Document:

Exhibit
10.5 

 

OXBRIDGE
ACQUISITION CORP.

 

Suite
201, 42 Edward Street

George
Town, Grand Cayman

Cayman
Islands

 

 August
11,  2021

 

OAC
Sponsor Ltd.

Suite
201, 42 Edward Street,

George
Town, Grand Cayman

Cayman
Islands

 

Re:
Administrative Services Agreement

 

Ladies
and Gentlemen:

 

This
letter agreement by and between Oxbridge Acquisition Corp., a Cayman Islands exempted company (the “Company”), and OAC Sponsor
Ltd., dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed
on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed
with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation
by the Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement)
(such earlier date hereinafter referred to as the “Termination Date”):

 

(i)
OAC Sponsor Ltd., the Company’s sponsor, shall make available, or cause to be made available, to the Company, at Suite 201, 42
Edward Street, George Town, Grand Cayman, Cayman Islands (or any successor location of OAC Sponsor Ltd.), office space and administrative
and support services. In exchange therefor, the Company shall pay OAC Sponsor Ltd. (or its designee) the sum of $10,000 per month on
the Listing Date and continuing monthly thereafter until the Termination Date; and

 

(ii)
OAC Sponsor Ltd. hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of,
or arising out of, this letter agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts
due to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially
all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably
waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any
monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim
against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This
letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in
any way to the subject matter hereof or the transactions contemplated hereby.

 

This
letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the
parties hereto.

 

No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written
approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee.

 

This
letter agreement constitutes the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of
the State of New York, without giving effect to its choice of laws principles.

 

This
letter agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same letter agreement.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

	 	Very
    truly yours,
	 	 
	 	OXBRIDGE
    ACQUISITION CORP.
	 	 	 
	 	By:	 /s/ Jay
    Madhu 
	 	Name:	Jay
    Madhu
	 	Title:	Chief
    Executive Officer

 

	AGREED
    TO AND ACCEPTED BY:  
	 	 	 	 
	OAC
    Sponsor Ltd.	 	 
	 	 	 	 
	By:	 /s/ Wrendon
    Timothy 	 	 
	Name:	Wrendon
    Timothy	 	 
	Title:	Chief
    Financial Officer	 	 

 

[Signature
Page to Administrative Services Agreement]a21-32_ex10x1

    WBD (US) 52391250  AMERICAS 108683049           FIFTH AMENDED AND RESTATED CREDIT AGREEMENT  dated as of  August 9, 2021  among  PILGRIM’S PRIDE CORPORATION,  TO-RICOS, LTD.  and  TO-RICOS DISTRIBUTION, LTD.,  as Borrowers,  THE OTHER LOAN PARTIES PARTY HERETO,  THE LENDERS PARTY HERETO,  and  COBANK, ACB,  as Administrative Agent and Collateral Agent  _____________________________________________________________________     COBANK, ACB,   BARCLAYS,   BMO CAPITAL MARKETS CORP.,   COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  MIZUHO BANK, LTD.,   and  ROYAL BANK OF CANADA,  as Joint Lead Arrangers    COBANK, ACB,   BARCLAYS,   BMO CAPITAL MARKETS CORP.,   COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  MIZUHO BANK, LTD.,   and  ROYAL BANK OF CANADA,  as Joint Bookrunners    COBANK, ACB,   BARCLAYS,   BMO CAPITAL MARKETS CORP.,   COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  MIZUHO BANK, LTD.,  and  ROYAL BANK OF CANADA,  as Joint Syndication Agents    COBANK, ACB,   BARCLAYS,   BMO CAPITAL MARKETS CORP.,   COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  MIZUHO BANK, LTD.,  and  ROYAL BANK OF CANADA,   as Joint Documentation Agents  Exhibit 10.1  EXECUTION COPY  

 

 TABLE OF CONTENTS   Page   i  WBD (US) 52391250WBD (US) 52391250v5  AMERICAS 108683049       ARTICLE I DEFINITIONS ....................................................................................................... 2  SECTION 1.01. Defined Terms ............................................................................... 2  SECTION 1.02. Classification of Loans and Borrowings ...................................... 51  SECTION 1.03. Terms Generally........................................................................... 51  SECTION 1.04. Accounting Terms; GAAP ........................................................... 51  SECTION 1.05. Timing of Payment or Performance ............................................. 52  SECTION 1.06. Divisions ...................................................................................... 52  SECTION 1.07. Limited Condition Acquisitions ................................................... 52  SECTION 1.08. Pro Forma Calculations and Adjustments.................................... 53  ARTICLE II THE CREDITS ................................................................................................... 54  SECTION 2.01. Commitments ............................................................................... 54  SECTION 2.02. Loans and Borrowings ................................................................. 55  SECTION 2.03. Requests for Borrowings.............................................................. 56  SECTION 2.04. [Reserved] .................................................................................... 56  SECTION 2.05. Swingline Loans........................................................................... 56  SECTION 2.06. Letters of Credit ........................................................................... 58  SECTION 2.07. Funding of Borrowings ................................................................ 63  SECTION 2.08. Interest Elections .......................................................................... 64  SECTION 2.09. Termination and Reduction of Commitments.............................. 65  SECTION 2.10. Increase in Commitments; Amend and Extend  Transactions. ................................................................................ 66  SECTION 2.11. Repayment and Amortization of Loans; Evidence of Debt ......... 72  SECTION 2.12. Prepayment of Loans ................................................................... 73  SECTION 2.13. Fees .............................................................................................. 75  SECTION 2.14. Interest.......................................................................................... 76  SECTION 2.15. Alternate Rate of Interest ............................................................. 77  SECTION 2.16. Increased Costs ............................................................................ 83  SECTION 2.17. Break Funding Payments ............................................................. 85  SECTION 2.18. Taxes ............................................................................................ 85  SECTION 2.19. Payments Generally; Allocation of Proceeds; Sharing of  Set-offs ......................................................................................... 90  SECTION 2.20. Mitigation Obligations; Replacement of Lenders ........................ 92  SECTION 2.21. Defaulting Lenders....................................................................... 93  SECTION 2.22. Returned Payments ...................................................................... 97  SECTION 2.23. Bermuda Obligations ................................................................... 97  ARTICLE III REPRESENTATIONS AND WARRANTIES ............................................... 98  SECTION 3.01. Organization; Powers ................................................................... 98  SECTION 3.02. Authorization; Enforceability ...................................................... 98  SECTION 3.03. Governmental Approvals; No Conflicts ...................................... 98  SECTION 3.04. Financial Condition; No Material Adverse Effect ....................... 98  

 

TABLE OF CONTENTS  (cont’d)   Page   ii  WBD (US) 52391250  AMERICAS 108683049       SECTION 3.05. Properties ..................................................................................... 99  SECTION 3.06. Flood Zones ................................................................................. 99  SECTION 3.07. Litigation .................................................................................... 100  SECTION 3.08. Compliance with Laws and Agreements ................................... 100  SECTION 3.09. Investment Company Status ...................................................... 100  SECTION 3.10. Taxes .......................................................................................... 100  SECTION 3.11. ERISA, Etc ................................................................................. 101  SECTION 3.12. Disclosure .................................................................................. 101  SECTION 3.13. Material Agreements .................................................................. 101  SECTION 3.14. Solvency ..................................................................................... 102  SECTION 3.15. Insurance .................................................................................... 102  SECTION 3.16. Capitalization and Subsidiaries .................................................. 102  SECTION 3.17. Security Interest in Collateral .................................................... 102  SECTION 3.18. Employment Matters .................................................................. 103  SECTION 3.19. Regulation U; Use of Proceeds .................................................. 103  SECTION 3.20. Sanctions/Anti-Corruption Representations .............................. 103  SECTION 3.21. Food Security Act ...................................................................... 103  SECTION 3.22. No Default .................................................................................. 104  SECTION 3.23. Source of Repayments ............................................................... 104  SECTION 3.24. Beneficial Ownership Certification ........................................... 104  ARTICLE IV CONDITIONS ................................................................................................. 104  SECTION 4.01. Effective Date ............................................................................ 104  SECTION 4.02. Each Credit Event ...................................................................... 107  ARTICLE V AFFIRMATIVE COVENANTS ...................................................................... 109  SECTION 5.01. Financial Statements; Other Information ................................... 109  SECTION 5.02. Notices of Material Events......................................................... 110  SECTION 5.03. Existence; Conduct of Business ................................................. 112  SECTION 5.04. Payment of Obligations.............................................................. 112  SECTION 5.05. Maintenance of Properties ......................................................... 113  SECTION 5.06. Books and Records; Inspection Rights ...................................... 113  SECTION 5.07. Compliance with Laws and Contractual Obligations ................ 113  SECTION 5.08. Use of Proceeds.......................................................................... 114  SECTION 5.09. Insurance .................................................................................... 114  SECTION 5.10. Casualty and Condemnation ...................................................... 115  SECTION 5.11. [Reserved] .................................................................................. 115  SECTION 5.12. [Reserved] .................................................................................. 115  SECTION 5.13. Additional Collateral; Further Assurances ................................. 115  SECTION 5.14. Source of Repayments ............................................................... 119  SECTION 5.15. Post-Closing Covenants ............................................................. 119  ARTICLE VI NEGATIVE COVENANTS ........................................................................... 120  

 

TABLE OF CONTENTS  (cont’d)   Page   iii  WBD (US) 52391250  AMERICAS 108683049       SECTION 6.01. Indebtedness ............................................................................... 120  SECTION 6.02. Liens ........................................................................................... 124  SECTION 6.03. Fundamental Changes; Change in Nature of Business .............. 128  SECTION 6.04. Investments, Loans, Advances, Guarantees and  Acquisitions ............................................................................... 131  SECTION 6.05. Asset Sales ................................................................................. 134  SECTION 6.06. Sale and Leaseback Transactions ............................................... 137  SECTION 6.07. Swap Agreements ...................................................................... 137  SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness  and Management Fees................................................................ 137  SECTION 6.09. Transactions with Affiliates ....................................................... 139  SECTION 6.10. Restrictive Agreements .............................................................. 142  SECTION 6.11. Amendment of Material Documents .......................................... 143  SECTION 6.12. Maximum Total Net Leverage Ratio ......................................... 143  SECTION 6.13. Minimum Interest Coverage Ratio ............................................. 143  SECTION 6.14. Change in Fiscal Year ................................................................ 143  ARTICLE VII EVENTS OF DEFAULT ............................................................................... 143  ARTICLE VIII ADMINISTRATIVE AGENT, ISSUING BANK, COLLATERAL,  AND AFFILIATES OF LENDERS ....................................................................................... 147  SECTION 8.01. Authorization and Action. .......................................................... 147  SECTION 8.02. Administrative Agent and its Affiliates. .................................... 148  SECTION 8.03. Duties ......................................................................................... 149  SECTION 8.04. Administrative Agent’s Reliance, Etc........................................ 150  SECTION 8.05. Sub-Agents ................................................................................. 151  SECTION 8.06. Resignation. ............................................................................... 152  SECTION 8.07. Lender Credit Decision .............................................................. 153  SECTION 8.08. Other Agent Titles...................................................................... 153  SECTION 8.09. Agent May File Proofs of Claim; Bankruptcy Events ............... 153  SECTION 8.10. Collateral .................................................................................... 154  SECTION 8.11. Issuing Bank............................................................................... 155  SECTION 8.12. Agency for Perfection ................................................................ 156  SECTION 8.13. Affiliates of Lenders; Bank Product Providers .......................... 156  SECTION 8.14. Certain ERISA Matters .............................................................. 157  ARTICLE IX MISCELLANEOUS ........................................................................................ 159  SECTION 9.01. Notices ....................................................................................... 159  SECTION 9.02. Waivers; Amendments ............................................................... 162  SECTION 9.03. Expenses; Indemnity; Damage Waiver ...................................... 166  SECTION 9.04. Successors and Assigns.............................................................. 169  SECTION 9.05. Survival ...................................................................................... 173  SECTION 9.06. Counterparts; Integration; Effectiveness .................................... 174  

 

TABLE OF CONTENTS  (cont’d)   Page   iv  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.07. Severability ................................................................................ 174  SECTION 9.08. Right of Setoff............................................................................ 174  SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process .... 175  SECTION 9.10. WAIVER OF JURY TRIAL ...................................................... 176  SECTION 9.11. Headings .................................................................................... 176  SECTION 9.12. Confidentiality ........................................................................... 176  SECTION 9.13. Several Obligations; Nonreliance; Violation of Law................. 178  SECTION 9.14. Patriot Act .................................................................................. 178  SECTION 9.15. Disclosure .................................................................................. 178  SECTION 9.16. Appointment for Perfection ....................................................... 178  SECTION 9.17. Interest Rate Limitation ............................................................. 179  SECTION 9.18. WAIVERS OF FARM CREDIT RIGHTS ................................ 179  SECTION 9.19. Bank Equity Interests ................................................................. 179  SECTION 9.20. Amendment and Restatement of Original Credit  Agreement; Confirmation of Existing Obligations .................... 180  SECTION 9.21. Rates Disclaimer. ....................................................................... 180  SECTION 9.22. Keepwell .................................................................................... 181  SECTION 9.23. Acknowledgement and Consent to Bail-In of Affected  Financial Institutions. ................................................................. 181  SECTION 9.24. Recovery of Erroneous Payments. ............................................. 182  SECTION 9.25. Acknowledgement Regarding Any Supported QFCs. ............... 182  ARTICLE X U.S. GUARANTY ............................................................................................. 183  SECTION 10.01. Guaranty ..................................................................................... 183  SECTION 10.02. Guaranty of Payment ................................................................. 184  SECTION 10.03. No Discharge or Diminishment of U.S. Guaranty ..................... 184  SECTION 10.04. Defenses Waived ....................................................................... 185  SECTION 10.05. Rights of Subrogation ................................................................ 185  SECTION 10.06. Reinstatement; Stay of Acceleration .......................................... 185  SECTION 10.07. Information ................................................................................ 186  SECTION 10.08. Taxes .......................................................................................... 186  SECTION 10.09. Maximum Liability .................................................................... 186  SECTION 10.10. Contribution ............................................................................... 186  SECTION 10.11. Liability Cumulative .................................................................. 187  SECTION 10.12. Common Enterprise ................................................................... 187  ARTICLE XI THE BORROWER REPRESENTATIVE.................................................... 188  SECTION 11.01. Appointment; Nature of Relationship ........................................ 188  SECTION 11.02. Powers ........................................................................................ 188  SECTION 11.03. Employment of Agents .............................................................. 188  SECTION 11.04. Notices ....................................................................................... 188  SECTION 11.05. Successor Borrower Representative .......................................... 188  

 

TABLE OF CONTENTS  (cont’d)   Page   v  WBD (US) 52391250  AMERICAS 108683049       SECTION 11.06. Execution of Loan Documents................................................... 188  SECTION 11.07. Reporting.................................................................................... 189    

 

TABLE OF CONTENTS  Schedules and Exhibits   vi  WBD (US) 52391250WBD (US) 52391250v5  AMERICAS 108683049       Schedules:  Commitment Schedule  Schedule 1.01 Tax Sharing Agreements  Schedule 2.06 Existing Letters of Credit  Schedule 3.05(a) Real Property  Schedule 3.05(b) Intellectual Property  Schedule 3.06 Flood Zones  Schedule 3.07 Disclosed Matters  Schedule 3.15 Insurance  Schedule 3.16 Capitalization and Subsidiaries  Schedule 4.01(n) Mortgaged Properties  Schedule 6.01(b) Existing Indebtedness  Schedule 6.02(c) Existing Liens  Schedule 6.04(b) Existing Investments  Schedule 6.04(m) Captive Insurance Company Investment Guidelines  Schedule 6.07 Commodity Price Risk Management Guidelines  Schedule 6.10 Existing Restrictions  Schedule 9.04 Voting Participants  Exhibits:  Exhibit A Form of Borrowing Request  Exhibit B Form of Issuance Request  Exhibit C Form of Interest Election Request  Exhibit D Form of Incremental Commitment Joinder Agreement  Exhibit E-1 Form of Revolving Note  Exhibit E-2 Form of Swingline Note  Exhibit E-3 Form of Term Note  Exhibit F-1 Form of U.S. Tax Compliance Certificate  Exhibit F-2 Form of U.S. Tax Compliance Certificate  Exhibit F-3 Form of U.S. Tax Compliance Certificate  Exhibit F-4 Form of U.S. Tax Compliance Certificate  Exhibit G Form of Bank Product Provider Letter  Exhibit H Form of Compliance Certificate  Exhibit I Form of Assignment and Assumption  Exhibit J Form of Joinder Agreement  

 

    WBD (US) 52391250WBD (US) 52391250v5  AMERICAS 108683049       FIFTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of August 9,  2021 (as it may be amended, restated, amended and restated, or otherwise modified from time to  time, this “Agreement”), among PILGRIM’S PRIDE CORPORATION, a Delaware corporation,  TO-RICOS, LTD., a Bermuda company, and TO-RICOS DISTRIBUTION, LTD., a Bermuda  company, as Borrowers, the other Loan Parties party hereto, the Lenders party hereto, and  COBANK, ACB, as Administrative Agent and Collateral Agent.  WHEREAS, the Borrowers, the financial institutions party thereto as lenders (the  “Original Lenders”), and CoBank, as administrative agent and collateral agent for the Original  Lenders and as a swingline lender and issuing bank thereunder, are parties to that certain Fourth  Amended and Restated Credit Agreement, dated as of July 20, 2018 (the “Original Closing  Date”), as amended, restated, supplemented, extended, renewed or otherwise modified from time  to time prior to the date hereof (the “Original Credit Agreement”);  WHEREAS, the Borrowers, the Lenders and the Administrative Agent have agreed to  amend and restate the Original Credit Agreement in its entirety as, and in accordance with and  subject to the terms and conditions, set forth herein;  WHEREAS, each of the Borrowers acknowledges and agrees that the security interests  granted to the Administrative Agent, pursuant to the Original Credit Agreement and the other  “Loan Documents” (as defined in the Original Credit Agreement), shall remain outstanding and  in full force and effect in accordance with the Original Credit Agreement, as modified herein,  and shall continue to secure the Obligations (as defined herein);  WHEREAS, the Borrowers, the Lenders and the Administrative Agent acknowledge and  agree that (a) the Obligations (as defined herein) represent, among other things, the amendment,  restatement, renewal, extension, consolidation and modification of the “Obligations” (as defined  in the Original Credit Agreement) arising in connection with the Original Credit Agreement and  the other “Loan Documents” (as defined in the Original Credit Agreement) executed in  connection therewith; (b) the Borrowers, the Lenders and the Administrative Agent intend that  the Original Credit Agreement and the other “Loan Documents” (as defined in the Original  Credit Agreement) executed in connection therewith and the collateral pledged thereunder shall  secure, without interruption or impairment of any kind, all existing “Obligations” (as defined in  the Original Credit Agreement) under the Original Credit Agreement and the other “Loan  Documents” (as defined in the Original Credit Agreement) executed in connection therewith as  they may be amended, restated, renewed, extended, consolidated and modified hereunder,  together with all other obligations under this Agreement and under the other Loan Documents;  and (c) all “Liens” (as defined in the Original Credit Agreement) created by the Original Credit  Agreement and the other “Loan Documents” (as defined in the Original Credit Agreement)  executed in connection therewith are hereby ratified, confirmed and continued; and  WHEREAS, the Borrowers, the Lenders and the Administrative Agent intend that (a) the  provisions of the Original Credit Agreement be hereby superseded and replaced by the  provisions hereof; (b) the Notes (as defined herein) restate, renew, extend, consolidate, amend,  modify, replace, are substituted for and supersede in their entirety, but do not extinguish, the  “Obligations” (as defined in the Original Credit Agreement) evidenced by the “Notes” (as  

 

    2  WBD (US) 52391250  AMERICAS 108683049       defined in the Original Credit Agreement) issued pursuant to the Original Credit Agreement; and  (c) by entering into and performing their respective obligations hereunder, this transaction shall  not constitute a novation;  NOW, THEREFORE, in consideration of the mutual covenants and agreements herein  contained, the parties hereto covenant and agree to amend and restate in its entirety the Original  Credit Agreement as follows:  ARTICLE I    DEFINITIONS  SECTION 1.01. Defined Terms.  As used in this Agreement, the following terms have  the meanings specified below:   “2027 Senior Notes” means the 5.875% Senior Notes due 2027 issued by the Company  on September 29, 2017 in an original principal amount of $600,000,000 and all agreements and  instruments evidencing or governing the obligations under such senior unsecured notes entered  into in connection therewith.  “2031 Sustainability-Linked Senior Notes” means the 4.250% Sustainability-Linked  Senior Notes issued by the Company on April 8, 2021 in an original principal amount of  $1,000,000,000 and all agreements and instruments evidencing or governing the obligations  under such sustainability-linked senior unsecured notes entered into in connection therewith.  “Account” has the meaning assigned to such term in the U.S. Security Agreement.  “Account Debtor” means any Person obligated on an Account.  “Additional Equity Interest Basket” means, as of any date, the difference of:  (a) the aggregate Net Proceeds of issuances of Equity Interests of, or  contributions to, the Company, for the period from February 11, 2015 until such date;  minus  (b) any amounts set forth in paragraph (a) above actually utilized on or prior  to such date for (i) Permitted Acquisitions, (ii) Investments pursuant to Section 6.04(t),  (iii) Restricted Payments utilizing amounts available pursuant to the Additional Equity  Interest Basket pursuant to Section 6.08(a)(viii), and (iv) payments or other distributions  utilizing amounts available pursuant to the Additional Equity Interest Basket pursuant to  Section 6.08(b)(iii).  

 

    3  WBD (US) 52391250  AMERICAS 108683049       “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest  Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period multiplied  by (b) the Statutory Reserve Rate.  “Administrative Agent” means CoBank, in its capacity as administrative agent for the  Lenders hereunder, and its successors and assigns in such capacity.  “Administrative Questionnaire” means an Administrative Questionnaire in a form  supplied by the Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.  “Affiliate” means, with respect to a specified Person, any other Person that possesses,  directly or indirectly, the power to direct or cause the direction of the management or policies of  the Person specified, whether through the ability to exercise voting power, by contract or  otherwise.  “Agents” means, individually or collectively as the context may require, the  Administrative Agent and the Collateral Agent.  “Aggregate Credit Exposure” means, at any time, the aggregate Credit Exposure of all  the Lenders.  “Aggregate Revolving Exposure” means, at any time, the aggregate Revolving Exposure  of all the Revolving Lenders.  “Agreement” has the meaning assigned to such term in the preamble.  “Anti-Corruption Laws” means the laws, rules and regulations of the jurisdictions  applicable to any Loan Party or its Subsidiaries from time to time concerning or relating to  bribery or corruption, including the U.S. Foreign Corrupt Practices Act of 1977, as amended.  “Anti-Terrorism Laws” means any laws, regulations or orders of any Governmental  Authority of the United States, the United Nations, United Kingdom, European Union, the  Netherlands or any other Governmental Authority applicable to the Company and its  Subsidiaries relating to terrorism financing or money laundering, 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. § 5 et seq.), the International Security Development and Cooperation  Act (22 U.S.C. § 2349aa-9 et seq.), the Executive Order No. 13224 on Terrorist Financing,  effective September 24, 2001, the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the  “Patriot Act”), and any rules or regulations promulgated pursuant to or under the authority of any  of the foregoing.  

 

    4  WBD (US) 52391250  AMERICAS 108683049       “Applicable Percentage” means, with respect to any Lender, (a) with respect to  Revolving Loans, LC Exposure or Swingline Exposure, a percentage equal to a fraction the  numerator of which is such Lender’s Revolving Commitment and the denominator of which is  the aggregate Revolving Commitments (if the Revolving Commitments have terminated or  expired, the Applicable Percentages shall be determined based upon such Lender’s share of the  Aggregate Revolving Exposure at that time); provided that in the case of Section 2.21 when a  Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be  disregarded in the calculation; (b) with respect to the Term Loans, a percentage equal to a  fraction the numerator of which is such Lender’s outstanding principal amount of the Term  Loans and the denominator of which is the aggregate outstanding amount of the Term Loans of  all Term Lenders; and (c) with respect to the Aggregate Credit Exposure, a percentage based  upon such Lender’s share of the Aggregate Credit Exposure and the unused Commitments;  provided that in the case of Section 2.21 when a Defaulting Lender shall exist, any such  Defaulting Lender’s Credit Exposure shall be disregarded in the calculation.  “Applicable Rate” means (a) with respect to the period ending June 27, 2021, the rate  determined based upon the Senior Secured Net Leverage Ratio as set forth in the Compliance  Certificate received by the Administrative Agent pursuant to Section 5.01(c) for such period,  which shall be: (i) with respect to the Revolving Loans and Term Loans, a rate per annum equal  to (A) 0.25%, in the case of Base Rate Loans, and (B) 1.25% in the case of Eurodollar Loans,  and (ii) with respect to the commitment fee referred to below, 0.200% per annum; and (b)  thereafter, as of any date of determination, the following rates per annum, based upon the Senior  Secured Net Leverage Ratio as set forth in the most recent Compliance Certificate received by  the Administrative Agent pursuant to Section 5.01(c):  Senior Secured Net   Leverage Ratio  Applicable Rate for  Eurodollar  Loans/Letter of  Credit Fees  Applicable Rate  for Base Rate  Loans  Commitment  Fee  1. ≥ 2.50:1.00 2.75% 1.75% 0.350%  2. < 2.50:1.00 but ≥ 2.00:1.00 2.25% 1.25% 0.300%  3. < 2.00:1.00 but ≥ 1.50:1.00 1.75% 0.75% 0.250%  4. < 1.50:1.00 but ≥ 1.00:1.00 1.50% 0.50% 0.250%  5. < 1.00:1.00 1.25% 0.25% 0.200%  “Approved Fund” means any Person (other than a natural person) that is engaged in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the  ordinary course of its business and that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  

 

    5  WBD (US) 52391250  AMERICAS 108683049       “Assignment and Assumption” means an assignment and assumption entered into by a  Lender and an assignee (with the consent of any party whose consent is required by  Section 9.04(b)), and accepted by the Administrative Agent, in the form of Exhibit I or any other  form approved by the Administrative Agent.  “Availability Period” means the period from and including the Effective Date to but  excluding the Maturity Date with respect to the Revolving Loans.  “Available Revolving Commitment” means, at any time, the aggregate Revolving  Commitments then in effect minus the Aggregate Revolving Exposure.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the  European Union, the implementing law, regulation, rule or requirement for such EEA Member  Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b)  with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as  amended from time to time) and any other law, regulation or rule applicable in the United  Kingdom relating to the resolution of unsound or failing banks, investment firms or other  financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Bank Equity Interests” has the meaning assigned to such term in Section 9.19.  “Bank Product” means any financial accommodation extended to any Loan Party by a  Bank Product Provider in connection with (a) Swap Agreements or (b) Banking Services.  “Bank Product Agreements” means those agreements entered into from time to time by a  Loan Party with a Bank Product Provider in connection with the obtaining of any of the Bank  Products.  “Bank Product Obligations” means all obligations, liabilities, reimbursement obligations,  fees, or expenses owing by the Loan Parties to any Bank Product Provider pursuant to or  evidenced by a Bank Product Agreement and irrespective of whether for the payment of money,  whether direct or indirect, absolute or contingent, due or to become due, now existing or  hereafter arising.  “Bank Product Provider” means (a) any Lender or any of its Affiliates (or any Person  party to a Bank Product Agreement with a Loan Party that was a Lender or an Affiliate of a  Lender and a party to such Bank Product Agreement immediately prior to the assignment of all  of such Lender’s Commitments and Loans hereunder pursuant to Section 2.20(b)) and (b) U.S.  Bank National Association, with respect to any Bank Product extended by itself to any Loan  Party in effect as of the Effective Date; provided that no such Person (other than CoBank or its  

 

    6  WBD (US) 52391250  AMERICAS 108683049       Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and  until the Administrative Agent shall have received a Bank Product Provider Letter Agreement  from such Person and with respect to the applicable Bank Product within 30 days after the  provision of such Bank Product to a Loan Party, or, if such Bank Product Agreement was entered  into prior to the Effective Date or prior to the date on which such Bank Product Provider or its  Affiliate, as applicable, became a Lender under this Agreement, within 30 days after the  Effective Date or 10 days after the date on which such Bank Product Provider or its Affiliate, as  applicable, first became a Lender under this Agreement, as applicable.  “Bank Product Provider Letter Agreement” means a letter agreement in substantially the  form of Exhibit G, or otherwise in form and substance reasonably satisfactory to the  Administrative Agent, and duly executed by the applicable Bank Product Provider and the  Borrower Representative, and delivered to the Administrative Agent.   “Banking Services” means each and any of the following bank services provided to any  Loan Party by any Lender or any of its Affiliates: (a) credit cards for commercial customers  (including, without limitation, “commercial credit cards” and purchasing cards); (b) stored value  cards; and (c) treasury management services (including, without limitation, controlled  disbursement, automated clearinghouse transactions, return items and interstate depository  network services).  “Banking Services Obligations” of the Loan Parties means any and all obligations of the  Loan Parties, whether absolute or contingent and howsoever and whensoever created, arising,  evidenced or acquired (including all renewals, extensions and modifications thereof and  substitutions therefor) in connection with Banking Services.  “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as  amended, modified, succeeded, or replaced from time to time.  “Base Rate” means, at any time, the greatest of (a) the Prime Rate at such time, (b) 1/2 of  1.0% in excess of the Federal Funds Effective Rate at such time, and (c) the Adjusted LIBO Rate  for a Eurodollar Loan with a one-month Interest Period commencing at such time plus 1.0%.  For  the purposes of this definition, the Adjusted LIBO Rate shall be determined using the Adjusted  LIBO Rate as otherwise determined by Administrative Agent in accordance with the definition  of “Adjusted LIBO Rate”, except that (i) if a given day is a Business Day, such determination  shall be made on such day (rather than two Business Days prior to the commencement of an  Interest Period) or (ii) if a given day is not a Business Day, the Adjusted LIBO Rate for such day  shall be the rate determined by Administrative Agent pursuant to the preceding clause (i) for the  most recent Business Day preceding such day.  Any change in the Base Rate due to a change in  the Prime Rate, the Federal Funds Effective Rate, or such Adjusted LIBO Rate shall be effective  as of the opening of business on the day of such change in the Prime Rate, the Federal Funds  Effective Rate, or such Adjusted LIBO Rate, respectively.  “Base Rate”, when used in reference  to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such  Borrowing, are bearing interest at a rate determined by reference to the Base Rate.  

 

    7  WBD (US) 52391250  AMERICAS 108683049       “Beneficial Ownership Certification” means a certification regarding beneficial  ownership required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I  of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “Bermuda Borrowers” means, individually or collectively as the context may require, To- Ricos, To-Ricos Distribution and any other Persons organized under the laws of Bermuda from  time to time becoming Borrowers hereunder pursuant to Section 9.02(e), but excluding any  Persons organized under the laws of Bermuda who from time to time cease to be Borrowers  hereunder pursuant to Section 9.02(f).  “Bermuda Guaranty” means that certain Guarantee Agreement dated as of February 11,  2015, by and among the Borrowers and the Administrative Agent (as successor-in-interest to  Rabobank as collateral agent), for the benefit of the Secured Parties, as ratified and reaffirmed by  the Borrowers on the Effective Date pursuant to the Reaffirmation Agreement.  “Bermuda Loan Guarantor” means, individually or collectively as the context may  require, each Person (other than any U.S. Loan Party) that guarantees the payment of, or delivers  a security agreement that secures the repayment of, the Bermuda Secured Obligations, in each  case pursuant to Section 5.13(c), or pursuant to Section 9.02(e), but excluding any Persons who  from time to time cease to be Loan Parties hereunder pursuant to Section 9.02(f).  “Bermuda Loan Parties” means, individually or collectively as the context may require,  the Bermuda Borrowers and the Bermuda Loan Guarantors.  “Bermuda Obligations” means all unpaid principal of and accrued and unpaid interest on  all Loans to the Bermuda Borrowers, all LC Exposure in respect of the Bermuda Borrowers, all  accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of  the Bermuda Loan Parties to the Lenders or to any Lender, the Agents, any Issuing Bank with  respect to Letters of Credit of the Bermuda Borrowers or any indemnified party arising under the  Loan Documents.  “Bermuda Pledge Agreement” means that certain Share Charge Agreement dated as of  February 11, 2015, between the Company and the Administrative Agent (as successor-in-interest  to Rabobank as collateral agent), for the benefit of the Secured Parties, as ratified and reaffirmed  by the Company on the Effective Date pursuant to the Reaffirmation Agreement.  “Bermuda Secured Obligations” means (a) all Bermuda Obligations, and (b) all Bank  Product Obligations of the Bermuda Loan Parties; provided that the “Bank Product Obligations”  

 

    8  WBD (US) 52391250  AMERICAS 108683049       of a Bermuda Loan Party shall exclude any Excluded Swap Obligations with respect to such  Bermuda Loan Party.  “Bermuda Security Agreement” means that certain Deed of Security Assignment and  Charge dated as of February 11, 2015, by and among the Bermuda Borrowers and the  Administrative Agent (as successor-in-interest to Rabobank as collateral agent), for the benefit of  the Secured Parties, as ratified and reaffirmed by the Bermuda Borrowers on the Effective Date  pursuant to the Reaffirmation Agreement.  “Board” means the Board of Governors of the Federal Reserve System of the United  States.  “Borrower” or “Borrowers” means, individually or collectively as the context may  require, the Company, the Bermuda Borrowers and any other Persons from time to time  becoming Borrowers hereunder pursuant to Section 9.02(e), but excluding any Persons who from  time to time cease to be Borrowers hereunder pursuant to Section 9.02(f).  “Borrower Representative” means the Company, in its capacity as contractual  representative of the Borrowers pursuant to Article XI.  “Borrowing” means (a) Revolving Loans of the same Type, made, converted or  continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest  Period is in effect; (b) a Term Loan made on the same date and, in the case of Eurodollar Loans,  as to which a single Interest Period is in effect; and (c) a Swingline Loan.  “Borrowing Request” means a request, in substantially the form of Exhibit A, by the  Borrower Representative for a Borrowing of Revolving Loans or Term Loans, in each case in  accordance with Section 2.03.  “Business Day” means any day that is not a Saturday, Sunday or other day on which  commercial banks in New York City are authorized or required by law to remain closed;  provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall  also exclude any day on which banks are not open for dealings in dollar deposits in the London  interbank market.  “Capital Lease Obligations” of any Person means the obligations of such Person to pay  rent or other amounts under any lease of (or other arrangement conveying the right to use) real or  personal property, or a combination thereof, which obligations are required to be classified and  accounted for as capital leases on a consolidated balance sheet of such Person, and the amount of  such obligations shall be the capitalized amount thereof.  “Captive Insurance Company” means, collectively, (a) GK Insurance Company,  organized and licensed to provide insurance under the laws of the State of Vermont;  (b) Mayflower Insurance Company, Ltd., organized and licensed to provide insurance under the  laws of Bermuda; and (c) such other captive insurance companies that are reasonably acceptable  

 

    9  WBD (US) 52391250  AMERICAS 108683049       to the Administrative Agent, in each case which conducts no other business (nor suffers to exist  any business) other than providing insurance for the benefit of the Company and the Subsidiaries  with respect to workmen’s compensation, crime, general liability, auto liability, employee  benefits, property risks and live chicken inventory in accordance with Section 5.09 and  reinsurance arrangements or customary risk sharing or pooling arrangements with respect  thereto.  “Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative  Agent, for the benefit of one or more of the Issuing Banks or Lenders, as collateral for LC  Exposure or obligations of Lenders to fund participations in respect of the LC Exposure, cash or  deposit account balances or, if the Administrative Agent and each applicable Issuing Bank shall  agree in their sole discretion, other credit support, in each case pursuant to documentation in  form and substance satisfactory to the Administrative Agent and each applicable Issuing Bank.   “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the  proceeds of such cash collateral and other credit support.  “Change in Control” means (a) the acquisition of ownership, directly or indirectly,  beneficially or of record, by any Person or group (within the meaning of the Securities Exchange  Act of 1934 and the rules of the SEC thereunder as in effect on the Effective Date) other than the  Parent Entity, of Equity Interests representing more than 50% of the aggregate ordinary voting  power represented by the issued and outstanding Equity Interests of the Company; (b) failure of  the Parent Entity to have the right, directly or indirectly, to designate a majority of the board of  directors of the Company; (c) occupation of a majority of the seats (other than vacant seats) on  the board of directors of the Company by Persons who were neither (i) nominated by the board  of directors of the Company nor (ii) appointed by directors so nominated; or (d) the Company  shall cease to own, directly or indirectly, free and clear of all Liens (other than Permitted Liens),  the outstanding voting Equity Interests of any Borrower owned on a fully diluted basis by the  Company on the Effective Date, or if later, on the date such Person became a Borrower.  “Change in Law” means (a) the adoption of any law, rule or regulation after the Effective  Date; (b) any change in any law, rule or regulation or in the interpretation or application thereof  by any Governmental Authority after the Effective Date; or (c) compliance by any Lender or any  Issuing Bank (or, for purposes of Section 2.16(b), by any lending office of such Lender or by  such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline or  directive (whether or not having the force of law) of any Governmental Authority made or issued  after the Effective Date; provided that notwithstanding anything herein to the contrary, (x) the  Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines  or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines  or directives promulgated by the Bank for International Settlements, the Basel Committee on  Banking Supervision (or any successor or similar authority) or the United States or foreign  regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a  “Change in Law”, regardless of the date enacted, adopted or issued.  “Charges” has the meaning assigned to such term in Section 9.17.  

 

    10  WBD (US) 52391250  AMERICAS 108683049       “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,  or the Loans comprising such Borrowing, are Revolving Loans, Initial Term Loans, Delayed  Draw Term Loans or Swingline Loans.  “CoBank” means CoBank, ACB.   “Code” means the Internal Revenue Code of 1986, as amended from time to time.  “Collateral” means any and all real and personal property owned, leased or operated by a  Person covered by the Collateral Documents and any and all other real and personal property of  any Loan Party, now existing or hereafter acquired, that may at any time be subject to a Lien in  favor of the Administrative Agent, on behalf of the Lender Parties, to secure the Secured  Obligations.  “Collateral Access Agreement” has the meaning assigned to such term in the U.S.  Security Agreement, including any such agreement previously delivered by any Loan Party in  connection with the Original Credit Agreement and the U.S. Security Agreement.  “Collateral Agent” means CoBank, in its capacity as collateral agent hereunder, and each  of its successors and assigns in such capacity.  “Collateral Documents” means, collectively, the U.S. Security Agreement, the Bermuda  Pledge Agreement, the Bermuda Security Agreement, the Puerto Rico Security Agreement, each  Mortgage, each Collateral Access Agreement, each IP Security Agreement, each Deposit  Account Control Agreement, each Lock Box Agreement and each other document granting a  Lien upon the Collateral as security for payment of the Secured Obligations.  “Commercial LC Exposure” means, at any time, the sum of (a) the aggregate undrawn  amount of all outstanding Commercial Letters of Credit at such time, plus (b) the aggregate  amount of all LC Disbursements relating to Commercial Letters of Credit that have not yet been  reimbursed by or on behalf of the Borrowers at such time.  The Commercial LC Exposure of any  Revolving Lender at any time shall be its Applicable Percentage of the aggregate Commercial  LC Exposure at such time.  “Commercial Letter of Credit” means any Letter of Credit issued for the purpose of  providing the primary payment mechanism in connection with the purchase of any materials,  goods or services by a Borrower in the ordinary course of business of such Borrower.  “Commitment” means, with respect to each Lender, the sum of such Lender’s Revolving  Commitment and Term Loan Commitment.  The initial amount of each Revolving Lender’s and  Term Lender’s Commitment is set forth on the Commitment Schedule, or in the Assignment and  Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.  “Commitment Schedule” means the Schedule attached hereto identified as such.  

 

    11  WBD (US) 52391250  AMERICAS 108683049       “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C.§ 1 et seq.),  as amended from time to time, and any successor statute.  “Communications” has the meaning assigned to such term in Section 9.01(a).  “Company” means Pilgrim’s Pride Corporation, a Delaware corporation.  “Compliance Certificate” means a certificate of a Financial Officer of the Company, in  substantially the form of Exhibit H.  “Consolidated Tangible Assets” means, on any date, Consolidated Total Assets, minus  the aggregate amount of Intangible Assets on such date.  “Consolidated Total Assets” means, on any date, the aggregate amount of assets of the  Company on a consolidated basis.  “Credit Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s  Revolving Exposure at such time, plus (b) such Lender’s Term Exposure at such time.  “Customer” means any Account Debtor of a Loan Party or its Subsidiary.  “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or  other applicable jurisdictions from time to time in effect.  “Default” means any event or condition which constitutes an Event of Default or which  upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.  “Defaulting Lender” means, subject to Section 2.21(c), any Lender that (a) has failed to  (i) fund all or any portion of its Loans within two Business Days of the date such Loans were  required to be funded hereunder unless such Lender notifies the Administrative Agent and the  Borrower Representative in writing that such failure is the result of such Lender’s determination  that one or more conditions precedent to funding (each of which conditions precedent, together  with any applicable default, shall be specifically identified in such writing) has not been  satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, any Swingline Lender or any  other Lender any other amount required to be paid by it hereunder (including in respect of its  participation in Letters of Credit or Swingline Loans) within two Business Days of the date when  due; (b) has notified the Borrower Representative, the Administrative Agent or any Issuing Bank  or Swingline Lender in writing that it does not intend to comply with its funding obligations  hereunder, or has made a public statement to that effect (unless such writing or public statement  relates to such Lender’s obligation to fund a Loan hereunder and states that such position is  based on such Lender’s determination that a condition precedent to funding (which condition  precedent, together with any applicable default, shall be specifically identified in such writing or  public statement) cannot be satisfied); (c) has failed, within three Business Days after written  

 

    12  WBD (US) 52391250  AMERICAS 108683049       request by the Administrative Agent or the Borrower Representative, to confirm in writing to the  Administrative Agent and the Borrower Representative that it will comply with its prospective  funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender  pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent  and the Borrower Representative); or (d) has, or has a direct or indirect parent company that has,  (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a  receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or  similar Person charged with reorganization or liquidation of its business or assets, including the  Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in  such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not  be a Defaulting Lender solely by virtue of (x) the ownership or acquisition of any equity interest  in that Lender or any direct or indirect parent company thereof by a Governmental Authority or  (y) an Undisclosed Administration of such Lender, in any such case so long as such ownership  interest does not result in or provide such Lender with immunity from the jurisdiction of courts  within the United States or from the enforcement of judgments or writs of attachment on its  assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or  disaffirm any contracts or agreements made with such Lender.  Any determination by the  Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)  through (d) above shall be conclusive and binding absent manifest error, and such Lender shall  be deemed to be a Defaulting Lender (subject to Section 2.21(c)) upon delivery of written notice  of such determination to the Borrower Representative, each Issuing Bank, each Swingline  Lender and each Lender.  “Delayed Draw Funding Date” means any date prior to the Delayed Draw Termination  Date on which (a) the conditions set forth in Section 4.02 are satisfied or waived in writing by  the Administrative Agent and (b) any Delayed Draw Term Loans shall be funded (which, for the  avoidance of doubt, shall be a Business Day).  “Delayed Draw Term Lenders” means, as of any date of determination, Lenders having a  Delayed Draw Term Loan Commitment or outstanding Delayed Draw Term Loans.  “Delayed Draw Term Loan Commitment” means (a) as to any Lender, the aggregate  commitment of such Lender to make Delayed Draw Term Loans as set forth in the Commitment  Schedule or in the most recent Assignment and Assumption executed by such Lender, and (b) as  to all Lenders, the aggregate commitment of all Lenders to make Delayed Draw Term Loans,  which aggregate commitment shall equal $268,750,000 on the Effective Date.  “Delayed Draw Term Loans” has the meaning assigned to such term in Section 2.01(c).  “Delayed Draw Termination Date” means the earlier to occur of (a) the termination by  the Borrower Representative of all unfunded Delayed Draw Term Loan Commitments pursuant  to Section 2.09(c) and (b) the date that is six months after the Effective Date.  

 

    13  WBD (US) 52391250  AMERICAS 108683049       “Deposit Account Control Agreement” has the meaning assigned to such term in the U.S.  Security Agreement, including any such agreement previously delivered by any Loan Party in  connection with the Original Credit Agreement.  “Disclosed Matters” means the actions, suits and proceedings and the environmental  matters disclosed in Schedule 3.07.  “dollars” or “$” refers to lawful money of the United States.  “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the  United States, any State thereof or the District of Columbia.  “EBITDA” means, for any period, the sum of (a) Net Income (or net loss) for such  period, plus (b) without duplication and solely to the extent deducted in determining Net Income  (or net loss) for such period, the sum of (i) Interest Expense for such period, (ii) provisions for  Taxes based on income, profits or capital for such period, including, without limitation, State,  foreign, franchise and similar Taxes, and Tax Distributions made by the Company on a  consolidated basis during such period, (iii) consolidated depreciation expense of the Company  for such period, (iv) consolidated amortization expense of the Company for such period, (v)  consolidated Restructuring Charges of the Company for such period, (vi) any extraordinary,  unusual or non-recurring non-cash charges, expenses or losses for such period (but excluding any  non-cash charges, expenses or losses that relate to the write-down or write-off of Inventory), (vii)  the amount of loss or discount on sale of receivables, Securitization Assets and related assets to  any Securitization Subsidiary in connection with a Qualified Securitization Facility, (viii) any  expenses or charges (other than depreciation or amortization expense) related to any Permitted  Investment or Permitted Acquisition for such period, (ix) the amount of net cost savings and  synergies projected by the Company in good faith to be realized as a result of specified actions  taken or to be taken prior to or during such period (which cost savings or synergies shall be  subject only to certification by management of the Company and shall be calculated on a Pro  Forma Basis as though such cost savings or synergies had been realized on the first day of such  period), net of the amount of actual benefits realized during such period from such actions;  provided that (A) such cost savings or synergies are reasonably identifiable and factually  supportable, (B) such actions have been taken or are to be taken within 12 months after the date  of determination to take such action, (C) no cost savings or synergies shall be added pursuant to  this clause (ix) to the extent duplicative of any expenses or charges relating to such cost savings  or revenue enhancements that are included in clause (x) below with respect to such period and  (D) the aggregate amount of addbacks made pursuant to this clause (ix) and clause (x) below in  any four Fiscal Quarter period shall not exceed 10% of EBITDA (prior to giving effect to such  addbacks) for such four Fiscal Quarter period and (x) business optimization expenses (including  consolidation initiatives, severance costs and other costs relating to initiatives aimed at  profitability improvement); provided that the aggregate amount of addbacks made pursuant to  this clause (x) and clause (ix) above in any four Fiscal Quarter period shall not exceed 10% of  EBITDA (prior to giving effect to such addbacks) for such four Fiscal Quarter period, minus (c)  without duplication and solely to the extent included in determining Net Income, the sum of (i)  

 

    14  WBD (US) 52391250  AMERICAS 108683049       any extraordinary, unusual or non-recurring income or gains which were included in the  calculation of Net Income (or net loss) for such period, and (ii) cash expenditures incurred during  such period, the effect of which is to reduce balance sheet provisions previously booked and  treated as an extraordinary, unusual or non-recurring non-cash expense, in each case determined  in accordance with GAAP for such period.  “ECP Loan Guarantor” means, with respect to any transaction under a Secured Swap  Agreement, a Loan Guarantor that, at the time such transaction is entered into or, if later, when  such Loan Guarantor becomes a party hereto, is an “eligible contract participant” as defined in  Section 1a(18) of the Commodity Exchange Act (and related regulations of the Commodities  Futures Trading Commission) by virtue of having total assets exceeding $10,000,000 and/or  satisfying any other criteria relevant to such status under said Section 1a(18) (and related  regulations).  “EEA Financial Institution” means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b)  of this definition and is subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Effective Date” means the date on which the conditions set forth in Section 4.01 are  satisfied or waived in writing by the Administrative Agent.  “Eligible Incremental Lender” means, with respect to any Incremental Commitment, a  prospective Lender that would meet the qualifications to be an assignee set forth in  Sections 9.04(b)(i) and (b)(ii)(C) (subject to such consents, if any, that may be required pursuant  to Section 9.04(b)(i)).  “Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances,  orders, rules of common law, decrees, judgments, injunctions, notices or binding agreements  issued, promulgated or entered into by any Governmental Authority, relating in any way to the  environment, preservation or reclamation of natural resources, worker health and safety, or the  management, release or threatened release of any Hazardous Material in the environment.  “Environmental Liability” means any liability, contingent or otherwise (including any  liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any  

 

    15  WBD (US) 52391250  AMERICAS 108683049       Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any violation  of any Environmental Law; (b) the generation, use, handling, transportation, storage, treatment  or disposal of any Hazardous Materials; (c) exposure to any Hazardous Materials; (d) the release  or threatened release of any Hazardous Materials into the environment; or (e) any contract,  agreement or other consensual arrangement pursuant to which liability is assumed or imposed  with respect to any of the foregoing.  “Equity Interests” means shares of capital stock, partnership interests, membership  interests in a limited liability company, beneficial interests in a trust or other ownership interests  in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or  acquire any such equity or other ownership interest.  “ERISA” means the Employee Retirement Income Security Act of 1974.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that,  together with a Borrower, is treated as a single employer under Section 414(b) or (c) of the Code  or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a  single employer under Section 414 of the Code.  “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA  or the regulations issued thereunder with respect to a Plan (other than a reportable event for  which the 30-day notice period is extended or the report is waived); (b) the failure to make  contributions to a Plan for any plan year that, in the aggregate, at least equal the minimum  required contribution determined under Section 412 of the Code, Section 430 of the Code or  Section 303 of ERISA for the Plan for the plan year; (c) the existence with respect to any  Multiemployer Plan of an “accumulated funding deficiency” (as defined in Section 431 of the  Code or Section 304 of ERISA), whether or not waived; (d) the filing pursuant to Section 412(c)  of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (e) the incurrence by any Borrower or any of its ERISA  Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f)  the receipt by any Borrower or any ERISA Affiliate from the PBGC or a plan administrator of  any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to  administer any Plan; (g) the incurrence by any Borrower or any of its ERISA Affiliates of any  liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer  Plan; or (h) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by  any Multiemployer Plan from any Borrower or any ERISA Affiliate of any notice, concerning  the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is  expected to be, insolvent, within the meaning of Title IV of ERISA.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor Person), as in effect from time to time.  

 

    16  WBD (US) 52391250  AMERICAS 108683049       “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such  Loan, or the Loans comprising such Borrowing, are accruing interest at a rate determined by  reference to the Adjusted LIBO Rate.  “Event of Default” has the meaning assigned to such term in Article VII.  “Excluded Swap Obligation” means, with respect to any Loan Guarantor, any obligations  under a Secured Swap Agreement if, and to the extent that, all or a portion of the Guarantee of  such Loan Guarantor of, or the grant under a Loan Document by such Loan Guarantor of a  security interest to secure, such obligations (or any Guarantee thereof) is or becomes illegal  under the Commodity Exchange Act (or the application or official interpretation thereof) by  virtue of such Loan Guarantor’s failure for any reason to constitute an “eligible contract  participant” as defined in the Commodity Exchange Act (determined after giving effect to  Section 11.08) at the time of the Guarantee of such Loan Guarantor, or grant by such Loan  Guarantor of a security interest, becomes effective with respect to such obligations.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes  imposed on or measured by net income (however denominated), franchise Taxes, and branch  profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the  laws of, or having its principal office or, in the case of any Lender, its applicable lending office  located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are  Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on  amounts payable to or for the account of such Lender with respect to an applicable interest in a  Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires  such interest in the Loan or Commitment (other than pursuant to an assignment request by the  Borrower under Section 2.20) or (ii) such Lender changes its lending office, except in each case  to the extent that, pursuant to Section 2.18, amounts with respect to such Taxes were payable  either to such Lender's assignor immediately before such Lender became a party hereto or to  such Lender immediately before it changed its lending office, (c) Taxes attributable to such  Recipient’s failure to comply with Section 2.18(g) and (d) any U.S. federal withholding Taxes  imposed under FATCA.   “Excluded Transactions” is defined in Section 6.09(c)(v).  “Extended Revolving Commitment” means a Revolving Commitment the termination  date of which has been extended pursuant to Section 2.10(b).  “Extended Revolving Loan” means a Revolving Loan or an Incremental Revolving Loan  the maturity date of which has been extended pursuant to Section 2.10(b).  “Extended Term Loan” means a Term Loan or an Incremental Term Loan the maturity  date of which has been extended pursuant to Section 2.10(b).  

 

    17  WBD (US) 52391250  AMERICAS 108683049       “Extension” has the meaning assigned to such term in Section 2.10(b)(i).  “Extension Amendment” means an amendment to this Agreement (which may, at the  option of the Administrative Agent, be in the form of an amendment and restatement of this  Agreement) providing for any Extended Term Loans, Extended Revolving Loans and/or  Extended Revolving Commitments pursuant to Section 2.10(b), which shall be consistent with  the applicable provisions of this Agreement and otherwise satisfactory to the parties thereto.   Each Extension Amendment shall be executed by the Administrative Agent, the L/C Issuer  and/or the Swingline Lender (to the extent Section 2.10(b) would require the consent of the L/C  Issuer and/or the Swingline Lender, respectively, for the amendments effected in such Extension  Amendment), the applicable Loan Parties and the other parties specified in Section 2.10(b) (but  not any other Lender).  Any Extension Amendment may include conditions for delivery of  opinions of counsel and other documentation consistent with the conditions in Section 4.01, all to  the extent reasonably requested by the Administrative Agent or the other parties to such  Extension Amendment.  “Extension Offer” has the meaning assigned to such term in Section 2.10(b)(i).  “Factor” means any Person that is a purchaser of Accounts of a Customer under a  Factoring Program.  “Factoring Program” means the program established by any Person (including a  Customer) for suppliers to a Customer for the limited recourse sale by such suppliers of such  Customer’s Accounts at the option of such suppliers, to a Factor.  “Farm Credit System Institution” means 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.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this  Agreement (or any amended or successor version that is substantively comparable and not  materially more onerous to comply with), any current or future regulations or official  interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the  Code.  “Federal Funds Effective Rate” means, for any day, the weighted average of the rates on  overnight federal funds transactions with members of the Federal Reserve System, as published  on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate  is not so published for any day that is a Business Day, the average of the quotations for such day  for such transactions received by the Administrative Agent from three federal funds brokers of  recognized standing selected by it; provided that the “Federal Funds Effective Rate” shall in no  event be less than zero.  

 

    18  WBD (US) 52391250  AMERICAS 108683049       “Fee Letter” means that certain Fee Letter dated as of July 12, 2021, from CoBank to the  Company.  “FEMA” means the Federal Emergency Management Agency.  “Financial Covenant Acquisition” means a Permitted Acquisition for which the total  consideration paid or payable (including, without limitation, any earn-out obligations and all  Indebtedness assumed) is equal to or greater than $500,000,000.  “Financial Officer” means the chief financial officer, principal accounting officer,  treasurer, vice president and assistant to the treasurer and chief financial officer, or controller (or  other officer having similar duties) of a Borrower.  “First-Tier Foreign DRE” means any Foreign DRE that is owned directly, or indirectly  through one or more Foreign DREs, by the Company or a Domestic Subsidiary.  “First-Tier Foreign Subsidiary” means any Foreign Subsidiary owned directly by one or  more of the Company or its Domestic Subsidiaries, or the First-Tier Foreign DREs.  “Fiscal Quarter” means each of the four fiscal quarters of a Fiscal Year, each of which  shall end on a Sunday and shall consist of 13 or 14 weeks, as appropriate with respect to such  Fiscal Year.  “Fiscal Year” means the 52- or 53-week fiscal year of the Company ending on the last  Sunday in December.  “Flood Insurance Acts” means, collectively, (a) the National Flood Insurance Act of 1968  as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection  Act of 1973 as now or hereafter in effect or any successor statue thereto, (c) the National Flood  Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d)  the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute  thereto and (e) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in  effect or any successor statute thereto.  “Foreign DRE” means a Foreign Subsidiary that for U.S. Federal income tax purposes is  classified as a partnership or that is “disregarded as an entity separate from its owner” (within the  meaning of Treas. Reg. §301.7701-2), but not any such Foreign Subsidiary whose assets consist  solely of stock of a “controlled foreign corporation” (within the meaning of Section 957(a) of the  Code).  “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction  other than the United States, each State thereof or the District of Columbia.   “Foreign Subsidiary” means each Subsidiary of the Company that is not a Domestic  Subsidiary.  

 

    19  WBD (US) 52391250  AMERICAS 108683049       “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to  any Issuing Bank, such Defaulting Lender’s Applicable Percentage of the outstanding LC  Exposure with respect to Letters of Credit issued by such Issuing Bank other than LC Exposure  as to which such Defaulting Lender’s participation obligation has been reallocated to other  Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any  Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Exposure other  than Swingline Exposure as to which such Defaulting Lender’s participation obligation has been  reallocated to other Lenders.  “FSA” means the Food Security Act of 1985, 7 U.S.C. Section 1631 et seq.  “Fully Satisfied” or “Full Satisfaction” means, as of any date, that on or before such date:  (a) with respect to the Loans and Letters of Credit: (i) the principal of and  interest accrued to such date on the Loans (other than the contingent LC Exposure) shall  have been paid in full in cash, (ii) all fees, expenses, and other amounts then due and  payable (other than the contingent LC Exposure and other contingent amounts for which  a claim has not been made) shall have been paid in full in cash, (iii) the Commitments  shall have expired or irrevocably been terminated, and (iv) the contingent LC Exposure,  if any, shall have been secured by: (A) the grant of a first-priority, perfected Lien on cash  in an amount at least equal to 105% of the amount of such LC Exposure or other  collateral which is acceptable to Issuing Bank in its sole discretion or (B) the issuance of  a “back-to-back” letter of credit in form and substance acceptable to Issuing Bank with an  original face amount at least equal to 105% of the amount of such LC Exposure and  issued by an issuing bank satisfactory to Issuing Bank in its sole discretion; and  (b) with respect to the Bank Product Obligations: (i) all termination payments,  fees, expenses, and other amounts then due and payable under the related Bank Product  Agreements shall have been paid in full in cash, and (ii) all contingent amounts (other  than contingent indemnification obligations for which no claim has been asserted) which  could be payable under the related Bank Product Agreements shall have been secured by:  (A) the grant of a first-priority, perfected Lien on cash in an amount at least equal to  105% of the amount of such contingent amounts or other collateral which is acceptable to  the applicable Bank Product Provider or (B) the issuance of a letter of credit in form and  substance acceptable to the applicable Bank Product Provider and in an amount at least  equal to 105% of the amount of such contingent obligations and issued by an issuing  bank reasonably satisfactory to such applicable Bank Product Provider; provided that the  amount of such Bank Product Obligations shall be determined in accordance with  Section 8.13.  “Funding Accounts” means those deposit accounts of the Borrowers to which the Lenders  are authorized to transfer the proceeds of any Borrowings requested or authorized pursuant to  this Agreement.  

 

    20  WBD (US) 52391250  AMERICAS 108683049       “GAAP” means generally accepted accounting principles in the United States.  “Governmental Authority” means the government of the United States or any other  nation, or any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank, or other entity exercising executive,  legislative, judicial, taxing, regulatory, or administrative powers or functions of or pertaining to  government including any supra-national bodies (such as the European Union or the European  Central Bank).  “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or  otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any  Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner,  whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,  (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such  Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase  of) any security for the payment thereof; (b) to purchase or lease property, securities or services  for the purpose of assuring the owner of such Indebtedness or other obligation of the payment  thereof; (c) to maintain working capital, equity capital or any other financial statement condition  or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness  or other obligation; or (d) as an account party in respect of any letter of credit or letter of  guaranty issued to support such Indebtedness or obligation; provided that the term “Guarantee”  shall not include endorsements for collection or deposit in the ordinary course of business.  “Guaranteed Obligations” has the meaning assigned to such term in Section 10.01.  “Hazardous Materials” means all explosive or radioactive substances or wastes and all  hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum  distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,  infectious or medical wastes and all other substances or wastes of any nature regulated pursuant  to any Environmental Law.  “Improvements” means, with respect to any Mortgaged Property, all buildings, structures  and other improvements now or hereafter existing, erected or placed on or under the Mortgaged  Property, or in any way used in connection with the use, enjoyment, occupancy or operation of  such Mortgaged Property or any portion thereof, and all fixtures of every kind and nature  whatsoever now or hereafter owned by any of the Borrowers or the Subsidiaries and used or  procured for use in connection with such Mortgaged Property.  “Incremental Commitment Joinder Agreement” has the meaning assigned to such term in  Section 2.10(a)(iii).  “Incremental Commitment Request” has the meaning assigned to such term in  Section 2.10(a)(ii).  

 

    21  WBD (US) 52391250  AMERICAS 108683049       “Incremental Commitments” means, individually or collectively as the context may  require, Incremental Revolving Commitments and Incremental Term Commitments.  “Incremental Equivalent Debt” means Indebtedness of the Loan Parties that is unsecured  or secured by Liens on the Collateral that are either pari passu with or junior to the Liens of the  Collateral Agent; provided that:  (a) the amount of such Indebtedness could be established as Incremental  Commitments under Section 2.10(a)(i);  (b) such Indebtedness (i) shall result, upon the establishment thereof, solely to  the extent incurred in reliance on Section 2.10(a)(i)(B)(1), in a dollar for dollar reduction  of the amount of Incremental Commitments that may be established under Section  2.10(a)(i)(B)(1), (ii) shall not be secured by any assets that are not Collateral, and (iii) to  the extent subordinate or secured, as applicable, be subject to a subordination or  intercreditor agreement, as applicable, on then prevailing market terms and reasonably  acceptable to the Administrative Agent;  (c) before and immediately after giving effect to such Indebtedness, no  Default or Event of Default shall have occurred and be continuing or would result from  any such Incremental Equivalent Debt; provided that in the case of any Incremental  Equivalent Debt, the proceeds of which are being used to finance a Limited Condition  Acquisition, (i) the satisfaction of such condition shall be subject to Section 1.07, and (ii)  no Event of Default under clause (a), (b), (h) or (i) of Article VII shall exist at the time of,  or would result from, the incurrence of such Incremental Equivalent Debt; and  (d) the terms and provisions of such Indebtedness shall (i) have a maturity  date that is not earlier than the Maturity Date of the Term Loans (or if Incremental  Revolving Commitments, the Revolving Loans); (ii) have a weighted average life to  maturity that is no shorter than the weighted average life to maturity of the Term Loans  (or if Incremental Revolving Commitments, the Revolving Loans); (iii) shall not have  any mandatory prepayment or redemption features that could result in prepayments or  redemptions of such Indebtedness prior to the Maturity Date of the Term Loans; and  (iv) in the case of Indebtedness constituting term loans that are pari passu with the  Obligations, be subject to “most favored nation” provisions substantially similar to those  provided in Section 2.10(a)(v)(D).  “Incremental Loans” means, individually or collectively as the context may require,  Incremental Revolving Loans and Incremental Term Loans.  “Incremental Revolving Commitments” has the meaning assigned to such term in  Section 2.10(a)(i).  

 

    22  WBD (US) 52391250  AMERICAS 108683049       “Incremental Revolving Loans” has the meaning assigned to such term in Section  2.10(a)(i).  “Incremental Term Commitments” has the meaning assigned to such term in  Section 2.10(a)(i).  “Incremental Term Loans” has the meaning assigned to such term in Section 2.10(a)(i).  “Indebtedness” of any Person means, without duplication:  (a) all obligations of such Person (i) for borrowed money or (ii) with respect  to deposits or advances of any kind, in each case owed by such Person to a third Person;  (b) all obligations of such Person evidenced by bonds, debentures, notes or  similar instruments;  (c) all obligations of such Person under conditional sale or other title retention  agreements relating to property acquired by such Person;  (d) all obligations of such Person in respect of the deferred purchase price of  property or services;  (e) all Indebtedness of others secured by (or, if all conditions thereto have  been satisfied, for which the holder of such Indebtedness has a contingent right to be  secured by) any Lien on property owned or acquired by such Person, whether or not the  Indebtedness secured thereby has been assumed; provided that the amount of  Indebtedness of any Person pursuant to this paragraph (e) shall be deemed to equal the  lesser of (i) the aggregate unpaid amount of such Indebtedness secured by such Lien and  (ii) the fair market value of the property encumbered thereby as determined by such  Person in good faith;  (f) all Guarantees by such Person of Indebtedness of others;  (g) all Capital Lease Obligations of such Person;  (h) the principal components of all obligations, contingent or otherwise, of  such Person as an account party in respect of letters of credit and letters of guaranty;  (i) the principal components of all obligations, contingent or otherwise, of  such Person in respect of bankers’ acceptances;  (j) obligations under any liquidated earn out, to the extent shown in the  “Liabilities” section of the consolidated balance sheet of the Company; and  (k) any other Off-Balance Sheet Liability.  

 

    23  WBD (US) 52391250  AMERICAS 108683049       The Indebtedness of any Person shall include the Indebtedness of any other Person  (including any partnership in which such Person is a general partner) to the extent such Person is  liable therefor as a result of such Person’s ownership interest in or other relationship with such  entity, except to the extent the terms of such Indebtedness provide that such Person is not liable  therefor.  Indebtedness shall exclude (i) accrued expenses and accounts and trade payables  incurred in the ordinary course of business, (ii) liabilities with respect to Intercompany IRBs,  (iii) reserves for deferred income taxes, (iv) endorsements for collection or deposit in the  ordinary course of business and (v) any other indebtedness or portion thereof with respect to  which and to the extent the trustee or other applicable depository in respect of such indebtedness  holds cash or cash equivalents in an amount sufficient to repay the principal, and accrued interest  on, such indebtedness, and the foregoing shall constitute a redemption or a complete defeasance  of such indebtedness pursuant to the applicable agreement governing such indebtedness.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of a Loan Party under any Loan  Document and (b) to the extent not otherwise described in clause (a), Other Taxes.  “Indemnitee” has the meaning assigned to such term in Section 9.03(b).  “Information” has the meaning assigned to such term in Section 9.12.  “Initial Term Lenders” means, as of any date of determination, Lenders having an Initial  Term Loan Commitment or outstanding Initial Term Loans.  “Initial Term Loan Commitment” means (a) as to any Lender, the aggregate commitment  of such Lender to make Initial Term Loans as set forth in the Commitment Schedule or in the  most recent Assignment and Assumption executed by such Lender, and (b) as to all Lenders, the  aggregate commitment of all Lenders to make Initial Term Loans, which aggregate commitment  shall equal $431,250,000 on the Effective Date.  “Initial Term Loans” has the meaning assigned to such term in Section 2.01(b); provided  that at the time of incurrence of any Delayed Draw Term Loans, such Delayed Draw Term Loans  shall automatically be added to, and constitute a part of, the Initial Term Loans for all purposes  of this Agreement and the other Loan Documents.  “Intangible Assets” means assets of the Company on a consolidated basis that are  considered to be intangible assets under GAAP, including customer lists, goodwill, copyrights,  trade names, trademarks, patents, franchises, licenses, unamortized deferred charges,  unamortized debt discount and capitalized research and development costs.  “Intercompany IRBs” means any industrial revenue bonds, notes, debentures or similar  instruments issued by a Governmental Authority on behalf of the Company or a Subsidiary that  are (a) owned exclusively by the Company or a Subsidiary and (b) subordinated to the repayment  of the Secured Obligations on terms reasonably satisfactory to the Administrative Agent.  

 

    24  WBD (US) 52391250  AMERICAS 108683049       “Interest Coverage Ratio” means, on any date, the ratio of (a) EBITDA for the most  recently ended Test Period to (b) Interest Expense for the most recently ended Test Period.  “Interest Election Request” means a request, in substantially the form of Exhibit C, by the  Borrower Representative to convert or continue a Borrowing, in each case in accordance with  Section 2.08.  “Interest Expense” means, with reference to any period, total interest expense (including  that attributable to Capital Lease Obligations required to be capitalized in accordance with  GAAP, the amortization of debt discounts, the amortization of all fees payable in connection  with the incurrence of Indebtedness to the extent included in interest expense and capitalized  interest) of the Company on a consolidated basis for such period with respect to all outstanding  Indebtedness of the Company on a consolidated basis (including all commissions, discounts and  other fees and charges owed with respect to letters of credit and bankers’ acceptance financing  and net costs under Swap Agreements in respect of interest rates to the extent such net costs are  allocable to such period), all of the foregoing calculated on a consolidated basis for the Company  for such period.  “Interest Payment Date” means (a) with respect to any Base Rate Loan (including any  Swingline Loan), (i) the second Business Day of each April, July, October and January of each  year, and (ii) the Maturity Date; and (b) with respect to any Eurodollar Loan, (i) the last day of  the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a  Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day  prior to the last day of such Interest Period that occurs at intervals of three months’ duration after  the first day of such Interest Period and (ii) the Maturity Date.  “Interest Period” means with respect to any Eurodollar Borrowing, the period  commencing on the date of such Borrowing and ending on the numerically corresponding day in  the calendar month that is one, three or six months thereafter, as the Borrower Representative  may elect; provided that (a) if any Interest Period would end on a day other than a Business Day,  such Interest Period shall be extended to the next succeeding Business Day unless such next  succeeding Business Day would fall in the next calendar month, in which case such Interest  Period shall end on the next preceding Business Day; and (b) any Interest Period that commences  on the last Business Day of a calendar month (or on a day for which there is no numerically  corresponding day in the last calendar month of such Interest Period) shall end on the last  Business Day of the last calendar month of such Interest Period.  For purposes hereof, the date of  a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be  the effective date of the most recent conversion or continuation of such Borrowing.  “Inventory” has the meaning assigned to such term in the U.S. Security Agreement.  “Investment” by any Person in any other Person means (a) any direct or indirect loan,  advance or other extension of credit or capital contribution to or for the account of such other  Person (by means of any transfer of cash or other property to any Person or any payment for  

 

    25  WBD (US) 52391250  AMERICAS 108683049       property or services for the account or use of any Person, or otherwise); (b) any direct or indirect  purchase or other acquisition of any Equity Interests, bond, note, debenture or other debt or  equity security or evidence of Indebtedness, or any other ownership interest (including the  purchase price of any option, warrant or any other right to acquire any of the foregoing), issued  by such other Person, whether or not such acquisition is from such or any other Person; (c) any  direct or indirect payment by such Person on a Guarantee of any obligation of or for the account  of such other Person or any direct or indirect issuance by such Person of such a Guarantee  (provided that for purposes of Section 6.04, payments under Guarantees not exceeding the  amount of the Investment attributable to the issuance of such Guarantee will not be deemed to  result in an increase in the amount of such Investment); (d) any purchase or other acquisition (in  one transaction or a series of transactions) of all or substantially all assets of another Person or  any assets of any other Person constituting a division or business unit (in each case, whether  through purchase of assets, merger or otherwise); or (e) any other investment of cash or other  property by such Person in or for the account of such other Person.  Any repurchase by a  Borrower of its own Equity Interests or Indebtedness shall not constitute an Investment for  purposes of this Agreement.  The amount of any Investment shall be the original principal or  capital amount thereof less all returns of principal or equity thereon (and without adjustment by  reason of the financial condition of such other Person) and shall, if made by the transfer or  exchange of property other than cash, be deemed to have been made in an original principal or  capital amount equal to the fair market value of such property at the time of such transfer or  exchange.  In addition, any determination of the amount of an Investment shall include all cash  and non-cash consideration paid by or on behalf of such Person or any of its subsidiaries in  connection with such Investment, including the fair market value of all Equity Interests issued or  transferred to the sellers thereof, all indemnities, earnouts and other contingent payment  obligations of such Person set forth in the “Liabilities” section of the balance sheet of such  Person, and the aggregate amounts paid or to be paid under noncompete, consulting and similar  agreements (other than agreements relating to the provision of services on terms at least as  favorable to the Company or the Subsidiaries as would have been obtained if negotiated on an  arms’-length basis with a third Person) with the sellers thereof, and all assumptions of Total  Indebtedness in connection therewith.  “IP Security Agreements” means any patent security agreement, trademark security  agreement, copyright security agreement or other agreement which conveys or evidences a Lien  in favor of the Administrative Agent, for the benefit of the Secured Parties, on intellectual  property of a Loan Party, including any such agreement delivered in connection with the  Original Credit Agreement and/or U.S. Security Agreement and, in each case, any amendment,  modification or supplement thereto.  “Issuance Request” means a request, in substantially the form of Exhibit B, by the  Borrower Representative for the issuance of a Letter of Credit.  “Issuing Banks” means, individually or collectively as the context may require, CoBank  and any other Lender proposed by the Borrower Representative that (i) agrees in its sole  discretion to act as an Issuing Bank and (ii) is reasonably acceptable to the Administrative Agent,  

 

    26  WBD (US) 52391250  AMERICAS 108683049       each in its capacity as an issuer of Letters of Credit hereunder, and its successors and assigns in  such capacity as provided in Section 2.06(i).  Each such Issuing Bank, may, in its sole discretion,  arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in  which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of  Credit issued by such Affiliate.  “Joinder Agreement” has the meaning assigned to such term in Section 5.13(a).  “LC Collateral Account” means, individually or collectively as the context may require,  the U.S. LC Collateral Account and the Non-U.S. LC Collateral Account.  “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of  Credit.  “LC Exposure” means, at any time, the sum of the Commercial LC Exposure and the  Standby LC Exposure.  The LC Exposure of any Revolving Lender at any time shall be its  Applicable Percentage of the aggregate LC Exposure at such time.  “LCA Election” has the meaning assigned to such term in Section 1.07(a).  “LCA Test Date” has the meaning assigned to such term in Section 1.07(a).  “Lead Arrangers” means CoBank, BARCLAYS, BMO CAPITAL MARKETS CORP.,  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, MIZUHO BANK, LTD., and  ROYAL BANK OF CANADA, in their capacities as joint lead arrangers hereunder, and their  successors and assigns in such capacity.   “Lender Parties” means, individually or collectively as the context may require, the  Agents, the Lenders and the Issuing Banks.  “Lenders” means the Persons (other than the Borrowers) that are parties to this  Agreement on the Effective Date and any other Person that shall have become a party hereto  pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party  hereto pursuant to an Assignment and Assumption.  Unless the context otherwise requires, the  term “Lenders” includes the Swingline Lender.  “Letter of Credit” means any Commercial Letter of Credit or Standby Letter of Credit  issued pursuant to this Agreement.  “LIBO Rate” means, with respect to any Borrowing for any Interest Period, a rate per  annum equal to the London interbank offered rate as administered by the ICE Benchmark  Administration (or any other Person that takes over the administration of such rate) for deposits  in dollars with a term equivalent to such Interest Period as reported by Bloomberg Information  Services (or any successor or substitute service comparable thereto, as determined by the  Administrative Agent from time to time, that provides quotations of interest rates applicable to  

 

    27  WBD (US) 52391250  AMERICAS 108683049       dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two  Business Days prior to the commencement of such Interest Period; provided that (a) in no event  shall such rate be less than zero and (b) in the event that the Administrative Agent is not able to  determine the LIBO Rate using such methodology, subject to Section 2.15, the Administrative  Agent shall notify the Borrower Representative, and the Administrative Agent and the Borrower  Representative will agree upon a substitute basis for obtaining such quotations.    “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,  hypothecation, encumbrance, charge or security interest in, on or of such asset; (b) the interest of  a vendor or a lessor under any conditional sale agreement, capital lease or title retention  agreement (or any financing lease having substantially the same economic effect as any of the  foregoing) relating to such asset; and (c) in the case of securities, any purchase option, call or  similar right of a third party with respect to such securities (it being understood that a purchase  and sale agreement or similar agreement in respect of Equity Interests shall not be considered a  purchase option, call or similar right of a third party for purposes of this clause (c)).  “Limited Condition Acquisition” means a Permitted Acquisition or other permitted  Investment of the Borrowers or one or more of their respective Subsidiaries whose  consummation is not conditioned on the availability of, or on obtaining, third party financing.  “Loan Documents” means this Agreement, any Notes issued pursuant to this Agreement,  any Letters of Credit applications, the Collateral Documents, the U.S. Guaranty, the Bermuda  Guaranty, any Subordination Agreement, the Fee Letter, the Reaffirmation Agreement and all  other agreements, instruments, documents and certificates identified in or entered into pursuant  to Section 4.01 or the other terms of this Agreement, in each case executed by or on behalf of  any Loan Party and delivered to, or in favor of, the Administrative Agent or any other Lender  Party in connection with any of the foregoing agreements, instruments and documents.  “Loan Guarantor” means (a) with respect to the U.S. Secured Obligations, each U.S.  Loan Guarantor; and (b) with respect to the Bermuda Secured Obligations, each Loan Party, and  any other Person that becomes a Loan Guarantor pursuant to Section 5.13(a) and/or Section  9.02(e), but excluding any other Persons who from time to time cease to be Loan Guarantors  hereunder pursuant to Section 9.02(f).  “Loan Guaranty” means, individually or collectively as the context may require, the U.S.  Guaranty and the Bermuda Guaranty.  “Loan Parties” means, individually or collectively as the context may require, the U.S.  Loan Parties and the Bermuda Loan Parties.  “Loans” means the loans and advances made by the Lenders pursuant to this Agreement,  including Swingline Loans.  

 

    28  WBD (US) 52391250  AMERICAS 108683049       “Lock Box Agreement” means, individually and collectively, each “Lock Box  Agreement” referred to in the U.S. Security Agreement, and shall include each agreement  delivered in connection with the Original Credit Agreement and U.S. Security Agreement.  “Loss” has the meaning assigned to such term in Section 9.03(b).  “Management Fees” means any management fees, consulting fees, advisory fees or other  similar fees paid to the Parent Entity or any Affiliate thereof; provided that the term Management  Fees shall not include costs and expenses of the Parent Entity incurred in connection with  overhead services provided by the Parent Entity to the Company and the Subsidiaries.  “Material Adverse Effect” means a material adverse effect on (a) the business, assets,  property, operations or condition, financial or otherwise, of the Company and the Subsidiaries  taken as a whole; (b) the ability of the Loan Parties, taken as a whole, to perform their payment  obligations under the Loan Documents to which they are party; or (c) the legality, validity,  binding effect or enforceability against any Loan Party of the Loan Documents or the rights of,  or benefits available to, the Administrative Agent or any other Lender Party under the Loan  Documents.  “Material Agreements” means, collectively, each agreement and contract to which any  Loan Party is a party as of the Effective Date that, if terminated or breached, could reasonably be  expected to result in a Material Adverse Effect.  “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit),  or obligations in respect of one or more Swap Agreements, of any one or more of the Company  and the Subsidiaries in an aggregate outstanding principal amount exceeding $25,000,000.  For  purposes of determining Material Indebtedness, the “obligations” of any Borrower or any  Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate  amount (giving effect to any netting agreements) that such Borrower or such Subsidiary would  be required to pay if such Swap Agreement were terminated at such time.  “Material Subsidiary” means any Subsidiary of the Company that is a Domestic  Subsidiary or a First-Tier Foreign DRE and (a) the portion of Consolidated Total Assets  attributable, on a stand-alone basis, to such Subsidiary exceeds 5% of the Consolidated Total  Assets as of the end of the most recently completed Fiscal Quarter for which financial statements  have been delivered pursuant to Section 5.01; or (b) the portion of EBITDA (after excluding all  intercompany transactions) attributable, on a stand-alone basis, to such Subsidiary exceeds 5% of  EBITDA as of the end of the most recently completed eight Fiscal Quarters for which financial  statements have been delivered pursuant to Section 5.01; provided that (i) any Domestic  Subsidiary or First-Tier Foreign DRE that directly or indirectly owns a Material Subsidiary shall  itself be a Material Subsidiary and (ii) in the event that Domestic Subsidiaries or First-Tier  Foreign DREs that would otherwise not be Material Subsidiaries shall in the aggregate account  for a percentage in excess of 10% of the Consolidated Total Assets or 10% of EBITDA as of the  end of and for the most recently completed Fiscal Quarter for which financial statements have  

 

    29  WBD (US) 52391250  AMERICAS 108683049       been delivered pursuant to Section 5.01, then one or more of such Subsidiaries designated by the  Company (or, if the Company shall make no designation, one or more of such Subsidiaries in  descending order based on their respective contributions to Consolidated Total Assets), shall be  included as Material Subsidiaries to the extent necessary to eliminate such excess.  “Maturity Date” means, (a) with respect to the Revolving Loans (including Swingline  Loans), August 9, 2026 or any earlier date on which the Revolving Commitments are reduced to  zero or otherwise terminated pursuant to the terms hereof; and (b) with respect to the Term  Loans, August 9, 2026.  “Maximum Liability” has the meaning assigned to such term in Section 10.09.  “Maximum Rate” has the meaning assigned to such term in Section 9.17.  “Mexican Credit Facility” means, collectively, (a) that certain Credit Agreement, dated as  of September 27, 2016, among PPC Mexico, the other borrower party thereto, the guarantors  party thereto and Banco de Bajío S.A., institución de banca multiple; and (b) all other  agreements, instruments, documents and certificates entered into by PPC Mexico and its  subsidiaries in connection therewith, as such credit facility may be amended, restated,  refinanced, renewed or replaced from time to time.  “Mexican Holding Company” means any Mexican Subsidiary established to own,  directly or indirectly, all of the Equity Interests of each other Mexican Subsidiary provided such  Person does not own the Equity Interests of any other Subsidiary.  “Mexican Subsidiary” means, individually or collectively as the context may require, (a)  each Subsidiary organized under the laws of Mexico and (b) any Domestic Subsidiary with no  material operations or assets other than Equity Interests of Subsidiaries organized under the laws  of Mexico.  “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral  consisting of cash or deposit account balances, an amount equal to 105% of the Fronting  Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such  time and (b) otherwise, an amount determined by the Administrative Agent and the Issuing  Banks in their sole discretion.  “Moody’s” means Moody’s Investors Service, Inc.  “Mortgaged Property” means, initially, the real properties referred to on Schedule 4.01(n)  and includes each other parcel of real property and improvements and leasehold interests thereto  with respect to which a Mortgage is granted (or is required to be granted) pursuant to  Section 5.13.  “Mortgaged Property Requirements” means, with respect to each Mortgaged Property,  each of the following, in form and substance reasonably satisfactory to the Administrative Agent:  

 

    30  WBD (US) 52391250  AMERICAS 108683049       (a) a Mortgage (or an amendment thereto to the extent that Administrative  Agent reasonably requests such amendment) encumbering such Mortgaged Property in  favor of the Administrative Agent, duly executed and acknowledged by each Loan Party  that is the owner of or holder of any interest in such Mortgaged Property, and otherwise  in form necessary for recording in the recording office of each applicable political  subdivision where each such Mortgaged Property is situated, together with such  certificates, affidavits, questionnaires or returns as shall be required in connection with  the recording or filing thereof in order to create in favor of the Administrative Agent (for  the benefit of the Secured Parties) a valid, perfected first priority security interest and  mortgage lien (subject to Permitted Liens) under Requirements of Law, and such UCC-1  financing statements and any other instruments as are, in the judgment of the  Administrative Agent, necessary to create in favor of the Administrative Agent (for the  benefit of the Secured Parties) a valid, perfected first priority security interest and  mortgage lien (subject to Permitted Liens) under Requirements of Law;  (b) to the extent not previously delivered to the Administrative Agent in  connection with the Original Credit Agreement or otherwise, maps or plans of an as-built  survey of the sites of such Mortgaged Property that are certified to the Administrative  Agent and the Title Insurance Company by an independent land surveyor or engineer  licensed to perform surveys in the State where such Mortgaged Property is located and  reasonably satisfactory to the Administrative Agent and the Title Insurance Company,  which maps or plans and the surveys on which they are based shall be made in  accordance with the most recent Minimum Standard Detail Requirements for Land Title  Surveys jointly established and adopted by the American Land Title Association and the  American Congress on Surveying and Mapping and meeting the accuracy requirements  as defined therein, including the requirement that there shall be surveyed and shown on  such maps, plats or surveys the following:  (A) a current “as-built” survey showing the  location of any adjoining streets, easements (including the recording information with  respect to all recorded instruments), the mean high water base line or other legal  boundary lines of any adjoining bodies of water, fences, zoning or restriction setback  lines, rights-of-way, utility lines to the points of connection and any encroachments; (B)  all means of ingress and egress, the amount of acreage and square footage, the address of  such Mortgaged Property, the legal description of such Mortgaged Property; (C) the  location of all improvements as constructed on such Mortgaged Property; (D) the  measured distances from the Improvements to the set back and specified distances from  street or property lines in the event that deed restrictions, recorded plats or zoning  ordinances require the same; (E) all courses and distances referred to in the legal  description; and (F) the flood zone designation, if any, in which such Mortgaged Property  is located.  The legal description of such Mortgaged Property shall be shown on the face  of each survey or affixed thereto.  In addition, such maps, plats or surveys shall be  sufficient for the Title Insurance Company to remove all standard survey exceptions from  the title insurance policy (or commitment) relating to such Mortgaged Property and issue  the endorsements of the type required by paragraph (c) below.  Notwithstanding the  

 

    31  WBD (US) 52391250  AMERICAS 108683049       foregoing, in the event that the applicable Loan Party has surveys in its possession that  are in form sufficient to allow the Title Insurance Company to remove all standard survey  exceptions from the title insurance policy (or commitment) relative to the applicable  Mortgaged Property and issue the endorsements of the type required by paragraph (c)  below (to the extent the same are available in the applicable jurisdiction), then the  applicable Loan Party shall not be required to comply with the foregoing survey  requirements relative to such Mortgaged Property;  (c) a mortgagee’s title insurance policy (or policies) or endorsements to  previous policies in favor of the Administrative Agent (to the extent that Administrative  Agent reasonably requests such endorsements) that is issued by the Title Insurance  Company in favor of the Administrative Agent and is in form and substance reasonably  satisfactory to the Administrative Agent.  Without limiting the foregoing, each such  policy shall (A) be in an amount satisfactory to the Administrative Agent not to exceed  the value of the Mortgaged Property covered thereby; (B) insure that the interests created  by each Mortgage on the applicable Mortgaged Property creates in favor of the  Administrative Agent (for the benefit of the Lender Parties) a valid, perfected first  priority security interest and mortgage lien thereon (subject to Permitted Liens);  (C) include a survey reading; (D) be in the form of ALTA 2006 Loan Policy (or  equivalent policies to the extent available in the applicable jurisdiction); (E) contain such  endorsements and affirmative coverages as the Administrative Agent may require,  including without limitation (to the extent applicable with respect to such Mortgaged  Property and available in the jurisdiction in which such Mortgaged Property is located),  the following:  aggregation or tie-in endorsement (i.e., policies which insure against  losses regardless of location or allocated value of the insured property up to a stated  maximum coverage amount); revolving credit endorsement; zoning endorsement;  variable rate endorsement; survey endorsement; comprehensive endorsement; first loss  and last dollar endorsements; access and entry coverage; location coverage; mineral  rights, water rights and surface damage coverage; separate tax parcel endorsement;  subdivision coverage; usury endorsement; doing business endorsement; subdivision  endorsement; environmental protection lien endorsement; CLTA 119.2 endorsement;  utility availability endorsement; contiguity coverage; waiver of arbitration endorsement;  and such other endorsements as the Administrative Agent shall require in order to  provide insurance against specific risks identified by the Administrative Agent in  connection with such Mortgaged Property; and (F) be issued directly by the Title  Insurance Company and with such co-insurance and reinsurance as may be required by  the Administrative Agent.  Notwithstanding the foregoing, no zoning endorsement will  be required in the event that the applicable Loan Party obtains a property zoning report  for such Mortgaged Property indicating that the Mortgaged Property is not in violation of  the applicable zoning requirements.  The Administrative Agent shall have received  evidence satisfactory to it that all premiums in respect of each such policy, all charges for  mortgage recording and similar taxes, and all related expenses, if any, have been paid;  

 

    32  WBD (US) 52391250  AMERICAS 108683049       (d) such customary affidavits, certificates, information (including financial  data) and instruments of indemnification (including so-called “gap” indemnification) as  shall be required to induce the Title Insurance Company to issue the title policies and  endorsements contemplated herein (and the Administrative Agent shall execute such  documentation required by the applicable jurisdiction so that the Title Insurance  Company may issue such title insurance policies and endorsements);  (e) such consents, approvals, amendments, supplements, estoppels, tenant  subordination agreements or other instruments as necessary or required to consummate  the transaction contemplated herein or as shall reasonably be deemed necessary by the  Administrative Agent in order for the owner or holder of the fee or leasehold interest  constituting such Mortgaged Property to grant the Lien contemplated by the applicable  Mortgage with respect to such Mortgaged Property;  (f) to the extent not previously delivered to the Administrative Agent in  connection with the Original Credit Agreement or otherwise, a copy of all documents  referred to, or listed as exceptions to title in, the title policy or policies referred to in  paragraph (c) above;  (g) to the extent not previously delivered to the Administrative Agent in  connection with the Original Credit Agreement or otherwise, copies of all material leases,  subleases, tenancies, occupancy agreements, rental agreements and other similar  agreements related to possessory interest, if any, in which the applicable Loan Party  holds the lessor’s interest thereunder;  (h) to the extent not previously delivered to the Administrative Agent in  connection with the Original Credit Agreement or otherwise, UCC-1 financing  statements and other instruments relating to such Mortgaged Property naming each  applicable Loan Party as the debtor and the Administrative Agent as the secured party,  such UCC financing statements and instruments to be filed in the same recording office  where the applicable Mortgage is filed and such other locations required by a  Requirement of Law in order to perfect its first priority perfected security interest in such  Mortgaged Property;  (i) to the extent not previously delivered to the Administrative Agent in  connection with the Original Credit Agreement, a zoning report prepared by the Planning  and Zoning Resource Corporation, or a similar firm reasonably acceptable to the  Administrative Agent, and issued in favor of the Administrative Agent stating that (A)  such Mortgaged Property is zoned in a classification which permits its intended use and  purpose; (B) there are no conditions on such Mortgaged Property that are not in  compliance with such applicable zoning ordinances or that are not legally non-compliant;  and (C) otherwise in form and substance satisfactory to the Administrative Agent;   

 

    33  WBD (US) 52391250  AMERICAS 108683049       (j) (i) with respect to any Mortgage executed in connection with this  Agreement, a legal opinion of satisfactory local counsel admitted to practice in the State  in which such Mortgaged Property is located, covering such matters as may be  reasonably requested by the Administrative Agent; and (ii) with respect to any  amendment to a Mortgage executed in connection with this Agreement, at the reasonable  request of Administrative Agent, advice of satisfactory local counsel admitted to practice  in the State in which such Mortgaged Property is located, covering mortgage tax issues  and such other customary matters as may be reasonably requested by the Administrative  Agent) (it being agreed that any counsel that issued an opinion with respect to the  Original Credit Agreement or otherwise shall be deemed “satisfactory local counsel” for  purposes hereof); and  (k) such other approvals, opinions or documents as the Administrative Agent  may request, each in form and substance reasonably satisfactory to the Administrative  Agent.  “Mortgages” means any mortgage, deed of trust or other agreement, in form reasonably  satisfactory to the Administrative Agent, which conveys or evidences a Lien in favor of the  Administrative Agent, for the benefit of the Secured Parties, on the real property and fixtures of a  Loan Party described therein to secure the Secured Obligations, including each such agreement  delivered in connection with the Original Credit Agreement.  “Moy Park Acquisition” means the acquisition by the Moy Park Acquisition Sub of all of  the Equity Interests of the Moy Park Target pursuant to the terms of the Moy Park Acquisition  Agreement.  “Moy Park Acquisition Agreement” means that certain Share Purchase Agreement by  and among JBS S.A., the Company, the Moy Park Target and the Moy Park Acquisition Sub.  “Moy Park Acquisition Sub” means the wholly owned Subsidiary of the Company that  will acquire all of the Equity Interests of the Moy Park Target.  “Moy Park Entities” means Ivory Investments Luxembourg Sàrl, Granite Holdings Sàrl  and Moy Park Holdings (Europe) Limited, and each of their respective Subsidiaries.  “Moy Park Target” means Granite Holdings Sàrl, an entity organized under the laws of  Luxembourg and the owner of 100% of the Equity Interests of Moy Park Holdings (Europe)  Limited.”  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of  ERISA.  “Net Income” means, for any period, the consolidated net income (or loss) of the  Company, determined on a consolidated basis; provided that there shall be excluded (a) the  income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged  

 

    34  WBD (US) 52391250  AMERICAS 108683049       into or consolidated with the Company or any of the Subsidiaries; and (b) the income (or deficit)  of any Person (other than a Subsidiary) in which the Company or any of the Subsidiaries has an  ownership interest, except to the extent that any such income is actually received by the  Company or such Subsidiary in the form of dividends or similar distributions.  “Net Proceeds” means, with respect to any event, but only as and when received by the  Company or any of the Subsidiaries, (a) the cash proceeds received in respect of such event  including (i) any cash received in respect of any non-cash proceeds (including any cash  payments received by way of deferred payment of principal pursuant to a note or installment  receivable or purchase price adjustment receivable or otherwise, but excluding any interest  payments), (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a  condemnation or similar event, condemnation awards and similar payments; net of (b) the sum of  (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in  connection with such event, (ii) all out-of-pocket expenses reimbursed to Affiliates in connection  with such event, (iii) in the case of a sale, transfer or other disposition of an asset (including  pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar  proceeding), the amount of all payments required to be made as a result of such event to repay  Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory  prepayment as a result of such event (it being understood that such amount shall include the  amount of all distributions and other payments required to be made to minority equity holders by  the recipient of such Net Proceeds as a result of such sale, transfer or disposition), and (iv) the  amount of all Taxes paid or Tax Distributions (or reasonably estimated to be payable), including  in connection with the grant, exercise, conversion or vesting of any award of Equity Interests of  the Company, and the amount of any reserves reasonably established by the Company for the  purpose of funding any liabilities that are incurred in connection with the disposition of any asset  (including pension and other post-employment benefit obligations associated with such  disposition) and contingent liabilities reasonably estimated to be payable, in each case during the  Fiscal Year that such event occurred or the next succeeding Fiscal Year and that are directly  attributable to such event (as determined reasonably and in good faith by a Financial Officer);  provided that, to the extent that any such reserves are not utilized by the Company or the  Subsidiaries to fund the applicable liabilities prior to the end of such succeeding Fiscal Year, the  amount of such unutilized reserves shall constitute “Net Proceeds”.  “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d).  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender  at such time.  “Non-Paying Guarantor” has the meaning assigned to such term in Section 10.10.  “Non-U.S. LC Collateral Account” has the meaning assigned to such term in  Section 2.06(j).  

 

    35  WBD (US) 52391250  AMERICAS 108683049       “Notes” means, individually or collectively as the context may require, the Revolving  Notes, the Swingline Notes and the Term Notes.  “Obligated Party” has the meaning assigned to such term in Section 10.02.  “Obligations” means, individually or collectively as the context may require, the U.S.  Obligations and the Bermuda Obligations.  “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or liability  of such Person with respect to accounts or notes receivable sold by such Person as part of a  factoring, securitization or similar transaction and not in connection with the compromise,  settlement or collection thereof; or (b) any indebtedness, liability or obligation arising with  respect to any other transaction which is the functional equivalent of or takes the place of any  Indebtedness described in paragraph (a)(i) or (b) of the definition thereof, but which does not  constitute a liability on the balance sheets of such Person (other than operating leases).  “Original Closing Date” has the meaning set forth in the recitals to this Agreement.  “Original Credit Agreement” has the meaning set forth in the recitals to this Agreement.  “Original Lenders” has the meaning set forth in the recitals to this Agreement.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a  result of a present or former connection between such Recipient and the jurisdiction imposing  such Tax (other than connections arising from such Recipient having executed, delivered,  become a party to, performed its obligations under, received payments under, received or  perfected a security interest under, engaged in any other transaction pursuant to or enforced any  Loan Document, or sold or assigned an interest in any Loan or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution,  delivery, performance, enforcement or registration of, from the receipt or perfection of a security  interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are  Other Connection Taxes imposed with respect to an assignment (other than an assignment made  pursuant to Section 2.20).   “PACA” means the Perishable Agricultural Commodities Act, 1930, 7 U.S.C.  Section 499a et seq.  “Parent Entity” means JBS S.A., a corporation (sociedade anonima) organized under the  laws of the Federative Republic of Brazil or any direct or indirect wholly-owned subsidiary  thereof.  “Participant” has the meaning set forth in Section 9.04(c).  

 

    36  WBD (US) 52391250  AMERICAS 108683049       “Participant Register” has the meaning specified in Section 9.04(d).  “Patriot Act” has the meaning assigned to such term in the definition of “Anti-Terrorism  Laws”.  “Paying Guarantor” has the meaning assigned to such term in Section 10.10.  “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA and any successor entity performing similar functions.  “Permitted Acquisition” means the purchase or other acquisition (whether by merger,  amalgamation or otherwise) by the Company or any Subsidiary of Equity Interests in, or all or  substantially all the assets of (or all or substantially all the assets constituting a business unit,  division, product line or line of business of), any Person if, in the case of any purchase or other  acquisition of Equity Interests in a Person, such Person, upon the consummation of such  acquisition, will be a wholly-owned Subsidiary (including as a result of a merger or  consolidation between any Subsidiary and such Person); provided that (a) all transactions related  thereto are consummated in accordance with Section 5.07(a); and (b) the business of such  Person, or such assets, as the case may be, constitute a business permitted under Section 6.03(b).   “Permitted Factoring Program” means the sale of any Receivables and Related Assets in  connection with a Factoring Program; provided that (a) the documents entered into by any Loan  Party or its Subsidiary pursuant to a Factoring Program shall be on customary terms and  condition and (b) all such sales shall be on a limited recourse basis and the purchase price shall  be paid in cash to such Loan Party or its Subsidiary at the time of the sale.  “Permitted Encumbrances” means:  (a) Liens imposed by law for Taxes that are not yet due or are being contested  or not paid in compliance with Section 5.04;  (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and  other like Liens imposed by law, arising in the ordinary course of business and securing  obligations that are not overdue by more than 30 days or are being contested in  compliance with Section 5.04;  (c) other than Liens imposed by ERISA, pledges and deposits made in the  ordinary course of business (i) in compliance with workers’ compensation,  unemployment insurance, health, disability or other employee benefits or social security  legislation or property, casualty or liability insurance and other social security laws or  retirement benefits or similar laws or regulations and (ii) in respect of letters of credit or  bank guarantees that are posted to secure the payment of items in clause (i);  (d) Liens granted and deposits and other investments made to secure (i) the  performance of bids, contracts, leases, statutory obligations, surety bonds, appeal bonds,  

 

    37  WBD (US) 52391250  AMERICAS 108683049       performance bonds, bid bonds, customs bonds and other obligations of a like nature, in  each case in the ordinary course of business and (ii) in respect of letters of credit or bank  guarantees that are posted to secure the payment of items in clause (i);  (e) Liens incurred to secure appeal bonds and judgment and attachment liens  in respect of judgments;  (f) easements, zoning restrictions, mineral reservations, rights-of-way,  restrictions, encroachments, covenants, servitudes and similar encumbrances on real  property customarily granted by similar situated property owners in the Borrowers’  industry or imposed by Requirements of Law or arising in the ordinary course of business  that do not materially and adversely affect the use, value or enjoyment of the affected  property as currently used by the applicable Loan Party or interfere with the ordinary  conduct of business of any Borrower or any of the Subsidiaries in any material respect;  (g) leases, subleases, licenses or sublicenses entered into by the Borrowers or  the Subsidiaries or granted to third Persons by the Borrowers or the Subsidiaries in the  ordinary course of business (including interests of any lessor, sublessor, licensee or  sublicensee thereunder) that do not materially detract from the value of the affected  property or materially interfere with the ordinary conduct of business of any Borrower or  any Subsidiary;  (h) Liens of a collecting bank arising in the ordinary course of business and  covering only items being collected upon and bankers’ liens, rights of setoff and other  similar Liens on cash and investments on deposit in one or more accounts maintained by  the Company or any of the Subsidiaries, in each case in the ordinary course of business,  securing amounts owing to such bank with respect to cash management arrangements,  including those involving pooled cash management and deposit accounts, and netting  arrangements in respect of such accounts; provided that, to the extent required by the  terms of the applicable Loan Documents, such bank shall have entered into a Deposit  Account Control Agreement with the Administrative Agent with respect to any such  accounts; and  (i) Liens in favor of customs and revenue authorities arising as a matter of  law to secure payment of customs duties in connection with the importation of goods.  provided that the term “Permitted Encumbrances” shall not include any Lien securing  Indebtedness for borrowed money.  “Permitted Investments” means:  (a) direct obligations of, or obligations the principal of and interest on which  are unconditionally guaranteed by, the United States (or by any agency thereof to the  

 

    38  WBD (US) 52391250  AMERICAS 108683049       extent such obligations are backed by the full faith and credit of the United States), in  each case maturing within one year from the date of acquisition thereof;  (b) investments in commercial paper maturing within 270 days from the date  of acquisition thereof and having, at such date of acquisition, a rating of at least A-3 or  better by S&P or P-3 or better by Moody’s;  (c) investments in certificates of deposit, banker’s acceptances and time  deposits maturing within one year from the date of acquisition thereof issued or  guaranteed by or placed with, and money market deposit accounts issued or offered by,  any domestic office of any commercial bank organized under the laws of the United  States or any State thereof which has a combined capital and surplus and undivided  profits of not less than $500,000,000 and which has, at the time of acquisition of the  applicable certificate of deposit, banker’s acceptance or time deposit, (i) in the case of  such investments maturing within 180 days from the date of acquisition thereof, short- term debt ratings of A-3 or better by S&P or P-3 or better by Moody’s, and (ii) in the case  of such investments maturing later than 180 days (but in any event within one year) from  the date of acquisition thereof, long-term debt ratings of BBB- or better by S&P or Baa3  or better by Moody’s;  (d) fully collateralized repurchase agreements with a term of not more than 30  days for securities described in paragraph (a) above and entered into with a financial  institution satisfying the criteria described in paragraph (c) above;  (e) direct obligations issued by any State of the United States or any political  subdivision of such state or public instrumentality thereof maturing within one year and  having, at the time of acquisition, a rating of at least BBB- or better by S&P or Baa3 or  better by Moody’s;  (f) money market funds that (i) comply with the criteria set forth in SEC Rule  2a-7 under the Investment Company Act of 1940, (ii) are rated BBB- or better by S&P or  Baa3 or better by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and  (g) in respect of any Foreign Subsidiary, (i) instruments equivalent to those  Permitted Investments referred to in paragraphs (a) through (f) above that are  denominated in local currencies other than dollars, which have a credit quality and tenor  no less favorable than the credit quality and tenor of those Permitted Investments referred  to in paragraphs (a) through (f) above and customarily used by Persons for short-term  cash management purposes in the jurisdiction of the relevant Foreign Subsidiary, to the  extent reasonably required in connection with any business conducted by such Foreign  Subsidiary and (ii) in the case of PPC Mexico and its subsidiaries, (A) Certificados de la  Tesorería de la Federación (Cetes) or Bonos de Desarrollo del Gobierno Federal  (Bondes) issued by the government of México and maturing not more than 365 days after  the acquisition thereof, (B) Investments in money market funds substantially all of whose  

 

    39  WBD (US) 52391250  AMERICAS 108683049       assets are comprised of securities of the types described in clauses (a) through (g),  (C) demand deposit accounts with Mexican banks specified in clause (D) of this  definition, maintained in the ordinary course of business, and (D) certificates of deposit,  bank promissory notes and bankers’ acceptances denominated in Pesos, maturing not  more than 365 days after the acquisition thereof and issued or guaranteed by any one of  the four largest banks (based on assets as of the immediately preceding December 31)  organized under the laws of México and which are not under intervention or controlled  by the Instituto para la Protección al Ahorro Bancario or any successor thereto or any  banking subsidiary of a foreign bank which has capital, surplus and undivided profits  aggregating in excess of US$50,000,000, or the foreign currency equivalent thereof, and  has outstanding debt which is rated “A,” or such similar equivalent rating, or higher by  S&P or Moody’s.   “Permitted Lien” means any Lien permitted under Section 6.02.  “Permitted Subordinated Indebtedness” means any unsecured Indebtedness owing by the  Loan Parties or the Subsidiaries at any time; provided that (a) such Indebtedness shall not require  any scheduled payment of principal or mandatory prepayment or redemption at the option of the  holder thereof prior to six months following the latest Maturity Date in effect on the date of the  incurrence of such Indebtedness (provided that such Indebtedness may contain customary  prepayment events requiring payment of principal if, both concurrently with and after giving  effect to such payment under such Indebtedness, there are no Loans outstanding); (b) such  Indebtedness is subordinated in right of payment and action to the Obligations pursuant to a  Subordination Agreement; (c) such Indebtedness does not contain any financial performance  covenants, is not cross defaulted to this Agreement and all thresholds, “baskets” and the  equivalent set forth in the covenants and events of default therein (including change of control  provisions) are less restrictive than the covenants and events of default contained in this  Agreement and is otherwise on economic terms no less favorable to the Loan Parties and the  Subsidiaries than could be obtained in an arm’s length transaction with an unaffiliated third  party; and (d) both before and after giving effect to incurrence of such Indebtedness, no Default  or Event of Default shall exist under this Agreement or result therefrom.  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)  subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of  ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were  terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in  Section 3(5) of ERISA.  “Platform” has the meaning assigned to such term in Section 9.01(d).  “Pledged Subsidiary” has the meaning assigned to such term in Section 6.03(a)(v).  

 

    40  WBD (US) 52391250  AMERICAS 108683049       “PPC Mexico” means Avícola Pilgrim’s Pride de Mexico, S. A. de C.V, or any Mexican  Holding Company.  “PPC Refinancing” means the refinancing of the Loans (as defined in the Original Credit  Agreement) under the Original Credit Agreement and reallocation of the Commitments (as  defined in the Original Credit Agreement) of the Original Lenders thereunder as set forth on the  Commitment Schedule.  “Prepayment Event” means:  (a) any sale, transfer or other disposition of any property or asset of any Loan  Party described in Section 6.05(e), (g), (h) or (m); provided that the receipt of amounts  from transactions described in this paragraph (a) shall constitute a Prepayment Event only  to the extent such amounts exceed $25,000,000 in any Fiscal Year; or  (b) any casualty or other insured damage to, or any taking under power of  eminent domain or by condemnation or similar proceeding of, any property or asset of  any Loan Party with a fair value immediately prior to such event equal to or greater than  $5,000,000; provided that the receipt of amounts from transactions described in this  paragraph (b) shall constitute a Prepayment Event only to the extent such amounts exceed  $25,000,000 in any Fiscal Year; or  (c) the incurrence by any Loan Party of any Indebtedness, other than  Indebtedness permitted under Section 6.01.  “Prime Rate” means a variable rate of interest per annum equal to the “U.S. prime rate”  as reported on such day in the Money Rates Section of the Eastern Edition of The Wall Street  Journal, or if the Eastern Edition of The Wall Street Journal is not published on such day, such  rate as last published in the Eastern Edition of The Wall Street Journal.  In the event the Eastern  Edition of The Wall Street Journal ceases to publish such rate or an equivalent on a regular basis,  the term “Prime Rate” shall be determined on any day by reference to such other regularly  published average prime rate for such date applicable to such commercial banks as is acceptable  to the Administrative Agent in its reasonable discretion.  Any change in Prime Rate shall be  automatic, without the necessity of notice provided to the Company or any other Loan Party.  “Pro Forma Basis” means, with respect to any test hereunder in connection with any  event, that such test shall be calculated after giving effect on a pro forma basis for the period of  such calculation to (a) such event as if it happened on the first day of such period (it being  understood that with respect to any acquisition or disposition, any such adjustments (including  cost savings that are reasonably acceptable to the Administrative Agent) shall be permitted solely  to the extent they arise out of events which are directly attributable to the acquisition or the  disposition, are factually supportable and are expected to have a continuing impact within 180  days after the date of such acquisition or disposition, and as certified by a Financial Officer of  the Company); or (b) the incurrence of any Indebtedness by the Company or any Subsidiary and  

 

    41  WBD (US) 52391250  AMERICAS 108683049       any incurrence, repayment, issuance or redemption of other Indebtedness of the Company or any  Subsidiary occurring at any time subsequent to the last day of the Test Period and on or prior to  the date of determination, as if such incurrence, repayment, issuance or redemption, as the case  may be, occurred on the first day of the Test Period.  “PSA” means the Packers and Stockyard Act of 1921, 7 U.S.C. Section 181 et seq.  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “Puerto Rico Security Agreement” means that certain Pledge, Assignment and Security  Agreement dated as of February 11, 2015, by and among the Bermuda Borrowers and the  Administrative Agent (as successor-in-interest to Rabobank as administrative agent), for the  benefit of the Secured Parties, as ratified and reaffirmed by the Bermuda Borrowers on the  Effective Date pursuant to the Reaffirmation Agreement.  “Qualified Securitization Facility” means any Securitization Facility (a) constituting a  securitization financing facility that meets the following conditions: (i) the Company will have  determined in good faith that such Securitization Facility (including financing terms, covenants,  termination events and other provisions) is in the aggregate economically fair and reasonable to  the Company and the applicable Subsidiary or Securitization Subsidiary, and (ii) all sales or  contributions of Securitization Assets and related assets to the applicable Person or Securitization  Subsidiary are made at fair market value (as determined in good faith by the Company); or (b)  constituting a receivables financing facility.  “Rabobank” means Coöperatieve Rabobank U.A., New York Branch (formerly known as  Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York  Branch), in its individual capacity, and its successors.  “Reaffirmation Agreement” means a reaffirmation agreement dated as of the Effective  Date by and among the Loan Parties and the Administrative Agent, in form and substance  acceptable to the Administrative Agent.  “Receivables and Related Assets” means Accounts of a Customer owing to an Loan Party  or its Subsidiary arising from a sale of Inventory or the rendering of services in the ordinary  course of business, together with (a) all property subject thereto from time to time purporting to  secure payment of such obligations, whether pursuant to the contract related to such obligations  or otherwise, together with all financing statements describing any collateral securing such  obligations; (b) all rights to payment of any interest, finance charges, freight charges and other  obligations related thereto; (c) all supporting obligations, including but not limited to, all  guaranties, insurance and other agreements or arrangements of whatever character from time to  time supporting or securing payment of such obligations whether pursuant to the contract related  to such obligations or otherwise; (d) all contracts, chattel paper, instruments and other  

 

    42  WBD (US) 52391250  AMERICAS 108683049       documents, and other information relating to such obligations; and (e) collections and proceeds  with respect to the foregoing.  “Recipient” means (a) any Agent, (b) any Lender or (c) any Issuing Bank, as applicable.  “Redomestication” has the meaning assigned to such term in Section 6.03(a)(vii).  “Register” has the meaning assigned to such term in Section 9.04(b)(iv).  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates  and the respective directors, officers, employees, agents and advisors of such Person and such  Person’s Affiliates.  “Required Lenders” means, at any time, Lenders having (or, in the case of Voting  Participants, holding participations in) Credit Exposure and unused Commitments representing  more than 50% of the sum of the Aggregate Credit Exposure and unused Commitments at such  time.  For purposes of this definition, the Credit Exposure and unused Commitments of each  Lender shall be reduced by the amount thereof that is allocated to Voting Participants. The  Commitment and Credit Exposure of any Defaulting Lender shall be disregarded in determining  Required Lenders at any time.  “Required Revolving Lenders” means, at any time, Revolving Lenders having (or, in the  case of Voting Participants, holding participations in) Revolving Exposures and unused  Revolving Commitments representing more than 50% of the sum of the Aggregate Revolving  Exposure and unused Revolving Commitments at such time.  For purposes of this definition, the  Revolving Exposure and unused Revolving Commitments of each Revolving Lender shall be  reduced by the amount thereof that is allocated to Voting Participants.  The unused Revolving  Commitment and Revolving Exposure of any Defaulting Lender shall be disregarded in  determining Required Revolving Lenders at any time.  “Requirement of Law” means, as to any Person, the certificate of incorporation and  bylaws or other organizational or governing documents of such Person, and any law, treaty, rule  or regulation or determination of an arbitrator or a court or other Governmental Authority, in  each case applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Restricted Payment” means any dividend or other distribution (whether in cash,  securities or other property) with respect to any Equity Interests in the Company or any  Subsidiary, or any payment (whether in cash, securities or other property), including any sinking  fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,  cancellation or termination of any such Equity Interests in the Company.  

 

    43  WBD (US) 52391250  AMERICAS 108683049       “Restructuring Charges” means any asset impairment charges, lease termination costs,  severance costs, facility shutdown costs, write-offs and write-downs of Intangible Assets and  other related restructuring charges related to or associated with a permanent reduction in  capacity, closure of plants or facilities, cut-backs or plant closures or a significant  reconfiguration of a facility.  “Revolving Commitment” means, with respect to each Lender, the commitment, if any,  of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and  Swingline Loans hereunder, expressed as an amount representing the maximum possible  aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may be  reduced or increased from time to time pursuant to (a) Sections 2.09 and 2.10, respectively, and  (b) assignments by or to such Lender pursuant to Section 9.04.  The initial amount of each  Lender’s Revolving Commitment is set forth on the Commitment Schedule or in the Assignment  and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment,  as applicable.  The aggregate amount of the Lenders’ Revolving Commitments as of the  Effective Date is $800,000,000.  “Revolving Exposure” means, with respect to any Lender at any time, the sum (without  duplication) of (a) the outstanding principal amount of Revolving Loans of such Lender at such  time, plus (b) the Swingline Exposure of such Lender at such time, plus (c) the LC Exposure of  such Lender at such time.  “Revolving Lender” means, as of any date of determination, a Lender with a Revolving  Commitment or, if the Revolving Commitments have terminated or expired, a Lender with  Revolving Exposure.  “Revolving Loans” means the Revolving Loans extended by the Revolving Lenders to  the Borrowers pursuant to Section 2.01(a) and Section 2.10.  “Revolving Note” means a promissory note of the Borrowers that is payable to any  Revolving Lender, in substantially the form of Exhibit E-1, evidencing the aggregate  Indebtedness of the Borrowers to such Revolving Lender resulting from outstanding Revolving  Loans, and also means all other promissory notes accepted from time to time in substitution  therefor or renewal thereof.  “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill  Companies, Inc.  “Sanctioned Person” has the meaning assigned to such term in Section 3.20.  “Sanctions” means any sanctions administered by or enforced by the U.S. Department of  the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United  Nations Security Council, the European Union, Her Majesty’s Treasury, the Netherlands, or  other relevant sanctions authority.  

 

    44  WBD (US) 52391250  AMERICAS 108683049       “SEC” means the Securities and Exchange Commission.  “Secured Obligations” means, individually or collectively as the context may require, the  U.S. Secured Obligations and the Bermuda Secured Obligations.  “Secured Parties” means, individually or collectively as the context may require, each of  the Lender Parties and each Bank Product Provider.  “Secured Swap Agreement” means any Swap Agreement with a Lender or an Affiliate of  a Lender at the time of entering into such Swap Agreement that constitutes a “swap” within the  meaning of Section 1(a)(47) of the Commodity Exchange Act.  “Securitization Assets” means (a) the accounts receivable, royalty or other revenue  streams and other rights to payment and other assets related thereto subject to a Qualified  Securitization Facility and the proceeds thereof; and (b) contract rights, lockbox accounts and  records with respect to such accounts receivable and any other assets customarily transferred  together with accounts receivable in a securitization financing.  “Securitization Facility” means any transaction or series of securitization financings that  may be entered into by the Borrowers or any Subsidiary pursuant to which such Borrower or any  such Subsidiary may sell, convey or otherwise transfer, or may grant a security interest in,  Securitization Assets to either (a) a Person that is not a Borrower or a Subsidiary or (b) a  Securitization Subsidiary that in turn sells such Securitization Assets to a Person that is not a  Borrower or a Subsidiary, or may grant a security interest in, any Securitization Assets of a  Borrower or any of their Subsidiaries.  “Securitization Fees” means distributions or payments made directly or by means of  discounts with respect to any participation interest issued or sold in connection with, and other  fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that  is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.  “Securitization Subsidiary” means any Subsidiary formed for the purpose of, and that  solely engages only in, one or more Qualified Securitization Facilities and other activities  reasonably related thereto.  “Security Agreements” means, individually or collectively as the context may require, the  U.S. Security Agreement, the Bermuda Pledge Agreement, the Bermuda Security Agreement and  the Puerto Rico Security Agreement.  “Senior Secured Indebtedness” means, at any date, the aggregate principal amount of all  Indebtedness (other than unsecured Indebtedness) of the Company at such date, determined on a  consolidated basis, to the extent required to be reflected in the “Liabilities” section of the  consolidated balance sheet of the Company (it being understood that all current intercompany  liabilities shall be excluded whether shown on the consolidated balance sheet or excluded  therefrom on a net basis).  

 

    45  WBD (US) 52391250  AMERICAS 108683049       “Senior Secured Net Leverage Ratio” means, on any date, the ratio of (a) Senior Secured  Indebtedness on such date, minus the aggregate amount of cash and Permitted Investments of the  Company and its Subsidiaries on such date (it being understood that, for purposes of determining  whether the incurrence of certain Indebtedness complies with or satisfies any applicable  condition hereunder in respect of the Senior Secured Net Leverage Ratio, the cash proceeds of  such Indebtedness shall be disregarded for purposes of calculating the Senior Secured Net  Leverage Ratio solely for such purpose) to (b) EBITDA for the Test Period then most recently  ended.  “Shareholders’ Equity” means, as of any date of determination, consolidated  shareholders’ equity of the Company as of such date; provided that charges in an amount not to  exceed $25,000,000 in any Fiscal Year for non-cash losses related to non-recurring items shall be  excluded from the calculation of shareholders’ equity of the Company.  “Standby LC Exposure” means, at any time, the sum of (a) the aggregate undrawn  amount of all outstanding Standby Letters of Credit at such time, plus (b) the aggregate amount  of all LC Disbursements relating to Standby Letters of Credit that have not yet been reimbursed  by or on behalf of the Borrowers at such time.  The Standby LC Exposure of any Revolving  Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at  such time.  “Standby Letter of Credit” means any Letter of Credit other than a Commercial Letter of  Credit.  “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of  which is the number one and the denominator of which is the number one minus the aggregate of  the maximum reserve percentages (including any marginal, special, emergency or supplemental  reserves) expressed as a decimal established by the Board to which the Administrative Agent is  subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in  Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to  such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to  be subject to such reserve requirements without benefit of or credit for proration, exemptions, or  offsets that may be available from time to time to any Lender under such Regulation D or any  comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of  the effective date of any change in any reserve percentage.  “Subject Loan Party” has the meaning assigned to such term in Section 6.03(a)(vi)(B).  “Subject Transaction” means, with respect to any Test Period, (a) the Transactions, (b)  any Permitted Acquisition or the making of other Investments not prohibited by this Agreement,  (c) any disposition of all or substantially all of the assets or stock of a Subsidiary (or any  business unit, line of business or division of a Borrower or a Restricted Subsidiary) not  prohibited by this Agreement, (d) the implementation of any cost savings, (f) the making of any  Restricted Payment not prohibited by this Agreement, (g) any incurrence or repayment,  

 

    46  WBD (US) 52391250  AMERICAS 108683049       retirement, redemption, satisfaction and discharge or defeasance of Indebtedness (excluding the  Revolving Loans and Indebtedness incurred for working capital purposes) not prohibited by this  Agreement or (h) any other event that by the terms of the Loan Documents requires pro forma  compliance with a test or covenant hereunder or requires such test or covenant to be calculated  on a Pro Forma Basis.  “Subordination Agreement” means, individually and collectively as the context may  require, all subordination agreements executed by a holder of any Permitted Subordinated  Indebtedness, the Loan Parties and the Administrative Agent from time to time, in form and  substance reasonably satisfactory to the Administrative Agent.  “subsidiary” means, with respect to any Person (the “parent”) at any date, any  corporation, limited liability company, partnership, association or other entity (a) of which  securities or other ownership interests representing more than 50% of the ordinary voting power  (or, in the case of a partnership, more than 50% of the voting power general partnership interests)  are, as of such date, owned, controlled or held; or (b) in which, as of such date, the parent is the  controlling general partner or otherwise possesses the ability (without the consent of any other  Person but giving effect to any contractual arrangements with third Persons) to control at least a  majority of the directors (or the functional equivalent) of such Person (whether by the parent or  one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the  parent).  “Subsidiary” means any direct or indirect subsidiary of the Company or a Loan Party, as  applicable; provided that notwithstanding the foregoing, in no event will any Securitization  Subsidiary be considered a Subsidiary for purposes of Article VII.   “Successor Company” has the meaning assigned to such term in  Section 6.03(a)(vi)(B)(2).  “Supported Loan Guarantor” means, at any time, a Loan Guarantor that, at such time, is  not an “eligible contract participant” as defined in Section 1a(18) of the Commodity Exchange  Act and related regulations of the Commodities Futures Trading Commission, except by virtue of  the support of the ECP Loan Guarantors under Section 11.08.  “Swap Agreement” means any agreement or exchange-traded transaction with respect to  any swap, forward, future or derivative transaction or option or similar agreement involving, or  settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or  securities, or economic, financial or pricing indices or measures of economic, financial or pricing  risk or value or any similar transaction or any combination of these transactions; provided that no  phantom stock or similar plan providing for payments only on account of services provided by  present or former directors, officers, employees, members of management or consultants of the  Company or any of the Subsidiaries (or the estate, heirs, family members, spouse, or former  spouse of any of the foregoing) shall be a Swap Agreement.  

 

    47  WBD (US) 52391250  AMERICAS 108683049       “Swap Obligations” of a Person means any and all obligations of such Person, whether  absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired  (including all renewals, extensions and modifications thereof and substitutions therefor), under  (a) any and all Swap Agreements; and (b) any and all cancellations, buy backs, reversals,  terminations or assignments of any Swap Agreement transaction.  “Swingline Exposure” means, at any time, the sum of the aggregate outstanding  Swingline Loans at such time.  The Swingline Exposure of any Revolving Lender at any time  shall be its Applicable Percentage of the aggregate Swingline Exposure at such time.  “Swingline Lender” means CoBank in its capacity as lender of Swingline Loans  hereunder.  “Swingline Loan” means a Loan made pursuant to Section 2.05.  “Swingline Note” means a promissory note of the Borrowers that is payable to the  Swingline Lender, in substantially the form of Exhibit E-2, evidencing the aggregate  Indebtedness of the Borrowers to the Swingline Lender resulting from outstanding Swingline  Loans, and also means all other promissory notes accepted from time to time in substitution  therefor or renewal thereof.  “Tax Distribution” means, with respect to any Person, any dividend or other distribution  to any direct or indirect member of an affiliated group that files a consolidated U.S. Federal tax  return with such Person, in accordance with one of the tax sharing agreements set forth on  Schedule 1.01 or any other tax sharing agreement or similar arrangement in each case in an  amount not in excess of the amount that such Person (or such Person and its subsidiaries) would  have been required to pay in respect of Federal, State or local Taxes, as the case may be, in  respect of such year if such Person had paid such Taxes directly as a stand-alone taxpayer (or on  behalf of a stand-alone group).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental Authority, including any interest, additions to tax or penalties applicable thereto.   “Term Exposure” means, with respect to any Lender at any time, the outstanding  principal amount of Term Loans of such Lender at such time.  “Term Lenders” means, as of any date of determination, Lenders having a Term Loan  Commitment or outstanding Term Loans.  “Term Loan Commitment” means, individually or collectively as the context may  require, (a) the Initial Term Loan Commitments, (b) the Delayed Draw Term Loan  Commitments and (c) any other commitment by the Term Lenders to make term loans to the  Borrowers pursuant to Section 2.10.  

 

    48  WBD (US) 52391250  AMERICAS 108683049       “Term Loans” means, individually or collectively as the context may require, (a) the  Initial Term Loans (which shall include the Delayed Draw Term Loans once funded) and (b) any  other term loans extended by the Term Lenders to the Borrowers pursuant to Section 2.10.  “Term Note” means a promissory note of the Borrowers that is payable to any Term  Lender, in substantially the form of Exhibit E-3, evidencing the aggregate Indebtedness of the  Borrowers to such Term Lender resulting from outstanding Term Loans, and also means all other  promissory notes accepted from time to time in substitution therefor or renewal thereof.  “Test Period” means, as of any date of determination, the most recently ended four-Fiscal  Quarter period for which financial statements have been (or are required to have been) delivered  to the Administrative Agent pursuant to Section 5.01(a) or 5.01(b), as applicable.  “Title Insurance Company” means Chicago Title Insurance Company or any other  nationally reputable title insurance company that is retained by the Borrowers and is reasonably  acceptable to the Administrative Agent.  “To-Ricos” means To-Ricos, Ltd., a Bermuda company.  “To-Ricos Distribution” means To-Ricos Distribution, Ltd., a Bermuda company.  “Total Indebtedness” means, at any date, the aggregate principal amount of all  Indebtedness of the Company at such date, determined on a consolidated basis, to the extent  required to be reflected in the “Liabilities” section of the consolidated balance sheet of the  Company (it being understood that all current intercompany liabilities shall be excluded whether  shown on the consolidated balance sheet or excluded therefrom on a net basis).  “Total Net Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness on  such date, minus the aggregate amount of cash and Permitted Investments of the Company and  its Subsidiaries on such date (it being understood that, for purposes of determining whether the  incurrence of certain Indebtedness complies with or satisfies any applicable condition hereunder  in respect of the Total Net Leverage Ratio, the cash proceeds of such Indebtedness shall be  disregarded for purposes of calculating the Total Net Leverage Ratio solely for such purpose) to  (b) EBITDA for the Test Period then most recently ended.  “Transactions” means, collectively, the execution, delivery and performance by the  Borrowers of this Agreement, the initial borrowing of Loans and other credit extensions on the  Effective Date, the use of the proceeds thereof, the PPC Refinancing, and the issuance of Letters  of Credit hereunder.  “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of  interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to  the Adjusted LIBO Rate or the Base Rate.  

 

    49  WBD (US) 52391250  AMERICAS 108683049       “UCC” means the Uniform Commercial Code as in effect from time to time in the State  of New York or any other state the laws of which are required to be applied in connection with  the issue of perfection of security interests.  “UK/EU Entities” means any Subsidiary organized under the laws of (i) the United  Kingdom or (ii) any country in Europe (including any country that is a member of the European  Union).  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom  Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as  amended from time to time) promulgated by the United Kingdom Financial Conduct Authority,  which includes certain credit institutions and investment firms, and certain affiliates of such  credit institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.  “Undisclosed Administration” means, in relation to any solvent Person, the precautionary  appointment of an administrator, conservator, trustee, custodian or other similar official by a  supervisory authority or regulator under or based on the law in the country where such Person is  subject to home jurisdiction supervision if applicable law requires that such appointment is not to  be publicly disclosed.  “United States” or “U.S.” means the United States.  “U.S. Borrower” means any Borrower that is a U.S. Person.  “U.S. Guaranty” means Article X of this Agreement.  “U.S. LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).  “U.S. Loan Guarantor” means, individually or collectively as the context may require,   each Person (other than the Company and any Bermuda Loan Party) that guarantees the payment  of the Guaranteed Obligations pursuant to Article X hereof and any other Person that becomes a  U.S. Loan Guarantor pursuant to Section 5.13(a) and any other U.S. Persons from time to time  becoming U.S. Loan Guarantors hereunder pursuant to Section 9.02(e), but excluding any U.S.  Persons who from time to time cease to be U.S. Loan Guarantors hereunder pursuant to Section  9.02(f).  “U.S. Loan Parties” means the Company and the U.S. Loan Guarantors and their  successors and assigns.  “U.S. Obligations” means all unpaid principal of and accrued and unpaid interest on the  Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements,  

 

    50  WBD (US) 52391250  AMERICAS 108683049       indemnities and other obligations of the U.S. Loan Parties to the Lenders or to any Lender, the  Agents, any Issuing Bank with respect to a Letter of Credit or any indemnified party arising  under the Loan Documents.  “U.S. Person” means any Person that is a “United States Person” as defined in  Section 7701(a)(30) of the Code.  “U.S. Secured Obligations” means (a) all U.S. Obligations, and (b) all Bank Product  Obligations of the U.S. Loan Parties; provided that the “Bank Product Obligations” of a U.S.  Loan Party shall exclude any Excluded Swap Obligations with respect to such U.S. Loan Party.  “U.S. Security Agreement” means that certain U.S. Pledge and Security Agreement dated  as of February 11, 2015 by and among the U.S. Loan Parties and the Administrative Agent (as  successor-in-interest to Rabobank as administrative agent), for the benefit of the Secured Parties  as ratified and reaffirmed by the U.S. Loan Parties on the Effective Date pursuant to the  Reaffirmation Agreement, and any other pledge or security agreement entered into, after the  Effective Date by any other U.S. Loan Party (as required by this Agreement or any other Loan  Document), or any other Person.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 2.18(g).  “Voting Participant” has the meaning assigned to such term in Section 9.04(f).  “Voting Participant Notification” has the meaning assigned to such term in  Section 9.04(f).  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete  or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of  Subtitle E of Title IV of ERISA.   “Withholding Agent” means any Loan Party and the Administrative Agent.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time  to time under the Bail-In Legislation for the applicable EEA Member Country, which write- down and conversion powers are described in the EU Bail-In Legislation Schedule; and (b) with  respect to the United Kingdom, any powers of the applicable Resolution Authority under the  Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK  Financial Institution or any contract or instrument under which that liability arises, to convert all  or part of that liability into shares, securities or obligations of that person or any other person, to  provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.  

 

    51  WBD (US) 52391250  AMERICAS 108683049       SECTION 1.02. Classification of Loans and Borrowings.  For purposes of this  Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by  Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).   Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or  by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving  Borrowing”).  SECTION 1.03. Terms Generally.  The definitions of terms herein shall apply equally  to the singular and plural forms of the terms defined.  Whenever the context may require, any  pronoun shall include the corresponding masculine, feminine and neuter forms.  The words  “include”, “includes” and “including” shall be deemed to be followed by the phrase “without  limitation”.  The word “will” shall be construed to have the same meaning and effect as the word  “shall”.  Unless the context requires otherwise (a) any definition of or reference to any  agreement, instrument or other document herein shall be construed as referring to such  agreement, instrument or other document as amended, restated, amended and restated, or  otherwise modified from time to time (subject to any restrictions on such amendments,  restatements, amendments and restatements or other modifications set forth herein); (b) any  reference herein to any Person shall be construed to include such Person’s successors and  assigns, to the extent such successors and assigns are permitted hereunder and under the other  Loan Documents; (c) the words “herein”, “hereof” and “hereunder”, and words of similar import,  shall be construed to refer to this Agreement in its entirety and not to any particular provision  hereof; (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed  to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement; (e) the words  “asset” and “property” shall be construed to have the same meaning and effect and to refer to any  and all tangible and intangible assets and properties, including cash, securities, accounts and  contract rights; and (f) any reference to any law or regulation herein shall, unless otherwise  specified, refer to such law or regulation as amended, modified or supplemented from time to  time, together with all rules, regulations and interpretations thereunder or related thereto.  A  Default or Event of Default shall be deemed to exist at all times during the period commencing  on the date that such Default or Event of Default occurs to the date on which such Default or  Event of Default is waived by the Administrative Agent pursuant to this Agreement or, in the  case of a Default, is cured (i) within any period of cure expressly provided for in this Agreement  (in the case of any Default occurring other than pursuant to paragraph (f), (g) or (k) of  Article VII) or (ii) prior to time that any Lender Party exercises any remedies under any Loan  Document (in the case of any Default or Event of Default occurring pursuant to paragraph (f), (g)  or (k) of Article VII); provided that the Borrower Representative may exercise its right to cure  any such Default or Event of Default only if it has provided notice of such Default to the  Administrative Agent to the extent required pursuant to Section 5.02(a); and an Event of Default  shall “continue” or be “continuing” until such Event of Default has been waived by the  Administrative Agent.  SECTION 1.04. Accounting Terms; GAAP.  Except as otherwise expressly provided  herein, all terms of an accounting or financial nature shall be construed in accordance with  GAAP, as in effect from time to time; provided that (a) all determinations of whether the  

 

    52  WBD (US) 52391250  AMERICAS 108683049       Borrowers are in compliance with the covenants set forth in Sections 6.12 and 6.13 shall be made  in accordance with GAAP consistently applied in accordance with the financial statements for  the fiscal year of the Company ended December 31, 2020 and (b) if the Borrower Representative  notifies the Administrative Agent that the Borrowers request an amendment to any provision  hereof to reflect the effect of any change occurring after the Effective Date in GAAP or in the  application thereof on the operation of such provision (or if the Administrative Agent notifies the  Borrower Representative that the Required Lenders request an amendment to any provision  hereof for such purpose), regardless of whether any such notice is given before or after such  change in GAAP or in the application thereof, then the Borrower and the Administrative Agent  shall negotiate in good faith to amend such covenant and related definitions (subject to the  approval of the Required Lenders) to preserve the original intent thereof in light of such changes  in GAAP or in the application thereof; provided that such provision shall be interpreted on the  basis of GAAP in accordance with clause (a) above until such notice shall have been withdrawn  or such provision shall have been amended in accordance herewith.  Notwithstanding the  foregoing, all financial statements delivered hereunder shall be prepared, and all financial  covenants herein shall be calculated, without giving effect to any election under Statement of  Accounting Financial Standards 159 (or any similar accounting principle) permitting a Person to  value its financial liabilities at the fair value thereof.  For the avoidance of doubt, (i)  notwithstanding any change in GAAP after December 31, 2018 that would require lease  obligations that would be treated as operating leases as of December 31, 2018 to be classified  and accounted for as Capital Lease Obligations or otherwise reflected on the Borrowers’  consolidated balance sheet, such obligations shall continue to be excluded from the definition of  “Indebtedness”; and (ii) any lease that was entered into after the date of this Agreement that  would have been considered an operating lease for all purposes under this Agreement and the  other Loan Documents, and obligations in respect thereof, shall be excluded from the definition  of “Indebtedness”.  SECTION 1.05. Timing of Payment or Performance.  Except as set forth in the proviso  to the definition of “Interest Period”, when the payment of any obligation or performance of any  covenant, duty or obligation is stated to be due or performance required on a day which is not a  Business Day, the date of such payment or performance shall extend to the immediately  succeeding Business Day and, in respect of payment, such extension of time shall be reflected in  computing interest or fees, as the case may be.  SECTION 1.06. Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a  different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes  the asset, right, obligation or liability of a different Person, then it shall be deemed to have been  transferred from the original Person to the subsequent Person; and (b) if any new Person comes  into existence, such new Person shall be deemed to have been organized on the first date of its  existence by the holders of its Equity Interests at such time.  SECTION 1.07. Limited Condition Acquisitions.  In connection with any action being  taken solely in connection with a Limited Condition Acquisition, for purposes of (a) determining  

 

    53  WBD (US) 52391250  AMERICAS 108683049       compliance with any provision of this Agreement which requires the calculation of the Total Net  Leverage Ratio, the Senior Secured Net Leverage Ratio or the Interest Coverage Ratio; (b)  determining the accuracy of representations and warranties and/or whether a Default or Event of  Default shall have occurred and be continuing; or (c) testing availability under baskets set forth  in this Agreement, in each case, the date of determination of whether any such action shall be  permitted hereunder shall be at the election of the Company (the Company’s election in  connection with any Limited Condition Acquisition, an “LCA Election”) either the date the  definitive agreements for such Limited Condition Acquisition are entered into or the date a  binding letter of intent for such Limited Condition Acquisition is entered into (or, if so elected by  the Company, the date on which notice with respect to such Limited Condition Acquisition is  given) (either, as applicable, the “LCA Test Date”) and if, after giving effect on a Pro Forma  Basis to the Limited Condition Acquisition and the other transactions to be entered into in  connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof)  as if they had occurred at the beginning of the most recent Test Period ending prior to the LCA  Test Date, the Company could have taken such action on the relevant LCA Test Date in  compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied  with, provided that in the case of an LCA Election with respect to a binding letter of intent, in the  event that the relevant Limited Condition Acquisition is not consummated on the terms  contemplated by the relevant binding letter of intent, or such irrevocable notice is rescinded, as  applicable, appropriate adjustment for the terms of the actual consummation (or non- consummation) of such Limited Condition Acquisition shall be given effect on a Pro Forma  Basis in future periods.  For the avoidance of doubt, if the Company has made an LCA Election  and any of the ratios or baskets for which compliance was determined or tested as of the LCA  Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to  fluctuations in EBITDA or Consolidated Tangible Assets of the Borrowers or the Person subject  to such Limited Condition Acquisition, at or prior to the consummation of the relevant  transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result  of such fluctuations.  If the Company has made an LCA Election for any Limited Condition  Acquisition, then in connection with any subsequent calculation of any ratio or basket  availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted  Payments, mergers, consolidations or amalgamations, the conveyance, lease or other transfer of  all or substantially all of the assets of the Borrowers or the prepayment, redemption, purchase,  defeasance or other satisfaction of Indebtedness on or following the relevant LCA Test Date and  prior to the earlier of (i) the date on which such Limited Condition Acquisition is consummated  or (ii) the date that the definitive agreement or letter of intent for such Limited Condition  Acquisition is terminated or expires or such irrevocable notice is rescinded, as applicable,  without consummation of such Limited Condition Acquisition, any such ratio or basket shall be  calculated on a Pro Forma Basis assuming such Limited Condition Acquisition and other  transactions in connection therewith (including any incurrence of Indebtedness and the use of  proceeds thereof) have been consummated.  SECTION 1.08. Pro Forma Calculations and Adjustments.  

 

    54  WBD (US) 52391250  AMERICAS 108683049       (a) For purposes of calculating the compliance of any transaction with any  provision hereof that requires such compliance to be on a “Pro Forma Basis”, such  transaction shall be deemed to have occurred as of the first day of the most recent period  of four consecutive Fiscal Quarters which precedes or ends on the date of such  transaction and for which financial statements have been delivered pursuant to Section  5.01(a) or Section 5.01(b).  (b) Notwithstanding anything to the contrary in this Agreement, all financial  ratios and tests contained in this Agreement that are calculated with respect to any Test  Period during which any Subject Transaction occurs, in each case, shall be calculated on  a Pro Forma Basis with respect to each such Subject Transaction occurring during such  Test Period and subject to clause (c) below.  (c) If since the beginning of any such Test Period and on or prior to the date  of any required calculation of any financial ratio or test any Subject Transaction has  occurred, then, in each case, any applicable financial ratio or test shall be calculated on a  Pro Forma Basis for such Test Period as if such Subject Transaction had occurred at the  beginning of the Test Period; provided that notwithstanding anything to the contrary in  this clause (c), when calculating the applicable ratio for purposes of (a) the definition of  “Applicable Rate” and (b) the financial covenants in Sections 6.12 and 6.13 (other than  for the purpose of determining pro forma compliance with such financial covenants), the  Subject Transactions that occurred subsequent to the end of the Test Period shall not be  given pro forma effect.    ARTICLE II    THE CREDITS  SECTION 2.01. Commitments.  Subject to the terms and conditions set forth herein, (a)  each Revolving Lender, severally and not jointly, agrees to make Revolving Loans to the  Borrowers from time to time during the Availability Period in an aggregate principal amount that  will not result in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving  Commitment or (ii) the Aggregate Revolving Exposure exceeding the aggregate Revolving  Commitments; (b) each Initial Term Lender, severally and not jointly, agrees to make term loans  (collectively, the “Initial Term Loans”) to the Borrowers on the Effective Date, in an amount not  to exceed each such Initial Term Lender’s Initial Term Loan Commitment; and (c) prior to the  Delayed Draw Termination Date, each Delayed Draw Term Lender, severally and not jointly,  agrees to make term loans (collectively, the “Delayed Draw Term Loans”) to the Borrowers on  each Delayed Draw Funding Date, in an aggregate amount not to exceed each such Delayed  Draw Term Lender’s Delayed Draw Term Loan Commitment.  Notwithstanding anything to the  contrary contained herein, and immediately after giving effect to the incurrence of such Delayed  Draw Term Loans, the outstanding principal amount of such Delayed Draw Term Loans shall be  automatically deemed to constitute Initial Term Loans thereafter for all purposes of this  Agreement and the other applicable Loan Documents; it being understood and agreed that such  

 

    55  WBD (US) 52391250  AMERICAS 108683049       outstanding Delayed Draw Term Loans shall be added to (and form part of) each then  outstanding borrowing of Initial Term Loans on a pro rata basis (based on the relative sizes of  the various outstanding borrowings), so that each Term Loan Lender that holds outstanding Term  Loans and such Delayed Draw Term Loans will participate proportionately in each then  outstanding borrowing of Initial Term Loans (after giving effect to the conversion pursuant to  this sentence). Within the foregoing limits and subject to the terms and conditions set forth  herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.  Amounts repaid in  respect of the Term Loans may not be reborrowed.  SECTION 2.02. Loans and Borrowings.  (a) Each Loan (other than a Swingline Loan)  shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by  the Lenders ratably in accordance with their respective Commitments of the applicable Class.   Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.   The Term Loans shall amortize as set forth in Section 2.11.  (b) Subject to Section 2.14, (i) each Borrowing of Revolving Loans shall be  comprised entirely of Base Rate Loans or Eurodollar Loans and (ii) any portion of the  Term Loans may be comprised of Base Rate Loans or Eurodollar Loans, in each case as  the Borrower Representative may request in accordance herewith; provided that unless  the Administrative Agent receives a funding indemnity letter from Borrower  Representative in form and substance satisfactory to the Administrative Agent at least  three Business Days prior to the Effective Date, all Borrowings made on the Effective  Date must be made as Base Rate Borrowings but may be converted into Eurodollar  Borrowings in accordance with Section 2.08.  Each Swingline Loan shall be a Base Rate  Loan.  Each Lender at its option may make any Eurodollar Loan by causing any domestic  or foreign branch or Affiliate of such Lender to make such Loan; provided that any  exercise of such option shall not affect the obligation of the Borrowers to repay such  Loan in accordance with the terms of this Agreement.  (c) Subject to Section 2.01(b), at the commencement of each Interest Period  for any Borrowing of a Eurodollar Revolving Loan, such Borrowing shall be in an  aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000.   Subject to Section 2.01(b), at the time that any Borrowing of a Base Rate Revolving Loan  is made, converted or continued, such Borrowing shall be in an aggregate amount that is  an integral multiple of $1,000,000 and not less than $5,000,000; provided that each  Borrowing of a Base Rate Revolving Loan may be in an aggregate amount that is equal to  the entire unused balance of the aggregate Revolving Commitments or that is required to  finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) or  the repayment of a Swingline Loan as contemplated by Section 2.05(c).  Each Swingline  Loan shall be in any amount requested by the Borrower Representative.  Borrowings of  more than one Type and Class may be outstanding at the same time; provided that there  shall not at any time be more than a total of 10 Eurodollar Borrowings outstanding.  

 

    56  WBD (US) 52391250  AMERICAS 108683049       (d) Notwithstanding any other provision of this Agreement, the Borrower  Representative shall not be entitled to request, or to elect to convert or continue, any  Borrowing if the Interest Period requested with respect thereto would end after the  Maturity Date.  SECTION 2.03. Requests for Borrowings.  To request a Borrowing, the Borrower  Representative shall notify the Administrative Agent of such request in a written Borrowing  Request signed by the Borrower Representative and delivered by electronic mail or facsimile  (a) in the case of a Eurodollar Borrowing, not later than 10:00 a.m., Denver, Colorado time, three  Business Days before the date of the proposed Borrowing; or (b) in the case of a Base Rate  Borrowing, not later than 10:00 a.m., Denver, Colorado time, on the date of the proposed  Borrowing.  Each Borrowing Request shall be irrevocable and shall specify the following  information in compliance with Section 2.01:  (i) the name of the applicable Borrower;  (ii) the aggregate amount of the requested Borrowing and a breakdown  of the separate wires comprising such Borrowing;  (iii) the date of such Borrowing, which shall be a Business Day;  (iv) whether such Borrowing is to be a Base Rate Borrowing or a  Eurodollar Borrowing; and  (v) in the case of a Eurodollar Borrowing, the initial Interest Period to  be applicable thereto and the last day of such Interest Period, which shall be a  period contemplated by the definition of the term “Interest Period”.  If no election as to the Type of Revolving Borrowing is specified, then the requested  Revolving Borrowing shall be a Base Rate Borrowing.  If no Interest Period is specified with  respect to any requested Eurodollar Revolving Borrowing, then the applicable Borrower(s) shall  be deemed to have selected an Interest Period of one month’s duration.  Promptly following  receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall  advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as  part of the requested Borrowing.  SECTION 2.04. [Reserved].    SECTION 2.05. Swingline Loans.  (a) Subject to the terms and conditions set forth  herein, the Swingline Lender agrees to make Swingline Loans to the Borrowers, from time to  time during the Availability Period, in an aggregate principal amount at any time outstanding  that will not result in (i) the aggregate principal amount of outstanding Swingline Loans  exceeding $80,000,000 or (ii) the sum of the Aggregate Revolving Exposure exceeding the  aggregate Revolving Commitments, both before and immediately after giving effect to such  Swingline Loan; provided that the Swingline Lender shall not be required to make a Swingline  

 

    57  WBD (US) 52391250  AMERICAS 108683049       Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the  terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow  Swingline Loans.  (b) To request a Swingline Loan, the Borrower Representative shall notify the  Administrative Agent of such request by electronic mail or facsimile, not later than 2:00  p.m., Denver, Colorado time (or such shorter time period as may be acceptable to the  Administrative Agent in its sole discretion), on the day of a proposed Swingline Loan.   Each such notice shall be irrevocable and shall specify the requested date (which shall be  a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent  will promptly advise the Swingline Lender of any such notice received from the  Borrower Representative.  The Swingline Lender shall make each Swingline Loan  available to the Borrowers by means of a credit to the Funding Account(s) (or, in the case  of a Swingline Loan made to finance the reimbursement of an LC Disbursement as  provided in Section 2.06(e), by remittance to the applicable Issuing Bank).  (c) Upon the making of a Swingline Loan (whether before or after the  occurrence of a Default or Event of Default and regardless of whether any Revolving  Lender is then required to fund its Applicable Percentage of the Swingline Exposure  pursuant to Section 2.05(d)), each Revolving Lender shall be deemed, without further  action by any party hereto, to have unconditionally and irrevocably purchased from the  Swingline Lender or the Administrative Agent, as the case may be, without recourse or  warranty, an undivided interest and participation in such Swingline Loan in proportion to  its Applicable Percentage of the Revolving Commitment.  Each Revolving Lender  acknowledges and agrees that its obligation to acquire participations pursuant to this  paragraph in respect of Swingline Loans is absolute and unconditional and shall not be  affected by any circumstance whatsoever, including any amendment, renewal or  extension of any Swingline Loan or the occurrence and continuance of a Default or  reduction or termination of the Revolving Commitment, and that each such payment shall  be made without any offset, abatement, withholding or reduction whatsoever.  The  Swingline Lender or the Administrative Agent may, at any time, require the Revolving  Lenders to fund their participations.  From and after the date, if any, on which any  Revolving Lender is required to fund its participation in any Swingline Loan purchased  hereunder, the Administrative Agent shall promptly distribute to such Lender, such  Lender’s Applicable Percentage of all payments of principal and interest and all proceeds  of Collateral received by the Administrative Agent in respect of such Loan.  (d) Promptly following (i) notice by the Administrative Agent to any  Revolving Lender of the occurrence of any Event of Default or (ii) any request therefor  (which request the Swingline Lender may make from time to time in its sole and absolute  discretion) by the Swingline Lender to the Administrative Agent (which request the  Administrative Agent shall promptly forward to each Revolving Lender), each Revolving  Lender shall make a Revolving Loan in a principal amount equal to such Revolving  Lender’s Applicable Percentage of the Swingline Exposure then outstanding.  Each  

 

    58  WBD (US) 52391250  AMERICAS 108683049       Revolving Lender receiving any such notice or request shall wire transfer, at or before  2:00 p.m., Denver, Colorado time, on the Business Day that it receives such notice or  request immediately available funds in an amount equal to such Revolving Lender’s  Applicable Percentage of the Swingline Exposure specified in such notice or request to  the account of the Administrative Agent most recently designated for such purpose by  notice to the Revolving Lenders, and the Administrative Agent shall promptly pay over  such amounts to the Swingline Lender for application to the outstanding Swingline  Loans; provided that if any such notice or request is received by a Revolving Lender after  12:00 noon, Denver, Colorado time, on any Business Day, such amounts shall not be  required to be so wire transferred until 2:00 p.m., Denver, Colorado time, on the next  following Business Day.  SECTION 2.06. Letters of Credit.  (a) General.  Subject to the terms and conditions set  forth herein, the Borrower Representative may request the issuance of Letters of Credit for its  own account or for the account of another Borrower, pursuant to a written Issuance Request, at  any time and from time to time during the Availability Period.  In the event of any inconsistency  between the terms and conditions of this Agreement and the terms and conditions of any  Issuance Request, form of letter of credit application or other agreement submitted by the  Borrowers to, or entered into by the Borrowers with, an Issuing Bank relating to any Letter of  Credit, the terms and conditions of this Agreement shall control.  (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.   To request the issuance of a Letter of Credit (or the amendment, renewal or extension of  an outstanding Letter of Credit), the Borrower Representative shall deliver via electronic  mail or facsimile to the Issuing Bank that it may request issue the applicable Letter of  Credit and the Administrative Agent (reasonably in advance of the requested date of  issuance, amendment, renewal or extension) a written Issuance Request.  Each such  written Issuance Request shall specify the date on which such Letter of Credit is to expire  (which shall comply with paragraph (c) of this Section), the amount of such Letter of  Credit, the name and address of the beneficiary thereof and such other information as  shall be necessary to prepare, amend, renew or extend such Letter of Credit.  It is  understood that the reinstatement of all or a portion of a Letter of Credit in accordance  with the terms thereof following a drawing thereunder shall not constitute an amendment,  renewal or extension of such Letter of Credit.  If requested by the applicable Issuing  Bank, the applicable Borrower also shall submit a letter of credit application on such  Issuing Bank’s standard form in connection with any request for a Letter of Credit.  No  Issuing Bank shall agree to issue, amend, renew or extend a Letter of Credit if, after  giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure  shall exceed $125,000,000, (ii) the Aggregate Revolving Exposure shall exceed the  aggregate Revolving Commitments, or (iii) the conditions set forth in Section 4.02 have  not been satisfied.  (c) Expiration Date.  Each Letter of Credit shall expire at or prior to the close  of business on the earlier of (i) the date one year after the date of the issuance of such  

 

    59  WBD (US) 52391250  AMERICAS 108683049       Letter of Credit (or, in the case of any renewal or extension thereof, one year after such  renewal or extension) and (ii) the date that is five Business Days prior to the Maturity  Date with respect to the Revolving Loans; provided that any Letter of Credit with a one- year tenor may provide for the renewal thereof for additional one-year periods (which  shall not in any event extend beyond the date that is five Business Days prior to the  Maturity Date with respect to the Revolving Loans) under customary “evergreen”  provisions.  (d) Participations.  By the issuance of a Letter of Credit (or an amendment to  a Letter of Credit increasing the amount thereof) and without any further action on the  part of any Issuing Bank or the Revolving Lenders, the applicable Issuing Bank hereby  grants to each Revolving Lender, and each Revolving Lender hereby acquires from the  applicable Issuing Bank, a participation in such Letter of Credit equal to such Lender’s  Applicable Percentage of the aggregate amount available to be drawn under such Letter  of Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender  hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the  account of the applicable Issuing Bank, such Lender’s Applicable Percentage of each LC  Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the  date due as provided in paragraph (e) of this Section, or of any reimbursement payment  required to be refunded to the Borrowers for any reason.  Each Revolving Lender  acknowledges and agrees that its obligation to acquire participations pursuant to this  paragraph in respect of Letters of Credit is absolute and unconditional and shall not be  affected by any circumstance whatsoever, including any amendment, renewal or  extension of any Letter of Credit or the occurrence and continuance of a Default or  reduction or termination of the Revolving Commitments, and that each such payment  shall be made without any offset, abatement, withholding or reduction whatsoever.  (e) Reimbursement.  If any Issuing Bank shall make any LC Disbursement in  respect of a Letter of Credit, the Borrowers shall, subject to the terms hereof, reimburse  such LC Disbursement by paying to the Administrative Agent an amount equal to such  LC Disbursement not later than 10:00 a.m., Denver, Colorado time, on the Business Day  that the Borrower Representative receives notice of such LC Disbursement, if such notice  is received prior to 8:00 a.m., Denver, Colorado time, on such Business Day (or, if the  Borrower Representative receives notice of such LC Disbursement after 8:00 a.m.,  Denver, Colorado time, on any Business Day, by 10:00 a.m., Denver, Colorado time, on  the next following Business Day); provided that the Borrower Representative may,  subject to the conditions to borrowing set forth herein, request in accordance with  Section 2.03 or 2.05 that such payment be financed with a Base Rate Revolving  Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the  Borrowers’ obligation to make such payment shall be discharged and replaced by the  resulting Base Rate Revolving Borrowing or Swingline Loan (or applicable portion  thereof).  If the Borrowers fail to make such payment when due, the Administrative  Agent shall notify each Revolving Lender of the applicable LC Disbursement, the  payment then due from the Borrowers in respect thereof and such Lender’s Applicable  

 

    60  WBD (US) 52391250  AMERICAS 108683049       Percentage thereof, and the Bermuda Borrowers shall have no obligation to reimburse  any Person with respect to any LC Disbursement in respect of a Letter of Credit that does  not constitute a Bermuda Obligation.  Promptly following receipt of such notice, each  Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the  payment then due from the Borrowers, in the same manner as provided in Section 2.07  with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis  mutandis, to the payment obligations of the Revolving Lenders), and the Administrative  Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it  from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of  any payment from the Borrowers pursuant to this paragraph, the Administrative Agent  shall distribute such payment to the applicable Issuing Bank or, to the extent that  Revolving Lenders have made payments pursuant to this paragraph to reimburse the  applicable Issuing Bank, then to such Revolving Lenders and the applicable Issuing Bank  as their interests may appear.  Any payment made by a Revolving Lender pursuant to this  paragraph to reimburse the applicable Issuing Bank for any LC Disbursement (other than  the funding of Base Rate Revolving Loans or a Swingline Loan as contemplated above)  shall not constitute a Loan and shall not relieve the Borrowers of their obligation to  reimburse such LC Disbursement.  Notwithstanding any other provision of this  Agreement, in no case shall the Bermuda Borrowers be obligated to reimburse, nor shall  any reimbursement made hereunder by the Bermuda Borrowers be applied to reimburse,  an LC Disbursement which does not constitute a Bermuda Obligation.  (f) Obligations Absolute.  The Borrowers’ obligation to reimburse LC  Disbursements as provided in paragraph (e) of this Section shall be absolute,  unconditional and irrevocable, and shall be performed strictly in accordance with the  terms of this Agreement under any and all circumstances whatsoever and irrespective of  (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any  term or provision therein; (ii) any draft or other document presented under a Letter of  Credit proving to be forged, fraudulent or invalid in any respect or any statement therein  being untrue or inaccurate in any respect; (iii) payment by an Issuing Bank under a Letter  of Credit against presentation of a draft or other document that does not comply with the  terms of such Letter of Credit; or (iv) any other event or circumstance whatsoever,  whether or not similar to any of the foregoing, that might, but for the provisions of this  Section, constitute a legal or equitable discharge of, or provide a right of setoff against,  the Borrowers’ obligations hereunder.  Neither the Administrative Agent, the Revolving  Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or  responsibility by reason of or in connection with the issuance or transfer of any Letter of  Credit or any payment or failure to make any payment thereunder (irrespective of any of  the circumstances referred to in the preceding sentence), or any error, omission,  interruption, loss or delay in transmission or delivery of any draft, notice or other  communication under or relating to any Letter of Credit (including any document  required to make a drawing thereunder), any error in interpretation of technical terms or  any consequence arising from causes beyond the control of the applicable Issuing Bank;  

 

    61  WBD (US) 52391250  AMERICAS 108683049       provided that the foregoing shall not be construed to excuse the applicable Issuing Bank  from liability to the Borrowers to the extent of any direct damages (as opposed to  consequential damages, claims in respect of which are hereby waived by the Borrowers  to the extent permitted by Requirements of Law) suffered by any Borrower that are  caused by the applicable Issuing Bank’s failure to exercise the standard of care hereunder  to be applicable when determining whether drafts and other documents presented under a  Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in  the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as  finally determined by a court of competent jurisdiction by final and nonappealable  judgment), such Issuing Bank shall be deemed to have exercised such standard of care in  each such determination.  In furtherance of the foregoing and without limiting the  generality thereof, the parties agree that, with respect to documents presented which  appear on their face to be in substantial compliance with the terms of a Letter of Credit,  the applicable Issuing Bank may, in its sole discretion, either accept and make payment  upon such documents without responsibility for further investigation, or refuse to accept  and make payment upon such documents if such documents are not in strict compliance  with the terms of such Letter of Credit.  (g) Disbursement Procedures.  The applicable Issuing Bank shall, promptly  following its receipt thereof, examine all documents purporting to represent a demand for  payment under a Letter of Credit.  The applicable Issuing Bank shall promptly notify the  Administrative Agent and the Borrower Representative by electronic mail or facsimile of  such demand for payment and whether such Issuing Bank has made or will make an LC  Disbursement thereunder; provided that any failure to give or delay in giving such notice  shall not relieve the Borrowers of their obligation to reimburse the applicable Issuing  Bank and the Revolving Lenders with respect to any such LC Disbursement.  (h) Interim Interest.  If any Issuing Bank shall make any LC Disbursement,  then, unless the Borrowers shall reimburse such LC Disbursement in full on the date such  LC Disbursement is made, the unpaid amount thereof shall accrue interest, for each day  from and including the date such LC Disbursement is made to but excluding the date that  the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to  Base Rate Revolving Loans; provided that if the Borrowers fail to reimburse such LC  Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.14(e)  shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the  applicable Issuing Bank, except that interest accrued on and after the date of payment by  any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the  applicable Issuing Bank shall be for the account of such Revolving Lender to the extent  of such payment.  (i) Replacement of the Issuing Bank.  Any Issuing Bank may be replaced at  any time by written agreement among the Borrower Representative, the Administrative  Agent and the successor Issuing Bank.  The Administrative Agent shall notify the  Revolving Lenders of any such replacement of an Issuing Bank.  At the time any such  

 

    62  WBD (US) 52391250  AMERICAS 108683049       replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for  the account of the replaced Issuing Bank pursuant to Section 2.13(b).  From and after the  effective date of any such replacement, (i) the successor Issuing Bank shall have all the  rights and obligations of an Issuing Bank under this Agreement with respect to Letters of  Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall  be deemed to refer to such successor or to any previous Issuing Bank, or to such  successor and all previous Issuing Banks, as the context shall require.  After the  replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party  hereto and shall continue to have all the rights and obligations of an Issuing Bank under  this Agreement with respect to Letters of Credit issued by it prior to such replacement,  but shall not be required to issue additional Letters of Credit.  (j) Cash Collateralization.  Subject to Section 2.19(b), if any Event of Default  shall occur and be continuing, on the Business Day that the Borrower Representative  receives notice from the Administrative Agent or the Required Revolving Lenders  demanding the deposit of cash collateral pursuant to this paragraph, (i) the Company shall  deposit in an account with the Administrative Agent, in the name of the Administrative  Agent and for the benefit of the Lender Parties (the “U.S. LC Collateral Account”), an  amount in cash equal to 105% of the LC Exposure as of such date plus accrued and  unpaid interest thereon, and (ii) without duplication under clause (i), the Bermuda  Borrowers shall deposit in an account with the Administrative Agent, in the name of the  Administrative Agent and for the benefit of the Lender Parties (the “Non-U.S. LC  Collateral Account”), an amount in cash equal to 105% of the LC Exposure with respect  to the Bermuda Borrowers as of such date plus accrued and unpaid interest thereon;  provided that in each case the obligation to deposit such cash collateral shall become  effective immediately, and such deposit shall become immediately due and payable,  without demand or other notice of any kind, upon the occurrence of any Event of Default  with respect to any Borrower described in paragraph (h) or (i) of Article VII.  Such  deposit shall be held by the Administrative Agent as collateral for the payment and  performance of the Secured Obligations, in the case of deposits in the U.S. LC Collateral  Account, and the Bermuda Secured Obligations, in the case of deposits in the Non-U.S.  LC Collateral Account.  The Administrative Agent shall have exclusive dominion and  control, including the exclusive right of withdrawal, over each such account and (x) the  Company hereby grants the Administrative Agent (for the benefit of the Lender Parties) a  security interest in the U.S. LC Collateral Account to secure the Secured Obligations and  (y) the Bermuda Borrowers hereby grant the Administrative Agent (for the benefit of the  Lender Parties) a security interest in the Non-U.S. LC Collateral Account to secure the  Bermuda Secured Obligations.  Other than any interest earned on the investment of such  deposits, which investments shall be in the form of Permitted Investments made at the  option and sole discretion of the Administrative Agent (in accordance with its usual and  customary practices for investments of this type) and at the Borrowers’ risk and  reasonable expense, such deposits shall not accrue interest.  Interest or profits, if any, on  such investments shall accumulate in such account.  Moneys in each such account shall  

 

    63  WBD (US) 52391250  AMERICAS 108683049       be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC  Disbursements for which it has not been reimbursed and, to the extent not so applied,  shall be held for the satisfaction of the reimbursement obligations of the Company or the  Bermuda Borrowers, as applicable, for the LC Exposure at such time or, if the maturity of  the Loans has been accelerated (but subject to the consent of the Required Revolving  Lenders), be applied, in the case of deposits in the U.S. LC Collateral Account, to satisfy  other Secured Obligations or, in the case of deposits in the Non-U.S. LC Collateral  Account, to satisfy other Bermuda Secured Obligations.  If the Borrowers are required to  provide an amount of cash collateral hereunder as a result of the occurrence of an Event  of Default, such amount (to the extent not applied as aforesaid) shall be returned to the  Borrowers within three Business Days after all such Events of Default have been cured or  waived.  (k) Existing Letters of Credit.  On the Effective Date, each of such “Letters of  Credit” issued and outstanding under the Original Credit Agreement and listed on  Schedule 2.06 shall automatically, and without any action on the part of any Person, be  deemed to be a Letter of Credit that has been issued hereunder as of the Effective Date  for all purposes hereunder and under the other Loan Documents.  Without limiting the  foregoing (i) each such letter of credit shall be included in the calculation of LC  Exposure, (ii) all liabilities of the Borrowers and the other Loan Parties with respect to  such letters of credit shall constitute Obligations and (iii) each Lender shall have  reimbursement obligations with respect to such letters of credit as provided in this  Section 2.06.  (l) Illegality under Letters of Credit. If, at any time, it becomes unlawful for  any Issuing Bank to comply with any of its obligations under any Letter of Credit  (including, but not limited to, as a result of any sanctions imposed by the United Nations,  the European Union, the Netherlands, the United Kingdom and/or the United States), the  obligations of such Issuing Bank with respect to such Letter of Credit shall be suspended  (and all corresponding rights shall cease to accrue) until such time as it may again  become lawful for such Issuing Bank to comply its obligations under such Letter of  Credit, and such Issuing Bank shall not be liable for any losses that the Loan Parties may  incur as a result.  SECTION 2.07. Funding of Borrowings.  (a) Each Lender shall make each Loan to be  made by it hereunder on the proposed date thereof by wire transfer of immediately available  funds by 11:00 a.m. (or, in the case of Base Rate Loans made pursuant to Section 2.03(b), 12:00  noon), Denver, Colorado time, to the account of the Administrative Agent most recently  designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s  Applicable Percentage; provided that the Term Loans shall be made as provided in Sections  2.01(b) and (c) and 2.02(b), and Swingline Loans shall be made as provided in Section 2.05.  The  Administrative Agent will make such Loans available to the Borrower Representative promptly  by crediting the amounts so received, in like funds, to the Funding Account(s); provided that  

 

    64  WBD (US) 52391250  AMERICAS 108683049       Base Rate Revolving Loans made to finance the reimbursement of an LC Disbursement as  provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.  (b) Unless the Administrative Agent shall have received notice from a Lender  prior to the proposed date of any Borrowing that such Lender will not make available to  the Administrative Agent such Lender’s share of such Borrowing, the Administrative  Agent may assume that such Lender has made such share available on such date in  accordance with paragraph (a) of this Section and may, in reliance upon such assumption,  make available to the applicable Borrower a corresponding amount.  In such event, if a  Lender has not in fact made its share of the applicable Borrowing available to the  Administrative Agent, then the applicable Lender and the Borrowers severally agree to  pay to the Administrative Agent forthwith on demand such corresponding amount with  interest thereon, for each day from and including the date such amount is made available  to the applicable Borrower to but excluding the date of payment to the Administrative  Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate  and a rate reasonably determined by the Administrative Agent in accordance with  banking industry rules on interbank compensation, or (ii) in the case of the Borrowers,  the interest rate applicable to Base Rate Loans.  If such Lender pays such amount to the  Administrative Agent, then such amount shall constitute such Lender’s Loan included in  such Borrowing.  SECTION 2.08. Interest Elections.  (a) Each Borrowing initially shall be of the Type  specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall  have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower  Representative may elect to convert such Borrowing to a Borrowing of a different Type or to  continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods  therefor, all as provided in this Section.  The Borrower Representative may elect different  options with respect to different portions of the affected Borrowing, in which case each such  portion shall be allocated ratably among the Lenders holding the Loans comprising such  Borrowing, and the Loans comprising each such portion shall be considered a separate  Borrowing.  This Section shall not apply to Swingline Borrowings, which may not be converted  or continued.  (b) To make an election pursuant to this Section, the Borrower Representative  shall notify the Administrative Agent of such election in an Interest Election Request  signed by the Borrower Representative and delivered by electronic mail or facsimile by  the time that a Borrowing Request would be required under Section 2.03 if the Borrowers  were requesting a Revolving Borrowing of the Type resulting from such election to be  made on the effective date of such election.  Each such Interest Election Request shall be  irrevocable.  (c) Each Interest Election Request shall specify the following information in  compliance with Section 2.02:  

 

    65  WBD (US) 52391250  AMERICAS 108683049       (i) the Borrower and the Borrowing to which such Interest Election  Request applies and, if different options are being elected with respect to different  portions thereof, the portions thereof to be allocated to each resulting Borrowing  (in which case the information to be specified pursuant to paragraphs (iii) and (iv)  below shall be specified for each resulting Borrowing);  (ii) the effective date of the election made pursuant to such Interest  Election Request, which shall be a Business Day;  (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or  a Eurodollar Borrowing; and  (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest  Period to be applicable thereto after giving effect to such election and the last day  of such Interest Period, which shall be a period contemplated by the definition of  the term “Interest Period”.  If any such Interest Election Request requests a Eurodollar Borrowing but does not  specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period  of one month’s duration.  (d) Promptly following receipt of an Interest Election Request, the  Administrative Agent shall advise each applicable Lender of the details thereof and of  such Lender’s portion of each resulting Borrowing.  (e) If the Borrower Representative fails to deliver a timely Interest Election  Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period  applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of  such Interest Period such Borrowing shall be converted to a Base Rate Borrowing.   Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is  continuing and the Administrative Agent, at the request of the Required Lenders, so  notifies the Borrower Representative, then, so long as an Event of Default is continuing  (i) no outstanding Borrowing may be converted to or continued as a Eurodollar  Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a Base  Rate Borrowing at the end of the Interest Period applicable thereto.  SECTION 2.09. Termination and Reduction of Commitments.  (a) Unless previously  terminated, (i) the Revolving Commitment shall terminate on the Maturity Date, (ii) the Initial  Term Loan Commitments shall terminate on the making of the Initial Term Loans on the  Effective Date and (iii) the Delayed Draw Term Loan Commitments shall terminate on the  earlier to occur of (A) the date on which all Delayed Draw Term Loan Commitments shall have  been fully funded and (B) the Delayed Draw Termination Date.  

 

    66  WBD (US) 52391250  AMERICAS 108683049       (b) The Borrower Representative may at any time terminate the Revolving  Commitments in their entirety upon (i) the payment in full in cash of all outstanding  Loans, together with accrued and unpaid interest thereon and on any Letters of Credit; (ii)  the cancellation and return of all outstanding Letters of Credit (or alternatively, with  respect to such Letters of Credit, the deposit by the applicable Borrower in the applicable  LC Collateral Accounts of cash (or, with the consent of the Administrative Agent, the  Required Lenders and each applicable Issuing Bank, a back-up standby letter of credit)  equal to 103% of the LC Exposure as of such date in accordance with Section 2.06(j);  (iii) the payment in full in cash of the accrued and unpaid fees; and (iv) the payment in  full in cash of all accrued and unpaid reimbursable expenses and other Obligations  together with accrued and unpaid interest thereon.  (c) The Borrower Representative may from time to time reduce the  Commitments; provided that (i) each reduction of the Commitments shall be in an  amount that is an integral multiple of $10,000,000 and not less than $25,000,000 (or, in  either case, if less, the aggregate remaining applicable Commitment) and (ii) the  Borrowers shall not reduce the Revolving Commitments if, after giving effect to any  concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the  Aggregate Revolving Exposure would exceed the aggregate Revolving Commitments.  (d) The Borrower Representative shall notify the Administrative Agent of any  election to terminate or reduce the Commitments under paragraph (b) or (c) of this  Section at least three Business Days prior to the effective date of such termination or  reduction, specifying such election and the effective date thereof.  Promptly following  receipt of any notice, the Administrative Agent shall advise the Lenders of the contents  thereof.  Each notice delivered by the Borrower Representative pursuant to this Section  shall be irrevocable; provided that a notice of termination of the Commitments delivered  by the Borrower Representative may state that such notice is conditioned upon the  effectiveness of other credit facilities, in which case such notice may be revoked by the  Borrower Representative (by notice to the Administrative Agent on or prior to the  specified effective date) if such condition is not satisfied.  Any termination or reduction  of the Commitments shall be permanent.  Each reduction of the Commitments shall be  made ratably among the Lenders in accordance with their respective Commitments.  SECTION 2.10. Increase in Commitments; Amend and Extend Transactions.  (a) Increase in Commitments.  (i) After the Effective Date, the Borrowers shall have the right to  increase the aggregate Revolving Commitments by obtaining additional  Revolving Commitments (“Incremental Revolving Commitments” and revolving  loans made thereunder, “Incremental Revolving Loans”) and the right to increase  the aggregate Term Loan Commitments by obtaining additional Term Loan  Commitments under a then-existing tranche and/or one or more additional  

 

    67  WBD (US) 52391250  AMERICAS 108683049       tranches of term loans (“Incremental Term Commitments” and term loans made  thereunder, “Incremental Term Loans”), in each case from one or more of the  Lenders and/or additional Eligible Incremental Lenders; provided that (A) any  such Incremental Commitment shall be in a minimum amount of $25,000,000,  (B) the aggregate amount of all Incremental Commitments and Incremental Loans  effected pursuant hereto shall not exceed an amount equal to the sum of (1)  $500,000,000, plus (2) the maximum amount that would result in a Senior  Secured Net Leverage Ratio, on a Pro Forma Basis, of not more than 3.00 to 1.00;   (C) any such new Term Lender shall have assumed all of the rights and  obligations of a “Term Lender” hereunder;  (D) any such new Revolving Lender  shall have assumed all of the rights and obligations of a “Revolving Lender”  hereunder; (E) any such Incremental Revolving Commitments shall, subject to  Section 2.10(e), be on the same terms as the other Revolving Commitments and  any such Incremental Term Commitments shall, subject to Section 2.10(e), be on  the same terms as the other Term Loans; and (F) all of the procedures and other  conditions described in this Section 2.10 shall have been satisfied; and provided,  further, that the aggregate principal amount of Incremental Equivalent Debt  established after the Effective Date in reliance on clause (a)(i)(B)(1) above shall  result in a dollar for dollar reduction of the amount of Incremental Commitments  permitted to be established pursuant to clause (a)(i)(B)(1) above. The Borrowers  may elect to use clause (a)(i)(B)(2) above regardless of whether the Borrower has  capacity under clause (a)(i)(B)(1) above.  Further, the Borrowers may elect to use  clause (a)(i)(B)(2) prior to using clause (a)(i)(B)(1), and if both clause (a)(i)(B)(2)  and clause (a)(i)(B)(1) are available, unless otherwise elected by the Borrowers,  then the Borrowers will be deemed to have elected to use clause (a)(i)(B)(2).  In  addition, any Indebtedness originally designated as incurred pursuant to clause  (a)(i)(B)(1) shall, at the option of the Borrowers, be reclassified as incurred under  clause (a)(i)(B)(2) so long as the Borrowers would meet the applicable leverage or  coverage based incurrence test at such time on a Pro Forma Basis.  (ii) The Borrower Representative shall request an Incremental  Commitment by delivering a notice (an “Incremental Commitment Request”) to  the Administrative Agent, who shall promptly notify the Lenders of the substance  thereof.  The notice by the Administrative Agent to the Lenders describing each  Incremental Commitment Request shall specify the time period (to be determined  by the Borrower Representative in consultation with the Administrative Agent,  but in no event be less than 5 Business Days from the date of delivery by the  Borrower Representative of the applicable Incremental Commitment Request to  the Administrative Agent) within which each Lender is required to inform the  Borrower Representative and the Administrative Agent whether such Lender  intends to participate in the applicable Incremental Commitment.  Each Lender  shall notify the Administrative Agent within the required time period whether or  not it agrees to participate in the applicable Incremental Commitment and, if so,  

 

    68  WBD (US) 52391250  AMERICAS 108683049       shall specify the amount of such Incremental Commitment it desires to be  allocated to it.  Any Lender not responding within such time period shall be  deemed to have declined to increase its Commitment.  Each determination by a  Lender to participate in an Incremental Commitment shall be made by it in its sole  and absolute discretion.    (iii) The Administrative Agent shall notify the Borrower  Representative and each Lender of the Lenders’ responses to each Incremental  Commitment Request.  The Borrowers may obtain the agreement of additional  Eligible Incremental Lenders to become Lenders pursuant to an Incremental  Commitment Joinder Agreement, in substantially the form of Exhibit D (each, an  “Incremental Commitment Joinder Agreement”).  Each such Eligible Incremental  Lender shall, as a condition to participating in any Incremental Commitment, be  required to deliver all forms, if any, that are required to be delivered by such  Eligible Incremental Lender pursuant to Section 9.04 and any other information  that the Administrative Agent requires from Lenders as a condition to becoming a  party to this Agreement.  Any Incremental Commitment shall be allocated among  the existing Lenders that agree to participate in such Incremental Commitment  and additional Eligible Incremental Lenders who agree to become Lenders  pursuant to an Incremental Commitment Joinder Agreement (in each case, up to  the amount of each such Person’s agreed participation) as determined by the  Borrower Representative.    (iv) Any amendment hereto solely for Incremental Commitments shall  be in form and substance satisfactory to the Administrative Agent and shall only  require the written signatures of the Administrative Agent, the Borrower  Representative (on behalf of the Borrowers) and the Lender(s) providing an  Incremental Commitment.  As a condition precedent to any such Incremental  Commitment, the Borrowers shall deliver to the Administrative Agent (A) a  certificate of each Loan Party signed by an authorized officer of such Loan Party  (x) certifying and attaching the resolutions adopted by such Loan Party approving  or consenting to such Incremental Commitment; and (y) in the case of the  Borrowers, certifying that, before and immediately after giving effect to such  increase, (1) the representations and warranties contained in Article III and the  other Loan Documents shall be true and correct, except that such representations  and warranties that relate solely to an earlier date shall be true and correct in all  material respects as of such earlier date, and shall be true and correct in all  respects to the extent they are qualified by a materiality standard (provided that in  the case of any Incremental Loan, the proceeds of which are being used to finance  a Limited Condition Acquisition, such representations and warranties may be  limited to customary “specified representations”); (2) no Default or Event of  Default shall have occurred and be continuing or would result from any such  Incremental Commitment (provided that in the case of any Incremental Loan, the  proceeds of which are being used to finance a Limited Condition Acquisition, (x)  

 

    69  WBD (US) 52391250  AMERICAS 108683049       the satisfaction of such condition shall be subject to Section 1.07, and (y) no  Event of Default under clause (a), (b), (h) or (i) of Article VII shall exist at the  time of, or would result therefrom, the making of such Incremental Loan); and (3)  subject, in the case of any Incremental Loan the proceeds of which are being used  to finance a Limited Condition Acquisition, to Section 1.07, at the time of and  immediately after giving effect to each such Incremental Commitment, the  Borrowers shall be in compliance with the covenants set forth in Sections 6.12  and 6.13 (on a Pro Forma Basis for the Test Period for which financial statements  have been delivered pursuant to Section 5.01(a) or (b) ending immediately  preceding such Incremental Commitment), which compliance shall be evidenced  by the due completion, execution and delivery of a Compliance Certificate and  based on the assumption that such Incremental Commitment was fully drawn on  the first day of such Test Period, and (B) such opinions of counsel, evidence of  flood insurance, ratification agreements, amendments to the other Loan  Documents (which amendments the Administrative Agent is authorized to  execute on behalf of all Lenders), and other documents, certificates and  information as the Administrative Agent may reasonably request; provided that  flood insurance due diligence and flood insurance compliance shall be reasonably  satisfactory to the Administrative Agent and the Lenders whose compliance is  impacted by the relevant incremental facility.  (v) The terms and provisions of the Loans made with respect to any  Incremental Commitments shall (A) rank pari passu in right of payment and of  security with, and shall have the same guarantees as the existing Loans; (B) have  a maturity date that is not earlier than the Maturity Date of the Term Loans (or if  Incremental Revolving Commitments, the Revolving Loans); (C) have a weighted  average life to maturity that is no shorter than the weighted average life to  maturity of the Term Loans (or if Incremental Revolving Commitments, the  Revolving Loans); (D) have a rate of interest as set forth in each applicable  Incremental Commitment Joinder Agreement; provided that with respect to  Incremental Term Commitments, if such interest rate is greater than the interest  rate on the existing Term Loans by 0.50% or more, the interest rate on the  existing Term Loans shall be increased so as to equal the interest rate applicable  to the Incremental Term Loans minus 0.50%; and (E) otherwise be treated the  same as, and not be entitled to any additional benefits than or impose any more  obligations than, the Term Loan or Revolving Loans, as applicable.  (vi) Any existing Lender that has a Note and participates in any  Incremental Commitment shall, substantially contemporaneously with the  delivery of its Note to be replaced to the Borrowers, receive a replacement Note  that evidences the aggregate principal amount of its Loans outstanding hereunder.   Any new Lender requesting a Note shall receive such a Note in an amount equal  to the aggregate principal amount of the Incremental Commitments for which its  funds pursuant to the terms of this Section.  

 

    70  WBD (US) 52391250  AMERICAS 108683049       (vii) Within a reasonable time after the effective date of any  Incremental Commitment, the Administrative Agent shall, and is hereby  authorized and directed to, revise the Commitment Schedule to reflect any  Incremental Commitment and shall distribute such revised Commitment Schedule  to each of the Lenders and the Borrowers, whereupon such revised Commitment  Schedule shall replace the prior Commitment Schedule and become part of this  Agreement.  On the Business Day following the effectiveness of any such  Incremental Revolving Commitment, all outstanding Revolving Loans shall be  reallocated among the Lenders (including any newly added Lenders) in  accordance with the Lenders’ respective revised Applicable Percentages of the  Revolving Commitments.  (b) Amend and Extend Transactions.  (i) The Borrower Representative may, by written notice to the  Administrative Agent from time to time, request an extension (each, an  “Extension”) of the Maturity Date (including, for the avoidance of doubt with  respect to Commitments, the termination date thereof) of any Class of Loans  and/or Commitments to the extended maturity date or termination date specified  in such request.  Such notice shall set forth (A) the amount of the Revolving  Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term  Loans and/or the Incremental Term Loans to be extended (which shall be in a  minimum amount of $25,000,000), and (B) the date on which such Extension is  requested to become effective (which shall be not less than 5 Business Days nor  more than 60 days after the date of such requested Extension (or such longer or  shorter periods as the Administrative Agent shall agree in its sole discretion)).  Each Lender in respect of any Class of Loans shall be offered (each, an  “Extension Offer”) an opportunity to participate in such Extension on a pro rata  basis and on the same terms and conditions as each other Lender in respect of  such Class of Loans pursuant to procedures established by, or reasonably  acceptable to, the Administrative Agent.  Any Lender approached to participate in  such Extension may elect or decline, in its sole discretion, to participate in such  Extension. If the aggregate principal amount of the Revolving Commitments, the  Revolving Loans, the Incremental Revolving Loans, the Term Loans or the  Incremental Term Loans (calculated on the face amount thereof) in respect of  which Lenders shall have accepted the relevant Extension Offer shall exceed the  maximum aggregate principal amount of the Revolving Commitments, the  Revolving Loans, the Incremental Revolving Loans, the Term Loans or the  Incremental Term Loans, as applicable, requested to be extended by the Borrower  Representative pursuant to such Extension Offer, then the Revolving  Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term  Loans or the Incremental Term Loans, as applicable, of Lenders under the  applicable Class shall be extended ratably up to such maximum amount based on  

 

    71  WBD (US) 52391250  AMERICAS 108683049       the respective principal amounts (but not to exceed actual holdings of record) with  respect to which such Lenders have accepted such Extension Offer.  (ii) It shall be a condition precedent to the effectiveness of any  Extension that (A) no Default or Event of Default shall have occurred and be  continuing immediately prior to and immediately after giving effect to such  Extension, (B) the representations and warranties of the Borrowers and each other  Loan Party contained in Article III or any other Loan Document, or which are  contained in any document furnished at any time under or in connection herewith  or therewith, shall be true and correct in all material respects (and in all respects if  any such representation or warranty is already qualified by materiality or Material  Adverse Effect) on and as of the date of such Extension, except to the extent that  such representations and warranties specifically refer to an earlier date, in which  case they shall be true and correct in all material respects (and in all respects if  any such representation or warranty is already qualified by materiality or Material  Adverse Effect) as of such earlier date, (C) the L/C Issuer and the Swingline  Lender shall have consented to any Extension of the Revolving Commitments to  the extent that such Extension provides for the issuance of Letters of Credit or  making of Swingline Loans at any time during the extended period and (D) the  terms of such Extended Revolving Commitments, Extended Revolving Loans and  Extended Term Loans shall comply with Section 2.10(b)(iii).  (iii) The terms of each Extension shall be determined by the Borrower  Representative and the applicable extending Lenders and be set forth in an  Extension Amendment; provided that (A) the final maturity date or termination  date of any Extended Revolving Commitment, Extended Revolving Loan or  Extended Term Loan shall be no earlier than the Maturity Date of the Revolving  Commitments, Revolving Loans or Term Loans subject to such Extension Offer,  as applicable, (B)(1) there shall be no scheduled amortization of the Extended  Revolving Commitments or Extended Revolving Loans and (2) the weighted  average life to maturity of the Extended Term Loans shall be no shorter than the  remaining weighted average life to maturity of the Term Loans, subject to such  Extension Offer, (C) any Extended Revolving Loans and any Extended Term  Loans shall (1) rank pari passu in right of payment with the Revolving Loans or  the Term Loans being extended, as applicable, (2) be Guaranteed by the same  Guarantors that guarantee the Revolving Loans or the Term Loans being  extended, as applicable, and (3) be secured by the Collateral (if any) on an equal  and ratable basis with the Revolving Loans or the Term Loans being extended, as  applicable, and (D) to the extent the terms of the Extended Revolving  Commitments, Extended Revolving Loans or Extended Term Loans are  inconsistent with the terms set forth herein (except as set forth in clauses (A)  through (C) above), such terms shall be reasonably satisfactory to the  Administrative Agent.  

 

    72  WBD (US) 52391250  AMERICAS 108683049       (iv) In connection with any Extension, the Borrowers, the  Administrative Agent and each applicable extending Lender shall execute and  deliver to the Administrative Agent an Extension Amendment and such other  documentation as the Administrative Agent shall reasonably specify to evidence  the Extension.  The Administrative Agent shall promptly notify each Lender as to  the effectiveness of each Extension.  Notwithstanding anything herein to the  contrary, any Extension Amendment may, without the consent of any other  Lender, effect such amendments to this Agreement and the other Loan Documents  as may be necessary or appropriate (but only to such extent), in the reasonable  opinion of the Administrative Agent and the Borrower Representative, to  implement the terms of any such Extension Offer, including any amendments  necessary to establish Extended Revolving Commitments, Extended Revolving  Loans or Extended Term Loans as a new tranche of Revolving Commitments,  Revolving Loans or Term Loans, as applicable, and such other technical  amendments as may be necessary or appropriate in the reasonable opinion of the  Administrative Agent and the Borrower Representative in connection with the  establishment of such new tranche (including to preserve the pro rata treatment of  the extended and non-extended tranches and to provide for the reallocation of any  L/C Obligations or obligations under Swingline Loans upon the expiration or  termination of the commitments under any tranche), in each case on terms  consistent with this Section 2.10(b)).  (v) This Section 2.10(b) shall supersede any provisions in Section 9.02  to the contrary.  SECTION 2.11. Repayment and Amortization of Loans; Evidence of Debt.  (a) The  Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account  of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date;  and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the  earlier of the Maturity Date and demand by the Swingline Lender.  (b) Beginning on January 4, 2022 and continuing on the second Business Day  of each April, July, October and January thereafter, the Borrowers shall repay the Term  Loans in an amount equal to 1.25% of the original principal amount of the Term Loans  made on the Effective Date (as increased by the original principal amount of any Delayed  Draw Term Loans funded (or such other amount to ensure fungibility), commencing on  the first payment date following the first full Fiscal Quarter ending after the applicable  Delayed Draw Funding Date).  To the extent not previously paid, the Term Loans shall  be paid in full in cash by the Borrowers on the Maturity Date or any earlier date on which  repayment of the Loans may be due pursuant to Article VII.  (c) [Reserved].  

 

    73  WBD (US) 52391250  AMERICAS 108683049       (d) Each Lender shall maintain in accordance with its usual practice an  account or accounts evidencing the indebtedness of the Borrowers to such Lender  resulting from each Loan made by such Lender, including the amounts of principal and  interest payable and paid to such Lender from time to time hereunder.  (e) The Administrative Agent shall maintain accounts in which it shall record  (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest  Period applicable thereto, (ii) the amount of any principal or interest due and payable or  to become due and payable from the Borrowers to each Lender hereunder and (iii) the  amount of any sum received by the Administrative Agent hereunder for the account of  the Lenders and each Lender’s share thereof.  (f) The entries made in the accounts maintained pursuant to paragraph (d) or  (e) of this Section shall be evidence, absent manifest error, of the existence and amounts  of the obligations recorded therein; provided that the failure of any Lender or the  Administrative Agent to maintain such accounts or any error therein shall not in any  manner affect the obligation of the Borrowers to repay the Loans in accordance with the  terms of this Agreement.  (g) Any Lender may request that Loans made by it be evidenced by a Note.   In such event, the Borrowers shall prepare, execute and deliver to such Lender a Note  payable to the order of such Lender (or, if requested by such Lender, to such Lender and  its registered assigns).  Thereafter, the Loans evidenced by such Note and interest thereon  shall at all times (including after assignment pursuant to Section 9.04) be represented by  one or more Notes in such form payable to the order of the payee named therein (or, if  such Note is a registered note, to such payee and its registered assigns).  SECTION 2.12. Prepayment of Loans.  (a) The Borrowers shall have the right at any  time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in  accordance with paragraph (f) of this Section and payment of any amounts that are required to be  paid pursuant to Section 2.17.  (b) [Reserved].  (c) In the event and on each occasion that any Net Proceeds are received by or  on behalf of any Loan Party in respect of any Prepayment Event, the Borrowers shall,  subject to the proviso below, immediately after such Net Proceeds are received by any  Loan Party, prepay the Obligations as set forth in Section 2.12(d) below in an aggregate  amount equal to 100% of such Net Proceeds; provided that, in the case of any such  “Prepayment Event”, if, within 365 days after receipt of such Net Proceeds, the Loan  Parties have either (x) used such Net Proceeds to acquire (or replace, construct or build)  assets useful in the business of the Loan Parties (including Permitted Acquisitions) or (y)  have a signed commitment to apply the Net Proceeds from such event (or a portion  thereof) to acquire (or replace, construct, or rebuild) assets useful in the business of the  

 

    74  WBD (US) 52391250  AMERICAS 108683049       Loan Parties (including Permitted Acquisitions), and no Default has occurred and is  continuing, then no prepayment shall be required pursuant to this paragraph in respect of  the Net Proceeds so long as such Net Proceeds are actually reinvested by the Borrowers  within 180 days after the expiration of such 365 day period; and provided, further, that if  any such Net Proceeds therefrom that have not been so applied by the end of such 180- day period, the Borrowers shall immediately prepay the Obligations in an amount equal  to such Net Proceeds that have not been so committed or applied.  (d) All such amounts pursuant to Section 2.12(c) shall be applied, first to  prepay the Term Loans (to be applied to installments of the Term Loans ratably in  accordance with the then outstanding amounts thereof), second to prepay the Swingline  Loans, third to prepay the Revolving Loans without a corresponding reduction in the  Revolving Commitment and fourth to cash collateralize outstanding LC Exposure (in an  amount equal to 100% of the amount thereof) without a corresponding reduction in the  Revolving Commitment.  All such amounts pursuant to Section 2.12(a) may be applied to  prepay the Revolving Loans or the Term Loans, as the Borrower Representative shall  direct; provided that any amounts applied pursuant to Section 2.12(a) to prepay the Term  Loans shall be applied to installments due on the Term Loans in order of maturity.  (e) The Borrower Representative shall notify the Administrative Agent (and,  in the case of prepayment of a Swingline Loan, the Swingline Lender) by electronic mail  or facsimile of any prepayment hereunder (i) in the case of prepayment of a Eurodollar  Borrowing, not later than 12:00 noon, Denver, Colorado time, three Business Days before  the date of prepayment; (ii) in the case of prepayment of a Base Rate Borrowing, not later  than 12:00 noon, Denver, Colorado time, on the date of prepayment; or (iii) in the case of  prepayment of a Swingline Loan, not later than 2:00 p.m., Denver, Colorado time, on the  date of prepayment.  Each such notice shall be irrevocable and shall specify the  prepayment date and the principal amount of each Borrowing or portion thereof to be  prepaid; provided that if a notice of prepayment is given in connection with a conditional  notice of termination of the Commitments as contemplated by Section 2.09, then such  notice of prepayment may be revoked if such notice of termination is revoked in  accordance with Section 2.09.  Promptly following receipt of any such notice relating to a  Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.   Each partial prepayment of any Revolving Borrowing under Section 2.12(a) shall be in an  amount that would be permitted in the case of an advance of a Revolving Borrowing of  the same Type as provided in Section 2.02.  Prepayments shall be accompanied by  accrued interest to the extent required by Section 2.14.  

 

    75  WBD (US) 52391250  AMERICAS 108683049       SECTION 2.13. Fees.  (a) The Borrowers agree to pay to the Administrative Agent for the account of  each Revolving Lender, a commitment fee, which shall accrue at the rate per annum set  forth as describe in, or under the caption “Commitment Fee”, as applicable, in the  definition of “Applicable Rate” on the average daily amount of the Available Revolving  Commitment of each such Lender during the period from and including the Effective  Date to but excluding the date on which each such Lender’s Revolving Commitment  terminates.  Commitment fees accrued through and including the last day of each  calendar quarter shall be payable on the second Business Day of each April, July,  October and January of each year and on the date on which the Revolving Commitment  terminates, commencing on the first such date to occur after the Effective Date.  All  commitment fees shall be computed on the basis of a year of 360 days and shall be  payable for the actual number of days elapsed.  Solely for purposes of determining the  Available Revolving Commitment in connection with the computation of commitment  fees of the Revolving Lenders, the Revolving Exposure shall be deemed to exclude the  aggregate principal amount of Swingline Loans.  (b) The Borrowers agree to pay to the Administrative Agent, for the account  of (and to be shared pro rata among) each Revolving Lender, a participation fee with  respect to its participations in Letters of Credit, which shall accrue at the same Applicable  Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the  average daily amount of such Lender’s applicable LC Exposure (excluding any portion  thereof attributable to unreimbursed LC Disbursements) during the period from and  including the Effective Date to but excluding the later of the date on which such Lender’s  Revolving Commitment terminates and the date on which such Revolving Lender ceases  to have any LC Exposure.  In addition, the Borrowers agree to pay the applicable Issuing  Bank a fronting fee with respect to each Letter of Credit, in an amount equal to the  greater of (i) 0.125% of the face amount of such Letter of Credit and (ii) $1,000, payable  on the date of the issuance and any renewal or extension of such Letter of Credit (and, in  the event that the face amount of any Letter of Credit is increased after the date of  issuance thereof, the Borrowers agree to pay the applicable Issuing Bank, on the date of  any such increase, an additional fronting fee in an amount equal to the greater of (i)  0.125% of the amount by which the face amount of such Letter of Credit has been  increased and (ii) $1,000), as well as the applicable Issuing Bank’s standard fees with  respect to the issuance, amendment, renewal or extension of any Letter of Credit or  processing of drawings thereunder.  Participation fees and fronting fees accrued through  and including the last day of each calendar quarter shall be payable on the second  Business Day of each April, July, October and January of each year, commencing on the  first such date to occur after the Effective Date; provided that all such fees shall be  payable on the date on which the Revolving Commitments terminate and any such fees  accruing after the date on which the Revolving Commitments terminate shall be payable  on demand.  Any other fees payable to an Issuing Bank pursuant to this paragraph shall  be payable within 10 Business Days after demand.  All participation fees and fronting  

 

    76  WBD (US) 52391250  AMERICAS 108683049       fees payable pursuant to this paragraph (b) shall be computed on the basis of a year of  360 days and shall be payable for the actual number of days elapsed.  (c) The Borrowers agree to pay to (i) the Administrative Agent and the other  Agents the fees set forth in the Fee Letter, and (ii) the Administrative Agent, for its own  account, any other fees payable in the amounts and at the times separately agreed upon  between the Borrowers and the Administrative Agent.  (d) As provided in the Fee Letter and without duplication of any amounts  payable thereunder, in the event that the Delayed Draw Term Loan Commitments are not  fully drawn on the Effective Date, the Borrowers agree to pay to the Administrative  Agent, for the account of each Lender, a ticking fee, which will accrue from the Effective  Date until and including the earlier to occur of (i) the date on which the Delayed Draw  Term Loan Commitments shall be fully drawn and (ii) the Delayed Draw Termination  Date, equal to 0.20% per annum and accruing on the actual daily undrawn Delayed Draw  Term Loan Commitments of such Lender (as such amounts shall be adjusted to give  effect to any voluntary or mandatory reductions of the commitments in accordance with  the terms of this Agreement), which fee will be due and payable on such earlier date.  (e) All fees payable hereunder shall be paid on the dates due, in immediately  available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the  case of fees payable to it) for distribution, in the case of commitment fees and  participation fees, to the Lenders.  Fees paid shall not be refundable under any  circumstances.  SECTION 2.14. Interest.  (a) The Loans comprising each Base Rate Borrowing  (excluding each Swingline Loan) shall accrue interest at the Base Rate plus the Applicable Rate.   Each Swingline Loan shall accrue interest at the Base Rate plus the Applicable Rate minus  0.250%.  (b) The Loans comprising each Eurodollar Borrowing shall accrue interest at  the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the  Applicable Rate.  (c) [Reserved].  (d) [Reserved].  (e) Notwithstanding the foregoing, if any amount payable by the Borrowers  under this Agreement is not paid when due, whether at stated maturity, by acceleration or  otherwise, (i) all overdue principal on outstanding Loans shall accrue interest at 2% plus  the rate otherwise applicable to such Loans as provided in the preceding paragraphs of  this Section or (ii) in the case of any other overdue amount outstanding hereunder, such  amount shall accrue interest at 2% plus the rate that is applicable to Base Rate Loans.  

 

    77  WBD (US) 52391250  AMERICAS 108683049       Upon the request of the Required Lenders, during the occurrence and continuance of an  Event of Default, all Loans shall accrue interest at 2% plus the rate otherwise applicable  to such Loans as provided in the preceding paragraphs of this Section.  (f) Accrued interest on each Loan (for Base Rate Loans, accrued through the  last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment  Date for such Loan and upon termination of the Commitments; provided that (i) interest  accrued pursuant to paragraph (d) or (e) of this Section shall be payable on demand,  (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the  principal amount repaid or prepaid shall be payable on the date of such repayment or  prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the  end of the current Interest Period therefor, accrued interest on such Loan shall be payable  on the effective date of such conversion.  (g) All interest hereunder shall be computed on the basis of a year of 360 days  and shall be payable for the actual number of days elapsed.  The applicable Base Rate,  Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and  such determination shall be conclusive absent manifest error.  SECTION 2.15. Alternate Rate of Interest.    (a) Inability to Determine Rates.  If the Administrative Agent shall have  determined (which determination shall be conclusive and binding absent manifest error)  or been instructed by the Required Lenders that either (i) Dollar deposits are not being  offered to banks in the London interbank LIBO Rate market, (ii) adequate and reasonable  means do not exist for ascertaining the Adjusted LIBO Rate for the applicable Interest  Period, or (iii) the Adjusted LIBO Rate or the LIBO Rate does not adequately cover the  costs of the Lenders, then, upon notice from the Administrative Agent to the Company  and the Lenders, the obligations of all Lenders under Sections 2.4 and 2.5 to make or  continue any Loans as, or to convert any Loans into, Eurodollar Loans shall forthwith be  suspended until the Administrative Agent shall notify the Company and the Lenders that  the circumstances causing such suspension no longer exist.  (b) Benchmark Replacement Setting.  Notwithstanding anything to the  contrary herein or in any other Loan Document (and, for the avoidance of doubt, any  Bank Product Agreement shall be deemed not to be a “Loan Document” for purposes of  this Section 2.15(b)):  (i) Replacing LIBOR.  On March 5, 2021 the Financial Conduct  Authority (“FCA”), the regulatory supervisor of the LIBO Rate’s administrator  (“IBA”), announced in a public statement the future cessation or loss of  representativeness of 1-month, 3-month, 6-month and 12-month LIBO Rate tenor  settings. On the earlier of (A) the date that all Available Tenors of the LIBO Rate  have either permanently or indefinitely ceased to be provided by IBA or have  

 

    78  WBD (US) 52391250  AMERICAS 108683049       been announced by the FCA pursuant to public statement or publication of  information to be no longer representative and (B) the Early Opt-in Effective  Date, if the then-current Benchmark is the LIBO Rate, the Benchmark  Replacement will replace such Benchmark for all purposes hereunder and under  any other Loan Document in respect of any setting of such Benchmark on such  day and all subsequent settings without any amendment to, or further action or  consent of any other party to this Agreement or any other Loan Document. If the  Benchmark Replacement is Daily Simple SOFR, all interest payments will be  payable on a quarterly basis.  (ii) Replacing Future Benchmarks.  Upon the occurrence of a  Benchmark Transition Event, the Benchmark Replacement will replace the then- current Benchmark for all purposes hereunder and under any other Loan  Document in respect of any Benchmark setting at or after 3:00 p.m. (Denver,  Colorado time) on the fifth (5th) Business Day after the date notice of such  Benchmark Replacement is provided to the Lenders without any amendment to,  or further action or consent of any other party to, this Agreement or any other  Loan Document so long as the Administrative Agent has not received, by such  time, written notice of objection to such Benchmark Replacement from the  Required Lenders.  At any time that the administrator of the then-current  Benchmark has permanently or indefinitely ceased to provide such Benchmark or  such Benchmark has been announced by the regulatory supervisor for the  administrator of such Benchmark pursuant to public statement or publication of  information to be no longer representative of the underlying market and economic  reality that such Benchmark is intended to measure and that representativeness  will not be restored, the Borrower Representative may revoke any request for a  borrowing of, conversion to or continuation of Loans to be made, converted or  continued that would bear interest by reference to such Benchmark until the  Borrower Representative’s receipt of notice from the Administrative Agent that a  Benchmark Replacement has replaced such Benchmark, and, failing that, the  Borrower Representative will be deemed to have converted any such request into  a request for a borrowing of or conversion to Base Rate Loans. During the period  referenced in the foregoing sentence, the component of the Base Rate based upon  the Benchmark will not be used in any determination of the Base Rate.  (iii) Benchmark Replacement Conforming Changes.  In connection  with the implementation and administration of a Benchmark Replacement, the  Administrative Agent will have the right to make Benchmark Replacement  Conforming Changes from time to time and, notwithstanding anything to the  contrary herein or in any other Loan Document, any amendments implementing  such Benchmark Replacement Conforming Changes will become effective  without any further action or consent of any other party to this Agreement.  

 

    79  WBD (US) 52391250  AMERICAS 108683049       (iv) Notices; Standards for Decisions and Determinations.  The  Administrative Agent will promptly notify the Borrowers and the Lenders of (A)  a Term SOFR Transition Event, (B) the implementation of any Benchmark  Replacement, and (C) the effectiveness of any Benchmark Replacement  Conforming Changes.  Any determination, decision or election that may be made  by the Administrative Agent or, if applicable, any Lender (or group of Lenders)  pursuant to this Section 2.15(b), including any determination with respect to a  tenor, rate or adjustment or of the occurrence or non-occurrence of an event,  circumstance or date and any decision to take or refrain from taking any action,  will be conclusive and binding absent manifest error and may be made in its or  their sole discretion and without consent from any other party hereto, except, in  each case, as expressly required pursuant to this Section 2.15(b).  (v) Unavailability of Tenor of Benchmark.  At any time (including in  connection with the implementation of a Benchmark Replacement), (A) if the  then-current Benchmark is a term rate (including Term SOFR or USD LIBO  Rate), then the Administrative Agent may remove any tenor of such Benchmark  that is unavailable or non-representative for such Benchmark (including  Benchmark Replacement) settings and (B) the Administrative Agent may  reinstate any such previously removed tenor for such Benchmark (including  Benchmark Replacement) settings.  (vi) Climb the Waterfall.  Notwithstanding anything to the contrary  herein or in any other Loan Document and subject to the proviso below in this  clause (vi), if a Term SOFR Transition Event and Term SOFR Transition Date  have occurred, then clause (a)(i) of the definition of “Benchmark Replacement”  will replace the then-current Benchmark for all purposes hereunder or under any  Loan Document in respect of any setting of such Benchmark on such date and all  subsequent Benchmark settings, without any amendment to, or further action or  consent of any other party to, this Agreement or any other Loan Document;  provided that this clause (vi) shall not be effective unless the Administrative  Agent has delivered to the Lenders and the Borrowers a Term SOFR Notice.  (vii) Definitions.  As used in this Section 2.15(b):  “Available Tenor” means, as of any date of determination and with respect  to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is  a term rate, any tenor for such Benchmark that is or may be used for determining  the length of an Interest Period or (b) otherwise, any payment period for interest  calculated with reference to such Benchmark, as applicable, pursuant to this  Agreement as of such date.  “Benchmark” means, initially, the LIBO Rate; provided that if a  replacement of the Benchmark has occurred pursuant to this Section 2.15(b), then  

 

    80  WBD (US) 52391250  AMERICAS 108683049       “Benchmark” means the applicable Benchmark Replacement to the extent that  such Benchmark Replacement has replaced such prior benchmark rate. Any  reference to “Benchmark” shall include, as applicable, the published component  used in the calculation thereof.  “Benchmark Replacement” means, for any Available Tenor:  (a) For purposes of Section 2.15(b), the first alternative set forth below  that can be determined by the Administrative Agent:  (i) the sum of: (A) Term SOFR and (B) 0.11448% (11.448  basis points) for an Available Tenor of one-month’s duration, 0.26161%  (26.161 basis points) for an Available Tenor of three-months’ duration,  and 0.42826% (42.826 basis points) for an Available Tenor of six-months’  duration, or  (ii) the sum of: (A) Daily Simple SOFR and (B) the spread  adjustment selected or recommended by the Relevant Governmental Body  for the replacement of the tenor of USD LIBO Rate with a SOFR-based  rate having approximately the same length as the interest payment period  specified in Section 2.15(b)(i); and  (b) For purposes of Section 2.15(b), the sum of (i) the alternate  benchmark rate and (ii) an adjustment (which may be a positive or negative value  or zero), in each case, that has been selected by the Administrative Agent and the  Borrower Representative as the replacement for such Available Tenor of such  Benchmark giving due consideration to any evolving or then-prevailing market  convention, including any applicable recommendations made by the Relevant  Governmental Body, for U.S. dollar-denominated syndicated credit facilities at  such time;  provided that, if the Benchmark Replacement as determined pursuant to  clause (a) or (b) above would be less than the Floor, the Benchmark Replacement  will be deemed to be the Floor for the purposes of this Agreement and the other  Loan Documents.  “Benchmark Replacement Conforming Changes” means, with respect to  any Benchmark Replacement, any technical, administrative or operational  changes (including changes to the definition of “Base Rate,” the definition of  “Business Day,” the definition of “Interest Period,” timing and frequency of  determining rates and making payments of interest, timing of borrowing requests  or prepayment, conversion or continuation notices, the applicability and length of  lookback periods, the applicability of breakage provisions, and other technical,  administrative or operational matters) that the Administrative Agent decides may  

 

    81  WBD (US) 52391250  AMERICAS 108683049       be appropriate to reflect the adoption and implementation of such Benchmark  Replacement and to permit the administration thereof by the Administrative  Agent in a manner substantially consistent with market practice (or, if the  Administrative Agent decides that adoption of any portion of such market practice  is not administratively feasible or if the Administrative Agent determines that no  market practice for the administration of such Benchmark Replacement exists, in  such other manner of administration as the Administrative Agent decides is  reasonably necessary in connection with the administration of this Agreement and  the other Loan Documents).  “Benchmark Transition Event” means, with respect to any then-current  Benchmark other than the LIBO Rate, the occurrence of a public statement or  publication of information by or on behalf of the administrator of the then-current  Benchmark, the regulatory supervisor for the administrator of such Benchmark,  the Board of Governors of the Federal Reserve System, the Federal Reserve Bank  of New York, an insolvency official with jurisdiction over the administrator for  such Benchmark, a resolution authority with jurisdiction over the administrator  for such Benchmark or a court or an entity with similar insolvency or resolution  authority over the administrator for such Benchmark, announcing or stating that  (a) such administrator has ceased or will cease on a specified date to provide all  Available Tenors of such Benchmark, permanently or indefinitely (provided that,  at the time of such statement or publication, there is no successor administrator  that will continue to provide any Available Tenor of such Benchmark) or (b) all  Available Tenors of such Benchmark are or will no longer be representative of the  underlying market and economic reality that such Benchmark is intended to  measure and that representativeness will not be restored.  “Daily Simple SOFR” means, for any day, SOFR, with the conventions  for this rate (which will include a lookback) being established by the  Administrative Agent in accordance with the conventions for this rate  recommended by the Relevant Governmental Body for determining “Daily  Simple SOFR” for syndicated business loans; provided that if the Administrative  Agent decides that any such convention is not administratively feasible for the  Administrative Agent, then the Administrative Agent may establish another  convention in its reasonable discretion.  “Early Opt-in Effective Date” means, with respect to any Early Opt-in  Election, the sixth (6th) Business Day after the date notice of such Early Opt-in  Election is provided to the Lenders, so long as the Administrative Agent has not  received, by 3:00 p.m. (Denver, Colorado time) on the fifth (5th) Business Day  after the date notice of such Early Opt-in Election is provided to the Lenders,  written notice of objection to such Early Opt-in Election from the Required  Lenders.  

 

    82  WBD (US) 52391250  AMERICAS 108683049       “Early Opt-in Election” means the occurrence of:  (a) a notification by the Administrative Agent to (or the request by the  Borrower Representative to the Administrative Agent to notify) each of the other  parties hereto that at least five currently outstanding U.S. dollar-denominated  syndicated credit facilities at such time contain (as a result of amendment or as  originally executed) a SOFR-based rate (including SOFR, a term SOFR or any  other rate based upon SOFR) as a benchmark rate (and such syndicated credit  facilities are identified in such notice and are publicly available for review), and  (b) the joint election by the Administrative Agent and the Borrower  Representative to trigger a fallback from the LIBO Rate and the provision by the  Administrative Agent of written notice of such election to the Lenders.  “Floor” means the benchmark rate floor, if any, provided in this  Agreement initially (as of the execution of this Agreement, the modification,  amendment or renewal of this Agreement or otherwise) with respect to the LIBO  Rate; provided that, if no such benchmark rate floor is provided in this  Agreement, the “Floor” shall be zero.  “Relevant Governmental Body” means the Board of Governors of the  Federal Reserve System or the Federal Reserve Bank of New York, or a  committee officially endorsed or convened by the Board of Governors of the  Federal Reserve System or the Federal Reserve Bank of New York, or any  successor thereto.  “SOFR” means a rate per annum equal to the secured overnight financing  rate for such Business Day published by the Federal Reserve Bank of New York  (or a successor administrator of the secured overnight financing rate) on the  website of the Federal Reserve Bank of New York, currently at  http://www.newyorkfed.org (or any successor source for the secured overnight  financing rate identified as such by the administrator of the secured overnight  financing rate from time to time).  “Term SOFR” means, for the applicable corresponding tenor, the forward- looking term rate based on SOFR that has been selected or recommended by the  Relevant Governmental Body.  “Term SOFR Notice” means a notification by the Administrative Agent to  the Lenders and the Borrowers of the occurrence of a Term SOFR Transition  Event.  “Term SOFR Transition Event” means the determination by the  Administrative Agent that (a) Term SOFR has been recommended for use by the  

 

    83  WBD (US) 52391250  AMERICAS 108683049       Relevant Governmental Body, (b) the administration of Term SOFR is  administratively feasible for the Administrative Agent, and (c) a replacement of  the LIBO Rate has previously occurred in accordance with Section 2.15(b)(i)  resulting in a Benchmark Replacement under clause (a)(ii) of the definition of  “Benchmark Replacement”.    “Term SOFR Transition Date” means, with respect to a Term SOFR  Transition Event, the date that is 30 days (or such later date as the Administrative  Agent may specify in the Term SOFR Notice) after the date the Term SOFR  Notice is provided by the Administrative Agent to the Lenders and the Borrowers  pursuant to Section 2.15(b)(vi).    (c) Illegality.  If any Lender determines that any applicable law has made it  unlawful, or that any Governmental Authority has asserted that it is unlawful, for any  Lender or its applicable lending office to make, maintain or fund Eurodollar Loans, or to  determine or charge interest rates based upon the Adjusted LIBO Rate, or any  Governmental Authority has imposed material restrictions on the authority of such  Lender to purchase or sell, or to take deposits of, dollars in the London interbank market,  then, on notice thereof by such Lender to Borrower Representative through the  Administrative Agent, any obligation of such Lender to make or continue Eurodollar  Loans or to convert Base Rate Loans to Eurodollar Loans shall be suspended until such  Lender notifies the Administrative Agent and Borrower Representative that the  circumstances giving rise to such determination no longer exist.  Upon receipt of such  notice, Borrowers shall, upon demand from such Lender (with a copy to the  Administrative Agent), prepay or, if applicable, convert all Eurodollar Loans of such  Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such  Lender may lawfully continue to maintain such Eurodollar Loans to such day, or  immediately, if such Lender may not lawfully continue to maintain such Eurodollar  Loans.  Upon any such prepayment or conversion, Borrowers shall also pay accrued  interest on the amount so prepaid or converted.  SECTION 2.16. Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit or  similar requirement against assets of, deposits with or for the account of, or credit  extended by, any Lender (except any such reserve requirement reflected in the  Adjusted LIBO Rate) or Issuing Bank;  (ii) subject the Administrative Agent, any Lender or the Issuing Bank  to any Taxes (other than (x) Excluded Taxes and (y) Indemnified Taxes and Other  Taxes covered by Section 2.18) imposed as a result of a present or former  connection between such Administrative Agent, Lender or Issuing Bank and the  jurisdiction imposing such Tax on its Loans, Letters of Credit or Commitments, or  

 

    84  WBD (US) 52391250  AMERICAS 108683049       its deposits, reserves, other liabilities or capital attributable to such Loans, Letters  of Credit or Commitments; or  (iii) impose on any Lender or Issuing Bank or the London interbank  market any other condition affecting this Agreement or Eurodollar Loans made by  such Lender or any Letter of Credit or participation therein;  and the result of any of the foregoing shall be to increase the cost to such Lender of  making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such  Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or  maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by  such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise in respect of  any such Eurodollar Loan or Letter of Credit), then the Borrowers will pay to such Lender or  Issuing Bank, as the case may be, such additional amount or amounts as will compensate such  Lender or Issuing Bank, as the case may be, for such additional costs incurred or reduction  suffered; provided that the Borrowers shall not be treated less favorably with respect to such  amounts than other similarly situated borrowers of such Lender or Issuing Bank (it being  understood that this provision shall not be construed to obligate any Lender or Issuing Bank to  make available any information that, in its sole discretion, it deems confidential).  (b) If any Lender or Issuing Bank determines that any Change in Law  regarding capital or liquidity requirements has or would have the effect of reducing the  rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such  Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement  or the Loans made by, or participations in Letters of Credit held by, such Lender, or  Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s  or Issuing Bank’s holding company could have achieved but for such Change in Law  (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of  such Lender’s or Issuing Bank’s holding company with respect to capital adequacy), then  from time to time the Borrowers will pay to such Lender or Issuing Bank, as the case may  be, such additional amount or amounts as will compensate such Lender or Issuing Bank  or such Lender’s or Issuing Bank’s holding company for any such reduction suffered;  provided that the Borrowers shall not be treated less favorably with respect to such  amounts than other similarly situated borrowers of such Lender or Issuing Bank (it being  understood that this provision shall not be construed to obligate any Lender or Issuing  Bank to make available any information that, in its sole discretion, it deems confidential).  (c) A certificate of a Lender or Issuing Bank setting forth the amount or  amounts necessary to compensate such Lender or Issuing Bank or its holding company,  as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered  to the Borrower Representative and shall be conclusive absent manifest error.  The  Borrowers shall pay such Lender or Issuing Bank, as the case may be, the amount shown  as due on any such certificate within 10 Business Days after receipt thereof.  

 

    85  WBD (US) 52391250  AMERICAS 108683049       (d) Failure or delay on the part of any Lender or Issuing Bank to demand  compensation pursuant to this Section shall not constitute a waiver of such Lender’s or  Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not  be required to compensate a Lender or Issuing Bank pursuant to this Section for any  increased costs or reductions incurred more than 180 days prior to the date that such  Lender or Issuing Bank, as the case may be, notifies the Borrower Representative of the  Change in Law giving rise to such increased costs or reductions and of such Lender’s or  Issuing Bank’s intention to claim compensation therefor; and provided, further, that if the  Change in Law giving rise to such increased costs or reductions is retroactive, then the  180-day period referred to above shall be extended to include the period of retroactive  effect thereof.  SECTION 2.17. Break Funding Payments.  In the event of (a) the payment of any  principal of any Eurodollar Loan other than on the last day of an Interest Period applicable  thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan  other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,  convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered  pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(d) and is  revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the  last day of the Interest Period applicable thereto as a result of a request by the Borrower  Representative pursuant to Section 2.20, then, in any such event, the Borrowers shall compensate  each Lender for the loss, cost and expense attributable to such event (excluding loss of the  Applicable Rate).  A certificate of any Lender setting forth any amount or amounts that such  Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower  Representative and shall be conclusive absent manifest error.  The Borrowers shall pay such  Lender the amount shown as due on any such certificate within 10 Business Days after receipt  thereof.  SECTION 2.18. Taxes.  (a) Defined Terms.  For purposes of this Section 2.18, the term  “Lender” includes any Issuing Bank and the term “applicable law” includes FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any  obligation of the Borrowers under any Loan Document shall be made without deduction  or withholding for any Taxes, except as required by applicable law.  If any applicable law  (as determined in the good faith discretion of an applicable Withholding Agent) requires  the deduction or withholding of any Tax from any such payment by a Withholding  Agent, then the applicable Withholding Agent shall be entitled to make such deduction or  withholding and shall timely pay the full amount deducted or withheld to the relevant  Governmental Authority in accordance with applicable law and, if such Tax is an  Indemnified Tax, then the sum payable by the Borrowers shall be increased as necessary  so that after such deduction or withholding has been made (including such deductions  and withholdings applicable to additional sums payable under this Section 2.18) the  applicable Recipient receives an amount equal to the sum it would have received had no  such deduction or withholding been made.  

 

    86  WBD (US) 52391250  AMERICAS 108683049       (c) Payment of Other Taxes by the Borrowers.  The Borrowers shall timely  pay to the relevant Governmental Authority in accordance with applicable law, or at the  option of the Administrative Agent timely reimburse it for the payment of, any Other  Taxes.  (d) Indemnification by the Borrowers.  The Borrowers shall, jointly and  severally, indemnify each Recipient, within 10 days after demand therefor, for the full  amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on  or attributable to amounts payable under this Section) payable or paid by such Recipient  or required to be withheld or deducted from a payment to such Recipient and any  reasonable expenses arising therefrom or with respect thereto, whether or not such  Indemnified Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority; provided that, notwithstanding anything to the contrary herein,  the Bermuda Borrowers shall have no obligation to indemnify any Person with respect to  Indemnified Taxes levied in respect of payments made by the Company or obligations  that do not constitute Bermuda Obligations.  A certificate as to the amount of such  payment or liability delivered to the Borrower Representative by a Lender (with a copy to  the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf  of a Lender, shall be conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify  the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified  Taxes attributable to such Lender (but only to the extent that the Borrowers have not  already indemnified the Administrative Agent for such Indemnified Taxes and without  limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such  Lender’s failure to comply with the provisions of Section 9.04(d) relating to the recording  of book entries with respect to sales of participating interests and (iii) any Excluded  Taxes attributable to such Lender, in each case, that are payable or paid by the  Administrative Agent in connection with any Loan Document, and any reasonable  expenses arising therefrom or with respect thereto, whether or not such Taxes were  correctly or legally imposed or asserted by the relevant Governmental Authority.  A  certificate as to the amount of such payment or liability delivered to any Lender by the  Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby  authorizes the Administrative Agent to set off and apply any and all amounts at any time  owing to such Lender under any Loan Document or otherwise payable by the  Administrative Agent to the Lender from any other source against any amount due to the  Administrative Agent under this paragraph (e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes  by the Borrowers to a Governmental Authority pursuant to this Section 2.18, the  Borrowers shall deliver to the Administrative Agent the original or a certified copy of a  receipt issued by such Governmental Authority evidencing such payment, if applicable, a  copy of the return reporting such payment or other evidence of such payment reasonably  satisfactory to the Administrative Agent.  

 

    87  WBD (US) 52391250  AMERICAS 108683049       (g) Status of Lenders.  (i) Any Lender that is entitled to an exemption from or  reduction of withholding Tax with respect to payments made under any Loan Document  shall deliver to the Borrower Representative and the Administrative Agent, at the time or  times reasonably requested by the Borrower Representative or the Administrative Agent,  such properly completed and executed documentation reasonably requested by the  Borrower Representative or the Administrative Agent as will permit such payments to be  made without withholding or at a reduced rate of withholding.  In addition, any Lender, if  reasonably requested by the Borrower Representative or the Administrative Agent, shall  deliver such other documentation prescribed by applicable law or reasonably requested  by the Borrower Representative or the Administrative Agent as will enable the Borrower  Representative or the Administrative Agent to determine whether or not such Lender is  subject to backup withholding or information reporting requirements.  Notwithstanding  anything to the contrary in the preceding two sentences, the completion, execution and  submission of such documentation (other than such documentation set forth in  Sections 2.18(ii)(g)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s  reasonable judgment such completion, execution or submission would subject such  Lender to any material unreimbursed cost or expense or would materially prejudice the  legal or commercial position of such Lender.  (ii) Without limiting the generality of the foregoing,   (A) any Lender that is a U.S. Person shall deliver to the  Borrower Representative and the Administrative Agent on or prior to the  date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of the Borrower  Representative or the Administrative Agent), executed copies of IRS Form  W-9 certifying that such Lender is exempt from U.S. federal backup  withholding tax;   (B) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower Representative and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on  or prior to the date on which such Foreign Lender becomes a Lender under  this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower Representative or the Administrative Agent),  whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the  benefits of an income tax treaty to which the United States is a  party (x) with respect to payments of interest under any Loan  Document, executed copies of IRS Form W-8BEN or IRS Form  W-8BEN-E establishing an exemption from, or reduction of, U.S.  federal withholding Tax pursuant to the “interest” article of such  tax treaty and (y) with respect to any other applicable payments  

 

    88  WBD (US) 52391250  AMERICAS 108683049       under any Loan Document, IRS Form W-8BEN or IRS Form W- 8BEN-E establishing an exemption from, or reduction of, U.S.  federal withholding Tax pursuant to the “business profits” or  “other income” article of such tax treaty;  (2) executed copies of IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the  benefits of the exemption for portfolio interest under  Section 881(c) of the Code, (x) a certificate substantially in the  form of Exhibit F-1 to the effect that such Foreign Lender is not a  “bank” within the meaning of Section 881(c)(3)(A) of the Code, a  “10 percent shareholder” of any Borrower within the meaning of  Section 881(c)(3)(B) of the Code, or a “controlled foreign  corporation” described in Section 881(c)(3)(C) of the Code (a  “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS  Form W-8BEN or IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial  owner, executed copies of IRS Form W-8IMY, accompanied by  IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a  U.S. Tax Compliance Certificate substantially in the form of  Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other  certification documents from each beneficial owner, as applicable;  provided that if the Foreign Lender is a partnership and one or  more direct or indirect partners of such Foreign Lender are  claiming the portfolio interest exemption, such Foreign Lender  may provide a U.S. Tax Compliance Certificate substantially in the  form of Exhibit F-4 on behalf of each such direct and indirect  partner;  (C) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower Representative and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on  or prior to the date on which such Foreign Lender becomes a Lender under  this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower Representative or the Administrative Agent),  executed copies of any other form prescribed by applicable law as a basis  for claiming exemption from or a reduction in U.S. federal withholding  Tax, duly completed, together with such supplementary documentation as  may be prescribed by applicable law to permit the Borrower  Representative or the Administrative Agent to determine the withholding  or deduction required to be made; and  

 

    89  WBD (US) 52391250  AMERICAS 108683049       (D) if a payment made to a Lender under any Loan Document  would be subject to U.S. federal withholding Tax imposed by FATCA if  such Lender were to fail to comply with the applicable reporting  requirements of FATCA (including those contained in Section 1471(b) or  1472(b) of the Code, as applicable), such Lender shall deliver to the  Borrower Representative and the Administrative Agent at the time or  times prescribed by law and at such time or times reasonably requested by  the Borrower Representative or the Administrative Agent such  documentation prescribed by applicable law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation  reasonably requested by the Borrower Representative or the  Administrative Agent as may be necessary for the Borrowers and the  Administrative Agent to comply with their obligations under FATCA and  to determine that such Lender has complied with such Lender’s  obligations under FATCA or to determine the amount to deduct and  withhold from such payment.  Solely for purposes of this clause (D),  “FATCA” shall include any amendments made to FATCA after the date  of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify the Borrower Representative and the Administrative Agent in writing of its legal  inability to do so.  (h) Treatment of Certain Refunds.  If any party determines, in its sole  discretion exercised in good faith, that it has received a refund of any Taxes as to which it  has been indemnified pursuant to this Section 2.18 (including by the payment of  additional amounts pursuant to this Section 2.18), it shall pay to the indemnifying party  an amount equal to such refund (but only to the extent of indemnity payments made  under this Section with respect to the Taxes giving rise to such refund), net of all out-of- pocket expenses (including Taxes) of such indemnified party and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such  refund).  Such indemnifying party, upon the request of such indemnified party, shall  repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus  any penalties, interest or other charges imposed by the relevant Governmental Authority)  in the event that such indemnified party is required to repay such refund to such  Governmental Authority.  Notwithstanding anything to the contrary in this  paragraph (h), in no event will the indemnified party be required to pay any amount to an  indemnifying party pursuant to this paragraph (h) the payment of which would place the  indemnified party in a less favorable net after-Tax position than the indemnified party  would have been in if the Tax subject to indemnification and giving rise to such refund  had not been deducted, withheld or otherwise imposed and the indemnification payments  or additional amounts with respect to such Tax had never been paid.  This paragraph shall  not be construed to require any indemnified party to make available its Tax returns (or  

 

    90  WBD (US) 52391250  AMERICAS 108683049       any other information relating to its Taxes that it deems confidential) to the indemnifying  party or any other Person.  (i) Survival.  Each party’s obligations under this Section 2.18 shall survive  the resignation or replacement of the Administrative Agent or any assignment of rights  by, or the replacement of, a Lender, the termination of the Commitments and the  repayment, satisfaction or discharge of all obligations under any Loan Document.  SECTION 2.19. Payments Generally; Allocation of Proceeds; Sharing of Set-offs.  (a)  The Borrowers shall make each payment required to be made by them hereunder (whether of  principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under  Section 2.16, 2.17 or 2.18) prior to 11:00 a.m. Denver, Colorado time, on the date when due, in  immediately available funds, without set off or counterclaim.  Any amounts received after such  time on any date may, in the discretion of the Administrative Agent, be deemed to have been  received on the next succeeding Business Day for purposes of calculating interest thereon.  All  such payments shall be made to the Administrative Agent for the account of the respective  Lenders to which such payment is owed, at such account as the Administrative Agent may  designate to Borrower Representative in writing from time to time, except payments to be made  directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that  payments pursuant to Sections 2.16, 2.17, 2.18 and 9.03 shall be made directly to the Persons  entitled thereto.  The Administrative Agent shall distribute any such payments received by it for  the account of any other Person to the appropriate recipient promptly following receipt thereof in  like funds as received by wire transfer to such Lender’s lending office as specified in its  Administrative Questionnaire or such other office as notified in writing by such Lender to the  Administrative Agent.  If any payment hereunder shall be due on a day that is not a Business  Day, the date for payment shall be extended to the next succeeding Business Day, and, in the  case of any payment accruing interest, interest thereon shall be payable for the period of such  extension.  All payments hereunder shall be made in dollars.  (b) Any proceeds of Collateral received by the Administrative Agent after an  Event of Default has occurred and is continuing and the Administrative Agent so elects or  the Required Lenders so direct shall be applied ratably first, to pay any fees, indemnities,  or expense reimbursements including amounts then due to the Administrative Agent, the  Collateral Agent and each Issuing Bank from the Borrowers (other than in connection  with Bank Product Obligations); second, to pay any fees or expense reimbursements then  due to the Lender Parties from the Borrowers (other than in connection with Bank  Product Obligations); third, on a pro rata basis, to pay interest then due and payable on  the Loans; fourth, on a pro rata basis, to prepay principal on the Loans and LC  Disbursements and any amounts owing with respect to Bank Product Obligations that are  Swap Obligations; fifth, to pay an amount to the Administrative Agent equal to one  hundred five percent (105%) of the aggregate undrawn face amount of all outstanding  Letters of Credit and the aggregate amount of any unpaid LC Disbursements ratably in  accordance with the then outstanding amounts thereof, to be held as cash collateral for  such Obligations; sixth, to pay any amounts owing with respect to Bank Product  

 

    91  WBD (US) 52391250  AMERICAS 108683049       Obligations that are Banking Services; and seventh, to pay any other Secured Obligation  due to the Administrative Agent or any other Lender Party by the Borrowers.   Notwithstanding anything to the contrary contained in this Agreement, unless so directed  by the Borrower Representative, or unless an Event of Default is in existence, neither the  Administrative Agent nor any other Lender Party shall apply any payment which it  receives to any Eurodollar Loan of a Class, except (i) on the expiration date of the  Interest Period applicable to any such Eurodollar Loan or (ii) in the event, and only to the  extent, that there are no outstanding Base Rate Loans of the same Class and, in any such  event, the Borrowers shall pay the break funding payment required in accordance with  Section 2.17.  The Administrative Agent and the other Lender Parties shall have the  continuing and exclusive right to apply and reverse and reapply any and all such proceeds  and payments to any portion of the Secured Obligations.  Notwithstanding the foregoing,  (A) any such application of proceeds from Collateral securing solely the Bermuda  Secured Obligations shall be made solely in respect of the Bermuda Secured Obligations  and (B) Excluded Swap Obligations with respect to any Loan Guarantor shall not be paid  with amounts received from such Loan Guarantor or such Loan Guarantor’s assets, but  appropriate adjustments shall be made with respect to payments from other Loan Parties  to preserve the allocation to Secured Obligations otherwise set forth above in this  Section.  (c) If any Lender shall, by exercising any right of set off or counterclaim or  otherwise, obtain payment in respect of any principal of or interest on any of its Loans or  participations in LC Disbursements resulting in such Lender receiving payment of a  greater proportion of the aggregate amount of its Loans and participations in LC  Disbursements and accrued interest thereon than the proportion received by any other  Lender, then the Lender receiving such greater proportion shall purchase (for cash at face  value) participations in the Loans and participations in LC Disbursements of other  Lenders to the extent necessary so that the benefit of all such payments shall be shared by  the Lenders ratably in accordance with the aggregate amount of principal of and accrued  interest on their respective Loans and participations in LC Disbursements; provided that  (i) if any such participations are purchased and all or any portion of the payment giving  rise thereto is recovered, such participations shall be rescinded and the purchase price  restored to the extent of such recovery, without interest; and (ii) the provisions of this  paragraph shall not be construed to apply to any payment made by the Borrowers  pursuant to and in accordance with the express terms of this Agreement or any payment  obtained by a Lender as consideration for the assignment of or sale of a participation in  any of its Loans or participations in LC Disbursements to any assignee or participant.   Each Borrower consents to the foregoing and agrees, to the extent it may effectively do  so under Requirements of Law, that any Lender acquiring a participation pursuant to the  foregoing arrangements may exercise against such Borrower rights of set-off and  counterclaim with respect to such participation as fully as if such Lender were a direct  creditor of such Borrower in the amount of such participation.  

 

    92  WBD (US) 52391250  AMERICAS 108683049       (d) Unless the Administrative Agent shall have received notice from the  Borrower Representative prior to the date on which any payment is due to the  Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that  the Borrowers will not make such payment, the Administrative Agent may assume that  the Borrowers have made such payment on such date in accordance herewith and may, in  reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case  may be, the amount due.  In such event, if the Borrowers have not in fact made such  payment, then each of the Lenders or the Issuing Banks, as the case may be, severally  agrees to repay to the Administrative Agent forthwith on demand the amount so  distributed to such Lender or such Issuing Bank with interest thereon, for each day from  and including the date such amount is demanded to but excluding the date of payment to  the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate  reasonably determined by the Administrative Agent in accordance with banking industry  rules on interbank compensation.  (e) If any Lender shall fail to make any payment required to be made by it  pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.19(d) or 9.03(c), then the  Administrative Agent may, in its discretion (notwithstanding any contrary provision  hereof), apply any amounts thereafter received by the Administrative Agent for the  account of such Lender to satisfy such Lender’s obligations under such Sections until all  such unsatisfied obligations are fully paid.  SECTION 2.20. Mitigation Obligations; Replacement of Lenders.  (a) If any Lender  requests compensation under Section 2.16, or if the Borrowers are required to pay any additional  amount to any Lender or any Governmental Authority for the account of any Lender pursuant to  Section 2.18, then such Lender shall use reasonable efforts to designate a different lending office  for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to  another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation  or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.16 or 2.18, as  the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or  expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby  agree to pay all reasonable costs and expenses incurred by any Lender in connection with any  such designation or assignment;  (b) If any Lender requests compensation under Section 2.16, or if the  Borrowers are required to pay any additional amount to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.18, or if any Lender  becomes a Defaulting Lender, then the Borrowers may (i) at their sole expense and effort,  upon notice to such Lender and the Administrative Agent, require such Lender to assign  and delegate, without recourse (in accordance with and subject to the restrictions  contained in Section 9.04), all its interests, rights and obligations under this Agreement to  an assignee that shall assume such obligations (which assignee may be another Lender, if  a Lender accepts such assignment); provided that (A) the Borrowers shall have received  the prior written consent of the Administrative Agent (and if a Revolving Commitment is  

 

    93  WBD (US) 52391250  AMERICAS 108683049       being assigned, the Issuing Banks), which consent shall not unreasonably be withheld,  (B) such Lender shall have received payment of an amount equal to the outstanding  principal of its Loans and funded participations in LC Disbursements and Swingline  Loans, accrued interest thereon, accrued fees and all other amounts payable to it  hereunder, from the assignee (to the extent of such outstanding principal and accrued  interest and fees) or the Borrowers (in the case of all other amounts), and the assignee  shall have assumed all unfunded obligations of such Lender in respect of such Lender’s  Revolving Commitment, and (C) in the case of any such assignment resulting from a  claim for compensation under Section 2.16 or payments required to be made pursuant to  Section 2.18, such assignment will result in a reduction in such compensation or  payments; or (ii) if approved by the Required Lenders, terminate the Commitments of  such Lender and repay all non-contingent obligations of the Borrowers owing to such  Lender relating to the Loans and participations held by such Lender as of such  termination date.  A Lender shall not be required to make any such assignment and  delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the  circumstances entitling the Borrowers to require such assignment and delegation cease to  apply.  This Section 2.20 shall not be the exclusive remedy of the Borrowers with respect  to any Lender Party that is a Defaulting Lender.  SECTION 2.21. Defaulting Lenders.   (a) Defaulting Lender Cash Collateral.  (i) At any time that there shall exist a Defaulting Lender, within one  Business Day following the written request of the Administrative Agent or any  Issuing Bank (with a copy to the Administrative Agent) the Borrowers shall Cash  Collateralize the Issuing Banks’ Fronting Exposure with respect to such  Defaulting Lender (determined after giving effect to Section 2.21(b)(iv) and any  Cash Collateral provided by such Defaulting Lender) in an amount not less than  the Minimum Collateral Amount.  (ii) The Borrowers, and to the extent provided by any Defaulting  Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for  the benefit of the Issuing Banks, and agrees to maintain, a first priority security  interest in all such Cash Collateral as security for the Defaulting Lenders’  obligation to fund participations in respect of Letters of Credit, to be applied  pursuant to clause (iii) below.  If at any time the Administrative Agent determines  that Cash Collateral is subject to any right or claim of any Person other than the  Administrative Agent and the Issuing Banks as herein provided, or that the total  amount of such Cash Collateral is less than the Minimum Collateral Amount, the  Borrowers will, promptly upon demand by the Administrative Agent, pay or  provide to the Administrative Agent additional Cash Collateral in an amount  sufficient to eliminate such deficiency (after giving effect to any Cash Collateral  provided by the Defaulting Lender).  

 

    94  WBD (US) 52391250  AMERICAS 108683049       (iii) Notwithstanding anything to the contrary contained in this  Agreement, Cash Collateral provided under this Section 2.21(a) or  Section 2.21(b) in respect of Letters of Credit shall be applied to the satisfaction  of the Defaulting Lender’s obligation to fund participations in respect of Letters  of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any  interest accrued on such obligation) for which the Cash Collateral was so  provided, prior to any other application of such property as may otherwise be  provided for herein.  (iv) Cash Collateral (or the appropriate portion thereof) provided to  reduce any Issuing Bank’s Fronting Exposure shall no longer be required to be  held as Cash Collateral pursuant to this Section 2.21(a) following (i) the  elimination of the applicable Fronting Exposure (including by the termination of  Defaulting Lender status of the applicable Lender), or (ii) the determination by  the Administrative Agent and each Issuing Bank that there exists excess Cash  Collateral; provided that, subject to Section 2.21(b) the Person providing Cash  Collateral and each Issuing Bank may agree that Cash Collateral shall be held to  support future anticipated Fronting Exposure or other obligations, and provided  further that to the extent that such Cash Collateral was provided by any Borrower,  such Cash Collateral shall remain subject to the security interest granted pursuant  to the Loan Documents.  (b) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary  contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such  time as such Lender is no longer a Defaulting Lender, to the extent permitted by  applicable law:  (i) Waivers and Amendments.  Such Defaulting Lender’s right to  approve or disapprove any amendment, waiver or consent with respect to this  Agreement shall be restricted as set forth in the definition of Required Lenders  and/or Required Revolving Lenders, as applicable.  (ii) Defaulting Lender Waterfall. Any payment of principal, interest,  fees or other amounts received by the Administrative Agent for the account of  such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to  Article VII or otherwise) or received by the Administrative Agent from a  Defaulting Lender pursuant to Section 2.19(c) shall be applied at such time or  times as may be determined by the Administrative Agent as follows: first, to the  payment of any amounts owing by such Defaulting Lender to the Administrative  Agent hereunder; second, to the payment on a pro rata basis of any amounts  owing by such Defaulting Lender to any Issuing Bank or Swingline Lender  hereunder; third, to Cash Collateralize each Issuing Banks’ Fronting Exposure  with respect to such Defaulting Lender in accordance with Section 2.21(a); fourth,  as the Borrower Representative may request (so long as no Default or Event of  

 

    95  WBD (US) 52391250  AMERICAS 108683049       Default exists), to the funding of any Loan in respect of which such Defaulting  Lender has failed to fund its portion thereof as required by this Agreement, as  determined by the Administrative Agent; fifth, if so determined by the  Administrative Agent and the Borrower Representative, to be held in a deposit  account and released pro rata in order to (x) satisfy such Defaulting Lender’s  potential future Fronting Exposure with respect to Loans under this Agreement  and (y) Cash Collateralize any Issuing Banks’ future Fronting Exposure with  respect to such Defaulting Lender with respect to future Letters of Credit issued  under this Agreement, in accordance with Section 2.21(a); sixth, to the payment  of any amounts owing to the Lenders, the Issuing Banks or Swingline Lenders as  a result of any judgment of a court of competent jurisdiction obtained by any  Lender, the Issuing Banks or Swingline Lenders against such Defaulting Lender  as a result of such Defaulting Lender’s breach of its obligations under this  Agreement; seventh, so long as no Default or Event of Default exists, to the  payment of any amounts owing to the Borrowers as a result of any judgment of a  court of competent jurisdiction obtained by any Borrower against such Defaulting  Lender as a result of such Defaulting Lender's breach of its obligations under this  Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a  court of competent jurisdiction; provided that if (x) such payment is a payment of  the principal amount of any Loans or LC Disbursements in respect of which such  Defaulting Lender has not fully funded its appropriate share, and (y) such Loans  were made or the related Letters of Credit were issued at a time when the  conditions set forth in Section 4.02 were satisfied or waived, such payment shall  be applied solely to pay the Loans of, and LC Disbursements owed to, all Non- Defaulting Lenders on a pro rata basis prior to being applied to the payment of  any Loans of, or LC Disbursements owed to, such Defaulting Lender until such  time as all Loans and funded and unfunded participations in Letters of Credit and  Swingline Loans are held by the Lenders pro rata in accordance with the  Commitments without giving effect to Section 2.21(b)(iv).  Any payments,  prepayments or other amounts paid or payable to a Defaulting Lender that are  applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash  Collateral pursuant to this Section 2.21(b)(ii) shall be deemed paid to and  redirected by such Defaulting Lender, and each Lender irrevocably consents  hereto.   (iii) Certain Fees. (A) No Defaulting Lender shall be entitled to receive  any commitment fees payable under Section 2.13(a) for any period during which  that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay  any such fee that otherwise would have been required to have been paid to that  Defaulting Lender).    (B) Each Defaulting Lender shall be entitled to receive  participation fees payable under Section 2.13(b) for any period during  which that Lender is a Defaulting Lender only to the extent allocable to its  

 

    96  WBD (US) 52391250  AMERICAS 108683049       Applicable Percentage of the stated amount of Letters of Credit for which  it has provided Cash Collateral pursuant to Section 2.21(a).    (C) With respect to any commitment fee or participation fee not  required to be paid to any Defaulting Lender pursuant to clause (A) or (B)  above, the Borrowers shall (x) pay to each Non-Defaulting Lender that  portion of any such fee otherwise payable to such Defaulting Lender with  respect to such Defaulting Lender’s participation in Letters of Credit or  Swingline Loans that has been reallocated to such Non-Defaulting Lender  pursuant to clause (iv) below, (y) pay to each Issuing Bank and Swingline  Lender, as applicable, the amount of any such fee otherwise payable to  such Defaulting Lender to the extent allocable to such Issuing Bank’s or  Swingline Lender’s Fronting Exposure to such Defaulting Lender, and  (z) not be required to pay the remaining amount of any such fee.  (iv) Reallocation of Participations to Reduce Fronting Exposure.  All or  any part of such Defaulting Lender’s LC Exposure and Swingline Exposure shall  be reallocated among the Non-Defaulting Lenders in accordance with their  respective Applicable Percentages (calculated without regard to such Defaulting  Lender’s Commitment) but only to the extent that such reallocation does not  cause the aggregate Revolving Exposures of any Non-Defaulting Lender to  exceed such Non-Defaulting Lender’s Revolving Commitments.  Subject to  Section 11.09, no reallocation hereunder shall constitute a waiver or release of  any claim of any party hereunder against a Defaulting Lender arising from that  Lender having become a Defaulting Lender, including any claim of a Non- Defaulting Lender as a result of such Non-Defaulting Lender’s increased  exposure following such reallocation.  (v) Cash Collateral, Repayment of Swingline Loans.  If the  reallocation described in clause (iv) above cannot, or can only partially, be  effected, the Borrowers shall, without prejudice to any right or remedy available  to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal  to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize  the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth  in Section 2.21(a).  (c) Defaulting Lender Cure.  If the Borrower Representative, the  Administrative Agent and each Swingline Lender and Issuing Bank agree in writing that  a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the  parties hereto, whereupon as of the effective date specified in such notice and subject to  any conditions set forth therein (which may include arrangements with respect to any  Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of  outstanding Loans of the other Lenders or take such other actions as the Administrative  Agent may determine to be necessary to cause the Loans and funded and unfunded  

 

    97  WBD (US) 52391250  AMERICAS 108683049       participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders  in accordance with the applicable Commitments (without giving effect to  Section 2.21(b)(iv), whereupon such Lender will cease to be a Defaulting Lender;  provided that no adjustments will be made retroactively with respect to fees accrued or  payments made by or on behalf of the Borrowers while that Lender was a Defaulting  Lender; and provided, further, that except to the extent otherwise expressly agreed by the  affected parties, no change hereunder from Defaulting Lender to Lender will constitute a  waiver or release of any claim of any party hereunder arising from that Lender’s having  been a Defaulting Lender.  (d) New Swingline Loans/Letters of Credit.  So long as any Lender is a  Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline  Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to  such Swingline Loan and (ii) no Issuing Bank shall be required to issue, extend, renew or  increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure  after giving effect thereto.  SECTION 2.22. Returned Payments.  If after receipt of any payment which is applied  to the payment of all or any part of the Obligations, the Administrative Agent or any Lender is  for any reason compelled to surrender such payment or proceeds to any Person because such  payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to  be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any  other reason, then the Obligations or part thereof intended to be satisfied shall be revived and  continued and this Agreement shall continue in full force as if such payment or proceeds had not  been received by the Administrative Agent or such Lender.  The provisions of this Section 2.22  shall be and remain effective notwithstanding any contrary action which may have been taken by  the Administrative Agent or any Lender in reliance upon such payment or application of  proceeds.  The provisions of this Section 2.22 shall survive the termination of this Agreement.  SECTION 2.23. Bermuda Obligations.  Notwithstanding anything to the contrary in  this Agreement or the other Loan Documents, the term “Borrower” shall include To- Ricos and  To-Ricos Distribution only to the extent of the Bermuda Obligations.  The Bermuda Borrowers  shall have no obligation to pay or reimburse any cost or expense or indemnify or hold harmless  any Person with respect to any Loss that is not a direct and proximate result of the Bermuda  Borrowers’ action (or failure to act).  In addition, nothing in this Agreement shall be interpreted  or construed as an agreement by the Bermuda Borrowers to pay or reimburse, or a direct or  indirect Guarantee by the Bermuda Borrowers of, or direct or indirect pledge of their assets to  secure, the U.S. Obligations. For the avoidance of doubt, the Company shall be jointly and  severally liable for the Bermuda Obligations.  

 

    98  WBD (US) 52391250  AMERICAS 108683049       ARTICLE III    REPRESENTATIONS AND WARRANTIES  Each Loan Party represents and warrants to the Lender Parties that:  SECTION 3.01. Organization; Powers.  Each of the Loan Parties and each of the  Material Subsidiaries is duly organized or formed and validly existing under the laws of the  jurisdiction of its organization, has all requisite power and authority to carry on its business as  now conducted and, except where the failure to do so, individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and  is in good standing in, its jurisdiction of organization or formation and every jurisdiction where  such qualification is required.  SECTION 3.02. Authorization; Enforceability.  The Transactions are within each Loan  Party’s organizational powers and have been duly authorized by all necessary organizational  actions and, if required, actions by equity holders.  The Loan Documents to which each Loan  Party is a party have been duly executed and delivered by such Loan Party and constitute a legal,  valid and binding obligation of such Loan Party, enforceable in accordance with its terms,  subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting  creditors’ rights generally and subject to general principles of equity, regardless of whether  considered in a proceeding in equity or at law.  SECTION 3.03. Governmental Approvals; No Conflicts.  As of the Effective Date, the  Transactions (a) do not require any consent or approval of, registration or filing with, or any  other action by, any Governmental Authority, except such as have been obtained or made and are  in full force and effect and except for filings necessary to perfect Liens created pursuant to the  Loan Documents; (b) will not violate any Requirement of Law applicable to any Loan Party or  any of the Subsidiaries; (c) will not violate or result in a default under any indenture or other  agreement or instrument binding upon any Loan Party or any of the Subsidiaries or its assets, or  give rise to a right under any such indenture, agreement or instrument (other than a Loan  Document) to require any payment to be made by any Loan Party or any of the Subsidiaries; and  (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any  of the Subsidiaries, except Liens created or permitted pursuant to the Loan Documents, except to  the extent that any such failure to make or obtain, or any such violation, default or payment, in  each case referred to in clauses (a) through (d), individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect.  SECTION 3.04. Financial Condition; No Material Adverse Effect.  (a) The Company  has heretofore furnished to the Lenders its consolidated balance sheet and statements of income,  stockholders equity and cash flows as of and for the Fiscal Year ended December 31, 2020,  reported on by KPMG LLP, independent public accountants.  Such financial statements present  fairly, in all material respects, the financial position and results of operations and cash flows of  

 

    99  WBD (US) 52391250  AMERICAS 108683049       the Company on a consolidated basis as of such dates and for such periods in accordance with  GAAP.  (b) No event, change or condition has occurred that has had, or could  reasonably be expected to have, a Material Adverse Effect, since December 31, 2020  (after giving effect to the Transactions).  SECTION 3.05. Properties.  (a) As of the Effective Date, Schedule 3.05(a) sets forth  the address of each parcel of real property that is owned, leased or subleased by each Loan Party  (it being understood that the failure to list on such Schedule real property having an insignificant  value shall not result in a breach of this Section; provided that each Loan Party hereby represents  and warrants that it reasonably believes that such Schedule sets forth the address of each parcel  of real property that is owned, leased or subleased by each Loan Party as of the Effective Date).   Each of such leases and subleases is valid and enforceable in accordance with its terms and is in  full force and effect, and (i) no default by any Loan Party, or (ii) to the knowledge of any Loan  Party after due inquiry, no default by any other party to any such lease or sublease exists, except  where the foregoing, individually or in the aggregate, could not reasonably be expected to result  in a Material Adverse Effect.  Each of the Loan Parties and the Subsidiaries has good and  indefeasible title to, or valid leasehold interests in, all its real and personal property that is  material to its business, free of (i) all Liens (other than Permitted Liens) and (ii) other defects in  title that (A) materially interfere with its ability to conduct its business or to utilize such  property, or materially affect the value of such property, in each case in a manner consistent with  the intended purpose of such assets or property, or (B) could reasonably be expected to have a  Material Adverse Effect.  (b) As of the Effective Date, Schedule 3.05(b) sets forth a correct and  complete list of (i) all registered trademarks, trade names, copyrights and patents and  (ii) material unregistered trademarks and copyrights, in each case necessary to the  business of the Loan Parties as currently conducted.  Except as could not reasonably be  expected to result in a Material Adverse Effect, each of the Loan Parties and the  Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents  and other intellectual property necessary to its business as currently conducted, and the  use of such intellectual property by the Loan Parties and the Subsidiaries does not  infringe, individually or in the aggregate, in any material respect upon the rights of any  other Person, and the Loan Parties’ rights thereto are not subject to any licensing  agreement or similar arrangement, other than immaterial license agreements granted in  the ordinary course of business.  SECTION 3.06. Flood Zones.  Except as set forth on Schedule 3.06 with respect to any  Mortgaged Property on the Effective Date, no portion of any Mortgaged Property has  Improvements located in an area identified by FEMA as an area having special flood hazards  pursuant to the Flood Insurance Acts.  With respect to any Mortgaged Property that has  Improvements located in an area identified by FEMA as an area having special flood hazards  

 

    100  WBD (US) 52391250  AMERICAS 108683049       pursuant to the Flood Insurance Acts, the applicable Loan Party has obtained the insurance  required pursuant to Section 5.09(b).  SECTION 3.07. Litigation.  (a) Except for the Disclosed Matters, there are no actions,  suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to  the knowledge of any Loan Party, threatened in writing (i) against the Loan Parties, any of the  Subsidiaries or any of their property or assets that could reasonably be expected, individually or  in the aggregate, to result in a Material Adverse Effect, (ii) that involve this Agreement (other  than actions, suits or proceedings brought by any Lender Party, any Participant or any of their  Affiliates), which if adversely determined would have a material impact on the rights of the  Lender Parties hereunder, or (iii) that, as of the Effective Date, involve the Transactions.  (b) Except for the Disclosed Matters, (i) no Loan Party nor any of the  Subsidiaries (A) has received written notice of any claim with respect to any  Environmental Liability or (B) knows of any environmental condition existing at any  property owned, leased or subleased by the Loan Parties or the Subsidiaries, or arising  out of the operation of their businesses, that provides a basis for any Environmental  Liability, in the case of each of clauses (A) and (B) above, that could reasonably be  expected to have a Material Adverse Effect, except to the extent that it has provided a  reasonably detailed notice thereof to the Administrative Agent, and (ii) except with  respect to any other matters that, individually or in the aggregate, could not reasonably be  expected to result in a Material Adverse Effect, no Loan Party nor any of the Subsidiaries  (A) has failed to comply with any Environmental Law or to obtain, maintain or comply  with any permit, license or other approval required under any Environmental Law or  (B) has become subject to any known Environmental Liability.  (c) Since the Effective Date, the Loan Parties reasonably believe that there  has been no change in the status of the Disclosed Matters, which has not been disclosed  in reasonable detail to the Administrative Agent, that, individually or in the aggregate,  has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.  SECTION 3.08. Compliance with Laws and Agreements.  Each Loan Party and the  Subsidiaries is in compliance with all Requirements of Law applicable to it or its property and all  indentures, agreements and other instruments (including Material Agreements) binding upon it or  its property, except where the failure to do so, individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect.  SECTION 3.09. Investment Company Status.  No Loan Party nor any of the  Subsidiaries is an “investment company” as defined in, or subject to regulation under, the  Investment Company Act of 1940.  SECTION 3.10. Taxes.  Each of the Loan Parties and the Subsidiaries has timely filed  or caused to be filed all Tax returns and reports required to have been filed and has paid or  caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being  

 

    101  WBD (US) 52391250  AMERICAS 108683049       contested or are unpaid in compliance with Section 5.04 or (b) to the extent that the failure to do  so could not reasonably be expected to result in a Material Adverse Effect.  SECTION 3.11. ERISA, Etc.  No ERISA Event has occurred or is reasonably expected  to occur that, when taken together with all other such ERISA Events for which liability is  reasonably expected to occur, could reasonably be expected to result in a Material Adverse  Effect.  The minimum funding standards of ERISA and the Code with respect to each Plan have  been satisfied, except where the failure to do so, individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect.  The Bermuda Borrowers and their  subsidiaries organized under the laws of Bermuda are in compliance with the requirements of all  applicable Bermuda laws relating to pension plans, except where the failure to comply,  individually or in the aggregate, could not reasonably be expected to result in a Material Adverse  Effect.  SECTION 3.12. Disclosure.  As of the Effective Date and after giving effect to the  Transactions, each Borrower has disclosed to the Lenders all agreements, instruments and  corporate or other contractual restrictions to which it or any Subsidiary is subject, and all other  matters reasonably known to it, that, individually or in the aggregate, could reasonably be  expected to result in a Material Adverse Effect.  As of the date any such information was  provided, none of the reports, financial statements, certificates or other written information  furnished by or on behalf of any Loan Party to the Administrative Agent or any other Lender  Party (other than projected financial information and other forward looking information and  information of a general economic or industry specific nature) in connection with the negotiation  of this Agreement or any other Loan Document (as modified or supplemented by other  information so furnished), when taken as a whole, contains any material misstatement of fact or  omits to state any material fact necessary to make the statements therein, in the light of the  circumstances under which they were made, not materially misleading (after giving effect to all  supplements and updates thereto); provided that, with respect to projected financial information,  (a) the Borrowers represent only that such information was prepared in good faith based upon  assumptions believed to be reasonable at the time delivered and (b) it is understood and agreed  that uncertainty is inherent in any forecasts or projections and no assurances can be given by the  Company or the other Loan Parties of the future achievement of such performance and that  actual results may vary from projected results and such variances may be material.  SECTION 3.13. Material Agreements.  No Loan Party nor any of the Subsidiaries is in  default in the performance, observance or fulfillment of any of the obligations, covenants or  conditions contained in any agreement, instrument or other undertaking to which such Person is  a party or by which it or any of its property is bound in any respect that could reasonably be  expected to result in a Material Adverse Effect.  Immediately prior to, and after giving effect to  the occurrence of, the Effective Date, (a) no default or event of default has occurred or will occur  under any of the Material Agreements and (b) the Borrowers are not compelled under any of the  Material Agreements to secure any obligations thereunder equally and ratably with the  Obligations.  

 

    102  WBD (US) 52391250  AMERICAS 108683049       SECTION 3.14. Solvency.  On the Effective Date after giving effect to the  consummation of the Transactions, (a) the fair value of the assets of the Loan Parties, taken as a  whole, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or  otherwise; (b) the present fair saleable value of the property of the Loan Parties, taken as a  whole, will be greater than the amount that will be required to pay the probable liability of their  debts and other liabilities, subordinated, contingent or otherwise, as such debts and other  liabilities become absolute and matured; (c) the Loan Parties, taken as a whole, will be able to  pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities  become absolute and matured; and (d) no Loan Party will have unreasonably small capital with  which to conduct the business in which it is engaged as such business is now conducted and is  proposed to be conducted after the Effective Date.  SECTION 3.15. Insurance.  As of the Effective Date, Schedule 3.15 sets forth a list of  all insurance policies maintained by or on behalf of the Loan Parties (it being understood that the  failure to list on such Schedule any insignificant insurance policies shall not result in a breach of  this Section, provided that each Loan Party hereby represents and warrants that it reasonably  believes that such Schedule sets forth a list of all insurance policies maintained by or on behalf  of the Loan Parties).  As of the Effective Date, all premiums in respect of the insurance of the  Borrowers and the Subsidiaries have been paid.  The Borrowers reasonably believe that the  insurance maintained by or on behalf of the Loan Parties is adequate.  SECTION 3.16. Capitalization and Subsidiaries.  Schedule 3.16 sets forth (a) a correct  and complete list of the name and relationship to the Company of each of the Company’s  Subsidiaries; (b) a true and complete listing of each class of each of the Borrowers’ authorized  Equity Interests (other than the Company), of which all of such issued shares are validly issued,  outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons  identified on Schedule 3.16; and (c) the type of entity of the Company and each of the  Subsidiaries, in each case as of the Effective Date.  All of the issued and outstanding Equity  Interests of each Subsidiary owned by any Loan Party have been duly authorized and issued and  are fully paid and non-assessable (to the extent such concepts are relevant with respect to such  ownership interests).  SECTION 3.17. Security Interest in Collateral.  The provisions of this Agreement and  the other Loan Documents create legal and valid Liens on all the Collateral (to the extent  required hereunder and thereunder) in favor of the Administrative Agent, for the benefit of the  Lender Parties, and, to the extent required hereunder and under the Collateral Documents, such  Liens constitute (or, in the case of real property, upon filing of the Mortgages as necessary will  constitute) perfected and continuing Liens on the Collateral (solely to the extent and in the  manner required by the Collateral Documents), securing the Secured Obligations, enforceable  against the applicable Loan Party and all third parties, and having priority over all other Liens on  the Collateral except in the case of (a) Permitted Encumbrances and Permitted Liens, to the  extent any such Liens would have priority over the Liens in favor of the Administrative Agent  pursuant to any Requirement of Law or agreement; and (b) Liens perfected only by possession  

 

    103  WBD (US) 52391250  AMERICAS 108683049       (including possession of any certificate of title), to the extent the Administrative Agent has not  obtained or does not maintain possession of such Collateral.  SECTION 3.18. Employment Matters.  As of the Effective Date, there are no strikes,  lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of  the Borrowers, threatened in writing which, individually or in the aggregate, could reasonably be  expected to result in a Material Adverse Effect.  The hours worked by and payments made to  employees of the Loan Parties and the Subsidiaries have not been in violation of the Fair Labor  Standards Act or any other applicable Federal, State, local or foreign law dealing with such  matters, except as could not reasonably be expected, individually or in the aggregate, to result in  a Material Adverse Effect.  All payments due from any Loan Party or any Subsidiary, or for  which any claim may be made against any Loan Party or any Subsidiary, on account of wages  and employee health and welfare insurance and other benefits, have been paid or accrued as a  liability on the books of the Loan Party or such Subsidiary, except as could not reasonably be  expected, individually or in the aggregate, to result in a Material Adverse Effect.  SECTION 3.19. Regulation U; Use of Proceeds.  Neither the Company nor any  Subsidiary is engaged in the business of extending credit for the purpose of purchasing or  carrying margin stock (within the meaning of Regulation U of the Board) and no part of the  proceeds of any Loan made hereunder will be used to purchase or carry any margin stock or to  extend credit to others for such a purpose that could reasonably be expected to result in a  violation of Regulation U.  The Borrowers shall have used the proceeds of the Loans in  accordance with Section 5.08.  SECTION 3.20. Sanctions/Anti-Corruption Representations.  (a) No Loan Party nor  any of its Subsidiaries is in violation of any Anti-Terrorism Laws, Anti-Corruption Laws, or  Sanctions or engages in or conspires to engage in any transaction that evades or avoids, or has  the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any  Anti-Terrorism Laws, Anti-Corruption Laws, or Sanctions.    (b) No Loan Party nor any of its Subsidiaries or any director or officer of any  Loan Party or any of its Subsidiaries or, to the Loan Parties’ knowledge, any employee of  any Loan Party or any of its Subsidiaries, is a Person (each such Person, a “Sanctioned  Person”) that is:  (i) the subject of any Sanctions, or (ii) located, organized or resident in a  country, region or territory that is, or whose government is, the subject of countrywide  Sanctions, which, as of the Effective Date, includes, the Regions of Crimea, Cuba, Iran,  North Korea and Syria.  SECTION 3.21. Food Security Act.  Except to the extent that it could not reasonably be  expected, individually or in the aggregate, to result in a Material Adverse Effect, no Borrower  has received any written notice pursuant to Section 1324(e)(1) or (3) of the FSA and there has  not been filed any financing statement or notice, purportedly in compliance with the provisions  of the FSA, that purports to perfect a security interest in farm products purchased by any  Borrower in favor of a secured creditor of the seller of such farm products.  Except where such  

 

    104  WBD (US) 52391250  AMERICAS 108683049       failure could not reasonably be expected, individually or in the aggregate, to result in a Material  Adverse Effect, to the extent applicable, each Borrower has registered as a buyer of farm  products, pursuant to Section 1324(c)(2)(D) of the FSA, with the Secretary of State of each State  in which farm products are produced that are purchased by the Company or any of the  Subsidiaries and which has a central filing system, and each such registration is in full force and  effect.  SECTION 3.22. No Default.  No Default or Event of Default has occurred and is  continuing.  SECTION 3.23. Source of Repayments.  The funds used as the source of the  Borrowers’ repayments to the Lenders have not been derived, directly or indirectly, from  activities in violation of any law, rule, regulation, order, or decree of any Governmental  Authority, including those identified specifically in Section 5.08, except where the foregoing  (other than those specified in clauses (w) to (y) of Section 5.08), individually or in the aggregate,  could not reasonably be expected to have a Material Adverse Effect.  SECTION 3.24. Beneficial Ownership Certification.  As of the Effective Date, to the  best of the knowledge of the Borrowers, the information included in any Beneficial Ownership  Certification provided by the Loan Parties, if applicable, is true and correct in all material  respects.  ARTICLE IV    CONDITIONS  SECTION 4.01. Effective Date.  The obligations of the Lenders to make Revolving  Loans and the Initial Term Loans, and of the Issuing Banks to issue Letters of Credit hereunder,  shall not become effective until the date on which each of the following conditions is satisfied in  the judgment of the Administrative Agent and the Lenders:  (a) Credit Agreement and Loan Documents.  The Administrative Agent (or its  counsel) shall have received from each applicable party a counterpart of this Agreement  signed on behalf each such party, the Schedules to this Agreement in form and substance  reasonably acceptable to the Administrative Agent, and, except as otherwise set forth in  Section 5.15, each of the other Loan Documents (to the extent not previously provided)  and such other certificates, documents, instruments and agreements as the Lenders or the  Administrative Agent shall reasonably request in connection with the transactions  contemplated by this Agreement, including any Notes requested by a Lender pursuant to  Section 2.11(g), payable to the order of each such requesting Lender, and written  opinions of the Loan Parties’ counsel from all applicable jurisdictions (including New  York, Delaware, Minnesota, West Virginia and Bermuda), addressed to the  Administrative Agent and the other Lender Parties and in form and substance acceptable  to the Administrative Agent.  

 

    105  WBD (US) 52391250  AMERICAS 108683049       (b) Borrowing Request.  The Administrative Agent shall have received a  Borrowing Request in accordance with Section 2.03.  (c) Financial Statements and Projections. To the extent not previously  provided, the Administrative Agent and the Lenders shall have received (i) audited  consolidated financial statements of the Company for the three most recent Fiscal Years  ended at least 90 days prior to the Effective Date; and (ii) projected consolidated financial  statements of the Company for the Fiscal Years ending 2021, 2022, 2023, 2024 and 2025,  prepared on an annual basis.  (d) Closing Certificates; Certified Certificate of Incorporation; Good Standing  Certificates.  The Administrative Agent and the Lenders shall have received (i) a  certificate of each Loan Party, dated the Effective Date and executed by its Secretary or  Assistant Secretary, which shall (A) certify the resolutions of its Board of Directors,  members or other equivalent body authorizing the execution, delivery and performance of  the Loan Documents to which it is a party, (B) identify by name and title and bear the  signatures of the Financial Officers and any other officers of such Loan Party authorized  to sign the Loan Documents to which it is a party, and (C) contain appropriate  attachments, including the certificate or articles of incorporation, certificate of formation  or organization of each Loan Party certified by the relevant authority of the jurisdiction of  organization of such Loan Party and a true and correct copy of its bylaws or operating,  limited liability company, management or partnership agreement, and (ii) if obtainable  from the applicable jurisdiction, a long form good standing certificate (or, in the case of  the Bermuda Borrowers, a certificate of compliance issued by the Registrar of Companies  in Bermuda) for each Loan Party from its jurisdiction of organization.  (e) No Default Certificate.  The Administrative Agent and the Lenders shall  have received a certificate, signed by a Financial Officer of the Company and dated the  Effective Date (i) stating that no Default has occurred and is continuing; and (ii) stating  that the representations and warranties contained in Article III are true and correct as of  such date, except that such representations and warranties that relate solely to an earlier  date shall be true and correct in all material respects as of such earlier date.  (f) Fees.  The Agents and the Lenders shall have received all fees required to  be paid, and all expenses for which invoices have been presented at least one Business  Day prior to the Effective Date (including the reasonable and documented out-of-pocket  fees, disbursements and expenses of legal counsel of the Administrative Agent, as set  forth in Section 9.03), on or before the Effective Date.  (g) Lien Searches.  The Administrative Agent shall have received the results  of a recent lien search report in each of the jurisdictions where assets of the Loan Parties  are located, and such search shall reveal no Liens on any of the assets of the Loan Parties,  except for Permitted Liens or Liens discharged on or prior to the Effective Date pursuant  to a pay-off letter or other documentation satisfactory to the Administrative Agent.  

 

    106  WBD (US) 52391250  AMERICAS 108683049       (h) Collateral Access and Control Agreements.  To the extent not previously  delivered to the Administrative Agent in connection with the Original Credit Agreement,  the Administrative Agent shall have received each Collateral Access Agreement and  Deposit Account Control Agreement that is required to be provided pursuant to each  Security Agreement.  (i) Solvency.  The Administrative Agent shall have received a solvency  certificate from a Financial Officer of the Company.  (j) Pledged Stock; Stock Powers; Pledged Notes.  To the extent not  previously delivered to the Administrative Agent in connection with the Original Credit  Agreement, the Administrative Agent shall have received (i) the certificates, if any,  representing the shares of Equity Interests pledged pursuant to the Security Agreements,  together with an undated stock power for each such certificate executed in blank by a  duly authorized officer of the pledgor thereof; and (ii) each promissory note (if any)  pledged to the Administrative Agent pursuant to the Security Agreements endorsed  (without recourse) in blank (or accompanied by an executed transfer form in blank) by  the pledgor thereof.  (k) Filings, Registrations and Recordings.  Each document (including any  UCC financing statement) required by the Collateral Documents, the Mortgaged Property  Requirements or under law or reasonably requested by the Administrative Agent to be  filed, registered or recorded in order to create in favor of the Administrative Agent, for  the benefit of the Lender Parties, a perfected Lien (or in the case of Equity Interests of the  Bermuda Borrowers, a first registered charge) on the Collateral described therein, prior  and superior in right to any other Person (other than with respect to Permitted Liens),  shall be in proper form for filing, registration or recordation.  (l) Approvals.  All governmental and third party approvals necessary in  connection with the Transactions and the financing contemplated hereby shall have been  obtained and be in full force and effect, and all applicable waiting periods shall have  expired without any action being taken or, to the knowledge of the Loan Parties after due  inquiry, threatened by any competent authority that would restrain, prevent or otherwise  impose adverse conditions on the Transactions or the financing contemplated hereby.  (m) Insurance.  Except as required by clause (n) below, the Administrative  Agent shall have received evidence of insurance coverage in compliance with the terms  of Section 5.09 in form, scope and substance satisfactory to the Administrative Agent,  together with certificates of insurance naming the Administrative Agent, on behalf of the  Lender Parties, as an additional insured or loss payee, as applicable, to the extent required  under Section 5.09.   (n) Flood Insurance.  The Administrative Agent shall have received, with  respect to each Mortgaged Property subject to a Mortgage, (i) a completed “Life of Loan”  

 

    107  WBD (US) 52391250  AMERICAS 108683049       FEMA Standard Flood Hazard Determination and, if the area in which any Improvements  are located on any Mortgaged Property is designated a “special flood hazard area” in any  flood insurance rate map published by FEMA (or any successor agency), a notice with  respect to special flood hazard area status and flood disaster assistance, duly executed on  behalf of the Borrowers and (ii) if applicable, evidence of insurance with respect to the  Mortgaged Properties in form and substance reasonably satisfactory to the Administrative  Agent and in an amount and otherwise sufficient to comply with all applicable rules and  regulations promulgated pursuant to the Flood Insurance Acts.  (o) Regulatory Matters. All legal (including tax) and regulatory matters shall  be satisfactory to the Administrative Agent and the Lenders, including but not limited to  compliance with all applicable requirements of Regulations T, U and X of the Board of  Governors of the Federal Reserve System.  (p) “Know Your Customer” Requirements.    (i) The Administrative Agent and the Lenders shall have received all  documentation and other information requested by the Administrative Agent and  required under applicable “know your customer”, Beneficial Ownership  Regulation and anti-money laundering rules and regulations, including all  information required to be delivered pursuant to Section 9.14.  (ii) Any Borrower that qualifies as a “legal entity customer” under the  Beneficial Ownership Regulation shall deliver, to each Lender that so requests, a  Beneficial Ownership Certification in relation to such Borrower.  (q) Original Credit Agreement. All principal, interest, fees and other  obligations (other than contingent indemnification obligations as to which no unsatisfied  claim has been asserted) under the Original Credit Agreement shall have been (or shall  substantially contemporaneously be) refinanced in full with the proceeds of Loans  hereunder as contemplated by Section 9.20 and cash on hand of the Borrowers.  The Administrative Agent shall notify the Borrowers and the Lenders of the Effective  Date, and such notice shall be conclusive and binding.  For purposes of determining compliance with the conditions specified in this Section  4.01, each Lender that has signed this Agreement shall be deemed to have consented to,  approved or accepted or to be satisfied with, each document or other matter required thereunder  to be consented to or approved by or acceptable or satisfactory to a Lender.  SECTION 4.02. Each Credit Event.  The obligations of (a) each Lender to make a Loan  on the occasion of any Borrowing and (b) each Issuing Bank to issue, amend, renew, reinstate or  extend any Letter of Credit (it being understood that the conversion into or continuation of a  Eurodollar Loan or, solely with respect to Section 4.02(a), the amendment, renewal,  

 

    108  WBD (US) 52391250  AMERICAS 108683049       reinstatement or extension of a Letter of Credit does not constitute a Borrowing or the issuance  of a Letter of Credit), are subject to the satisfaction of the following conditions:  (a) The representations and warranties of the Loan Parties set forth in this  Agreement shall be true and correct in all material respects on and as of the date of such  Borrowing or the date of issuance of such Letter of Credit, as applicable, except that such  representations and warranties (i) that relate solely to an earlier date shall be true and  correct in all material respects as of such earlier date and (ii) shall be true and correct in  all respects to the extent they are qualified by a materiality standard.  (b) At the time of and immediately after giving effect to such Borrowing or  the issuance, amendment, renewal, reinstatement or extension of such Letter of Credit, as  applicable, no Default or Event of Default shall have occurred and be continuing.  (c) After giving effect to any Borrowing or the issuance, amendment,  renewal, reinstatement or extension of any Letter of Credit, the Aggregate Revolving  Exposure shall not exceed the aggregate Revolving Commitments.  (d) In the case of any Borrowing of a Delayed Draw Term Loan:  (i) such Borrowing shall have been requested to be funded prior to the  Delayed Draw Termination Date;  (ii) such Borrowing shall be in an amount not less than $25,000,000  (or, if less, the remaining undrawn Delayed Draw Term Loan Commitments); and  (iii) the Administrative Agent and the Lenders shall have received all  fees and expenses required to be paid on or prior to the applicable Delayed Draw  Funding Date pursuant to the Loan Documents.  Each Borrowing and each issuance of a Letter of Credit shall be deemed to constitute a  representation and warranty by the Borrowers on the date thereof as to the matters specified in  paragraphs (a), (b) and (c) of this Section 4.02.  Each amendment, renewal, reinstatement or  extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the  Borrowers on the date thereof as to the matters specified in paragraphs (b) and (c) of this  Section 4.02.  Notwithstanding anything in this Agreement or anything else to the contrary, with respect  to any Delayed Draw Term Loan or Incremental Loans, the proceeds of which shall be used to  finance a Limited Condition Acquisition, (x) with respect to clause (i) above, the only  representations and warranties, the accuracy of which shall be a condition to the availability of  such Delayed Draw Term Loan on the applicable Delayed Draw Funding Date or Incremental  Loans, shall be limited to customary “specified representations”, and (y) with respect to clause  (ii) above, it shall only be a condition to the availability of such Delayed Draw Term Loan that,  

 

    109  WBD (US) 52391250  AMERICAS 108683049       as of the applicable Delayed Draw Funding Date or Incremental Loans, no Event of Default  under clause (a), (b), (h) or (i) of Article VII exists or would result therefrom.  ARTICLE V    AFFIRMATIVE COVENANTS  Until all Obligations have been Fully Satisfied, each Loan Party executing this  Agreement covenants and agrees with the Lender Parties that:  SECTION 5.01. Financial Statements; Other Information.  The Borrowers will furnish  to the Administrative Agent (which shall in turn furnish to each other Lender Party):  (a) within 90 days after the end of each Fiscal Year, its audited consolidated  balance sheet and related statements of operations, stockholders’ equity and cash flows as  of the end of and for such Fiscal Year, setting forth in each case in comparative form the  figures for (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year,  all reported on by a “Big Four” accounting firm, or other independent public accountants  of recognized national standing that are reasonably acceptable to the Administrative  Agent (without a “going concern” or like qualification or exception and without any  qualification or exception as to the scope of such audit), to the effect that such  consolidated financial statements present fairly in all material respects the financial  condition and results of operations of the Company on a consolidated basis, accompanied  by any final management letter prepared by said accountants;  (b) within 45 days after the end of each of the first three Fiscal Quarters, the  Company’s unaudited consolidated balance sheet and related statements of operations,  stockholders’ equity and cash flows as of the end of and for such Fiscal Quarter and the  then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the  figures for the corresponding period or periods of (or, in the case of the balance sheet, as  of the end of) the previous Fiscal Year;  (c) concurrently with any delivery of financial statements under paragraph (a)  or (b) above, a Compliance Certificate, (i) certifying, in the case of the financial  statements delivered under paragraph (b) above, as presenting fairly in all material  respects the financial condition and results of operations of the Company on a  consolidated basis, subject to normal year-end audit adjustments and the absence of  footnotes; (ii) certifying whether a Default or Event of Default has occurred and, if a  Default or Event of Default has occurred, specifying the details thereof and any action  taken or proposed to be taken with respect thereto; (iii) setting forth reasonably detailed  calculations demonstrating compliance with Sections 6.12 and 6.13; and (iv) stating  whether any applicable change in GAAP that has a material effect on any financial  statements or in the application thereof has occurred since the later of the date of the  audited financial statements referred to in Section 3.04 and the date of the prior certificate  

 

    110  WBD (US) 52391250  AMERICAS 108683049       delivered pursuant to this paragraph (c) indicating such a change and, if any such change  has occurred, specifying the effect of such change on the financial statements  accompanying such certificate;  (d) [reserved];  (e) as soon as available, but in any event not more than 60 days following the  beginning of each Fiscal Year, a copy of the plan and forecast (including a projected  consolidated balance sheet, income statement and statement of cash flow) of the  Company for each quarter of the upcoming Fiscal Year, in form reasonably satisfactory  to the Administrative Agent;  (f) [reserved];  (g) [reserved];  (h) [reserved];  (i) promptly after the same become publicly available, copies of all proxy  statements and periodic reports on Form 10-K, Form 10-Q and Form 8-K that are filed by  the Company or any Subsidiary with the SEC or any national securities exchange, as the  case may be; provided that any documents required to be delivered pursuant to  paragraphs (a) and (b) and this paragraph (i) shall be deemed to have been delivered on  the date (i) on which the Company posts such documents, or provides a link thereto on  the Company’s website on the Internet; or (ii) on which such documents are posted on the  Company’s behalf on the Platform or another relevant website, if any to which each  Lender Party has access (whether a commercial, third-party website or whether sponsored  by the Administrative Agent); and provided, further, that the Company shall notify  (which may be by facsimile or electronic mail) the Administrative Agent of the posting of  any such documents and provide to the Administrative Agent by electronic mail  electronic versions (i.e., soft copies) of such documents; and  (j) promptly following any request therefor, such other information regarding  the operations, business affairs and financial condition of any Borrower or any  Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent  or any other Lender Party may reasonably request.  SECTION 5.02. Notices of Material Events.  The Borrower Representative will furnish  to the Administrative Agent (which shall post such notices to the other Lender Parties) prompt  written notice, accompanied by a statement of a Financial Officer or other executive officer of  the Borrower Representative setting forth in reasonable detail the nature of the event or  development requiring such notice and any action taken or proposed to be taken with respect  thereto, of the following:  (a) the occurrence of any Default or Event of Default;  

 

    111  WBD (US) 52391250  AMERICAS 108683049       (b) receipt of any notice of any governmental investigation or any  governmental or other litigation or proceeding commenced or threatened against any  Loan Party that (i) could reasonably be expected to result in a Material Adverse Effect  (including any such litigation or proceeding (A) seeking injunctive relief or (B) that is  asserted or instituted against any Plan, its fiduciaries or its assets) or (ii) alleges criminal  misconduct by the Company or the Subsidiaries;  (c) any Lien (other than Permitted Liens) or claim made or asserted against  any of the Collateral in the amount of $25,000,000 or more;  (d) any damage, destruction or other casualty event involving the Collateral in  the amount of $25,000,000 or more, whether or not covered by insurance;  (e) any and all written notices of default received by the Company or the  Subsidiaries under or with respect to any leased location or public warehouse where  Collateral is located with a fair market value in excess of $25,000,000;  (f) to the extent not provided pursuant to Section 5.01(i), all (i) amendments  to the Mexican Credit Facility to the extent the aggregate outstanding principal balance  under the Mexican Credit Facility is in excess of $25,000,000 at such time, and  (ii) material amendments to the Material Agreements, together with a copy of each such  amendment;  (g) [reserved];  (h) the occurrence of any ERISA Event that, alone or together with any other  ERISA Events that have occurred, could reasonably be expected to result in liability of  the Borrowers and their Subsidiaries in an aggregate amount exceeding $25,000,000, any  such notice to be delivered concurrently with the delivery of a Compliance Certificate  under Section 5.01(c);  (i) receipt by the Loan Parties of any notice or notices (or amendment to any  previous notice) under PACA, PSA or other similar Requirements of Law (in each case,  other than any such notice consisting solely of a provision in the applicable invoice  relating thereto reserving a seller’s rights under such acts), in respect of claims in an  aggregate amount at any one time outstanding for all such notices of $25,000,000 or  more, to preserve the benefits of any trust applicable to any assets of any Loan Party  under the provisions of PACA, PSA or other similar Requirements of Law (and the Loan  Parties shall provide, or shall cause to be provided, promptly to the Administrative Agent  a true, correct and complete copy of such notice or notices (or amendment), as the case  may be, and other information delivered in connection therewith), any such notice to be  delivered concurrently with the delivery of a Compliance Certificate under  Section 5.01(c);  

 

    112  WBD (US) 52391250  AMERICAS 108683049       (j) any change in respect of the Disclosed Matters that could reasonably be  expected to result in a Material Adverse Effect;  (k) the occurrence of any event described in Section 3.07(b) or 3.07(c), in  each case as and when any such notice is required to be delivered pursuant to each  Section;  (l) concurrently with the delivery of each Compliance Certificate pursuant to  Section 5.01(c), the assertion of any claim pursuant to applicable Environmental Law,  including alleged violations of or non-compliance with permits, licenses or other  authorizations issued pursuant to applicable Environmental Law by any Person against,  or with respect to the activities of, any Loan Party that would (either individually or in  the aggregate) reasonably be expected to result in a material Environmental Liability; and  (m) any other development that results in, or could reasonably be expected to  result in, a Material Adverse Effect.  SECTION 5.03. Existence; Conduct of Business.  Each Loan Party will, and will cause  each Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and keep in  full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises,  governmental authorizations, intellectual property rights, licenses and permits material to the  conduct of its business, and maintain all requisite authority to conduct its business in each  jurisdiction in which its business is conducted, in each case except where the failure to so  preserve, renew, keep in full force and effect or maintain could not reasonably be expected to  result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger,  consolidation, liquidation or dissolution permitted under Section 6.03 or 6.05; and (b) carry on  and conduct its business, in all material respects, in the poultry industry and such other activities  that are substantially similar, related or incidental thereto (including, without  limitation, processing, packaging, distribution and wholesales of poultry and related or similar  products).  SECTION 5.04. Payment of Obligations.  Each Loan Party will, and will cause each  Subsidiary to, pay or discharge all Material Indebtedness as and when due (except to the extent  not constituting an Event of Default under paragraph (f) or (g) of Article VII), all Taxes and  other claims, which claims, if unpaid, could result in a Lien on any Loan Party’s property, before  the same shall become delinquent or in default, except where (a) the validity or amount thereof is  being contested in good faith by appropriate proceedings, (b) such Loan Party or such Subsidiary  has set aside on its books adequate reserves with respect thereto in accordance with GAAP or  (c) the failure to make payment pending such contest could not reasonably be expected to result  in a Material Adverse Effect; it being understood that, to the extent that certain Taxes or other  such claims cannot (pursuant to contractual agreement or Requirements of Law) be contested  before such Taxes or other amounts become delinquent or in default, a Loan Party shall be  deemed to be in satisfaction of clause (a) above if such Loan Party timely commences  

 

    113  WBD (US) 52391250  AMERICAS 108683049       appropriate proceedings after the earliest date that it is permitted to contest such Taxes or other  claims by such contractual agreement or Requirements of Law.  SECTION 5.05. Maintenance of Properties.  Each Loan Party will, and will cause each  Subsidiary to, do all things necessary to at all times, maintain, preserve and protect each  Mortgaged Property and all other material property, whether real or personal, and keep such  property in good repair, working order and condition (other than wear and tear and casualty and  condemnation occurring in the ordinary course of business).  SECTION 5.06. Books and Records; Inspection Rights.  Each Loan Party will, and will  cause each Subsidiary to, (a) keep proper books of record and account in which full, true and  correct entries are made of all dealings and transactions in relation to its business and activities  and (b) permit any representatives designated by the Administrative Agent or any other Lender  Party (including employees of the Administrative Agent, any other Lender Party or any  consultants, accountants, lawyers and appraisers retained by the Administrative Agent), upon  reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its  books and records (including environmental assessment reports and Phase I or Phase II studies),  in each case that are not protected by attorney-client privilege or bound by confidentiality  agreements that have been entered into in the ordinary course of business and consistent with  historical practice, and to discuss its affairs, finances and condition with its officers and  independent accountants, all at such reasonable times during normal business hours and as often  as reasonably requested (provided that (i) the obligation of the Company to reimburse the Lender  Parties for the expenses of any such inspection shall be limited to reimbursing the Administrative  Agent for its expenses that are incurred in connection with two visits annually unless an Event of  Default exists, in which case there shall be no limit on the Company’s obligation to reimburse  such expenses, and (ii) all visits and inspections by or on behalf of any Lender Party (other than  the Administrative Agent) shall be conducted concurrently with any such visit or inspection that  is conducted by the Administrative Agent or its designated representatives), and, in each case,  with a reasonable opportunity for a representative of the Company to be present.  The Loan  Parties acknowledge that the Administrative Agent, after exercising its rights of inspection, may  prepare and distribute to the other Lender Parties certain reports pertaining to the Loan Parties’  assets for internal use by such Lender Parties.  SECTION 5.07. Compliance with Laws and Contractual Obligations.  (a) Each Loan Party will, and will cause each Subsidiary to, comply with all  of its contractual obligations and Requirements of Law, except where the failure to do so,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.  Borrowers will maintain in effect policies and procedures reasonably  designed to promote compliance by the Loan Parties, their Subsidiaries and their  respective directors, officers, employees and agents (solely to the extent any Loan Party  exercises operational control over any such agent) with applicable Anti-Terrorism Laws  and Anti-Corruption Laws.  

 

    114  WBD (US) 52391250  AMERICAS 108683049       (b) In addition to and without limiting the generality of paragraph (a), each  Loan Party will, and will cause each Subsidiary and ERISA Affiliate to, (i) comply with  all applicable provisions of ERISA and the Code and the regulations and published  interpretations thereunder with respect to all Plans, or any similar such laws, regulations  and published interpretations applicable in jurisdictions and countries other than the  United States with respect to all other pension plans, except where the failure to comply  could not reasonably be expected to result in a Material Adverse Effect, (ii) not take any  action or fail to take action the result of which would result in a liability to the PBGC or  to a Multiemployer Plan in an amount that could reasonably be expected to result in a  Material Adverse Effect and (iii) furnish to the Administrative Agent upon the  Administrative Agent’s request such additional information about any Plan concerning  compliance with this covenant as may be reasonably requested by the Administrative  Agent.  SECTION 5.08. Use of Proceeds.  The proceeds of the Loans will be used (a) on the  Effective Date, (i) for the PPC Refinancing, and (ii) to pay the fees and expenses incurred in  connection with the Transactions and (b) on and after the Effective Date, to finance the general  corporate purposes of the Borrowers (including capital expenditures, Permitted Acquisitions, to  fund working capital, payments of principal and interest on the Loans, and any refinancing(s) of  or modifications to Indebtedness permitted in this Agreement, subject to the relevant limitations  contained in this Agreement).  No part of the proceeds of any Loan and no Letter of Credit will  be used, whether directly or indirectly, for any purpose that entails a violation of any of the  Regulations of the Board, including Regulations T, U and X.  No Loan Party will, directly or  indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such  proceeds to any subsidiary, joint venture partner or other Person (w) to fund in violation of  Sanctions any activities or business of or with any Person, or in any country, region, or territory,  that, at the time of such funding, is, or whose government is, the subject of countrywide  Sanctions, which includes, as of the Effective Date, the Regions of Crimea, Cuba, Iran, North  Korea and Syria (x) in any other manner that would result in a violation of Sanctions by any  Person (including any Person participating in the Loans, whether as underwriter, advisor,  investor, or otherwise), (y) directly or indirectly, for any payments to any governmental official  or employee, political party, official of a political party, candidate for political office, or anyone  else acting in an official capacity, in order to obtain, retain or direct business or obtain any  improper advantage, in violation of any Anti-Corruption Laws that may be applicable, or (z) in  violation of any other law, rule, regulation, order or decree of any Government Authority except,  in the case of this clause (z), where the foregoing, individually or in the aggregate, could not  reasonably be expected to have a Material Adverse Effect.  SECTION 5.09. Insurance.  Each Loan Party will, and will cause each Subsidiary to,  maintain with financially sound and reputable carriers having a financial strength rating of at  least A- by A.M. Best Company at the time of the initial bindings or any renewals thereof (a)  insurance in such amounts (with no greater risk retention) and against such risks (including loss  or damage by fire and loss in transit, theft, burglary, pilferage, larceny, embezzlement, and other  criminal activities; business interruption; and general liability) and such other hazards, as is  

 

    115  WBD (US) 52391250  AMERICAS 108683049       customarily maintained by companies of established repute engaged in the same or similar  businesses operating in the same or similar locations; provided that the Borrowers and the  Subsidiaries may self-insure for workmen’s compensation, crime, general liability, auto liability,  employee benefits, property risks and live chicken inventory in accordance with applicable  industry standards and in a manner consistent with other similarly situated Persons in the same  industry; and provided, further, that the Borrowers and the Subsidiaries shall not self-insure for  general liability, auto liability or property risks in excess of the first $10,000,000 of loss  deductible with respect thereto without the consent of the Administrative Agent; (b) if any  Improvements on any portion of any Mortgaged Property are located in an area identified by  FEMA as an area having special flood hazards pursuant to the Flood Insurance Acts, a policy of  flood insurance with financially sound and reputable insurance companies that (i) covers such  Improvements of such Mortgaged Property that are located in a flood zone, and (ii) is written in  an amount and otherwise sufficient to comply with all applicable rules and regulations  promulgated pursuant to Flood Insurance Acts; and (c) all other insurance required pursuant to  the Collateral Documents.  The Borrowers will furnish to the Lenders, upon request of the  Administrative Agent, information in reasonable detail as to the insurance so maintained.  All  such insurance policies, to the extent such insurance policies by their terms insure any portion of  the Collateral, shall name the Administrative Agent (for the benefit of the Lender Parties) as an  additional insured or as a loss payee, as applicable.  SECTION 5.10. Casualty and Condemnation.  The Borrowers (a) will furnish to the  Administrative Agent (which shall in turn provide such notice to the Collateral Agent and the  other Lender Parties) prompt written notice of any casualty or other insured damage to any  material portion of the Collateral or the commencement of any action or proceeding for the  taking of any material portion of the Collateral or interest therein under power of eminent  domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of  any such event (whether in the form of insurance proceeds, condemnation awards or otherwise)  are collected and applied in accordance with the applicable provisions of this Agreement.  SECTION 5.11. [Reserved].    SECTION 5.12. [Reserved].    SECTION 5.13. Additional Collateral; Further Assurances.  (a) Subject to  Requirements of Law, each Borrower and each other U.S. Loan Party shall cause (i) any Material  Subsidiary created or acquired after the Effective Date, (ii) any Subsidiary that has otherwise  become a Material Subsidiary after the Effective Date (it being understood that a Subsidiary’s  status as a Material Subsidiary for the purposes of clauses (i) and (ii) shall be as determined as of  the most recent date upon which financial statements have been required to be delivered pursuant  to Section 5.01(a) or (b)) or (iii) any Domestic Subsidiary or Foreign DRE whose Equity  Interests are not held directly or indirectly by a Foreign Subsidiary that is treated as a corporation  for U.S. federal income tax purposes that incurs any Indebtedness for borrowed money (other  than intercompany Indebtedness) or Guarantees any such Indebtedness to become, not later than  45 days after the occurrence of any of the foregoing events or determinations, as applicable  

 

    116  WBD (US) 52391250  AMERICAS 108683049       (which period may be extended by the Administrative Agent in its sole discretion), a U.S. Loan  Guarantor and thus a U.S. Loan Party by executing the Joinder Agreement set forth as Exhibit J  hereto (the “Joinder Agreement”).  Upon execution and delivery thereof, each such Person (x)  shall automatically become a U.S. Loan Guarantor hereunder and thereupon shall have all of the  rights, benefits, duties and obligations in such capacity under the Loan Documents and (y) will,  subject to the limitations relating to pledges of Equity Interests in paragraph (b) of this Section  5.13, grant Liens to the Administrative Agent (for the benefit of the Lender Parties) in any  property of such U.S. Loan Party which constitutes Collateral.  Notwithstanding the foregoing,  and for the avoidance of doubt, (i) neither PPC Mexico nor any of PPC Mexico’s subsidiaries,  (ii) none of the Moy Park Entities and (iii) none of the UK/EU Entities, in each case, is or shall  be required to become a U.S. Loan Party. Notwithstanding the foregoing, no Foreign Subsidiary  shall be required to become a U.S. Loan Party to the extent resulting in material adverse tax  consequences to the Borrowers and their Subsidiaries, as determined in good faith by the  Borrowers.   (b) To secure the prompt payment and performance of all the U.S. Secured  Obligations, each Borrower and each Subsidiary that is a U.S. Loan Party will cause  (i) 100% of the issued and outstanding Equity Interests of each of (A) the Domestic  Subsidiaries other than Domestic Subsidiaries whose Equity Interests are owned, directly  or indirectly, by a Foreign Subsidiary that is treated as a corporation for U.S. Federal  income tax purposes, and (B) the Foreign DREs whose Equity Interests are not held  directly or indirectly by a Foreign Subsidiary that is treated as a corporation for U.S.  federal income tax purposes, other than any such Foreign DRE where the assets of such  Foreign DRE include Equity Interests of a “controlled foreign corporation” (within the  meaning of Section 957(a) of the Code) that, when aggregated with any other Equity  Interests held by any other Affiliates of such Foreign DRE would constitute ownership of  greater than 65% of the total combined classes of Equity Interests entitled to vote in such  controlled foreign corporation (it being understood that, pursuant to paragraph (a) of this  Section, such Foreign DRE shall pledge all of its assets which do not constitute Equity  Interests in such controlled foreign corporation and such Equity Interest in the controlled  foreign corporation such that, when aggregated with the Equity Interests of such  controlled foreign corporation pledged by any other Affiliates of the Foreign DRE, the  total Equity Interests pledged by the Foreign DRE will constitute a pledge of 65% of the  total combined classes of Equity Interests entitled to vote in such controlled foreign  corporation); (ii) 65% of the Equity Interests constituting the total combined classes of  Equity Interests entitled to vote in each First-Tier Foreign Subsidiary that is not a Foreign  DRE; and (iii) 100% of the non-voting Equity Interests of each First-Tier Foreign  Subsidiary that is not a Foreign DRE, to be subject at all times to a valid, perfected first  priority security interest (subject to Permitted Liens) in favor of the Administrative Agent  (for the benefit of the Lender Parties) pursuant to the terms and conditions of the Loan  Documents as the Administrative Agent shall reasonably request; provided that,  notwithstanding the foregoing, no U.S. Loan Party shall be required to pledge any Equity  Interests of PPC Mexico or its subsidiaries.  The Borrowers agree that if (x) the  

 

    117  WBD (US) 52391250  AMERICAS 108683049       Administrative Agent notifies the Borrower Representative that as a result of a Change in  Law there is a reason to believe that a pledge of a greater percentage of any Foreign  Subsidiary’s voting Equity Interests or a guarantee by any Foreign Subsidiary of the U.S.  Secured Obligations could not reasonably be expected to result in a “deemed dividend”  under Section 956 of the Code or any other Tax liability to the Borrowers or any Foreign  Subsidiary which would not have otherwise resulted absent such pledge and (y)  subsequent to the receipt of such notice the Borrower Representative reasonably  determines (which determination the Borrower Representative agrees to consider, in  consultation with its counsel and other tax advisors, promptly following receipt of such  notice from the Administrative Agent) that a pledge of more than 65% of the total  combined voting power of all classes of Equity Interests entitled to vote of such Foreign  Subsidiary or a guarantee by such Foreign Subsidiary of the U.S. Secured Obligations  could not reasonably be expected to result in such a “deemed dividend” or any other Tax  liability to the Borrowers or any Foreign Subsidiary which would not have otherwise  resulted absent such pledge, the applicable Borrower will promptly pledge such greater  percentage of the voting Equity Interests of each such Foreign Subsidiary and cause each  such Foreign Subsidiary to provide a guarantee of the U.S. Secured Obligations, in each  case to the extent that the foregoing could not reasonably be expected to result in such a  “deemed dividend” under Section 956 of the Code or other Tax liability to the Borrowers  or any Foreign Subsidiary. Furthermore, the Lenders agree that if (1) the Borrower  Representative notifies the Lenders that as a result of a Change in Law there is a reason  to believe that a pledge of a lower percentage of any Foreign Subsidiary’s voting Equity  Interests would be reasonably necessary in order to avoid there being a “deemed  dividend” under Section 956 of the Code or otherwise triggering material Tax liability to  the Borrowers or any Foreign Subsidiary and (2) subsequent to the receipt of such notice,  each Lender reasonably determines (which determination each Lender agrees to consider,  in consultation with its counsel and other tax advisors, promptly following receipt of such  notice from the Borrower Representative) that a pledge of less than 65% of the total  combined voting power of all classes of Equity Interests entitled to vote of such Foreign  Subsidiary would be reasonably necessary in order to avoid there being a “deemed  dividend” under Section 956 of the Code or otherwise triggering material Tax liability to  the Borrowers or any Foreign Subsidiary, the applicable Borrower may promptly pledge  such lower percentage of the voting Equity Interests of each such Foreign Subsidiary and  the Administrative Agent (for the benefit of the Lender Parties) shall promptly release  any excess percentage, to the extent necessary such that the foregoing would avoid there  being a “deemed dividend” under Section 956 of the Code or otherwise triggering  material Tax liability to the Borrowers or any Foreign Subsidiary.  (c) Subject to Requirements of Law, each Bermuda Borrower and each other  Bermuda Loan Party shall cause (i) any Material Subsidiary that is organized under the  laws of Bermuda and is created or acquired after the Effective Date, (ii) any Subsidiary  that is organized under the laws of Bermuda and has otherwise become a Material  Subsidiary after the Effective Date (it being understood that a Subsidiary’s status as a  

 

    118  WBD (US) 52391250  AMERICAS 108683049       Material Subsidiary for the purposes of clauses (i) and (ii) above shall be as determined  as of the most recent date upon which financial statements have been required to be  delivered pursuant to Section 5.01(a) or (b)) or (iii) any Subsidiary that is organized  under the laws of Bermuda that incurs any Indebtedness for borrowed money (other than  intercompany Indebtedness) or Guarantees any such Indebtedness to become, not later  than 45 days after the occurrence of any of the foregoing events or determinations, as  applicable (which period may be extended by the Administrative Agent in its sole  discretion), a Bermuda Loan Guarantor by executing a guarantee agreement that  guarantees repayment of the Bermuda Secured Obligations (which guarantee agreement  shall be in substantially the form of the Bermuda Guaranty) and a security agreement  (which shall, among other things, pledge 100% of the Equity Interests in each such  Subsidiary and grant a security interest in all the personal property of each such  Subsidiary, the foregoing to be in substantially the form of the Bermuda Pledge  Agreement, the Bermuda Security Agreement or the Puerto Rico Security Agreement, as  applicable) that secures repayment of the Bermuda Secured Obligations, together with  such other documentation and filings that the Administrative Agent may reasonably  require in order to perfect its valid, perfected first priority security interest (subject to  Permitted Liens) in the assets subject to the terms of such Security Agreement.  (d) Without limiting the foregoing, each Loan Party will, and will cause each  Subsidiary to, execute and deliver, or cause to be executed and delivered, to the  Administrative Agent such documents, agreements and instruments, and will take or  cause to be taken such further actions (including the filing and recording of financing  statements, fixture filings, mortgages, deeds of trust and other documents and such other  actions or deliveries of the type required by Section 4.01, as applicable), which may be  required by law or which the Administrative Agent may, from time to time, reasonably  request to carry out the terms and conditions of this Agreement and the other Loan  Documents and to ensure perfection and priority of the Liens created or intended to be  created by the Collateral Documents, all at the expense of the Loan Parties.  (e) The Borrower Representative will promptly notify the Administrative  Agent if any Borrower or any other Loan Party acquires any real or personal property  with a fair market value in excess of $25,000,000 (other than assets constituting  Collateral under the Security Agreements that are, as a result of actions previously taken,  automatically subject to a valid, perfected first priority security interest or mortgage lien  (subject to Permitted Liens) in favor of the Administrative Agent (for the benefit of the  Lender Parties) upon acquisition thereof), and, if requested by the Administrative Agent  or the Required Lenders and subject to the terms and conditions of this Agreement, the  Borrowers will promptly cause such assets to be subjected to a valid, perfected first  priority security interest or mortgage lien (subject to Permitted Liens) in favor of the  Administrative Agent (for the benefit of the Lender Parties) securing the applicable  Secured Obligations and will take, and cause, as reasonably practicable, the applicable  Loan Parties to take, such actions as shall be necessary or reasonably requested by the  Administrative Agent to grant and perfect such Liens, all at the expense of the Loan  

 

    119  WBD (US) 52391250  AMERICAS 108683049       Parties; provided that it is hereby acknowledged and agreed that, the Administrative  Agent shall not request and such Loan Party shall not deliver any Mortgage until the  Lenders are reasonably satisfied with flood insurance due diligence and flood insurance  compliance.  SECTION 5.14. Source of Repayments.  The funds used as the source of the  Borrowers’ repayments to the Lenders shall not derive, directly or indirectly, from activities in  violation of any rule, regulation, order, or decree of any Governmental Authority, including  those identified specifically in Section 5.08, except, in each case (other than those specified in  clauses (w) to (y) of Section 5.08), where the foregoing, individually or in the aggregate, could  not reasonably be expected to have a Material Adverse Effect.  SECTION 5.15. Post-Closing Covenants.   (a) On or before 120 days after the Effective Date (or such longer period as  the Administrative Agent may agree in its sole discretion), the Administrative Agent shall  have received such duly executed amendments with respect to each Mortgage, in form  and substance acceptable to the Administrative Agent, as shall be reasonably necessary to  create a valid, perfected first priority security interest and mortgage lien (subject to  Permitted Liens) in favor of the Collateral Agent in all of the Mortgaged Property.  (b) On or before 120 days after the Effective Date (or such longer period as  the Administrative Agent may agree in its sole discretion), the Company shall have  delivered to the Administrative Agent, in form and substance acceptable to the  Administrative Agent, with respect to each Mortgage and the properties covered thereby,  (i) date down and modification endorsements to existing policies or mortgagee title  insurance policies to the extent date down and modification endorsements are not  available (provided that new or updated surveys shall not be required in connection with  such endorsements or policies), as the case may be; and (ii) modifications thereto to  reflect the new Maturity Date and such other matters with respect to this Agreement as  the Administrative Agent shall require.  (c) On or before 90 days after the Effective Date (or such longer period as the  Administrative Agent may agree in its sole discretion), the Company, if reasonably  requested by the Administrative Agent, shall have delivered to the Administrative Agent,  in form and substance acceptable to the Administrative Agent, an assignment or  amendment of each IP Security Agreement (as defined in the Security Agreement) that is  required to be provided pursuant to the Security Agreement, to evidence the Liens  granted thereby in favor of the Administrative Agent.  (d)  The Company shall pay all reasonable costs required to comply with this  Section 5.15.  

 

    120  WBD (US) 52391250  AMERICAS 108683049       ARTICLE VI    NEGATIVE COVENANTS  Until the Obligations have been Fully Satisfied, each Loan Party executing this  Agreement covenants and agrees with the Lender Parties that:  SECTION 6.01. Indebtedness.  No Loan Party will, nor will it permit any of the  Subsidiaries to, create, incur or suffer to exist any Indebtedness, except:  (a) the Secured Obligations;  (b) Indebtedness existing on the Effective Date and set forth in  Schedule 6.01(b) and refinancing, refundings, extensions, renewals and replacements of  any such Indebtedness in accordance with paragraph (f) hereof;  (c) Indebtedness (other than Guarantees described in paragraph (d) below) of  any Borrower to any Subsidiary and of any Subsidiary to any Borrower or any other  Subsidiary; provided that (i) Indebtedness under this paragraph (c) shall not be permitted  unless the corresponding Investment is permitted under Section 6.04 and  (ii) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall be  subordinated to the Secured Obligations on terms reasonably satisfactory to the  Administrative Agent;  (d) Guarantees by any Borrower of Indebtedness of any Subsidiary and by  any Subsidiary of Indebtedness of any Borrower or any other Subsidiary; provided that  (i) the Indebtedness so Guaranteed is permitted by this Section 6.01; (ii) Guarantees  under this paragraph (d) shall not be permitted unless the corresponding Investment is  permitted under Section 6.04; and (iii) Guarantees permitted under this paragraph (d)  shall be subordinated to the Secured Obligations of the applicable Subsidiary on terms no  less favorable to the Lenders as the Indebtedness so Guaranteed is subordinated to the  Secured Obligations (if any);  (e) Indebtedness of any Borrower or any Subsidiary (i) incurred to finance the  lease, acquisition, construction or improvement of any fixed or capital assets (whether or  not constituting purchase money Indebtedness), including Capital Lease Obligations,  industrial revenue bonds, municipal bonds or similar bonds, Indebtedness in respect of  sale and leaseback transactions permitted under Section 6.06 and any Indebtedness  assumed in connection with the acquisition of any such assets or secured by a Lien on  any such assets prior to the acquisition thereof and (ii) refinancings, refundings,  extensions, renewals and replacements of any such Indebtedness in accordance with  paragraph (f) hereof; provided that in the case of paragraph (e)(i) above, (A) such  Indebtedness is incurred prior to or within 180 days after such acquisition or the  completion of such construction or improvement and (B) the aggregate principal amount  

 

    121  WBD (US) 52391250  AMERICAS 108683049       of Indebtedness that may be incurred in any Fiscal Year shall not exceed the greater of  (1) $500,000,000 and (2) 10% of Consolidated Tangible Assets (which, for the purposes  of this clause (e) shall be measured at the time such Indebtedness is incurred);  (f) Indebtedness which represents a refinancing, refunding, extension,  renewal or replacement of any of the Indebtedness described in paragraphs (b), (e), (j),  and (k), hereof; provided that (i) the principal amount of such Indebtedness is not  increased, except by an amount equal to (x) any reasonable premium or similar amount  paid, and fees and expenses reasonably incurred, in connection with such refinancing,  refunding, extension, renewal or replacement, and (y) any then existing unutilized  commitment to extend credit to the relevant Loan Party or relevant Subsidiary thereof  under any agreement governing such Indebtedness (provided that this paragraph (f) shall  not limit the principal amount of such Indebtedness that may be increased to the extent  such Indebtedness may be incurred under any other provision of this Section 6.01 and so  long as such Indebtedness is deemed to have been incurred under such provision); (ii) any  Liens securing such Indebtedness are not extended to any additional property of any Loan  Party (provided that assets that are subject to or secure any Indebtedness of any Loan  Party or any Subsidiary constituting Capital Lease Obligations or purchase money  Indebtedness permitted under Section 6.01(b), (e), or (k)  or operating leases may also  secure any other Indebtedness of such Loan Party or Subsidiary constituting Capital  Lease Obligations, purchase money Indebtedness or operating leases to the extent that  such Indebtedness is advanced or otherwise extended by the same creditor or its  Affiliates); (iii) no Loan Party that is not originally obligated with respect to repayment  of such Indebtedness is required to become obligated with respect thereto (provided that  this clause (iii) shall not limit other Loan Parties becoming obligated with respect thereto  to the extent such Indebtedness may be incurred by such other Loan Parties under  Section 6.01(c) or (d); (iv) such refinancing, refunding, extension, renewal or  replacement does not result in a shortening of the average weighted maturity of the  Indebtedness so refinanced, refunded, extended, renewed or replaced (provided that this  clause (iv) shall not apply to any such Indebtedness that matures prior to the Maturity  Date); (v) the terms of any such refinancing, refunding, extension, renewal or  replacement are not materially less favorable to the obligor thereunder (as determined by  the Company in its commercially reasonable judgment) than the original terms of such  Indebtedness; and (vi) if the Indebtedness that is refinanced, refunded, extended, renewed  or replaced was subordinated in right of payment to the Secured Obligations, then the  terms and conditions of the refinancing, refunding, extension, renewal or replacement  Indebtedness must include subordination terms and conditions that are at least as  favorable to the Administrative Agent and the Lenders as those that were applicable to  the refinanced, renewed or extended Indebtedness;  (g) (i) Indebtedness owed to any Person providing workers’ compensation,  unemployment insurance, health, disability or other employee benefits or other social  security legislation or property, casualty or liability insurance, pursuant to reimbursement  or indemnification obligations to such Person, and (ii) letters of credit, bank guarantees or  

 

    122  WBD (US) 52391250  AMERICAS 108683049       similar instruments for the benefit of Persons under clause (i) of this paragraph (g) in  each case incurred in the ordinary course of business by any Captive Insurance Company;  (h) Indebtedness (other than Indebtedness for borrowed money) of any  Borrower or any Subsidiary in respect of bids, trade contracts, leases, statutory  obligations, performance bonds, bid bonds, appeal bonds, surety bonds, customs bonds  and similar obligations (or, in the case of Captive Insurance Companies, in respect of  letters of credit, bank guarantees or similar obligations related thereto), in each case  provided in the ordinary course of business;  (i) (i) Indebtedness of (A) PPC Mexico and its Mexican Subsidiaries in  respect of the Mexican Credit Facility, in an aggregate principal amount not to exceed the  greater of $100,000,000 and MXN$1,500,000,000 at any time outstanding, and (B) the  Moy Park Entities, in an aggregate principal amount not to exceed the greater of  $225,000,000 and £150,000,000 at any time outstanding; and (ii) other Indebtedness of  Foreign Subsidiaries in an aggregate principal amount not to exceed the greater of (A)  $750,000,000 and (B) 20% of Consolidated Tangible Assets (which, for purposes of this  clause (ii)(A), shall be measured at the time such Indebtedness is incurred) at any time  outstanding;  (j) Indebtedness in respect of the Intercompany IRBs (provided that, to the  extent that any Subsidiary that is not a Loan Party is obligated under any Intercompany  IRBs to any Loan Party, such Indebtedness of such Subsidiary shall not be permitted  under this paragraph unless such Intercompany IRB is existing on the Effective Date and  set forth on Schedule 6.01(b) or the corresponding Investment is permitted under  Section 6.04);  (k)  (i) Indebtedness of any Person that becomes a Subsidiary after the  Effective Date in connection with an Investment permitted by Section 6.04(h), (k), (q) or  (s) (provided that such Indebtedness exists at the time such Person becomes a Subsidiary  and is not created in contemplation of or in connection with such Person becoming a  Subsidiary) and (ii) Indebtedness owed to any seller of property acquired in connection  with an Investment permitted by Section 6.04(k), (q) or (t); provided that both before and  after giving effect to Indebtedness pursuant to this paragraph (k), on a Pro Forma Basis  (x) no Default or Event of Default shall exist or result therefrom and (y) the Borrowers  shall be in compliance with the covenants set forth in Sections 6.12 and 6.13 for the Test  Period ending immediately prior to the incurrence of such Indebtedness for which  financial statements have been delivered pursuant to Section 5.01(a) or (b);  (l) Indebtedness pursuant to clause (a)(ii) of the definition thereof in respect  of customer deposits and advance payments received in the ordinary course of business  from customers for goods purchased in the ordinary course of business;  

 

    123  WBD (US) 52391250  AMERICAS 108683049       (m) Indebtedness owed in respect of any overdrafts and related liabilities  arising from treasury, depository and cash management services or in connection with  any automated clearinghouse transfers of funds;  (n) Indebtedness arising from agreements of the Company or the Subsidiaries  providing for indemnification, adjustment of acquisition price or similar obligations, in  each case, to the extent such obligations are incurred or assumed in connection with the  acquisition or disposition of any business or assets by the Company or the Subsidiaries  permitted by Section 6.04 or Section 6.05;  (o) Indebtedness supported by a Letter of Credit, in a principal amount not in  excess of the stated amount of such Letter of Credit;  (p) Indebtedness consisting of the financing of insurance premiums (other  than to the Captive Insurance Company or other Affiliates of the Company) in the  ordinary course of business;  (q) Indebtedness pursuant to paragraph (d) of the definition thereof consisting  of take-or-pay obligations contained in supply arrangements in the ordinary course of  business and consistent with historical practice;  (r) Indebtedness pursuant to paragraph (d) of the definition thereof incurred  by the Company and the Subsidiaries representing deferred compensation to officers and  employees of such Person in the ordinary course of business;  (s) Indebtedness arising out of the endorsement for deposit or collection of  items received in the ordinary course of business;  (t) other (i) unsecured Indebtedness (including the aggregate principal  amount of the 2027 Senior Notes and the 2031 Sustainability-Linked Senior Notes and  any Permitted Subordinated Indebtedness at any time outstanding) in an aggregate  principal amount not to exceed at any time outstanding the result of (A) $4,000,000,000  minus (B) the principal amount of all secured Indebtedness then outstanding (including  pursuant to Section 6.01(a), (b), (e), and (t)(ii) but excluding pursuant to Section 6.01(i)),  and (ii) secured Indebtedness in an aggregate amount not to exceed $50,000,000 at any  time outstanding, provided that (X) no principal payment or prepayment shall be made  under such Indebtedness prior to six months following the latest Maturity Date in effect  on the date of the incurrence of such Indebtedness (other than (1) in the case of unsecured  Indebtedness permitted by clause (i) above, (I) in connection with a refinancing of such  Indebtedness with new unsecured Indebtedness permitted by clause (t)(i) to the extent  such proceeds are not required to repay the Loans pursuant to Section 2.12(c) or (II) with  the proceeds of the issuance of any Equity Interests of the Company, and (2) in the case  of secured Indebtedness permitted by clause (ii) above, in connection with a refinancing  of such Indebtedness permitted by clause (t)(ii) and Section 6.02), unless in each case,  

 

    124  WBD (US) 52391250  AMERICAS 108683049       both concurrently with and after giving effect to such payment under such Indebtedness,  there are no Loans outstanding, (Y) the stated maturity date of such Indebtedness shall  not be earlier than six months following the latest Maturity Date in effect on the date of  the incurrence of such Indebtedness; and (Z) no such Indebtedness may be created or  incurred unless both before and after giving effect to such Indebtedness, on a Pro Forma  Basis (1) no Default or Event of Default shall exist or result therefrom, and (2) the  Borrowers shall be in compliance with the covenants set forth in Sections 6.12 and 6.13  for the Test Period for which financial statements have been delivered pursuant to  Section 5.01(a) or (b) ending immediately prior to the incurrence of such Indebtedness;  (u) Indebtedness consisting of promissory notes issued by any Loan Party to  future, present or former directors, officers or employees of the Company or any of the  Subsidiaries or their respective estates, heirs, family members, spouses or former spouses  to finance Restricted Payments in the form of the purchase or redemption of Equity  Interests of the Company to the extent such Restricted Payments are permitted by  Sections 6.08(a)(iii), (iv) and (viii) at the time of the incurrence of such Indebtedness;  (v) Indebtedness arising under Swap Agreements permitted by Section 6.07;   (w) Indebtedness arising under Qualified Securitization Financings in an  aggregate outstanding amount not to exceed $150,000,000;  (x) the extent any of the following constitute Indebtedness:  all premiums (if  any) interest, fees, expenses, charges and additional or contingent interest (other than  paid in kind interest) paid with respect to Indebtedness described in paragraphs (a)  through (w) above;  (y) Incremental Equivalent Debt; and  (z) other unsecured Indebtedness; provided that after giving effect to the  incurrence of any such unsecured Indebtedness on a Pro Forma Basis, the Total Net  Leverage Ratio shall not exceed 3.75 to 1.00.  SECTION 6.02. Liens.  No Loan Party will, nor will it permit any of the Subsidiaries  to, create, incur, assume or permit to exist any Lien on any property or asset now owned or  hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)  or rights in respect of any thereof, except:  (a) Liens created pursuant to any Loan Document;  (b) Permitted Encumbrances;  (c) any Lien on any property or asset of any Borrower or any Subsidiary  existing on the Effective Date and set forth in Schedule 6.02(c); provided that (i) such  Lien shall not apply to any other property or asset of such Borrower or Subsidiary, other  

 

    125  WBD (US) 52391250  AMERICAS 108683049       than as permitted under Section 6.01(f)(ii); and (ii) such Lien shall secure only the  Indebtedness which it secures on the Effective Date and refinancings, refundings,  extensions, renewals and replacements thereof that are permitted by Section 6.01 (or,  solely with respect to obligations that are not Indebtedness, any refinancings, refundings,  extensions, renewals and replacements thereof that are not prohibited by Section 6.01, so  long as such obligations are not amended or otherwise modified in contravention of this  Agreement);  (d) Liens on fixed or capital assets acquired, constructed or improved by any  Borrower or any Subsidiary; provided that (i) such security interests only secure  Indebtedness permitted by Section 6.01(e), (f), (k) or (t)(ii); (ii) such security interests  and the Indebtedness secured thereby are incurred prior to or within 180 days after such  acquisition or the completion of such construction or improvement; (iii) the Indebtedness  secured thereby does not exceed the cost of acquiring, constructing or improving such  fixed or capital assets and any reasonable expenses in connection therewith; and (iv) such  security interests shall not apply to any other property or assets of such Borrower or  Subsidiary or any other Borrower or Subsidiary, other than as permitted under  Section 6.01(f)(ii);  (e) any Lien existing on any property or asset prior to the acquisition thereof  by any Borrower or any Subsidiary or existing on any property or asset of any Person that  becomes a Subsidiary after the Effective Date prior to the time such Person becomes a  Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection  with such acquisition or such Person becoming a Subsidiary, as the case may be; (ii) such  Lien shall not apply to any other property or assets of such Borrower or Subsidiary or any  other Borrower or Subsidiary, other than as permitted under Section 6.01(f)(ii); (iii) such  Lien shall not apply to any Accounts and Inventory of any Loan Party, including any  Subsidiary which becomes a Loan Party (or is required to become a Loan Party under  terms of the Loan Documents) and (iv) such Lien shall secure only the Indebtedness  which it secures on the date of such acquisition or the date such Person becomes a  Subsidiary, as the case may be, and such Indebtedness is permitted with respect to such  Subsidiary under Section 6.01(k), together with refinancings, refundings, extensions,  renewals and replacements thereof that are permitted by Section 6.01 (or, solely with  respect to obligations that are not Indebtedness, any refinancings, refundings, extensions,  renewals and replacements thereof that are not prohibited by Section 6.01, so long as  such obligations are not amended or otherwise modified in contravention of this  Agreement);  (f) Liens of a collecting bank arising in the ordinary course of business under  Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction  covering only the items being collected upon;  (g) Liens created under PSA, PACA or other similar Requirements of Law;  

 

    126  WBD (US) 52391250  AMERICAS 108683049       (h) Liens arising out of sale and leaseback transactions permitted by  Section 6.06;  (i) Liens solely on the assets of the Foreign Subsidiaries and Equity Interests  issued by the Foreign Subsidiaries, in each case that secure outstanding Indebtedness  permitted by Section 6.01(i);   (j) Liens granted by any Subsidiary to secure obligations permitted under  Section 6.01(j), provided that if such Liens are on any property of a U.S. Loan Party,  such Liens are in favor of a U.S. Loan Party, and if such Liens are on property of a  Bermuda Loan Party, such Liens are in favor of a Bermuda Loan Party, in the case of this  proviso, only to the extent such Liens are collaterally assigned to the Administrative  Agent pursuant to terms and conditions acceptable to the Administrative Agent;  (k) Liens on the Equity Interests of any non-wholly owned Subsidiary of any  Loan Party or Liens on the Equity Interests of any other Investment, in each case to  secure put or call obligations or similar obligations, and any other put or call or similar  arrangements related to the Equity Interests issued by such non-wholly owned Subsidiary  or such other Investment set forth in its organizational documents or any related joint  venture or similar agreement;  (l) Liens (i) consisting of customary rights and restrictions contained in  agreements relating to any disposition of assets in a transaction permitted under  Section 6.05 pending the completion thereof, (ii) on assets subject to escrow or similar  arrangements that secure indemnification obligations arising under agreements relating to  any a transaction permitted under Section 6.05 (g) or (h), and (iii) on Receivables and  Related Assets sold in a Permitted Factor Program;  (m) Liens of any Governmental Authority arising under any Requirement of  Law in any Inventory of the Company or the Subsidiary that is subject to any  procurement contract with such Governmental Authority;  (n) Liens consisting of precautionary filings of financing statements under the  UCC which cover property that is made available to or used by the Loan Parties or any of  the Subsidiaries pursuant to the terms of any operating lease or consignment of goods;  (o) Liens consisting of rights reserved by or vested in any Person by the terms  of any lease, license, franchise, grant or permit held by the Company or any of the  Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise,  grant or permit;  (p) Liens encumbering reasonable customary initial deposits and margin  deposits attaching to commodity trading accounts or other commodity brokerage  accounts in favor of the relevant commodity broker incurred in the ordinary course of  

 

    127  WBD (US) 52391250  AMERICAS 108683049       business and not for speculative purposes and margin loans made by such commodity  broker; provided that such accounts shall be subject to a control (or similar) agreement  among the applicable Loan Party, the applicable commodity counterparty and the  Administrative Agent, which agreement shall be reasonably satisfactory to the  Administrative Agent;  (q) Liens that are incurred in the ordinary course of business consisting of  pledges or deposits to secure liability for reimbursement or indemnification obligations of  insurance carriers providing or administering insurance for the Company and the  Subsidiaries (or, in the case of any Captive Insurance Company, to secure letters of  credit, bank guarantees or similar obligations related thereto);  (r) Liens that are incurred in the ordinary course of business on the proceeds  of insurance policies to secure the financing of insurance premiums thereunder;  (s) Liens on the property of any Foreign Subsidiary (other than a Loan Party)  of the Company (and Equity Interests issued by such Foreign Subsidiary, unless such  Equity Interests (or any percentage thereof) are (or are required to be) pledged under the  Loan Documents) securing Indebtedness of such Foreign Subsidiary to the extent such  Indebtedness is permitted under Section 6.01(f), (k) or (t)(ii);  (t) Liens that are incurred in the ordinary course of business consisting of  cash deposits or deposits of Permitted Investments in favor of the seller, lessor or  sublessor of any property in connection with a transaction not otherwise prohibited under  this Agreement;  (u) Liens arising out of any conditional sale, title retention or similar  arrangement for the purchase or sale of goods entered into in the ordinary course of  business and otherwise not prohibited by the terms of this Agreement;  (v) Liens that are incurred in the ordinary course of business deemed to exist  in connection with repurchase agreements described in paragraphs (d) and (g) of the  definition of “Permitted Investments”;  (w) Liens on feed ingredients granted in the ordinary course of business to the  sellers of such feed ingredients to secure the unpaid purchase price thereof;  (x) Liens on cash and/or Permitted Investments securing obligations under  Swap Agreements in favor of the applicable counterparty if (i) such Swap Agreement is  permitted under Section 6.07(b) and (ii) the applicable Loan Party’s rights under such  Swap Agreement are subject to a valid, perfected first priority security interest (subject to  Permitted Liens) in favor of the Administrative Agent (for the benefit of the Lender  Parties), which security interest is acknowledged, on terms reasonably satisfactory to the  Administrative Agent, by the applicable counterparty to such Swap Agreement;  

 

    128  WBD (US) 52391250  AMERICAS 108683049       (y) Liens on the Equity Interests of any Farm Credit System Institution  required to be purchased from time to time by the Borrowers in favor of such Farm Credit  System Institution;  (z) Liens on accounts receivable, Securitization Assets and related assets  incurred in connection with a Qualified Securitization Facility;  (aa) Liens in respect of Incremental Equivalent Debt incurred pursuant to  Section 6.01(y); and  (bb) other Liens securing Indebtedness and other obligations permitted under  this Agreement, which Indebtedness and other obligations shall not exceed $50,000,000  in the aggregate at any time outstanding, on assets that are not subject to a security  interest in favor of the Administrative Agent (for the benefit of the Lender Parties) unless  the Indebtedness that is being secured constitutes Capital Lease Obligations or purchase  money Indebtedness.  Notwithstanding the foregoing, none of the Permitted Liens may at any time attach to any  Loan Party’s (A) Accounts, other than those permitted under paragraphs (a) and (e) of the  definition of “Permitted Encumbrances” and paragraphs (a), (e), (g) and (l) above and  (B) Inventory, other than those permitted under paragraphs (a), (b), (e), (g) and (i) of the  definition of “Permitted Encumbrances” and paragraphs (a), (e), (g), (l), (m) and (w) above.  SECTION 6.03. Fundamental Changes; Change in Nature of Business.  No Loan Party  will, nor will it permit any of the Subsidiaries to, merge into or consolidate with any other  Person; permit any other Person to merge into or consolidate with it; transfer all or substantially  all of its assets to another Person; or liquidate or dissolve, or change the type of entity it is, or the  jurisdiction of its organization; provided that if, at the time thereof and immediately after giving  effect thereto, no Default or Event of Default (including under paragraph (n) of Article VII) shall  have occurred and be continuing:  (a) any Loan Party or any of the Subsidiaries may merge into, consolidate  with, or dissolve or liquidate into, and may transfer all or substantially all of its assets to,  any other Loan Party or any of the Subsidiaries; provided that:  (i) in any such transaction involving the Company, the Company shall  be either the surviving entity or the acquirer of such assets, as the case may be,  and (2) in any such transaction involving any Bermuda Borrower, such Bermuda  Borrower or the Company shall be either the surviving entity or the acquirer of  such assets, as the case may be;  (ii) in any such transaction involving a U.S. Loan Party, a U.S. Loan  Party shall be either the surviving entity or the acquirer of such assets, as the case  may be, and (2) in any such transaction involving any Bermuda Loan Party, a  

 

    129  WBD (US) 52391250  AMERICAS 108683049       Bermuda Loan Party or a U.S. Loan Party shall be either the surviving entity or  the acquirer of such assets, as the case may be; and  (iii) any such merger or consolidation involving a Person that is not a  wholly owned Subsidiary immediately prior to such merger or consolidation shall  not be permitted unless also permitted by Section 6.04(c), (k), (q) or (t);  (iv) with respect to liquidations and dissolutions, the Company shall  have reasonably determined in good faith and in the exercise of its reasonable  business judgment that such liquidation or dissolution is in the best interests of  such Person and is not materially disadvantageous to the Lenders (provided that,  without limiting the foregoing, under no circumstances shall the Company be  permitted to liquidate or dissolve); and  (v) in no event shall any Subsidiary, the Equity Interests of which are  Collateral (a “Pledged Subsidiary”), merge into or consolidate with any  Subsidiary other than another Pledged Subsidiary unless after giving effect  thereto, the Administrative Agent shall have a perfected pledge of, and security  interest in and to, at least the same percentage of the issued and outstanding  interests of Equity Interests (on a fully diluted basis) of the surviving Person as  the Administrative Agent had immediately prior to such merger or consolidation,  in form and substance reasonably satisfactory to the Administrative Agent,  pursuant to such documentation (including related legal opinions) as shall be  necessary in the reasonable opinion of the Administrative Agent to create, perfect  or maintain the collateral position of the Administrative Agent therein;  (vi) the Loan Parties and the Subsidiaries may merge into or  consolidate with any other Person in order to effect a Permitted Acquisition;  provided that:  (A) (1) in any such transaction involving the Company, the  Company shall be the surviving entity and (2) in any such transaction  involving any Bermuda Borrower, such Bermuda Borrower or the  Company shall be the surviving entity; and  (B) in any such transaction involving any Loan Party (other  than a Borrower, such non-Borrower Loan Party, a “Subject Loan Party”),  either (1) such Subject Loan Party shall be the surviving entity or (2) if the  Person formed by or surviving any such merger or consolidation is not  such Subject Loan Party (any such Person, the “Successor Company”), all  of the following conditions shall be satisfied on or prior to the  consummation of such transaction:  (aa) the Successor Company shall be a  Person organized under the laws of a state of the United States if such  Subject Loan Party was a U.S. Loan Party or a Person organized under the  

 

    130  WBD (US) 52391250  AMERICAS 108683049       laws of Bermuda or a state of the United States if such Loan Party was a  Bermuda Loan Party, (bb) the Successor Company shall expressly assume  all the obligations of such Subject Loan Party under this Agreement and  the other Loan Documents to which such Subject Loan Party is a party  immediately prior to such transaction pursuant to a supplement hereto or  thereto in form reasonably satisfactory to the Administrative Agent,  (cc) each Loan Guarantor shall have confirmed on terms satisfactory to the  Administrative Agent that its Loan Guaranty shall apply to the Successor  Company’s obligations under this Agreement and the other Loan  Documents, (dd) each Loan Party shall have confirmed on terms  satisfactory to the Administrative Agent that its obligations under the  Collateral Documents shall secure the Successor Company’s obligations  under this Agreement and the other Loan Documents, (ee) such  transaction shall not adversely affect the validity, perfection or priority of  the Administrative Agent’s security interest in the Collateral, (ff) the  Administrative Agent shall have received such other confirmations,  instruments and documents as it may reasonably request in connection  with such merger or consolidation and (gg) the Company shall have  delivered to the Administrative Agent an officer’s certificate and an  opinion of counsel, each stating that such merger or consolidation and  such confirmations, instruments and documents delivered in respect of this  Agreement comply with this Agreement, the foregoing to be reasonably  satisfactory to the Administrative Agent.  If all of the foregoing conditions  are satisfied on or prior to the consummation of such transaction, the  Successor Company will succeed to, and be substituted for, the relevant  Loan Party under this Agreement and the other Loan Documents;  (vii) the Company and any of the Bermuda Borrowers may merge into  or consolidate with any newly formed Subsidiary, the sole purpose of which is to  change the jurisdiction of organization of such Borrower (a “Redomestication”),  but only if (A) the conditions set forth in Section 6.03(a)(vi)(B)(2)(bb) through  (gg) are satisfied on or prior the consummation of such transaction (it being  agreed that the relevant Borrower would be deemed the Subject Loan Party for  determining whether such conditions have been satisfied), (B) such transaction  could not reasonably be expected to result in (1) material adverse tax  consequences to the Administrative Agent or the Lenders, as determined in their  sole and absolute discretion, or (2) a Material Adverse Effect, (C) with respect to  any Redomestication of the Company, the jurisdiction of organization of the  Company after such Redomestication is one of the states of the United States, (D)  with respect to any Redomestication of any other Borrower, the jurisdiction of  organization of such Borrower after such Redomestication be satisfactory to the  Administrative Agent in its sole and absolute discretion and (E) such transaction  is otherwise consummated in accordance with the Security Agreements.  If all of  

 

    131  WBD (US) 52391250  AMERICAS 108683049       the foregoing conditions are satisfied on or prior to the consummation of such  Redomestication, the entity surviving such Redomestication will succeed to, and  be substituted for, the relevant Borrower under this Agreement and the other Loan  Documents;  (viii) subject to Section 6.03(a)(vii) above, any Loan Party and any of  the Subsidiaries may change its type of organization or its jurisdiction of  organization in accordance with the Security Agreements;  (ix) the Company may dispose of any Subsidiary of the Borrowers  (other than the Bermuda Borrowers) (including by means of a merger, dissolution,  liquidation, consolidation or winding up of all or substantially all of its assets), to  the extent permitted pursuant to Sections 6.05(a)(ii), (g), (h) and (m); and  (x) the Company may dispose of the Bermuda Borrowers (and the  Bermuda Borrowers may dispose of all or substantially all of their assets), so long  as (A) substantially simultaneously with the consummation of such transaction,  the Bermuda Secured Obligations are Fully Satisfied and the Loan Documents are  amended in a manner satisfactory to the Administrative Agent to reflect that the  Bermuda Borrowers are no longer Borrowers or Loan Parties and (B) such  transaction is permitted under Section 6.05(g).  (b) No Loan Party will, nor will it permit any of the Subsidiaries to, engage in  any business in any material respect other than the poultry or other food industries and  businesses similar, ancillary, related or incidental thereto (including, without limitation,  processing, packaging, transportation, distribution and wholesales of poultry or other  food and related or similar products).  SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions.  No Loan  Party will, nor will it permit any of the Subsidiaries to, acquire, hold, make or permit to exist any  Investment, except:  (a) (i) Permitted Investments and (ii) Investments which were Permitted  Investments when made but that no longer constitute Permitted Investments, solely to the  extent such Permitted Investments under this clause (ii), cannot be divested without the  Loan Parties and the Subsidiaries incurring material monetary penalties or losses;  (b) Investments (other than loans and advances to Subsidiaries) in existence,  or committed to be made, on the Effective Date and described in Schedule 6.04(b), and  any renewal or extension thereof; provided that no such renewal or extension thereof  shall increase the amount of such Investment except by an amount otherwise permitted  by this Section 6.04 or change the fundamental nature of such Investment in a manner not  otherwise permitted under this Section 6.04 (provided that if any other provision of this  Section 6.04 is utilized for the foregoing purposes the related Investment shall be deemed  

 

    132  WBD (US) 52391250  AMERICAS 108683049       to have been acquired, held, made or permitted to exist under such provision to the extent  of such utilization);  (c) Investments among the Borrowers and the Subsidiaries; provided that any  Investment of any Loan Party in any Subsidiary that is not a Loan Party shall be  permitted to the extent that either (i) the proceeds of such Investments are used to  consummate a Permitted Acquisition in accordance with Section 6.04(k), or (ii) such  Investments do not in the aggregate exceed the greater of (A) $500,000,000 and (B) 10%  of Consolidated Tangible Assets (which, for the purposes of this clause (c)(ii), shall be  measured at the time such Investment is made) at any time outstanding for all such  Investments made pursuant to this clause (c)(ii) after the Effective Date;   (d) Guarantees of the Company in respect of Indebtedness permitted to be  incurred pursuant to Section 6.01(i);  (e) loans or advances made by the Company or the Subsidiaries to its  employees and officers (and, solely with respect to travel and entertainment expenses,  directors) in the ordinary course of business for travel and entertainment expenses,  relocation costs, housing-related expenses, expenses associated with the procurement or  sale of personal residences of key employees and officers and similar purposes up to a  maximum of $5,000,000 in the aggregate at any one time outstanding, and advances of  payroll payments and expenses made by the Company or the Subsidiaries to employees  and officers to be treated as expenses for accounting purposes and that are made in the  ordinary course of business and consistent with historical practice;  (f) (i) Accounts and other trade credit extended in the ordinary course of  business, (ii) notes, or stock or other securities issued by Account Debtors to a Loan  Party pursuant to negotiated agreements with respect to settlement of such Account  Debtor’s Accounts in the ordinary course of business and (iii) Investments received in the  ordinary course of business in connection with the bankruptcy or reorganization of, or  settlement of disputes with, or judgments against, or foreclosure or deed in lieu of  foreclosure with respect to, customers and suppliers;  (g) Investments in the form of and arising out of Swap Agreements permitted  by Section 6.07;  (h) Investments of any Person existing at the time such Person becomes a  Subsidiary of a Borrower or consolidates or merges with a Borrower or any of the  Subsidiaries (including in connection with a Permitted Acquisition) so long as such  Investments were not made in contemplation of such Person becoming a Subsidiary or of  such merger, and any renewal or extension thereof provided that no such renewal or  extension thereof shall increase the amount of such Investment except by an amount  otherwise permitted by this Section 6.04 or change the fundamental nature of such  Investment in a manner not otherwise permitted under this Section 6.04 (provided that if  

 

    133  WBD (US) 52391250  AMERICAS 108683049       any other provision of this Section 6.04 is utilized for the foregoing purposes the related  Investment shall be deemed to have been acquired, held, made or permitted to exist under  such provision to the extent of such utilization);  (i) Investments received in connection with the dispositions of assets in  accordance with Section 6.05;  (j) Investments constituting deposits of cash and Permitted Investments to the  extent such deposits are otherwise permitted under Section 6.02;  (k) subject to Section 1.07, Permitted Acquisitions not otherwise permitted by  this Section 6.04; provided that both immediately before and after giving effect to the  consummation of each such Permitted Acquisition, on a Pro Forma Basis, (i) with respect  to Permitted Acquisitions of entities that become Loan Parties, the Borrowers shall be in  compliance with the financial covenants set forth in Sections 6.12 and 6.13, and (ii) with  respect to Permitted Acquisitions of entities that do not become Loan Parties, (A) the  Borrowers shall be in compliance with the financial covenants set forth in Sections 6.12  and 6.13 and (B) the Senior Secured Net Leverage Ratio shall not exceed 3.00:1.00;  (l) Investments constituting loans and advances to contract growers (i) in an  aggregate amount not to exceed $100,000,000 at any time outstanding and (ii) for  reasonable expenses, in each case as incurred in the ordinary course of business;  (m) Investments made by any Captive Insurance Company permitted by the  investment policies of such Captive Insurance Company which investment policies are  set forth on Schedule 6.04(m), and all amendments, supplements and all other  modifications thereto which are reasonably satisfactory to the Administrative Agent;  (n) Guarantees by the Company or any of the Subsidiaries that are  consolidated with the Company on the Company’s financial statements of leases (other  than Capital Lease Obligations), accounts payable and accrued expenses of the Company  and the Subsidiaries that do not constitute Indebtedness, in each case, entered into in the  ordinary course of business;  (o) Investments consisting of (i) Intercompany IRBs and Guarantees in  respect thereof, to the extent the incurrence (or the existence) of such Intercompany IRBs  or Guarantees, as applicable, is permitted under paragraph (j) of Section 6.01,  (ii) mergers and consolidations, purchases of all or substantially all assets of a Person and  assumption of assets pursuant to a dissolution or liquidation of any Subsidiary, in each  case to the extent such mergers, consolidations and purchase or assumption of such  assets, as the case may be, are consummated pursuant to Section 6.03, (iii) any Restricted  Payment to the extent made pursuant to Section 6.08 (other than paragraph (a)(v) thereof)  and (iv) solely to the extent constituting an Investment, dispositions of assets  contemplated in Section 6.09(c)(v) (other than clause (A)(2) thereof);  

 

    134  WBD (US) 52391250  AMERICAS 108683049       (p) Investments in or relating to a Securitization Subsidiary that, in the good  faith determination of the Company, are necessary or advisable to effect any Qualified  Securitization Facility (including distributions or payments of Securitization Fees) or any  repurchase obligation in connection therewith (including the contribution or lending of  cash equivalents to Subsidiaries to finance the purchase of such assets from the Company  or any Subsidiary or to otherwise fund required reserves);  (q) other Investments at any time outstanding in an aggregate amount not to  exceed the greater of (i) $150,000,000 and (ii) 15% of EBITDA for the most recently  ended Test Period, determined as of the date any such Investment is made;  (r) Investment in any Subsidiary that is a Captive Insurance Company in an  amount not to exceed the sum of (i) the amounts needed by such Captive Insurance  Company to maintain regulatory capital requirements plus (ii) such other amounts that  are reasonably needed in order to insure the risks of the Borrowers and the Subsidiaries  that such Captive Insurance Company is insuring;  (s) Investments in the Equity Interests of any Farm Credit System Institution  that are required to be made pursuant to the governing documents of such Farm Credit  System Institution in order for such Farm Credit System Institution to be a Lender;   (t) other Investments in an aggregate amount not to exceed the amount  available under the Additional Equity Interest Basket; and  (u) other Investments; provided that at the time of (and after giving effect to)  the making of such Investment, the Total Net Leverage Ratio shall not exceed 3.50 to  1.00;  provided that no Investment shall be permitted under this Section 6.04 if prohibited under  Section 6.03.  For purposes of this Section, the aggregate amount of an Investment at any time  shall be deemed to be equal to (i) the aggregate amount of cash, together with the aggregate fair  market value of property, loaned, advanced, contributed, transferred, or otherwise invested that  gives rise to such Investment minus (ii) the aggregate amount of distributions or other  repayments received in cash in respect of such Investment.  The amount of an Investment shall  not in any event be reduced by reason of any write off of such Investment nor increased by any  increase in the amount of earnings retained in the Person in which such Investment is made or by  any increase in the value of such Investment.  SECTION 6.05. Asset Sales.  No Loan Party will, nor will it permit any of the  Subsidiaries to, sell, transfer, lease or otherwise dispose of any asset, including any Equity  Interest of any Subsidiary of the Company owned by it, nor will any Borrower permit any  Subsidiary to issue any additional Equity Interest in such Subsidiary, except:  

 

    135  WBD (US) 52391250  AMERICAS 108683049       (a) sales, transfers and dispositions (other than to any Borrower or any  Subsidiary) of (i) inventory in the ordinary course of business; and (ii) used, obsolete,  worn out or surplus equipment or property in the ordinary course of business;  (b) sales, transfers and dispositions to any Borrower or any Subsidiary;  provided that (i) if any such sales, transfers or dispositions are in the form of any  Investment, such sales, transfers or dispositions shall be made in compliance with  Section 6.04(c), (o), (q) or (t) and (ii) any such sales, transfers or dispositions to a  Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09;  (c) sales, transfers and dispositions of (i) accounts receivable or note  receivables in connection with the compromise, settlement or collection thereof and  (ii) Investments received in connection with the bankruptcy or reorganization of, or  settlement of disputes with, or judgments against, or foreclosure or deed in lieu of  foreclosure with respect to, customers and suppliers of the Borrowers or the Subsidiaries;  (d) sales, transfers and dispositions of (i) cash and Permitted Investments and  other investments permitted by each of Section 6.04(a)(ii), (e), (f)(ii), (f)(iii), (m) or (r),  (ii) Investments described in items 2 through 7 of Schedule 6.04(b) and (iii) Investments  which were Permitted Investments when made, but that no longer constitute Permitted  Investments, provided that any such Investment is sold, transferred and disposed as soon  as reasonably practicable after the date the Company learns that such Investment no  longer constitutes Permitted Investments;  (e) sale and leaseback transactions permitted by Section 6.06;  (f) dispositions resulting from any casualty or other insured damage to, or any  taking under power of eminent domain or by condemnation or similar proceeding of, any  property or asset of any Borrower or any Subsidiary;   (g) sales, transfers and other dispositions of assets (other than Equity Interests  in a wholly-owned Subsidiary, unless all Equity Interests in such Subsidiary are sold) that  are not permitted by any other paragraph of this Section; provided that (i) the aggregate  fair market value of all assets sold, transferred or otherwise disposed of in reliance upon  this paragraph (g) shall not exceed $100,000,000 during any Fiscal Year and (ii) at the  time of and immediately after giving effect to any such sale, transfer or other disposition  or a commitment of any Borrower or Subsidiary with respect thereto, whichever comes  first, on a Pro Forma Basis, (A) no Default or Event of Default shall have occurred and  be continuing and (B) if such sale, transfer or other disposition is of an operating facility,  line of business or Subsidiary the Borrowers shall be in compliance with the covenants  set forth in Sections 6.12 and 6.13 (for the Test Period ending immediately preceding  such sale, transfer or other disposition for which financial statements have been delivered  pursuant to Section 5.01(a) or (b));  

 

    136  WBD (US) 52391250  AMERICAS 108683049       (h) sales, transfers, leases or other dispositions by the Company or any of its  Subsidiaries of assets that were acquired in connection with a Permitted Acquisition  (other than Equity Interests in a wholly-owned Subsidiary, unless all Equity Interests in  such Subsidiary are sold); provided that any such sale, transfer, lease or other disposition  shall be made or contractually committed to be made within 270 days of the date such  assets were acquired by the Company or such Subsidiary;  (i) licensing and cross-licensing arrangements involving any intellectual  property of the Company or any of the Subsidiaries in the ordinary course of business;  (j) sales, transfers, leases, and other dispositions of property that is  exchanged, or the proceeds thereof are applied, in each case, in a substantially  contemporaneous acquisition of similar replacement property;  (k) leases, subleases, licenses or sublicenses of property in the ordinary course  of business that do not materially interfere with the business of the Company and its  Subsidiaries;  (l) sales, transfers, leases and other dispositions of property in the ordinary  course of business consisting of the abandonment of intellectual property rights which, in  the reasonable good faith determination of the Company and in the exercise of its  reasonable business judgment, are not material to the conduct of the business of the  Company and its Subsidiaries;  (m) sales, transfers, leases and other dispositions of Investments in joint  ventures and non-wholly owned Subsidiaries of the Company to the extent required by,  or made pursuant to, buy and sell arrangements or similar arrangements between the  parties holding the Equity Interests of such Persons set forth in joint venture  arrangements or similar binding agreements;  (n) sales, transfers, leases and other dispositions of real property and related  assets in the ordinary course of business in connection with relocation of officers or  employees of the Company and the Subsidiaries;  (o) voluntary terminations of Swap Agreements;  (p) the expiration of any option to buy or sell any real or personal property;  and  (q) Liens permitted by Section 6.02, Investments permitted by Section 6.04  and Restricted Payments permitted by Section 6.08;  (r) sales of Receivables and Related Assets in connection with Permitted  Factoring Program; and  

 

    137  WBD (US) 52391250  AMERICAS 108683049       (s) sales of Securitization Assets in connection with any Qualified  Securitization Facility or the disposition of an account receivable in connection with the  collection or compromise thereof in the ordinary course of business or consistent with  industry practice or in bankruptcy or similar proceedings.  provided that all sales, transfers, leases and other dispositions permitted hereby shall be  made for (x) fair value (other than those permitted by paragraphs (b), (f), (i), (k), (l), (m), (n), (p)  and (q) above) and (y) at least 75% cash consideration (other than those permitted by  paragraphs (b), (f), (i), (j), (l), (m), (p) and (q) above and other than any such sale, transfer, lease  or other disposition (whether in one transaction or a series of related transactions) of assets with  a fair market value up to $20,000,000), in each case other than Excluded Transactions (it being  understood that the exclusions set forth in this proviso shall not limit the effect of Section 6.09);  and provided, further, that no sale, transfer or other disposition shall be permitted under this  Section 6.05, if prohibited under Section 6.03).  SECTION 6.06. Sale and Leaseback Transactions.  No Loan Party will, nor will it  permit any of the Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it  shall sell or transfer any property, real or personal, used or useful in its business, whether now  owned or hereafter acquired, and thereafter rent or lease such property or other property that it  intends to use for substantially the same purpose or purposes as the property sold or transferred,  except for any such arrangement (a) involving a sale of any fixed or capital assets by any  Borrower or any Subsidiary that is made for cash consideration in an amount not less than the  fair value of such fixed or capital asset and is consummated within 180 days after such Borrower  or such Subsidiary acquires or completes the construction of such fixed or capital asset and  (b) that is made in accordance with Section 6.01(e) or (t)(ii).  SECTION 6.07. Swap Agreements.  No Loan Party will, nor will it permit any of the  Subsidiaries to, enter into any Swap Agreement, except (a)  Swap Agreements entered into in  order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one  floating rate to another floating rate or otherwise) or currency with respect to any interest-bearing  liability or Investment of any Borrower or any Subsidiary and not for speculative purposes; and  (b) in accordance with the Commodity Price Risk Management Guidelines attached hereto as  Schedule 6.07 or as otherwise approved by the Administrative Agent in its reasonable discretion.  SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness and  Management Fees.  (a) No Loan Party will, nor will it permit any of the Subsidiaries to, declare  or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any  obligation (contingent or otherwise) to do so, except:  (i) each Borrower may declare and pay dividends with respect to its  common stock payable solely in additional shares of its common stock, and, with  respect to its preferred stock, payable solely in additional shares of such preferred  stock or in shares of its common stock;  

 

    138  WBD (US) 52391250  AMERICAS 108683049       (ii) Subsidiaries may declare and pay dividends ratably with respect to,  or purchase, redeem, retire, acquire, cancel or terminate, ratably, their Equity  Interests;  (iii) the Company may make Restricted Payments in the form of the  purchase or redemption of (A) Equity Interests of the Company held by present or  former directors, officers or employees of the Company or any of its Subsidiaries  (or the estate, heirs, family members, spouses or former spouses of any of the  foregoing) or by any employee stock or similar plan or agreement; provided that  the aggregate amount of such Restricted Payments under this clause (a)(iii)(A)  shall not exceed in any Fiscal Year $10,000,000 and (B) fractional shares of  stock;  (iv) distributions or payments of Securitization Fees;  (v) Restricted Payments made to acquire the common stock in a  Subsidiary held by one or more minority shareholders to the extent such  acquisition is permitted pursuant to Section 6.04;  (vi) Tax Distributions;  (vii) non-cash repurchases of Equity Interests deemed to occur upon the  exercise or vesting of stock options or similar Equity Interests if such repurchased  Equity Interests represent a portion of the exercise price of such options or  payments of Taxes made by the Company or the Subsidiaries in respect of options  or similar Equity Interests exercised or vested in connection with such Equity  Interests;  (viii) Restricted Payments in an aggregate amount not to exceed the then  amount available under the Additional Equity Interest Basket;   (ix) Restricted Payments in an amount not to exceed the greater of (A)  $50,000,000 and (B) 5% of EBITDA for the most recently ended Test Period,  determined as of the date that any such Restricted Payment is made;  (x) to the extent constituting a Restricted Payment, the Loan Parties  may enter into the transactions permitted pursuant to (A) Section 6.03(a)(i), (a)(ii)  or (a)(iii) for the purpose of paying the acquisition consideration pursuant to any  merger or consolidation referred to therein; (B) Section 6.03(a)(i) or (a)(v) in  connection with any liquidation or dissolution referred to therein; or (C) Section  6.05 (other than Section 6.05(g)); and  (xi) the Company may make any other Restricted Payments; provided  that both immediately before and after giving effect to the payment of each such  

 

    139  WBD (US) 52391250  AMERICAS 108683049       Restricted Payment, on a Pro Forma Basis, the Total Net Leverage Ratio shall not  exceed 3.25 to 1.00.  (b) No Loan Party will, nor will it permit any of the Subsidiaries to, make or  agree to pay or make, directly or indirectly, any payment or other distribution (whether in  cash, securities or other property) of or in respect of principal of or interest on any  unsecured Indebtedness that is Material Indebtedness, or any payment or other  distribution (whether in cash, securities or other property), including any sinking fund or  similar deposit, on account of the purchase, redemption, retirement, acquisition,  cancellation or termination of any Indebtedness, except:  (i) payment of regularly scheduled interest and principal payments as  and when due, subject to any restrictions set forth in this Agreement (including,  without limitation, the restrictions set forth in Section 6.01(t));  (ii) (A) any refinancing, refunding, extension, renewal or replacement  of such Indebtedness to the extent permitted by Section 6.01, (B) repayment of  any Indebtedness of the Moy Park Target or any of its Subsidiaries outstanding on  the date the Moy Park Acquisition is consummated, and (C) any principal  payments made with respect to any Indebtedness under a revolving credit or  receivables facility of a Foreign Subsidiary; and  (iii) any payment or other distribution of, or in respect of, or any  repurchase, redemption, retirement, acquisition, cancellation or termination, at  any time and from time to time, of all or any portion of such Indebtedness in an  amount not to exceed the amount available under the Additional Equity Interest  Basket or in exchange for Equity Interests of the Company or any direct or  indirect parent of the Company.  (c) No Loan Party will, nor will it permit any of the Subsidiaries to, make or  agree to pay any Management Fees if any Default or Event of Default shall have occurred  and be continuing or would result therefrom; provided that such Management Fees shall  still accrue during such time that any Default or Event of Default has occurred and is  continuing.  SECTION 6.09. Transactions with Affiliates.  No Loan Party will, nor will it permit  any of the Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase,  lease or otherwise acquire any property or assets from, or otherwise engage in any other  transactions with, any of its Affiliates, except  (a) transactions that (i) are in the ordinary course of business and (ii) are at  prices and on terms and conditions not less favorable to such Borrower or such  Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties;  

 

    140  WBD (US) 52391250  AMERICAS 108683049       (b) transactions between or among any Loan Parties not involving any other  Affiliate;  (c) the following transactions between or among any Loan Parties and any  Subsidiaries that are not Loan Parties:  (i) any Indebtedness permitted under Section 6.01(b), (c), (d), (j), (k),  (r) and (y) and any refinancing, refunding, extension, renewal or replacement of  any of the foregoing permitted under Section 6.01;  (ii) any transaction permitted under Section 6.03(a);  (iii) any Investments permitted under Section 6.04;  (iv) Guarantees permitted under Section 6.01(b), (d), (f), (i), (j) and (k)  and 6.04 (provided that this paragraph (iv) shall only extend to the Borrower or  Subsidiary whose obligations are being Guaranteed and not to the beneficiary of  such Guarantee); and  (v) any sale, transfer or other disposition of (A) Inventory in the  ordinary course of business and consistent with historical practice to (1) any  Subsidiary other than PPC Mexico and its subsidiaries and (2) PPC Mexico or any  of its subsidiaries or (B) any other personal property (other than Inventory) in an  aggregate amount (determined in relation to the net book value of such property)  not to exceed $25,000,000 per Fiscal Year; provided that, with respect to  clause (A)(1) above, all the net cash flow of each such Subsidiary shall be  promptly paid to the Company; and provided, further, that, with respect to  clause (B) above, any proceeds received within one year of the initial sale,  transfer or other disposition of such property by a Subsidiary that is not a Loan  Party from the re-disposition of such property shall be promptly paid to the Loan  Party that sold, transferred or otherwise disposed of such property to such  Subsidiary in the form received (net of any amounts previously paid to such Loan  Party as consideration for such disposition), either as sales proceeds or as a  dividend or other distribution (the “Excluded Transactions”);  (vi) any Liens permitted by Sections 6.02(c), (e), (j) and (k);  (d) any transaction permitted by Section 6.08(a), 6.08(b)(iii) (to the extent  utilizing amounts available pursuant to the Additional Equity Interest Basket) or 6.12(b);  (e) the payment of reasonable fees to directors of any Borrower or any  Subsidiary who are not employees of such Borrower or Subsidiary, and compensation  and employee benefit arrangements paid to, and indemnities provided for the benefit of,  directors, officers or employees of the Borrowers or their Subsidiaries in the ordinary  course of business;  

 

    141  WBD (US) 52391250  AMERICAS 108683049       (f) any issuances of securities or other payments, awards or grants in cash,  securities or otherwise pursuant to, or the funding of, employment agreements, stock  options and stock ownership plans approved by a Borrower’s board of directors;  (g) employment, severance agreements, change of control or other similar  agreements or arrangements entered into in the ordinary course of business;  (h) subscription agreements or similar agreements pertaining to the repurchase  of Equity Interests pursuant to put/call rights or similar rights with employees, directors  and officers of the Company or the Subsidiaries;  (i) any purchase, sale or resale of common Equity Interests of or  contributions to the common equity capital of the Company, in each case, by, for or on  behalf of the Company or a stockholder thereof (including any customary agreement in  connection therewith); provided that any purchase or sale of common Equity Interests by  the Company or any Loan Party shall be subject to Section 6.09(a)(ii);  (j) transactions exclusively among Subsidiaries that are not Loan Parties;  (k) the following transactions with any Affiliate that is not a Subsidiary:  (i) Indebtedness permitted under Sections 6.01(b) and (r); and  (ii) Investments permitted under Sections 6.04(b), (e), (h), (q)  (provided that the relevant Investments are at prices and on terms and conditions  not less favorable than could be obtained on an arm’s-length basis from unrelated  third parties), (s) and (t).  (l) any agreement in effect between (x) an Affiliate of a Loan Party and (y) a  Person that is not a Loan Party immediately prior to a Permitted Acquisition, which  Person described in clause (y) becomes a Loan Party at the time of a Permitted  Acquisition, so long as such agreement was not entered into in contemplation of such  Permitted Acquisition;   (m) any agreement that provides customary registration rights to the equity  holders of the Company and the performance of such agreements;  (n) Permitted Subordinated Indebtedness provided by an Affiliate to a Loan  Party or any of its Subsidiaries in an aggregate principal amount not exceeding  $250,000,000; and  (o) sales Securitization Assets in connection with any Qualified Securitization  Facility and any other transaction effected in connection with a Qualified Securitization  Facility or a financing related thereto.  

 

    142  WBD (US) 52391250  AMERICAS 108683049       SECTION 6.10. Restrictive Agreements.  No Loan Party will, nor will it permit any of  the Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or  other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such  Loan Party or any of the Subsidiaries to create, incur or permit to exist any Lien upon any of its  property or assets to secure the Secured Obligations (and any refinancing, refunding, extension,  renewal or replacement thereof), or (b) the ability of any Subsidiary to pay dividends or other  distributions with respect to any shares of its Equity Interests or to make or repay loans or  advances to any Borrower or any other Subsidiary or to Guarantee Indebtedness of any Borrower  or any other Subsidiary; provided that the foregoing shall not apply to (i) restrictions and  conditions imposed by Requirements of Law or by any Loan Document; (ii) restrictions and  conditions imposed on the Loan Parties existing on the Effective Date identified on  Schedule 6.10 and amendments, modifications, extensions renewals, replacements or  refinancings thereof (but shall apply to any refinancing, refunding, extension, renewal or  replacement of, or any amendment or modification expanding the scope of, any such restriction  or condition); (iii) restrictions and conditions imposed upon the Company (but solely with  respect to the Equity Interests held by the Company in PPC Mexico or any other Foreign  Subsidiary), PPC Mexico and its Subsidiaries, and any other Foreign Subsidiary and its  Subsidiaries, in each case with respect to Indebtedness of PPC Mexico or such other Foreign  Subsidiary permitted by Section 6.01(i); (iv) customary restrictions and conditions contained in  agreements relating to the sale, transfer, lease or other disposition of a Subsidiary or asset in a  transaction permitted under Section 6.05 pending such sale, transfer, lease or other disposition,  (provided that such restrictions and conditions apply only to the Subsidiary or asset that is to be  sold, transferred, leased or otherwise disposed and such sale, transfer, lease or other disposition  is otherwise permitted hereunder); (v) customary provisions in joint venture agreements and  other similar agreements applicable to joint ventures or Equity Interests therein entered into in  the ordinary course of business; (vi) customary provisions contained in leases, subleases, licenses  or sublicenses of intellectual property and other similar agreements entered into in the ordinary  course of business that do not materially interfere with the business of the Company and its  Subsidiaries; (vii) restrictions created in connection with any Qualified Securitization Facility  that, in the good faith determination of the Borrower Representative, are necessary or advisable  to effect such Qualified Securitization Facility; (viii) restrictions and conditions contained in the  documentation governing the 2027 Senior Notes and the 2031 Sustainability-Linked Senior  Notes; and (ix) any agreement in effect at the time such Person becomes a Subsidiary of the  Company, so long as such agreement was not entered into in contemplation of such Person  becoming a Subsidiary of the Company (provided that such restrictions and conditions apply  only to such Subsidiary, its Subsidiaries and their respective assets, and not any Loan Party or  other Subsidiary or the assets of any Loan Party or other Subsidiary); and provided, further, that  clause (a) of the foregoing shall not apply to (A) restrictions or conditions imposed by any  agreement relating to secured Indebtedness or sale and leaseback transactions otherwise  permitted by this Agreement if such restrictions or conditions apply only to the property or assets  securing such Indebtedness and (B) customary provisions in any agreement entered into in the  ordinary course of business restricting the assignment thereof.  

 

    143  WBD (US) 52391250  AMERICAS 108683049       SECTION 6.11. Amendment of Material Documents.  No Loan Party will, nor will it  permit any of the Subsidiaries to, amend, modify or waive any of its rights under (a) any  agreement relating to any Indebtedness the payment of which is subordinated to payment of the  Obligations (including the Permitted Subordinated Indebtedness); (b) its certificate of  incorporation, by-laws, operating, management or partnership agreement or other organizational  documents; (c) any Material Agreement; (d) the Mexican Credit Facility or the guarantee by the  Company thereof; or (e) any material agreement entered into in connection with the 2027 Senior  Notes and the 2031 Sustainability-Linked Senior Notes, in each case to the extent any such  amendment, modification or waiver:  (i) could reasonably be expected to be materially adverse to the rights,  interests or privileges of the Administrative Agent or the other Lender Parties or  their ability to enforce the same;  (ii) solely with respect to Section 6.11(a), results in the imposition or  expansion in any material respect of any restriction or burden on the Borrowers or  any of the Subsidiaries; or  (iii) individually or in the aggregate, could reasonably be expected to  result in a Material Adverse Effect.  SECTION 6.12. Maximum Total Net Leverage Ratio.  Commencing with the Fiscal  Quarter ending December 31, 2021, the Borrowers shall not permit the Total Net Leverage Ratio  as of the last day of any Fiscal Quarter to be greater than 4.00 to 1.00; provided that if the  Borrower or any Subsidiary consummates a Financial Covenant Acquisition, then the maximum  Total Net Leverage Ratio as of the last day of the four (4) Fiscal Quarters ending thereafter  (including the Fiscal Quarter in which such Financial Covenant Acquisition occurred) shall  instead be 4.50 to 1.00.  SECTION 6.13. Minimum Interest Coverage Ratio.  Commencing with the Fiscal  Quarter ending December 31, 2021, the Borrowers shall not permit the Interest Coverage Ratio  as of the last day of any Fiscal Quarter to be less than 3.00 to 1.00.  SECTION 6.14. Change in Fiscal Year.  No Borrower will make any change in its  Fiscal Year.  ARTICLE VII    EVENTS OF DEFAULT  If any of the following events (any such event, an “Event of Default”) shall occur:  (a) the Borrowers shall fail to pay any principal of any Loan or any  reimbursement obligation in respect of any LC Disbursement when and as the same shall  

 

    144  WBD (US) 52391250  AMERICAS 108683049       become due and payable, whether at the due date thereof or at a date fixed for  prepayment thereof or otherwise;  (b) the Borrowers shall fail to pay any interest on any Loan or any fee or any  other Obligation (other than an amount referred to in paragraph (a) of this Article)  payable pursuant to this Agreement, when and as the same shall become due and payable,  and such failure shall continue unremedied for a period of three Business Days;  (c) any representation or warranty made or deemed made by or on behalf of  any Loan Party or any Subsidiary in this Agreement or any other Loan Document, or in  any report, certificate, financial statement or other document furnished pursuant to or in  connection with this Agreement or any other Loan Document, shall prove to have been  incorrect in any material respect (or, in the case of any representation, warranty or  statement qualified by materiality, in any respect) when made or deemed made;  (d) any Loan Party shall fail to observe or perform any covenant, condition or  agreement contained in Section 5.02(a), 5.03 (with respect to a Loan Party’s existence) or  5.08 or in Article VI;  (e) subject to paragraph (o) below, any Loan Party shall fail to observe or  perform any covenant, condition or agreement contained in this Agreement or any other  Loan Document (other than those which constitute a default under another Section of this  Article), and such failure shall continue unremedied for a period of (i) three Business  Days if such breach relates to the terms or provisions of Section 5.01(f) (or, if such  breach is of the requirement to report weekly pursuant to the parenthetical of  Section 5.01(f), three Business Days); (ii) 10 Business Days after notice thereof from the  Administrative Agent (which notice will be given at the request of any Lender) if such  breach relates to terms or provisions of Section 5.02 (other than Section 5.02(a)), 5.03  (other than with respect to a Loan Party’s existence), 5.06 or 5.07(b); or (iii) 30 days after  notice thereof from the Administrative Agent (which notice will be given at the request of  any Lender) if such breach relates to terms or provisions of any other Section of this  Agreement;  (f) any Loan Party or any Subsidiary shall fail to make any payment (whether  of principal or interest and regardless of amount) in respect of any Material Indebtedness,  when and as the same shall become due and payable after the expiration of any applicable  grace periods provided for therein;  (g) any event or condition occurs that results in any Material Indebtedness  becoming due prior to its scheduled maturity or that enables or permits (after the  expiration of any applicable grace periods provided for therein) the holder or holders of  any such Indebtedness or any trustee or agent on its or their behalf to cause any such  Indebtedness to become due, or to require the prepayment, repurchase, redemption or  defeasance thereof, prior to its scheduled maturity (it being understood that margin calls  

 

    145  WBD (US) 52391250  AMERICAS 108683049       in respect of Swap Agreements shall not constitute a defeasance or default in respect  thereof); provided that this paragraph (g) shall not apply to Indebtedness secured by  assets that are voluntarily sold, transferred or disposed of, or that become subject to a  casualty or condemnation event, that becomes due as a result of any such sale, transfer or  disposition (including as a result of a casualty or condemnation event and to the extent  such sale, transfer or disposition is not prohibited under this Agreement);  (h) an involuntary proceeding shall be commenced or an involuntary petition  shall be filed seeking (i) bankruptcy, liquidation, reorganization or other relief in respect  of a Loan Party or any Subsidiary of any Loan Party or its debts, or of a substantial part  of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or  similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee,  custodian, sequestrator, conservator or similar official for any Loan Party or any  Subsidiary of any Loan Party or for a substantial part of its assets, and, in any such case,  such proceeding or petition shall continue undismissed or unstayed for 90 days or an  order or decree approving or ordering any of the foregoing shall be entered;  (i) any Loan Party or any Subsidiary of any Loan Party shall (i) voluntarily  commence any proceeding or file any petition seeking liquidation, reorganization or other  relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar  law now or hereafter in effect; (ii) consent to the institution of, or fail to contest in a  timely and appropriate manner, any proceeding or petition described in paragraph (h) of  this Article; (iii) apply for or consent to the appointment of a receiver, trustee, custodian,  sequestrator, conservator or similar official for such Loan Party or Subsidiary of any  Loan Party or for a substantial part of its assets; (iv) file an answer admitting the material  allegations of a petition filed against it in any such proceeding; (v) make a general  assignment for the benefit of creditors; or (vi) take any action for the purpose of effecting  any of the foregoing;  (j) any Loan Party or any Subsidiary of any Loan Party shall become unable,  admit in writing its inability or fail generally to pay its debts as they become due;  (k) one or more judgments for the payment of money in an aggregate amount  in excess of $25,000,000 (to the extent not adequately covered by insurance as to which  the insurer has not denied coverage) shall be rendered against any Loan Party, any  Subsidiary or any combination thereof and the same shall remain unpaid, unbonded or  undischarged for a period of 60 consecutive days during which execution shall not be  effectively stayed, or any action shall be legally taken by a judgment creditor to execute  to enforce any such judgment (as opposed to filing or recording such judgment) or any  Loan Party or any Subsidiary shall fail within 60 days to discharge one or more non- monetary judgments or orders which, individually or in the aggregate, could reasonably  be expected to result in a Material Adverse Effect, which judgments or orders, in any  such case, are not stayed on appeal or otherwise being appropriately contested in good  faith by proper proceedings diligently pursued;  

 

    146  WBD (US) 52391250  AMERICAS 108683049       (l) an ERISA Event shall have occurred that, when taken together with all  other ERISA Events that have occurred, could reasonably be expected to result in a  Material Adverse Effect;  (m) a reasonable basis shall exist for the assertion against any Loan Party or  any Subsidiary, or any predecessor in interest of any Loan Party or any Subsidiary, of (or  there shall have been asserted against any Loan Party or any Subsidiary) a claim for any  Environmental Liability that, individually or in the aggregate, could reasonably be  expected to result in a Material Adverse Effect;  (n) a Change in Control shall occur;  (o) the occurrence of any “Event of Default” (as defined in the U.S. Security  Agreement);  (p) any Loan Guaranty shall fail to remain in full force or effect or any action  shall be taken by (i) any Loan Party or any of its Affiliates or (ii) any other Person (other  than a Lender Party or its Affiliates) if, in the case of this clause (ii), such action has a  reasonable likelihood of being determined in a manner adverse to the Loan Parties, to  discontinue or to assert the invalidity or unenforceability of any Loan Guaranty or any  Loan Guarantor shall deny that it has any further liability under any Loan Guaranty to  which it is a party, or shall give notice to such effect (except as expressly provided for  herein);  (q) any Collateral Document shall for any reason fail to create a valid,  perfected first priority security interest (subject to Permitted Liens) in any material  portion of Collateral purported to be covered thereby (other than to the extent such failure  results from failure by the Administrative Agent to file UCC financing statements or  continuation statements under the UCC in respect of such security interest), except as  permitted by the terms of any Collateral Document, or any Collateral Document shall fail  to remain in full force or effect or any action shall be taken by (i) any Loan Party or any  of its Affiliates or (ii) any other Person (other than a Lender Party or its Affiliates) if, in  the case of this clause (ii), such action has a reasonable likelihood of being determined in  a manner adverse to the Loan Parties, to discontinue or to assert the invalidity or  unenforceability of any Collateral Document; or  (r) any material provision of any Loan Document for any reason ceases to be  valid, binding and enforceable in accordance with its terms (or any Loan Party shall  challenge the enforceability of any Loan Document or shall assert in writing, or engage in  any action or inaction based on any such assertion, that any provision of any of the Loan  Documents has ceased to be or otherwise is not valid, binding and enforceable in  accordance with its terms);  

 

    147  WBD (US) 52391250  AMERICAS 108683049       then, and in every such event (other than an event with respect to the Borrowers  described in paragraph (h) or (i) of this Article), and at any time thereafter during the  continuance of such event, the Administrative Agent shall, at the request of the Required  Lenders, by notice to the Borrower Representative, take either or both of the following actions, at  the same or different times:  (i) terminate the Commitments, and thereupon the Commitments  shall terminate immediately, and (ii) declare the Loans and other Obligations then outstanding to  be due and payable in whole (or in part, in which case any Obligations not so declared to be due  and payable may thereafter be declared to be due and payable), and thereupon the principal of  the Loans and other Obligations so declared to be due and payable, together with accrued interest  thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due  and payable immediately, without presentment, demand, protest or other notice of any kind, all  of which are hereby waived by the Borrowers; and in case of any event with respect to the  Borrowers described in paragraph (h) or (i) of this Article, the Commitments shall automatically  terminate and the principal of the Loans and other Obligations then outstanding, together with  accrued interest thereon and all fees and other Obligations of the Borrowers accrued hereunder,  shall automatically become due and payable, without presentment, demand, protest or other  notice of any kind, all of which are hereby waived by the Borrowers.  Upon the occurrence and  the continuance of an Event of Default, the Administrative Agent may, and at the request of the  Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent  under the Loan Documents or at law or equity, including all remedies provided under the UCC.  ARTICLE VIII    ADMINISTRATIVE AGENT, ISSUING BANK,  COLLATERAL, AND AFFILIATES OF LENDERS  SECTION 8.01. Authorization and Action.  (a) Each of the Lenders and Issuing Bank hereby irrevocably appoints the  Administrative Agent to act on its behalf as the Administrative Agent hereunder and  under the other Loan Documents and authorizes the Administrative Agent to take such  actions on its behalf and to exercise such powers as are delegated to the Administrative  Agent by the terms hereof or thereof, together with such actions and powers as are  reasonably incidental thereto. The provisions of this Article 8 are solely for the benefit of  the Administrative Agent, the Lenders, and Issuing Bank, and no Loan Party has rights as  a third party beneficiary of any of such provisions. It is understood and agreed that the  use of the term “agent” herein or in any other Loan Documents (or any other similar  term) with reference to the Administrative Agent is not intended to connote any fiduciary  or other implied (or express) obligations arising under agency doctrine of any applicable  law. Instead such term is used as a matter of market custom, and is intended to create or  reflect only an administrative relationship between contracting parties.  (b) The Administrative Agent shall also act as the collateral agent under the  Loan Documents, and each of the Lenders and Issuing Bank hereby irrevocably appoints  

 

    148  WBD (US) 52391250  AMERICAS 108683049       and authorizes the Administrative Agent to act as the agent of such Lender and Issuing  Bank for purposes of acquiring, holding, and enforcing any and all Liens on Collateral  granted by any of the Loan Parties to secure any of the Obligations, together with such  powers and discretion as are reasonably incidental thereto. In this connection, the  Administrative Agent, as collateral agent and any co-agents, sub-agents, and attorneys-in- fact appointed by the Administrative Agent pursuant to Section 8.5 for purposes of  holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the  Collateral Documents, or for exercising any rights and remedies thereunder at the  direction of the Administrative Agent, shall be entitled to the benefits of all provisions of  this Article 8 and Section 9.03 as if set forth in full herein with respect thereto. The  Administrative Agent is authorized on behalf of all the Lenders, without the necessity of  any notice to or further consent from the Lenders or Issuing Bank, from time to time to  take any action with respect to any Collateral or the Loan Documents which may be  necessary to perfect and maintain perfected the Liens upon any Collateral granted  pursuant to any Collateral Document.   (c) The Collateral Agent shall have the same rights, powers, immunities,  indemnities and exclusions from liability as are prescribed in favor of the Administrative  Agent in this Agreement, which shall apply equally to the Collateral Agent acting in its  capacity as such.  SECTION 8.02. Administrative Agent and its Affiliates.  (a) The Person serving as the Administrative Agent hereunder shall have the  same rights and powers in its capacity as a Lender as any other Lender and may exercise  the same as though it were not the Administrative Agent and the term “Lender” or  “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise  requires, include the Person serving as the Administrative Agent hereunder in its  individual capacity. Such Person and its Affiliates may accept deposits from, own  securities of, lend money to, act as the financial advisor or in any advisory capacity for  and generally engage in any kind of business with the Borrowers or any Subsidiary or  other Affiliate thereof as if it were not the Administrative Agent hereunder and without  any duty to account therefor to the Lenders.  (b) Each Lender and Issuing Bank understands that the Person serving as the  Administrative Agent, acting in its individual capacity, and its Affiliates (collectively, the  “Agent’s Group”) is engaged in a wide range of financial services and businesses  (including investment management, financing, securities trading, corporate and  investment banking and research) (such services and businesses are collectively referred  to in this Article 8 as “Activities”) any may engage in the Activities with or on behalf of  one or more of the Loan Parties or their respective Affiliates. Furthermore, the members  of the Agent’s Group may, in undertaking the Activities, engage in trading in financial  products or undertake other investment businesses for its own account or on behalf of  others (including the Loan Parties and their Affiliates and including holding, for its own  

 

    149  WBD (US) 52391250  AMERICAS 108683049       account or on behalf of others, equity, debt and similar positions in the Company, another  Loan Party or their respective Affiliates), including trading in or holding long, short or  derivative positions in securities, loans, or other financial products of one or more of the  Loan Parties or their Affiliates. Each Lender and Issuing Bank understands and agrees  that in engaging in the Activities, the members of the Agent’s Group may receive or  otherwise obtain information concerning the Loan Parties or their Affiliates (including  information concerning the ability of the Loan Parties to perform their respective  obligations hereunder and under the other Loan Documents) which information may not  be available to any of the Lenders that are not members of the Agent’s Group. Neither the  Administrative Agent nor any other member of the Agent’s Group shall have any duty to  disclose to any Lender or Issuing Bank or use on behalf of any Lender or Issuing Bank,  nor be liable for the failure to so disclose or use, any information whatsoever about or  derived from the Activities or otherwise (including any information concerning the  business, prospects, operations, property, financial and other condition or  creditworthiness of any Loan Party or any Affiliate of any Loan Party) or to account for  any revenue or profits obtained in connection with the Activities, except that the  Administrative Agent shall deliver or otherwise make available to each Lender such  documents as are expressly required by any Loan Document to be transmitted by the  Administrative Agent to the Lenders.  (c) Each Lender and Issuing Bank further understands that there may be  situations where members of the Agent’s Group or their respective customers (including  the Loan Parties and their Affiliates) either now have or may in the future have interests  or take actions that may conflict with the interests of any one or more of the Lenders or  Issuing Banks (including the interests of any Lender or Issuing Bank hereunder and under  the other Loan Documents). Each Lender and Issuing Bank agrees that no member of the  Agent’s Group is or shall be required to restrict its activities as a result of any Person  serving as the Administrative Agent being a member of the Agent’s Group, and that each  member of the Agent’s Group may undertake any Activities without further consultation  with or notification of any Lender or Issuing Bank. None of (i) this Agreement nor any  other Loan Document, (ii) the receipt by the any members of the Agent’s Group of  information (including information concerning the ability of the Loan Parties to perform  their respective obligations hereunder and under the other Loan Documents), or (iii) any  other matter, shall give rise to any fiduciary, equitable, or except as expressly provided in  this Agreement, contractual duties (including any duty of trust, care or confidence),  owing by the Administrative Agent or any member of the Agent’s Group to any Lender  or Issuing Bank including any such duty that would prevent or restrict any member of the  Agent’s Group from acting on behalf of customers (including the Loan Parties or their  Affiliates) or for its own account.  SECTION 8.03. Duties. The Administrative Agent shall not have any duties or  obligations except those expressly set forth herein and in the other Loan Documents. Without  limiting the generality of the foregoing, the Administrative Agent:  

 

    150  WBD (US) 52391250  AMERICAS 108683049       (a) shall not be subject to any fiduciary or other implied duties, regardless of  whether a Default has occurred and is continuing;   (b) shall not have any duty to take any discretionary action or exercise any  discretionary powers, except discretionary rights and powers expressly contemplated  hereby or by the other Loan Documents that the Administrative Agent is required to  exercise as directed in writing by the Required Lenders (or such other number or  percentage of the Lenders as shall be expressly provided for herein or in the other Loan  Documents); provided that the Administrative Agent shall not be required to take any  action that, in its opinion or the opinion of its counsel, may expose the Administrative  Agent to liability or that is contrary to any Loan Document or applicable law, including  for the avoidance of doubt any action that may be in violation of the automatic stay under  any Debtor Relief Law or that may effect a forfeiture, modification or termination of  property of a Defaulting Lender in violation of any Debtor Relief Law;    (c) shall not, except as expressly set forth herein and in the other Loan  Documents, have any duty to disclose, and shall not be liable for the failure to disclose,  any information relating to any Loan Party or any of their respective Affiliates that is  communicated to or obtained by the Person serving as the Administrative Agent or any of  its Affiliates in any capacity; and  (d) shall not be liable for any damage or loss resulting from or caused by  events or circumstances beyond the Administrative Agent's reasonable control, including  nationalization, expropriation, currency or funds transfer restrictions, the interruption,  disruption, or suspension of the normal procedures and practices of any securities market,  power, mechanical, communications, or other technological failures or interruptions,  computer viruses or the like, fires, floods, earthquakes, or other natural disasters, civil,  and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work  stoppages, strikes, national disasters of any kind, or other similar events or acts, or errors  by the Borrower in its instructions to the Administrative Agent.  SECTION 8.04. Administrative Agent’s Reliance, Etc.  (a) The Administrative Agent shall not be liable for any action taken or not  taken by it (i) with the consent or at the request of the Required Lenders (or such other  number or percentage of the Lenders as shall be necessary, or as the Administrative  Agent shall believe in good faith shall be necessary, under the circumstances provided in  Section 9.02) or (ii) in the absence of its own gross negligence or willful misconduct as  determined by a court of competent jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default or  Event of Default unless and until a Loan Party, a Lender, or Issuing Bank has given  written notice describing such Default or Event of Default to the Administrative Agent.  The Administrative Agent shall not be responsible for or have any duty to ascertain or  inquire into (i) any statement, warranty or representation made in or in connection with  

 

    151  WBD (US) 52391250  AMERICAS 108683049       this Agreement or any other Loan Document, (ii) the contents of any certificate, report or  other document delivered hereunder or thereunder or in connection herewith or therewith,  (iii) the performance or observance of any of the covenants, agreements or other terms or  conditions set forth herein or therein or the occurrence of any Default or Event of  Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,  any other Loan Document or any other agreement, instrument or document, or the  creation, perfection or priority of any Lien purported to be created by the Collateral  Documents, or (v) the satisfaction of any condition set forth in Article 4 or elsewhere  herein or therein, other than to confirm receipt of items expressly required to be delivered  to the Administrative Agent.  (b) The Administrative Agent shall be entitled to rely upon, and shall not  incur any liability for relying upon, any notice, request, certificate, consent, statement,  instrument, document, or other writing (including any electronic message, Internet or  intranet website posting or other distribution) believed by it to be genuine and to have  been signed, sent, or otherwise authenticated by the proper Person. The Administrative  Agent also may rely upon any statement made to it orally or by telephone and believed by  it to be made by the proper Person, and shall not incur any liability for relying thereon. In  determining compliance with any condition hereunder to the making of a Loan, or the  issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be  fulfilled to the satisfaction of a Lender or Issuing Bank, the Administrative Agent may  presume that such condition is satisfactory to such Lender or Issuing Bank unless the  Administrative Agent shall have received notice to the contrary from such Lender or  Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for a  Loan Party), independent accountants and other experts selected by it, and shall not be  liable for any action taken or not taken by it in accordance with the advice of any such  counsel, accountants or experts.  SECTION 8.05. Sub-Agents. The Administrative Agent may perform any and all its  duties and exercise its rights and powers hereunder or under any other Loan Document by or  through any one or more sub-agents appointed by the Administrative Agent. The Administrative  Agent and any such sub-agent may perform any and all its duties and exercise its rights and  powers by or through their respective Related Parties. The Administrative Agent is authorized on  behalf of all the Lenders, without the necessity of any notice to or further consent from the  Lenders or Issuing Bank, from time to time to permit any co-agents, sub-agents and attorneys-in- fact appointed by the Administrative Agent to take any action with respect to any Collateral or  the Loan Documents which may be necessary to perfect and maintain perfected the Liens upon  any Collateral granted pursuant to any Collateral Document. The exculpatory provisions of this  Article 8, as well as all other indemnity and expense reimbursement provisions of this  Agreement (including, without limitation, Section 9.03), shall apply to any such sub-agent and to  the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their  respective activities in connection with the syndication of the credit facilities provided for herein  as well as activities as the Administrative Agent and as though such co-agents, sub-agents and  

 

    152  WBD (US) 52391250  AMERICAS 108683049       attorneys-in-fact were the “collateral agent” under the Loan Documents. The Administrative  Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the  extent that a court of competent jurisdiction determines in a final and nonappealable judgment  that the Administrative Agent acted with gross negligence or willful misconduct in the selection  of such sub-agents.  SECTION 8.06. Resignation.  (a) The Administrative Agent may resign at any time by giving notice of its  resignation to the Lenders, Issuing Bank, and the Borrowers. Upon receipt of any such  notice of resignation, the Required Lenders shall have the right, in consultation with and,  so long as no Default or Event of Default then exists, subject to the approval (not to be  unreasonably withheld or delayed) of, the Borrower Representative, to appoint a  successor, which shall be a financial institution with an office in the United States, or an  Affiliate of any such financial institution with an office in the United States. If no  successor shall have been so appointed by the Required Lenders and, if applicable, the  Borrower Representative and shall have accepted such appointment within 30 days after  the retiring Administrative Agent gives notice of its resignation (or such earlier day as  shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the  retiring Administrative Agent may, on behalf of the Lenders and Issuing Bank, appoint a  successor Administrative Agent meeting the qualifications set forth above. Whether or  not a successor has been appointed, such resignation shall become effective in  accordance with such notice on the Resignation Effective Date.  (b) With effect from the Resignation Effective Date (i) the retiring  Administrative Agent shall be discharged from its duties and obligations hereunder and  under the other Loan Documents (except that in the case of any possessory Collateral  held by the Administrative Agent on behalf of the Lenders or Issuing Bank under any of  the Loan Documents, the retiring Administrative Agent shall continue to hold such  Collateral until such time as a successor Administrative Agent is appointed) and  (ii) except for any indemnity payments owed to the retiring Administrative Agent, all  payments, communications and determinations provided to be made by, to or through the  Administrative Agent shall instead be made by or to each Lender and each Issuing Bank  directly, until such time as the Required Lenders appoint a successor Administrative  Agent as provided for above. Upon the acceptance of a successor’s appointment as the  Administrative Agent hereunder, such successor shall succeed to and become vested with  all of the rights, powers, privileges and duties of the retiring Administrative Agent (other  than any rights to indemnity payments owed to the retiring Administrative Agent) and the  retiring Administrative Agent shall be discharged from all of its duties and obligations  hereunder or under the other Loan Documents. The fees payable by the Borrowers to a  successor Administrative Agent shall be the same as those payable to its predecessor  unless otherwise agreed between the Borrowers and such successor. After the retiring  Administrative Agent’s resignation hereunder and under the other Loan Documents, the  provisions of this Article and Section 9.03 shall continue in effect for the benefit of such  

 

    153  WBD (US) 52391250  AMERICAS 108683049       retiring Administrative Agent, its sub-agents and their respective Related Parties in  respect of any actions taken or omitted to be taken by any of them while the retiring  Administrative Agent was acting as the Administrative Agent.  (c) Any resignation by CoBank as the Administrative Agent pursuant to this  Article shall also constitute its resignation as Collateral Agent, Issuing Bank and  Swingline Lender. Upon the acceptance of a successor’s appointment as the  Administrative Agent hereunder, (i) such successor shall succeed to and become vested  with all of the rights, powers, privileges and duties of the retiring Collateral Agent,  Issuing Bank and Swingline Lender, (ii) the retiring Collateral Agent, Issuing Bank and  Swingline Lender shall be discharged from all of their respective duties and obligations  hereunder or under the other Loan Documents, and (iii) the successor Issuing Bank shall  issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the  time of such succession or make other arrangements reasonably satisfactory to the  retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank  with respect to such Letters of Credit.  SECTION 8.07. Lender Credit Decision. Each Lender and Issuing Bank acknowledges  that it has, independently and without reliance upon the Administrative Agent or any other  Lender or any of their Related Parties and based on such documents and information as it has  deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each  Lender and Issuing Bank also acknowledges that it will, independently and without reliance upon  the Administrative Agent or any other Lender or any of their Related Parties and based on such  documents and information as it shall from time to time deem appropriate, continue to make its  own decisions in taking or not taking action under or based upon this Agreement, any other Loan  Document or any related agreement or any document furnished hereunder or thereunder.   SECTION 8.08. Other Agent Titles. Anything herein to the contrary notwithstanding,  none of the “Joint Bookrunners”, “Lead Arranger”, “Joint Lead Arrangers”, “Joint Syndication  Agents”, or “Joint Documentation Agents” listed on the cover page hereof shall have any  powers, duties or responsibilities under this Agreement or any of the other Loan Documents,  except in its capacity, as applicable, as the Administrative Agent, Collateral Agent, a Lender or  Issuing Bank hereunder.  SECTION 8.09. Agent May File Proofs of Claim; Bankruptcy Events. In case of the  pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding  relative to any Loan Party or any Subsidiary, the Administrative Agent (irrespective of whether  the principal of any Loan or LC Disbursement shall then be due and payable as herein expressed  or by declaration or otherwise and irrespective of whether the Administrative Agent shall have  made any demand any Loan Party or any other Person primarily or secondarily liable) shall be  entitled and empowered (but not obligated), by intervention in such proceeding or otherwise:  (a) to file and prove a claim for the whole amount of the principal and interest  owing and unpaid in respect of the Loans, LC Disbursements and all other Obligations  

 

    154  WBD (US) 52391250  AMERICAS 108683049       that are owing and unpaid and to file such other documents as may be necessary or  advisable in order to have the claims of the Lenders, Issuing Bank, and the  Administrative Agent (including any claim for the reasonable compensation, expenses,  disbursements and advances of the Lenders, Issuing Bank, and the Administrative Agent  and their respective agents and counsel and all other amounts due the Lenders, Issuing  Bank, and the Administrative Agent under Article 2 and Section 9.03) allowed in such  judicial proceeding; and  (b) to collect and receive any monies or other property payable or deliverable  on any such claims and to distribute the same in accordance with this Agreement;  (c) and any custodian, receiver, assignee, trustee, liquidator, sequestrator or  other similar official in any such judicial proceeding is hereby authorized by each Lender  and Issuing Bank to make such payments to the Administrative Agent and, in the event  that the Administrative Agent shall consent to the making of such payments directly to  the Lenders and Issuing Bank, to pay to the Administrative Agent any amount due for the  reasonable compensation, expenses, disbursements and advances of the Administrative  Agent and its agents and counsel, and any other amounts due the Administrative Agent  under Article 2 and Section 9.03.  SECTION 8.10. Collateral.  (a) The Administrative Agent shall have no obligation  whatsoever to any of the Secured Parties to assure that the Collateral exists or is owned by any  Loan Party or its Subsidiaries or is cared for, protected, or insured or has been encumbered, or  that the Administrative Agent’s Liens have been properly or sufficiently or lawfully created,  perfected, protected, or enforced or are entitled to any particular priority, or that any particular  items of Collateral meet the eligibility criteria applicable in respect thereof or whether to impose,  maintain, reduce, or eliminate any particular reserve hereunder or whether the amount of any  such reserve is appropriate or not, or to exercise at all or in any particular manner or to continue  exercising, any of the rights, authorities and powers granted or available to the Administrative  Agent pursuant to any of the Loan Documents, it being understood and agreed that in respect of  the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions  contained herein, the Administrative Agent may act in any manner it may deem appropriate, in  its sole discretion given the Administrative Agent’s own interest in the Collateral in its capacity  as one of the Lenders and that the Administrative Agent shall have no other duty or liability  whatsoever to any Secured Party as to any of the foregoing, except as otherwise provided herein.  (b) The Secured Parties hereby irrevocably authorize the Administrative  Agent, based upon the instruction of the Required Lenders, to (i) consent to, credit bid or  purchase (either directly or through one or more acquisition vehicles) all or any portion of  the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code,  including under Section 363 of the Bankruptcy Code, (ii) credit bid or purchase (either  directly or through one or more acquisition vehicles) all or any portion of the Collateral at  any sale or other disposition thereof conducted under the provisions of the UCC,  including pursuant to Section 9-610 or 9-620 of the UCC, or (iii) credit bid or purchase  

 

    155  WBD (US) 52391250  AMERICAS 108683049       (either directly or through one or more acquisition vehicles) all or any portion of the  Collateral at any other sale or foreclosure conducted by the Administrative Agent  (whether by judicial action or otherwise) in accordance with applicable law. In  connection with any such credit bid or purchase, (A) the Obligations owed to the Secured  Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations  with respect to contingent or unliquidated claims being estimated for such purpose if the  fixing or liquidation thereof would not unduly delay the ability of the Administrative  Agent to credit bid or purchase at such sale or other disposition of the Collateral and, if  such claims cannot be estimated without unduly delaying the ability of the Administrative  Agent to credit bid, then such claims shall be disregarded, not credit bid, and not entitled  to any interest in the asset or assets purchased by means of such credit bid) and the  Secured Parties whose Obligations are credit bid shall be entitled to receive interests  (ratably based upon the proportion of their Obligations credit bid in relation to the  aggregate amount of Obligations so credit bid) in the asset or assets so purchased (or in  the Equity Interests of the acquisition vehicle or vehicles that are used to consummate  such purchase), and (B) the Administrative Agent, based upon the instruction of the  Required Lenders, may accept non-cash consideration, including debt and equity  securities issued by such acquisition vehicle or vehicles and in connection therewith the  Administrative Agent may reduce the Obligations owed to the Secured Parties (ratably  based upon the proportion of their Obligations credit bid in relation to the aggregate  amount of Obligations so credit bid) based upon the value of such non-cash  consideration.  SECTION 8.11. Issuing Bank. Neither Issuing Bank nor any of its Related Parties shall  be liable to any Lender Party for any action taken or omitted to be taken by any of them  hereunder or otherwise in connection with any Loan Document except for its or their own gross  negligence or willful misconduct. Without limiting the generality of the preceding sentence,  Issuing Bank (a) shall have no duties or responsibilities except those expressly set forth in the  Loan Documents, and shall not by reason of any Loan Document be a trustee or fiduciary for any  Lender or for the Administrative Agent, (b) shall not be required to initiate any litigation or  collection proceedings under any Loan Document, (c) shall not be responsible to any Lender or  the Administrative Agent for any recitals, statements, representations, or warranties contained in  any Loan Document, or any certificate or other documentation referred to or provided for in, or  received by any of them under, any Loan Document, or for the value, validity, effectiveness,  enforceability, or sufficiency of any Loan Document or any other documentation referred to or  provided for therein or for any failure by any Person to perform any of its obligations thereunder,  (d) may consult with legal counsel (including counsel for the Loan Parties or the Administrative  Agent), independent public accountants, and other experts selected by it and shall not be liable  for any action taken or omitted to be taken in good faith by it in accordance with the advice of  such counsel, accountants, or experts, and (e) shall incur no liability under or in respect of any  Loan Document by acting upon any notice, consent, certificate, or other instrument or writing  believed by it to be genuine and signed or sent by the proper party or parties. As to any matters  not expressly provided for by any Loan Document, Issuing Bank shall in all cases be fully  

 

    156  WBD (US) 52391250  AMERICAS 108683049       protected in acting, or in refraining from acting, hereunder in accordance with instructions signed  by the Required Lenders, and such instructions of the Required Lenders and any action taken or  failure to act pursuant thereto shall be binding on all of the Lenders and the Administrative  Agent; provided that Issuing Bank shall not be required to take any action which Issuing Bank  reasonably believes exposes it to personal liability or which Issuing Bank reasonably believes is  contrary to any Loan Document or applicable law.  SECTION 8.12. Agency for Perfection. The Administrative Agent hereby appoints  each other Lender (and each Bank Product Provider) as its agent (and each Lender hereby  accepts (and by entering into a Bank Product Provider Letter Agreement, each Bank Product  Provider shall be deemed to accept) such appointment) for the purpose of perfecting the  Administrative Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as  applicable, of the UCC can be perfected by possession or control. Should any Lender obtain  possession or control of any such Collateral, such Lender shall notify the Administrative Agent  thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver possession  or control of such Collateral to the Administrative Agent or in accordance with the  Administrative Agent’s instructions.   SECTION 8.13. Affiliates of Lenders; Bank Product Providers. By accepting the  benefits of the Loan Documents, any Affiliate of a Lender that is owed any Bank Product  Obligation is bound by the terms of the Loan Documents. Notwithstanding the foregoing:  (a) neither the Administrative Agent, any Lender nor any Loan Party shall be obligated to deliver  any notice or communication required to be delivered to any Lender under any Loan Documents  to any Affiliate of any Lender; and (b) no Affiliate of any Lender that is owed any Bank Product  Obligation shall be included in the determination of the Required Lenders or entitled to consent  to, reject, or participate in any manner in any amendment, waiver or other modification of any  Loan Document. The Administrative Agent shall deal solely and directly with the related Lender  of any such Affiliate in connection with all matters relating to the Loan Documents. The Bank  Product Obligation owed to such Affiliate shall be considered the Secured Obligations of its  related Lender for all purposes under the Loan Documents and such Lender shall be solely  responsible to the other parties hereto for all the obligations of such Affiliate under any Loan  Document. It is understood and agreed that the rights and benefits under this Agreement, the  Collateral Documents, and the Loan Guaranties of each Bank Product Provider, in such capacity,  consist exclusively of such Bank Product Provider’s right to share in payments and collections of  the Collateral and payments under the Loan Guaranties; provided that for the avoidance of doubt,  any release of Collateral or any Loan Guarantors effected in the manner permitted by this  Agreement shall not require the consent of holders of any Bank Product Obligations (in such  capacity).  All Bank Product Obligations shall be secured but on a silent basis, so that  notwithstanding any other provision, if any, in this Agreement or any Collateral Document or  Loan Guaranty, no Bank Product Provider shall be able to take any action in respect of the  Collateral or Loan Guaranties nor instruct the Required Lenders or the Administrative Agent to  take any such action nor have any rights in connection with the management or release of any  Collateral or the obligations of any Loan Guarantor under any Loan Guaranty. By accepting the  benefits of the Collateral and the Loan Guaranties, such Bank Product Provider shall be deemed  

 

    157  WBD (US) 52391250  AMERICAS 108683049       to have appointed the Administrative Agent as its agent and agreed to be bound by the Loan  Documents as a Secured Party, subject to the limitations set forth in this Section 8.13.  The  Administrative Agent shall not owe any fiduciary duty, duty of loyalty, duty of care, duty of  disclosure, or any other obligation whatsoever to any Bank Product Provider with respect to any  Bank Product Obligation. The Administrative Agent shall have no duty to determine the amount  or the existence of any amounts owing under any Bank Product Obligations. In connection with  any such distribution of payments and collections or termination or release by the Administrative  Agent of any Liens or Loan Guarantors thereunder, the Administrative Agent shall be entitled to  assume no amounts are due under any Bank Product Agreement unless such Bank Product  Provider has notified the Administrative Agent in writing of the amount of any such liability  owed to it at least 5 Business Days prior to such distribution, termination, or release.  SECTION 8.14. Certain ERISA Matters.   (a) Each Lender (x) represents and warrants, as of the date such Person  became a Lender party hereto, to, and (y) covenants, from the date such Person became a  Lender party hereto to the date such Person ceases being a Lender party hereto, for the  benefit of, the Administrative Agent and each Lead Arranger and their respective  Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any  other Loan Party, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of 29  CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more  Benefit Plans in connection with the Loans, the Letters of Credit or the  Commitments,  (ii) the transaction exemption set forth in one or more PTEs, such as  PTE 84-14 (a class exemption for certain transactions determined by independent  qualified professional asset managers), PTE 95-60 (a class exemption for certain  transactions involving insurance company general accounts), PTE 90-1 (a class  exemption for certain transactions involving insurance company pooled separate  accounts), PTE 91-38 (a class exemption for certain transactions involving bank  collective investment funds) or PTE 96-23 (a class exemption for certain  transactions determined by in-house asset managers), is applicable with respect to  such Lender’s entrance into, participation in, administration of and performance  of the Loans, the Letters of Credit, the Commitments and this Agreement,   (iii) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B)  such Qualified Professional Asset Manager made the investment decision on  behalf of such Lender to enter into, participate in, administer and perform the  Loans, the Letters of Credit, the Commitments and this Agreement, (C) the  entrance into, participation in, administration of and performance of the Loans,  the Letters of Credit, the Commitments and this Agreement satisfies the  

 

    158  WBD (US) 52391250  AMERICAS 108683049       requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the  best knowledge of such Lender, the requirements of subsection (a) of Part I of  PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation  in, administration of and performance of the Loans, the Letters of Credit, the  Commitments and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed  in writing between the Administrative Agent, in its sole discretion, and such  Lender.  (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is  true with respect to a Lender or such Lender has not provided another representation,  warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause  (a), such Lender further (x) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (y) covenants, from the date such Person became a Lender  party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,  the Administrative Agent and each other Lead Arranger and their respective Affiliates,  and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other  Loan Party, that:  (i) none of the Administrative Agent or any of the Lead Arrangers or  any of their respective Affiliates is a fiduciary with respect to the assets of such  Lender (including in connection with the reservation or exercise of any rights by  the Administrative Agent under this Agreement, any Loan Document or any  documents related to hereto or thereto),  (ii) the Person making the investment decision on behalf of such  Lender with respect to the entrance into, participation in, administration of and  performance of the Loans, the Letters of Credit, the Commitments and this  Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a  bank, an insurance carrier, an investment adviser, a broker-dealer or other person  that holds, or has under management or control, total assets of at least $50  million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),6  (iii) the Person making the investment decision on behalf of such  Lender with respect to the entrance into, participation in, administration of and  performance of the Loans, the Letters of Credit, the Commitments and this  Agreement is capable of evaluating investment risks independently, both in  general and with regard to particular transactions and investment strategies  (including in respect of the Obligations),  (iv) the Person making the investment decision on behalf of such  Lender with respect to the entrance into, participation in, administration of and  performance of the Loans, the Letters of Credit, the Commitments and this  

 

    159  WBD (US) 52391250  AMERICAS 108683049       Agreement is a fiduciary under ERISA or the Code, or both, with respect to the  Loans, the Letters of Credit, the Commitments and this Agreement and is  responsible for exercising independent judgment in evaluating the transactions  hereunder, and  (v) no fee or other compensation is being paid directly to the  Administrative Agent or any Lead Arranger or any their respective Affiliates for  investment advice (as opposed to other services) in connection with the Loans, the  Letters of Credit, the Commitments or this Agreement.  (c) The Administrative Agent, and each Lead Arranger hereby informs the  Lenders that each such Person is not undertaking to provide impartial investment advice,  or to give advice in a fiduciary capacity, in connection with the transactions contemplated  hereby, and that such Person has a financial interest in the transactions contemplated  hereby in that such Person or an Affiliate thereof (i) may receive interest or other  payments with respect to the Loans, the Letters of Credit, the Commitments and this  Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the  Commitments for an amount less than the amount being paid for an interest in the Loans,  the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or  other payments in connection with the transactions contemplated hereby, the Loan  Documents or otherwise, including structuring fees, commitment fees, arrangement fees,  facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative  agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,  fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees,  term out premiums, banker’s acceptance fees, breakage or other early termination fees or  fees similar to the foregoing.  ARTICLE IX    MISCELLANEOUS  SECTION 9.01. Notices.  i) Except in the case of notices and other communications  expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices  and other communications (“Communications”) provided for herein shall be in writing and shall  be delivered by hand or overnight courier service, mailed by certified or registered mail or sent  by telecopy or, subject to Section 9.01(b), by electronic communication, as follows:  (i) if to any Loan Party, to the Borrower Representative at:  Pilgrim’s Pride Corporation  1770 Promontory Circle  Greeley, Colorado 80634  Attention:  Fabio Sandri, President, Chief Executive Officer and  Chief Operating Officer  

 

    160  WBD (US) 52391250  AMERICAS 108683049       Telephone No.: (970) 506-8117  Email:  fabio.sandri@pilgrims.com   (ii) if to the Administrative Agent, Swingline Lender or CoBank at:  CoBank, ACB  6340 S. Fiddlers Green Circle  Greenwood Village, Colorado 80111  Attention:  Credit Information Services  Facsimile No.: (303) 224-6101  Email: CIServices@cobank.com    (iii) if to any other Lender or Issuing Bank to it at its address or  facsimile number set forth in its Administrative Questionnaire.  Communications sent by hand or overnight courier service, or mailed by certified or  registered mail, shall be deemed to have been given when received.  Communications sent by  telecopier shall be deemed to have been given when sent (except that, if not given before or  during normal business hours for the recipient, shall be deemed to have been given at the  opening of business on the next Business Day).  Communications delivered through electronic  communications to the extent provided in Section 9.01(b), shall be effective as provided in such  Section 9.01(b).  (b) Electronic Communications.  Communications to the Administrative  Agent and the Lenders under the Loan Documents may be delivered or furnished by  electronic communications pursuant to procedures approved by the Administrative  Agent.  The Administrative Agent and Borrowers may, in their discretion, agree to accept  such Communications to it under the Loan Documents by electronic communications  pursuant to procedures approved by it; provided that approval of such procedures may be  limited to particular Communications.  Unless the Administrative Agent otherwise  prescribes, (i) Communications sent to an e-mail address shall be deemed received upon  the sender’s receipt of an acknowledgment from the intended recipient (such as by the  “return receipt requested” function, as available, return e-mail or other written  acknowledgment), and (ii) Communications posted on an Internet or intranet website  shall be deemed received upon the deemed receipt by the intended recipient at its e-mail  address as described in clause (i) of this Section 9.01(b) notification that such  Communications is available and identifying the website address thereof; provided that,  for both clauses (i) and (ii) of this Section 9.01(b), if such Communications is not sent  before or during the normal business hours of the recipient, such Communications shall  be deemed to have been sent at the opening of business on the next Business Day.  (c) Change of Address for Notices.  Any party hereto may change its address  or telecopy number for, or individual designated to receive, Communications under the  Loan Documents by notice to the other parties hereto (or, in the case of any such change  

 

    161  WBD (US) 52391250  AMERICAS 108683049       by a Lender, by notice to Borrower Representative and the Administrative Agent).  All  Communications given to any party hereto in accordance with the provisions of this  Agreement shall be deemed to have been given on the date of receipt.  (d) Electronic Transmission System.  Borrowers and the Lenders agree that  the Administrative Agent may make the Communications available to the Lenders and  Borrower by posting the Communications on Debt Domain, IntraLinks, SyndTrak or a  substantially similar electronic transmission system or digital workspace provider (the  “Platform”).  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.   THE AGENTS DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF  THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND  EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE  COMMUNICATIONS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR  STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,  FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD  PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS  MADE BY THE AGENTS IN CONNECTION WITH THE COMMUNICATIONS OR  THE PLATFORM.  IN NO EVENT SHALL THE AGENTS HAVE ANY LIABILITY  TO BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR  DAMAGES OF ANY KIND INCLUDING DIRECT OR INDIRECT, SPECIAL,  INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES  (WHETHER IN TORT, CONTRACT, OR OTHERWISE) ARISING OUT OF  BORROWER’S OR ADMINISTRATIVE AGENT’S TRANSMISSION OF  COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT  THE LIABILITY OF ANY AGENTS ARE FOUND IN A FINAL NON-APPEALABLE  JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE  RESULTED PRIMARILY FROM SUCH AGENT’S GROSS NEGLIGENCE OR  WILLFUL MISCONDUCT; PROVIDED THAT IN NO EVENT SHALL ANY AGENT  HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, OR ANY OTHER  PERSON FOR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR  PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES).  (e) Communications through the Platform.  Each Lender agrees that notice to  it (as provided in the next sentence) specifying that the Communications have been  posted to the Platform shall constitute effective delivery of the Communications to such  Lender for purposes hereof.  Each Lender agrees (i) to provide to the Administrative  Agent in writing (including by electronic communication), promptly after the date of this  Agreement, an e-mail address to which the foregoing notice may be sent by electronic  transmission and (ii) that the foregoing notice may be sent to such e-mail address.  (f) Reliance on Notices.  Administrative Agent and the Lenders shall be  entitled to rely and act upon any notices (including telephonic notices of a Borrowing)  purportedly given by or on behalf of a Borrower even if (i) such notices were not made in  a manner specified herein, were incomplete or were not preceded or followed by any  

 

    162  WBD (US) 52391250  AMERICAS 108683049       other form of notice specified herein, or (ii) the terms thereof, as understood by the  recipient, varied from any confirmation thereof.  Borrowers shall indemnify the  Administrative Agent, each Lender, and the Related Parties of each of them from all  losses, costs, expenses, and liabilities resulting from the reliance by such Person on each  notice purportedly given by or on behalf of a Borrower.  The Administrative Agent may  record all telephonic notices to, and other telephonic communications with, the  Administrative Agent and each of the parties hereto hereby consents to such recording.  SECTION 9.02. Waivers; Amendments.  (a) No failure or delay by any Lender Party in  exercising any right or power hereunder or under any other Loan Document shall operate as a  waiver thereof, nor shall any single or partial exercise of any such right or power, or any  abandonment or discontinuance of steps to enforce such a right or power, preclude any other or  further exercise thereof or the exercise of any other right or power.  The rights and remedies of  the Lender Parties hereunder and under any other Loan Document are cumulative and are not  exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision  of any Loan Document or consent to any departure by any Loan Party therefrom shall in any  event be effective unless the same shall be permitted by paragraph (b) of this Section, and then  such waiver or consent shall be effective only in the specific instance and for the purpose for  which given.  Without limiting the generality of the foregoing, the making of a Loan or the  issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of  whether any Lender Party may have had notice or knowledge of such Default at the time.  (b) Neither this Agreement nor any other Loan Document nor any provision  hereof or thereof may be waived, amended, restated or otherwise modified except (i) in  the case of this Agreement, pursuant to an agreement or agreements in writing entered  into by the Borrowers and the Required Lenders; or (ii) in the case of any other Loan  Document, pursuant to an agreement or agreements in writing entered into by the  Administrative Agent and each Loan Party that is a party thereto, with the consent of the  Required Lenders ; provided that no such agreement shall:  (A) increase the Commitment of any Lender without the written  consent of such Lender and any Voting Participant, it being understood  that waivers, amendments, restatements or other modifications of  conditions precedent, covenants, Defaults or Events of Default or of a  mandatory reduction in the aggregate commitments shall not constitute  increases in any Commitment;  (B) reduce or forgive the principal amount of any Loan or LC  Disbursement or reduce the rate of interest thereon, or reduce or forgive  any interest or fees payable hereunder, in each case without the written  consent of each Lender and Voting Participant directly affected thereby;  provided that nothing in this paragraph (B) shall restrict the ability of any  Lender to reduce or forgive any amounts payable to such Lender with  

 

    163  WBD (US) 52391250  AMERICAS 108683049       respect to any Loan or Letter of Credit without the consent of any other  Lender or Voting Participant;  (C) extend the maturity of any Loan or postpone any scheduled  date of payment of the regularly scheduled installment payments of  principal of any Loan or LC Disbursement, or any date for the payment of  any interest, fees or other Obligations payable hereunder, or reduce the  amount of, waive or excuse any such payment, or postpone the scheduled  date of expiration of any Commitment, without the written consent of each  Lender and Voting Participant directly affected thereby;  (D) change Section 2.19(b) or (d) in a manner that would alter  the manner in which payments are shared, without the written consent of  each Lender and Voting Participant directly affected thereby;  (E) [reserved];  (F) change (1) any of the provisions of this Section, (2) the  definitions of “Required Lenders”, “Required Revolving Lenders” or any  other provision of any Loan Document specifying the number or  percentage of Lenders (or Lenders of any Class) required to waive, amend  or modify any rights thereunder or make any determination or grant any  consent thereunder, or (3) the definition of “Change in Control”, in each  case without the written consent of each Lender and Voting Participant;  (G) release any Loan Guarantor from its obligation under any  Loan Guaranty to which it is a party (except as otherwise permitted herein,  including without limitation pursuant to Sections 6.03, 6.05 and 9.02(e)  and (f), or in the other Loan Documents), without the written consent of  each Lender; or  (H) except as provided in paragraph (c) of this Section or in any  Collateral Document, release all or substantially all of the Collateral,  without the written consent of each Lender and Voting Participant;   provided, further, that (i) no such agreement shall amend, modify or otherwise affect the  rights or duties of any Agent, the Swingline Lender or any Issuing Bank hereunder without the  prior written consent of such Agent, the Swingline Lender or such Issuing Bank, as applicable;  (ii) amendments pursuant to Section 2.10(d) shall be effective as described therein; and (iii)  when a Defaulting Lender shall exist, Section 2.21 shall control with respect to voting of such  Lender that is a Defaulting Lender.  The Administrative Agent may also amend the Commitment  Schedule to reflect assignments entered into pursuant to Section 9.04.  

 

    164  WBD (US) 52391250  AMERICAS 108683049       (c) The Lender Parties hereby irrevocably authorize the Administrative  Agent, at its option and in its sole discretion, to release any Liens granted to the  Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all  Commitments and Full Satisfaction of all Secured Obligations; (ii) constituting property  being sold or disposed of if the Loan Party disposing of such property certifies to the  Administrative Agent that the sale or disposition is made in compliance with the terms of  this Agreement (and the Administrative Agent may rely conclusively on any such  certificate, without further inquiry), and to the extent that the property being sold or  disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative  Agent is authorized to release any Loan Guaranty provided by such Subsidiary;  (iii) constituting property leased to a Loan Party under a lease which has expired or been  terminated in a transaction permitted under this Agreement; (iv) as required to effect any  sale or other disposition of such Collateral in connection with any exercise of remedies of  the Administrative Agent and the Lenders pursuant to Article VII; (v) as provided in the  Collateral Documents; or (vi) to the extent required under Section 5.13(b).  Except as  provided in the preceding sentence, the Administrative Agent will not release any Liens  on Collateral without the prior written authorization of the Required Lenders.  Any such  release shall not in any manner discharge, affect, or impair the Obligations or any Liens  (other than those expressly being released) upon (or obligations of the Loan Parties in  respect of) all interests retained by the Loan Parties, including the proceeds of any sale,  all of which shall continue to constitute part of the Collateral.  Nothing in this paragraph  shall relieve the Administrative Agent of any obligations to release the Liens on any  Collateral to the extent required under any Loan Document if the Loan Parties have  satisfied the conditions for such release.  (d) If, in connection with any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender directly affected thereby”, the  consent of the Required Lenders is obtained, but the consent of other necessary Lenders  or Voting Participants is not obtained (any such Lender or Voting Participant whose  consent is necessary but not obtained being referred to herein as a “Non-Consenting  Lender”), then the Borrowers may elect to replace a Non-Consenting Lender as a Lender  party to this Agreement or, with the consent of the Required Lenders, terminate the  Commitments of such Lender and repay all non-contingent Obligations of the Borrowers  owing to such Lender relating to the Loans held by such Lender as of such termination  date; provided that, concurrently with such replacement, (i) another bank or other entity  which is reasonably satisfactory to the Borrowers and the Administrative Agent shall  agree, as of such date, to purchase for cash the Loans and other Obligations due to the  Non-Consenting Lender pursuant to an Assignment and Assumption and to become a  Lender for all purposes under this Agreement and to assume all obligations of the Non- Consenting Lender to be terminated as of such date and to comply with the requirements  of paragraph (b) of Section 9.04, and (ii) the Borrowers shall pay to such Non-Consenting  Lender in same day funds on the day of such replacement (1) all interest, fees and other  amounts then accrued but unpaid to such Non-Consenting Lender by the Borrowers  

 

    165  WBD (US) 52391250  AMERICAS 108683049       hereunder to and including the date of termination, including without limitation payments  due to such Non-Consenting Lender under Sections 2.16 and 2.18, and (2) an amount, if  any, equal to the payment which would have been due to such Lender or Voting  Participant on the day of such replacement under Section 2.17 had the Loans of such  Non-Consenting Lender been prepaid on such date rather than sold to the replacement  Lender.  (e) From time to time, the Company may cause one or more additional direct  or indirect, wholly-owned Subsidiaries to become Borrowers hereunder by delivering, or  causing to be delivered, to the Administrative Agent in respect of each applicable  Subsidiary, the following, each in form and substance reasonably satisfactory to the  Administrative Agent: (i) a Joinder Agreement in the form of Exhibit J attached hereto,  executed and delivered by such Subsidiary (the date of each such Joinder Agreement  being referred to herein as a “Joinder Date”, which date shall be at least ten days after the  Company provides notice to the Administrative Agent of its intention to cause such  Subsidiary to become a Borrower hereunder), (ii) replacement Notes dated as of the  applicable Joinder Date payable to each Lender for which an existing Note is outstanding  on such Joinder Date, (iii) a written confirmation by the Loan Guarantors that their  guarantee obligations shall apply to the obligations of such Subsidiary under the Loan  Documents from and after the Joinder Date and (iv) such other approvals, opinions or  documents as the Administrative Agent may reasonably request; provided that no  Subsidiary may become a Borrower hereunder pursuant to this paragraph (e) if (x) a  Default or Event of Default shall have occurred and be continuing on the applicable  Joinder Date, or shall result from the joinder of such Subsidiary as a Borrower on such  Joinder Date, or (y) such Subsidiary is not organized under the laws of any jurisdiction of  the United States or Bermuda.  Without limiting the foregoing, if the designation of any  additional direct or indirect, wholly-owned Subsidiary as a Borrower hereunder obligates  the Administrative Agent or any Lender to comply with “know your customer” or similar  regulatory requirements and the information necessary for such compliance is not already  available to the Administrative Agent or such Lender, as applicable, the Company shall,  promptly upon the request of the Administrative Agent or such Lender, as applicable,  supply such documentation and other evidence as is reasonably requested by the  Administrative Agent or such Lender, as applicable, in order for it to comply with all  “know your customer” and/or similar identification procedures required under all  applicable laws and regulations.    (f) From time to time, the Company may cause any Loan Party (other than the  Company and Pilgrim’s Pride Corporation of West Virginia, Inc.) to cease to be a Loan  Party hereunder by (i) delivering to the Administrative Agent a notice to such effect,  specifying the identity of the applicable Loan Party and the proposed date on which such  Loan Party shall no longer be a Loan Party hereunder, which date shall be no earlier than  five Business Days after delivery of such notice (each such date being referred to herein  as a “Loan Party Removal Date”) and (ii) delivering, or causing to be delivered, to the  Administrative Agent replacement Notes dated as of the applicable Loan Party Removal  

 

    166  WBD (US) 52391250  AMERICAS 108683049       Date payable to each Lender for which an existing Note is outstanding on such Loan  Party Removal Date, executed by the Company and each other Loan Party that shall not  cease to be a Loan Party on such Loan Party Removal Date, in form and substance  reasonably satisfactory to the Administrative Agent; provided that no Loan Party may  cease to be a Loan Party hereunder pursuant to this Section 9.02(f) if (i) a Default or  Event of Default shall have occurred and be continuing on the applicable Loan Party  Removal Date, or shall result from such Loan Party ceasing to be a Loan Party hereunder  on such Loan Party Removal Date, (ii) the Loan Party to be removed became a U.S. Loan  Guarantor or a Bermuda Loan Guarantor pursuant to Section 5.13(a) or (c), (iii) the Loan  Party to be removed is a Material Subsidiary, or (iv) the Loan Party to be removed is a  Borrower and the Loans of such Borrower have not been paid in full in cash prior to the  applicable Loan Party Removal Date. Upon satisfaction of the conditions set forth in the  preceding sentence, on the applicable Loan Party Removal Date, the applicable Loan  Party shall no longer be a “Borrower”, a “U.S. Borrower,” a “Bermuda Borrower,” a  “U.S. Loan Guarantor,” a “Bermuda Loan Guarantor,” a “Loan Party”, as the case may  be, hereunder or under any other Loan Document.  Notwithstanding anything to the  contrary contained herein, in the event that any Loan Party shall cease to be a Loan Party  hereunder in accordance with this Section 9.02(f), the other Loan Parties shall remain  jointly and severally liable with respect to each Loan made to such Loan Party and each  Letter of Credit issued for the account of such Loan Party outstanding on the applicable  Loan Party Removal Date.  SECTION 9.03. Expenses; Indemnity; Damage Waiver.  (a) Except as provided in  Section 2.23, the Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses  incurred by the Administrative Agent, the Lead Arranger and their respective Affiliates (limited  in the case of legal fees to the reasonable, documented and invoiced out-of-pocket fees, charges  and disbursements of a single New York legal counsel for the Administrative Agent and the  Lead Arranger and their respective Affiliates, and one local counsel in each jurisdiction that the  Administrative Agent may deem appropriate in its good faith discretion) in connection with the  syndication and distribution (including via the internet or through the Platform) of the credit  facilities provided for herein, the preparation and administration of the Loan Documents or any  amendments, modifications or waivers of the provisions of the Loan Documents (whether or not  the transactions contemplated hereby or thereby shall be consummated); (ii) all reasonable and  documented out-of-pocket expenses (limited, in the case of attorneys’ fees, to the reasonable and  documented out-of-pocket fees, charges and disbursements of one outside counsel) incurred by  the applicable Issuing Bank in connection with the issuance, amendment, renewal or extension of  any Letter of Credit or any demand for payment thereunder; and (iii) all reasonable and  documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or  any Lender (limited in the case of legal fees to the fees, charges and disbursements of a single  general legal counsel to collectively represent the Administrative Agent, the Lenders, the Lead  Arranger and their respective Affiliates, and of a single local legal counsel to collectively  represent the Administrative Agent, the Lenders, the Lead Arranger and their respective  Affiliates in each jurisdiction that the Administrative Agent may deem appropriate in its good  

 

    167  WBD (US) 52391250  AMERICAS 108683049       faith discretion) in connection with the enforcement, collection or protection of its rights in  connection with the Loan Documents, including its rights under this Section, or in connection  with the Loans made or Letters of Credit issued hereunder, including all such reasonable and  documented out-of-pocket expenses incurred in connection with any workout, restructuring or  negotiations in respect of such Loans or Letters of Credit.  Reasonable and documented out-of- pocket expenses being reimbursed by the Borrowers under this Section include, without limiting  the generality of the foregoing, costs and expenses incurred in connection with:  (A) [reserved];  (B) [reserved];  (C) background checks regarding senior management and/or  key investors, as deemed necessary or appropriate in the sole discretion of  the Administrative Agent;  (D) taxes, fees and other charges, if any, for (1) Lien and title  searches and title insurance and (2) recording the Mortgages, filing  financing statements and continuations, and other actions to perfect,  protect, and continue the Administrative Agent’s Liens;  (E) sums paid or incurred to take any action required of any  Loan Party under the Loan Documents that such Loan Party fails to pay or  take (other than items being contested in good faith or Taxes being  contested or not paid in compliance with Section 5.04); and  (F) forwarding loan proceeds, collecting checks and other  items of payment, and establishing and maintaining the accounts and lock  boxes, and costs and expenses of preserving and protecting the Collateral.  (b) Except as provided in Section 2.23, the Borrowers shall, jointly and  severally, indemnify each Lender Party, the Lead Arranger and each Related Party of a  Lender Party or the Lead Arranger (each such Person being called an “Indemnitee”)  against, and hold each Indemnitee harmless from, any and all losses, claims, damages,  penalties, incremental taxes, liabilities and related expenses (limited in the case of legal  fees to the reasonable, documented and invoiced out-of-pocket fees, charges and  disbursements of one general legal counsel for all of the Indemnitees, taken as a whole,  one local legal counsel for all of the Indemnitees, taken as a whole, in each jurisdiction  that the Administrative Agent may deem appropriate in its good faith discretion, and,  solely in the case of a conflict of interest, one additional legal counsel for all of the  Indemnitees, taken as a whole) (collectively, a “Loss”) incurred by or asserted against  any Indemnitee arising out of, in connection with, or as a result of (i) the execution or  delivery of this Agreement, the Original Credit Agreement, and any other Loan  Document or any agreement or instrument contemplated thereby, the performance by the  

 

    168  WBD (US) 52391250  AMERICAS 108683049       parties hereto of their respective obligations thereunder or the consummation of the  Transactions or any other transactions contemplated hereby; (ii) any Loan or Letter of  Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to  honor a demand for payment under a Letter of Credit if the documents presented in  connection with such demand do not strictly comply with the terms of such Letter of  Credit); (iii) any actual or alleged presence or release of Hazardous Materials on or from  any property owned or operated by any Borrower or any of the Subsidiaries, or any  Environmental Liability related in any way to any Borrower or any of the Subsidiaries;  (iv) the failure of the Borrowers to deliver to the Administrative Agent the required  receipts or other required documentary evidence with respect to a payment made by the  Borrowers for Taxes pursuant to Section 2.18; or (v) any actual or prospective claim,  litigation, investigation or proceeding relating to any of the foregoing, whether based on  contract, tort or any other theory and regardless of whether any Indemnitee is a party  thereto; provided that such indemnity shall not, as to any particular Indemnitee, be  available to the extent that such losses, claims, damages, penalties, liabilities or related  expenses have resulted from (a) the gross negligence or willful misconduct of such  Indemnitee or its Related Parties, (b) a breach in bad faith of such Indemnitee’s or its  Related Parties’ obligations under the Loan Documents, in each case of clause (a) and (b)  as determined by a court of competent jurisdiction by final and nonappealable judgment  and (c) any disputes primarily among Indemnitees and not arising out of any act or  omission of the Loan Parties or their Affiliates (other than claims against an Indemnitee  acting in its capacity as an Agent or Lead Arranger or similar role).  (c) To the extent that the Borrowers fail to pay any amount required to be paid  by them to the Administrative Agent, the Collateral Agent, an Issuing Bank or the  Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees  to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender, as the  case may be, such Lender’s Applicable Percentage (determined as of the time that the  applicable unreimbursed expense or indemnity payment is sought) of such unpaid  amount; provided that the unreimbursed expense or indemnified loss, claim, damage,  penalty, liability or related expense, as the case may be, was incurred by or asserted  against the Administrative Agent, such Issuing Bank or the Swingline Lender in its  capacity as such.  (d) To the extent permitted by Requirements of Law, no Loan Party shall  assert, and each hereby waives, any claim against any Indemnitee, on any theory of  liability, for special, indirect, consequential or punitive damages (as opposed to direct or  actual damages) arising out of, in connection with, or as a result of, this Agreement or  any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter  of Credit or the use of the proceeds thereof.  (e) All amounts due under this Section shall be payable not later than 10  Business Days after written demand therefor, which demand shall set forth the basis for  such claim in reasonable detail.  

 

    169  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.04. Successors and Assigns.  (a) The provisions of this Agreement shall be  binding upon and inure to the benefit of the parties hereto and their respective successors and  assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of  Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or  obligations hereunder without the prior written consent of each Lender and Voting Participant  (and any attempted assignment or transfer by a Borrower without such consent shall be null and  void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder  except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall  be construed to confer upon any Person (other than the parties hereto, their respective successors  and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of  Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent  expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Banks and  the Lender Parties) any legal or equitable right, remedy or claim under or by reason of this  Agreement.  (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any  Lender may assign to one or more assignees all or a portion of its rights and obligations  under this Agreement (including all or a portion of its Commitment and the Loans at the  time owing to it) with the prior written consent (such consent not to be unreasonably  withheld) of:  (A) the Borrower Representative; provided that no consent of  the Borrower Representative shall be required for an assignment to a  Lender, an Affiliate of a Lender or an Approved Fund of such Lender or,  if an Event of Default has occurred and is continuing, any other assignee;  provided that the Borrower Representative shall be deemed to have  consented to any such assignment unless it shall object thereto by written  notice to the Administrative Agent within 10 Business Days after having  received notice thereof;  (B) the Administrative Agent; provided that no consent of the  Administrative Agent shall be required for an assignment to a Lender, an  Affiliate of a Lender, or an Approved Fund of such Lender; and  (C) in the case of an assignment of Revolving Commitments or  Revolving Loans, the Issuing Banks and the Swingline Lender.  (ii) Assignments shall be subject to the following additional  conditions:  (A) except in the case of an assignment to a Lender, an Affiliate  of a Lender or any other Person under common control with such Lender,  or an assignment of the entire remaining amount of the assigning Lender’s  Commitment or Loans of any Class, the amount of the Commitment or  

 

    170  WBD (US) 52391250  AMERICAS 108683049       Loans of the assigning Lender subject to each such assignment  (determined as of the date the Assignment and Assumption with respect to  such assignment is delivered to the Administrative Agent) shall not be less  than $5,000,000 unless each of the Borrower Representative and the  Administrative Agent otherwise consent; provided that no such consent of  the Borrower Representative shall be required if an Event of Default has  occurred and is continuing;  (B) each partial assignment shall be made as an assignment of a  proportionate part of all the assigning Lender’s rights and obligations  under this Agreement; provided that this paragraph shall not be construed  to prohibit the assignment of a proportionate part of all the assigning  Lender’s rights and obligations in respect of one Class of Commitments or  Loans;  (C) no assignment shall be made to (1) the Parent Entity or any  of its Affiliates (including the Company and its Subsidiaries), (2) any  natural Person or (3) any Defaulting Lender or any of its Subsidiaries, or  any Person who, upon becoming a Lender hereunder, would constitute any  of the foregoing Persons described in this clause (3);  (D) the parties to each assignment shall execute and deliver to  the Administrative Agent an Assignment and Assumption, together with,  in each case other than an assignment by a Lender to any of its Affiliates  or any other Person under common control with such Lender, a processing  and recordation fee of $3,500; and  (E) the assignee, if it shall not be a Lender, shall deliver to the  Administrative Agent an Administrative Questionnaire in which the  assignee designates one or more credit contacts to whom all syndicate- level information (which may contain material non-public information  about the Company, the Loan Parties and their Related Parties or their  respective securities) will be made available and who may receive such  information in accordance with the assignee’s compliance procedures and  Requirements of Law, including Federal and state securities laws.  (iii) Subject to acceptance and recording thereof pursuant to  paragraph (b)(v) of this Section, from and after the effective date specified in each  Assignment and Assumption the assignee thereunder shall be a party hereto and,  to the extent of the interest assigned by such Assignment and Assumption, have  the rights and obligations of a Lender under this Agreement, and the assigning  Lender thereunder shall, to the extent of the interest assigned by such Assignment  and Assumption, be released from its obligations under this Agreement (and, in  the case of an Assignment and Assumption covering all of the assigning Lender’s  

 

    171  WBD (US) 52391250  AMERICAS 108683049       rights and obligations under this Agreement, such Lender shall cease to be a party  hereto but shall continue to be entitled to the benefits of Sections 2.16, 2.17, 2.18  and 9.03).  Any assignment or transfer by a Lender of rights or obligations under  this Agreement that does not comply with this Section 9.04 shall be treated for  purposes of this Agreement as a sale by such Lender of a participation in such  rights and obligations in accordance with paragraph (c) of this Section.  (iv) The Administrative Agent, acting for this purpose as an agent of  the Borrowers and the Lender Parties, shall maintain at one of its offices a copy of  each Assignment and Assumption delivered to it and a register for the recordation  of the names and addresses of the Lenders, and the Commitment of, and principal  amount (and stated interest) of the Loans and LC Disbursements owing to, each  Lender pursuant to the terms hereof from time to time (the “Register”).  The  entries in the Register shall be conclusive, absent manifest error, and the  Borrowers, the Administrative Agent, the other Agents, the Issuing Banks and the  Lenders may treat each Person whose name is recorded in the Register pursuant to  the terms hereof as a Lender hereunder for all purposes of this Agreement,  notwithstanding notice to the contrary.  The Register shall be available for  inspection by the Borrowers, the Agents, any Issuing Bank and any Lender, at any  reasonable time and from time to time upon reasonable prior notice.  (v) Upon its receipt of a duly completed Assignment and Assumption  executed by an assigning Lender and an assignee, the assignee’s completed  Administrative Questionnaire (unless the assignee shall already be a Lender  hereunder), the processing and recordation fee referred to in paragraph (b) of this  Section and any written consent to such assignment required by paragraph (b) of  this Section, the Administrative Agent shall accept such Assignment and  Assumption and record the information contained therein in the Register;  provided that if either the assigning Lender or the assignee shall have failed to  make any payment required to be made by it pursuant to Section 2.05, 2.06(d) or  (e), 2.07(b), 2.19(c) or 9.03(c), the Administrative Agent shall have no obligation  to accept such Assignment and Assumption and record the information therein in  the Register unless and until such payment shall have been made in full, together  with all accrued interest thereon.  No assignment shall be effective for purposes of  this Agreement unless it has been recorded in the Register as provided in this  paragraph.  (c) (i) any Lender may, without the consent of the Borrowers, the  Administrative Agent or any other Lender Party, sell participations to one or more banks  or other entities (a “Participant”) in all or a portion of such Lender’s rights and  obligations under this Agreement (including all or a portion of its Commitment and the  Loans owing to it); provided that (A) such Lender’s obligations under this Agreement  shall remain unchanged; (B) such Lender shall remain solely responsible to the other  parties hereto for the performance of such obligations; and (C) the Borrowers, the  

 

    172  WBD (US) 52391250  AMERICAS 108683049       Administrative Agent and the other Lender Parties shall continue to deal solely and  directly with such Lender in connection with such Lender’s rights and obligations under  this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a  participation shall provide that such Lender shall retain the sole right to enforce this  Agreement and to approve any amendment, modification or waiver of any provision of  this Agreement; provided that such agreement or instrument may provide that such  Lender will not, without the consent of the Participant, agree to any amendment,  modification or waiver described in the first proviso to Section 9.02(b) that requires the  vote of (1) all the Lenders or (2) each directly affected Lender, to the extent that such  Lender is directly affected by any such amendment, modification or waiver and such  Participant holds a participation in such Lender’s obligations under this Agreement.   Subject to paragraph (c)(ii) of this Section, the Borrowers agree that each Participant  shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 to the same extent as if it  were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of  this Section.  To the extent permitted by Requirements of Law, each Participant also shall  be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such  Participant agrees to be subject to Section 2.19(c) as though it were a Lender.  (ii) A Participant shall not be entitled to receive any greater payment  under Section 2.16 or 2.18 than the applicable Lender would have been entitled to  receive with respect to the participation sold to such Participant, unless the sale of  the participation to such Participant is made with the Borrower Representative’s  prior written consent.  A Participant that would be a Foreign Lender if it were a  Lender shall not be entitled to the benefits of Section 2.18 unless the Borrower  Representative is notified of the participation sold to such Participant and such  Participant agrees, for the benefit of the Borrowers, to comply with  Section 2.18(e) as though it were a Lender.  (d) Each Lender that sells a participation shall, acting solely for this purpose  as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name  and address of each Participant and the principal amounts (and stated interest) of each  Participant’s interest in the Loans or other obligations under the Loan Documents (the  “Participant Register”); provided that no Lender shall have any obligation to disclose all  or any portion of the Participant Register (including the identity of any Participant or any  information relating to a Participant's interest in any commitments, loans, letters of credit  or its other obligations under any Loan Document) to any Person except to the extent that  such disclosure is necessary to establish that such commitment, loan, letter of credit or  other obligation is in registered form under Section 5f.103-1(c) of the United States  Treasury Regulations.  The entries in the Participant Register shall be conclusive absent  manifest error, and such Lender shall treat each Person whose name is recorded in the  Participant Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, the  Administrative Agent (in its capacity as the Administrative Agent) shall have no  responsibility for maintaining a Participant Register.  

 

    173  WBD (US) 52391250  AMERICAS 108683049       (e) Any Lender may at any time pledge or assign a security interest in all or  any portion of its rights under this Agreement to secure obligations of such Lender,  including without limitation any pledge or assignment to secure obligations to a Federal  Reserve Bank or any central bank for such Lender, and this Section shall not apply to any  such pledge or assignment of a security interest; provided that no such pledge or  assignment of a security interest shall release a Lender from any of its obligations  hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.  (f) Notwithstanding anything in Section 9.02(b) or this Section 9.04 to the  contrary, any Farm Credit System Institution that (i) is the owner of a participation in any  Commitment (including any Loans outstanding thereunder) initially in the amount of at  least $10,000,000; (ii) is, by written notice to the Borrowers and the Administrative  Agent (a “Voting Participant Notification”), designated by the selling Lender as being  entitled to be accorded the rights of a voting participant hereunder (any Farm Credit  System Institution so designated, a “Voting Participant”); and (iii) receives the prior  written consent of the Borrower Representative (such consent of the Borrower  Representative not to be unreasonably withheld or delayed and not to be required if any  Event of Default has occurred and is continuing) and the Administrative Agent to become  a Voting Participant, shall be entitled to vote for so long as such Farm Credit System  Institution owns such participation and notwithstanding any subparticipation by such  Farm Credit System Institution (and the voting rights of the selling Lender shall be  correspondingly reduced, on a dollar for dollar basis), as if such Voting Participant were  a Lender, on any matter requiring or allowing a Lender to provide or withhold its  consent, or to otherwise vote on any proposed action.  To be effective, each Voting  Participant Notification shall, with respect to any Voting Participant, (A) state the full  name, as well as all contact information required for an assignee in the Assignment and  Assumption; and (B) state the dollar amount of the participation purchased.  The selling  Lender and the Voting Participant shall notify the Administrative Agent and the  Borrower Representative within three Business Days of any termination of, reduction or  increase in the amount of, such participation.  The Borrowers and the Administrative  Agent shall be entitled to conclusively rely on information contained in notices delivered  pursuant to this paragraph (f).  Notwithstanding the foregoing, each Farm Credit System  Institution designated as a Voting Participant in Schedule 9.04 shall be a Voting  Participant without delivery of a Voting Participation Notification and without the prior  written consent of the Administrative Agent.  The voting rights hereunder are solely for  the benefit of the Voting Participants and shall not inure to any assignee or participant of  a Voting Participant.  SECTION 9.05. Survival.  All covenants, agreements, representations and warranties  made by the Loan Parties in the Loan Documents and in the certificates or other instruments  delivered in connection with or pursuant to this Agreement or any other Loan Document shall be  considered to have been relied upon by the other parties hereto and shall survive the execution  and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of  Credit, regardless of any investigation made by any such other party or on its behalf and  

 

    174  WBD (US) 52391250  AMERICAS 108683049       notwithstanding that the Administrative Agent or any other Lender Party may have had notice or  knowledge of any Default or incorrect representation or warranty at the time any credit is  extended hereunder, and shall continue in full force and effect as long as the principal of or any  accrued interest on any Loan or any fee or any other amount payable under this Agreement is  outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments  have not expired or terminated.  The provisions of Sections 2.16, 2.17, 2.18, 9.03, 9.09 and 9.10  and Article VIII shall survive and remain in full force and effect regardless of the consummation  of the transactions contemplated hereby, the repayment of the Loans, the expiration or  termination of the Letters of Credit and the Commitments or the termination of this Agreement  or any provision hereof.  The provisions of Section 9.12 shall survive and remain in full force  and effect for a period of 18 months following the termination of this Agreement.  SECTION 9.06. Counterparts; Integration; Effectiveness.  This Agreement may be  executed in counterparts (and by different parties hereto on different counterparts), each of which  shall constitute an original, but all of which when taken together shall constitute a single  contract.  This Agreement, the other Loan Documents and any separate letter agreements with  respect to fees payable to the Administrative Agent constitute the entire contract among the  parties relating to the subject matter hereof and supersede any and all previous agreements and  understandings, oral or written, relating to the subject matter hereof.  Except as provided in  Section 4.01, this Agreement shall become effective when it shall have been executed by the  Administrative Agent and when the Administrative Agent shall have received counterparts  hereof which, when taken together, bear the signatures of each of the other parties hereto, and  thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective  successors and assigns.  Delivery of an executed counterpart of a signature page of this  Agreement by facsimile or electronic mail transmission shall be effective as delivery of a  manually executed counterpart of this Agreement. The words “delivery,” “execute,” “execution,”  “signed,” “signature,” and words of like import in any Loan Document or any other document executed in  connection herewith shall be deemed to include electronic signatures, the electronic matching of  assignment terms and contract formations on electronic platforms approved by the Administrative Agent,  or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or  enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based  recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,  including the Federal Electronic Signatures in Global and National Commerce Act, the New York State  Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic  Transactions Act.  SECTION 9.07. Severability.  Any provision of any Loan Document held to be invalid,  illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the  extent of such invalidity, illegality or unenforceability without affecting the validity, legality and  enforceability of the remaining provisions thereof; and the invalidity of a particular provision in  a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  SECTION 9.08. Right of Setoff.  If an Event of Default shall have occurred and be  continuing, each Lender Party and each of its Affiliates is hereby authorized at any time and  

 

    175  WBD (US) 52391250  AMERICAS 108683049       from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits  (general or special, time or demand, provisional or final) at any time held and other obligations at  any time owing by such Lender Party or Affiliate to or for the credit or the account of the  Borrowers or any Loan Guarantor against any of and all the Secured Obligations held by such  Lender Party, irrespective of whether or not such Lender Party shall have made any demand  under the Loan Documents and although such obligations may be unmatured.  The applicable  Lender Party shall notify the Borrower Representative and the Administrative Agent of such set- off or application; provided that any failure to give or any delay in giving such notice shall not  affect the validity of any such set-off or application under this Section.  The rights of each  Lender Party under this Section are in addition to other rights and remedies (including other  rights of setoff) which such Lender Party may have.  SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.  (a) The  Loan Documents (other than those containing a contrary express choice of law provision) shall  be governed by and construed in accordance with the laws of the State of New York, without  regard to the conflict of laws principles thereof, but giving effect to Federal laws applicable to  national banks.  (b) Each party hereto irrevocably and unconditionally submits, for itself and  its property, to the exclusive jurisdiction of any U.S. Federal or New York State court  sitting in the Borough of Manhattan, State of New York, in any action or proceeding  arising out of or relating to any Loan Documents, or for recognition or enforcement of  any judgment, and each of the parties hereto hereby irrevocably and unconditionally  agrees that all claims in respect of any such action or proceeding may be heard and  determined in such courts.  Each of the parties hereto agrees that a final judgment in any  such action or proceeding shall be conclusive and may be enforced in other jurisdictions  by suit on the judgment or in any other manner provided by law.  Notwithstanding the  foregoing, nothing in this Agreement or any other Loan Document shall affect any right  that the Administrative Agent or any other Lender Party may otherwise have to bring any  action or proceeding in the courts of any jurisdiction, to the extent that such action or  proceeding relates to the enforcement of rights with respect to the Collateral.  (c) Each party hereto irrevocably and unconditionally waives, to the fullest  extent it may legally and effectively do so, any objection which it may now or hereafter  have to the laying of venue of any suit, action or proceeding arising out of or relating to  this Agreement or any other Loan Document in any court referred to in paragraph (b) of  this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent  permitted by law, the defense of an inconvenient forum to the maintenance of such action  or proceeding in any such court.  (d) Each party to this Agreement irrevocably consents to service of process in  the manner provided for notices in Section 9.01.  Nothing in this Agreement or any other  Loan Document will affect the right of any party to this Agreement to serve process in  any other manner permitted by law.  

 

    176  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.10. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY  RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING  DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,  ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY  OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).   EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR  ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR  OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)  ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN  INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  SECTION 9.11. Headings.  Article and Section headings and the Table of Contents  used herein are for convenience of reference only, are not part of this Agreement and shall not  affect the construction of, or be taken into consideration in interpreting, this Agreement.  SECTION 9.12. Confidentiality.  Each of the Lender Parties agrees to maintain the  confidentiality of the Information (as defined below), except that Information may be disclosed  (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal  counsel and other advisors, in each case on a confidential basis (it being understood that the  disclosing Lender Party shall be responsible for the foregoing persons’ compliance with this  paragraph); (b) to the extent requested by any bank or other regulatory authority having  jurisdiction (including any self-regulatory organization having or claiming to have jurisdiction)  or oversight or in connection with any pledge or assignment to a Federal Reserve Bank or central  bank permitted by Section 9.04(e); (c) to the extent required by Requirements of Law or by any  subpoena or similar legal process (it being understood that the applicable Lender Party, to the  extent permitted by Requirements of Law, shall inform the Borrower Representative reasonably  promptly thereof and provide the Borrower Representative a reasonable opportunity to apply for  and obtain a court order to protect the confidentiality of the relevant information); (d) to any  other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or  any suit, action or proceeding relating to this Agreement or any other Loan Document or the  enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions  the same as, or substantially similar to, those of this Section, to (i) any assignee of or Participant  in, or any prospective assignee of or Participant in, any of its rights or obligations under this  Agreement, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative  transaction relating to the Loan Parties and their obligations or (iii) any insurer of risks hereunder  (and any such Person may disclose such Information to its and its Affiliates’ directors, officers,  employees and agents, including accountants, legal counsel and other advisors (it being  understood that the Persons to whom such disclosure is made will agree to be bound by  confidentiality obligations that are the same as, or substantially similar to, the terms set forth in  this Section)); (g) with the written consent of the Borrower Representative; (h) to the extent such  Information (i) becomes publicly available other than as a result of a breach of this Section or  

 

    177  WBD (US) 52391250  AMERICAS 108683049       (ii) becomes available to any Lender Party on a non-confidential basis from a source other than  the Borrowers or their representatives which is not known by any such Person to be under a duty  of confidentiality with respect to the Information; (i) to the National Association of Insurance  Commissioners or its Securities Valuation Office or, in each case, any similar organization or  nationally recognized rating agency that requires access to information about such Lender  Party’s investment portfolio for purposes of rating such investment portfolio, in each case with a  request for confidentiality (it being understood that any such organization or rating agency may  elect not to agree with any such request, in which case the disclosing Lender Party shall incur no  obligation or liability if such organization or rating agency does not maintain the confidentiality  of such Information); or (j) subject to clause (d), in connection with a legal action related to this  Agreement (it being understood that the applicable Lender Party, to the extent permitted by  Requirements of Law, shall inform the Borrower Representative reasonably promptly thereof  and provide the Borrower Representative a reasonable opportunity to apply for and obtain a court  order to protect the confidentiality of the relevant information).  For the purposes of this Section,  “Information” means all confidential, proprietary and non-public information received from the  Borrowers relating to the Borrowers or their business, other than any such information that is  available to any Lender Party on a non-confidential basis prior to disclosure by the Borrowers.   Any Person required to maintain the confidentiality of Information as provided in this Section  shall be considered to have complied with its obligation to do so if such Person has exercised the  same degree of care to maintain the confidentiality of such Information as such Person would  accord to its own confidential information.  EACH LENDER PARTY ACKNOWLEDGES THAT INFORMATION AS  DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT  MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE  COMPANY AND ITS AFFILIATES AND THEIR RELATED PARTIES OR THEIR  RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED  COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON- PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON- PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND  REQUIREMENTS OF LAW, INCLUDING FEDERAL AND STATE SECURITIES  LAWS.  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND  AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE  AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS  AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY  CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY,  THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE  SECURITIES.  ACCORDINGLY, EACH LENDER PARTY HAS IDENTIFIED IN ITS  ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE  INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION  IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND REQUIREMENTS  OF LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.  

 

    178  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.13. Several Obligations; Nonreliance; Violation of Law.  The respective  obligations of the Lenders hereunder are several and not joint and the failure of any Lender to  make any Loan or perform any of its obligations hereunder shall not relieve any other Lender  from any of its obligations hereunder.  Anything contained in this Agreement to the contrary  notwithstanding, neither any Issuing Bank nor any Lender shall be obligated to extend credit to  the Borrowers in violation of any Requirement of Law.  SECTION 9.14. Patriot Act.  The Administrative Agent and each Lender subject to the  Patriot Act hereby notifies each Loan Party that pursuant to the requirements of the Patriot Act, it  is required to obtain, verify, and record information that identifies each Loan Party and other  information that will allow the Administrative Agent and such Lender to identify each Loan  Party in accordance with the Patriot Act. The Borrower Representative hereby agrees to provide,  and cause each other Loan Party to provide, such information promptly upon the request of the  Administrative Agent or any Lender.  Each Lender subject to the Patriot Act acknowledges and  agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on  the Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s  customer identification program, or other obligations required or imposed under or pursuant to  the Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR  103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism  Law, including any programs involving any of the following items relating to or in connection  with any Loan Party, its Affiliates or its agents, this Agreement, the Loan Documents or the  transactions hereunder or contemplated hereby: (a) any identity verification procedures, (b) any  record-keeping, (c) comparisons with government lists, (d) customer notices, or (e) other  procedures required under the CIP Regulations or such other law. Solely to the extent a Borrower  qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower  shall furnish to the Administrative Agent all information relating to such Borrower’s compliance  with the Beneficial Ownership Regulation as the Administrative Agent may reasonably request  from time to time.  SECTION 9.15. Disclosure.  Each Loan Party and each Lender Party hereby  acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time  may hold investments in, make other loans to or have other relationships with any of the Loan  Parties and their respective Affiliates.  SECTION 9.16. Appointment for Perfection.  Each Lender Party hereby appoints each  other Lender Party as its agent for the purpose of perfecting Liens, for the benefit of the Lender  Parties, in assets which, in accordance with Article 9 of the UCC or any other Requirement of  Law can be perfected only by possession.  Should any Lender Party (other than the  Administrative Agent) obtain possession of any such Collateral, such Lender Party shall notify  the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request  therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such  Collateral in accordance with the Administrative Agent’s instructions.  

 

    179  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.17. Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges  and other amounts which are treated as interest on such Loan under Requirements of Law  (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)  which may be contracted for, charged, taken, received or reserved by the Lender holding such  Loan in accordance with Requirements of Law, the rate of interest payable in respect of such  Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the  Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable  in respect of such Loan but were not payable as a result of the operation of this Section shall be  cumulated and the interest and Charges payable to such Lender in respect of other Loans or  periods shall be increased (but not above the Maximum Rate therefor) until such cumulated  amount, together with interest thereon at the Federal Funds Effective Rate to the date of  repayment, shall have been received by such Lender.  SECTION 9.18. WAIVERS OF FARM CREDIT RIGHTS.  THE BORROWERS  ACKNOWLEDGE AND AGREE THAT THEY HAVE BEEN REPRESENTED BY LEGAL  COUNSEL AND THAT THEY HAVE REVIEWED ALL RIGHTS THAT THEY MAY  OTHERWISE BE ENTITLED TO WITH RESPECT TO THIS AGREEMENT AND THE  OTHER LOAN DOCUMENTS 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 THE BORROWERS CERTAIN RIGHTS AND IMPOSE ON  THE LENDER PARTIES CERTAIN DUTIES WITH RESPECT TO THE COLLECTION OF  ANY AMOUNTS OWING HEREUNDER OR THE FORECLOSURE OF THE SECURITY  INTEREST OF THE ADMINISTRATIVE AGENT ON THE COLLATERAL, OR WHICH  REQUIRE THE ADMINISTRATIVE AGENT OR ANY OTHER LENDER PARTY TO  DISCLOSE TO THE BORROWERS THE NATURE OF ANY SUCH RIGHTS OR DUTIES),  AND THAT THEY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND  IRREVOCABLY WAIVE ANY AND ALL SUCH RIGHTS.  NOTHING CONTAINED IN  THIS SECTION NOR THE DELIVERY TO THE BORROWERS OF ANY SUMMARY OF  ANY RIGHTS UNDER, OR ANY NOTICE PURSUANT TO, THE AGRICULTURAL  CREDIT ACT OF 1987 SHALL IN ANY WAY BE DEEMED TO BE, OR BE CONSTRUED  TO IN ANY WAY INDICATE, THE DETERMINATION OR AGREEMENT BY THE  BORROWERS, THE ADMINISTRATIVE AGENT OR ANY OTHER LENDER PARTY  THAT THE AGRICULTURAL CREDIT ACT OF 1987, OR ANY RIGHTS THEREUNDER,  ARE OR WILL IN FACT BE APPLICABLE TO THE BORROWERS, THE LOANS OR THE  LOAN DOCUMENTS.  SECTION 9.19. Bank Equity Interests.  Loans hereunder shall be made on a non- patronage basis.  Each Farm Credit System Institution that is a Lender may from time to time, in  its discretion reserve, sell participations on a non-patronage basis.  Each party hereto  acknowledges that the Farm Credit System Institutions have a statutory first Lien on all Equity  Interests (the “Bank Equity Interests”) in any Farm Credit System Institution which is a Lender  

 

    180  WBD (US) 52391250  AMERICAS 108683049       that any Borrower may now own or hereafter acquire, which statutory Lien shall be for each  applicable Farm Credit System Institution’s sole and exclusive benefit and such Bank Equity  Interests shall not constitute or form a part of the Collateral.  SECTION 9.20. Amendment and Restatement of Original Credit Agreement;  Confirmation of Existing Obligations.  (a) On the Effective Date, (i) the Original Credit  Agreement shall be amended and restated in its entirety pursuant to the terms of this Agreement,  (ii) each of the commitments of the Original Lenders under the Original Credit Agreement shall  be terminated and, to the extent that such Original Lenders constitute Lenders hereunder, shall be  replaced with their respective Commitments hereunder and (iii) all loans and other amounts  owing under the Original Credit Agreement shall be repaid as provided in Section 4.01(q).  The  parties hereto acknowledge and agree that this Agreement and the other Loan Documents do not  constitute a novation or termination of the “Obligations” (as defined in the Original Credit  Agreement) that are outstanding immediately prior to the Effective Date and (ii) the Liens and  security interests as granted under the applicable Collateral Documents securing payment of all  Obligations hereunder and under the other Loan Documents are in all respects continuing and in  full force and effect and are reaffirmed hereby.  (b) On and after the Effective Date, (i) all references to the Original Credit  Agreement or the Credit Agreement in the Loan Documents (other than this  Agreement) shall be deemed to refer to the Original Credit Agreement as amended and  restated by this Agreement, (ii) all references to any section (or subsection) of the  Original Credit Agreement or the Credit Agreement in any Loan Document (but not  herein) shall be amended to become, mutatis mutandis, references to the corresponding  provisions of this Agreement and (iii) except as the context otherwise provides, on or  after the Effective Date, all references to this Agreement herein (including for purposes  of indemnification and reimbursement of fees) shall be deemed to be reference to the  Original Credit Agreement as amended and restated hereby.  SECTION 9.21. Rates Disclaimer.  The Administrative Agent does not warrant or  accept responsibility for, and each of the parties to this Agreement hereby acknowledges and  agrees (for the benefit of the Administrative Agent) that the Administrative Agent shall not have  any liability with respect to (a) the administration of, submission of, calculation of or any other  matter related to rates in the definition of “LIBO Rate” or “Adjusted LIBO Rate”, “Term  SOFR”, “Daily Simple SOFR”, or any other SOFR-based Replacement Rate, any component  definition thereof or rates referenced in the definition thereof or any alternative, comparable or  successor rate thereto (including any then-current Benchmark or any Benchmark Replacement),  including whether the composition or characteristics of any such alternative, comparable or  successor rate (including any Benchmark Replacement) will be similar to, or produce the same  value or economic equivalence of, or have the same volume or liquidity as, any other  Benchmark; (b) the effect, implementation or composition of any Benchmark Replacement  Conforming Changes; or (c) any potential non-compliance with applicable Requirements of Law  (including, without limitation, to the extent applicable, the Regulation (EU) 2016/1011 of the  

 

    181  WBD (US) 52391250  AMERICAS 108683049       European Parliament and of the Council, as amended) in the methodology for calculating the  LIBO Rate as set forth in the definition thereof.  SECTION 9.22. Keepwell.    To the fullest extent permitted by applicable law, while any Guaranteed Obligations are  outstanding with respect to a transaction under a Secured Swap Agreement, each ECP Loan  Guarantor hereby jointly and severally absolutely and unconditionally undertakes, for the benefit  of each Supported Loan Guarantor and the holder(s) of such Guaranteed Obligations, to provide  such funds or other support as may be needed from time to time to enable each Supported Loan  Guarantor to pay such Guaranteed Obligations with respect to such transaction and to pay such  funds to the holder of such Guaranteed Obligations upon the demand of either the Supported  Loan Guarantor or such holder.  The Loan Guarantors agree that this Section constitutes a  “keepwell, support, or other agreement” for the benefit of the Supported Loan Guarantors for  purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  SECTION 9.23. Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other  agreement, arrangement or understanding among any such parties, each party hereto  acknowledges that any liability of any Affected Financial Institution arising under any Loan  Document, to the extent such liability is unsecured, may be subject to the write-down and  conversion powers of the applicable Resolution Authority and agrees and consents to, and  acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder which may be  payable to it by any party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-in Action on any such liability, including, if  applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or  other instruments of ownership in such Affected Financial Institution, its parent  undertaking, or a bridge institution that may be issued to it or otherwise conferred  on it, and that such shares or other instruments of ownership will be accepted by it  in lieu of any rights with respect to any such liability under this Agreement or any  other Loan Document; or  (iii) the variation of the terms of such liability in connection with the  exercise of the write-down and conversion powers of the applicable Resolution  Authority.  

 

    182  WBD (US) 52391250  AMERICAS 108683049       SECTION 9.24. Recovery of Erroneous Payments.  Without limitation of any other  provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder  in error to any Lender or any Issuing Lender (each, a “Lender Party”), whether or not in respect  of an Obligation due and owing by the Borrowers at such time (any such payment, an  “Erroneous Payment”), then in any such event, each Lender Party receiving an Erroneous  Payment severally agrees to repay to the Administrative Agent promptly upon demand the  Erroneous Payment received by such Lender Party in immediately available funds (and in the  currency so received), with interest thereon for each day from and including the date such  Erroneous Payment is received by it to but excluding the date of payment to the Administrative  Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation.   Each Lender Party irrevocably waives any and all defenses, including any “discharge for value”  (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third  party in respect of a debt owed by another) or similar defense to its obligation to return any  Erroneous Payment.  The Administrative Agent shall inform each Lender Party promptly upon  determining that any payment made to such Lender Party comprised, in whole or in part, an  Erroneous Payment (and such determination shall be conclusive absent manifest error).  SECTION 9.25. Acknowledgement Regarding Any Supported QFCs.  To the extent  that the Loan Documents provide support, through a guarantee or otherwise, for Swap  Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit  Support” and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows  with respect to the resolution power of the Federal Deposit Insurance Corporation under the  Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer  Protection Act (together with the regulations promulgated thereunder, the “U.S. Special  Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the  provisions below applicable notwithstanding that the Loan Documents and any Supported QFC  may in fact be stated to be governed by the laws of the State of New York and/or of the United  States or any other state of the United States):  (a) In the event a Covered Entity that is party to a Supported QFC (each, a  “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution  Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support  (and any interest and obligation in or under such Supported QFC and such QFC Credit  Support, and any rights in property securing such Supported QFC or such QFC Credit  Support) from such Covered Party will be effective to the same extent as the transfer  would be effective under the U.S. Special Resolution Regime if the Supported QFC and  such QFC Credit Support (and any such interest, obligation and rights in property) were  governed by the laws of the United States or a state of the United States. In the event a  Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a  proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan  Documents that might otherwise apply to such Supported QFC or any QFC Credit  Support that may be exercised against such Covered Party are permitted to be exercised  to no greater extent than such Default Rights could be exercised under the U.S. Special  

 

    183  WBD (US) 52391250  AMERICAS 108683049       Resolution Regime if the Supported QFC and the Loan Documents were governed by the  laws of the United States or a state of the United States. Without limitation of the  foregoing, it is understood and agreed that rights and remedies of the parties with respect  to a Defaulting Lender shall in no event affect the rights of any Covered Party with  respect to a Supported QFC or any QFC Credit Support.  (b) As used in this Section 9.25, the following terms have the following  meanings:  (i) “BHC Act Affiliate” of a party means an “affiliate” (as such term  is defined under, and interpreted in accordance with, 12 U.S.C. 1841 (k)) of such  party.  (ii) “Covered Entity” means any of the following:  (A) a “covered entity” as that term is defined in, and interpreted  in accordance with, 12 C.F.R. §252.82(b);  (B) a “covered bank” as that term is defined in, and interpreted  in accordance with, 12 C.F.R. §47.3(b); or  (C) a “covered FSI” as that term is defined in, and interpreted  in accordance with, 12 C.F.R. §382.2(b).  (iii) “Default Right” has the meaning assigned to that term in, and shall  be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as  applicable.  (iv) “QFC” has the meaning assigned to the term “qualified financial  contract” in, and shall be interpreted in accordance with, 12. U.S.C 5390(c)(8)(D).  ARTICLE X    U.S. GUARANTY  SECTION 10.01. Guaranty.  Each U.S. Loan Guarantor hereby agrees that it is jointly  and severally liable for, and, as primary obligor and not merely as surety, absolutely and  unconditionally guarantees to the Lender Parties the prompt payment when due, whether at  stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured  Obligations and all costs, expenses and other amounts that are required to be paid by the  Borrowers pursuant to Section 9.03 or any similar provision in any other Loan Document (such  costs and expenses, together with the Secured Obligations, collectively the “Guaranteed  Obligations”).  Each U.S. Loan Guarantor further agrees that the Guaranteed Obligations may be  extended or renewed in whole or in part without notice to or further assent from it, and that it  remains bound upon its guarantee notwithstanding any such extension or renewal.  All terms of  

 

    184  WBD (US) 52391250  AMERICAS 108683049       this U.S. Guaranty apply to and may be enforced by or on behalf of any domestic or foreign  branch or Affiliate of any Lender Party that extended any portion of the Guaranteed Obligations.  SECTION 10.02. Guaranty of Payment.  This U.S. Guaranty is a guaranty of payment  and not of collection.  Each U.S. Loan Guarantor waives any right to require any Lender Party to  sue any Borrower, any other U.S. Loan Guarantor, any other guarantor or any other Person  obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or  otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed  Obligations.  SECTION 10.03. No Discharge or Diminishment of U.S. Guaranty.  (a) Except as  otherwise provided for herein, the obligations of each U.S. Loan Guarantor hereunder are  unconditional and absolute and not subject to any reduction, limitation, impairment or  termination for any reason (other than the payment in full in cash of the Guaranteed Obligations),  including:  (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration,  or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any  change in the corporate existence, structure or ownership of any Borrower or any other guarantor  of or other Person liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy,  reorganization or other similar proceeding affecting any Obligated Party, or their assets or any  resulting release or discharge of any obligation of any Obligated Party; (iv) the existence of any  claim, setoff or other rights which any U.S. Loan Guarantor may have at any time against any  Obligated Party, any Lender Party, or any other Person, whether in connection herewith or in any  unrelated transactions; or (v) any law or regulation of any jurisdiction or any other event  affecting any term of a guaranteed obligation.  (b) The obligations of each U.S. Loan Guarantor hereunder are not subject to  any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of  the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or  otherwise, or any Requirement of Law or regulation purporting to prohibit payment by  any Obligated Party, of the Guaranteed Obligations or any part thereof.  (c) Further, the obligations of any U.S. Loan Guarantor hereunder are not  discharged or impaired or otherwise affected by:  (i) the failure of any Lender Party to  assert any claim or demand or to enforce any remedy with respect to all or any part of the  Guaranteed Obligations; (ii) any waiver or modification of or supplement to any  provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non- perfection, or invalidity of any indirect or direct security for the obligations of any  Borrower for all or any part of the Guaranteed Obligations or any obligations of any other  guarantor of or other Person liable for any of the Guaranteed Obligations; (iv) any action  or failure to act by any Lender Party with respect to any collateral securing any part of  the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in  the payment or performance of any of the Guaranteed Obligations, or any other  circumstance, act, omission or delay that might in any manner or to any extent vary the  risk of such U.S. Loan Guarantor or that would otherwise operate as a discharge of any  

 

    185  WBD (US) 52391250  AMERICAS 108683049       U.S. Loan Guarantor as a matter of law or equity (other than the payment in full in cash  of the Guaranteed Obligations).  SECTION 10.04. Defenses Waived.  To the fullest extent permitted by Requirements of  Law, each U.S. Loan Guarantor hereby waives any defense based on or arising out of any  defense of any Borrower or any U.S. Loan Guarantor or the unenforceability of all or any part of  the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of  any Borrower or any U.S. Loan Guarantor, other than the payment in full in cash of the  Guaranteed Obligations.  Without limiting the generality of the foregoing, each U.S. Loan  Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest  extent permitted by law, any notice not provided for herein, as well as any requirement that at  any time any action be taken by any Person against any Obligated Party, or any other Person.   The Administrative Agent may, at its election, following the occurrence and during the  continuance of an Event of Default, foreclose on any Collateral held by it by one or more judicial  or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or  otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed  Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other  accommodation with any Obligated Party or exercise any other right or remedy available to it  against any Obligated Party, without affecting or impairing in any way the liability of such U.S.  Loan Guarantor under this U.S. Guaranty except to the extent the Guaranteed Obligations have  been fully paid in cash.  To the fullest extent permitted by Requirements of Law, each U.S. Loan  Guarantor waives any defense arising out of any such election even though that election may  operate, pursuant to Requirements of Law, to impair or extinguish any right of reimbursement or  subrogation or other right or remedy of any U.S. Loan Guarantor against any Obligated Party or  any security.  SECTION 10.05. Rights of Subrogation.  No U.S. Loan Guarantor will assert any right,  claim or cause of action, including, without limitation, a claim of subrogation, contribution or  indemnification that it has against any Obligated Party, or any Collateral, until the Loan Parties  and the U.S. Loan Guarantors have fully performed all their obligations to the Lender Parties and  no Obligation is outstanding.  SECTION 10.06. Reinstatement; Stay of Acceleration.  If at any time any payment of  any portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned  upon the insolvency, bankruptcy, or reorganization of any Borrower or otherwise, each U.S.  Loan Guarantor’s obligations under this U.S. Guaranty with respect to that payment shall be  reinstated at such time as though the payment had not been made and whether or not the Lender  Parties are in possession of this U.S. Guaranty.  If acceleration of the time for payment of any of  the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any  Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement  relating to the Guaranteed Obligations shall nonetheless be payable by the U.S. Loan Guarantors  forthwith on demand by the Lender Parties.  

 

    186  WBD (US) 52391250  AMERICAS 108683049       SECTION 10.07. Information.  Each U.S. Loan Guarantor assumes all responsibility for  being and keeping itself informed of the Borrowers’ financial condition and assets, and of all  other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the  nature, scope and extent of the risks that each U.S. Loan Guarantor assumes and incurs under  this U.S. Guaranty, and agrees that no Lender Party shall have any duty to advise any U.S. Loan  Guarantor of information known to it regarding those circumstances or risks.  SECTION 10.08. Taxes.  All payments of the Guaranteed Obligations will be made by  each U.S. Loan Guarantor free and clear of and without deduction or withholding for any  Indemnified Taxes or Other Taxes; provided that if any U.S. Loan Guarantor shall be required to  deduct or withhold any Indemnified Taxes or Other Taxes from such payments, then (a) the sum  payable shall be increased as necessary so that after making all required deductions (including  deductions applicable to additional sums payable under this Section) each applicable Lender  Party receives an amount equal to the sum it would have received had no such deductions been  made, (b) such U.S. Loan Guarantor shall make such deductions and (iii) such U.S. Loan  Guarantor shall pay the full amount deducted to the relevant Governmental Authority in  accordance with Requirements of Law.  SECTION 10.09. Maximum Liability.  The provisions of this U.S. Guaranty are  severable, and in any action or proceeding involving any state corporate law, or any state,  Federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of  creditors generally, if the obligations of any U.S. Loan Guarantor under this U.S. Guaranty  would otherwise be held or determined to be avoidable, invalid or unenforceable on account of  the amount of such U.S. Loan Guarantor’s liability under this U.S. Guaranty, then,  notwithstanding any other provision of this U.S. Guaranty to the contrary, the amount of such  liability shall, without any further action by the U.S. Loan Guarantors or the Lender Parties, be  automatically limited and reduced to the highest amount that is valid and enforceable as  determined in such action or proceeding (such highest amount determined hereunder being the  relevant U.S. Loan Guarantor’s “Maximum Liability”).  This Section with respect to the  Maximum Liability of each U.S. Loan Guarantor is intended solely to preserve the rights of the  Lender Parties to the maximum extent not subject to avoidance under Requirements of Law, and  no U.S. Loan Guarantor nor any other Person or entity shall have any right or claim under this  Section with respect to such Maximum Liability, except to the extent necessary so that the  obligations of any U.S. Loan Guarantor hereunder shall not be rendered voidable under  Requirements of Law.  Each U.S. Loan Guarantor agrees that the Guaranteed Obligations may at  any time and from time to time exceed the Maximum Liability of each U.S. Loan Guarantor  without impairing this U.S. Guaranty or affecting the rights and remedies of the Lender Parties  hereunder; provided that nothing in this sentence shall be construed to increase any U.S. Loan  Guarantor’s obligations hereunder beyond its Maximum Liability.  SECTION 10.10. Contribution.  In the event any U.S. Loan Guarantor (a “Paying  Guarantor”) shall make any payment or payments under this U.S. Guaranty or shall suffer any  loss as a result of any realization upon any Collateral granted by it to secure its obligations under  this U.S. Guaranty, each other U.S. Loan Guarantor (each a “Non-Paying Guarantor”) shall  

 

    187  WBD (US) 52391250  AMERICAS 108683049       contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s  “Applicable Percentage” of such payment or payments made, or losses suffered, by such Paying  Guarantor.  For purposes of this Article X, each Non-Paying Guarantor’s “Applicable  Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined  as of the date on which such payment or loss was made by reference to the ratio of (a) such Non- Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to  receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s  Maximum Liability has not been determined, the aggregate amount of all monies received by  such Non-Paying Guarantor from the Borrowers after the Effective Date (whether by loan,  capital infusion or by other means) to (b) the aggregate Maximum Liability of all U.S. Loan  Guarantors hereunder (including such Paying Guarantor) as of such date (without giving effect to  any right to receive, or obligation to make, any contribution hereunder), or to the extent that a  Maximum Liability has not been determined for any U.S. Loan Guarantor, the aggregate amount  of all monies received by such U.S. Loan Guarantors from the Borrowers after the Effective Date  (whether by loan, capital infusion or by other means).  Nothing in this provision shall affect any  U.S. Loan Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up  to such U.S. Loan Guarantor’s Maximum Liability).  Each of the U.S. Loan Guarantors  covenants and agrees that its right to receive any contribution under this U.S. Guaranty from a  Non-Paying Guarantor shall be subordinate and junior in right of payment to the payment in full  in cash of the Guaranteed Obligations.  This provision is for the benefit of both the Lender  Parties and the U.S. Loan Guarantors and may be enforced by any one, or more, or all of them in  accordance with the terms hereof.  SECTION 10.11. Liability Cumulative.  The liability of each U.S. Loan Party as a U.S.  Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities  of each U.S. Loan Party to the Lender Parties under this Agreement and the other Loan  Documents to which such U.S. Loan Party is a party or in respect of any obligations or liabilities  of the other U.S. Loan Parties, without any limitation as to amount, unless the instrument or  agreement evidencing or creating such other liability specifically provides to the contrary.  SECTION 10.12. Common Enterprise.  The successful operation and condition of each  of the Loan Parties is dependent on the continued successful performance of the functions of the  group of the Loan Parties as a whole and the successful operation of each of the Loan Parties is  dependent on the successful performance and operation of each other Loan Party.  Each Loan  Party expects to derive benefit (and its board of directors or other governing body has  determined that it may reasonably be expected to derive benefit), directly and indirectly, from  (a) the successful operations of each of the other Loan Parties and (b) the credit extended by the  Lenders to the Borrowers hereunder, both in their separate capacities and as members of the  group of companies.  Each Loan Party has determined that execution, delivery, and performance  of this Agreement and any other Loan Documents to be executed by such Loan Party is within its  purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest.  

 

    188  WBD (US) 52391250  AMERICAS 108683049       ARTICLE XI    THE BORROWER REPRESENTATIVE  SECTION 11.01. Appointment; Nature of Relationship.  The Company is hereby  appointed by each of the Borrowers as its contractual representative (herein referred to as the  “Borrower Representative”) hereunder and under each other Loan Document, and each of the  Borrowers irrevocably authorizes the Borrower Representative to act as the contractual  representative of such Borrower with the rights and duties expressly set forth herein and in the  other Loan Documents.  The Borrower Representative agrees to act as such contractual  representative upon the express conditions contained in this Article XI.  Additionally, the  Borrowers hereby appoint the Borrower Representative as their agent to receive all of the  proceeds of the Loans in the Funding Account(s), at which time the Borrower Representative  shall promptly disburse such Loans to the appropriate Borrower.  None of the Lender Parties or  their respective officers, directors, agents or employees shall be liable to the Borrower  Representative or any Borrower for any action taken or omitted to be taken by the Borrower  Representative or the Borrowers pursuant to this Section 11.01.  SECTION 11.02. Powers.  The Borrower Representative shall have and may exercise  such powers under the Loan Documents as are specifically delegated to the Borrower  Representative by the terms of each thereof, together with such powers as are reasonably  incidental thereto.  The Borrower Representative shall have no implied duties to the Borrowers,  or any obligation to the Lenders Parties to take any action thereunder except any action  specifically provided by the Loan Documents to be taken by the Borrower Representative.  SECTION 11.03. Employment of Agents.  The Borrower Representative may execute  any of its duties as the Borrower Representative hereunder and under any other Loan Document  by or through authorized officers.  SECTION 11.04. Notices.  Each Borrower shall immediately notify the Borrower  Representative of the occurrence of any Default or Event of Default hereunder referring to this  Agreement describing such Default or Event of Default and stating that such notice is a “notice  of default”.  In the event that the Borrower Representative receives such a notice, the Borrower  Representative shall give prompt notice thereof to the Administrative Agent and the other Lender  Parties.  Any notice provided to the Borrower Representative hereunder shall constitute notice to  each Borrower on the date received by the Borrower Representative.  SECTION 11.05. Successor Borrower Representative.  Upon prior notice to the  Administrative Agent, the Borrower Representative may resign at any time, such resignation to  be effective upon the appointment of a successor Borrower Representative.  The Administrative  Agent shall give prompt written notice of such resignation to the Lender Parties.  SECTION 11.06. Execution of Loan Documents.  The Borrowers hereby empower and  authorize the Borrower Representative, on behalf of the Borrowers, to execute and deliver to the  

 

    189  WBD (US) 52391250  AMERICAS 108683049       Lender Parties the Loan Documents and all related agreements, certificates, documents, or  instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents,  including without limitation, the Compliance Certificates.  Each Borrower agrees that any action  taken by the Borrower Representative or the Borrowers in accordance with the terms of this  Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its  powers set forth therein or herein, together with such other powers that are reasonably incidental  thereto, shall be binding upon all of the Borrowers.  SECTION 11.07. Reporting.  Each Borrower hereby agrees that such Borrower shall  furnish promptly any certificate or report required hereunder or requested by the Borrower  Representative on which the Borrower Representative shall rely to prepare the Compliance  Certificates required pursuant to the provisions of this Agreement.    

 

      AMERICAS 108683049       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized officers as of the day and year first above written.  BORROWERS:    PILGRIM’S PRIDE CORPORATION  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer   TO-RICOS, LTD.  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer   TO-RICOS DISTRIBUTION, LTD.  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer     

 

      AMERICAS 108683049         

 

      AMERICAS 108683049       OTHER LOAN PARTIES:    PILGRIM’S PRIDE CORPORATION OF  WEST VIRGINIA, INC.  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer   JFC LLC  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer  GOLD’N PLUMP POULTRY, LLC   By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer  GOLD’N PLUMP FARMS, LLC  By: /s/ Matthew Galvanoni   Name: Matthew Galvanoni  Title: Vice President and Chief Financial  Officer            

 

      AMERICAS 108683049       AGENTS AND LENDERS: COBANK, ACB, as Administrative Agent,  Collateral Agent, Issuing Bank and Swingline  Lender  By: /s/ James H. Matzar   Name: James H. Matzar  Title: Vice President      

 

      AMERICAS 108683049       COBANK, ACB, as Administrative Agent,  Collateral Agent, Issuing Bank and  Swingline Lender  By: /s/ James H. Matzar   Name: James H. Matzar  Title: Vice President  

 

      AMERICAS 108683049       COBANK, ACB, as Lender  By: /s/ James H. Matzar   Name: James H. Matzar  Title: Vice President  

 

      AMERICAS 108683049       Bank of Montreal, as Lender  By: /s/ Paul Harris   Name: Paul Harris  Title: Managing Director  

 

      AMERICAS 108683049       Barclays Bank Plc, as Lender  By: /s/ Ritam Bhalla   Name: Ritam Bhalla  Title: Director  

 

      AMERICAS 108683049            COOPERATIEVE RABOBA KU.A., NEW YORK  BRANCH, as Lender    By: /s/ Shane Bov.'Ilds   Name: Shane Bov.'Ilds  Title: Managing Director  By: /s/ Hunter Odom   Name: Hunter Odom  Title: Vice President  

 

      AMERICAS 108683049         MIZUHO BANK, LTD., as Lender      By: /s/ John Davies   Name: John Davies  Title: Authorized Signatory  

 

      AMERICAS 108683049       ROYAL BANK OF CANADA, as Lender    By: /s/ Gordon MacArthur   Name: Gordon MacArthur  Title: Authorized Signatory  

 

      AMERICAS 108683049       ING Capital LLC, as Lender    By: /s/ Dan Lamprecht   Name: Dan Lamprecht  Title: Managing Director  By: /s/ Bill Redmond   Name: Bill Redmond  Title: Managing Director  

 

      AMERICAS 108683049       Metropolitan Life Insurance Company,   A New York corporation, as Lender    By: MetLife Investment Management LLC,  Its investment manager    By: /s/ Daniel A. Lane     Name: Daniel A. Lane  Its: Authorized Signatory and Director  

 

      AMERICAS 108683049       Truist Bank, as Lender    By: /s/ Tesha Winslow   Name: Tesha Winslow  Title: Director  

 

      AMERICAS 108683049       AMERICAN AGCREDIT, PCA, as Lender    By: /s/ Chris M. Levine   Name: Chris M. Levine  Title: Vice President

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