Document:

Exhibit 10.2 - Joinder Agreement No. 1

Exhibit 10.2

JOINDER AGREEMENT NO. 1
THIS JOINDER AGREEMENT NO. 1, dated as of May 1, 2014 (this “Agreement”), by and among BANK OF AMERICA, N.A., BARCLAYS BANK PLC, BMO HARRIS FINANCING INC., CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, GOLDMAN SACHS BANK USA, NOMURA CORPORATE FUNDING AMERICAS, LLC and WELLS FARGO BANK, NATIONAL ASSOCIATION (each an “Incremental Revolving Loan Lender” and collectively the “Incremental Revolving Loan Lenders”), POST HOLDINGS, INC., a Missouri corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.
RECITALS:
WHEREAS, reference is hereby made to the Credit Agreement, dated as of January 29, 2014 (as amended by that certain First Amendment to Credit Agreement, dated as of the date hereof (the “First Amendment”), and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Lenders party thereto from time to time, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent; 
WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrower may request an increase in the existing Revolving Commitments and/or request new Incremental Term Loan Commitments by entering into one or more Joinder Agreements with the Incremental Revolving Loan Lenders and/or the Incremental Term Loan Lenders, as applicable; and
WHEREAS, pursuant to this Agreement, the Borrower wishes to obtain $100,000,000 of Incremental Revolving Credit Commitments pursuant to the Credit Agreement in addition to the existing Revolving Credit Commitment as described in the Credit Agreement, to be provided by each Incremental Revolving Loan Lender party hereto and effective on the Commitment Effective Date (as defined below) pursuant to the terms hereof.
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Each Incremental Revolving Loan Lender hereby agrees to commit to provide its respective Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below:
Each Incremental Revolving Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and it is sophisticated with respect to decisions to make loans similar to those contemplated to be made hereunder and it is experienced in making loans of such type; (ii) agrees that it will, independently and without reliance upon Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will 

perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.
Each Incremental Revolving Loan Lender hereby agrees to provide its respective Incremental Revolving Credit Commitment on the Joinder Effective Date (as defined below), on the terms and subject to the conditions set forth below
		
	1.
	Conditions to Effectiveness.  The effectiveness of this Agreement and the Borrower’s receipt of the Incremental Revolving Credit Commitments (subject to the conditions set forth in Section 2 hereof) hereunder is subject to the due execution and delivery of this Agreement by the Borrower, the Administrative Agent and the Incremental Revolving Loan Lenders (the date of satisfaction of such condition, the “Joinder Effective Date”). 

Each party hereto agrees that their respective signatures to this Agreement, once delivered, are irrevocable and may not be withdrawn. 
Upon satisfaction of the above “Conditions to Effectiveness” on the Joinder Effective Date, this Agreement shall be a binding agreement between the parties hereto.  
		
	2.
	Condition to Availability.  Notwithstanding anything to the contrary set forth herein or in the Credit Agreement, the Increased Amount Date with respect to the Incremental Revolving Credit Commitments hereunder shall not occur, no assignments by the Incremental Revolving Loan Lenders of any Incremental Revolving Credit Commitments hereunder shall be permitted and no Borrowings under the Incremental Revolving Credit Commitments hereunder shall be available to the Borrower, until the following conditions are satisfied (the date of satisfaction of such conditions, the “Commitment Effective Date”):

		
	i.
	the occurrence of the Pending Acquisition Closing Date;

		
	ii.
	the Borrower shall deliver (or cause to be delivered), to the Administrative Agent and the Incremental Revolving Loan Lenders, the documents referenced in Section 7 below; and

		
	iii.
	the Borrower shall have paid, to the Administrative Agent, for the account of each Incremental Revolving Loan Lender as of the Commitment Effective Date, the closing fees referenced in Section 3 below.

		
	3.
	Other Fees.  The Borrower agrees to pay to the Administrative Agent, for the account of each Incremental Revolving Loan Lender as of the Commitment Effective Date, as fee compensation for such Incremental Revolving Loan Lender’s commitments hereunder, an amount equal to 0.50% of the aggregate amount of such Incremental Revolving Loan Lender’s Incremental Revolving Credit Commitment, payable to such Incremental Revolving Loan Lender out of the proceeds of the Pending Acquisition Incremental Term Loans as and when funded on the Pending Acquisition Closing Date.

		
	4.
	New Lenders.  Each Incremental Revolving Loan Lender hereunder that is not a “Lender” under the Credit Agreement as of the Commitment Effective Date acknowledges and agrees upon satisfaction of the conditions in Section 2 of this Agreement, such Incremental Revolving Loan Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.

		
	5.
	Credit Agreement Governs.  Except as set forth in this Agreement, the Incremental Revolving Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents.

		
	6.
	Borrower’s Certifications.  By its execution of this Agreement, the Borrower hereby certifies that, as of the date hereof:

		
	i.
	no Default or Event of Default exists before or after giving effect to the effectiveness of the Incremental Revolving Credit Commitments contemplated hereby and the extensions of credit, if any, made under the Credit Agreement on the Pending Acquisition Closing Date; 

		
	ii.
	the representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct after giving effect to any qualification therein), except in each case to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; and

		
	iii.
	the Borrower is in pro forma compliance with each of the covenants set forth in Section 7.11 of the Credit Agreement as of the last day of the most recently completed Measurement Period (assuming that the amendments set forth in the First Amendment were effective as of the date of such most recently completed Measurement Period) and as of the Pending Acquisition Closing Date.

		
	7.
	Borrower Covenants.  By its execution of this Agreement, the Borrower hereby covenants that:

		
	i.
	the Borrower shall deliver or cause to be delivered legal opinions, officer’s certificates and such other documents (including, if applicable, the Mortgages and related documents required pursuant to Section 6.11(b) of the Credit Agreement or modifications of any Mortgages and title insurance endorsements or policies) reasonably requested by the Administrative Agent in connection with this Agreement; and

		
	ii.
	the Borrower shall deliver a duly completed certificate signed by the chief financial officer of the Borrower containing the calculations (in reasonable detail) demonstrating pro forma compliance with each of the covenants set forth in Section 7.11 of the Credit Agreement as of the last day of the most recently completed Measurement Period (assuming that the amendments set forth in the First Amendment were effective as of the date of such most recently completed Measurement Period) and as of the Pending Acquisition Closing Date.

		
	8.
	Eligible Assignee.  By its execution of this Agreement, each Incremental Revolving Loan Lender represents and warrants that it is an Eligible Assignee.

		
	9.
	Notice.  For purposes of the Credit Agreement, the initial notice address of each Incremental Revolving Loan Lender shall be as set forth below its signature below.

		
	10.
	Non-US Lenders.  For each Incremental Revolving Loan Lender that is a Non-US Lender, delivered herewith to Administrative Agent are such forms, certificates or other evidence with respect to United 

States federal income tax withholding matters as such Incremental Revolving Loan Lender may be required to deliver to Administrative Agent pursuant to Section 3.01(e) of the Credit Agreement.
		
	11.
	Recordation of the New Loans.  Upon the Commitment Effective Date, the Administrative Agent will record the Loans made under the Incremental Revolving Credit Commitments in the Register.

		
	12.
	Amendment, Modification and Waiver.  This Agreement may not be amended, restated, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

		
	13.
	Entire Agreement.  This Agreement, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and oral, among the parties or any of them with respect to the subject matter hereof.

		
	14.
	Governing Law; Jurisdiction; Etc.  

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY HERETO OR TO THE NEGOTIATION, EXECUTION OR PERFORMANCE THEREOF OR TO THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
THE PROVISIONS OF SECTIONS 10.14(B), (C) AND (D), 10.15, 10.16 AND 10.18 OF THE CREDIT AGREEMENT ARE INCORPORATED BY REFERENCE HEREIN AND MADE A PART HEREOF.
		
	15.
	Loan Document.  This Agreement shall constitute a Loan Document under the terms of the Credit Agreement.

		
	16.
	Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

		
	17.
	Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

		
	18.
	Outside Date. Notwithstanding anything herein to the contrary, if the Commitment Effective Date and the availability of the Incremental Revolving Credit Commitments pursuant to Section 2 hereunder has not occurred prior to the Outside Date (as defined below), then the Incremental Revolving Credit Commitments hereunder shall automatically terminate.

“Outside Date” shall mean the first to occur of (i) the abandonment of the Pending Acquisition or termination of the Pending Acquisition Agreement and (ii) 5:00 p.m. New York City time on August 1, 2014.

		
	19.
	USA PATRIOT Act. Each Incremental Revolving Loan Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Incremental Revolving Loan Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name and address of the Borrower and each Guarantor and other information that will allow such Incremental Revolving Loan Lender or the Administrative Agent, as applicable, to identify the Borrower and each Guarantor in accordance with the Act. The Borrower shall, and shall cause each Guarantor to, promptly following a request by the Administrative Agent or any Incremental Revolving Loan Lender, provide all documentation and other information that the Administrative Agent or such Incremental Revolving Loan Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written above.
Bank of America, N.A.

By:  /s/ Gregory Roetting
Name:  Gregory Roetting
Title:  Vice President

Notice Address:

Attention:
Telephone:
Facsimile:

BARCLAYS BANK PLC

By:  /s/ Ian Palmer
Name:  Ian Palmer
Title:  Managing Director

Notice Address:

Attention:
Telephone:
Facsimile:

BARCLAYS BANK PLC

By:  /s/ Joan Spiotto
Name:  Joan Spiotto
Title:  Vice President

Notice Address:
115 S. La Salle, 25W
Chicago, IL 60603

Attention:  Joan Spiotto 
Telephone: +1 312 461 4811
Facsimile:  +1 312 293 4327

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

By:  /s/ Christopher Day
Name:  Christopher Day
Title:  Authorized Signatory

By:  /s/ Jean-Marc Vauclair
Name:  Jean-Marc Vauclair
Title:  Authorized Signatory

Notice Address:

Attention:
Telephone:
Facsimile:

GOLDMAN SACHS BANK USA

By:  /s/ Robert Ehudin
Name:  Robert Ehudin
Title:  Authorized Signatory

Notice Address:

Attention:
Telephone:
Facsimile:

NOMURA CORPORATE FUNDING AMERICAS, LLC

By:  /s/ Carl A. Mayer III
Name:  Carl A. Mayer III
Title:  Managing Director

Notice Address:

Attention:
Telephone:
Facsimile:

WELLS FARGO BANK, NATIONAL ASSOCIATION

By:  /s/ Daniel R. Van Aken
Name:  Daniel R. Van Aken
Title:  Director

Notice Address:
10 S. Wacker Drive
22nd Floor
Chicago, IL 60606

Attention:  Daniel R. Van Aken
Telephone: (312) 845-4463
Facsimile:  (312) 553-4783

POST HOLDINGS, INC.
By:  /s/ Diedre J. Gray
Name:  Diedre J. Gray
Title:  Secretary

    

Consented to by:
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent

By:  /s/ Daniel R. Van Aken
Daniel R. Van Aken
Director

SCHEDULE A
TO JOINDER AGREEMENT NO. 1

	
			
	Name of Lender
	Type of Commitment
	Amount

	Bank of America, N.A.
	Incremental Revolving Credit Commitment
	$25,000,000.00

	Barclays Bank PLC
	Incremental Revolving Credit Commitment
	$12,500,000.00

	BMO Harris Financing Inc.
	Incremental Revolving Credit Commitment
	$12,500,000.00

	Credit Suisse AG, Cayman Islands Branch
	Incremental Revolving Credit Commitment
	$12,500,000.00

	Goldman Sachs Bank USA
	Incremental Revolving Credit Commitment
	$12,500,000.00

	Nomura Corporate Funding Americas, LLC
	Incremental Revolving Credit Commitment
	$12,500,000.00

	Wells Fargo Bank, National Association
	Incremental Revolving Credit Commitment
	$12,500,000.00

	 
	 
	Total:  $100,000,000.00Exhibit 10.3 - Joinder to Commitment Letter

Exhibit 10.3

	
				
	GOLDMAN SACHS LENDING PARTNERS LLC
200 West Street
New York, New York 10282
	BANK OF MONTREAL
BMO CAPITAL
MARKETS CORP.
115 South LaSalle Street
Chicago, Illinois 60603

	NOMURA 
CORPORATE FUNDING AMERICAS, LLC
309 West 49th Street
New York, New York 10019
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
BANK OF AMERICA, N.A. 
One Bryant Park
New York, New York 10036

	
					
	SUNTRUST ROBINSON HUMPHREY, INC.
SUNTRUST BANK
3333 Peachtree Road
10th Floor
Atlanta, Georgia 30326
	COÖPERATIEVE
CENTRALE
RAIFFEISEN-BO
ERENLEENBAN
K B.A.,
“RABOBANK
NEDERLAND”,
NEW YORK
BRANCH
245 Park Avenue
New York, New
York 10167

	PNC BANK,
NATIONAL
ASSOCIATION
PNC CAPITAL
MARKETS LLC
Three PNC Plaza
225 5th Avenue
Pittsburgh,
Pennsylvania
15222

	STIFEL BANK & TRUST
501 North Broadway, 6th Floor, St. Louis, Missouri 63102
	COBANK, ACB
5500 South Quebec Street
Greenwood Village, Colorado 80111

May 2, 2014
Post Holdings, Inc.
2503 S. Hanley Road
St. Louis, Missouri 63144

Barclays Bank PLC
745 Seventh Avenue
New York, New York 10019

Credit Suisse Securities (USA) LLC
Credit Suisse AG, Cayman Islands Branch
Eleven Madison Avenue
New York, New York 10010

Wells Fargo Bank, National Association
WF Investment Holdings, LLC
Wells Fargo Securities, LLC
550 South Tryon Street
Charlotte, North Carolina
28202

Re:  Joinder Agreement to Project Mira Commitment Letter
Ladies and Gentlemen:
Reference is made to (a) that certain Commitment Letter, dated April 16, 2014 (together with the annexes and exhibits attached thereto, the “Commitment Letter”), among Barclays Bank PLC (“Barclays”), Credit Suisse AG, Cayman Islands Branch (acting through such of its affiliates or branches as it deems appropriate, “CS”), Credit Suisse Securities (USA) LLC (“CS Securities” and, together with CS and their respective affiliates, “Credit Suisse”), Wells Fargo Bank, National Association (“Wells Fargo Bank”), WF Investment Holdings, LLC (“Wells Fargo Investment”) and Wells Fargo Securities, LLC (“Wells Fargo Securities” and, together with Wells Fargo Bank 

and Wells Fargo Investment, “Wells Fargo” and, together with Barclays and Credit Suisse, the “Initial Commitment Parties”) and Post Holdings, Inc. (the “Borrower” or “you”) and (b) the Fee Letter referred to therein.  This joinder agreement (this “Joinder Agreement”) is “customary joinder documentation” contemplated by Section 1 of the Commitment Letter and sets forth the agreement of the Borrower and the Initial Commitment Parties regarding the joinder of Goldman Sachs Lending Partners LLC (“GS”), Bank of Montreal (“Bank of Montreal”) and BMO Capital Markets Corp. (“BMOCM” and, together with Bank of Montreal, “BMO”), Nomura Corporate Funding Americas, LLC (“Nomura”), Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A. (collectively, “MLPFS”), SunTrust Robinson Humphrey, Inc. and SunTrust Bank (collectively, “SunTrust”), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch (“Rabo”),  PNC Bank, National Association and PNC Capital Markets LLC (collectively, “PNCCM”), Stifel Bank & Trust (“Stifel”) and CoBank, ACB (“CoBank” and, together with GS, BMO, MLPFS, SunTrust, Rabo, PNCCM and Stifel, the “Term Loan Additional Commitment Parties”) and the joinder of GS, BMO, Nomura, MLPFS, SunTrust, Rabo, PNCCM, Stifel and CoBank (the “Bridge Loan Additional Commitment Parties” and, together with the Term Loan Additional Commitment Parties, the “Additional Commitment Parties”) to the Commitment Letter and the Fee Letter, their appointment to the roles and titles described below and their agreement to provide a portion of the commitments under the Commitment Letter.  Capitalized terms used but not defined herein are used with the meanings assigned to them in the Commitment Letter.
1.     Additional Agents.  
You hereby appoint (a) GS to act, and GS hereby agrees to act, together with the Initial Commitment Parties, as joint bookrunner and joint lead arranger for the Term Loan Facility (the “Lead Arrangers”), (b) GS, BMOCM and Nomura to act, and GS, BMOCM and Nomura each hereby agrees to act, together with the Initial Commitment Parties, as joint bookrunners and joint lead arrangers for the Bridge Facility (the “Bridge Lead Arrangers”), (c) GS to act, and GS hereby agrees to act, together with CS,  as co-documentation agents for the Term Loan Facility, (d) GS, BMOCM and Nomura to act, and GS, BMOCM and Nomura hereby agree to act, together with Wells Fargo Investment,  as co-documentation agents for the Bridge Facility, (e) Barclays to act, and Barclays hereby agrees to act, as sole syndication agent for the Term Loan Facility, (f) BMOCM, Nomura, MLPFS, SunTrust, Rabo, PNCCM, Stifel and CoBank to act, and each of BMOCM, Nomura, MLPFS, SunTrust, Rabo, PNCCM, Stifel and CoBank hereby agrees to act, as co-manager for the Term Loan Facility, and (g) MLPFS, SunTrust, Rabo, PNCCM, Stifel and CoBank to act, and each of MLPFS, SunTrust, Rabo, PNCCM, Stifel and CoBank hereby agrees to act, as co-manager for the Bridge Facility, in the case of each of the foregoing clauses (a)-(g), upon the terms and subject to the conditions set forth or referred to in the Commitment Letter.  Except as set forth above, the roles and titles for the Facilities are as set forth in the Commitment Letter.
Each of the Additional Commitment Parties are pleased to commit to provide on a several, but not joint, basis, (a) the percentage of the entire principal amount of the Term Loan Facility as set forth on Schedule 1 hereto for such Term Loan Additional Commitment Party and (b) the percentage of the entire principal amount of the Bridge Facility as set forth on Schedule 2 hereto for such Bridge Loan Additional Commitment Party, in each case, subject to and on the terms and conditions set forth in the Commitment Letter.  The aggregate economics allocated to the Initial Commitment Parties, and the aggregate commitment amount of the Initial Commitment Parties, in respect of each of the Term Loan Facility and the Bridge Facility shall be reduced on a dollar-for-dollar basis by the amount of the commitments of the Additional Commitment Parties hereunder as contemplated by Section 1 of the Commitment Letter, and the parties hereto agree that the commitments of the Commitment Parties after giving effect to this Joinder Agreement are as set forth on Schedule 3. For avoidance of doubt, any references herein and in the Commitment Letter to the commitments of Credit Suisse, Wells Fargo, BMO, MLPFS, SunTrust or PNCCM to provide the Term Loan Facility and the Bridge Facility refer to commitments of the applicable lending affiliate.
The execution of this Joinder Agreement constitutes the appointment in accordance with the Borrower’s Designation Right of Additional Agents referred to in the Commitment Letter, with each such Additional Agent constituting a “Commitment Party” for all purposes under the Commitment Letter and the Fee Letter as if such Additional Agent were originally a party thereto (and, for avoidance of doubt, references in the Commitment Letter or the Fee Letter to a Commitment Party’s commitment percentage “as of the date hereof” will refer to such Commitment Party’s commitment percentage as set forth on Schedule 3 hereto).

2.    Agreement of Additional Commitment Parties to Be Bound; Titles; Etc.  The Additional Commitment Parties agree to be and shall become and be bound by the terms and conditions, subject to all commitments and obligations, and entitled to all of the rights and benefits (including the titles) of a “Lead Arranger” (in the case of GS), “Bridge Lead Arranger” (in the case of GS, BMO and Nomura), “Arranger” (in the case of GS, BMO and Nomura) and “Commitment Party” (in each case), under the Commitment Letter and the Fee Letter as if the Additional Commitment Parties were originally a party thereto.  References to the “Arrangers” in the provisions of the Commitment Letter relating to the syndication of  Facilities will be deemed to be references to the Lead Arrangers with respect to the Term Loan Facility and will be deemed to be references to the Bridge Lead Arrangers with respect to the Bridge Loan Facility. It is understood that in any marketing materials and presentations, including confidential information memoranda, to be used in connection with the syndication of (a) the Term Loan Facility, Barclays shall have “left side” designation and CS, Wells Fargo and GS shall have “right side” designation, and shall hold the roles and responsibility customarily associated with such placement, and each of the Term Loan Additional Commitment Parties (other than GS) shall be listed thereunder in order of their respective allocations under the Term Loan Facility, and in alphabetical order with respect to Term Loan Additional Commitment Parties having the same allocation, in any such marketing material and presentations, and (b) the Bridge Facility, Barclays shall have “left side” designation and CS, Wells Fargo, GS, BMO and Nomura shall have “right side” designation, and shall hold the roles and responsibility customarily associated with such placement, and each of the Bridge Loan Additional Commitment Parties (other than GS, BMO and Nomura) shall be listed thereunder in order of their respective allocations under the Bridge Facility, and in alphabetical order with respect to Bridge Loan Additional Commitment Parties having the same allocation, in any such marketing material and presentations.  It is further understood that, other than as contemplated by the Commitment Letter and the Fee Letter (each, as amended by this Joinder Agreement), and as otherwise agreed to by you and the Commitment Parties, no other titles may be given, or compensation paid, to any lender under, or institution providing a commitment in respect of, the Facilities.  Each of the Additional Commitment Parties shall be entitled to allocate any and all fees payable to it under the Fee Letter to its affiliates as it shall determine in its sole discretion.
Each Additional Commitment Party acknowledges that it has, independently and without any reliance upon the Initial Commitment Parties or any of their affiliates, or any of their respective officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the Borrower and the Acquired Business and their respective subsidiaries and such other documents as it has deemed appropriate, made its own credit analysis and decision to enter into this Joinder Agreement and to provide its commitment.       

3.    Choice of Law; Jurisdiction; Waivers.  
The Commitment Letter, the Fee Letter and this Joinder Agreement will be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws that would otherwise direct the application of the laws of any other jurisdiction; provided, however, that (i) the interpretation of the definition of Acquired Business Material Adverse Effect and whether or not an Acquired Business Material Adverse Effect has occurred, (ii) the determination of the accuracy of any Specified Acquisition Agreement Representations and whether as a result of any inaccuracy thereof you (or your affiliates) have the right to terminate your (or their) obligations under the Acquisition Agreement or to decline to consummate the Acquisition (in each case in accordance with the terms of the Acquisition Agreement) as a result of a breach of such representation or warranty and (iii) the determination of whether the transactions contemplated by the Acquisition Agreement have been consummated in accordance with the terms of the Acquisition Agreement, in each case, shall be governed by, and construed and interpreted solely in accordance with, the laws of the State of Delaware, without regard to any other principles of conflicts of law. Any right to trial by jury with respect to any action or proceeding arising in connection with or as a result of the Commitment Parties’ commitments or agreements or any matter referred to in the Commitment Letter, the Fee Letter or this Joinder Agreement is hereby waived by the parties hereto. Each party hereto agrees for itself and its affiliates that any suit or proceeding arising in respect to this Joinder Agreement, the Commitment Letter or the Commitment Parties’ commitments or agreements herein or the Fee Letter will be heard exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject 

matter jurisdiction, in any state or federal court located in the Borough of Manhattan in the City of New York, and each party hereto agrees to submit to the exclusive jurisdiction of, and to venue in, such court.
4.    Miscellaneous.  The Commitment Letter, Fee Letter and this Joinder Agreement set forth the entire understanding of the parties with respect to the Facilities and supersede any prior written or oral agreements among the parties hereto with respect to any of the matters referred to therein.  Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting, this Joinder Agreement.  Each of the parties hereto agrees it will not disclose this Joinder Agreement or the contents hereof other than as disclosure of the Commitment Letter and the contents thereof is permitted by the Commitment Letter.  Delivery of an executed signature page of this Joinder Agreement by facsimile or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof.  This Joinder Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which, when taken together, shall constitute one agreement.  This Joinder Agreement may be terminated by, or with respect to, each of the parties hereto only in accordance with the termination provisions of the Commitment Letter. The provisions of Sections 3 and this Section 4 shall survive termination of this Joinder Agreement.  This Joinder Agreement may not be amended or waived except by an instrument in writing signed by the parties hereto.  This Joinder Agreement shall not be assignable by any party hereto except in accordance with the assignment provisions of the Commitment Letter (and any purported assignment in contravention thereof shall be null and void), and is intended to be solely for the benefit of the parties hereto and is not intended to and does not confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and, to the extent expressly set forth in the Commitment Letter, the indemnified persons under the indemnity provisions thereof.
In addition to the agreements set forth in Section 8 of the Commitment Letter regarding Barclays’ retention as financial advisor, each of the parties hereto acknowledges and agrees that each of GS and MLPFS and/or their affiliates have been retained as sell-side financial advisor (in such capacity, the “Sell-Side Financial Advisors”) to the sellers of the Acquired Business in connection with the Acquisition. Each of the parties hereto agrees to each such retention, and further agrees not to assert any claim such party might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of either of the Sell-Side Financial Advisors or from GS’s, MLPFS’ and/or their respective affiliates’ actions in such capacity and, on the other hand, the relationships among the parties hereto as described and referred to in this Joinder Agreement, the Commitment Letter and the Fee Letter.  In addition, each of the parties hereto (i) acknowledges that the Acquired Business is owned and/or controlled by an affiliate of GS, (ii) acknowledges that such relationship does not create any duties or responsibilities on the part of GS or its affiliates, and (iii) waives any claim such party might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, or any claims that are otherwise based on, such relationship.

[Remainder of page intentionally left blank]

GOLDMAN SACHS LENDING PARTNERS LLC

By:  /s/ Robert Ehudin        
Name:  Robert Ehudin
Title:  Authorized Signatory

BANK OF MONTREAL

By:  /s/ Eric Schubert        
Name:  Eric Schubert
Title:  Managing Director

BMO CAPITAL MARKETS CORP.

By:  /s/ Eric Schubert        
Name:  Eric Schubert
Title:  Managing Director

NOMURA CORPORATE FUNDING AMERICAS, LLC

By:  /s/ Carl A. Mayer III        
Name:  Carl A. Mayer III
Title:  Managing Director

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:  /s/ Adam Cady        
Name:  Adam Cady
Title:  Managing Director

BANK OF AMERICA, N.A.

By:  /s/ Adam Cady        
Name:  Adam Cady
Title:  Managing Director

SUNTRUST ROBINSON HUMPHREY, INC.

By:  /s/ Marc Schlachter        
Name:  Marc Schlachter
Title:  Director

SUNTRUST BANK

By:  /s/ Haynes Gentry    
Name:  Haynes Gentry
Title:  Director

COÖPERATIEVE CENTRALE RAIFFEISEN-BO ERENLEENBAN K B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH

By:  /s/ Peter Duncan    
Name:  Peter Duncan
Title:  Managing Director
        
By:  /s/ Brad Peterson    
Name:  Brad Peterson
Title:  Executive Director

PNC BANK, NATIONAL ASSOCIATION

By:  /s/ Jack Broeren
Name:  Jack Broeren
Title:  Senior Vice President

PNC CAPITAL MARKETS LLC

By:  /s/ Brian Prettyman
Name:  Brian Prettyman
Title:  Senior Vice President

STIFEL BANK & TRUST

By:  /s/ John H. Phillips
Name:  John H. Phillips
Title:  Executive Vice President

COBANK, ACB

By:  /s/ Michael Tonsignant
Name:  Michael Tonsignant
Title:  Vice President

ACCEPTED AND AGREED as of 
the date first above written:

POST HOLDINGS, INC.

By:  /s/ Robert V. Vitale    
Name:    Robert V. Vitale
Title:    Chief Financial Officer

ACCEPTED AND AGREED as of 
the date first above written:

BARCLAYS BANK PLC

By:    /s/ Ian Palmer
Name:  Ian Palmer
Title:  Managing Director

CREDIT SUISSE SECURITIES (USA) LLC
By:    /s/ Ali R. Mehdi
Name:  Ali R. Mehdi
Title:  Managing Director

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
By:    /s/ Christopher Day
Name:  Christopher Day
Title:  Authorized Signatory

By:    /s/ Jean-Marc Vauclair
Name:  Jean-Marc Vauclair
Title:  Authorized Signatory

WELLS FARGO BANK, NATIONAL ASSOCIATION
By:    /s/ Daniel R. Van Aken
Name:  Daniel R. Van Aken
Title:  Director

WF INVESTMENT HOLDINGS, LLC
By:    /s/ Scott Yarbrough
Name:  Scott Yarbrough
Title:  Managing Director

WELLS FARGO SECURITIES, LLC
By:    /s/ Walter W. Kruger III
Name:  Walter W. Kruger III
Title:  Director

SCHEDULE 1

TERM LOAN FACILITY COMMITMENTS

	
		
	Commitment Party
	Term Loan Facility Commitment Percentage

	GS
	12.0%

	Bank of Montreal
	5.0%

	Nomura
	5.0%

	MLPFS
	5.0%

	SunTrust
	2.5%

	Rabo
	1.0%

	PNCCM
	0.5%

	Stifel
	0.5%

	CoBank
	0.5%

SCHEDULE 2

BRIDGE FACILITY COMMITMENTS

	
		
	Additional Commitment Party
	Bridge Facility Commitment Percentage

	GS
	12.0%

	Bank of Montreal
	5.0%

	Nomura
	5.0%

	MLPFS
	5.0%

	SunTrust
	2.5%

	Rabo
	1.0%

	PNCCM
	0.5%

	Stifel
	0.5%

	CoBank
	0.5%

SCHEDULE 3

CREDIT FACILITIES COMMITMENTS

	
			
	Commitment
Party
	Term Loan Facility Commitment Percentage
	Bridge Facility Commitment Percentage

	Barclays
	32.0%
	32.0%

	Credit Suisse
	18.0%
	18.0%

	Wells Fargo
	18.0%
	18.0%

	GS
	12.0%
	12.0%

	Bank of Montreal
	5.0%
	5.0%

	Nomura
	5.0%
	5.0%

	MLPFS
	5.0%
	5.0%

	SunTrust
	2.5%
	2.5%

	Rabo
	1.0%
	1.0%

	PNCCM
	0.5%
	0.5%

	Stifel
	0.5%
	0.5%

	CoBank
	0.5%
	0.5%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]