of Interim Loans or Term Loans to be agreed to a third party, such Lender will have the option (i) in the case of Interim Loans, at the Maturity
Date or (ii) in the case of Term Loans, at any time or from time to time, to receive notes (the “Exchange Notes”) in exchange for Interim Loans or Term Loans having the terms set forth in the term sheet attached hereto as
Exhibit A.
		
	Availability:	  	The Bridge Facility may be drawn in up to a maximum of two drawings: an initial drawing (the “Initial Drawing”) shall made on the Initial Closing Date; and, if less than
100% of the shares of the Target shall have been acquired directly or indirectly, by merger or otherwise, by the Borrower on the Initial Closing Date, a second drawing (the “Second Drawing”) of the remainder of the Bridge
Facility may be drawn on the Final Closing Date. Any portion of the Bridge Facility that is not drawn after giving effect to the Second Drawing shall terminate.
		
	Interest:	  	Prior to the Maturity Date, the Interim Loans will initially accrue interest at a rate per annum equal to (a) the one-month London Interbank Offered Rate (“LIBOR”) as
determined by LBCB for a corresponding U.S. dollar deposit amount (adjusted quarterly) plus (b) the Spread (as defined below). The “Spread” will initially be 275 basis points. If the Interim Loans are not repaid in full
within 180 days following the Initial Closing Date, the Spread will increase by 75 basis points at the end of such 180-day period and shall increase by an additional 50 basis points at the end of each 90-day period thereafter. In any case, the
interest rate shall not so increase on the date the Interim Loans will be automatically converted into the Term Loans. LIBOR will be adjusted for maximum statutory reserve requirements (if any).
		
		  	Interest on the Interim Loans will be payable in arrears at the end of each 90-day period and at the Maturity Date. Interest on the Interim Loans shall be no greater than (x) 9.75% per annum, if
the Borrower’s senior unsecured rating (the “Borrower Rating”)

  

 2 

			
		  	is Ba3 by Moody’s and BB- by S&P or better, or (y) 10.25%, if the Borrower Rating is B1 by Moody’s or B+ by S&P or lower.
		
		  	Following the Maturity Date, all outstanding Term Loans will accrue interest at the rate provided for in the Exchange Notes in Exhibit A hereto, subject to the absolute cap applicable to
the Exchange Notes. Calculation of interest shall be on the basis of actual days elapsed in a year of 360 days.
		
	Default Interest:	  	Upon the occurrence and during the continuance of a payment default, interest will accrue on any overdue amount of a loan or other overdue amount payable under the Bridge Facility at a rate of
2.0% per annum in excess of the rate otherwise applicable to such loans or amounts payable and will be payable on demand.
		
	Mandatory Redemption:	  	The Borrower will be required to prepay Interim Loans on a pro rata basis, subject to certain exceptions to be agreed upon, but with terms no less restrictive than those contained in the
Borrower’s credit agreement with CoBank ACB, as agent (the “Commercial Bank Financing”), at par plus accrued and unpaid interest, from the net proceeds from the incurrence of any debt (other than intercompany debt, debt
incurred under the Commercial Bank Financing and debt incurred under commitments available to the Borrower under its existing credit facilities and those contemplated in connection with the Transaction) by Borrower or any of its subsidiaries, the
issuance of any equity (other than equity investments pursuant to employee stock plans) by the Borrower or any of its subsidiaries or any asset sales (subject to reinvestment within one year of such asset sale, provided that if such amounts are
committed to be reinvested within one year of such asset sale, such reinvestment period shall be extended by up to 90 additional days) by the Borrower or any of its subsidiaries, subject to exceptions to be agreed. Any mandatory prepayments shall be
subject to the terms of a secured or an unsecured credit facility or indenture.
		
	Optional Prepayments:	  	The Interim Loans and the Term Loans may be prepaid, in whole or in part, at the option of the Borrower, at any time with prior notice, at par plus accrued and unpaid interest and breakage
costs.
		
	Guarantees:	  	Initially, none. However, in the event that any wholly-owned domestic restricted subsidiary (other than a securitization subsidiary that has entered into or established a securitization program)
of the Borrower, directly or indirectly, guarantees, assumes or in any other manner becomes liable with respect to any indebtedness (other than intercompany indebtedness) of the Borrower, including the Borrower’s existing 9-5/8% Senior Notes
due 2011 (the “Existing Senior Notes”) and the Borrower’s existing 9-1/4% Senior Subordinated Notes due 2013

  

 3 

			
		  	(the “Existing Subordinated Notes,” and together with the Existing Senior Notes, the “Existing Notes”) such domestic restricted subsidiary shall
simultaneously execute and deliver a senior guarantee of the Interim Loans or the Term Loans, if applicable. The terms for the provision of such guarantees shall be substantially identical to the Indenture, dated August 9, 2001, by and between
the Borrower and JPMorgan Chase Bank, as trustee, governing the Existing Senior Notes.
		
	Security:	  	None.
		
	Ranking:	  	Pari passu with all other existing and future senior obligations of the Borrower, including the Existing Senior Notes, and senior to all existing and future subordinated obligations of
the Borrower, including the Existing Subordinated Notes.
		
	Certain Documentation Matters	  	The Interim Loan Documentation (as defined in Exhibit A) shall contain representations, warranties, covenants and events of default that are substantially similar to those included in the
Commercial Bank Financing (in each case applicable to each of the Borrower and its subsidiaries, as appropriate), including:
		
	Representations and Warranties:	  	Financial statements (including pro forma financial statements); absence of undisclosed liabilities; no material adverse change; organization, qualification and corporate existence; compliance
with law (including, without limitation, Regulations T, U and X of the Board of Governors of the United States Federal Reserve System, or any successor thereto); corporate power and authority; authorization, execution and enforceability of Interim
Loan Documentation and any agreements relating to the Acquisition; no conflict with law or contractual obligations; no material litigation; no default; ownership of property; liens; intellectual property; no burdensome restrictions; taxes; Federal
Reserve regulations; ERISA; Investment Company Act; Federal Food Security Act; Fair Labor Standards Act; subsidiaries; environmental matters; solvency; labor matters; and accuracy of disclosure.
		
	Affirmative Covenants:	  	Delivery of financial statements, reports, officers’ certificates and other information reasonably requested by the Lenders; payment of other obligations; continuation of business and
maintenance of existence and material rights and privileges; compliance with laws and material contractual obligations; maintenance of property and insurance; maintenance of books and records; right of the Lenders to inspect property and books and
records; notices of defaults, litigation and other material events; compliance with environmental laws; and further assurances. The foregoing shall not violate or conflict with the terms of the indentures governing the Existing Notes and the
Borrower’s existing credit agreements.

  

 4 

			
	Negative Covenants:	  	Limitations on: indebtedness (including preferred stock of subsidiaries); liens; guarantee obligations; mergers, consolidations, liquidations and dissolutions; sales of assets and stock of
restricted subsidiaries; leases; dividends and other payments in respect of capital stock; capital expenditures; investments, loans and advances; optional payments and modifications of subordinated and other debt instruments; transactions with
affiliates; sale and leasebacks; changes in fiscal year; negative pledge clauses; changes in lines of business; restrictions on subsidiary distributions; and designation as “senior debt.” The foregoing shall not violate or conflict with
the terms of the indentures governing the Existing Notes and the Borrower’s existing credit agreements.
		
	Change of Control:	  	Each holder of Interim Loans will be entitled to require the Borrower, and the Borrower must offer, to repay the Interim Loans held by each such holder at a price of 101% of the principal amount
thereof, plus all accrued fees and all accrued and unpaid interest to the date of repayment, upon the occurrence of a Change of Control (as defined in the indenture governing the Borrower’s Existing Subordinated Notes (the “Existing
Indenture”)).
		
	Events of Default:	  	Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a grace period to be agreed upon; material inaccuracy of representations and warranties; violation of
covenants (subject, in the case of certain covenants, to a grace period to be agreed upon); cross-default; bankruptcy events; certain ERISA events; material judgments; and actual or asserted invalidity of any guarantee or subordination
provisions.
		
	Modifications:	  	On and after the date that the Borrower acquires in excess of 50% of the issued and outstanding shares of Target, any occurrence which would otherwise constitute a default or an event of default
under the Interim Loan Documentation on account of a matter solely attributable to the Target, shall not be deemed to be a default or an event of default under the Interim Loan Documentation if such occurrence would not have constituted a default or
event of default under the Target’s credit agreement with Cooperative Centrale Raiffeisen-Boerenleen Bank, B.A., New York Branch.
		
	Initial Conditions:	  	 The availability of the Bridge Facility (in both the First Drawing and any Second Drawing) shall be conditioned upon satisfaction of the following
conditions precedent (with references to the Borrower and its subsidiaries in this paragraph being deemed to refer to and include the acquiring entity, the Target and their respective subsidiaries after giving effect to the Transaction):

 
 •       Each
Credit Party shall have executed and delivered satisfactory definitive financing documentation with respect to the Bridge Facility reflecting the terms set forth herein.

  

 5 

			
		 	 •       The Transaction shall be consummated pursuant to documentation having terms and conditions
reasonably satisfactory to the Arranger, including the acquisition agreement or tender offer documentation, as applicable, and no material provision thereof shall have been waived, amended, supplemented or otherwise modified, except with the consent
of the Arranger. The Target’s Board of Directors has redeemed its Series A Junior Participating Preferred Stock purchase rights or the rights have been invalidated or are otherwise inapplicable to the Acquisition. The Borrower shall have
acquired (or simultaneously with such drawing will acquire) by purchase, merger or otherwise at least 50% of the total issued and outstanding capital stock of Target.

		
		 	 •       The Lenders, the Administrative Agent, the Syndication Agent and the Arranger shall have
received all fees required to be paid on or before the Initial Closing Date, and the Administrative Agent shall have received reimbursement of all reasonable and documented out-of-pocket expenses of the Arranger, the Administrative Agent and the
Syndication Agent payable by the Borrower in connection with the Bridge Facility in accordance with the Fee Letter.

		
		 	 •       All governmental and material third party approvals (including shareholders’ and other
material consents) necessary or, in the reasonable discretion of the Arranger, advisable in connection with the Transaction, the financing contemplated hereby and the continuing operations of the Borrower and its subsidiaries shall have been
obtained and be in full force and effect, and all applicable waiting periods, including under the Hart-Scott-Rodino Act, shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or
otherwise impose material adverse conditions on the Transaction or the financing thereof.

		
		 	 •       The Borrower shall have received proceeds of at least $600.0 million pursuant to the
Commercial Bank Facility.

		
		 	 •       In the event of a Second Drawing, the Borrower shall have acquired (or simultaneously
therewith will acquire) by purchase, merger or otherwise 100% of the then total issued and outstanding capital stock of Target.

		
		 	 •       The Lenders shall have received a satisfactory pro forma consolidated balance sheet of the
Borrower as at the date of

  

 6 

			
		  	 the most recent Form 10-Q or 10-K (as applicable) of the Borrower filed with the SEC, adjusted to give effect to the consummation of the Transaction and the
financings contemplated hereby as if such transactions had occurred on such date.

		
		  	 •       The Lenders shall have received the results of a recent lien search in each relevant
jurisdiction with respect to the Borrower and its subsidiaries, and such search shall reveal no liens on any of the assets of the Borrower or its subsidiaries except for liens permitted by the Interim Loan Documentation or liens to be discharged on
or prior to the Initial Closing Date or Final Closing Date (as applicable) pursuant to documentation satisfactory to the Arranger.

		
		  	 •       The Lenders shall have received a satisfactory solvency certificate and analysis of the chief
financial officer of the Borrower which shall document the solvency of the Borrower and its subsidiaries after giving effect to the Transaction and the other transactions contemplated hereby.

		
		  	 •       The Lenders shall have received such legal opinions (including opinions (i) from counsel to
the Borrower and its subsidiaries and (ii) from such special and local counsel as may be required by the Arranger), documents and other instruments as are customary for transactions of this type or as they may reasonably
request.

		
		  	 •       The Arranger shall have received all documentation and other information require by bank
regulatory authorities under applicable “know your customer” and Anti-Money Laundering rules and regulations, including without limitation, the USA Patriot Act.

		
	Assignments and Participations:	  	Each Lender may assign all or, subject to minimum amounts to be agreed, a portion of its loans under the Bridge Facility (other than to certain persons designated in writing by the Borrower).
Assignments will require, except for an assignment to an existing Lender or an affiliate of an existing Lender, the consent of the Administrative Agent and the Borrower, which consent shall not be unreasonably withheld. In addition, each Lender may
sell participations in all or a portion of its loans and commitments under the Bridge Facility (other than to certain persons designated in writing by the Borrower); provided that no purchaser of a participation shall have (a) the right to
exercise or to cause the selling Lender to exercise voting rights in respect of the Bridge Facility (except as to certain basic issues) or (b) the right to yield protection in an amount exceeding that available to the relevant
Lender.

  

 7 

			
	Expenses and Indemnification:	  	All reasonable out-of-pocket expenses (including but not limited to reasonable legal fees and expenses of not more than one counsel plus, if necessary, one local counsel per jurisdiction and
expenses incurred in connection with due diligence and travel, courier, reproduction, printing and delivery expenses) of the Banks, the Arranger and the Administrative Agent associated with the syndication of the Bridge Facility and with the
preparation, execution and delivery, administration, amendment, waiver or modification (including proposed amendments, waivers or modifications) of the documentation contemplated hereby are to be paid by the Borrower. For the avoidance of doubt,
none of such fees and expenses shall be paid if the Initial Closing Date does not occur. In addition, all reasonable out-of-pocket expenses (including but not limited to reasonable legal fees and expenses of not more than one counsel plus, if
necessary, one local counsel per jurisdiction) of the Lenders and the administrative agent for the Bridge Facility for workout proceedings, enforcement costs and documentary taxes associated with the Bridge Facility are to be paid by the Borrower.
The Borrower will indemnify the Lenders, the Banks, the Arranger and the Administrative Agent and their respective affiliates, and hold them harmless from and against all reasonable out-of-pocket costs, expenses (including but not limited to
reasonable legal fees and expenses of not more than one counsel plus, if necessary, one local counsel per jurisdiction) and liabilities arising out of or relating to the proposed transactions, including but not limited to the Acquisition, or any
transactions related thereto and any actual or proposed use of the proceeds of any loans made under the Bridge Facility; provided, however, that no such person will be indemnified for costs, expenses or liabilities to the extent determined by a
final judgment of a court of competent jurisdiction (or a settlement tantamount to such a judgment) to have been incurred primarily by reason of the bad faith, gross negligence or willful misconduct of such person. The Borrower will indemnify the
Lenders for withholding taxes imposed by any governmental authorities (subject to customary exceptions). Such indemnification shall consist of customary tax gross-up provisions. The Lenders will use reasonable efforts to minimize to the extent
possible any applicable taxes.
		
	Requisite Lenders:	  	Lenders holding at least a majority of total Loans and commitments under the Bridge Facility, with certain modifications or amendments requiring the consent of Lenders holding a greater
percentage (or each Lender affected) of the total Loans and commitments under the Bridge Facility (subject to a “yank-a-bank” provision).
		
	Governing Law and Forum:	  	The laws of the State of New York. Each party to the Interim Loan Documentation will waive the right to trial by jury and will consent to jurisdiction of the state and federal courts located in
The City of New York.

  

 8 

			
	 Counsel to the
 Administrative
Agent
 and the Arranger:
	  	Weil, Gotshal & Manges LLP.

  

 9 

 Exhibit A 
 Summary of Terms of Term Loans and Exchange Notes 
 Capitalized terms used but not defined
herein have the meanings assigned to them in the Commitment Letter or the Term Sheet. 
  

			
	Borrower/Issuer:	  	The Borrower.
		
	Term Loans:	  	On the Maturity Date, subject to satisfaction of the conditions set forth below, the outstanding Interim Loans will be automatically converted into Term Loans. The Term Loans will be governed by
the provisions of the Interim Loan Documentation and, except as expressly set forth below, shall have the same terms as the Interim Loans.
		
	Exchange Notes:	  	At any time on or after the Maturity Date, a holder of Term Loans may exchange, in connection with the transfer of a Term Loan to any person and with the consent of the Administrative Agent, all
or a portion of the Term Loans to be exchanged for Exchange Notes having a principal amount equal to the principal amount of the Term Loan for which it is exchanged and having a fixed interest rate equal to the interest rate on the Term Loan at the
time of transfer. The Exchange Notes and the Term Loans shall rank pari passu with each other.
		
		  	The Borrower will issue Exchange Notes under an indenture that complies with the Trust Indenture Act of 1939, as amended (the “Indenture”) with terms substantially
identical to the Existing Indenture (with modifications typical of comparable issuances of senior indebtedness) with such increases in dollar thresholds reasonably acceptable to the Administrative Agent, in each case to take into account the effect
of the Transaction. The Borrower will appoint a trustee reasonably acceptable to the Administrative Agent.
		
	Maturity:	  	The Term Loans and the Exchange Notes will mature on the ninth anniversary of the Maturity Date (the “Final Maturity Date”).
		
	Conditions Precedent:	  	The obligation of each of the Interim Lenders to convert the Interim Loans to Term Loans will be subject to the following conditions:
		
		  	 1.      No Defaults. No event of default, or event which with the giving of notice or the lapse of time,
or both, would become an Event of Default shall have occurred and be continuing under the Bridge Facility, the Fee Letter or any other document executed in connection therewith (collectively, the “Interim Loan
Documentation”).

		
		  	 2.      Payment of Fees and Accrued Interest. The Borrower

  

 10 

			
		  	 shall have paid in immediately available funds all accrued and unpaid interest with respect to the Interim Loans and all fees then due and owing, in accordance
with the terms of the Interim Loan Documentation.

		
		  	 3.      Shelf Registration. The Shelf Registration Statement (as defined under the heading
“Registration Rights” below) with respect to the Exchange Notes shall have been filed with the SEC.

		
	Interest Rate:	  	The Term Loans will bear interest at an increasing rate equal to the Initial Rollover Rate plus the Rollover Spread (as defined below). The interest rate on the Term Loans in effect at any time
shall be no greater than (x) 9.75% per annum, if the Borrower Rating is Ba3 by Moody’s and BB- by S&P or better, or (y) 10.25%, if the Borrower Rating is B1 by Moody’s or B+ by S&P or lower. Notwithstanding the limitations
set forth in this paragraph, interest will accrue during the existence of an event of default on any overdue amount (whether interest or principal), to the extent lawful, at a rate per annum equal to 200 basis points over the then current
interest rate, until such amount (plus all accrued and unpaid interest) is paid in full.
		
		  	“Initial Rollover Rate” shall be determined as of the Maturity Date of the Interim Loans and shall equal the interest rate borne by the Interim Loans on the day
immediately preceding the Maturity Date.
		
		  	“Rollover Spread” shall be 50 basis points during the 90-day period commencing on the Maturity Date. The Rollover Spread shall increase by 50 basis points upon each
90-day anniversary of the Maturity Date.
		
		  	Interest on the Term Loans and Exchange Notes will be payable quarterly in arrears on the fifteenth day (or if such date is not a business day, the next business day) of each fiscal quarter of
the Company, on the Final Maturity Date of the Term Loans and Exchange Notes and on the date of any prepayment thereof.
		
	Ranking:	  	Same as Interim Loans.
		
	Guarantees:	  	Same as Interim Loans.
		
	Mandatory Repayment:	  	Same as Interim Loans in the case of Term Loans (other than there shall be no mandatory prepayment in the case of the Term Loans by reason of the incurrence of debt for the purpose of
refinancing the Existing Notes) and in the case of the Exchange Notes, only if so provided therein.
		
	Change of Control:	  	Same as Interim Loans.
		
	Optional Repayment:	  	Except as set forth below, the Term Loans may be repaid or

  

 11 

			
		  	redeemed, in whole or in part, at the option of the Company at any time upon three business days’ prior written notice at a price equal to 100% of the principal amount thereof, plus accrued
fees and all accrued and unpaid interest to the date of repayment.
		
		  	The Exchange Notes will be non-callable until the fourth anniversary of the Maturity Date (subject to a customary “equity clawback” provision). After the fourth anniversary, each
Exchange Note will be callable at par plus accrued interest, plus a premium equal to one-half of the coupon on such Exchange Note, which premium after the fifth anniversary shall be one-fourth of the coupon on such Exchange Note, which premium after
the sixth anniversary shall be one-eighth of the coupon on such Exchange Note. Thereafter, the Exchange Notes shall be callable at par.
		
	Yield Protection:	  	Same as Interim Loans.
		
	Payments:	  	Same as Interim Loans.
		
	Covenants:	  	Same as Interim Loans, in the case of the Term Loans. The Exchange Notes will have covenants necessary and/or customary for an indenture governing a high yield senior note issue and otherwise
with terms substantially identical to the Existing Indenture (with modifications typical of comparable issuances of senior indebtedness) with such increases in dollar thresholds reasonably acceptable to the Administrative Agent, in each case to take
into account the effect of the Transaction.
		
	Events of Default:	  	Same as Interim Loans, in the case of the Term Loans. The Exchange Notes will have events of default that are necessary and/or customary for an indenture governing a high yield senior note issue
and otherwise with terms substantially identical to the Existing Indenture (with modifications typical of comparable issuances of senior indebtedness) with such increases in dollar thresholds reasonably acceptable to the Administrative Agent, in
each case to take into account the effect of the Transaction.
		
	Transferability:	  	Unlimited except as otherwise provided by law.
		
	Defeasance Provisions:	  	None with respect to Term Loans. The Exchange Notes will have defeasance and discharge provisions customary for high yield securities and otherwise with terms substantially identical to the
Existing Indenture (with modifications typical of comparable issuances of senior indebtedness).
		
	Amendments:	  	Same as Interim Loans.
		
	Registration Rights:	  	Prior to the Maturity Date, the Borrower will be required to file a shelf registration statement with respect to the Exchange Notes (a “Shelf Registration
Statement”). The filing of the Shelf Registration Statement will be a condition precedent to

  

 12 

			
		  	the conversion of Interim Loans to Term Loans. The Borrower will pay liquidated damages in the form of increased interest of 50 basis points on the principal amount of Exchange Notes outstanding
to holders of Exchange Notes (i) if the Shelf Registration Statement is not declared effective by the SEC within 180 days after the Maturity Date (or 210 days after the Maturity Date to the extent that the Borrower receives written notice that the
Shelf Registration Statement will be reviewed by the SEC), until such Shelf Registration Statement is declared effective, and (ii) during any period of time (subject to customary exceptions) following the effectiveness of the Shelf Registration
Statement that such Shelf Registration Statement is not available for sales thereunder. After 12 weeks, the liquidated damages shall increase by 25 basis points, and shall increase by 25 basis points for each 12-week period thereafter to a maximum
increase in interest of 100 basis points. In addition, unless and until the Borrower has caused the Shelf Registration Statement to become effective, the holders of the Exchange Notes will have the right to “piggy-back” in the registration
of any debt or preferred equity securities (other than the refinancing of the Existing Senior Notes and subject to customary scale-back provisions) that are registered by the Borrower (other than on a Form S-4) unless all the Exchange Notes will be
redeemed or repaid from the proceeds of such securities. The Borrower will be required to file a registration statement to effect an “A/B” exchange offer to all holders of Exchange Notes within 60 days of the issuance of the Exchange Notes
if the holders of a majority in principal amount of the Exchange Notes then outstanding so request.

  

 13

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