Document:

Exhibit 10.7

 

EXECUTION VERSION

 

FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT 

 

Dated as of March 26, 2015 

 

by
and among 

 

WAYNE FARMS LLC,

as Borrower, 

 

THE LENDERS AND THE ISSUING LENDER
PARTY HERETO, 

 

and 

 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A.,

 “RABOBANK NEDERLAND”, NEW YORK BRANCH,

as Administrative Agent

  

 

 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A.,

 “RABOBANK NEDERLAND”, NEW YORK BRANCH,

WELLS FARGO SECURITIES, LLC, and

BMO CAPITAL MARKETS CORP.,

as Joint Lead Arrangers,

 

AGFIRST FARM CREDIT BANK and

BMO CAPITAL MARKETS CORP.,

as
Documentation Agents 

 

and

 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
B.A., 

“RABOBANK NEDERLAND”, NEW YORK BRANCH and

WELLS FARGO SECURITIES, LLC,

as Joint Bookrunners

 

    	 

    	 

    

 

TABLE OF CONTENTS

	 	 		 	 
	 	 	 	 	Page
	 	 	 	 	 
	1.	     DEFINITIONS	 	1
	 	1.1	Defined Terms	 	1
	 	1.2	Classification of Loans and Borrowings	 	44
	 	1.3	Interpretation	 	44
	 	1.4	Rounding	 	45
	 	1.5	Letter of Credit Amounts	 	45
	 	1.6	Accounting Terms; GAAP	 	45
	 	 	 	 	 
	2.	     THE CREDITS	 	45
	 	2.1	The Commitments	 	45
	 	2.2	Loans and Borrowings	 	46
	 	2.3	Requests for Borrowings	 	47
	 	2.4	Swingline Loans	 	48
	 	2.5	Letters of Credit	 	49
	 	2.6	Funding of Borrowings	 	55
	 	2.7	Interest Elections	 	56
	 	2.8	Termination and Reduction of the Commitments	 	58
	 	2.9	Repayment of Loans; Evidence of Debt	 	59
	 	2.10	Prepayment of Loans	 	60
	 	2.11	Fees	 	63
	 	2.12	Interest	 	64
	 	2.13	Alternate Rate of Interest; Illegality	 	65
	 	2.14	Increased Costs	 	66
	 	2.15	Compensation for Losses	 	67
	 	2.16	Taxes	 	68
	 	2.17	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	 	71
	 	2.18	Mitigation Obligations; Replacement of Lenders	 	73
	 	2.19	Increases of the Revolving Credit Commitments; Adjustments to Revolving Credit Commitments; Additional Term Loans	 	75
	 	2.20	Cash Collateral	 	77
	 	2.21	Defaulting Lenders	 	78
	 	 	 	 	 
	3.	     REPRESENTATIONS AND WARRANTIES	 	80
	 	3.1	Corporate Existence	 	80
	 	3.2	Financial Statements; No Material Adverse Change	 	81
	 	3.3	Corporate Action; No Breach; Execution	 	81
	 	3.4	Operation of Business	 	81
	 	3.5	Litigation and Judgments	 	81
	 	3.6	Properties	 	82
	 	3.7	Enforceability	 	82
	 	3.8	Approvals	 	82
	 	3.9	Indebtedness	 	82
	 	3.10	Taxes	 	83
	 	3.11	Margin Securities	 	83
	 	3.12	ERISA	 	83
	 	3.13	Disclosure	 	83
	 	3.14	Subsidiaries; Ownership; Equity Rights; Investments	 	84

 

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TABLE OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	 	3.15	Agreements	 	84
	 	3.16	Compliance with Laws	 	84
	 	3.17	Investment Company Act	 	84
	 	3.18	Environmental Matters	 	84
	 	3.19	Solvency	 	85
	 	3.20	Common Enterprise; Benefit Received	 	85
	 	3.21	Purchase of Farm Products	 	85
	 	3.22	Packers and Stockyards Act, 1921	 	85
	 	3.23	Sanctions/Anti-Corruption Representations	 	85
	 	3.24	Insurance	 	86
	 	3.25	Labor Matters, Etc.	 	86
	 	3.26	Security Documents	 	86
	 	3.27	Inventory	 	86
	 	3.28	Eligible Accounts	 	87
	 	3.29	Eligible Inventory	 	87
	 	 	 	 	 
	4.	     CONDITIONS PRECEDENT	 	87
	 	4.1	Effective Date	 	87
	 	4.2	Each Credit Event	 	90
	 	 	 	 	 
	5.	     AFFIRMATIVE COVENANTS	 	91
	 	5.1	Reporting Requirements	 	91
	 	5.2	Maintenance of Existence; Conduct of Business	 	95
	 	5.3	Maintenance of Properties	 	95
	 	5.4	Taxes and Claims	 	95
	 	5.5	Insurance	 	96
	 	5.6	Inspection Rights	 	97
	 	5.7	Keeping Books and Records	 	98
	 	5.8	Compliance with Laws	 	98
	 	5.9	Compliance with Agreements	 	98
	 	5.10	Certain Obligations Respecting Subsidiaries	 	98
	 	5.11	Further Assurances	 	99
	 	5.12	ERISA	 	101
	 	5.13	Packers and Stockyards Act Compliance	 	101
	 	5.14	Food Security Act Compliance	 	101
	 	5.15	Cash Management Systems	 	102
	 	5.16	Post-Closing Matters	 	102
	 	 	 	 	 
	6.	     NEGATIVE COVENANTS	 	102
	 	6.1	Indebtedness	 	102
	 	6.2	Liens; Restrictions on Subsidiaries	 	104
	 	6.3	Mergers, Etc.	 	105
	 	6.4	Restricted Payments	 	105
	 	6.5	Investments	 	106
	 	6.6	Transactions with Affiliates	 	108
	 	6.7	Dispositions	 	109
	 	6.8	Hedging Agreements	 	110

 

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TABLE OF CONTENTS

(continued) 

	 	 	 	 	 
	 	 	 	 	Page
	 	6.9	Lines of Business	 	110
	 	6.10	Modifications of Certain Documents	 	110
	 	6.11	Accounting Changes	 	110
	 	6.12	Use of Proceeds and Letters of Credit	 	111
	 	6.13	Limitation on Activities	 	111
	 	 	 	 	 
	7.	     FINANCIAL COVENANTS	 	111
	 	7.1	Consolidated Funded Debt to Capitalization Ratio	 	111
	 	7.2	Fixed Charge Coverage Ratio	 	111
	 	7.3	Capital Expenditures	 	112
	 	7.4	Consolidated Tangible Net Worth	 	112
	 	 	 	 	 
	8.	     EVENTS OF DEFAULT; REMEDIES	 	112
	 	8.1	Event of Default	 	112
	 	8.2	Application of Payment	 	115
	 	8.3	Performance by Administrative Agent	 	116
	 	 	 	 	 
	9.	     ADMINISTRATIVE AGENT, COLLATERAL, ISSUING LENDER, AND AFFILIATES OF LENDERS	 	116
	 	9.1	Authorization and Action	 	116
	 	9.2	Administrative Agent and its Affiliates	 	117
	 	9.3	Duties	 	118
	 	9.4	Administrative Agent’s Reliance, Etc.	 	119
	 	9.5	Sub-Agents	 	119
	 	9.6	Resignation	 	120
	 	9.7	Lender Credit Decision	 	121
	 	9.8	Other Agent Titles	 	121
	 	9.9	Agent May File Proofs of Claim; Bankruptcy Events	 	121
	 	9.10	Collateral	 	122
	 	9.11	Issuing Lender	 	124
	 	9.12	Agency for Perfection	 	124
	 	9.13	Affiliates of Lenders; Bank Product Providers	 	125
	 	 	 	 	 
	10.	     MISCELLANEOUS	 	126
	 	10.1	Notices	 	126
	 	10.2	Waivers; Amendments	 	128
	 	10.3	Expenses; Indemnity; Damage Waiver	 	129
	 	10.4	Successors and Assigns	 	131
	 	10.5	Survival	 	136
	 	10.6	Counterparts; Integration; Effectiveness	 	136
	 	10.7	Severability	 	137
	 	10.8	Right of Set-off	 	137
	 	10.9	Governing Law; Jurisdiction; Etc.	 	137
	 	10.10	WAIVER OF JURY TRIAL	 	138
	 	10.11	Treatment of Certain Information; Confidentiality	 	139
	 	10.12	Interest Rate Limitation	 	140
	 	10.13	USA Patriot Act	 	140

 

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TABLE OF CONTENTS

(continued) 

	 	 	 	 	 
	 	 	 	 	Page
	 	10.14	Press Release and Related Matters	 	140
	 	10.15	No Duty	 	141
	 	10.16	No Fiduciary Relationship	 	141
	 	10.17	Construction	 	141
	 	10.18	Payments Set Aside	 	141
	 	10.19	Benefits of Agreement	 	141
	 	10.20	Amendment and Restatement	 	141
	 	10.21	Keepwell	 	142

 

SCHEDULES
AND EXHIBITS

	 	 	
	Schedule P	-	Permitted Encumbrances
	Schedule 2.5	-	Existing Letters of Credit
	Schedule 3.5	-	Litigation
	Schedule 3.6	-	Owned and Leased Real Property
	Schedule 3.12	-	ERISA
	Schedule 3.14	-	Investments
	Schedule 4.1(e)	-	Mortgaged Property
	Schedule 5.16	-	Post-Closing Matters
	Schedule 6.1(b)	-	Permitted Indebtedness
	Schedule 6.1(m)	-	Permitted Guarantees
	Schedule 6.4(f)	-	Tax Calculation
	 	 	 
	Exhibit A	-	Assignment and Assumption
	Exhibit B-1	-	Borrowing Base Certificate
	Exhibit B-2	-	Bank Product Provider Letter Agreement
	Exhibit 2.3	-	Borrowing Request
	Exhibit 2.7	-	Interest Election Request
	Exhibit 2.16-1	-	U.S. Tax Compliance Certificate
	Exhibit 2.16-2	-	U.S. Tax Compliance Certificate
	Exhibit 2.16-3	-	U.S. Tax Compliance Certificate
	Exhibit 2.16-4	-	U.S. Tax Compliance Certificate
	Exhibit 2.19-1	-	Notice of Incremental Revolving Credit Commitment
	Exhibit 2.19-2	-	Notice of Incremental Term Loan
	Exhibit 5.1(c)	-	Compliance Certificate

 

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FOURTH AMENDED AND
RESTATED CREDIT AGREEMENT

 

This FOURTH AMENDED
AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of March 26, 2015, is by and among WAYNE
FARMS LLC, a Delaware limited liability company (“Borrower”), the LENDERS and COÖPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Administrative Agent, Issuing
Lender and Swingline Lender.

 

WITNESSETH:

 

WHEREAS, Borrower has
requested that the Lenders and Issuing Lender make available for the purposes specified in this Agreement term loans and a revolving
credit and letter of credit facility; and

 

WHEREAS, the Lenders
and Issuing Lender are willing to make available to Borrower such term loans, and revolving credit and letter of credit facility
upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

 

1.
DEFINITIONS

 

1.1 Defined Terms. As used
in this Agreement (including the foregoing preamble and recitals), the following terms have the meanings specified below:

 

“Accounts
Receivable” means, with respect to any Person, all of such Person’s “accounts” (as such term is
defined in the UCC).

 

“Acquired
Entity or Business” means any Person or business unit acquired pursuant to a Permitted Acquisition or another Acquisition
permitted under Section 6.5.

 

“Acquisition”
means a purchase or acquisition (in a single transaction or series of related transactions) by Borrower or any Subsidiary of all
or a substantial part of the business or assets of any Person or of a division or branch of any Person or all or substantially
all of the Equity Interests issued by a Person (including pursuant to a transaction in which Borrower or such Subsidiary initially
acquires less than substantially all of the Equity Interest issued by such Person so long as Borrower or any Subsidiary is contractually
committed to acquire additional Equity Interests issued by such Person such that after the consummation of such subsequent acquisitions,
Borrower and its Subsidiaries shall have acquired not less than substantially all of the Equity Interest issued by such Person).

 

“Additional
Lender” has the meaning set forth in Section 2.19.

 

“Additional
Public Offering” means any issuance by Pubco of its Equity Interests in any public offering after the Initial Public
Offering.

 

“Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the greater of (a) an interest
rate per annum equal to (i) the LIBO Rate for such Interest Period, multiplied by (ii) the Statutory Reserve Rate,
and (b) zero (0.0%).

 

“Adjustment
Date” means each date that is the first Business Day following the earlier of (a) receipt by the Lenders of
both (i) the financial statements required to be delivered pursuant to Section 5.1(a), 5.1(b), or 5.1(i)
as applicable, for the most recently completed fiscal period ended

 

    	 

    	 

    

 

after the Effective Date, and (i) the related Compliance Certificate
required to be delivered pursuant to Section 5.1(c) with respect to such fiscal period, and (b) the latest date
on which such financial statements are permitted to be delivered pursuant to Section 5.1 hereof for such fiscal period.

 

“Administrative
Agent” means Rabobank, in its capacity as administrative agent for the Lenders under the Loan Documents, and any
successor Administrative Agent appointed pursuant to Section 9.

 

“Administrative
Questionnaire” means an administrative questionnaire delivered by each Lender in a form supplied by Administrative
Agent.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 20% or more of the securities having ordinary voting power for the election of the Board of Directors of such
Person, or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise; provided,
however, that, for purposes of the definition of Eligible Accounts and Section 6.6, the term “Affiliate”
shall also include any individual that is an officer or director of the Person specified.

 

“Agent
Parties” means, collectively, Administrative Agent and its Related Parties.

 

“Agent’s
Group” has the meaning assigned to such term in Section 9.2(b).

 

“Anti-Corruption
Laws” means the laws, rules, and regulations of the jurisdictions applicable to any Obligor 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, or the Netherlands 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 “Executive Order”), the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56
(the “USA Patriot Act”), and any rules or regulations promulgated pursuant to or under the authority
of any of the foregoing.

 

“Applicable
Margin” means, for any day, with respect to any Base Rate Loan (excluding any Swingline Loan) or Eurodollar
Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable margin per annum set forth below
under the heading “Eurodollar Spread for Revolving Credit Loans”, “Base Rate Spread for Revolving Credit Loans”,
“Eurodollar Spread for Term Loans and Delayed Draw Term Loans”, “Base Rate Spread for Term Loans and Delayed
Draw Term Loans”, “Revolver Commitment Fee Rate”, or “Delayed Draw Term Loan Commitment Fee Rate”,
respectively, which corresponds to the Consolidated Funded Debt to Capitalization Ratio determined from the financial statements
and Compliance Certificate relating to the end of the Fiscal Period, Fiscal Quarter, or Fiscal Year, as applicable, immediately
preceding such Adjustment Date; provided that until the first

 

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Adjustment Date to occur after the Effective Date, the “Applicable
Margin” shall be the applicable rate per annum set forth below in Level IV:

 

	Level	Consolidated

    Funded Debt

    to 

    Capitalization 

    Ratio	Eurodollar
    

    Spread for 

    Revolving 

    Credit 

    Loans	Base
    Rate 

    Spread 

    for 

    Revolving 

    Credit 

    Loans	Eurodollar
    

    Spread for 

    Term 

    Loans and 

    Delayed 

    Draw 

    Term 

    Loans	Base
    

    Rate 

    Spread 

    for 

    Term 

    Loans 

    and 

    Delayed 

    Draw 

    Term 

    Loans	Revolver

    Commitment

    Fee Rate	 

        Delayed
        

        Draw Term 

        Loan 

        Commitment 

        Fee Rate

         

	I	Greater than or equal to 55%	3.00%	2.00%	3.25%	2.25%	0.40%	0.40%
	II	Greater than or equal to 45%, but less than 55%	2.50%	1.50%	2.75%	1.75%	0.35%	0.375%
	III	Greater than or equal to 35%, but less than 45%	2.00%	1.00%	2.25%	1.25%	0.30%	0.30%
	IV	Greater than or equal to 25%, but less than 35%	1.50%	0.50%	1.75%	0.75%	0.25%	0.25%
	V	Less than 25%	1.25%	0.25%	1.50%	0.50%	0.20%	0.25%

 

In the event that the financial statements
required to be delivered pursuant to Section 5.1(a), 5.1(b), or 5.1(k), as applicable, and the related
Compliance Certificate are not delivered when required to be delivered (without giving effect to any applicable cure period), then
notwithstanding anything to the contrary set forth in the definition of Adjustment Date, the Consolidated Funded Debt to Capitalization
Ratio shall be deemed to be at Level I during the period from the date upon which such financial statements were required to be
delivered (without giving effect to any applicable cure period) until the date upon which they actually are delivered. Additionally,
in the event that the information contained in any financial statement or Compliance Certificate delivered pursuant to Section 5.1
is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a different Applicable Margin
for any period (an “Applicable Period”) than the Applicable Margin actually applied for such Applicable
Period, then (i) Borrower shall immediately deliver to Administrative Agent a correct Compliance Certificate for such Applicable
Period, (ii) such different Applicable Margin shall be deemed to have been in effect for such Applicable Period, and (iii) in the
case of (A) a higher Applicable Margin, Borrower shall immediately deliver to Administrative Agent full payment in

 

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respect of the
accrued additional interest on the Loans and the additional amount of the fees pursuant to Section 2.11 as a result
of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by Administrative Agent
to the Lenders entitled thereto or in accordance with Section 8.2 or (B) a lower Applicable Margin, the Lenders agree
to refund to Borrower the difference between the actual amount of the interest on the Loans and fees pursuant to Section 2.11
which were paid during such Applicable Period to such Lender and the interest on the Loans and fees pursuant to Section 2.11
that would have been paid to such Lender as calculated for such Applicable Period at such lower Applicable Margin (it being understood
that this definition shall in no way limit the rights of Administrative Agent and the other Secured Parties to exercise their rights
under Section 8.1).

 

Notwithstanding the foregoing,
the Applicable Margin for any Incremental Term Loan shall be the interest rate margin per annum governing such Tranche of Incremental
Term Loan as set forth in the related Notice of Incremental Term Loan Borrowing, subject to Section 2.19 hereof.

 

“Approved
Fund” means any Fund 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.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
each party whose consent is required by Section 10.4), and accepted by Administrative Agent, substantially in the form
of Exhibit A or any other form approved by Administrative Agent.

 

“Availability
Reserves” means, at any date of determination, without duplication of any other reserves or items that are otherwise
addressed or excluded through eligibility criteria, the sum of (a) the amount of Bank Product Reserves in effect on such date and
(b) the aggregate outstanding amount of all Secured Grower Payables that are more than 15 days past due as of such date.

 

“Bank Product”
means any financial accommodation extended to Borrower or its Subsidiaries by a Bank Product Provider in connection with (a) Hedging
Agreements or (b) Cash Management Services.

 

“Bank Product
Agreements” means those agreements entered into from time to time by Obligors or their Subsidiaries with a Bank Product
Provider in connection with the obtaining of any Bank Products.

 

“Bank Product
Obligations” means all obligations, liabilities, reimbursement obligations, fees, or expenses owing by Borrower or
its Subsidiaries 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 any Lender or any of its Affiliates (or any Person party to a Bank Product Agreement with Borrower
or its Subsidiaries 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 2.18(b)); provided,
however, that no such Person (other than Rabobank or its Affiliates) shall constitute a Bank Product Provider with respect
to a Bank Product unless and until Administrative Agent shall have entered into a Bank Product Provider Letter Agreement with such
Person and Borrower and

 

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with respect to the applicable Bank Product within 10 days after the provision of such Bank Product to
Borrower or its Subsidiaries, 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 10 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 B-2, in form and substance
reasonably satisfactory to Administrative Agent and duly executed by the applicable Bank Product Provider, Borrower, and Administrative
Agent.

 

“Bank Product
Reserves” means, as of any date of determination, the maximum aggregate amount (giving effect to any netting agreements)
that Borrower and its Subsidiaries would be required to pay as of such date if all Hedging Agreements entered into with any Lender
or any Affiliate of any Lender were terminated at such time giving effect to current market conditions notwithstanding any contrary
treatment in accordance with GAAP.

 

“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% in excess of the Federal Funds Effective Rate
at such time, and (c) the Adjusted LIBO Rate for a Eurodollar Loan with a 1-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 2 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 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.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Board
of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such
Person, (b) in the case of any limited liability company, the board of managers of such Person, (c) in the case of any partnership,
the Board of Directors of the general partner of such Person, and (d) in any other case, the functional equivalent of the foregoing.

 

“Borrower”
has the meaning set forth in the preamble to this Agreement.

 

“Borrowing”
means (a) Loans of the same Class and 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 or (b) a Swingline Loan.

 

“Borrowing
Base” means, at any time, the sum of:

 

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(a) the lesser of:

(i)
100% of the liquidation value of Margin Accounts in which Futures Contracts entered into by any Obligor relating to poultry and
grain are held; and

(ii)
10% of the quotient obtained by dividing the sum of the amounts calculated in accordance with clauses (b) through
(h) of this definition by .9, plus

(b)
85% of the Eligible Accounts as at such time, plus

(c)
65% of the lower of cost (determined on a first-in first-out inventory basis in accordance with GAAP) and fair market value of
Eligible Inventory consisting solely of feed grains, feed and ingredients located at an Obligor’s feed mills, plus

(d)
65% of the amount advanced by an Obligor as a prepayment of grain under Eligible Grain Purchase Contracts; plus

(e)
65% of the lower of cost (determined on a first-in first-out inventory basis in accordance with GAAP) and fair market value of
Eligible Inventory consisting solely of live and dressed broiler chickens and commercial eggs, plus

(f)
65% of the lower of cost (determined on a first-in first-out inventory basis in accordance with GAAP) and fair market value of
Eligible Inventory consisting solely of breeder hens, breeder pullets, commercial hens, commercial pullets and hatching eggs,
plus

(g)
65% of the lower of cost (determined on a first-in first-out inventory basis in accordance with GAAP) and fair market value of
Eligible Inventory consisting solely of finished goods, plus

(h)
40% of the actual costs of Eligible Inventory consisting of packaging materials, vaccines, general supplies, usable spare parts,
and maintenance supplies; minus 

(i)
the aggregate amount of Availability Reserves.

All
of the percentages set forth in clauses (a)(i), (a)(ii), and (b) through (h) of this definition
may be reduced by Administrative Agent in the exercise of its commercially reasonable discretion exercised in good faith and based
on information which, in its judgment, supports such reduction; provided, any such decrease shall become effective 5 Business
Days after notice to Borrower. The Borrowing Base shall be determined at any time based on the Borrowing Base Certificate then
most recently delivered pursuant to Section 5.1(d) (or, as of the Effective Date, pursuant to Section 4.1).

“Borrowing
Base Certificate” means a certificate signed by a Responsible Officer of Borrower, substantially in the form of
Exhibit B-1, with such changes thereto as Administrative Agent may from time to time reasonably request, and appropriately
completed.

“Borrowing
Request” means a request by Borrower for a Borrowing in accordance with Section 2.3.

“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.

    	6

    	 

    

 

“Capital
Expenditures” means for any period, with respect to any Person, the aggregate of all expenditures by such Person
which are required to be capitalized under GAAP on a balance sheet of such Person, including expenditures for the acquisition
or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized
repairs and improvements during such period), but excluding (a) expenditures that would otherwise qualify as Capital Expenditures
made in connection with the replacement, substitution or restoration of fixed or capital assets to the extent financed (i) from
insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored
or (ii) with awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced and
(b) expenditures that would otherwise qualify as Capital Expenditures to the extent such expenditures constitute a reinvestment
of Net Cash Proceeds from a Disposition.

“Capital
Lease Obligations” means with respect to any Person, 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 balance sheet of such Person under GAAP; and,
for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such
time determined in accordance with GAAP. Notwithstanding anything else set forth herein, any lease that was or would have been
treated as an operating lease under GAAP as in effect on the Effective Date that would become or be treated as a capital lease
solely as a result of a change in GAAP after the Effective Date shall always be treated as an operating lease for all purposes
and at all times under this Agreement.

“Cash
Collateral Amount” means, as of any date of determination, the amount of cash delivered to and held by Rabobank
from the proceeds of the Initial Term Loan. The “Cash Collateral Amount” shall not be deemed to constitute Cash Collateral
for the LC Exposure or obligations of Defaulting Lenders for the purposes of determining the amount of Cash Collateral required
to be provided by an Obligor or a Defaulting Lender hereunder, including under Sections 2.5, 2.10 or 2.20
of this Agreement.

“Cash
Collateralize” means, to deposit in a Controlled Account or to pledge and deposit with or deliver
to Administrative Agent, for the benefit of one or more of Issuing Lender or Lenders, as collateral for the LC Exposure or obligations
of Lenders to fund participations in respect of the LC Exposure, cash or Deposit Account balances or, if Administrative Agent
and each applicable Issuing Lender shall agree in their sole discretion, other credit support, in each case pursuant to documentation
in form and substance reasonably satisfactory to Administrative Agent and each applicable Issuing Lender. “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Cash
Equivalents” means, as at any date of determination, any of the following: (a) direct obligations of the United
States of America or any agency or instrumentality of the United States of America, the payment or guarantee of which constitutes
a full faith and credit obligation of the United States of America, (b) commercial paper of corporations maturing in 270 days
or less from the date of issuance which, at the time of acquisition by Borrower or any Subsidiary, is accorded a rating of “A-”
or better by S&P or “A3” by Moody’s, (c) certificates of deposit and time deposits maturing within one year
from the date of issuance thereof, issued or guaranteed or placed by, or money market deposit accounts issued or offered by a
bank or trust company having capital, surplus and undivided profits aggregating at least $250,000,000; 

    	7

    	 

    

 

provided that the
senior unsecured long-term debt of such bank or trust company or of the holding company of such bank or trust company is rated
“A-”or better by S&P or “A3” or better by Moody’s, (d) shares of any institutional money market
funds investing primarily in Investments of the type described in clauses (a), (b), and (c) above, and
(e) other short term liquid investments approved in writing by the Administrative Agent in its reasonable discretion.

“Cash
Interest Expense” means Interest Expense payable in cash; provided that Cash Interest Expense shall exclude
any one time financing fees paid in connection with the Transactions or any amendment of this Agreement.

“Cash
Management Services” means cash or treasury management, lock box, or related services (including the Automated Clearing
House processing of electronic fund transfers through the direct Federal Reserve Fedline system, and controlled disbursement accounts
or services) provided by a depository bank to its customers in the ordinary course of business.

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule or regulation or treaty or in the administration,
interpretation, implementation, or application thereof by any Governmental Authority, or (c) the making or issuance of any request,
rule, guideline, or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith, and (ii) 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.

“Change
of Control” means any event following which (a) prior to the consummation of the Initial Public Offering, Parent
shall cease to own and control, of record and beneficially, directly or indirectly, at least 51% of the voting power of the outstanding
Equity Interests of Borrower or (b) after the consummation of the Initial Public Offering, (i) Parent shall cease to beneficially
own and control, directly or indirectly at least 51% of the voting power of the outstanding Equity Interests of Pubco, (ii) Pubco
shall cease to be the sole managing member of Borrower, or (iii) Parent shall cease to own and control, of record (in the case
of direct ownership of Equity Interests of Borrower) and beneficially, directly or indirectly (including by virtue of Parent’s
beneficial ownership of Equity Interests in Pubco that correspond to Equity Interests in Borrower owned by Pubco), at least 51%
of the outstanding Equity Interests of Borrower.

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Credit Loans, Initial Term Loans, Delayed Draw Term Loans, Incremental Term Loans, or Swingline Loans and, when used in reference
to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, Delayed Draw Term Loan Commitment or Term
Loan Commitment.

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

“Collateral”
means the property over which a Lien has been or is intended to be granted to Administrative Agent pursuant to the Security Documents.

    	8

    	 

    

 

“Collateral
Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman,
processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Obligor’s
books and records, equipment or Inventory, in each case, in form and substance reasonably satisfactory to Administrative Agent,
including any such agreement delivered by any Obligor in connection with the Existing Credit Agreement.

“Collateral
Account” means a blocked, non-interest-bearing cash collateral account opened by Administrative Agent and constituting
Collateral pursuant to the Security Agreement or another Security Document.

“Commitment”
means a Revolving Credit Commitment, Delayed Draw Term Loan Commitment, Term Loan Commitment, or any combination thereof (as the
context requires).

“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.

“Communication”
has the meaning assigned to such term in Section 10.1(a).

“Company”
or “Companies” means Borrower and each Subsidiary of Borrower.

“Compliance
Certificate” has the meaning assigned to such term in Section 5.1(c).

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

“Consolidated
Capitalization” means, at any time, the total amount of shareholders’ equity appearing on the balance sheet
of the Consolidated Group prepared in accordance with GAAP.

“Consolidated
EBITDA” means, for any period for the Consolidated Group, the sum of (a) Consolidated Net Income for such period,
plus (b) to the extent subtracted in determining such Consolidated Net Income and without duplication, (i) Interest Expense,
(ii) all provisions for taxes based upon income or profits, (iii) depreciation and amortization expense (including the amortization
of intangibles in accordance with GAAP), (iv) any extraordinary or non-recurring non-cash charges or losses, and (v) any fees
and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment,
Disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification
of any debt instrument (in each case, including any such transaction undertaken, but not completed) in an aggregate amount not
to exceed $10,000,000 for any period of four consecutive Fiscal Quarters, minus (c) to the extent included in determining
such Consolidated Net Income, any non-recurring non-cash gain or income, in each case on a consolidated basis determined in accordance
with GAAP applied on a consistent basis. For the purposes of calculating Consolidated EBITDA for any applicable period (a “Reference
Period”) for all purposes in this Agreement, (x) if at any time during such Reference Period, any member of the
Consolidated Group shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced
by an amount equal to the earnings before interest, taxes, depreciation and amortization (if positive) attributable to the property
that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the earnings before
interest, taxes, depreciation and amortization (if negative) attributable thereto for such Reference Period and (y) if during
such Reference Period any member of the Consolidated

    	9

    	 

    

 

Group shall have made a Permitted Acquisition or another Acquisition permitted
under Section 6.5, Consolidated EBITDA for such Reference Period shall be calculated after giving effect on a pro forma
basis to (1) the earnings before interest, taxes, depreciation and amortization of any Acquired Entity or Business, in each case
during such period, as if such Acquisition had occurred on the first day of such period, (2) pro forma adjustments permitted or
required by Article 11 of Regulation S-X under the Securities Act of 1933, as amended, and set forth in a certificate executed
by a Responsible Officer and delivered to Administrative Agent and (3) the amount of net cost savings and synergies projected
during such Reference Period by Borrower in good faith to be realized as a result of specified actions taken during such Reference
Period in connection with such Permitted Acquisition or Acquisition (calculated on a pro forma basis as though such cost savings
and synergies had been realized on the first day of such Reference Period), net of the amount of actual benefits realized during
such Reference Period from such actions in connection with such Permitted Acquisition or Acquisition, provided that (A)
such cost savings and synergies are reasonably identifiable and factually supportable, and certified as such in a certificate,
in form and substance reasonably satisfactory to Administrative Agent, executed by a Responsible Officer and delivered to Administrative
Agent, (B) no cost savings or synergies shall be added pursuant to this clause (3) to the extent duplicative of any expenses,
charges or adjustments relating to such cost savings or synergies that are included in another clause of this definition with
respect to such Reference Period, and (C) the aggregate amount of cost savings and synergies added pursuant to this clause
(3) shall not exceed 10% of Consolidated EBITDA for any period consisting of four consecutive Fiscal Quarters.

“Consolidated
Funded Debt” means, at all times, the total of all Funded Debt of the Consolidated Group.

“Consolidated
Funded Debt to Capitalization Ratio” means, at any date, the ratio of (a) Consolidated Funded Debt (or, during
the IPO Consummation Period, Consolidated Funded Debt minus the Cash Collateral Amount) at such date, to (b) the sum of (i) Consolidated
Funded Debt (or, during the IPO Consummation Period, Consolidated Funded Debt minus the Cash Collateral Amount) at such date,
plus (ii) Consolidated Capitalization at such date.

“Consolidated
Group” means (a) prior to the Initial Public Offering, Borrower and its Subsidiaries or (b) subsequent to and at
all times after the Initial Public Offering, Pubco and its Subsidiaries.

“Consolidated
Net Income” means, for any period and any Person (a “Subject Person”), such Subject Person’s
consolidated net income (or loss) determined in accordance with GAAP, but excluding the following:

(a)
the income (or loss) of any Person (other than a Subsidiary) in which the Subject Person or a Subsidiary has an ownership interest;
provided, however, that (i) Consolidated Net Income shall include amounts in respect of the income of such Person
when actually received in cash by the Subject Person or such Subsidiary in the form of dividends or similar distributions and
(ii) Consolidated Net Income shall be reduced by the aggregate amount of all investments, regardless of the form thereof, made
by the Subject Person or any of the Subsidiaries in such Person for the purpose of funding any deficit or loss of such Person;

(b)
the income of any Subsidiary to the extent the payment of such income in the form of a distribution to the Subject Person is not
permitted, whether on account of any

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restriction in its Organizational Documents, any agreement or any law, statute, judgment,
decree or governmental order, rule or regulation applicable to such Subsidiary;

(c)
any gains or losses accrued on foreign currency receivables or on foreign currency payables of the Subject Person or a Subsidiary
organized under the laws of the United States which are not realized in a cash transaction;

(d)
the income or loss of any Foreign Subsidiary in which the Subject Person has an ownership interest to the extent that the equivalent
dollar amount of the income contains increases or decreases due to the fluctuation of a foreign currency exchange rate after the
Effective Date;

(e)
the income (or loss) of any Person accrued by the Subject Person or a Subsidiary of the Subject Person for any period prior to
the date it becomes a Subsidiary of the Subject Person or is merged into or consolidated with the Subject Person or any Subsidiaries
of the Subject Person or its assets are acquired by the Subject Person or any Subsidiaries of the Subject Person (except to the
extent that calculation of Consolidated Net Income or Consolidated EBITDA is being calculated on a pro forma basis expressly in
accordance with the terms of the definition of Consolidated EBITDA hereof to include any portion of such income or loss of any
such Person); and

(f)
the income from any sale of assets in which the accounting basis of such assets had been the book value of any Person acquired
by the Subject Person or a Subsidiary prior to the date such Person became a Subsidiary or was merged into or consolidated with
the Subject Person or a Subsidiary.

“Consolidated
Tangible Net Worth” means as of the date of any determination, the arithmetic sum of the following calculated for
the Consolidated Group in accordance with GAAP: (a) all amounts which would be included as stockholders’ or owners’
equity on a consolidated balance sheet of the Consolidated Group minus (b) all assets as are properly classified as “intangible
assets” in accordance with GAAP.

“Consolidated
Total Assets” means, without duplication and as of the date of any determination, the net book value of total assets
of the Consolidated Group as of such date determined in accordance with GAAP.

“Control
Agreements” means, collectively, those control agreements in form and substance reasonably acceptable to Administrative
Agent entered into among (a) the depository institution maintaining any Deposit Account, the securities intermediary maintaining
any securities account, or commodity intermediary maintaining any commodity account, (b)an Obligor or Defaulting Lender, as applicable,
and (c) Administrative Agent, pursuant to which Administrative Agent obtains control (within the meaning of the applicable provision
of the UCC) over such Deposit Account, securities account or commodity account, in each case including any such agreements delivered
in connection with the Existing Credit Agreement.

“Controlled
Account” means each Deposit Account, securities account, or commodity account that is subject to a
Control Agreement.

“Conversion
Date” means the earliest of (i) the first day on which the aggregate principal amount of the Delayed Draw Term Loans
advanced hereunder is equal to $150,000,000, (ii) the date (the “Termination Date”) that is 364 days
from the Effective Date; provided that such Termination Date shall automatically be extended for two (2) additional nine
month periods from

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such Termination Date so long as (x) no Default or Event of Default exists or would exist immediately after
giving effect to such extension and (y) the Consolidated Funded Debt to Capitalization Ratio for the most recent Fiscal Quarter
ended prior to the Termination Date then in effect for which financial statements have been delivered to the Lenders does not
exceed 45%, (iii) September 22, 2017, and (iv) such earlier date on which the Delayed Draw Term Loan Commitments are terminated
pursuant to the terms hereof.

“Credit
Extension” means the making of a Loan or the issuing, extending, renewing, or amending of a Letter of Credit.

“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.

“Default
Rate” means a per annum interest rate equal to (a) in the case of any Loans, 2.00% plus the rate otherwise
applicable to such Loan (including the Applicable Margin), or (b) in the case of any other Obligation, 2.00% plus
the rate applicable to Base Rate Loans (including the Applicable Margin) as provided in Section 2.12(a).

“Defaulting
Lender” means, subject to Section 2.21(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within 2 Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative
Agent and Borrower 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 Administrative Agent, any Issuing 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) within 2 Business
Days of the date when due, (b) has notified Borrower, Administrative Agent or any Issuing 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 3 Business Days after
written request by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower 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 Administrative Agent and Borrower), or (d) has, or has
a direct or indirect parent company that has (i) become the subject of a proceeding under any Debtor Relief Laws or (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; 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)

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an Undisclosed Administration of such Lender, in any such case so long as such ownership
interest or Undisclosed Administration 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 Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d)
of this definition shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender
(subject to Section 2.21(b)) upon delivery of written notice of such determination to Borrower, each Issuing Lender,
and each Lender.

“Delayed
Draw Availability Period” means the period from and including the Effective Date and ending on the
Conversion Date.

“Delayed
Draw Term Loan” means a Loan made pursuant to Section 2.1(c).

“Delayed
Draw Term Loan Commitment” means, at any time, with respect to each Delayed Draw Term Loan Lender, the commitment,
if any, of such Delayed Draw Term Loan Lender to make Delayed Draw Term Loans during the Delayed Draw Availability Period, as
such commitment may be (a) reduced from time to time pursuant to Section 2.8 or 2.18(b) or (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 10.4. The initial amount of each
Delayed Draw Term Loan Lender’s Delayed Draw Term Loan Commitment is set forth below its name on its signature page hereto,
or in the Assignment and Assumption pursuant to which such Delayed Draw Term Loan Lender becomes a party hereto, as applicable.
The initial aggregate amount of the Delayed Draw Term Loan Lenders’ Delayed Draw Term Loan Commitments is $150,000,000.

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

“Deposit
Account” means a demand, time, savings, passbook, or similar account maintained with an organization engaged in
the business of banking, including savings banks, savings and loan associations, credit unions, and trust companies. Neither investment
property nor accounts evidenced by an instrument shall constitute a Deposit Account for purposes of this Agreement.

“Disposition”
means any sale, assignment, lease, license, transfer or other disposition (including an Equity Issuance) of any property or assets
(whether now owned or hereafter acquired) by any Company to any other Person. The term “Dispose” as
a verb has a corresponding meaning.

“Disqualified
Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or
condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests and cash in lieu of
fractional shares of such Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a
change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or
asset sale event are subject to the prior Full Satisfaction of the Obligations), (b) is redeemable at the option of the
holder thereof (other than solely for Qualified Equity
Interests and cash in lieu of fractional shares of such Equity Interests), in whole or in part, 

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(c) provides for
the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other
Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 180 days after the
Term Loan Maturity Date.

“Dollars”
or “$” refers to lawful money of the United States.

“Domestic
Holding Company” means any Subsidiary of Borrower organized under the laws of the United States, any state thereof,
the District of Columbia, or any other jurisdiction within the United States that (a) all of the assets of which (other than de
minimis assets) consist of the Equity Interests of one or more Foreign Subsidiaries or Domestic Holding Companies, (b) is in compliance
with Section 6.13, and (c) which either (i) the pledge of all of the Equity Interests of such Subsidiary as Collateral
or (ii) the guaranteeing by such Subsidiary of the Obligations, could, as reasonably determined by Borrower and set forth in a
certificate of a Responsible Officer of Borrower delivered to the Administrative Agent, result in material adverse tax consequences
to Borrower or its direct or indirect owners.

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

“Earnings
After Taxes” means, for any period, an amount equal to 62% of Borrower’s Consolidated Net Income
for such period.

“Effective
Date” means the date on which the conditions set forth in Section 4.1 are satisfied.

“Eligible
Accounts” means, as at any date and with respect to any Obligor, all Accounts Receivable arising in
the Ordinary Course of Business of such Person from the sale of goods or rendition of services by such Person that comply with
each of the representations and warranties respecting Eligible Accounts in the Loan Documents and that are not excluded as ineligible
by virtue of one or more of the excluding criteria set forth below. In determining the amount to be included, Eligible Accounts
shall be calculated net of customer deposits, unapplied cash, taxes, discounts, credits, allowances, rebates, advertising charges,
finance charges, or service charges. Eligible Accounts shall not include the following:

(a)
any Accounts Receivable owing from an Affiliate of such Person (excluding for purposes of this clause (a), Hong Wai);

(b)
any Accounts Receivable owing from any account debtor or its Affiliates which, together with all other Accounts Receivable owing
from such account debtor and its Affiliates, in the aggregate exceeds 15% (or 20% for any account debtor whose unsecured corporate
debt is rated investment grade by S&P or Moody’s) of the aggregate amount of Accounts Receivable, to the extent of the
obligations in excess of such percentage;

(c)
any Accounts Receivable not evidenced by an invoice sent to the account debtor thereunder within 5 Business Days after the shipment
and delivery to and acceptance by said account debtor of the goods giving rise thereto or performance of the services giving rise
thereto;

(d)
any Accounts Receivable with respect to which more than 30 days have elapsed since the payment due date set forth in the original
invoice therefor;

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(e)
all Accounts Receivable of any account debtor if more than 50% of the aggregate amount of the Accounts Receivable owing from such
account debtor is ineligible under clause (d) of this definition;

(f)
any Accounts Receivable which is not a valid and legally enforceable obligation of the respective account debtor;

(g)
any Accounts Receivable (i) owing from an account debtor to which such Person or any of its Affiliates owes any Indebtedness,
or (ii) as to which there is any unresolved dispute with the respective account debtor, or against which there are asserted any
defenses, counterclaims, discounts (other than normal trade discounts granted in the Ordinary Course of Business) or offsets of
any nature, whether well-founded or otherwise; provided, that, subject to the last sentence of this definition, any such
Accounts Receivable shall be ineligible under this clause (g) only to the extent of the amount of such Indebtedness,
disputed amount, claimed defense, counterclaim, discount or offset;

(h)
any Accounts Receivable evidenced by an instrument (as defined in the UCC) or chattel paper (as defined in the UCC) or supported
by a surety bond;

(i)
any Accounts Receivable representing a prepayment or progress payment, or an obligation for goods sold on consignment, sale on
approval, sale-or-return, bill-and-hold, retained invoice, or guaranteed sale basis, or subject to any other repurchase or return
arrangement;

(j)
any Accounts Receivable owing from an account debtor (excluding for purposes of this clause (j), Hong Wai) that (i) does
not maintain its chief executive office in the United States or Canada, (ii) is not organized under the laws of the United States,
any state thereof, Canada, or any province thereof, or (iii) is a Governmental Authority other than the United States, any state
thereof, or a department, agency or instrumentality of either the United States or any state thereof, unless, in each case, (1)
such account debtor has furnished an irrevocable letter of credit which has been issued or confirmed by a financial institution
reasonably acceptable to Administrative Agent, is in form and substance reasonably acceptable to Administrative Agent, has been
delivered to, and is directly drawable by, Administrative Agent for the benefit of the Lenders, and is payable in United States
Dollars in an amount not less than the face value of the Accounts Receivable or (2) such Accounts Receivable are covered by credit
insurance or other insurance reasonably acceptable to Administrative Agent (which in any event shall insure not less than 90%
of the face value of the Accounts Receivable and shall be subject to such deductions as are reasonably acceptable to Administrative
Agent) under which Administrative Agent is named as loss payee or which has been assigned or transferred to Administrative Agent
in a manner reasonably acceptable to Administrative Agent;

(k)
any Accounts Receivable if the account debtor thereof (i) is the subject of a proceeding, voluntary or involuntary, under any
Debtor Relief Laws, or (ii) has made an assignment for the benefit of creditors;

(l)
any Accounts Receivable owed by the United States, any state thereof, or a department, agency or instrumentality of either the
United States or any state thereof, unless such

    	15

    	 

    

 

Person assigns the right to payment of such Accounts Receivable to Administrative
Agent, in a manner reasonably satisfactory to Administrative Agent so as to comply with the Assignment of Claims Act, as amended
(31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.), or any other applicable or similar state or federal law with
respect thereto;

(m)
any Accounts Receivable for which such Person’s right to receive payment has not been fully earned by performance or is
contingent upon the fulfillment of any condition whatsoever or which otherwise does not arise from a bona fide completed transaction;

(n)
any Accounts Receivable not subject to a valid and fully perfected first-priority Lien under the Security Documents in favor of
Administrative Agent free and clear of other Liens (other than Liens permitted pursuant to clauses (d) and (g)
of the definition of Permitted Encumbrances);

(o)
any Accounts Receivable payable other than in U.S. or Canadian Dollars;

(p)
any Accounts Receivable owing from an account debtor that is a Sanctioned Person;

(q)
any Accounts Receivable owing from Hong Wai, solely to the extent that the aggregate amount of all Accounts Receivable owing from
Hong Wai exceeds $7,000,000; and

(r)
any other Accounts Receivable which Administrative Agent deems unacceptable for inclusion in the Borrowing Base, such determination
to be made in Administrative Agent’s commercially reasonable discretion exercised in good faith and based on information
which, in its judgment, supports such determination.

Any
Accounts Receivable which is at any time an Eligible Account, but which subsequently meets one of the foregoing excluding criteria,
shall forthwith cease to be an Eligible Account until such time as such Accounts Receivable shall no longer meet any of the foregoing
excluding criteria.

The
amount of Eligible Accounts will be reduced by the amount of all credit, charge backs and all “contra accounts” owed
by Borrower or any Obligor to the account debtors but, with respect to “contra accounts”, only to the extent that
with respect to any one Eligible Account, the amount of the “contra account” exceeds $100,000 (excluding amounts paid
by check or wire transfer sent to the applicable account debtor but not yet cleared).

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Sections 10.4(b)(iii),
10.4(b)(vi), and 10.4(b)(vii) (subject to such consents, if any, as may be required under Section 10.4(b)(iii)).

“Eligible
Grain Purchase Contracts” means a contract between any Obligor and a seller of grain which: (a) is for the purchase
of grain to be used by such Obligor in the Ordinary Course of Business, (b) is otherwise entered into in such Obligor’s
Ordinary Course of Business and such seller’s ordinary course of business, and (c) calls for the delivery of the grain at
a future date.

“Eligible
Inventory” means Inventory of any Obligor which consists solely of feed grains, feed, ingredients,
live and dressed chickens, commercial eggs, breeder hens, breeder

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pullets, hatching eggs, hens, commercial pullets, prepared food
products, packaging materials, vaccines, general supplies, maintenance supplies and finished goods, that complies with each of
the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible
by virtue of one or more of the excluding criteria set forth below. An item of Inventory shall not be included in Eligible Inventory
if:

(a)
an Obligor does not have good and marketable title thereto;

(b)
it is not located in the United States at a location identified in Schedule 8 to the Security Agreement (as such Schedule may
be amended from time to time pursuant to the terms thereof); provided that this clause (b) shall not apply to Inventory
in transit to Hong Wai in the Ordinary Course of Business to the extent that such Inventory does not exceed $12,500,000 in the
aggregate at any time;

(c)
it is not subject to a valid and fully perfected first-priority Lien under the Security Documents in favor of Administrative Agent
free and clear of any other Lien (other than Liens permitted pursuant to clause (e) of the definition of Permitted Encumbrances
(which may have priority by operation of law) and other than Liens permitted pursuant to clauses (d) and (g)
of the definition of Permitted Encumbrances);

(d)
it is commingled with the property of any other Person;

(e)
it is not currently saleable in the Ordinary Course of Business without any notice to, or consent of, any Governmental Authority,
and does not comply with all requirements of the Food and Drug Laws and all other applicable standards of any applicable Governmental
Authority;

(f)
it is stored and held in facilities leased by an Obligor, or in the possession of a bailee, warehouse or other Person (excluding
any Grower), unless it is subject to a Collateral Access Agreement executed by such lessor, bailee, warehouseman or other Person
in favor of Administrative Agent, or such other agreement, instrument or document as Administrative Agent may reasonably require,
in each case, to the extent required by the Security Agreement, and in form and substance reasonably satisfactory to Administrative
Agent; provided that Inventory shall not be deemed ineligible pursuant to this clause (f) during the first 90 days
after the Effective Date;

(g)
it is covered by a warehouse receipt or similar document unless, if requested by Administrative Agent, such warehouse receipt
or similar document has been delivered to Administrative Agent or an agent or bailee of Administrative Agent;

(h)
it consists of goods that are obsolete (with obsolete inventory including any frozen poultry product inventory which has been
held over 360 days);

(i)
it is subject to third party trademark, patent, or other proprietary rights which is licensed from a third party and restricts
Administrative Agent’s right to liquidate such Inventory;

(j)
it has been shipped or delivered to a customer on consignment, a sale or return basis, or on the basis of any similar understanding;

(k)
it is so identified to a contract to sell that it constitutes an Account Receivable;

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(l)
it is proprietary inventory of any customer of an Obligor; and

(m)
it is determined by Administrative Agent to be unacceptable for inclusion in the Borrowing Base, such determination to be made
in Administrative Agent’s commercially reasonable discretion exercised in good faith and based on information which, in
its judgment, supports such determination.

Any
Inventory which is at any time Eligible Inventory, but which subsequently meet any of the foregoing exclusion criteria, shall
forthwith cease to be Eligible Inventory until such time as such Inventory no longer meets any of the foregoing exclusion criteria.

“Environmental
Indemnity Agreement” means an environmental indemnity agreement by and between any Obligor party to a Mortgage and
Administrative Agent, in form and substance reasonably acceptable to Administrative Agent, as the same shall be amended, amended
and restated, modified and supplemented and in effect from time to time.

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, permits, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by any Governmental Authority, regulating, relating to or imposing liability
or standards of conduct concerning pollution or protection of the environment, natural resources, or the generation, use, treatment,
storage, handling, transportation or release of, or exposure to, Hazardous Materials, as has been, is now, or may at any time
hereafter be, in effect.

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities, and including any Lien filed against any Mortgaged Property) in favor of any Governmental
Authority, of any Obligor or any Subsidiary directly or indirectly resulting from or based upon (a) 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
Interest” means, with respect to any Person, any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting),
of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited), if such
Person is a limited liability company, membership interests and any other interest or participation that confers on a Person the
right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding
on the date hereof or issued on or after the Effective Date, but excluding debt securities convertible or exchangeable into such
equity.

“Equity
Issuance” means any issuance or sale by any Company on or after the Effective Date of (a) any of its Equity Interests
or (b) any other security or instrument representing an Equity Interest (or the right to obtain any Equity Interest) in such Person.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder
and any successor thereto.

“ERISA
Affiliate” means, with respect to any Company, any corporation or any other trade or business (whether or not incorporated)
that, together with such Company or any of its Subsidiaries, is treated as a single employer under Section 414(b) or (c) of
the Code, or, solely

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for purposes of Section 302 of ERISA and Section 412 and 430 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 an event for which the 30 day notice period is waived), (b) the
failure by a Plan to satisfy the minimum required contributions determined under Section 412 of the Code, Section 430
of the Code or Section 303 of ERISA, (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 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 Borrower or any ERISA Affiliate or a plan administrator
of any notice from the PBGC relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any
Plan, (g) the incurrence by 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 Borrower or any ERISA Affiliate of any notice, or the receipt
by any Multiemployer Plan from 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 or in reorganization, within the meaning of Title
IV of ERISA.

“Eurodollar”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest
at a rate determined by reference to the Adjusted LIBO Rate.

“Eurodollar
Illegality Notice” has the meaning assigned to such term in Section 2.18(a).

“Event
of Default” has the meaning assigned to such term in Section 8.1.

“Event
of Loss” means with respect to any asset of any Obligor or any of its Subsidiaries, any of the following: (a) any
loss, destruction or damage of such asset or (b) any actual condemnation, seizure or taking, by exercise of the power of
eminent domain or otherwise, of such asset, or confiscation of such asset or requisition of the use of such asset.

“Excess
Amount” has the meaning assigned to such term in Section 7.3.

“Excess
Availability” means, as of any date, the amount equal to (a) the lesser of (i) the Borrowing Base as of the most
recent determination date and (ii) the aggregate Revolving Credit Commitments on such date, minus (b) the aggregate Revolving
Credit Exposures on such date.

“Excess
Availability Event” means, as of any date, (a) during the IPO Consummation Period, the sum of Excess Availability
and Excess Cash is less than the greater of (i) 12.5% of the total Revolving Credit Commitments on such date and (ii) $22,500,000
and (b) thereafter, Excess Availability is less than the greater of (i) 12.5% of the total Revolving Credit Commitments on such
date and (ii) $22,500,000.

“Excess
Cash” means, as of any date of determination, the result (to the extent positive) of (a) the Cash Collateral Amount,
minus (b) the aggregate Revolving Credit Exposures on such date.

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“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

“Excluded
Account” means (a) any Deposit Account that is a payroll, withholding tax, or tax trust or fiduciary account, so
long as no Obligor nor any of their Subsidiaries deposits or maintains funds in such Deposit Account in excess of amounts necessary
to satisfy current payroll liabilities, payroll taxes or other wage and benefit payments and (b) any Deposit Account that is solely
a cash collateral account for any Hedging Agreement or similar arrangement permitted under this Agreement, solely to the extent
the grant of a security interest in favor of Administrative Agent, for the benefit of the Secured Parties, is prohibited by the
terms of such Hedging Agreement or similar arrangement.

“Excluded
Equity Issuance” means (a) any Equity Issuance by any Subsidiary of Borrower to Borrower or any Wholly-Owned Subsidiary
of Borrower and (b) any Equity Issuance by a Foreign Subsidiary of a minority interest in such Foreign Subsidiary to qualify directors
where required pursuant to applicable law in the jurisdiction of organization of such Foreign Subsidiary with respect to the ownership
of Equity Interests of Foreign Subsidiaries.

“Excluded
Real Property” means: (a) any parcel of real property which (i) is not necessary for the operations
of any other Mortgaged Property and (ii) has a book value of not more than $2,500,000; provided that the aggregate book
value of all parcels of real property excluded pursuant to the operation of this clause (a) shall not exceed $5,000,000
at any time and (b) any parcel of real property which is leased that either (i) requires third party consent for a Lien to be
granted therein which cannot be obtained after commercially reasonable efforts to obtain such consent have been expended, or (ii)
is not valuable or material to the operations of any Company as determined by Administrative Agent in its sole discretion.

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

“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

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such interest in the Loan or Commitment (other than
pursuant to an assignment request by Borrower under Section 2.18(b)) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 2.16, 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 2.16(g),
and (d) any U.S. federal withholding Taxes imposed under FATCA.

“Executive
Order” has the meaning assigned to such term in the definition of “Anti-Terrorism Laws”.

“Existing
Credit Agreement” means that certain Third Amended and Restated Credit Agreement dated as of August 30, 2013, among
Borrower, the lenders from time to time party thereto and Rabobank, as administrative agent, as amended and in effect prior to
the Effective Date.

“Farm
Credit Bank” means a lending institution organized and existing pursuant to the provisions of the Farm Credit Act
of 1971, as amended, and under the regulation of the Farm Credit Administration.

“Farm
Products” means all of “farm products” as such term is defined in the UCC.

“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 agreements entered into pursuant to Section 1471(b)(1) of the Code\ or any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with such Sections 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 arranged by federal funds brokers, 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 Administrative Agent from 3 federal funds brokers of recognized
standing selected by it.

“Fee
Letter” means that certain fee letter, dated as of the Effective Date, executed by Borrower setting forth the applicable
fees relating to this Agreement to be paid to Administrative Agent, on its behalf and on behalf of the Lenders.

“Fiscal
Period” means, with respect to any Fiscal Quarter, the first 4 weeks in such Fiscal Quarter, the next 4 weeks in
such Fiscal Quarter, and the last 5 weeks in such Fiscal Quarter.

“Fiscal
Quarter” means each period of 3 consecutive Fiscal Periods, commencing on the first day of a Fiscal
Year.

“Fiscal
Year” means each period of 4 consecutive Fiscal Quarters ending on the thirteenth Saturday of each
calendar year.

“Fixed
Charge Coverage Ratio” means, for the Consolidated Group, as of the last day of any Fiscal Quarter, the ratio of
(a) the difference equal to (i) Consolidated EBITDA, minus

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(ii) Maintenance Capital Expenditures, in each case for
the 8 Fiscal Quarter period then ended, to (b) Fixed Charges.

“Fixed
Charges” means, as of the last day of any Fiscal Quarter, the sum of (without duplication) (a) (i) Cash Interest
Expense, (ii) the aggregate amount of Restricted Payments made in cash by any Company pursuant to Section 6.4(b),
(e) or (f), (iii) all federal, state, local and foreign income taxes paid in cash by Pubco in excess of the amount
of distributions received from Borrower pursuant to Section 6.4(f) and (iv) all management fees, in each case for the 8
Fiscal Quarter period then ended, and (b) the aggregate principal amount of scheduled installments of Funded Debt (including the
Term Loans and Delayed Draw Term Loans but excluding the Revolving Credit Loans) of the Consolidated Group required to be repaid
for the immediately succeeding 8 Fiscal Quarter period (but for the avoidance of doubt, excluding any repayments of Funded Debt
due at its scheduled maturity).

“Food
and Drug Laws” has the meaning assigned to such term in Section 3.27.

“Food
Security Act” means the Food Security Act of 1985, as amended by Sec. 662 of the Federal Agriculture Improvement
and Reform Act of 1996, Sec. 10604 of the Farm Security and Rural Investment Act of 2002, and Sec. 776 of the Consolidated Appropriations
Act, 2005, and as further amended from time to time.

“Foreign
Lender” means any Lender or Participant that is not a United States Person.

“Foreign
Subsidiary” means any Subsidiary of Borrower that is (a) not a U.S. Person and (b) a controlled foreign corporation
(within the meaning of Section 957(a) of the Code) with respect to which Borrower (or any of its direct or indirect owners)
is a United States shareholder within the meaning of Section 951(b) of the Code.

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting
Lender’s Pro Rata Share of the outstanding LC Exposure with respect to Letters of Credit issued by such Issuing Lender 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 Swingline Lender, such Defaulting Lender’s
Pro Rata Share of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders.

“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 and outstanding
LC Disbursements (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 Lender in its
sole discretion, or (B) the issuance of a “back-to-back” letter of credit in form and substance acceptable to Issuing
Lender with an original face

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amount at least equal to 105% of the amount of such LC Exposure and issued by an issuing bank satisfactory
to Issuing Lender 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 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 the amount of such Bank Product Obligations
shall be determined in accordance with Section 9.13.

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

“Funded
Debt” means, with respect to any member of the Consolidated Group on any date of determination, without duplication,
all outstanding principal obligations of the type described in clauses (a) through (g) of the definition of
Indebtedness (including any obligations of such type owing by a partnership in which any member of the Consolidated Group is a
general partner to the extent of recourse to such member of the Consolidated Group for the payment of such Indebtedness) and any
Guarantee of any of the foregoing for which a demand for payment has been received, and specifically including, without limitation,
the aggregate outstanding principal amount of all Obligations in respect of Loans and Letters of Credit hereunder; provided,
however, letters of credit (including Letters of Credit issued under this Agreement) and acceptance facilities of the type
described in clause (c) of the definition of Indebtedness shall only be included in the calculation of Funded Debt
if such letter of credit or acceptance has been drawn upon and the issuer of such letter of credit or acceptance has not been
reimbursed for such drawing within 5 Business Days.

“Futures
Contract” means a commodity contract or any other contract or option for the future purchase or sale of poultry
or grain which has been entered into by an Obligor with a commodity intermediary.

“GAAP”
means generally accepted accounting principles and practices set forth from time to time in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the US
accounting profession).

“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).

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“Grower”
means any Person with whom an Obligor has entered into an agreement providing for the growing, breeding, raising, storing, feeding,
transporting, or hatching of any of such Obligor’s Inventory or Farm Products.

“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, (d) as an account party in respect of any letter of credit or
letter of guaranty issued to support such Indebtedness or obligation, or (e) entered into for the purpose of assuring in any other
manner the holder of such Indebtedness or other obligation of the payment or performance thereof or to protect such holder against
loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated
or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if
not stated or determinable, the maximum reasonably anticipated liability in respect thereof as reasonably determined by the guaranteeing
Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. Notwithstanding the foregoing, the
term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

“Guarantor”
means each Subsidiary Guarantor, and any other Person executing a Guaranty Agreement.

“Guaranty
Agreement” means a guaranty agreement delivered to Administrative Agent from time to time by any Person providing
a Guarantee of any of the Obligations, in form and substance reasonably acceptable to Administrative Agent.

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes,
or other pollutants or contaminants, 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.

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, currency options,
spot contracts, collar transactions, commodity price protection agreement, rate swap transactions, basis swaps, forward rate transactions,
or other interest rate, currency exchange rate, or commodity price hedging arrangement, or any other similar transactions or any
combination of any of the foregoing (including any options to enter into any of the foregoing), designed to provide protection
against fluctuations in interest rates, currency exchange rates, or commodity prices, whether or not any such transaction is governed
by or subject to any master agreement.

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“Holdco”
means the Wholly-Owned Subsidiary of Parent formed to own Equity Interests of Borrower as permitted by Section 6.7(h) and,
upon the consummation of the Initial Public Offering, to also own the class B Equity Interests of Pubco.

“Hong
Wai” means Hong Wai Foods Limited, a Hong Kong limited company, 100% of the Equity Interests of which are owned,
beneficially and of record, by Parent.

“Incremental
Facility” has the meaning assigned to such term in Section 2.19.

“Incremental
Facility Notice” has the meaning assigned to such term in Section 2.19.

“Incremental
Revolving Credit Commitment” has the meaning assigned to such term in Section 2.19.

“Incremental
Term Loan” has the meaning assigned to such term in Section 2.19.

“Indebtedness”
of any Person (the “Subject Person”) means, without duplication, (a) all indebtedness for borrowed money
(including all obligations evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily
paid), (b) the deferred purchase price of assets or services which in accordance with GAAP would be shown to be a liability on
such Person’s balance sheet, including seller notes and earn-out obligations but specifically excluding accrued expenses
and trade payables arising or incurred in the Ordinary Course of Business that are not past due by more than 90 days and, in connection
with such trade payables, payable on trade terms customary in the industry, and excluding deferred compensation to be paid to
employees, (c) the maximum stated amount of all letters of credit issued or acceptance facilities established for the account
of such Subject Person and, without duplication, all drafts drawn thereunder, (d) all Capital Lease Obligations, (e) all Synthetic
Lease Obligations and all obligations under any securitization facility or other similar off-balance sheet financing product to
which such Subject Person is a party, where such transaction is considered borrowed money indebtedness for tax purposes, (f) any
Disqualified Equity Interests of such Subject Person, valued, as of the date of determination, at the greater of (i) the maximum
aggregate amount that would be payable upon maturity, redemption, repayment or repurchase thereof (or of Disqualified Equity Interests
or Indebtedness into which such Disqualified Equity Interests are convertible or exchangeable), and (ii) the maximum liquidation
preference of such Disqualified Equity Interests, (g) any obligations of such Subject Person under conditional sales contracts
and similar title retention instruments with respect to property acquired, (h) all obligations under any Hedging Agreement (measured
at the Termination Value thereof), (i) indebtedness owing by a partnership in which such Subject Person is a general partner
to the extent of recourse to such Subject Person for the payment of such indebtedness, (j) all indebtedness referred to in clauses (a)
through (i) of this definition of another Person secured by any Lien on any property of such Subject Person, whether
or not such indebtedness has been assumed, in an amount not to exceed the fair market value of the property of such Subject Person
securing such indebtedness, and (k) all Guarantees by such Subject Person of indebtedness referred to in clauses (a) through
(i) of this definition of others.

“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 any Obligor under any Loan Document, and (b) to the extent not otherwise described in clause (a)
of this definition, Other Taxes.

“Indemnitee”
has the meaning assigned to such term in Section 10.3(b).

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“Initial
Public Offering” means the issuance by Pubco of its common Equity Interests in an underwritten primary public offering
(other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement
filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended.

“Initial
Term Loan” means a Loan made pursuant to Section 2.1(b).

“Initial
Term Loan Repayment Percentage” means, as of any date of determination, the result, expressed as a percentage, obtained
by dividing (a) the principal amount of the Initial Term Loans required to be repaid on the Quarterly Date in such Fiscal Quarter
pursuant to Section 2.19(b) by (b) the outstanding principal amount of the Initial Term Loans immediately prior to
the Quarterly Date in such Fiscal Quarter.

“Interest
Election Request” means a request by Borrower to convert or continue a Borrowing in accordance with Section 2.7.

“Interest
Expense” means, of any Person for any period, total interest expense (including that attributable to Capital Lease
Obligations) of such Person and its Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and
its Subsidiaries (including, without limitation, all commissions, discounts and other fees and charges owed by such Person with
respect to letters of credit and bankers’ acceptance financing and net costs of such Person under Hedging Agreements in
respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP, net of interest income
of such Person and its Subsidiaries), in each case, calculated in accordance with GAAP; provided that Interest Expense
shall not include the non-cash amortization of capitalized financing costs to the extent otherwise included.

“Interest
Payment Date” means (a) with respect to any Base Rate Loan, the second Business Day following each Quarterly Date,
(b) with respect to any Eurodollar Loan, 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 3 months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of 3 months’ duration after the first day of such Interest
Period, and (c) with respect to any Swingline Loan, the second Business Day following each Quarterly 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 1, 2, 3, or 6 months (or such other period as Borrower
and all the Lenders of such applicable Class may agree from time to time) thereafter, as Borrower may elect in accordance with
Section 2.7; 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.

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“Inventory”
means, with respect to any Person, all of the “inventory” (as such term is defined in the UCC) of such Person.

 

“Investment”
means, for any Person: (a) the acquisition (whether for cash, property, services, or securities or otherwise) of bonds, notes,
debentures, or Equity Interests or other securities or substantially all the assets of, or any line of business or division of,
any other Person, or the acquisition of assets of another Person that constitute a business unit, whether direct or indirect or
in one transaction or series of transactions, (b) the making of any advance, loan or other extension of credit or capital contribution
to, any other Person, (c) the entering into of any Guarantee or assumption of debt of, or other contingent obligation with respect
to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or
extended to such Person, (d) the entering into of any Hedging Agreement, or (e) the entering into any joint venture. For purposes
of covenant compliance, the amount of any Investment shall be the amount actually invested (which, in the case of any Investment
constituting the contribution of an asset or property, shall be based on the fair market value of such asset or property at the
original time such Investment is made) plus the cost of all additions thereto, without adjustment for subsequent increases or
decreases in the value of such Investment (other than adjustments for the repayment of, or the refund of capital with respect
to, or the payment of interest or dividends on, the original principal amount of any such Investment).

 

“IPO
Consummation Period” means the period from and including the Effective Date and ending on the earlier to occur of
(a) the Initial Public Offering, or (b) the date that is six months (or such longer period requested by Borrower not to exceed
twelve months as Administrative Agent may agree in writing) after the Effective Date.

 

“IPO
Dividend” means a distribution by Borrower to Holdco in an amount not to exceed the amount equal to (a) the aggregate
amount of Net Cash Proceeds of the Initial Public Offering received by Borrower, minus (b) (i) if the total proceeds from
the Initial Public Offering are $250,000,000 or more, $50,000,000, or (ii) if the total proceeds of the Initial Public Offering
are less than $250,000,000, $25,000,000.

 

“ISP”
means “International Standby Practices 1998” published by the Institute of International Banking Law & Practice,
Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuing
Lender” means, individually and collectively as the context may require, (a) Rabobank, in its capacity as an
issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.5(k), (b) any
Lender selected by Rabobank in its sole discretion and approved by Borrower that agrees to issue a Letter of Credit hereunder
in lieu of Rabobank, and (c) solely with respect to the existing letters of credit listed on Schedule 2.5, Rabobank
and Wells Fargo, as applicable.

 

“LC Disbursement”
means a payment made by Issuing Lender pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus
(b) the aggregate amount of all LC Disbursements that have not been reimbursed by or on behalf of Borrower at such time.
The

 

    	27

    	 

    

 

LC Exposure
of any Revolving Credit Lender at any time shall be its Pro Rata Share of the total LC Exposure at such time.

“Lenders”
means the Persons party hereto as a “Lender” and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption and any Additional Lender in connection with an Incremental Facility, 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 Swingline Lender.

 

“Letter
of Credit” means any standby letter of credit issued pursuant to this Agreement, and shall include the existing
letters of credit described on Schedule 2.5 issued pursuant to the Existing Credit Agreement; provided, however, no
letter of credit issued by an Issuing Lender (other than a Person that is also Administrative Agent or one of its Affiliates)
shall be deemed a “Letter of Credit” for purposes of this Agreement unless Administrative Agent shall have received
written notice thereof from such Issuing Lender as required pursuant to Section 2.5(p).

 

“Letter
of Credit Documents” means, with respect to any Letter of Credit, collectively and individually, any application
therefor and any other agreements, instruments or other documents (whether general in application or applicable only to such Letter
of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at the risk with respect to such
Letter of Credit, or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented
and in effect from time to time.

 

“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 displayed on the Reuters screen page that displays
such rate (currently page LIBOR01) (or, in the event such rate does not appear on a Reuters page or screen, on the appropriate
page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to
time in its reasonable discretion) at approximately 11:00 a.m., London time, 2 Business Days prior to the commencement of such
Interest Period; provided that in no event shall the LIBO Rate be less than zero. In the event that such rate is not available
at such time for any reason, then the LIBO Rate with respect to such Borrowing for such Interest Period shall be the rate at which
dollar deposits in the amount of the requested Borrowing and for a maturity comparable to such Interest Period are offered by
the principal London office of Rabobank in immediately available funds in the London interbank market at approximately 11:00 a.m.,
London time, 2 Business Days prior to the commencement of such Interest Period.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, option, levy, execution, attachment, garnishment,
hypothecation, assignment for security, deposit arrangement, encumbrance, charge, security interest or other preferential arrangement
in the nature of a security interest of any kind or nature whatsoever, on or of such asset and (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.

 

“Liquidity
Period” means the period commencing (a) on the date an Excess Availability Event has been in existence for 5 consecutive
Business Days and continuing to the date Excess Availability (or, if during the IPO Consummation Period, the sum of Excess Availability
and

 

    	28

    	 

    

 

Excess Cash) shall have been at least equal to the greater of (i) 12.5% of the total Revolving Credit Commitments then in
effect and (ii) $22,500,000 for 30 consecutive calendar days, or (b) upon the occurrence of, and continuing during existence of,
any Specified Default.

 

“Loan
Documents” means, collectively, this Agreement, the Letter of Credit Documents, any Guaranty Agreements, the Security
Documents, the Environmental Indemnity Agreements, the Fee Letter, all Borrowing Requests, all Interest Election Requests, all
Incremental Facility Notices, all requests for the issuance of Letters of Credit, all Collateral Access Agreements, and all other
documents, instruments, certificates, and agreements executed, delivered, or acknowledged by an Obligor (other than Organizational
Documents and any Bank Product Agreements) in connection with or as contemplated by this Agreement.

 

“Loans”
mean the loans made by the Lenders to Borrower pursuant to this Agreement in the form of a Term Loan, Delayed Draw Term Loan,
Revolving Credit Loan, or Swingline Loan.

 

“Maintenance
Capital Expenditures” means Capital Expenditures for the maintenance, repair, restoration, refurbishment or replacement
of fixed or capital assets of the Consolidated Group, excluding (a) expenditures up to an aggregate amount of $300,000,000 during
the term of this Agreement made to convert the capabilities of one processing plant from large bird processing to, or to include,
small bird processing, and/or build or acquire, or renovate a new small bird processing plant and/or expand an existing plant,
in each case to the extent such conversion, construction, acquisition, renovation and/or expansion is required for an Obligor
to comply with its agreement with Chick-fil-A and (b) expenditures up to an aggregate amount of $60,000,000 during the term of
this Agreement for the construction of a feed mill of an Obligor to support the Dobson, North Carolina processing plant growout
(including the related build out and expansion of the processing plant).

 

“Margin
Account” means any commodity or security account owned by an Obligor: (a) through which it has entered into Futures
Contracts, (b) which is maintained with a registered commodities broker who has acknowledged the assignment of such account to
Administrative Agent pursuant to a written document in form and substance reasonably satisfactory to Administrative Agent, (c)
in which Administrative Agent has a perfected Lien, and (d) which is subject to no other Lien (other than Liens permitted pursuant
to clauses (d), (g), and (i) of the definition of Permitted Encumbrances).

 

“Margin
Stock” means “margin stock” within the meaning of Regulations U and X of the Board.

 

“Material
Adverse Effect” means a material adverse change in, or a material adverse effect upon (a) the business, assets,
operations, liabilities, or condition, financial or otherwise, of Borrower and its Subsidiaries taken as a whole, (b) the
ability of the Obligors to pay the Obligations and to perform any of their obligations under this Agreement or any of the other
Loan Documents, (c) the legality, validity, binding effect, or enforceability of a material
provision of this Agreement or any other Loan Document, or (d) the rights and remedies of or benefits available to Administrative
Agent or the Lenders under this Agreement or any of the other Loan Documents.

 

“Material
Disposition” means any Disposition of property or series of related Dispositions of property (other than sales in
the Ordinary Course of Business) that yields gross proceeds to Company in excess of $5,000,000. 

 

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“Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), of any Company in an aggregate principal
amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) exceeding $10,000,000. For purposes of determining Material Indebtedness, the principal amount of the obligations
of any Person in respect of any Hedging Agreement at any time shall be the Termination Value thereof.

 

“Material
Subsidiary” means, as of any date of determination, each Subsidiary organized under the laws of the United States
or any jurisdiction therein whose total assets (excluding intercompany balances) constitutes 5% or more of Consolidated Total
Assets, determined in accordance with GAAP, as of the end of the immediately preceding Fiscal Quarter for which financial statements
have been delivered and any other Subsidiary designated by Borrower as a “Material Subsidiary”.

 

“Maximum
Rate” has the meaning assigned to such term in Section 10.12.

 

“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 Issuing Lender with respect to Letters of Credit issued and outstanding
at such time and (b) otherwise, an amount determined by Administrative Agent and Issuing Lender in their reasonable discretion.

 

“Moody’s”
means Moody’s Investor Services, Inc.

 

“Mortgages”
means each mortgage, leasehold mortgage, deed to secure debt, deed of trust, and similar agreement executed by any Obligor prior
to the Effective Date, for the benefit of Administrative Agent and the Secured Parties, and covering the Mortgaged Property, and
each other deed of trust, trust deed, deed to secure debt, mortgage, leasehold mortgage, leasehold deed of trust and similar agreement
delivered by any Obligor for the benefit of Administrative Agent and the Secured Parties after the Effective Date, in each case
in form and substance reasonably satisfactory to Administrative Agent.

 

“Mortgaged
Property” means, initially, each parcel of real property and the improvements thereto and leasehold interests identified
to be mortgaged on Schedule 4.1(e), 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 5.11.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA to which any Company or
any of its ERISA Affiliate is bound.

 

“Net
Cash Proceeds” means, (a) in connection with any Disposition or any Event of Loss, the proceeds thereof in the form
of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note
or installment receivable or purchase price adjustment receivable or return of funds held in escrow or otherwise, but only as
and when received) of such Disposition or Event of Loss, net of fees and out-of-pocket expenses actually paid to an unaffiliated
Person in connection therewith (including attorneys’ fees, accountants’ fees, sales commissions, investment banking
fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording
taxes), amounts required to be applied to the repayment of Indebtedness or other obligations secured by a Lien permitted hereunder
on any asset which is the subject of such Disposition or Event of Loss (other than any Lien pursuant to a Security Document),
the amount

 

    	30

    	 

    

 

of all taxes paid (or reasonably estimated to be payable) as a result thereof, and the amount of cash reserves established
by Borrower and its Subsidiaries to fund contingent liabilities reasonably estimated to be payable and attributable to such disposition
or event, and (b) in connection with any Equity Issuance or sale of debt securities or incurrence of Indebtedness, the cash proceeds
received from such issuance, sale or incurrence, net of customary attorneys’ fees, investment banking fees, accountants’
fees, underwriting discounts and commissions, upfront fees, placement fees and other customary fees and expenses actually incurred
in connection therewith.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of
all affected Lenders in accordance with the terms of Section 10.2, and (b) has been approved by Administrative Agent
and the Required Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Notice
of Incremental Term Loan Borrowing” has the meaning assigned to such term in Section 2.19.

 

“Notice
of Incremental Revolving Credit Commitment” has the meaning assigned to such term in Section 2.19.

 

“Obligations”
means (a) all of the obligations, indebtedness and liabilities of the Obligors to the Lenders, Swingline Lender, Issuing Lender
and Administrative Agent under this Agreement or any of the other Loan Documents, including principal, interest, fees, prepayment
premiums (if any), expenses, reimbursements and indemnification obligations and other amounts and (b) all of the Bank Product
Obligations, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or
to become due, now existing or hereafter arising and including interest, fees, and expenses that accrue after the commencement
by or against any Obligor of any proceeding under any Debtor Relief Law, regardless of whether such interest, fees, and expenses
are allowed or allowable in whole or in part as a claim in such proceeding.

 

“Obligor”
means Borrower and each Guarantor.

 

“OFAC”
has the meaning assigned to such term in the definition of “Sanctions”.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s
business, undertaken by it in good faith and not for purposes of evading any covenant or restriction in any Loan Document.

 

“Organizational
Documents” means, with respect to any Person (a) in the case of any corporation, the certificate of incorporation
and by-laws (or similar documents) of such Person, (b) in the case of any limited liability company, the certificate or articles
of formation and operating agreement (or similar documents) or such Person, (c) in the case of any limited partnership, the certificate
of formation and limited partnership agreement (or similar documents) of such Person, (d) in the case of any general partnership,
the partnership agreement (or similar document) of such Person, (e) in any other case, the functional equivalent of the foregoing,
and (f) any shareholder, voting trust or similar agreement between or among any holders of Equity Interests of such Person.

 

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“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 2.18(b)).

 

“Parent”
means Continental Grain Company, a Delaware corporation, formerly known as ContiGroup Companies, Inc.

 

“Participant”
has the meaning assigned to such term in Section 10.4.

 

“Participant
Register” has the meaning assigned to such term in Section 10.4.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Permitted
Acquisition” means an Acquisition so long as:

 

(a)
the Person who is to be acquired or whose assets are to be acquired (the “Target”) is involved in a
type of business that would be permitted under Section 6.9;

 

(b)
(i) if the proposed acquisition is an acquisition of the Equity Interests of a Target, the acquisition will be structured so that
the Target will become a Wholly-Owned Subsidiary or will, simultaneously with the acquisition be merged into Borrower or a Subsidiary
and (ii) the proposed acquisition is an acquisition of all or a substantial part of the business or assets of any Person or of
a division or branch of any Person, the acquisition will be structured so that Borrower or a Wholly-Owned Subsidiary will acquire
the business or assets;

 

(c)
Borrower shall have provided to Administrative Agent and each Lender prior to or on the date that the proposed acquisition is
to be consummated the following: (i) the name of the Target, (ii) a description of the nature of the Target’s business,
and (iii) a certificate of a Responsible Officer of Borrower (w) certifying that no Default exists or would exist immediately
after the consummation of the proposed acquisition, (x) demonstrating compliance with the criteria set forth in clause (e)
below, (y) demonstrating that both as of the date of any such acquisition and immediately following such acquisition, measured
on a pro forma basis as of the last day of the immediately preceding Fiscal Period for which financial statements have been delivered
to Administrative Agent, Borrower is and will be, in compliance with the financial covenants as may be required by Article
7, and (z) for any proposed acquisition (or series of related acquisitions) with a Purchase Price equal to or greater than
$25,000,000, demonstrating that, based upon projections made in good faith by the management of Borrower, Borrower is projected
to be in compliance with the financial covenants of this Agreement set forth in Article 7 for the next following 4 Fiscal
Quarters ending after consummation of the acquisition;

 

    	32

    	 

    

(d)
such acquisition has been: (i) in the event a corporation or its assets is the Target, either (y) approved by the Board of Directors
of the corporation which is the Target, or (z) recommended by such Board of Directors to the shareholders of such Target, (ii)
in the event a partnership is the Target, approved by a majority (by percentage of voting power) of the partners of the Target,
(iii) in the event a Person other than a corporation or partnership is the Target, approved by a majority (by percentage of voting
power) of the governing body, if any, or by a majority (by percentage of ownership interest) of the owners of the Target, or (iv)
in the event the corporation, partnership or other Person which is the Target is in bankruptcy, approved by the bankruptcy court
or another court of competent jurisdiction;

 

(e)
the sum of the Purchase Price for the proposed acquisition in question, plus the aggregate amount of the Purchase Prices paid
for all Permitted Acquisitions (not including the aggregate amount of such Purchase Prices paid for from the proceeds of insurance
or the proceeds of asset dispositions), does not exceed $25,000,000; provided (1) such $25,000,000 limit shall be in excess
of any expenditures made to convert the capabilities of one processing plant from large bird processing to, or to include, small
bird processing and/or build, acquire, or renovate a new small bird processing plant and/or expand an existing plant or to acquire
the Equity Interests of a Person that owns a small bird processing plant, in each case to the extent such conversion, construction,
acquisition, renovation and/or expansion is required for an Obligor to comply with its agreement with Chick-fil-A, and in each
case to the extent such expenditures would not be included in the calculation of Capital Expenditures pursuant to the terms of
Section 7.3(a) and (2) that after the initial $25,000,000 limit has been reached, additional acquisitions shall constitute
“Permitted Acquisitions” pursuant to this clause (e) as long as in any Fiscal Year, the amount of Capital
Expenditures for such Fiscal Year does not exceed the maximum amount permitted under Section 7.3 (as calculated after
taking into consideration the proposed acquisition in question); and

 

(f)
after giving effect to the closing of such acquisition, an Excess Availability Event shall not exist.

 

“Permitted
Amount” means $65,000,000 for Fiscal Year ended in 2015, $65,000,000 for Fiscal Year ended in 2016, $65,000,000
for Fiscal Year ended in 2017 and $55,000,000 for Fiscal Year ended in 2018 and each Fiscal Year thereafter.

 

“Permitted
Encumbrances” means: (a) Liens disclosed on Schedule P; provided that to qualify as a Permitted Encumbrance,
any such Lien shall only secure the Indebtedness or other obligations that are secured on the Effective Date and any Refinancing
Indebtedness in respect thereof and shall encumber only such assets as are encumbered by such Liens as of the Effective Date,
(b) Liens in favor of Administrative Agent for the benefit of the Secured Parties, pursuant to the Loan Documents, (c) Liens consisting
of easements, zoning restrictions, or other restrictions on the use of real property that do not (individually or in the aggregate)
materially affect the value of the assets encumbered thereby or materially impair the ability of Borrower or the Subsidiaries
to use such assets in their respective businesses, and none of which is violated in any material respect by existing structures
or land use and other encumbrances reflected as exceptions on any mortgage title insurance policies, (d) Liens (other than Liens
relating to Environmental Liabilities or ERISA) for taxes, assessments, or other governmental charges that are not more than 30
days overdue or, if the execution thereof is stayed, which are being contested in good faith by appropriate proceedings diligently
pursued and for which adequate reserves have been established in accordance with GAAP, (e) Liens of mechanics, materialmen,

 

    	33

    	 

    

 

warehousemen,
carriers, landlords, growers, processors, other agisters or other similar statutory or common law Liens securing obligations that
are not yet due and are incurred in the ordinary course of business or, if the execution thereof is stayed, which are being contested
in good faith by appropriate proceedings diligently pursued and for which adequate reserves have been established in accordance
with GAAP, (f) Liens resulting from deposits to secure payments of worker’s compensation unemployment insurance, or other
social security programs or to secure the performance of tenders, leases, statutory obligations, surety, customs and appeal bonds,
bids or contracts (other than for payment of Indebtedness), (g) any attachment or judgment Lien not constituting an Event of Default,
(h) Liens encumbering leased property arising from filing UCC financing statements regarding leases not prohibited by this Agreement,
(i) customary Liens and offset rights of commodity intermediaries, securities intermediaries and deposit banks arising under applicable
law or the terms of Hedging Agreements, account agreements and deposit agreements or other similar agreements, in each case solely
to the extent such customary Liens and offset rights only secure services rendered under the agreements of the type described
in this clause (i) and extend only to funds or other assets held in accounts of the type described in this clause (i),
(j) Liens created or incurred after the Effective Date on fixed or capital assets acquired, constructed or improved by Borrower
or any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (e) of Section 6.1,
(ii) such Indebtedness secured thereby is incurred prior to or within 120 days after such acquisition or the completion of
such construction or improvement, (iii) at the time of acquisition, construction or improvement thereof, the aggregate amount
remaining unpaid on all Indebtedness secured by Liens on such asset, whether or not assumed by Borrower or a Subsidiary, shall
not exceed an amount equal to 100% of the lesser of the total purchase price and fair market value at the time of acquisition,
construction or improvement with respect to such asset as determined in good faith by Borrower (provided that if any Indebtedness
secured by Liens created under the permissions of this clause exceeds $5,000,000, the Board of Directors of Borrower (or
an authorized subcommittee thereof) shall make such good faith determination of the purchase price or fair market value), (iv) such
Liens attach solely to the asset acquired, constructed or improved and shall not apply to any other property or assets of Borrower
or any Subsidiary, (v) in the case of the creation or incurrence of any Capital Lease Obligation or Synthetic Lease Obligation,
the asset which is the subject thereof if previously owned by a Company shall have been sold or otherwise disposed of within the
limitations provided in Section 6.7, (vi) the acquisition of the asset is otherwise permitted hereby, and (vii) at
the time of the creation or incurrence of such Lien, no Default exists, (k) leases or subleases, or licenses of intellectual property,
granted to others in the ordinary course of business not interfering in any material respect with the business of Borrower or
any Subsidiary, (l) Liens on property of a Person at the time such Person becomes a Subsidiary, provided, that
(i) any Indebtedness that is secured by such Liens is permitted to exist and be secured under Section 6.1
and any other obligations (other than Indebtedness) that are secured by such Liens are not prohibited under the Loan Documents
and (ii) such Liens are not incurred in connection with or in contemplation or anticipation of such acquisition and do not
attach to any other asset of Borrower or any Subsidiary, (m) Liens on assets of a Foreign Subsidiary securing the Indebtedness
of such Foreign Subsidiary incurred under the permissions of Section 6.1(g) or any other obligations (other than Indebtedness)
of such Foreign Subsidiary that are not prohibited under the Loan Documents, (n) Liens incurred by Borrower or a Subsidiary
in addition to those described in clauses (a) through (m) above; provided that (i) such Liens do not
encumber the Collateral and (ii) the aggregate book value of all the property

 

    	34

    	 

    

 

encumbered by all such Liens does not exceed $3,000,000,
(o) Liens solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter
of intent or purchase agreement with respect to any Acquisition to the extent otherwise permitted by this Agreement, and (p) Liens
in favor of a Farm Credit Bank on the Equity Interest, participation certificates, allocated or other surplus and any other equities
of such Farm Credit Bank acquired by, held in the name of or held for the account of Borrower in connection with any Indebtedness
borrowed by Borrower from such Farm Credit Bank. 

 

“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 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 10.1(d).

 

“Prime
Rate” means the rate of interest per annum published in the Wall Street Journal as the U.S. Dollar “prime
rate” for such day and if the Wall Street Journal does not publish such rate on such day then such rate as most recently
published prior to such day.

 

“Pro
Rata Share” means (a) with respect to any Revolving Credit Lender for purposes of any rights or obligations hereunder
affecting or involving Revolving Credit Lenders and not Term Loan Lenders or Delayed Draw Term Loan Lenders (including any reimbursement
obligations in respect of any indemnity claim arising out of an action or omission of Swingline Lender or Issuing Lender under
this Agreement), the percentage (carried out to the ninth decimal place) of the total Revolving Credit Commitments represented
by such Revolving Credit Lender’s Revolving Credit Commitment, and (b) with respect to any Lender in respect of any rights
or obligations affecting or involving all Lenders (including any reimbursement obligations in respect of any indemnity claim arising
out of an action or omission of Administrative Agent under this Agreement), the percentage (carried out to the ninth decimal place)
of the total Commitments or Loans, of all Classes hereunder represented by the aggregate amount of such Lender’s Commitments
or Loans, as the case may be, of all Classes hereunder. If the Commitments of any Class have terminated or expired, the Pro Rata
Share with respect to such Class shall be determined based upon (i) in the case of the Term Loan Lenders, the outstanding principal
amount of the Term Loans of such Class at such time, (ii) in the case of the Delayed Draw Term Loan Lenders, the outstanding principal
amount of the Delayed Draw Term Loans of all such Delayed Draw Term Loan Lenders at such time and (iii) in the case of the Revolving
Credit Lenders, the Revolving Credit Exposure of all such Revolving Credit Lenders at such time.

 

“Pubco”
means the Person formed to be the managing member of, and to own Equity Interests in, Borrower as permitted by Section 6.7(h),
and into which the accounts of Borrower would be required to be consolidated if such Person prepared financial statements in accordance
with GAAP.

 

“Purchase
Price” means, as of any date of determination and with respect to a proposed acquisition, the purchase price to
be paid for the Target or its assets, including all cash

 

    	35

    	 

    

 

 

consideration paid (whether classified as purchase price, noncompete
or consulting payments or otherwise), the value of all other assets to be transferred by the purchaser in connection with such
acquisition to the seller (including any Equity Interest issued to the seller), all valued in accordance with the applicable purchase
agreement and the outstanding principal amount of all Indebtedness and Guarantees of the Target or the seller assumed or acquired
by Borrower and its Subsidiaries in connection with such acquisition.

 

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

 

“Qualified
Equity Interest” means and refers to any Equity Interests issued by Borrower (and not by one or more of its Subsidiaries)
that is not a Disqualified Equity Interest.

 

“Quarterly
Dates” means the last Business Day of March, June, September, and December of each year through the later of the
Revolving Credit Maturity Date and the Term Loan Maturity Date.

 

“Quarterly
Percentage” means, with respect to the Initial Term Loan and the Delayed Draw Term Loans, the percentage
set forth below for each Quarterly Date occurring during any of the periods set forth below:

 

	Percentage	Quarterly
    Date
	1.250%	June
    2015

    through March 2018
	1.875%	June
    2018 through March 2020
	2.500%	June
    2020 and thereafter

 

“Rabobank”
means Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch.

 

“Recipient”
means (a) Administrative Agent, (b) any Lender, and (c) any Issuing Lender, as applicable.

 

“Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as: (a) such refinancings, renewals,
or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other
than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of the
unfunded commitments with respect thereto, (b) such refinancings, renewals, or extensions do not result in a shortening of the
average weighted maturity (measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed,
or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially
adverse to the interests of the Lenders, (c) if the Indebtedness that is refinanced, renewed, or extended was subordinated in
right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must

 

    	36

    	 

    

 

include subordination
terms and conditions that are at least as favorable to the Secured Parties as those that were applicable to the refinanced, renewed,
or extended Indebtedness, and (d) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Obligor other
than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended or secured
by any property other than property that secured the Indebtedness that was refinanced, renewed or extended.

 

“Register”
has the meaning assigned to such term in Section 10.4.

 

“Reinvestment
Deferred Amount” means, with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the
Consolidated Group in connection therewith that are not applied to prepay the Loans as a result of the delivery by Borrower to
the Administrative Agent of a Reinvestment Notice.

 

“Reinvestment
Event” means any Disposition or Event of Loss in respect of which Borrower has delivered a Reinvestment Notice to
the Administrative Agent.

 

“Reinvestment
Notice” means a written notice executed by a Responsible Officer stating that no Default under Section 8.1(a)
or 8.1(e) or Event of Default has occurred and is continuing and that Borrower (directly or indirectly through a Subsidiary)
intends and expects to use all or a specified portion of the Net Cash Proceeds of a Disposition or an Event of Loss to invest
in assets or properties useful in its or such Subsidiary’s business (provided that to the extent such Net Cash Proceeds
relate to assets or properties of an Obligor, such investment shall be in assets or properties owned by an Obligor).

 

“Reinvestment
Prepayment Amount” means, with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto
less any amount expended prior to the relevant Reinvestment Prepayment Date to invest in assets or properties useful in an Obligor’s
business (provided that to the extent such Net Cash Proceeds relate to assets or properties of an Obligor, such investment
shall be in assets or properties owned by an Obligor).

 

“Reinvestment
Prepayment Date” means, with respect to any Reinvestment Event, the earlier of (a) the date occurring (i) 360 days
after such Reinvestment Event with respect to a Disposition or (ii) 180 days after such Reinvestment Event with respect to an
Event of Loss and (b) the date on which Borrower shall have determined not to, or shall have otherwise ceased to, invest in assets
or properties useful in Borrower’s or its Subsidiary’s business (provided that to the extent such Net Cash
Proceeds relate to assets or properties of an Obligor, such investment shall be in assets or properties owned by an Obligor) with
all or any portion of the relevant Reinvestment Deferred Amount.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors, attorneys-in-fact, and representatives of such Person and of
such Person’s Affiliates.

 

“Report
Date” has the meaning assigned to such term in Section 5.1(d).

 

“Reporting
Company” means (a) prior to the Initial Public Offering, Borrower, and (b) subsequent to and at all times after
the Initial Public Offering, Pubco.

 

“Required
Lenders” means, at any time, Lenders having Revolving Credit Exposures, outstanding Term Loans, and unused Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures, total outstanding Term Loans, outstanding Delayed
Draw

 

    	37

    	 

    

 

Term Loans and unused Commitments at such time; provided the Commitments of, and the portion of the Revolving Credit
Exposure, Term Loans and Delayed Draw Term Loans held or deemed held by, any Defaulting Lender shall be disregarded in determining
Required Lenders at any time.

 

“Required
Revolving Lenders” means, at any time, Revolving Credit Lenders having Revolving Credit Exposures and unused
Revolving Credit Commitments representing more than 662/3% of the sum of the total Revolving Credit Exposures
and unused Revolving Credit Commitments at such time; provided the Revolving Credit Exposures and unused Revolving Credit
Commitments of any Defaulting Lender shall be disregarded in determining Required Revolving Lenders at any time.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, principal accounting officer, treasurer,
or assistant treasurer of any Person. Any document delivered hereunder that is signed by a Responsible Officer of any Person shall
be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such
Person and such Responsible Officer shall be presumed to have acted on behalf of such Person.

 

“Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interests
issued by Borrower or any Subsidiary now or hereafter outstanding (except dividends or distributions by a Subsidiary payable in
Equity Interest of the same class to the holders of that class and dividends or distributions payable solely to Borrower or to
a Subsidiary and to minority holders of Equity Interests issued by such Subsidiary made on a pro rata basis with dividends or
distributions made to Borrower or other Subsidiaries and excluding payments under the Services Agreement), (b) any redemption,
conversion, exchange, retirement, sinking fund, or similar payment, purchase, or other acquisition for value, direct or indirect,
of any Equity Interest issued by Borrower or any Subsidiary now or hereafter outstanding (except, when no Default exists or would
result therefrom, redemptions, retirements or similar payments, purchases or other acquisitions by a Subsidiary for fair value
of the Equity Interests issued by such Subsidiary, including such Equity Interest held by minority owners), or (c) any payment
made to retire, or to obtain the surrender of Equity Interests issued by Borrower or any Subsidiary now or hereafter outstanding
(except, when no Default exists or would result therefrom, payment made by a Subsidiary for fair value to retire, or to obtain
the surrender of Equity Interests issued by such Subsidiary, including such Equity Interest held by minority owners).

 

“Revolving
Credit Availability Period” means the period from and including the Effective Date and ending on the
earlier of the Business Day immediately preceding the Revolving Credit Maturity Date and the date of termination of the Revolving
Credit Commitments pursuant to the terms hereof.

 

“Revolving
Credit Commitment” means, at any time, with respect to each Lender, the commitment, if any, of such Lender to make
Revolving Credit Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount
representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure at such time hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.8 or 2.18(b), (b) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 10.4, or (c) increased pursuant to Section 2.19.
The initial

 

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amount of each Lender’s Revolving Credit Commitment is set forth below its name on its
signature page hereto, or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
The initial aggregate amount of the Lenders’ Revolving Credit Commitments is $225,000,000.

 

“Revolving
Credit Exposure” means, with respect to any Revolving Credit Lender at any time, the sum of the outstanding principal
amount of such Lender’s Revolving Credit Loans and its LC Exposure and Swingline Exposure at such time.

 

“Revolving
Credit Lender” means a Lender with a Revolving Credit Commitment or, if the Revolving Credit Commitments have terminated
or expired, a Lender with Revolving Credit Exposure.

 

“Revolving
Credit Loan” means a Loan made pursuant to Section 2.1(a).

 

“Revolving
Credit Maturity Date” means March 26, 2020.

 

“S&P”
means Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc.

 

“Sanctioned
Person” has the meaning assigned to such term in Section 3.23.

 

“Sanctions”
means any sanctions administered by or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control
(“OFAC”), 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.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secured
Grower Payable” means all amounts owed from time to time by an Obligor to any Grower on account of the purchase
price of agricultural products or services (including poultry and livestock) if reasonably determined by Administrative Agent
to be entitled to the benefits of any Lien, trust or security arrangements of any kind securing the payment of any amounts owed.

 

“Secured
Parties” means, collectively, Administrative Agent, the Lenders, Issuing Lender, Swingline Lender,
and each Bank Product Provider.

 

“Security
Agreement” means the Third Amended and Restated Pledge and Security Agreement dated as of the Effective Date, among
Borrower and the other Obligors (and any other Obligor that becomes a party thereto by joinder after the Effective Date), as “Grantors”,
and Administrative Agent.

 

“Security
Documents” means, collectively, the Security Agreement, the Mortgages, the Control Agreements, and each other agreement,
instrument, or document that creates or purports to create a Lien in favor of Administrative Agent and all UCC financing statements
and fixture filings required by the Security Agreement or any Mortgage, or such other agreement, instrument, or document to be
filed with respect to the Liens on personal property and fixtures created pursuant thereto and each other security agreement or
other document executed and delivered after the Effective Date to secure any of the Obligations.

 

“Services
Agreement” means that certain Amended and Restated Services Agreement dated August 30, 2013 between Parent
and Borrower.

 

    	39

    	 

    

 

“Solvent”
means, with respect to any Person, that as of the date of determination, (a) such Person owns and will own assets the fair saleable
value of which are (i) greater than the total amount of its liabilities (including contingent liabilities) and (ii) greater than
the amount that will be required to pay the probable liabilities of its then existing debts as they become absolute and matured
considering all financing alternatives and potential asset sales reasonably available to it, (b) such Person’s capital is
not unreasonably small in relation to its business as conducted or contemplated on such date of determination, (c) such Person
has not incurred and does not intend to incur and does not believe that it will incur debts beyond its ability to pay such debts
as they become due (whether at maturity or otherwise), and (d) such Person is “solvent” within the meaning given that
term and similar terms under the Bankruptcy Code and applicable laws relating to fraudulent transfers and conveyances. For purposes
of this definition, (i) the amount of any contingent liability at any time shall be computed as the amount that, in light of all
of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual
or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial
Accounting Standard No. 5), (ii) “debt” means liability on a “claim,” and (iii) “claim” means
any (A) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured or unsecured, or (B) right to an equitable remedy for breach of performance
if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

 

“Specified
Default” means any Event of Default described in clauses (a), (b) (solely with respect
to any representation, warranty, or certification made or deemed made by any Obligor (or any of their respective officers) in
any Borrowing Base Certificate), (c) (solely to the extent triggered by failure to comply with Section 5.1(d),
Section 5.15 or Section 7), or (i) of Section 8.1.

 

“Specified
Dividend” means a dividend in an aggregate amount not to exceed $100,000,000 to be paid by Borrower to Parent (or
if Holdco is the direct parent of Borrower at such time, to Holdco) on or within 90 days after the Effective Date.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number 1 and
the denominator of which is the number 1 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 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.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any other Person the accounts of which would be consolidated
with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in
accordance with GAAP as of such date, as well as any other Person of which more than 50% of the Equity Interests or more than
50% of the ordinary voting power are, as of such date, owned, controlled

 

    	40

    	 

    

 

or held by the parent (either directly or through one
or more intermediaries or both). Unless otherwise specified, “Subsidiary” means a Subsidiary of Borrower.

 

“Subsidiary
Guarantors” means each Material Subsidiary of Borrower that shall be required to execute and deliver and become
a party to and become bound by the Guaranty Agreement pursuant to Section 5.10.

 

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

 

“Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Revolving Credit Lender at any time shall be its Pro Rata Share of the total Swingline Exposure at such
time.

 

“Swingline
Fed Funds Rate” means, for any Swingline Loan, the rate per annum at which Rabobank as a branch of a foreign bank,
in its sole discretion, can acquire federal funds in the interbank federal funds market in New York, New York through brokers
of recognized standing in an amount equivalent to the Swingline Loan in question.

 

“Swingline
Lender” means Rabobank, in its capacity as lender of Swingline Loans hereunder, or any other Lender selected by
Rabobank and approved by Borrower that shall agree with Administrative Agent to act as Swingline Lender.

 

“Swingline
Loan” means a Loan made pursuant to Section 2.4.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance
sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions),
in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any
Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“Tax
Preferred Subsidiary” means (a) a Domestic Holding Company, (b) a Foreign Subsidiary for which either (i) the pledge
of all of the Equity Interests of such Foreign Subsidiary as Collateral or (ii) the guaranteeing by such Foreign Subsidiary of
the Obligations, could, as reasonably determined by Borrower, result in material adverse tax consequences to Borrower or any of
its direct or indirect owners, and (c) any Subsidiary of either of the foregoing.

 

“Tax
Receivable Agreement” means the tax receivable agreement to be entered into among Borrower, Pubco and Holdco in
connection with the consummation of the Initial Public Offering, substantially in the form of the draft thereof delivered to the
Lenders prior to the Effective Date.

 

“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
Loan” means, collectively, the Initial Term Loans and any Incremental Term Loans in each case to the extent outstanding
or in existence.

 

“Term
Loan Commitment” means, with respect to each Term Loan Lender, its obligation to make Initial Term Loans to Borrower
on the Effective Date in an aggregate principal amount

 

    	41

    	 

    

 

up to, and not to exceed, the amount set forth on such Lender’s signature
page hereto under the caption “Term Loan Commitment”. The initial aggregate amount of the Term Loan Lenders’
Term Loan Commitments is $161,875,000.

 

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

 

“Term
Loan Maturity Date” means March 25, 2022.

 

“Termination
Value” means, in respect of any Hedging Agreement, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedging Agreement, (a) for any date on or after the date such Hedging Agreement has been closed
out and termination value determined in accordance therewith, such termination value, and (b) for any date prior to the date referenced
in clause (a) of this definition the amount determined as the mark-to-market value for such Hedging Agreement, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedging Agreement
(which may include any Lender or any Affiliate of any Lender).

 

“Title
Companies” has the meaning assigned to such term in Section 4.1(e).

 

“Total
Credit Exposure” means, as to any Lender at any time, the aggregate amount of the Revolving Credit Exposures, unused
Revolving Credit Commitments, outstanding Delayed Draw Term Loans, unused Delayed Draw Term Loan Commitments and outstanding Term
Loans of such Lender at such time.

 

“Tranche”
means, with respect to any Incremental Term Loans, all Incremental Term Loans made on the same date pursuant to the terms of the
same Notice of Incremental Term Loan Borrowing.

 

“Tranche
of Delayed Draw Term Loans” means, with respect to any Delayed Draw Term Loans, all Delayed Draw Term Loans made
on the same date pursuant to the terms hereof.

 

“Transaction
Costs” means the fees, costs, and expenses payable by the Obligors in connection with the consummation of the Transactions.

 

“Transactions”
means the execution, delivery and performance by each Obligor of this Agreement and the other Loan Documents to which such Obligor
is intended to be a party and the consummation of the transactions contemplated thereby, the borrowing of Loans, the use of the
proceeds thereof, the issuance of Letters of Credit hereunder, the grant by each Obligor of the Liens granted by it pursuant to
the Security Documents, the repayment of all obligations under the Existing Credit Agreement, and the payment of all fees and
expenses to be paid on or prior to the Effective Date and owing in connection with the foregoing.

 

“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.

 

“UCC”
means the New York Uniform Commercial Code as adopted in the State of New York; provided, in connection with any Lien granted
under any Security Document, if the laws of any other jurisdiction would govern the perfection or enforcement of such Lien, “UCC”
means the Uniform Commercial Code as in effect in such jurisdiction with respect to such Lien.

 

    	42

    	 

    

 

“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” and “U.S.” mean the United States of America.

 

“Unused
Revolving Commitment” means, at any time, with respect to any Revolving Credit Lender, the amount equal to such
Revolving Credit Lender’s Commitment at such time minus the aggregate amount of the outstanding Revolving Credit
Loans and LC Exposure of such Revolving Credit Lender at such time.

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)
of the Code.

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 2.16(g).

 

“USA
Patriot Act” has the meaning assigned to such term in the definition of Anti-Terrorism Laws.

 

“Weekly
Pro Forma Borrowing Base” means, as of any date of determination (the “calculation date”), the Borrowing
Base determined by:

 

(a)
taking the most recent Borrowing Base Certificate delivered pursuant to Section 5.1(d) and recalculating the Borrowing
Base as reflected therein but only updating the following information so that the following information is current as of the calculation
date (with all other calculations, including deductions for ineligible assets, therein to remain unchanged) (references below
are to the line items listed on Schedules 1 and 2 to the form of Borrowing Base Certificate):

 

(i)
Schedule 1, Line 1. (a) Liquidating Value of Margin Accounts;

 

(ii)
Schedule 1, Line 1. (b) The value of feed grains, feed and ingredients located at Borrower’s or an Obligor’s
feed mills;

 

(iii)
Schedule 1, Line 1. (e) Amount advanced under Eligible Grain Purchase Contracts;

 

(iv)
Schedule 1, Line 1. (f) The value of live and dressed broiler chickens and commercial eggs;

 

(v)
Schedule 1, Line 1. (i) The value of breeder hens, breeder pullets, commercial hens, commercial pullets and hatching eggs;

 

(vi)
Schedule 1, Line 1. (l) The value of finished goods;

 

(vii)
Schedule 1, Line 1. (o) The actual costs of packaging materials, vaccines, general supplies, and maintenance supplies;

 

(viii)
Schedule 1, Line 2. Secured Grower Payables past due by more than 15 days;

 

(ix)
Schedule 1, Line 3. Bank Product Reserves;

 

    	43

    	 

    

 

(x)
Schedule 1, Line 4. Other Reserves; and

 

(xi)
Schedule 2, Line 1. Gross Accounts Receivables;

 

(b)
After updating the items described in clause (a) above, recalculating the Borrowing Base; and

 

(c)
Subtracting from the recalculated Borrowing Base, the total Revolving Credit Exposures as of the calculation date.

 

“Wells
Fargo” means Wells Fargo Bank, National Association.

 

“Wholly-Owned”
means a Person in which (other than directors’ qualifying or local nominee shares required by law) 100% of the Equity Interests,
at the time as of which any determination is being made, is owned, beneficially and of record, by Borrower, or by one or more
of the other Wholly-Owned Subsidiaries of Borrower, or both.

 

“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 Obligor and Administrative Agent.

 

1.2 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g.,
a Revolving Credit Loan) or by Type (e.g., a Eurodollar Loan) or by Class and Type (e.g., a Eurodollar Revolving Credit Loan).
Borrowings also may be classified and referred to by Class (e.g., a Revolving Credit Loan Borrowing) or by Type (e.g., a Eurodollar
Borrowing) or by Class and Type (e.g., a Eurodollar Revolving Credit Loan Borrowing).

 

1.3 Interpretation. With reference to this Agreement and each other Loan Document, unless other specified herein or in such other
Loan Document:

 

(a)
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 (i) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document),
(ii) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns, (iii)
the words “herein”, “hereof” and “hereunder”, and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof,
(iv) unless otherwise specified, all references in any Loan Document to Sections, Exhibits and Schedules shall be construed to
refer to Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any
law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any
reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, (vi) any table of contents, captions and headings

 

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are for convenience of reference only and shall
not affect the construction of this Agreement or any other Loan Document, and (vii) 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.

 

(b)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.”

 

1.4 Rounding. Any financial ratios required to be maintained by Borrower and its Subsidiaries pursuant to this Agreement shall
be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up
if there is no nearest number).

 

1.5 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the stated amount of such Letter of Credit in effect at such time.

 

1.6 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall
be construed, and all accounting determinations and computations required under the Loan Documents shall be made, in accordance
with GAAP, as in effect from time to time, consistently applied; provided that, (a) if at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any Loan Document, and either Borrower or the Required
Lenders (through Administrative Agent) shall so request, Administrative Agent, the Lenders and Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein, and (ii) Borrower shall provide to Administrative Agent and the
Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth
a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP
and (b) notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to in Section 7 shall be made, without giving
effect to any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of any Obligor or any Subsidiary of any Obligor at “fair
value” (and such Indebtedness shall be deemed to be carried at 100% of the principal amount thereof).

 

2. THE CREDITS

 

2.1
The Commitments.

 

(a)
Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees, severally
and not jointly with any other Lender, to make Revolving Credit Loans to Borrower from time to time during the Revolving Credit
Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) such Lender’s Revolving
Credit Exposure exceeding such Lender’s Revolving Credit

 

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Commitment or (ii) the sum of the total Revolving Credit Exposures
exceeding the lesser of (A) the total Revolving Credit Commitments and (B) the Borrowing Base as reflected in the most recently
delivered Borrowing Base Certificate. Within the foregoing limits and subject to the terms and conditions set forth herein, Borrower
may borrow, prepay, and reborrow Revolving Credit Loans.

 

(b)
Initial Term Loans. Subject to the terms and conditions set forth herein, each Term Loan Lender agrees, severally
and not jointly with any other Lender, to make one or more Initial Term Loans to Borrower on the Effective Date in an aggregate
principal amount not exceeding its Term Loan Commitment. Amounts repaid in respect of Initial Term Loans may not be reborrowed.

 

(c)
Delayed Draw Term Loans. Subject to the terms and conditions set forth herein, each Delayed Draw Term Loan Lender agrees,
severally and not jointly with any other Lender, to make Delayed Draw Term Loans to Borrower from time to time during the Delayed
Draw Availability Period in an aggregate principal amount advanced hereunder that will not result in (i) such Lender’s Delayed
Draw Term Loans advanced exceeding such Lender’s Delayed Draw Term Loan Commitment or (ii) the aggregate original principal
amount of all Delayed Draw Term Loans advanced hereunder exceeding the aggregate Delayed Draw Term Loan Commitments; provided
that Borrower shall not request more than four Delayed Draw Term Loans be advanced hereunder and each advance of Delayed Draw
Term Loans shall be in an amount equal to $25,000,000 or a larger integral multiple of $1,000,000 in excess thereof. Amounts repaid
in respect of Delayed Draw Term Loans may not be reborrowed.

 

2.2
Loans and Borrowings.

 

(a)
Obligations of Lenders. Each 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. The failure of any Lender to make
any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.

 

(b)
Type of Loans. Subject to Sections 2.7 and 2.13, each Borrowing (other than a Swingline Loan
Borrowing) shall be comprised entirely of Base Rate Loans or Eurodollar Loans as Borrower may request in accordance herewith.
Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of Borrower to repay such Loan in accordance
with the terms of this Agreement.

 

(c)
Minimum Amounts; Limitation on Number of Borrowing. At the commencement of each Interest Period for any Eurodollar
Borrowing, such Borrowing shall be in an aggregate amount of $5,000,000 or a larger integral multiple of $100,000 in excess thereof.
At the time that each Base Rate Borrowing (other than a Swingline Loan Borrowing or a Base Rate Borrowing on the Effective Date)
is made, such Borrowing shall be in an aggregate amount equal to $5,000,000 or a larger integral multiple of $100,000 in excess
thereof; provided that a Base Rate Borrowing of a Revolving Credit Loan may be in an aggregate amount that is equal to
the entire remaining Excess Availability at such time or that is required to (i) finance the amount of the reimbursement of an
LC Disbursement as contemplated by Section 2.5, or (ii) acquire participations in Swingline Loans pursuant to Section 2.4(c).
Each Swingline Loan shall be in an amount equal to $100,000 or a larger integral multiple of $1 in excess thereof. Borrowings
of

 

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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 12 Eurodollar Borrowings outstanding.

 

(d)
Limitations on Lengths of Interest Periods. Notwithstanding any other provision of this Agreement, Borrower shall not be
entitled to request, or to elect to convert to or continue as, a Eurodollar Borrowing: (i) any Revolving Credit Loan Borrowing
if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date, (ii) any Term Loan
Borrowing or Delayed Draw Term Loan Borrowing if the Interest Period requested with respect thereto would end after the Term Loan
Maturity Date, or (iii) any Term Loan Borrowing or Delayed Draw Term Loan Borrowing if the Interest Period therefor would commence
before and end after any Quarterly Date for the Term Loans or Delayed Draw Term Loans, respectively, unless the Base Rate Loans
applicable to such Term Loan or Delayed Draw Term Loan to be outstanding on such Quarterly Date and the Eurodollar Term Loans
applicable to such Term Loan or Delayed Draw Term Loan, respectively, with Interest Periods ending on or before such Quarterly
Date, shall at least equal in principal amount the required principal payment with respect to such Term Loans or Delayed Draw
Term Loans, respectively, on such Quarterly Date.

 

2.3
Requests for Borrowings. To request a Borrowing (other than a Swingline Loan Borrowing), Borrower shall notify Administrative
Agent of such request in writing, which request must be received by Administrative Agent (i) in the case of a Eurodollar Borrowing,
not later than 12:00 noon, New York City time, 3 Business Days before the date of the proposed Borrowing or (ii) in the case
of a Base Rate Borrowing, not later than 12:00 noon, New York City time, on the day of the proposed Borrowing. Notwithstanding
the foregoing, Borrower shall notify Administrative Agent of any request for a Delayed Draw Term Loan at least 5 Business Days
before the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be substantially in the
form of Exhibit 2.3 and signed by Borrower. Each Borrowing Request shall specify the following information:

 

(a)
whether the requested Borrowing is to be a Revolving Credit Loan Borrowing, Delayed Draw Term Loan Borrowing or Term Loan Borrowing,
if available;

 

(b)
the aggregate amount of the requested Borrowing;

 

(c)
the date of such Borrowing, which shall be a Business Day;

 

(d)
whether such Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing;

 

(e)
in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto (including specifying the duration
of such Interest Period and the last day of such Interest Period), which shall be a period contemplated by the definition of Interest
Period; and

 

(f)
the location and number of Borrower’s accounts or Person to which funds are to be disbursed, which shall comply with the
requirements of Section 2.6.

 

If
no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest
Period is specified with respect to any requested Eurodollar Borrowing, then Borrower shall be deemed to have selected an Interest
Period of 1 month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, Administrative
Agent shall advise each Lender that will make a Loan in connection with

 

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such Borrowing of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

2.4 Swingline Loans.

 

(a) Agreement to Make
Swingline Loans. Subject to the terms and conditions set forth herein, Swingline Lender agrees to make Swingline Loans
to Borrower from time to time during the Revolving Credit 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 $25,000,000, or (ii) the sum
of the total Revolving Credit Exposures exceeding the lesser of (A) the total Revolving Credit Commitments and (B) the Borrowing
Base as reflected in the most recently delivered Borrowing Base Certificate; provided that after giving effect to any Swingline
Loan, the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Credit Commitment, and provided,
further that Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within
the foregoing limits and subject to the terms and conditions set forth herein, Borrower may borrow, prepay, and reborrow Swingline
Loans.

 

(b) Notice of Swingline
Loans by Borrower. To request a Swingline Loan, Borrower shall notify Administrative Agent of such request in writing,
not later than 2:00 p.m., New York City time, 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. If the limitations
set forth in the first sentence of Section 2.4(a) or one or more applicable conditions set forth in Section 4
are satisfied, (i) Administrative Agent will promptly advise Swingline Lender of any such notice received from Borrower and (ii)
the Swingline Lender shall make each Swingline Loan available to Borrower to an account of Borrower specified in the request (or,
in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.5,
by remittance to Issuing Lender) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

 

(c) Participations
by Lenders in Swingline Loans. The Swingline Lender may, by written notice given to Administrative Agent not later than
2:00 p.m., New York City time, on any Business Day require the Revolving Credit Lenders to acquire participations in all or
a portion of the Swingline Loans outstanding. Such notice to Administrative Agent shall specify the aggregate amount of Swingline
Loans in which the Revolving Credit Lenders will participate. Promptly upon receipt of such notice, Administrative Agent will give
notice thereof to each Revolving Credit Lender, specifying in such notice each Revolving Credit Lender’s Pro Rata Share of
such Swingline Loan or Loans. Each Revolving Credit Lender hereby absolutely and unconditionally agrees, within 1 Business Day
after receipt of notice as provided in this Section 2.4(c), to pay to Administrative Agent, for the account of Swingline
Lender, such Lender’s Pro Rata Share of such Swingline Loan or Loans. Each Revolving Credit Lender acknowledges and agrees
that its obligation to acquire participations in Swingline Loans pursuant to this Section 2.4(b) is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or
termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, counterclaim, defense,
abatement, withholding or reduction whatsoever. Each Revolving Credit Lender shall comply with its obligation under this Section 2.4(b)
by wire transfer of immediately available funds, in the same manner as provided in Section 2.6 with respect to Loans
made by such Lender (and Section 2.6 shall apply, mutatis mutandis, to the

 

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payment obligations of the
Revolving Credit Lenders), and Administrative Agent shall promptly pay to Swingline Lender the amounts so received by it from the
Revolving Credit Lenders. Administrative Agent shall notify Borrower of any participation in any Swingline Loan acquired pursuant
to this Section 2.4(b), and thereafter payments in respect of such Swingline Loan shall be made to Administrative Agent
and not to Swingline Lender. Any amounts received by Swingline Lender from Borrower (or other party on behalf of Borrower) in respect
of a Swingline Loan after receipt by Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted
to Administrative Agent; any such amounts received by Administrative Agent shall be promptly remitted by Administrative Agent to
the Revolving Credit Lenders that shall have made their payments pursuant to this Section 2.4(b) and to Swingline Lender,
as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this Section 2.4(c) shall
not relieve Borrower of any default in the payment thereof.

  

(d) Payments Directly
to Swingline Lender. Except as otherwise provided in Section 2.4(c), Borrower shall make all payments of principal
and interest in respect of the Swingline Loans directly to Swingline Lender.

 

2.5 Letters of Credit.

 

(a) General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Sections 2.1 and
2.4, Borrower may request Issuing Lender to issue, at any time and from time to time during the Revolving Credit Availability
Period, Letters of Credit for its own account or for the account of one or more of its Subsidiaries, and to amend, renew or extend
Letters of Credit previously issued by it, in each case, in such form as is acceptable to Issuing Lender. Letters of Credit issued,
amended, renewed, or extended hereunder shall constitute utilization of the Revolving Credit Commitments.

 

(b) Notice of Issuance,
Amendment, Renewal, or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or extension
of an outstanding Letter of Credit), Borrower shall at least 5 Business Days (or such lesser period of time as may be acceptable
to Issuing Lender) prior to the issuance, amendment, renewal or extension hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by Issuing Lender) to Issuing Lender and Administrative Agent a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the
date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to
expire, the amount of such Letter of Credit, the name and address of the beneficiary thereof, the intended purpose of such Letter
of Credit, the nature of the proposed amendment (if applicable), the account party, if other than Borrower, and such other information
as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by Issuing Lender, Borrower also shall
submit a letter of credit application on Issuing Lender’s standard form in connection with any request for a Letter of Credit
and such other Letter of Credit Documents as Issuing Lender may require. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any Letter of Credit Document submitted by Borrower to, or entered
into by Borrower with, Issuing Lender relating to any Letter of Credit (other than the Letter of Credit), the terms and conditions
of this Agreement shall control. Except as set forth in the immediately preceding sentence, this Section 2.5(b) shall
not apply to the automatic extension of any Letter of Credit pursuant to Section 2.5(o).

 

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(c) Limitations on
Amounts. Subject to the terms and conditions set forth herein, Issuing Lender agrees to issue, amend, renew, or extend
any Letter of Credit at any time and from time to time during the Revolving Credit Availability Period if (and upon issuance, amendment,
renewal, or extension of each Letter of Credit Borrower shall be deemed to represent and warrant that), after giving effect to
such issuance, amendment, renewal, or extension (i) the aggregate LC Exposures of Issuing Lender (determined for these purposes
without giving effect to the participations therein of the Revolving Credit Lenders pursuant to Section 2.5) shall
not exceed $20,000,000, (ii) the sum of the total Revolving Credit Exposures shall not exceed the lesser of (A) the total Revolving
Credit Commitments and (B) the Borrowing Base as reflected in the most recently delivered Borrowing Base Certificate, and (iii) the
Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Credit Commitment.

 

(d) Expiration Date.
Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date 12 months after the
date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, 12 months after the then-current
expiration date of such Letter of Credit) and (ii) the date that is 5 Business Days prior to the Revolving Credit Maturity Date;
provided, Borrower may request issuance or renewal of a Letter of Credit with an expiry date after the Revolving Credit
Maturity Date; provided, further that if any such Letter of Credit is outstanding, or is issued after the date that
is, 30 days prior to the Revolving Credit Maturity Date, Borrower shall deposit into the Collateral Account an amount in immediately
available funds equal to 105% of the undrawn face amount of such Letter of Credit on or prior to the date that is 30 days prior
to the Revolving Credit Maturity Date or, if later, such date of issuance. No Letter of Credit expiry shall be deemed to have occurred
after such earlier date due to the effectiveness of the ISP.

 

(e) Participations.
(i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by Issuing Lender,
and without any further action on the part of Issuing Lender or the Revolving Credit Lenders, Issuing Lender hereby grants to each
Revolving Credit Lender, and each Revolving Credit Lender hereby acquires from Issuing Lender, a participation in such Letter of
Credit equal to such Revolving Credit Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter
of Credit. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to this
Section 2.5(e) 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 Credit Commitments, and that each such payment shall be made without any offset, counterclaim,
defense, abatement, withholding, or reduction whatsoever.

 

(ii) In consideration
and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to Administrative
Agent, for the account of Issuing Lender, such Revolving Credit Lender’s Pro Rata Share of each LC Disbursement made
by Issuing Lender promptly upon the request of such Issuing Lender (made through Administrative Agent) at any time from the time
of such LC Disbursement until such LC Disbursement is reimbursed by Borrower or at any time after any reimbursement payment
is required to be refunded to Borrower for any reason. Each such payment shall be made in the same manner as provided in Section 2.6
with respect to Loans made by such Revolving Credit Lender (and Section 2.6 shall apply, mutatis mutandis,
to the payment

 

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obligations of the Lenders), and Administrative Agent shall promptly pay to Issuing Lender the amounts so received
by it from the Revolving Credit Lenders. Promptly following receipt by Administrative Agent of any payment from Borrower pursuant
to Section 2.5(f), Administrative Agent shall distribute such payment to Issuing Lender or, to the extent that the
Revolving Credit Lenders have made payments pursuant to this Section 2.5(e) to reimburse Issuing Lender, then to such
Lenders and such Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this Section 2.5(e)
to reimburse Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve Borrower of its obligation
to reimburse such LC Disbursement.

 

(f) Reimbursement.
(i) If Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, Borrower shall reimburse Issuing Lender
in respect of such LC Disbursement by paying to Administrative Agent an amount equal to such LC Disbursement not later
than 3:00 p.m., New York City time, on (A) the Business Day that Borrower receives notice of such LC Disbursement, if
such notice is received prior to 1:00 p.m., New York City time or (B) the Business Day immediately following the day that
Borrower receives such notice, if such notice is not received prior to such time, provided that Borrower may, subject to
the conditions to borrowing set forth herein, request in accordance with Sections 2.1 or 2.4 that such payment
be financed with a Base Rate Revolving Credit Loan Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed,
Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Base Rate Revolving Credit Loan
Borrowing or Swingline Loan.

 

(ii) If Borrower fails
to make such payment when due, Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement,
the payment then due from Borrower in respect thereof and such Lender’s Pro Rata Share thereof, and upon the request of Issuing
Lender as provided in Section 2.5(e), each Revolving Credit Lender shall pay to Administrative Agent, for the account
of Issuing Lender, such Lender’s Pro Rata Share thereof in accordance with Section 2.5(e).

 

(g) Obligations Absolute.
Borrower’s obligation to reimburse LC Disbursements as provided in 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, any other Letter of Credit Document or
any Loan Document, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving
to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect,
or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit, (iii) payment by Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not
comply strictly with the terms of such Letter of Credit, or any payment by Issuing Lender under any Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or
other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law, (iv) the existence of any claim, counterclaim, set-off, defense or other right
that Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any
Person for whom any such beneficiary or any such transferee may be acting), Issuing Lender or any other Person,

 

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whether in connection
with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto,
or any unrelated transaction, (v) 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 defense to Borrower’s
obligations hereunder, (vi) any amendment or waiver of or consent to any departure from any or all of the Loan Documents, (vii)
any improper use which may be made of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of
any Letter of Credit in connection therewith, (viii) the existence of any claim, set-off, defense or any right which Borrower may
have at any time against any beneficiary or any transferee of any Letter of Credit (or Persons for whom any such beneficiary or
any such transferee may be acting), any Lender or any other Person, whether in connection with any Letter of Credit, any transaction
contemplated by any Letter of Credit, this Agreement, or any other Loan Document, or any unrelated transaction, (ix) the insolvency
of any Person issuing any documents in connection with any Letter of Credit, (x) any breach of any agreement between Borrower and
any beneficiary or transferee of any Letter of Credit, (xi) any irregularity in the transaction with respect to which any Letter
of Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit, (xii) any errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, wireless or otherwise, whether
or not they are in code, (xiii) any act, error, neglect or default, omission, insolvency or failure of business of any of the correspondents
of Issuing Lender, and (xiv) any other circumstances arising from causes beyond the control of Issuing Lender. Nothing in this
Agreement shall impact the rights of any Obligor to bring action against the beneficiary of any Letter of Credit.

 

(h) Exculpation.
Neither Administrative Agent, the Lenders, and Issuing Lender, any of their respective Related Parties, nor any correspondent bank
of Issuing Lender, shall have any liability or responsibility by reason of or in connection with the issuance (or the amendment,
renewal or extension) or transfer of any Letter of Credit by Issuing Lender or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in Section 2.5(g)), 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 Issuing Lender; provided that the foregoing shall not be construed to excuse Issuing Lender
from liability to Borrower to the extent of any direct damages (as opposed to indirect, punitive, exemplary or consequential or
exemplary damages, claims in respect of which are hereby waived by Borrower to the extent permitted by applicable law) suffered
by Borrower that are caused by such Issuing Lender’s gross negligence or willful misconduct (as finally determined by a court
of competent jurisdiction) when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. In furtherance and not in limitation of the foregoing, the parties hereto expressly agree that:

 

(i) Issuing Lender
may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility
for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents
that appear on their face to be in substantial compliance with the terms of such Letter of Credit;

 

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(ii) Issuing Lender
shall have the right, in its sole discretion, to decline to accept such documents and to decline to make payment upon presentation
of such documents if such documents are not in strict compliance with the terms of the related Letter of Credit; and

 

(iii) Clauses (i)
and (ii) of Section 2.5(h) establish the standard of care to be exercised by Issuing Lender when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby
waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing).

 

(i) Disbursement Procedures.
The Issuing Lender for any Letter of Credit shall, within a reasonable time following its receipt thereof, examine all documents
purporting to represent a demand for payment under such Letter of Credit. The Issuing Lender shall promptly after such examination
notify Administrative Agent and Borrower by telephone (confirmed by telecopy) of such demand for payment and whether Issuing Lender
has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice
shall not relieve Borrower of its obligation to reimburse Issuing Lender and the Revolving Credit Lenders with respect to any such
LC Disbursement.

 

(j) Interim Interest.
If Issuing Lender for any Letter of Credit shall make any LC Disbursement, then, unless Borrower shall reimburse such
LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for
each day from and including the date such LC Disbursement is made to but excluding the date that Borrower reimburses such
LC Disbursement, at the rate per annum then applicable to Base Rate Borrowings; provided that, if Borrower fails to
reimburse such LC Disbursement when due pursuant to Section 2.5(f), then Section 2.12(c) shall apply.
Interest accrued pursuant to this Section 2.5(j) shall be for the account of Issuing Lender, except that interest accrued
on and after the date of payment by any Revolving Credit Lender pursuant to Section 2.5(e) to reimburse Issuing Lender
shall be for the account of such Lender to the extent of such payment.

 

(k) Replacement of
Issuing Lender. The Issuing Lender may be replaced at any time, at its sole option, by written agreement among Borrower,
Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. Administrative Agent shall notify the Lenders
of any such replacement of Issuing Lender. At the time any such replacement shall become effective, Borrower shall pay all unpaid
fees accrued for the account of the replaced Issuing Lender. From and after the effective date of any such replacement, (i) the
successor Issuing Lender shall have all the rights and obligations of the replaced Issuing Lender under this Agreement and the
other Loan Documents with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term “Issuing
Lender” shall be deemed to include such successor or the previous Issuing Lender (if applicable), or such successor
and the previous Issuing Lender (if applicable), as the context shall require. After the replacement of Issuing Lender hereunder,
the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of Issuing Lender
under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such replacement, but
shall not be required to issue additional Letters of Credit.

 

(l) Cash Collateralization.
If (i) an Event of Default shall occur and be continuing and Borrower receives notice from Administrative Agent or the Required
Lenders demanding the deposit of cash collateral pursuant to this Section 2.5(l) or (ii) Borrower shall be

 

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required
to provide cash collateral for LC Exposure pursuant to Section 2.10(b) or pursuant to Section 8.1,
Borrower shall immediately deposit into the Collateral Account an amount in cash equal to, in the case of an Event of Default,
the LC Exposure as of such date plus any accrued and unpaid interest thereon and, in the case of cash collateral pursuant
to Section 2.10(b) the amount to be deposited shall be the amount required under Section 2.10(b); provided
that 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 Borrower
described in clauses (e) or (f) of Section 8.1. Such deposit shall be held by Administrative Agent in
such Collateral Account for the benefit of the Secured Parties as collateral in the first instance for the LC Exposure under
this Agreement and thereafter for the payment of the Obligations. Borrower hereby grants a security interest to Administrative
Agent for the benefit of the Secured Parties in such Collateral Account and in any cash, balances, financial assets (as defined
in the UCC) or other property held therein and all proceeds thereof.

 

(m) Applicability
of ISP and UCP. Unless otherwise expressly agreed by Issuing Lender and Borrower when a Letter of Credit is issued and
subject to applicable laws, the Letters of Credit shall be governed by and subject to ISP or the rules of the Uniform Customs and
Practice for Documentary Credits, as published in its most recent version by the International Chamber of Commerce on the date
any Letter of Credit is issued.

 

(n) Issuing Lender.
Issuing Lender shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and Issuing Lender shall have all of the benefits and immunities (i) provided to Administrative Agent in
Section 9 with respect to any acts taken or omissions suffered by Issuing Lender in connection with Letters of Credit
issued by it or proposed to be issued by it and Letter of Credit Documents pertaining to such Letters of Credit as fully as if
the term “Administrative Agent” as used in Section 9 included Issuing Lender with respect to such acts
or omissions and (ii) as additionally provided herein with respect to Issuing Lender.

 

(o) Automatic Extension.
Borrower may request and Issuing Lender may issue Letters of Credit that may automatically be extended for one or more successive
periods not to exceed 1 year each; provided that Issuing Lender has the option to elect not to extend for any such additional
period; and provided, further, (i) that Issuing Lender shall not elect at any time after the Revolving Credit Maturity
Date to extend such Letter of Credit, and (ii) Issuing Lender shall not elect to extend such Letter of Credit if it has knowledge
that an Event of Default has occurred and is continuing at the time Issuing Lender must elect whether or not to allow such extension
or, subject to Section 2.5(d), if such extension would be terminated on or after the date 5 days prior to the Revolving
Credit Maturity Date.

 

(p) Issuing Lenders
other than Administrative Agent. Any Issuing Lender (other than an Issuing Lender that is also Administrative Agent or one
of its Affiliates) selected by Rabobank to issue a Letter of Credit hereunder shall (i) notify Administrative Agent in writing
no later than the Business Day immediately following the Business Day on which the issuance, termination, expiration, reduction,
amendment, modification or replacement of any Letter of Credit issued by such Issuing Lender occurs; provided that any notice
by an Issuing Lender of the issuance, termination, expiration, reduction, amendment, modification or replacement of a Letter of
Credit pursuant to this Section received by Administrative Agent on a day that is not a Business Day, or after 11:00 a.m. (New
York City time) on a Business Day,

 

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shall be deemed to have been given at the opening of business on the next Business Day and (ii) deliver
to Administrative Agent once each week (on such day of the week as Administrative Agent and Issuing Lender shall agree) or, during
the existence of an Event of Default or a Liquidity Period, as frequently as requested by Administrative Agent, a written report
for the prior week of the daily aggregate undrawn amounts of all outstanding Letters of Credit issued by such Issuing Lender to
the extent there has been any change in the amount from that set forth on the previous report most recently delivered by such Issuing
Lender.

 

(q) Illegality under
Letters of Credit. If, at any time, it becomes unlawful for any Issuing Lender 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 Lender 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 Lender to comply its obligations under such Letter of Credit, and such Issuing Lender shall not be liable for
any losses that the Obligors may incur as a result.

 

(r) Existing Letters
of Credit. On the Effective Date, subject to the satisfaction of the conditions to effectiveness of the obligations of the
Lenders hereunder set forth in Section 4.1, each “Letter of Credit” issued and outstanding under the Existing
Credit Agreement and listed on Schedule 2.5 shall automatically, and without any action on the part of any Person, continue
to be Letters of Credit outstanding hereunder and entitled to the benefits of this Agreement and the other Loan Documents, and
shall continue to be governed by the agreements pertaining thereto (which shall be deemed Letter of Credit Documents) and by this
Agreement (which shall control in the event of a conflict). Rabobank and Wells Fargo, as applicable, shall be deemed irrevocably
to have sold and transferred to each Revolving Credit Lender on the Effective Date without recourse or warranty, and each Revolving
Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, accept and purchase from Rabobank and Wells
Fargo, as applicable, on the Effective Date, a participation in each such Letter of Credit in an amount equal to such Lender’s
Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit. For purposes of Section 2.5(c),
such Letters of Credit shall be deemed to utilize the Revolving Credit Commitments of the Revolving Credit Lenders.

 

2.6 Funding of Borrowings.

 

(a) Funding by Lenders.
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 2:00 p.m., New York City time, to the account of Administrative Agent most recently designated by it for such purpose
by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.4. Administrative
Agent will make such Loans available to Borrower by promptly crediting the amounts so received, in like funds, to an account designated
by Borrower in the applicable Borrowing Request; provided that Base Rate Revolving Credit Loan Borrowings made to finance
the reimbursement of an LC Disbursement as provided in Section 2.5 shall be remitted by Administrative Agent to
Issuing Lender.

 

(b) Presumption by
Administrative Agent. Unless 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 Administrative Agent such Lender’s share of such Borrowing,

 

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Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.6(a)
and may, in reliance upon such assumption but without any obligation to do so, make available to Borrower a corresponding amount.
In such event, if a Lender has not in fact made its share of the applicable Borrowing available to Administrative Agent, then the
applicable Lender on the one hand and Borrower on the other severally agree to pay to 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 Borrower
to but excluding the date of payment to Administrative Agent, at (i) in the case of a payment to be made by such Lender, for the
first 3 Business Days the greater of the Federal Funds Effective Rate and a rate determined by Administrative Agent in accordance
with banking industry rules on interbank compensation and thereafter at the Base Rate and (ii) in the case of a payment to be made
by Borrower, the interest rate applicable to Base Rate Loans. If Borrower and such Lender shall pay such interest to Administrative
Agent for the same or an overlapping period, Administrative Agent shall promptly remit to Borrower the amount of such interest
paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Administrative Agent, then the amount
so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower shall be without prejudice
to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative Agent. A notice of
Administrative Agent to any Lender or Borrower with respect to any amount owing under this Section 2.6(b) shall be
conclusive, absent manifest error.

 

(c) Obligations of
Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and Swingline
Loans and to make payments pursuant to Section 10.3(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any payment under Section 10.3(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for
the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 10.3(c).

 

(d) Initial Term Loan
Cash Collateral. Within one Business Day of the Effective Date, Borrower shall deliver the Cash Collateral Amount to Administrative
Agent to be held by Administrative Agent as security for the Obligations. At any time prior to the end of the IPO Consummation
Period and upon request of Borrower, Administrative Agent shall release an amount of the Cash Collateral Amount requested by Borrower
from time to time; provided that such amount is solely for the purpose to prepay, in whole or in part, the amount of Revolving
Credit Loans then outstanding. Upon the end of the IPO Consummation Period, so long as no Event of Default then exists, Administrative
Agent shall release the Cash Collateral Amount to Borrower; provided that Borrower makes any prepayments due under Section 2.10(b)(iv).

 

2.7 Interest Elections.

 

(a) Elections by Borrower
for Borrowings. 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 specified in such Borrowing Request. Thereafter, subject
to the requirements of Sections 2.13 and 2.14, Borrower may elect to convert such Borrowing to a different Type
(other than the conversion of a Swingline Loan Borrowing into a Eurodollar Borrowing) or to continue such Borrowing and, in the
case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. Borrower may elect different
options with respect to different portions of the affected Borrowing, in which case each such 

 

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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. Notwithstanding anything to the contrary in this Section, on the date that the
Revolving Credit Lenders fund their participations in the outstanding principal amount of any Swingline Loans, any Swingline
Loan Borrowing for which interest is charged at the Swingline Fed Funds Rate then outstanding shall automatically be
converted to Base Rate Loans.

 

(b) Notice of Elections.
To make an election pursuant to this Section, Borrower shall notify Administrative Agent of such election by telephone or by
emailing an Interest Election Request to Administrative Agent, in either case by the time that a Borrowing Request would be required
under Section 2.3 if Borrower was requesting a Borrowing of the Type resulting from such election to be made on the
effective date of such election. Each Interest Election Request (whether by telephone or email) shall be irrevocable and any telephonic
request shall be confirmed promptly by hand delivery, email or telecopy to Administrative Agent of a written Interest Election
Request in the form of Exhibit 2.7 and signed by Borrower.

 

(c) Information in
Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information
in compliance with Section 2.2:

 

(i) 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 clauses (iii)
and (iv) of this Section 2.7(c) 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 (by specifying the duration of such Interest
Period and the last day of such Interest Period) after giving effect to such election, which shall be a period contemplated by
the definition of Interest Period.

 

If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then Borrower shall be deemed to have
selected an Interest Period of 1 month’s duration.

 

(d) Notice by Administrative
Agent to Lenders. Promptly following receipt of an Interest Election Request, Administrative Agent shall advise each
applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e) Failure to Elect;
Default. If Borrower fails to deliver a timely and properly completed 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 a Default has occurred and is continuing and Administrative Agent, at the request of the Required Lenders, so notifies
Borrower, then, so long as a Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a

 

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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.

 

(f) Initial Interest
Elections. Anything in Section 2.2 or this Section 2.7 to the contrary notwithstanding, Borrower may
not select a Eurodollar Borrowing as a Borrowing on the Effective Date unless Administrative Agent receives the applicable Borrowing
Request not later than 12:00 noon, New York City time, 3 Business Days prior to the Effective Date, together with an indemnity
agreement from Borrower agreeing to pay losses as described in Section 2.15, in form and substance reasonably acceptable
to Administrative Agent.

 

2.8 Termination
and Reduction of the Commitments

 

(a) Scheduled Termination.
Unless previously terminated in accordance with the terms hereof, (i) the Term Loan Commitments shall terminate upon the making
of the Initial Term Loans on the Effective Date, (ii) the Delayed Draw Term Loan Commitments shall terminate on the Conversion
Date, and (iii) the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

 

(b) Voluntary Termination
or Reduction. Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments or the Delayed
Draw Term Loan Commitments; provided that (i) each reduction of the Revolving Credit Commitments or the Delayed Draw Term
Loan Commitments pursuant to this Section shall be in an amount that is $1,000,000 or a larger integral multiple of $100,000 in
excess thereof and (ii) Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any
concurrent prepayment of the Revolving Credit Loans in accordance with Section 2.10, the sum of the total Revolving Credit
Exposures would exceed the total Revolving Credit Commitments.

 

(c) Notice of Voluntary
Termination or Reduction. Borrower shall notify Administrative Agent of any election to terminate or reduce the Revolving
Credit Commitments or the Delayed Draw Term Loan Commitments under Section 2.8(b) by no later than 12:00 noon, New
York City time, at least 3 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, Administrative Agent shall advise the Lenders of the
contents thereof. Each notice delivered by Borrower pursuant to this Section shall be irrevocable; provided that a notice
of termination of the Revolving Credit Commitments or Delayed Draw Term Loan Commitments delivered by Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities or another transaction, in which case such notice may be
revoked by Borrower (by notice to Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

 

(d) Effect of Termination
or Reduction. Any termination or reduction of the Revolving Credit Commitments or Delayed Draw Term Loan Commitments
shall be permanent. Each reduction of the Revolving Credit Commitments or Delayed Draw Term Loan Commitments shall be made ratably
among the Lenders in accordance with their respective Revolving Credit Commitments or Delayed Draw Term Loan Commitments, as applicable
(other than any reduction made pursuant to Section 2.18(b)). All commitment fees accrued on the portion of the Revolving
Credit Commitments or Delayed Draw Term Loan Commitments terminated until the effective date of such termination of the Revolving
Credit Commitments or the Delayed Draw Term Loan Commitments, as applicable, shall be paid on the effective date of such termination.

 

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2.9 Repayment of
Loans; Evidence of Debt.

 

(a) Repayment.
Borrower hereby unconditionally promises to pay the Loans as follows:

 

(i) to Administrative
Agent for the ratable account of the Revolving Credit Lenders, the aggregate outstanding principal amount of the Revolving Credit
Loans on the Revolving Credit Maturity Date or any earlier date of termination of this Agreement or acceleration of the Loans due
hereunder in accordance with the terms hereof;

 

(ii) to Administrative
Agent for the ratable account of the applicable Term Loan Lenders:

 

(A) on
each Quarterly Date, the principal of the Initial Term Loans outstanding in an amount equal to the Quarterly Percentage multiplied
by the original principal amount of the Initial Term Loans on the Effective Date, to be applied to the unpaid principal amount
of the Initial Term Loans,

 

(B) the
principal of the Incremental Term Loans of each Tranche on such dates and in such amounts as may be set forth in the Notice of
Incremental Term Loan Borrowing for such Tranche, to be applied to the unpaid principal amount of the Incremental Term Loans for
such Tranche for which such payment relates, and

 

(C) on the
Term Loan Maturity Date or any earlier date of termination of this Agreement or acceleration of the Loans due hereunder in accordance
with the terms hereof, the remaining unpaid principal amount of the Term Loans; provided that the scheduled installments
of principal of the Initial Term Loans required above or of any Incremental Term Loans shall be reduced in connection with any
voluntary or mandatory prepayments of the Initial Term Loans or Incremental Term Loans in accordance with Section 2.10(c).

 

(iii) to Administrative
Agent for the ratable account of the applicable Delayed Draw Term Loan Lenders:

 

(A) on
each Quarterly Date, the principal of each Tranche of Delayed Draw Term Loans outstanding in an amount equal to the Quarterly Percentage
multiplied by the original principal amount of each such Tranche of Delayed Draw Term Loans, to be applied to the unpaid principal
amount of each such Tranche of Delayed Draw Term Loans, and

 

(B) on the
Term Loan Maturity Date or any earlier date of termination of this Agreement or acceleration of the Loans due hereunder in accordance
with the terms hereof, the remaining unpaid principal amount of the Delayed Draw Term Loans; provided that the scheduled
installments of principal of the Delayed Draw Term Loans required above shall be reduced in connection with any voluntary or mandatory
prepayments of the Delayed Draw Term Loans in accordance with Section 2.10(c).

 

(iv) to Swingline Lender
the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Credit Maturity Date (or any earlier date
of

 

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termination of this Agreement or acceleration of the Loans due hereunder in accordance with the terms hereof) and the date that
is 30 days after such Swingline Loan is made.

 

(b) Manner of Payment.
Each repayment or prepayment of Borrowings of any Class shall be applied to repay any outstanding Base Rate Loan Borrowings of
such Class before any other Borrowings of such Class.

 

(c) Maintenance of
Loan Accounts by Lenders and Administrative Agent. Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the indebtedness of Borrower 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. 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 Borrower
to each Lender hereunder, and (iii) the amount of any sum received by Administrative Agent hereunder for the account of the Lenders
and each Lender’s share thereof.

 

(d) Effect of Entries.
The entries made in the accounts maintained pursuant to Section 2.9(c) shall be conclusive evidence of the existence
and amounts of the obligations recorded therein in the absence of manifest error; provided that the failure of any Lender
or Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of Borrower
to repay the Loans in accordance with the terms of this Agreement. In the event of any conflict between the accounts maintained
by any Lender and the accounts of Administrative Agent in respect of such matters, the accounts of Administrative Agent shall control
in the absence of manifest error.

 

(e) Participations
in Letters of Credit and Swingline Loans. In addition to the accounts maintained pursuant to Section 2.9(c), each
Lender and Administrative Agent shall maintain in accordance with its usual practice account or accounts evidencing the purchases
and sales by such Lender of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts
maintained by Administrative Agent and the accounts of any Lender in respect of such matters, the accounts and records of Administrative
Agent shall control in the absence of manifest error.

 

2.10 Prepayment
of Loans.

 

(a) Optional Prepayments.
Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements
of this Section and Section 2.15; provided (i) that each voluntary prepayment of the Term Loans or Delayed Draw
Term Loans shall be in an amount that is at least $5,000,000 or a larger integral multiple of $100,000 in excess thereof or, if
less, the remaining outstanding principal amount of the Term Loans or Delayed Draw Term Loans, (ii) that each voluntary prepayment
of a Swingline Loan shall be in an amount that is at least $100,000 or a larger integral multiple of $1 in excess thereof or, if
less, the remaining outstanding principal amount of such Swingline Loan, and (iii) Borrower shall not be permitted to prepay any
Initial Term Loan with the proceeds of Incremental Term Loans. Any prepayment of the Term Loans or Delayed Draw Term Loans pursuant
to this Section 2.10(a) shall be applied to the installments thereof as set forth in Section 2.10(c).

 

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(b) Mandatory Prepayments.
Borrower shall prepay the Loans (and/or provide cash collateral for LC Exposure, as applicable), as follows:

 

(i) Sale of Assets.
If on any date a Company shall receive Net Cash Proceeds from any Disposition (other than a Disposition permitted under clauses (a)
through (k) of Section 6.7) in excess of $10,000,000 in the aggregate for all such Dispositions in any Fiscal
Year, then, unless a Reinvestment Notice shall be delivered by Borrower to the Administrative Agent in respect of such Disposition,
within 5 Business Days of the date of receipt by a Company of such Net Cash Proceeds, Borrower shall prepay the Loans in an amount
equal to 100% of the amount of such Net Cash Proceeds, as set forth in Section 2.10(c); provided that notwithstanding
the foregoing, on each Reinvestment Prepayment Date, the Loans shall be prepaid by an amount equal to the Reinvestment Prepayment
Amount with respect to the relevant Reinvestment Event, as set forth in Section 2.10(c). The provisions of this Section
do not constitute a consent to the consummation of any Disposition not permitted by Section 6.7.

 

(ii) Events of Loss.
If on any date a Company shall receive Net Cash Proceeds from any Event of Loss in excess of $5,000,000 in the aggregate for all
such Events of Loss in any Fiscal Year, then, unless a Reinvestment Notice shall be delivered by Borrower to the Administrative
Agent in respect of such Event of Loss, within 5 Business Days of the date of receipt by a Company of such Net Cash Proceeds, Borrower
shall prepay the Loans in an amount equal to 100% of the amount of such Net Cash Proceeds, as set forth in Section 2.10(c);
provided that notwithstanding the foregoing, on each Reinvestment Prepayment Date, the Loans shall be prepaid by an amount
equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event, as set forth in Section 2.10(c).

 

(iii) Insufficient
Availability. Until the Revolving Credit Maturity Date, if on any date the aggregate outstanding Revolving Credit Exposures shall
exceed the lesser of (A) the total Revolving Credit Commitments and (B) the Borrowing Base as reflected in the most recently
delivered Borrowing Base Certificate, then Borrower shall prepay the Revolving Credit Loans and Swingline Loans (or provide Cash
Collateral for LC Exposure as provided in Section 2.5(l)) in an amount equal to such excess, such amount to be applied first,
to repay the outstanding principal balance of the Swingline Loans, until such Swingline Loans shall have been repaid in full, second,
to repay, on a pro rata basis, the outstanding principal balance of the Revolving Credit Loans (first to such Revolving Credit
Loans that are Base Rate Loans and, then, to such Revolving Credit Loans that are Eurodollar Loans) and third, to Cash Collateralize
the LC Exposure in an amount at least equal to 105% of the amount of such LC Exposure. In addition, if on any date the LC Exposure
shall exceed the Letter of Credit sublimit set forth in Section 2.5(c), Borrower shall Cash Collateralize on such date
the outstanding Letters of Credit in an amount equal to such excess.

 

(iv) IPO. Upon the
consummation of the Initial Public Offering, Borrower shall cause Pubco to make an equity contribution to Borrower of the Net Cash
Proceeds of the Initial Public Offering and within 5 Business Days of the date of receipt by Borrower of such Net Cash Proceeds,
Borrower shall prepay the Revolving Credit Loans in an amount equal to 100% of the amount of such Net Cash Proceeds minus the permitted
amount of the IPO Dividend (with no corresponding Revolving Credit Commitment reduction); provided that if the Initial Public
Offering is not consummated within the IPO Consummation Period, then Borrower shall prepay the outstanding Revolving Credit Loans
in an amount equal to the lesser of (x) 100% of the original principal amount of the Initial Term Loan and (y) the aggregate

 

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principal
amount of Revolving Credit Loans then outstanding (with no corresponding Revolving Credit Commitment reduction).

 

(v) Additional Public
Offering. Upon the consummation of any Additional Public Offering, Borrower shall cause Pubco to make an equity contribution to
Borrower of the Net Cash Proceeds of such Additional Public Offering and within 5 Business Days of the date of receipt by Borrower
of such Net Cash Proceeds, Borrower shall prepay the Loans in an amount equal to 30% of the amount of such Net Cash Proceeds; provided
that if the Consolidated Funded Debt to Capitalization Ratio for the most recent Fiscal Quarter ended prior to the consummation
of such Additional Public Offering for which financial statements have been delivered to the Lenders does not exceed 45%, then
no such prepayment of the Loans shall be required pursuant to this Section 2.10(b)(v).

 

(c) Order of Application
to Loans. Each such prepayment of the Loans made under Section 2.10(a) shall be applied to the Term Loans, Delayed
Draw Term Loans or the Revolving Credit Loans as may be selected by Borrower and, in connection with a voluntary prepayment of
the Term Loans or Delayed Draw Term Loans, applied to the remaining installments thereof in the direct order of maturity. Each
mandatory prepayment of the Loans under Section 2.10(b) (other than any mandatory prepayment of the Loans under Sections
2.10(b)(iii) and 2.10(b)(iv)) shall be applied to repay, on a pro rata basis, the outstanding principal balance of the
Term Loans and Delayed Draw Term Loans (first to such Term Loans or Delayed Draw Term Loans that are Base Rate Loans, and then
to such Term Loans or Delayed Draw Term Loans that are Eurodollar Loans), to reduce the remaining scheduled amortization payments
in the inverse order of maturity, until the Term Loans and Delayed Draw Term Loans shall have been repaid in full.

 

(d) Notices, Etc.

 

(i) Borrower shall
notify Administrative Agent (and, in the case of prepayment of a Swingline Loan, Swingline Lender) in writing of any optional prepayment
under Section 2.10(a), (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 noon, New York
City time, 3 Business Days before the date of prepayment, (ii) in the case of prepayment of a Base Rate Borrowing, not later than
12:00 noon, New York City time, on the date of prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than
2:00 p.m., New York City 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 Revolving Credit Commitments as contemplated by Section 2.8(c),
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.8(c).
Promptly following receipt of any such notice, Administrative Agent shall advise the relevant Lenders of the contents thereof.

 

(ii) Prior to or concurrently
with any prepayment under Section 2.10(b), Borrower shall deliver to Administrative Agent a certificate signed by a
Responsible Officer of Borrower containing a reasonably detailed calculation of the amount of such prepayment.

 

(iii) Promptly following
receipt of any prepayment notice relating to a Borrowing or such certificate relating to a prepayment, Administrative Agent shall
advise the

 

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relevant Lenders of the contents thereof and of the amount of such Lender’s ratable portion of such prepayment.

 

(iv) Each partial prepayment
of any Borrowing shall be in an amount such that the remaining amount outstanding of each Borrowing would be permitted in the case
of a Borrowing of the same Type as provided in Section 2.2, except as necessary to apply fully the required amount
of a mandatory prepayment under Section 2.10(b) of this Section. Each prepayment of a Borrowing shall be applied ratably
to the Loans included in the prepaid Borrowing.

 

(v) Prepayments shall
be accompanied by accrued interest to the extent required by Section 2.12 and any amounts required by Section 2.15
and shall be made in the manner specified in Section 2.9(b) and this Section 2.10.

 

2.11 Fees.

 

(a) Commitment Fees.

 

(i) Borrower agrees
to pay to Administrative Agent for the account of each Revolving Credit Lender a commitment fee, which shall accrue at the Applicable
Margin applicable for the “Revolver Commitment Fee Rate” on the daily Unused Revolving Commitment of such Lender during
the period from and including the Effective Date to but excluding the earlier of the date such Revolving Credit Commitment terminates
and the Revolving Credit Maturity Date. Accrued commitment fees for this Section 2.11(a)(i) through and including each Quarterly
Date shall be payable on the second Business Day following such Quarterly Date and on the earlier of the date the Revolving Credit
Commitment terminates and the Revolving Credit Maturity Date, commencing on the first such date to occur after the Effective Date.

 

(ii) Borrower agrees
to pay to Administrative Agent for the account of each Delayed Draw Term Loan Lender a commitment fee, which shall accrue at the
Applicable Margin applicable for the “Delayed Draw Term Loan Commitment Fee Rate” on the daily amount equal to the
result of (i) such Delayed Draw Term Loan Lender’s Delayed Draw Term Loan Commitment minus (ii) the aggregate amount
of the Delayed Draw Term Loans advanced through such date under such Delayed Draw Term Loan Commitment, for each date during the
period from and including the Effective Date through the Conversion Date. Accrued commitment for this Section 2.11(a)(ii)
fees through and including each Quarterly Date shall be payable on the second Business Day following such Quarterly Date and on
the Conversion Date, 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 365 or 366 days, as the case may be, and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

(b) Letter of Credit
Fees. Borrower agrees to pay (i) to Administrative Agent for the account of each Revolving Credit Lender a participation
fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin
applicable to interest on Eurodollar Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued during the period from and including
the Effective Date to and excluding the later of the date on which such Revolving Credit Lender’s Commitment

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terminates and
the date on which such Lender ceases to have any LC Exposure and (ii) to Issuing Lender for its own account a fronting fee, which
shall accrue at the rate or rates per annum separately agreed upon between Borrower and Issuing Lender on the average daily amount
of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters
of Credit issued by it during the period from and including the Effective Date to but excluding the later of the date of termination
of the Revolving Credit Commitments and the date on which there ceases to be any LC Exposure, as well as Issuing Lender’s
standard fees and other standard costs and charges 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 each Quarterly
Date shall be payable on the second Business Day following such Quarterly Date, 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 Credit Commitments terminate
and any such fees accruing after the date on which the Revolving Credit Commitments terminate shall be payable on demand. Any other
fees payable to Issuing Lender pursuant to this Section 2.11(b) shall be payable within 10 days after demand. All participation
fees and fronting fees shall be computed on the basis of a year of 365 or 366 days, as the case may be, and shall be payable for
the actual number of days elapsed (including the first day but excluding the last day).

 

(c) Administrative
Agent Fees. Borrower agrees to pay to Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between Borrower and Administrative Agent and such other fees required by the Fee Letter.

 

(d) Payment of Fees.
All fees payable hereunder shall be paid on the dates due, in immediately available funds in Dollars, to Administrative Agent
(or to Issuing Lender, in the case of fees payable to it) for distribution, other than in the case of fees payable solely for account
of Administrative Agent, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

 

2.12 Interest.

 

(a) Base Rate Loans.
The Loans comprising each Base Rate Borrowing shall bear interest at a rate per annum equal to the Base Rate plus
the Applicable Margin.

 

(b) Eurodollar Loans;
Swingline Loans. The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the
Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. The Loans comprising
each Swingline Loan shall bear interest at a rate per annum equal to (i) the Swingline Fed Funds Rate plus the Applicable
Margin for Eurodollar Revolving Credit Loans, (ii) the Base Rate plus the Applicable Margin for Base Rate Revolving Credit
Loans, or (iii) at such other rate per annum as may be agreed to between Borrower and Swingline Lender, in each case as specified
by Borrower in the relevant Borrowing Request or Interest Election Request.

 

(c) Default Interest.
Borrower shall pay interest at a rate per annum equal to the Default Rate (i) on any amount that is not paid in full when due
(after giving effect to any applicable cure period under Section 8.1(a)) and (ii) on the principal amount of all outstanding
Loans and, to the fullest extent permitted by law, the outstanding amount of all interest, fees and other Obligations (A) immediately
upon the occurrence of any Event of Default described in clauses (e) or (f) of Section 8.1 and (B)
at the election of Administrative Agent or the Required Lenders upon the occurrence of any other Event of Default.

 

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(d) Payment of Interest.
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving
Credit Loans, upon termination of the Revolving Credit Commitments, and, in the case of the Term Loans and the Delayed Draw Term
Loans, on the Term Loan Maturity Date (or earlier date of termination of this Agreement or acceleration of the Loans due hereunder
pursuant to the terms hereof); provided that (i) interest accrued pursuant to Section 2.12(c) shall be payable
on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Base Rate Revolving Credit
Loan prior to the Revolving Credit Maturity Date), 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 Borrowing prior to the
end of the current Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such
conversion. Additionally, Borrower shall immediately pay to Administrative Agent for the account of the applicable Lenders the
amount of any interest and fees that may be owing pursuant to the last sentence of the definition of Applicable Margin. Borrower’s
obligations under this Section 2.12(d) shall survive the termination of the Commitments and the repayment of all other
Obligations hereunder.

 

(e) Computation.
All interest hereunder shall be computed (i) with respect to Eurodollar Loans and Swingline Loans for which interest is charged
at the Swingline Fed Funds Rate, on the basis of a year of 360 days, and in each case shall be payable for the actual number of
days elapsed (including the first day but excluding the last day), and (ii) with respect to Base Rate Loans, Swingline Loans for
which interest is charged at the Base Rate, and interest calculated at the Default Rate, on the basis of a year of 365 or 366 days,
as the case may be, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). The applicable Base Rate or Adjusted LIBO Rate shall be determined by Administrative Agent, and such determination
shall be conclusive absent manifest error.

 

2.13 Alternate Rate
of Interest; Illegality.

 

(a) Alternate Rate
of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(i) Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the Adjusted LIBO Rate for such Interest Period; or

 

(ii) if such Borrowing
is of a particular Class of Loans and Administrative Agent is advised by Lenders having Total Credit Exposures with respect to
such Class representing more than 50% of the Total Credit Exposures of all Lenders with respect to such Class that the Adjusted
LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
Loans included in such Borrowing for such Interest Period;

 

then Administrative Agent
shall give notice thereof to Borrower and the Lenders as promptly as practicable thereafter and, until Administrative Agent notifies
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (which notice Administrative Agent agrees
to provide promptly), (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any
Borrowing as, a Eurodollar Borrowing shall be ineffective and (B) if any Borrowing Request requests a Eurodollar Borrowing, such
Borrowing shall be made as a Base Rate Borrowing.

 

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(b) 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 through 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 Administrative Agent and Borrower that
the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, Borrower shall, upon demand from
such Lender (with a copy to Administrative Agent), 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 conversion, Borrower shall
also pay accrued interest on the amount so converted.

 

2.14 Increased Costs.

 

(a) Increased Costs
Generally. If any Change in Law shall:

 

(i) impose, modify
or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the
Adjusted LIBO Rate) or Issuing Lender;

 

(ii) subject any Recipient
to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii) impose on any
Lender or Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) 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 or such other Recipient of making, converting to, continuing or maintaining
any Eurodollar Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, Issuing Lender
or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate
in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Lender,
or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing
Lender, or such other Recipient, Borrower will pay to such Lender, Issuing Lender, or other Recipient, as the case may be, such
additional amount or amounts as will compensate such Lender, Issuing Lender, or such other Recipient, as the case may be, for such
additional costs incurred or reduction suffered.

 

(b) Capital Requirements.
If any Lender or Issuing Lender determines that any Change in Law affecting such Lender or Issuing Lender or any lending office
of such Lender or such Lender’s or Issuing Lender’s holding company, if any, regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s or

 

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Issuing Lender’s capital or on the
capital of such Lender’s or Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments
of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued
by Issuing Lender, to a level below that which such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Lender’s
policies and the policies of such Lender’s or Issuing Lender’s holding company with respect to capital adequacy), then
from time to time Borrower will pay to such Lender or Issuing Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company for any such reduction
suffered.

 

(c) Certificates for
Reimbursement. A certificate of a Lender or Issuing Lender setting forth the amount or amounts necessary to compensate such
Lender or Issuing Lender or its holding company, as the case may be, as specified in Sections 2.14(a) or 2.14(b) and
delivered to Borrower shall be conclusive absent manifest error. Borrower shall pay such Lender or Issuing Lender, as the case
may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d) Delay in Requests.
Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s or Issuing Lender’s right to demand such compensation; provided that Borrower shall
not be required to compensate a Lender or Issuing Lender pursuant to this Section for any increased costs incurred or reductions
suffered more than 9 months prior to the date that such Lender or Issuing Lender, as the case may be, notifies Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Lender’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 9-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

2.15 Compensation
for Losses. 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 or any mandatory prepayment), (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 Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted
to be revocable under Section 2.8(c) and is revoked in accordance herewith), 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 Borrower pursuant to Section 2.18(b),
then, in any such event, Borrower shall compensate each Lender for the loss, cost or expense attributable to such event (but excluding
any loss of margin or anticipated profits) and any cost or expense arising from the liquidation or reemployment of funds obtained
by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. For purposes of
calculating amounts payable by Borrower to the Lenders under this Section 2.15, each Lender shall be deemed to have
funded each Eurodollar Loan made by it at the Adjusted LIBO Rate for such Loan by a matching deposit or other borrowing in the
London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Loan was
in fact so funded. 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 Borrower and shall be conclusive absent manifest error.

 

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Borrower shall pay such Lender the
amount shown as due on any such certificate within 10 days after receipt thereof. Notwithstanding the foregoing, this Section 2.15
shall not apply to losses, costs or expenses resulting from Taxes, as to which Section 2.16 shall govern.

 

2.16 Taxes.

 

(a) Defined Terms.
For purposes of this Section 2.16, the term “Lender” includes any Issuing Lender and the term “applicable
law” includes FATCA.

 

(b) Payments Free
of Taxes. Any and all payments by or on account of any obligation of any Obligor 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 applicable Obligor 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)
the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(c) Payment of Other
Taxes by the Obligors. The Obligors shall timely pay to the relevant Governmental Authority in accordance with applicable law,
or at the option of Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d) Indemnification
by the Obligors. The Obligors 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. A certificate as to the amount of such payment or liability delivered
to Borrower by a Lender (with a copy to Administrative Agent), or by 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 Administrative Agent, within 10 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that any Obligor has not already indemnified Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Obligors to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 10.4(e) relating to the maintenance of a Participant
Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by 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 Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan
Document or otherwise

 

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payable
by Administrative Agent to the Lender from any other source against any amount due to Administrative Agent under this Section
2.16(e).

(f)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant
to this Section 2.16(f), such Obligor shall deliver to Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to Administrative Agent.

(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 Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative
Agent, such properly completed and executed documentation reasonably requested by Borrower or 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 Borrower or Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by Borrower or Administrative Agent as will enable Borrower or 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 clauses
(A), (B), and (D) of Section 2.16(g)(ii)) 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 Borrower and 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 Borrower or Administrative
Agent), executed originals 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 Borrower and 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 Borrower or 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 (I) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (II) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an

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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 originals 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,
(I) a certificate substantially in the form of Exhibit 2.16-1 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 the Obligors 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 (II) executed originals of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable; or

(4)
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.16-2
or Exhibit 2.16-3, 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
2.16-4 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 Borrower and 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 Borrower or Administrative Agent), executed
originals 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
Borrower or Administrative Agent to determine the withholding or deduction required to be made; and

(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 Borrower and Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or 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
Borrower or Administrative Agent as may be necessary for Borrower and 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

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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 Borrower and 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 2.16 (including by the payment of additional
amounts pursuant to this Section 2.16), 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 Section 2.16(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 Section 2.16(h), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.16(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 Section 2.16(h) shall
not be construed to require any indemnified party to make available its Tax returns (or 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 2.16 shall survive the resignation or replacement of
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.

2.17
Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

(a)
Payments by the Obligors. Each Obligor shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or under Section 10.3 or otherwise) or under any other Loan Document
(except to the extent otherwise provided therein) prior to 1:00 p.m., New York City time, on the date when due, in immediately
available funds, without condition or deduction for any counterclaim, defense, recoupment or set-off. Any amounts received after
such time on any date may, in the discretion of 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 Administrative Agent, for the account of
the respective Lenders to which such payment is owed, at such account as Administrative Agent may designate to Borrower in writing
from time to time, except (i) as otherwise expressly provided in the relevant Loan Document and (ii) payments to be made directly
to Issuing Lender or Swingline Lender as expressly provided

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herein. 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 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 or under any other Loan Document shall
be made in Dollars.

(b)
Application of Insufficient Payments. If at any time insufficient funds are received by and available to Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall
be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of interest and fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC
Disbursements then due to such parties.

(c)
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of, or conversions of Loans in,
a particular Class shall be allocated pro rata among the relevant Lenders according to the amounts of their respective Commitments
of such Class (in the case of the making of Loans) or their respective Loans of such Class (in the case of conversions and continuations
of Loans), (ii) each payment of commitment fees under Section 2.11 in respect of Revolving Credit Commitments and each
payment of Letter of Credit participation fees under Section 2.11 shall be made for account of the Revolving Credit Lenders,
(iii) each payment of commitment fees under Section 2.11 in respect of Delayed Draw Term Loan Commitments shall be made
for account of the Delayed Draw Term Loan Lenders (iv) each termination or reduction of the amount of the Commitments of a particular
Class under Section 2.8 shall be applied to the respective Commitments of such Class of the relevant Lenders, pro rata
according to the amounts of their respective Commitments of such Class, (v) each payment or prepayment of principal of Loans of
any Class by Borrower shall be made for account of the relevant Lenders pro rata in accordance with the respective unpaid principal
amounts of the Loans of such Class held by them, and (vi) each payment of interest on Loans of any Class by Borrower shall be
made for account of the relevant Lenders pro rata in accordance with the amounts of interest on the Loans of such Class then due
and payable to the respective Lenders.

(d)
Sharing of Payments by Lenders. 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 or Swingline
Loans in excess of its ratable share of the aggregate amount of outstanding Loans and participations in LC Disbursements and Swingline
Loans and accrued interest thereon, then such Lender shall notify Administrative Agent of such fact and shall purchase (for cash
at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans 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 and Swingline Loans;
provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is

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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 Section 2.17(d) shall not be construed to apply to any payment made by any Obligor pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender) 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 or Swingline Loans to any assignee or participant, other than to Borrower
or any Subsidiary or Affiliate thereof (as to which the provisions of this Section 2.17(d) shall apply). Each Obligor consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Obligor rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Obligor in the amount of such participation.

(e)
Presumptions of Payment. Unless Administrative Agent shall have received notice from Borrower prior to the date
on which any payment is due to Administrative Agent for the account of the Lenders or Issuing Lender hereunder that Borrower will
not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption but without any obligation to do so, distribute to the Lenders or Issuing Lender, as
the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or Issuing
Lender, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to
such Lender or Issuing Lender with interest thereon, for each day from and including the date such amount is distributed to it
to but excluding the date of payment to Administrative Agent, for the first 5 Business Days at the greater of the Federal Funds
Effective Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation
and thereafter at the Base Rate. A notice of Administrative Agent to any Lender or Borrower with respect to any amount owing under
this Section 2.17(e) shall be conclusive, absent manifest error.

(f)
Certain Deductions by Administrative Agent. If any Lender shall fail to make any payment required to be made by
it pursuant to this Agreement (including Sections 2.4, 2.5(e), 2.5(f), 2.6(b), and 2.17(e)),
then Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter
received by 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.

(g)
Return of Proceeds. If at any time payment, in whole or in part, of any amount distributed by Administrative Agent hereunder
is rescinded or must otherwise be restored or returned by Administrative Agent as a preference, fraudulent conveyance, or otherwise
under any Debtor Relief Law, then each Person receiving any portion of such amount agrees, upon demand, to return the portion
of such amount it has received to Administrative Agent together with a pro rata portion of any interest paid by or other charges
imposed on Administrative Agent in connection with such rescinded or restored payment.

2.18
Mitigation Obligations; Replacement of Lenders.

(a)
Designation of a Different Lending Office. If any Lender requests compensation under Section 2.14 or 2.16,
or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to 

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Section 2.14 or 2.16, or if any Lender gives a notice pursuant to Section 2.13(b) suspending
its obligation to make or continue Eurodollar Loans or to convert Base Rate Loans to Eurodollar Loans (a “Eurodollar
Illegality Notice”), 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
2.14 or 2.16, or eliminate the need for the notice pursuant to Section 2.13(b), 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. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment.

(b)
Replacement of Lenders. If any Lender requests compensation under Section 2.14 or 2.16, if Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section
2.14 or 2.16, or if a Lender provides a Eurodollar Illegality Notice and, in each case, such Lender has declined or
is unable to designate a different lending office in accordance with Section 2.18(a), or if any Lender is a Defaulting
Lender or a Non-Consenting Lender, then Borrower may, at Borrower’s sole expense and effort, upon notice to such Lender
and Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.4), all its interests, rights (other than its existing
rights to payments pursuant to Section 2.14 or 2.16) and obligations under this Agreement and the other Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) Borrower shall have paid to Administrative Agent the assignment fee (if any) specified in Section
10.4, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations
in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder
and under the other Loan Documents (including any amounts under Section 2.15), from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts), (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to
Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter, (iv) in the case
of any such assignment resulting from a Lender’s delivery of a Eurodollar Illegality Notice, such assignee will not be entitled
to deliver a Eurodollar Illegality Notice under Section 2.13(b) at the time of or in connection with such assignment, (v)
such assignment does not conflict with applicable law, and (vi) in the case of any assignment resulting from a Lender becoming
a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. Each Lender
agrees that, if Borrower exercises Borrower’s option hereunder, it shall promptly execute and deliver all agreements and
documentation necessary to effectuate such assignment as set forth in Section 10.4. If such Lender shall refuse or fail
to execute and deliver any such Assignment and Assumption prior to the effective date of such replacement as notified by Administrative
Agent, such Lender shall be deemed to have executed and delivered such Assignment and Assumption, and shall no longer be a Lender
hereunder upon the payment to such Lender of an amount equal to the aggregate amount of outstanding Obligations (other than Bank
Product Obligations) owed to such Lender in accordance with the wire transfer instructions for such Lender on file with Administrative
Agent. A Lender shall not be required to

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make any such assignment and delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply.

2.19
Increases of the Revolving Credit Commitments; Adjustments to Revolving Credit Commitments; Additional Term Loans.

(a)
Following the Effective Date, Borrower may from time to time through the (i) Revolving Credit Maturity Date, propose to increase
the aggregate amount of the Revolving Credit Commitments (each, an “Incremental Revolving Credit Commitment”)
in accordance with this Section by delivering a Notice of Incremental Revolving Credit Commitment to Administrative Agent (which
shall promptly provide a copy of such notice to the Revolving Credit Lenders, as applicable) substantially in the form of Exhibit
2.19-1 (a “Notice of Incremental Revolving Credit Commitment”), specifying (subject to the restrictions
set forth in Section 2.19(d)) therein (A) the amount of the Incremental Revolving Credit Commitment requested (which shall
be in a minimum principal amount of $20,000,000 and integral multiples of $5,000,000 in excess thereof) and (B) the requested
advance date of the proposed Incremental Revolving Credit Commitment (which shall be at least 20 days (or such shorter period
as may be agreed by Administrative Agent) from the date of delivery of the Notice of Incremental Revolving Credit Commitment),
and (ii) Term Loan Maturity Date, propose that additional term loans be made to it in accordance with this Section (each, an “Incremental
Term Loan”; together with any Incremental Revolving Credit Commitment, each an “Incremental Facility”)
by delivering a Notice of Incremental Term Loan Borrowing to Administrative Agent substantially in the form of Exhibit 2.19-2
(a “Notice of Incremental Term Loan Borrowing”; together with any Notice of Incremental Revolving Credit
Commitment, each individually an “Incremental Facility Notice”), specifying (subject to the restrictions
set forth in Section 2.19(d)) therein (A) the amount of the Tranche of Incremental Term Loans requested (which Tranche
shall be in a minimum principal amount of $20,000,000 and integral multiples of $5,000,000 in excess thereof), (B) the requested
advance date of the proposed Incremental Term Loans comprising such Tranche (which shall be at least 20 days (or such shorter
period as may be agreed by Administrative Agent) from the date of delivery of the Notice of Incremental Term Loan Borrowing),
(C) the interest rate to be applicable to all Incremental Term Loans in such Tranche, (D) the amortization for all Incremental
Term Loans in such Tranche, and (E) the amount of any upfront or closing fees to be paid by Borrower to the Lenders funding the
Tranche of Incremental Term Loans requested. At the time of delivery of each Incremental Facility Notice, Borrower shall also
deliver to Administrative Agent a certificate of a Responsible Officer of Borrower certifying that no Default or Event of Default
then exists or would be caused thereby. The aggregate principal amount of all Incremental Facilities made pursuant to this Section
after the Effective Date shall not exceed $75,000,000.

(b)
Repayments of the principal of any Incremental Term Loans may not be reborrowed. Each Tranche of Incremental Term Loans shall
bear interest at the Base Rate or the Adjusted LIBO Rate plus such Applicable Margin as is set forth in the Notice of Incremental
Term Loan Borrowing related to such Tranche, and shall be subject to the amortization set forth in the applicable Notice of Incremental
Term Loan Borrowing relating to such Tranche; provided, however, (i) the final maturity date of any Tranche of Incremental
Term Loans shall be no earlier than the Term Loan Maturity Date, (ii) no Incremental Term Loans shall have the effect of reducing
the amortization of the Initial Term Loans then in effect immediately prior to

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such Incremental Term Loans, and (iii) the amortization
of the Incremental Term Loans of any Tranche shall not require a percentage of the Incremental Term Loans of such Tranche to be
repaid in any Fiscal Quarter in excess of the Initial Term Loan Repayment Percentage in effect as of the last day of such Fiscal
Quarter. All Incremental Term Loans shall for all purposes be Obligations hereunder and under the Loan Documents.

(c)
Administrative Agent shall deliver a copy of each Incremental Facility Notice to such Lenders or other Persons that qualify as
an Eligible Assignee as may be determined by Administrative Agent in its reasonable discretion with the approval of Borrower or
as may be specified by Borrower with the consent of Administrative Agent (not to be unreasonably withheld or delayed). No Lender
shall have any obligation to increase its Revolving Credit Commitment or fund any Incremental Term Loan, and any decision by a
Lender to increase its Revolving Credit Commitment or fund any Incremental Term Loan shall be made in its sole discretion independently
from any other Lender.

(d)
If Administrative Agent receives commitments from Lenders and/or from any other Person that (i) qualifies as an Eligible Assignee
and is reasonably acceptable to Borrower and Administrative Agent (such consent not to be unreasonably withheld or delayed), and
(ii) has agreed to become a Lender in respect of all or a portion of the Incremental Facility (an “Additional Lender”),
in excess of the requested Incremental Facility, Administrative Agent shall have the right, in its sole discretion but with the
consent of Borrower, to reduce and reallocate (within the minimum and maximum amounts specified by each such Lender or Additional
Lender in its notice to Administrative Agent) the shares of the Incremental Facility of the Lenders or Additional Lenders willing
to fund (or commit to fund) such Incremental Facility so that the total committed Incremental Facility equals the requested Incremental
Facility. If Administrative Agent does not receive commitments from Lenders (or Additional Lenders) in an amount sufficient to
fund the requested Incremental Facility, Administrative Agent shall so notify Borrower and the request for Incremental Facility
shall be deemed automatically rescinded; provided, Borrower may submit a replacement Incremental Facility Notice setting
forth different terms for the requested Incremental Facility.

(e)
An increase in the aggregate amount of the Lenders’ Revolving Credit Commitments or an agreement to fund Incremental Term
Loans, pursuant to this Section shall become effective upon the receipt by Administrative Agent of an agreement in form and substance
reasonably satisfactory to Administrative Agent and Borrower signed by each Obligor, by each Additional Lender and by each existing
Lender whose Revolving Credit Commitment is to be increased or who has agreed to fund such Incremental Term Loans, setting forth
the new Pro Rata Share, Revolving Credit Commitment and/or Incremental Term Loans of such Lenders and setting forth the agreement
of each Additional Lender to become a party to this Agreement as a Lender and to be bound by all the terms and provisions hereof,
together with officer’s certificates and ratification agreements executed by each Obligor and such evidence of appropriate
corporate authorization on the part of each Obligor with respect to the requested Incremental Facility, amendments to this Agreement
reasonably acceptable to the Administrative Agent, the Lenders providing such Incremental Facility, and Borrower solely to the
extent necessary to implement the requested Incremental Facility, amendments to any other Loan Documents reasonably requested
by Administrative Agent in relation to the requested Incremental Facility (which amendments to the Loan Documents (other than
this Agreement) Administrative Agent is hereby authorized to execute on behalf of the Lenders), updates or

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endorsements to policies
of title insurance, flood hazard determination certificates (and, if applicable, evidence of flood insurance) with respect to
each parcel of Mortgaged Property, the results of lien searches from applicable jurisdictions, and such opinions of counsel for
the Obligors with respect to the requested Incremental Facility and other assurances as Administrative Agent may reasonably request.
If, after giving effect to any Incremental Revolving Credit Commitment, the outstanding Revolving Credit Loans would not be held
pro rata in accordance with the new Revolving Credit Commitments, the Revolving Credit Lenders (including, without limitation,
any Additional Lenders) shall, on the effective date of the applicable Incremental Facility, make advances among themselves so
that after giving effect thereto the Revolving Credit Loans will be held by the Revolving Credit Lenders (including, without limitation,
any Additional Lenders), on a pro rata basis in accordance with their respective Revolving Credit Commitments hereunder (after
giving effect to the applicable Incremental Revolving Credit Commitment). Each Revolving Credit Lender agrees to wire immediately
available funds to Administrative Agent in accordance with this Agreement as may be required by Administrative Agent in connection
with the foregoing.

2.20
Cash Collateral.

(a)
Certain Credit Support Events. At any time that there shall exist a Defaulting Lender, within 1 Business Day following
the written request of Administrative Agent or any Issuing Lender (with a copy to Administrative Agent), Borrower shall Cash Collateralize
Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section
2.21(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral
Amount.

(b)
Grant of Security Interest. Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to Administrative Agent, for the benefit of Issuing Lender, 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 L/C
Obligations, to be applied pursuant to Section 2.20(c). If at any time Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than Administrative Agent and Issuing Lender as herein provided or that the
total amount of such Cash Collateral is less than the Minimum Collateral Amount, Borrower shall, promptly upon demand by Administrative
Agent, pay or provide to 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).

(c)
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 2.20 or Section 2.21 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.

(d)
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Lender’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20 following (i)
the elimination of the applicable Fronting Exposure (including by replacement of the Defaulting Lender pursuant to Section
2.18(b) or the termination of Defaulting Lender status of the applicable Lender), or

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(ii) the determination by Administrative
Agent and each Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section 2.21,
the Person providing Cash Collateral and each Issuing Lender 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 Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

2.21
Defaulting Lenders.

(a)
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 or Required Revolving Lenders.

(ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or
received by Administrative Agent from a Defaulting Lender pursuant to Section 10.8 shall be applied at such time or times
as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender
to Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to
any Issuing Lender or Swingline Lender hereunder; third, to Cash Collateralize Issuing Lender’s Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 2.19; fourth, as Borrower may request (so long as no Default or Event
of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by Administrative Agent; fifth, if so determined by Administrative Agent and Borrower,
to be held in a Deposit Account controlled by Administrative Agent and released pro rata in order to (y) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Revolving Credit Loans and Delayed Draw Term Loans under this
Agreement and (z) Cash Collateralize Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.20 sixth, to the payment
of any amounts owing to the Lenders, Issuing Lender or Swingline Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, Issuing Lender or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any
amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by 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 (y) 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 (z) such Loans were made or the related Letters of Credit and Swingline Loans were issued at a time when the conditions
set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the 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

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until such time
as all Loans and funded and unfunded participations in Letters of Credit are held by the Lenders pro rata in accordance with
their respective Commitments without giving effect to Section 2.21(a)(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(a)(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 fee pursuant to Section 2.11(a) for any period during
which that Lender is a Defaulting Lender (and Borrower 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 fees pursuant to Section 2.11(b)(i) for any period during which that
Lender is a Defaulting Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for
which it has provided Cash Collateral pursuant to Section 2.20.

(C)
With respect to any fee not required to be paid to any Defaulting Lender pursuant to Sections 2.21(a)(iii)(A) or 2.21(a)(iii)(B),
Borrower shall (i) 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 Section 2.21(a)(iv), (ii) pay to each Issuing Lender and Swingline Loans, as
applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s
or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (iii) 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 participation in
Letters of Credit and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Pro Rata Shares (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent
that (A) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless Borrower shall
have otherwise notified Administrative Agent at such time, Borrower shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (B) such reallocation does not cause the aggregate Revolving Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. 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 Section 2.21(a)(iv) cannot, or can only
partially, be effected, Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, first,
prepay Swingline Loans in an amount equal to Swingline Lender’s Fronting Exposure and second, Cash Collateralize Issuing
Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.20.

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(b)
Defaulting Lender Cure. If Borrower, Administrative Agent, Swingline Lender, and Issuing Lender agree in writing that a
Lender is no longer a Defaulting Lender, 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 Revolving Credit
Loans and Delayed Draw Term Loans of the other Lenders or take such other actions as Administrative Agent may determine to be
necessary to cause the Revolving Credit Loans, Delayed Draw Term Loans and funded and unfunded participations in Letters of Credit
and Swingline Loans to be held pro rata by the Revolving Credit Lenders and Delayed Draw Term Loan Lenders in accordance with
the Revolving Credit Commitments and Delayed Draw Term Loan Commitments, as applicable (without giving effect to Section 2.21(a)(iv)),
and reimburse each such Revolving Credit Lender and Delayed Draw Term Loan Lenders for any costs of the type described in Section
2.15 incurred by any Revolving Credit Lender and Delayed Draw Term Loan Lender as a result of such purchase, 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 Borrower 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.

(c)
New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) 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 Lender 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.

3.
REPRESENTATIONS AND WARRANTIES

In
order to induce Administrative Agent, the Lenders and the Issuing Lender to enter into this Agreement, Borrower represents and
warrants to Administrative Agent, each Lender and Issuing Lender, on the Effective Date and on the date of each Credit Extension,
that the following statements are true and correct (it being understood and agreed that the representations and warranties made
on the Effective Date are deemed to be made concurrently with the consummation of the Transactions contemplated hereby):

3.1
Corporate Existence. Except as may otherwise result after the
consummation of a transaction permitted by Section 6.3, Borrower and each Material Subsidiary (a) is a corporation or other
entity duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority to own its assets and carry on its business as now being or as currently proposed to
be conducted, and (c) is qualified to do business in all jurisdictions in which the nature of its business makes such qualification
necessary and where failure to so qualify would have a Material Adverse Effect. Each Obligor has the corporate, limited liability
company or other applicable power (corporate or otherwise) and authority to execute, deliver, and perform its obligations under
the Loan Documents to which it is a party and, in the case of Borrower, to borrow hereunder and, in the case of each Guarantor,
to guarantee the Obligations.

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3.2
Financial Statements; No Material Adverse Change.

(a)
Financial Statements. Borrower has delivered to Administrative Agent and the Lenders audited consolidated financial
statements of Borrower as at and for the Fiscal Year ended March 29, 2014 and unaudited consolidated financial statements of Borrower
for the Fiscal Quarter ended December 27, 2014. Such financial statements have been prepared in accordance with GAAP, and present
fairly, on a consolidated basis, the financial condition of the Consolidated Group as of the respective dates indicated therein
and the results of operations for the respective periods indicated therein. Neither Borrower nor any of its Subsidiaries has any
material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments, or unrealized or anticipated
losses from any unfavorable commitments except (i) as of the Effective Date, as referred to or reflected in such financial statements
and (ii) as of each date after the Effective Date, as are permitted to be incurred or exist under this Agreement (or are not prohibited
by this Agreement).

(b)
No Material Adverse Change. There has been no material adverse change in the business, condition (financial or otherwise),
operations, or properties of Borrower and the Subsidiaries taken as a whole since March 29, 2014.

3.3
Corporate Action; No Breach; Execution. The
execution, delivery, and performance by each Obligor of the Loan Documents to which it is a party, and, in the case of Borrower,
the borrowings on the terms and conditions of this Agreement and, in the case of each Guarantor, the guarantee of the Obligations,
and compliance with the terms and provisions hereof and thereof, have been duly authorized by all requisite action on the part
of each Obligor and do not and will not (a) violate or conflict with, or result in a breach of (i) the Organizational Documents
of any Obligor, (ii) any applicable law, rule, or regulation or any order, writ, injunction, or decree of any Governmental Authority
or arbitrator, or (iii) any material agreement or instrument to which any Obligor is a party or by which any of them or any of
their property is bound or subject or (b) constitute a default under any such material agreement or instrument, or result in the
creation or imposition of any Lien (except for the Liens created by the Security Documents) upon any of the revenues or assets
of any Obligor. Each Loan Document has been duly executed and delivered on behalf of each Obligor that is a party thereto.

3.4
Operation of Business. Borrower
and each of the Material Subsidiaries possess all licenses, permits, franchises, patents, copyrights, trademarks, and tradenames,
or rights thereto, necessary to conduct their respective businesses substantially as now conducted and as presently proposed to
be conducted except those that the failure to so possess could not reasonably be expected to have a Material Adverse Effect, and
Borrower and each of the Material Subsidiaries are not in violation of any valid rights of others with respect to any of the foregoing
except violations that could not reasonably be expected to have a Material Adverse Effect.

3.5
Litigation and Judgments. There
is no action, suit, investigation, or proceeding before or by any Governmental Authority or arbitrator pending, or to the knowledge
of Borrower, threatened against or affecting Borrower or any Material Subsidiary which could reasonably be expected to (i) as
of the Effective Date, result in liability of Borrower or any Material Subsidiary in any individual case in excess of $5,000,000,
except as disclosed on Schedule 3.5 or as disclosed pursuant to Section 5.1(e), or (ii) individually or in the aggregate
have a Material Adverse Effect. None of the matters disclosed on Schedule 3.5 or disclosed

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pursuant to Section 5.1(e) could
reasonably be expected to have a Material Adverse Effect. Except as disclosed on Schedule 3.5, as of the Effective Date there
are no outstanding judgments against Borrower or any Subsidiary which is a Material Subsidiary on the Effective Date. At all times
after the Effective Date, there are no outstanding judgments against Borrower or any Material Subsidiary that constitute an Event
of Default under Section 8.1(h).

3.6
Properties.

(a)
Property Generally. Borrower and each Material Subsidiary have good title to or valid leasehold interests in their respective
properties and assets, real and personal, including the properties, assets, and leasehold interests reflected in the most recent
financial statements delivered hereunder (except as sold or otherwise disposed of since the date of such financial statements
in the Ordinary Course of Business or as otherwise permitted by Section 6.4), and none of the properties, assets, or leasehold
interests of Borrower or any Material Subsidiary is subject to any Lien, except for Permitted Encumbrances. None of the Liens
disclosed on Schedule P encumber any Collateral.

(b)
Real Property. Set forth on Part 1 of Schedule 3.6, is a complete and correct list, as of the Effective Date, of all of
the real property owned by any Company, indicating in each case the use of the respective property, the identity of the owner,
and the location of the respective property. As of the Effective Date, except as set forth on Part 2 of Schedule 3.6, no Mortgaged
Property owned or leased by an Obligor has improvements located in an area identified as having special flood hazards and in which
flood insurance has been made available under the National Flood Insurance Act of 1968. Each Obligor maintains flood insurance
for each of the properties set forth on Part 2 of Schedule 3.6, in an amount equal to the lesser of the fair market value of each
such property and the maximum available insurance amount under the National Flood Insurance Act of 1968. Such flood insurance
shall have a deductible that does not exceed the greater of (i) the insurable value of the property and (ii) the maximum amount
allowable under the National Flood Insurance Act of 1968. Each Company has good, marketable, and insurable fee simple title to
the real property owned by such Person, free and clear of all Liens, other than Permitted Encumbrances.

3.7
Enforceability. The
Loan Documents to which each Obligor is party, when delivered, shall constitute the legal, valid, and binding obligations of the
applicable Obligor, enforceable against such Obligor in accordance with their respective terms, except as limited by bankruptcy,
insolvency, or other laws of general application relating to the enforcement of creditors’ rights and general principles
of equity.

3.8
Approvals. No authorization, approval, or consent of, and no
filing or registration with, any Governmental Authority or third party is or will be necessary in connection with the Transactions,
the borrowings hereunder, the guarantees of the Obligations or for the execution, delivery, or performance by any Obligor of the
Loan Documents to which each is a party or for the validity or enforceability thereof except for (i) such authorizations, approvals,
consents, filings and registrations which have been obtained or made and are in full force and effect and (ii) filings necessary
to perfect the Liens created by the Security Documents.

3.9
Indebtedness. Borrower and each of its Subsidiaries have no Indebtedness except as permitted by Section
6.1.

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3.10
Taxes. Borrower and each of its Subsidiaries have filed or caused
to be filed all material tax returns (federal, state, and local) required to be filed, and have paid all of their respective liabilities
for federal and material state and local Taxes that are due and payable other than those being contested in good faith by appropriate
proceedings diligently pursued for which adequate reserves have been established in accordance with the GAAP. Except as disclosed
pursuant to Section 5.1(h), Borrower knows of no pending investigation of Borrower or any Material Subsidiary by any taxing
authority or any pending but unassessed tax liability of Borrower or any Material Subsidiary that could reasonably be expected
to have a Material Adverse Effect. There is no tax assessment proposed in writing, or to the knowledge of Borrower, threatened,
against Borrower or any of its Subsidiaries that could, if made, be reasonably expected to have a Material Adverse Effect. No
Company is party to any tax sharing agreement.

3.11
Margin Securities. Neither the making of any Loan hereunder,
nor the use of the proceeds thereof, will violate or be inconsistent with the provisions of Regulation T, U or X of the Board
and no part of the proceeds of any extension of credit hereunder will be used to purchase or carry any Margin Stock or to extend
credit to others for the purpose of purchasing or carrying Margin Stock.

3.12
ERISA. As of the Effective Date, no Company is party to or bound
to any Multiemployer Plan. 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 result in a Material Adverse Effect. Except as set
forth on Schedule 3.12, as of March 29, 2014, the present value of all accumulated benefit obligations under each Plan (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan.

3.13
Disclosure. (a) Borrower has delivered to Administrative
Agent and the Lenders Borrower’s projected consolidated profit and loss statements prepared on a quarterly and annual basis
for its 2016, 2017, 2018, 2019, and 2020 Fiscal Years. Such projections and all other financial projections and forecasts delivered
to Administrative Agent and the Lenders in connection with this Agreement have been prepared by Borrower in good faith based upon
reasonable assumptions believed by Borrower to be reasonable at the time made available to Administrative Agent and the Lenders,
it being recognized by Administrative Agent and the Lenders that such projections are as to future events and are not to be viewed
as facts and are subject to significant uncertainties and contingencies, many of which are beyond Borrower’s control, and
that actual results during the period or periods or covered by such projections may differ significantly from the projected results
and such differences may be material.

(b)
All factual information furnished by or on behalf of any Obligor in writing to Administrative Agent or any Lender (including all
factual information contained in the Loan Documents, but excluding any information of a general economic or industry specific
nature) for purposes of or in connection with this Agreement, the other Loan Documents, or any transaction contemplated herein
or therein is, and all other such factual information hereafter furnished by or on behalf of any Obligor to Administrative Agent
or any Lender will be, true and accurate in all material respects on the date as of which such information is dated or certified
and not incomplete by omitting to state any fact necessary to make such information not misleading in any material respect taken
as a whole at such time in light of the circumstances under which such information was provided.

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3.14
Subsidiaries; Ownership; Equity Rights; Investments.

(a)
Subsidiaries; Ownership; Equity Rights. As of the Effective Date, Borrower has no Subsidiaries. As of the Effective Date,
the Parent owns and controls 100% of the Equity Interests in Borrower. All of the Equity Interests issued by Borrower have been
validly issued. As of the Effective Date, there are no outstanding subscriptions, options, warrants, calls, or rights (including
preemptive rights) to acquire, and no outstanding securities or instruments convertible into, Equity Interests of Borrower nor
are there any outstanding obligations of Borrower to make payments to any Person, such as “phantom stock” payments,
where the amount thereof is calculated with reference to the fair market value or equity value of Borrower.

(b)
Investments. Set forth in Schedule 3.14 is a complete and correct list of all Equity Interests in any other Persons held
by any Company on the Effective Date and, for each such Investment, (i) the identity of the Company holding such Investment and
(ii) if known, the percentage of such Company’s ownership interest in the Person subject to such Investment.

3.15
Agreements. Neither Borrower nor any Material Subsidiary is
in default in any respect in the performance, observance, or fulfillment of any of the obligations, covenants, or conditions contained
in any agreement or instrument (including any agreement or instrument governing or evidencing Material Indebtedness) to which
it is a party other than defaults which could not reasonably be expected to have a Material Adverse Effect.

3.16
Compliance with Laws. Neither Borrower nor any Material Subsidiary
is in violation of any law, rule, regulation, order, or decree of any Governmental Authority or arbitrator applicable to it or
its properties (including the Food and Drug Laws), other than violations which could not reasonably be expected to have a Material
Adverse Effect.

3.17
Investment Company Act. No Obligor is required to be registered
as an “investment company”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as
amended. No Obligor is subject to regulation under any other federal or state statute or regulation that limits its ability to
incur Indebtedness or that otherwise renders all or any portion of the Obligations unenforceable.

3.18
Environmental Matters.  Except for those matters which will
not, individually or in the aggregate, have a Material Adverse Effect:

(a)
Borrower, each of its Subsidiaries, and all of their respective properties, assets, and operations are, and within the period
of all applicable statutes of limitation have been, in full compliance with all Environmental Laws. Borrower is not aware of,
nor has it received notice of, any past, present, or future conditions, events, activities, practices, or incidents which may
interfere with or prevent the compliance or continued compliance of Borrower and its Subsidiaries with all Environmental Laws;

(b)
Borrower and each of its Subsidiaries have obtained all permits, licenses, approvals, registrations, notifications, exemptions
and other authorizations that are required under applicable Environmental Laws, and all such permits are in good standing and
Borrower and its Subsidiaries are in compliance with all of the terms and conditions of such permits;

(c)
Hazardous Materials are not present at, on, under, in, or about any real property now or formerly owned, leased or operated by
Borrower or any of its Subsidiaries, or at any other location (including, without limitation, any location to which Hazardous
Materials

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have been sent for re-use or recycling or for treatment, storage, or disposal) which could reasonably be expected to
(i) give rise to material liability of any Company under any applicable Environmental Law or otherwise result in material costs
to any Company, or (ii) interfere with a Company’s continued operations, or (iii) impair the fair saleable value of any
material real property owned or leased by any Company;

(d)
There is no judicial, administrative, or arbitral proceeding (including any written notice of violation or alleged violation)
under or relating to any Environmental Law to which, any Company is, or to the knowledge of Borrower, any Company will be, named
as a party that is pending or, to the knowledge of Borrower, threatened;

(e)
No Company has received any written request for information, or been notified in writing that it is a potentially responsible
party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental
Law, or with respect to any Hazardous Materials; and

(f)
No Company has entered into or agreed to any consent decree, order, or settlement or other agreement, or is subject to any judgment,
decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating
to compliance with or liability under any Environmental Law.

3.19
Solvency. Borrower is, and will be after giving effect to the
Transactions, individually and together with its Subsidiaries, Solvent.

3.20
Common Enterprise; Benefit Received. Borrower and its Material
Subsidiaries are members of an affiliated group and are collectively engaged in a common enterprise with one another. Each Obligor
will receive reasonably equivalent value in exchange for the obligations incurred under the Loan Documents to which each is a
party. Each Obligor will derive substantial benefit from the credit extended pursuant hereto in an amount at least equal to its
obligations under the Loan Documents to which it is a party.

3.21
Purchase of Farm Products. Each Obligor has utilized its commercially
reasonable efforts in connection with its purchase or other acquisition of any Farm Products to insure that all Liens (except
the Lien granted pursuant to the Security Documents) in such Farm Products have been terminated or released.

3.22
Packers and Stockyards Act, 1921. Each Obligor has complied
in all material respects with the Packers and Stockyards Act, 1921, as amended (7 U.S.C. §§ 181-229) and the regulations
promulgated thereunder so that the trust for the benefit of all unpaid cash sellers or growers of poultry covered thereby shall
not arise in connection with its purchase of any such poultry. No Obligor has taken any action which would impair its ability
to benefit from the trust established under the Packers and Stockyards Act in connection with any sales by any Obligor of poultry
covered by the Act.

3.23
Sanctions/Anti-Corruption Representations.  

(a)
No Obligor nor any of its Affiliates 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.

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(b)
No Obligor nor any of its Subsidiaries, nor to its knowledge any of its other Affiliates or any director, officer, employee or
agent of any Obligor or any of its Affiliates, is a Person (each such Person, a “Sanctioned Person”)
that is, or is owned or controlled by Persons that are: (i) the subject of any Sanctions, or (ii) located, organized or resident
in a region, country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, currently
the Region of Crimea, Cuba, Iran, North Korea, Sudan and Syria.

(c)
No Obligor 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, (i) to fund any activities or business of or with any Person, or in
any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in
any other manner that would result in a violation of Sanctions by any Person (including any Lender of other Person participating
in the Loans, whether as underwriter, advisor, investor, or otherwise).

(d)
No part of the proceeds of the Loans will be used, 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.

3.24
Insurance. The properties of each Obligor and its Subsidiaries
are insured with financially sound and reputable insurance companies not Affiliates of any Obligor, in such amounts, with such
deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties
in localities where any Obligor or the applicable Subsidiary operates.

3.25
Labor Matters, Etc. There are no strikes, lockouts, work stoppages
or other labor disputes against any Obligor or any of its Subsidiaries, or, to the knowledge of Borrower, threatened against or
affecting any Obligor or any of its Subsidiaries, in each case, which could reasonably be expected to result in a Material Adverse
Effect.

3.26
Security Documents. The provisions of the Security Documents
are or upon execution will be effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal,
valid, and enforceable Lien (subject only to Permitted Encumbrances) on all right, title and interest of each Obligor in the Collateral
described therein.

3.27
Inventory. (a) All Inventory, to the extent applicable, (i)
complies with all applicable laws, including: (A) the Federal Food, Drug and Cosmetic Act and all acts amending or supplementing
such act, (B) the rules and regulations promulgated from time to time by the U.S. Department of Agriculture, (C) the Fair Packaging
and Labeling Act, (D) the Food Additives Amendment of 1958, (E) the Color Additives Amendment of 1960, (F) the Federal Trade Commission
Act, (G) the Organic Foods Production Act of 1990, and (H) the pure food and drug laws of each state of the United States or foreign
country into which any such Inventory would normally be shipped by any Obligor or its Subsidiaries, and all amendments to each
of the foregoing, and all regulations and rules implemented thereunder (collectively, the “Food and Drug Laws”),
(ii) has been manufactured, stored and delivered in accordance with appropriate “Good Manufacturing Practices” or
similar practices that may be promulgated under the foregoing Food and Drug Laws, (iii) is not and will not be adulterated or
misbranded within the meaning of any of the foregoing Food and Drug Laws, (iv) is not and will not be prohibited from

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being introduced
into interstate commerce under the provisions of any of the foregoing Food and Drug Laws, and (v) does not and will not contain
a hazardous substance or a banned substance within the meaning of any of the foregoing Food and Drug Laws and (b) all packaging
used to package such Inventory is and will be in compliance with the Nutrition Labeling and Education Act of 1990, and usable
in the Ordinary Course of Business for products, if any, currently being sold to retail or food service accounts, except, in the
case of each of clauses (a) and (b) above, for such non-compliance which could not reasonably be expected to result
in a Material Adverse Effect.

3.28
Eligible Accounts. As to each Accounts Receivable that is identified
by Borrower as an Eligible Account in a Borrowing Base Certificate submitted to Administrative Agent, such Accounts Receivable
is (a) a bona fide existing payment obligation of the applicable account debtor thereof created by the sale and delivery of Inventory
or the rendition of services to such account debtor in the Ordinary Course of Business of the applicable Obligor, (b) owed to
the applicable Obligor without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation except
as set forth or taken into account in such Borrowing Base Certificate, and (c) not excluded as ineligible by virtue of one or
more of the excluding criteria (other than any excluding criteria determined at the discretion of Administrative Agent) set forth
in the definition of Eligible Accounts.

3.29
Eligible Inventory. As to each item of Inventory that is identified
by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Administrative Agent, such Inventory is (a) of
good and merchantable quality, free from known defects and (b) not excluded as ineligible by virtue of one or more of the excluding
criteria (other than any excluding criteria determined at the discretion of Administrative Agent) set forth in the definition
of Eligible Inventory.

4.
CONDITIONS PRECEDENT

4.1
Effective Date. The obligations of the Lenders to make Loans
and of Issuing Lender to issue Letters of Credit hereunder shall not become effective until the date on which Administrative Agent
shall have received each of the following, in each case reasonably satisfactory to Administrative Agent (and to the extent specified
below, to each Lender) in form and substance:

(a)
Executed Counterparts. From each party thereto, a counterpart of this Agreement and the other Loan Documents to be executed
and delivered as of the Effective Date, signed and delivered on behalf of such party.

(b)
Opinions of Counsel to Obligor. Written opinions (addressed to Administrative Agent, the Lenders, Swingline Lender and
Issuing Lender and dated the Effective Date) of counsel to each Obligor (including New York and Delaware counsel and counsel for
each other state in which an Obligor is organized or a Mortgage is to be recorded) regarding the Transactions and such other matters
as Administrative Agent shall reasonably request.

(c)
Corporate Documents. Such documents and certificates as Administrative Agent may reasonably request relating to the organization,
existence and good standing of each Obligor, the authorization of the Transactions, and the identity, authority, and capacity
of each Responsible Officer authorized to act on behalf of an Obligor in connection with the Loan Documents.

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(d)
Security Documents. The Security Agreement, duly executed and delivered by the Obligors and Administrative Agent, and the
results, dated as of a recent date prior to the Effective Date, of searches conducted (i) in the applicable records in each of
the governmental offices in each jurisdiction in which any Obligor, or any personal property and fixture Collateral is located
and (ii) of the records maintained by the U.S. Patent and Trademark Office and the U.S. Copyright Office with respect to all United
States patents and patent applications, all United States registered trademarks and trademark applications and all United States
registered copyrights and copyright applications constituting part of the Collateral, which in each case shall have revealed no
Liens with respect to any of the Collateral except Permitted Encumbrances or Liens as to which Administrative Agent shall have
received (and is authorized to file) termination statements or documents (Form UCC-3 or such other termination statements or documents
as shall be required by applicable law) fully executed or duly authorized for filing. In addition, Administrative Agent shall
have received evidence that satisfactory provision has been made for all filings, registrations and recordings to be made in the
appropriate governmental offices, and all other action has been taken, that Administrative Agent deems necessary or desirable
in order to create, in favor of Administrative Agent on behalf of the Secured Parties, a perfected Lien on the Collateral described,
and to the extent contemplated, in the Security Agreement, subject to no other Liens except for Permitted Encumbrances, including
the receipt of fully executed Control Agreements as required hereby, and the Collateral Access Agreements required to be delivered
pursuant to the Security Agreement. Without limiting the foregoing, each Obligor shall deliver: (y) all certificates, if any,
representing the outstanding Equity Interests of each Subsidiary owned by or on behalf of such Obligor as of the Effective Date
after giving effect to the Transactions (except that certificates representing Equity Interests of any Tax Preferred Subsidiary
shall be limited to 65% of the outstanding voting Equity Interest and 100% of non-voting Equity Interests of such Tax Preferred
Subsidiary), promissory notes, if any, evidencing all Indebtedness owed to such Obligor as of the Effective Date after giving
effect to the Transactions and stock powers and instruments of transfer, endorsed in blank, with respect to such stock certificates
and promissory notes and (z) all documentation, including UCC financing statements, required by law or reasonably requested by
Administrative Agent to be filed, registered or recorded to create or perfect the Liens intended to be created under the Security
Agreement.

(e)
Mortgages and Title Insurance. The following documents, each of which shall be executed (and, where appropriate, acknowledged)
by Persons reasonably satisfactory to Administrative Agent:

(i)
one or more amended and restated Mortgages covering the facilities of Borrower identified on Schedule 4.1(e), in each case duly
executed and delivered by the parties thereto in recordable form (in such number of copies as Administrative Agent shall have
reasonably requested) and, to the extent necessary with respect to any leasehold property to be subjected to a Mortgage, consents
of the respective landlords with respect to such property;

(ii)
an Environmental Indemnity Agreement duly executed and delivered by Borrower (in such number of copies as Administrative Agent
shall have reasonably requested);

(iii)
one or more mortgagee policies of title insurance (or bring-down endorsements of existing mortgagee policies of title insurance)
in the form of and issued by one or more title companies reasonably satisfactory to Administrative Agent (the “Title
Companies”),

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insuring the validity of the Liens created under each Mortgage for and in amounts and containing such
endorsements and affirmative coverage reasonably satisfactory to Administrative Agent, subject only to such exceptions as are
reasonably satisfactory to Administrative Agent and, to the extent necessary under applicable law, for filing in the appropriate
county land office, Uniform Commercial Code financing statements covering fixtures, in each case appropriately completed and,
appropriate, duly executed;

(iv)
copies of the most recent as-built surveys of each parcel of the Mortgaged Property available to Borrower and prepared by a registered
surveyor;

(v)
copies of the most recent appraisals of each parcel of the Mortgaged Property available to Borrower; and

(vi)
such other documents and instruments in connection with the Mortgages as shall reasonably be deemed necessary by Administrative
Agent (including life of loan flood hazard determination certificates for all Mortgaged Properties and, if applicable, related
Borrower notices), and evidence that all other actions that Administrative Agent may reasonably deem necessary or desirable in
order to create valid first and subsisting Liens on the property described in the Mortgages has been taken.

In
addition, Borrower shall have paid or made satisfactory provision to pay to the Title Companies (y) all expenses and premiums
of the Title Companies in connection with the issuance of such policies and (z) an amount equal to the recording and stamp taxes
payable in connection with recording the Mortgages in the appropriate county land office.

(f)
Insurance. Evidence that all insurance (including flood insurance to the extent applicable) required to be maintained under
this Agreement and the Security Documents has been obtained and is in effect, together with the certificates of insurance, naming
Administrative Agent, on behalf of the Lenders and Issuing Lender, as an additional insured and a lender’s loss payee, as
the case may be, under all insurance policies maintained with respect to the assets and properties of the Obligors that constitute
Collateral and all endorsements thereto required under this Agreement and the Security Documents.

(g)
Solvency. A certificate from the chief financial officer of Borrower certifying that Borrower, as of the Effective
Date and after giving effect to the Transactions, is Solvent.

(h)
Repayment of Existing Indebtedness. Evidence that the principal of and interest on, and all other amounts owing in respect
of, the Indebtedness (excluding undrawn letters of credit that are deemed to be Letters of Credit hereunder) under the Existing
Credit Agreement shall have been (or shall be simultaneously) paid in full.

(i)
Borrowing Base Certificates. A Borrowing Base Certificate dated as of the last day of the month most recently ended not
more than 30 days prior to the Effective Date.

(j)
Financial Compliance. The financial statements of the Consolidated Group referenced in Section 3.2(a).

(k)
Officer’s Certificate. A certificate of a Responsible Officer of Borrower, dated the Effective Date, certifying (i)
either (x) evidence that all authorizations or approvals of any Governmental Authority and approvals or consents of any other
Person, required in connection with the Transactions shall have been obtained or (y) that no such authorizations,

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approvals, and
consents are so required and (ii) compliance with the conditions set forth in the lettered clauses of the first sentence of Section
4.2.

(l)
Budget. A budget of Borrower and its Subsidiaries on a consolidated basis, including forecasts prepared by management
of Borrower, of consolidated balance sheets and statements of income or operations and cash flows of Borrower and its Subsidiaries
on a quarterly and annual basis for Fiscal Years ended in 2016, 2017, 2018, 2019 and 2020.

(m)
Fees. Evidence that Borrower shall have paid all accrued fees and expenses of Administrative Agent and the Lenders as required
to be paid on the Effective Date under the terms of the Fee Letter or any other letter agreements between Borrower and Administrative
Agent, including (unless waived by Administrative Agent) the fees, charges and disbursements of Greenberg Traurig, LLP, special
New York counsel to Administrative Agent, in connection with the negotiation, preparation, execution and delivery of the Loan
Documents (directly to such counsel if requested by Administrative Agent) to the extent invoiced prior to or on the Effective
Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate
of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that
such estimate shall not thereafter preclude a final settling of accounts between Borrower and Administrative Agent).

(n)
Know Your Customer Requirements. All documents, certificates, and other information requested by each Lender pursuant to
Section 10.13 at least 3 Business Days prior to the Effective Date.

(o)
Intentionally Omitted.

(p) Other
Documents. Such other assurances, certificates, documents consents, or opinions as Administrative Agent or any Lender (through
Administrative Agent) may reasonably request.

Administrative
Agent shall notify Borrower, Issuing Lender and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
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
unless Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection
thereto.

4.2
Each Credit Event. The obligation of any Lender or Issuing Lender
to make a Credit Extension hereunder (including the initial Borrowing hereunder), is subject to the satisfaction of the following
conditions:

(a)
the representations and warranties of each Obligor set forth in this Agreement and of the other Loan Documents to which it is
a party, shall be true and correct in all material respects (unless any such representation or warranty is qualified as to materiality
or Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects) on and as
of the date of such Credit Extension, both before and immediately after giving effect thereto, 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 as of such earlier date (unless any such representation or warranty is qualified as to materiality or Material Adverse
Effect, in which case such representation and warranty shall be true and correct in all respects as of such earlier date), and
except that for purposes of this Section 4.2, the

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representations and warranties contained in Section 3.2(a) shall
be deemed to refer to the most recent statements furnished pursuant to Sections 5.1(a) and 5.1(b), respectively;

(b)
at the time of and immediately after giving effect to such Credit Extension, no Default shall have occurred and be continuing;

(c)
at the time of and immediately after giving effect to such Credit Extension, the total Revolving Credit Exposures shall not exceed
the lesser of the total Revolving Credit Commitments and the Borrowing Base as reflected in the most recently delivered Borrowing
Base Certificate;

(d)
Administrative Agent and, if applicable, Issuing Lender or Swingline Lender shall have received a Borrowing Request, or a notice
requesting the issuance, amendment, renewal, or extension of such Letter of Credit, as the case may be, in each case, in accordance
with the requirements of this Agreement; and

(e)
if such Credit Extension is the making of a Delayed Draw Term Loan, Borrower shall have demonstrated pro forma compliance with
all the financial covenants in Section 7 as of the most recently ended Fiscal Quarter for which financial statements are
available and calculated for any financial covenant which is tested over a period of time as if such Indebtedness were incurred
on the first day of such period and as if the interest rate in effect on the date of calculation was the interest rate in effect
for the entire period.

Borrower
shall be deemed to make a representation and warranty to Administrative Agent, the Lenders, and the Issuing Lender on the date
of each Credit Extension hereunder as to the matters specified in clauses (a), (b), and (c) of this Section
4.2.

5.
AFFIRMATIVE COVENANTS

Borrower
covenants and agrees that, until all the Obligations have been Fully Satisfied, Borrower will perform and observe the following
affirmative covenants:

5.1
Reporting Requirements. Borrower will furnish to Administrative
Agent and each Lender:

(a)
Annual Financial Statements. As soon as available, and in any event within 90 days after the end of each Fiscal Year of
Reporting Company, (i) a copy of the financial statements of Reporting Company and its Subsidiaries for such Fiscal Year containing,
on a consolidated and (as to Material Subsidiaries) consolidating basis, a balance sheet and related statements of operations,
stockholders’ equity and cash flows as at the end of such Fiscal Year and for the Fiscal Year then ended, in each case setting
forth in comparative form the figures for the preceding Fiscal Year, all in reasonable detail and (except for the consolidating
financial statements) accompanied by an opinion of independent certified public accountants of recognized standing reasonably
acceptable to 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 financial statements fairly present the financial condition
and results of operations of Reporting Company and its Subsidiaries on a consolidated basis in accordance with GAAP, (ii) so long
as such certificate is able to be obtained on commercially reasonable terms, a certificate of such accountants stating whether,
in the conduct of their audit, such accountants have become aware of any Default pertaining to or involving accounting matters
or determinations, and if any such condition or event then exists, specifying the nature and period of existence thereof, and
(iii) a certification of a Responsible Officer of Reporting

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Company that such consolidated financial statements fairly present
in all material respects the financial condition and results of operations of Reporting Company and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

(b)
Quarterly Financial Statements. As soon as available and in any event within 45 days after the end of each of the first
3 Fiscal Quarters in each Fiscal Year, a copy of the unaudited financial statements of Reporting Company and its Subsidiaries
as of the end of such period and for the portion of the Fiscal Year then ended containing, on a consolidated and (as to Material
Subsidiaries) consolidating basis, a balance sheet and related statements of operations, stockholders’ equity and cash flows,
in each case setting forth in comparative form the figures for the corresponding period of the preceding Fiscal Year (or, in the
case of the balance sheet, as of the end of the preceding Fiscal Year) all in reasonable detail certified by Responsible Officer
of Reporting Company to have been prepared in accordance with GAAP and to fairly present in all material respects (subject to
year-end audit adjustments) the financial condition and results of operations of the Persons the subject thereof, on a consolidated
and (as to Material Subsidiaries) consolidating basis, at the date and for the periods indicated therein;

(c)
Compliance Certificate. Simultaneously with the delivery of all the financial statements required to be delivered under
clauses (a), (b), or (k) of this Section, a certificate in substantially the form of Exhibit 5.1(c) of a
Responsible Officer of Borrower and, if Pubco is the Reporting Company, Pubco (a “Compliance Certificate”)
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (ii) calculating the Consolidated Funded Debt to Capitalization Ratio as of
the last day of such period, (iii) setting forth reasonably detailed calculations of the financial covenants set forth in Section
7 for such period, (iv) stating whether any change in GAAP or in the application thereof that has an impact on the financial
statements of the Consolidated Group or the calculation of the financial covenants set forth in Section 7 has occurred
since the date of the audited financial statements referred to in Section 3.2 and, if any such change has occurred, specifying
the effect of such change on the financial statements accompanying such certificate, and (v) accompanied by a narrative financial
summary for the Fiscal Quarter and the portion of the Fiscal Year then ended, in a form reasonably acceptable to Administrative
Agent; provided, that the items set forth in subclauses (iii) through (v) of this clause (c) shall
only be included on Compliance Certificates delivered in connection with the financial statements required to be delivered under
clauses (a) and (b) of this Section;

(d)
Borrowing Base Reports.

(i)
Monthly Full Borrowing Base Reports. As soon as available and in any event within 20 days after the end of each Fiscal Period
(the last day of each Fiscal Period, herein the “Report Date”), a Borrowing Base Certificate prepared
as of the applicable Report Date together with such other information as Administrative Agent may reasonably request from time
to time with adequate prior written notice, including (if so requested):

(A)
a detailed aging, by total, of each Obligor’s Accounts Receivable, together with a reconciliation and supporting documentation
for any reconciling items noted;

(B)
a detailed calculation of Inventory categories that are not eligible for the Borrowing Base;

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(C)
a summary aging, by vendor, of each Obligor’s accounts payable and any book overdraft and an aging, by vendor, of any held
checks;

(D)
a detailed report regarding each Obligor’s cash and Cash Equivalents; and

(E)
a monthly Accounts Receivable roll-forward, in a format reasonably acceptable to Administrative Agent, tied to the beginning and
ending account receivable balances of each Obligor’s general ledger; and

(ii)
Weekly Borrowing Base Reports. Within 3 days after the end of each Friday (or if Friday is not a Business Day, on the immediately
following Business Day) upon the occurrence and during the continuance of a Liquidity Period, a Borrowing Base Certificate calculating
the Weekly Pro Forma Borrowing Base as of the immediately preceding Friday;

(e)
Notice of Litigation. Promptly after the commencement thereof, notice of each action, suit, investigation and proceeding
before any Governmental Authority or arbitrator affecting Borrower or any Material Subsidiary which (i) involves any Loan Document
or the Transactions, (ii) could reasonably be expected to result in liability of Borrower or any Material Subsidiary in any individual
case in excess of $5,000,000, or (iii) could reasonably be expected to result in a Material Adverse Effect;

(f)
Notice of Default. Promptly and in any event within 5 Business Days after a Responsible Officer of Borrower has knowledge
of the occurrence of any Default, a written notice setting forth the details of such Default and the action that Borrower has
taken and proposes to take with respect thereto;

(g)
ERISA Reports.

(i)
Promptly upon Borrower or any of its Subsidiaries becoming party to or bound to any Multiemployer Plan, a written notice setting
forth the relevant details of such Borrower’s or Subsidiary’s participation in such Multiemployer Plan;

(ii)
On or before the last day of the plan year following the plan year that Borrower or any of its Subsidiaries becomes a party to
or bound to any Multiemployer Plan, Borrower shall, pursuant to Section 101(l) of ERISA, request in writing from the plan sponsor
or administrator of each Multiemployer Plan a notice of potential Withdrawal Liability as of the last day of the plan year preceding
the date of the request with an explanation of how such estimated liability was determined and promptly deliver to Administrative
Agent copies of any such notices received from the plan sponsor or administrator of each Multiemployer Plan; and

(iii)
Promptly after a Responsible Officer of Borrower has knowledge of 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 Borrower and its Subsidiaries
in an aggregate amount exceeding $3,000,000, a written notice setting forth the details of such ERISA Event and the action that
Borrower has taken and proposes to take with respect thereto;

(h)
Notice of Material Events and Material Adverse Effect. Promptly and in any event within 5 Business Days after a Responsible
Officer of Borrower has knowledge of the occurrence thereof, written notice of the occurrence of any of the following:

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(i)
the occurrence of any Event of Loss with respect to the property or assets of any Obligor aggregating $5,000,000 or more;

(ii)
the occurrence of any event or transaction for which Borrower is required to make a mandatory prepayment pursuant to Section
2.10;

(iii)
any material change in accounting policies or financial reporting practices by any Obligor or any of its Subsidiaries; and

(iv)
any matter that could reasonably be expected to have a Material Adverse Effect.

Each
notice delivered under this Section 5.1(h) shall be accompanied by a statement of a Responsible Officer or general counsel
of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be
taken with respect thereto;

(i)
Press Release; Proxy Statements, Etc. Promptly after becoming publicly available, one copy of each press release sent by
Borrower and one copy of each regular, periodic or special report, registration statement, or prospectus filed by Borrower or
any Subsidiary with any securities exchange or the SEC or any successor agency;

(j)
General Information. Promptly, such other information concerning Borrower or any Subsidiary as Administrative Agent or
any Lender, acting through Administrative Agent, may from time to time reasonably request;

(k)
Monthly Financial Statements. As soon as available, and in any event within 30 days after the end of each of the first
2 Fiscal Periods of each Fiscal Quarter, a copy of the unaudited financial statements of Reporting Company and its Subsidiaries
as of the end of such period and for the portion of the Fiscal Year then ended containing, on a consolidated and (as to Material
Subsidiaries) consolidating basis, balance sheet and related statements of operations, stockholders’ equity and cash flows,
in each case setting forth in comparative form the figures for the corresponding period of the preceding Fiscal Year (or, in the
case of the balance sheet, as of the end of the preceding Fiscal Year) all in reasonable detail certified by a Responsible Officer
of Reporting Company to have been prepared in accordance with GAAP and to fairly present in all material respects (subject to
year-end audit adjustments) the financial condition and results of operations of the Persons the subject thereof, on a consolidated
and (as to Material Subsidiaries) consolidating basis, at the date and for the periods indicated therein;

(l)
Budget and Projections. As soon as available, but in any event before the end of each Fiscal Year, an annual budget and
financial projections of Reporting Company and its Subsidiaries on a consolidated basis, including forecasts prepared by management
of Reporting Company, in form reasonably satisfactory to Administrative Agent, of consolidated balance sheets and statements of
income or operations and cash flows of Reporting Company and its Subsidiaries on a quarterly basis for such Fiscal Year, which
plan and budget shall (i) state the assumptions used in preparation thereof, and (ii) be accompanied by a statement of a Responsible
Officer of Reporting Company that, to the best of such Responsible Officer’s knowledge, such plan and budget is a good faith
estimate (based upon assumptions that were reasonable in light of the conditions existing at the time of the preparation thereof)
for the period covered thereby; and

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(m)
Other Real Property. Simultaneously with the delivery of the Compliance Certificate in connection with the financial statements
required to be delivered under Section 5.1(a), to the extent not previously furnished under this Section 5, a report
supplementing Schedule 3.6 with respect to all real property acquired by any Obligor during such Fiscal Year, each such report
to be signed by a Responsible Officer or general counsel of Borrower and to be in a form reasonably satisfactory to Administrative
Agent.

Documents
required to be delivered pursuant to this Section 5.1 may be delivered electronically and if so, shall be deemed to have
been delivered on the date on which such documents are posted electronically by any Obligor or on such Obligor’s behalf
on the Platform to which each Lender and Administrative Agent have access; provided that: (i) Borrower shall deliver paper
copies of such documents to Administrative Agent or any Lender who requests Borrower to deliver such paper copies until written
request to cease delivering paper copies is given by Administrative Agent or such Lender, (ii) Borrower shall notify (which may
be by facsimile or electronic mail) Administrative Agent and each Lender of the posting of any such documents and provide to Administrative
Agent by email electronic versions (i.e. soft copies) of such documents, and (iii) in every instance Borrower shall provide
paper copies of each Compliance Certificate and each Borrowing Base Certificate to Administrative Agent. Except for the Compliance
Certificates and the Borrowing Base Certificates, Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Borrower
with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its
copies of such documents. To the extent delivery of any of the documents referred to above shall come due on a day other than
a Business Day, delivery of such documents shall be required (notwithstanding the provisions above) to be made on the next following
Business Day.

5.2
Maintenance of Existence; Conduct of Business. Except as permitted
by Section 6.3, Borrower will, and will cause each Material Subsidiary to, preserve and maintain its existence and all
of its leases, privileges, licenses, permits, franchises, qualifications, and rights that are necessary in the ordinary conduct
of its business. Borrower will, and will cause each Material Subsidiary to, conduct its business in an orderly and efficient manner
in accordance with good business practices.

5.3
Maintenance of Properties. Borrower will, and will cause each
Material Subsidiary to, maintain, keep, and preserve in all material respects all of its material properties necessary in the
conduct of its business in good working order and condition (exclusive of ordinary wear and tear).

5.4
Taxes and Claims.  Borrower will, and will cause each Material
Subsidiary to, pay or discharge at or before maturity or before becoming delinquent (a) all Taxes imposed on it or its income
or profits or any of its property which are material in amount (either individually or in the aggregate) and (b) all lawful claims
for labor, material, and supplies, which are material in amount (either individually or in the aggregate) and which, if unpaid,
might become a Lien upon any of its property; provided, however, that neither Borrower nor any Material
Subsidiary shall be required to pay or discharge any such Tax or claim which is being contested in good faith by appropriate proceedings
diligently pursued, for which adequate reserves have been established in accordance with GAAP, and for which the failure to make

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payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect.

 

5.5 Insurance. 

 

(a) Insurance Coverage.
Borrower will maintain, and will cause each Subsidiary to maintain, insurance coverage with financially sound and reputable insurers
in such forms and amounts and against such risks as are customary for companies of established reputation engaged in the same or
a similar business and owning and operating similar properties as the Collateral. Without limiting the foregoing, Borrower agrees
that it will, and will cause each Subsidiary to, continuously maintain the following described policies of insurance to the extent
available:

 

(i) property insurance,
including business interruption insurance, against loss and damage by all risks of direct physical loss or damage, including fire,
windstorm, earthquake, builders risk (including construction and repair period coverage) and other risks covered by the so called
“all risks” form of property insurance policy with actual cash value endorsements; provided, however,
that the amount of such insurance with respect to the Collateral shall not at any time be less than a blanket limit of $100,000,000
in the aggregate; and provided, further that such insurance policy shall provide that not more than $3,000,000 may
be deductible from the loss payable with respect to any casualty;

 

(ii) fiduciary liability
insurance with such terms as are customary for companies of established size and reputation engaged in substantially the same business
as the Obligors and similarly situated; provided, however, that the amount of such insurance shall not be less than
$20,000,000; and provided, further, that such insurance shall provide with respect to the Obligors that not more
than $3,000,000 may be deductible from any loss payable and that with respect to individuals that not more than $500,000 may be
deductible from any loss payable with respect to any occurrence;

 

(iii) workers compensation
insurance and employer’s liability insurance, for all employees of the Obligors engaged on or with respect to any of the
Mortgaged Property and with such terms as are customary for companies of established size and reputation engaged in substantially
the same business as the Obligors and similarly situated, or if such limits are established by law, in such amounts;

 

(iv) boiler and machinery
insurance covering pressure vessels, air tanks, boilers, machinery, pressure pipings, heating, air conditioning and elevator equipment;
provided the improvements located at the Mortgaged Property contain equipment of such nature and insurance against loss
of occupancy or use arising from any breakdown of such equipment, in such amounts and with such terms as are customary for companies
of established size and reputation engaged in substantially the same business as the Obligors and similarly situated;

 

(v) insurance insuring
against public liability for loss or damage (including bodily injury) to persons or property of others from such risks and in such
amounts as are customary for companies of established size and reputation engaged in substantially the same business as the Obligors
and similarly situated (including construction and repair period coverage); provided, however, that
in no event shall the amount of such insurance be less than an aggregate of $50,000,000 under a combined single limit of liability
for such loss; and

 

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provided, further, that such insurance policy shall provide that not more than $3,000,000 may
be deductible from any loss payable; and

 

(vi) flood insurance
required by Section 3.6 up to the maximum limits available under the National Flood Insurance Program for each Mortgaged
Property.

 

(b) Forms of Policies.
Any insurance policies carried in accordance with this Section shall be written by companies of recognized international or national
standing and (except for such fiduciary liability insurance): (i) shall with respect to the insurance described in clause (a)(v)
above, name Administrative Agent as an additional insured, as its interests may appear, (ii) in the case of policies covering loss
or damage to the Collateral, (A) shall provide that such losses, if any, shall be payable solely to Administrative Agent under
a standard lender’s loss payee clause reasonably satisfactory to Administrative Agent, (B) shall provide that Administrative
Agent’s interest shall be insured regardless of any breach or violation by any Obligor of any warranties, declarations or
conditions contained in such policies, and (C) as to the interest of Administrative Agent therein, shall not be invalidated by
the use or operation of the Collateral for purposes which are not permitted by such policies, nor by any foreclosure or other proceedings
relating to the Collateral, (iii) except with respect to the insurance described in clause (a)(iii) of this Section, the
insurers shall waive any right of subrogation of the insurers to any set-off or counterclaim or any other deduction, whether by
attachment or otherwise, in respect of any liability of any Obligor, and (iv) Borrower shall use commercially reasonable efforts
to cause such policies to provide that the insurers will, or will through their agents, endeavor to provide Administrative Agent
with not less than 30 days prior written notice of cancellation or termination of such policy (other than for non–payment
of premiums, in which case not less than 10 days’ prior written notice shall be sufficient).

 

(c) Evidence of Insurance.
Borrower shall furnish Administrative Agent with certificates or other reasonably satisfactory evidence of maintenance of the insurance
required hereunder and, with respect to any renewal policy or policies, shall furnish certificates evidencing such renewal not
less than 30 days prior to the expiration date of the original policy or renewal policies or if not so available, immediately upon
the receipt thereof.

 

5.6 Inspection Rights.
At any reasonable time and from time to time prior to a Default upon 1 Business Day’s prior notice and at any reasonable
time after the occurrence and during the continuance of a Default, Borrower will, and will cause each other Obligor to, permit
representatives of Administrative Agent to examine, copy, and make extracts from its books and records, to visit and inspect its
properties, and to discuss its business, operations, and financial condition with its officers and employees. At any reasonable
time and from time to time, Borrower will, and will cause each Subsidiary to, permit representatives of Administrative Agent to
discuss its business, operations, and financial conditions with its independent certified public accountants in any meeting arranged
and attended by representatives of Borrower. Borrower will arrange any such meetings with its independent certified public accountants
promptly after the Administrative Agent’s request. Any representative of a Lender may accompany Administrative Agent during
any of the visits, inspections or meetings conducted pursuant to the foregoing sentences. Administrative Agent shall use commercially
reasonable efforts to notify each Lender of each visit, inspection or meeting conducted pursuant to the foregoing sentence and
upon a Lender’s request, Administrative Agent shall provide the requesting Lender any written materials obtained from the
Obligors in connection with any such visits, inspections or meetings. Administrative Agent shall also have the right to verify
with any and all customers of any

 

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Obligor the existence and conditions of receivables included in the Collateral, as often as
Administrative Agent may reasonably require, with prior reasonable notice to Borrower if no Event of Default has occurred but
without prior notice to Borrower if an Event of Default exists. All correspondence sent in connection with any such verification
with customers prior to the occurrence of an Event of Default shall be sent with Borrower’s participation and on the applicable
Obligor’s letterhead with a return address under the control of Administrative Agent. Additionally, each Obligor shall permit
any representatives designated by Administrative Agent (including any consultants, accountants, collateral auditors and appraisers)
to conduct appraisals, valuations and audits of inventory and accounts receivable, and inspections of the Collateral at such times
during normal business hours and intervals as reasonably designated by Administrative Agent; provided, if no Event of Default
exists, Borrower shall not be liable for the costs of more than 2 such appraisals, audits, valuations and inspections in any calendar
year and Administrative Agent shall provide reasonable prior notice of such appraisals, audits, valuations and inspections.

 

5.7 Keeping Books
and Records. Borrower will, and will cause Reporting Company and each Subsidiary to, maintain proper books of record
and account in which full, true, and correct entries in conformity with GAAP shall be made of all dealings and transactions in
relation to its business and activities.

 

5.8 Compliance with
Laws. Borrower will, and will cause each Subsidiary to, comply with all applicable laws (including all Environmental Laws),
rules, regulations, orders, and decrees of any Governmental Authority or arbitrator other than such noncompliance which could
not be reasonably expected to have a Material Adverse Effect

 

5.9 Compliance with
Agreements. Borrower will, and will cause each Subsidiary to, comply with all agreements, contracts, and instruments binding
on it or affecting its properties or business other than such noncompliance which could not be reasonably expected to have a Material
Adverse Effect; provided, that the failure to comply with any such agreement, contract or instrument requiring the
payment of Indebtedness shall not constitute a breach of this Section 5.9 unless such failure would give rise to an
Event of Default under Section 8.1(i). 

 

5.10 Certain Obligations
Respecting Subsidiaries. Borrower shall take such action, and shall cause each of its Material Subsidiaries to take such action,
from time to time as shall be necessary to ensure that all Material Subsidiaries (other than any Tax Preferred Subsidiaries) are
“Subsidiary Guarantors” hereunder. Without limiting the generality of the foregoing, in the event that Borrower or
any of its Subsidiaries shall form or acquire any new Material Subsidiary other than a Tax Preferred Subsidiary, Borrower shall,
and shall cause each of its Subsidiaries to, within 30 days (or such longer period as Administrative Agent may agree) after such
formation or acquisition cause such new Material Subsidiary to take the following actions:

 

(a) such Material Subsidiary
will become a “Subsidiary Guarantor” hereunder by executing and delivering a Guaranty Agreement (or joinder thereto),
and become a “Grantor” under the Security Agreement by executing and delivering a supplement to the Security Agreement;

 

(b) Borrower shall furnish
to Administrative Agent updated Schedules 3.6, 3.14, and 4.1(e) with respect to such Material Subsidiary, in form and detail
substantially consistent with those provided in respect of Borrower on the Effective Date;

 

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(c) Borrower shall cause
such Material Subsidiary (or the owner of the shares or other Equity Interests of such Material Subsidiary, as applicable) to take
such action (including delivering certificates evidencing such Equity Interests, delivering such Uniform Commercial Code financing
statements, executing and delivering security agreements for filing and recording in the United States Patent and Trademark Office
and the United States Copyright Office and executing and delivering Mortgages covering the real property (other than real property
that is Excluded Real Property) and fixtures owned or leased by such Material Subsidiary) as shall be reasonably necessary or advisable
in the opinion of Administrative Agent, and in form and substance reasonably satisfactory to Administrative Agent, to create and
perfect valid and enforceable Liens, subject to no other Liens except for Permitted Encumbrances, on substantially all of the property
(other than property that is “Excluded Property” (as defined in the Security Agreement) and real property that is Excluded
Real Property, if any) of such new Material Subsidiary and all of the Equity Interests in such new Material Subsidiary as collateral
security for the Obligations to the extent substantially consistent with the Security Agreement and the Mortgages as then in effect;

 

(d) with respect to each
parcel of real property owned or held by such Material Subsidiary (other than real property that does not constitute Mortgaged
Property, if any), Borrower shall cause each Material Subsidiary to execute and deliver to Administrative Agent an Environmental
Indemnity Agreement and to provide to Administrative Agent such title reports and title insurance, appraisals, surveys and engineering,
soils and other reports, environmental assessment reports, flood insurance certificates, and other documents and instruments as
Administrative Agent or the Required Lenders (through Administrative Agent) shall reasonably request, each in scope, form and substance
reasonably satisfactory to Administrative Agent, provided, however, that to the extent that Borrower or any of its Subsidiaries
shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the
receipt thereof, be delivered to Administrative Agent; and

 

(e) Borrower shall cause
such new Material Subsidiary to deliver such proof of corporate action, incumbency of officers, opinions of counsel, “Know
your customer” information and other documents as is consistent with those delivered by each Obligor pursuant to Section 4.1
on the Effective Date or as Administrative Agent shall have reasonably requested;

 

provided, however, the foregoing
requirements of clauses (a) through (e) of this Section 5.10 shall not apply in connection with
any new Tax Preferred Subsidiary, and Borrower shall only be required to, or cause the Guarantor that is the owner of the Equity
Interests of such Tax Preferred Subsidiary to, take such action (including delivering certificates and transfer powers for such
Equity Interests and delivering Uniform Commercial Code financing statements) as shall be necessary or advisable in the opinion
of Administrative Agent, and in form and substance reasonably satisfactory to Administrative Agent, to create and perfect valid
and enforceable Liens, subject to no other Liens except for Permitted Encumbrances, on 65% of the voting Equity Interests and 100%
of the non-voting Equity Interests in each such new Tax Preferred Subsidiary as collateral security for the Obligations.

 

5.11 Further Assurances.

 

(a) General Further
Assurances. Borrower will, and will cause each Subsidiary to, execute and deliver such further documentation and take such
further action as may be reasonably requested by Administrative Agent to carry out the provisions and purposes

 

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of the Loan Documents
and to create, preserve, and perfect the Liens of Administrative Agent for the benefit of itself and the Secured Parties in the
Collateral, subject in each case to the terms of the Security Agreement and the Mortgages.

 

(b) Additional Assets.
Subject to the terms of the Security Agreement, if any material assets (including any real property or improvements thereto or
any interest therein) are acquired by any Obligor after the Effective Date or if any Lien encumbering any material assets of an
Obligor which are not Collateral is released or otherwise discharged after the Effective Date, Borrower shall notify Administrative
Agent and the Lenders thereof, and, if requested by Administrative Agent or the Required Lenders, Borrower will cause such assets
to be subjected to a Lien in favor of Administrative Agent securing the Obligations and will take, and cause the applicable other
Obligors to take, such actions as shall be necessary or reasonably requested by Administrative Agent to grant and perfect such
Liens and deliver such other documents (including the delivery of such Mortgages, title insurance commitments, exception documents,
surveys, appraisals, Environmental Indemnity Agreements, surveys and engineering, soils and other reports, environmental assessments,
flood hazard certificates, opinions of counsel and other documents as may be requested by Administrative Agent) as is consistent
with those delivered by each Obligor on the Effective Date, all at the expense of the Obligors; provided that the term “material
assets” as used in this subsection shall not include: (i) assets constituting Collateral under the Security Documents that
become subject to the Lien of the Security Documents upon acquisition thereof, (ii) assets financed with indebtedness permitted
to be secured by a third party Lien hereunder, (iii) assets encumbered by other consensual Liens permitted hereby and not
required to be Collateral under the Security Agreement, nor (iv) any “Excluded Property” (as defined in the Security
Agreement) or Excluded Real Property.

 

(c) Mortgaged Property.

 

(i) Mortgages. With
respect to each parcel of Mortgaged Property mortgaged under Section 5.11(b), Borrower shall promptly deliver each
of the following:

 

(A) a Mortgage
covering such parcel signed on behalf of Borrower, with a metes and bounds or other description of the parcel attached thereto;

 

(B) a title
insurance commitment dated a current date and all documentation evidencing any exceptions to title reflected thereon showing a
state of title and exceptions thereto reasonably acceptable to Administrative Agent;

 

(C) evidence
of flood insurance, as required by Section 3.6;

 

(D) upon request
of Administrative Agent, a survey of the parcel, certified by a licensed surveyor;

 

(E) upon request
of Administrative Agent, an environmental report for the parcel, prepared by a third party environmental engineer; and

 

(F) a favorable
opinion of counsel in each state in which such Mortgaged Property is located as to such matters as Administrative Agent may reasonably
request.

 

(ii) Appraisals. If
an Event of Default exists or one or more of the Lenders are required by applicable law to obtain an appraisal of the Mortgaged
Property and Administrative Agent so requests, Borrower shall deliver or cause to be delivered to

 

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Administrative Agent a current
appraisal of each parcel of the Mortgaged Property or any portion thereof requested by Administrative Agent, such appraisals to
be in form and scope reasonably satisfactory to Administrative Agent.

 

(iii) Environmental
Reports. If Administrative Agent at any time has reasonable basis to believe that there may be a material violation of any Environmental
Laws by, or any material liability arising under Environmental Laws of, any Obligor or related to any Mortgaged Property or any
real property adjacent to any Mortgaged Property, then Borrower agrees, upon the request of Administrative Agent, to provide Administrative
Agent with such environmental reports and assessments, engineering studies or other written material or data as Administrative
Agent may reasonably require relating thereto.

 

(iv) Environmental
Remediation. In the event that Administrative Agent determines from the environmental reports or information delivered pursuant
to Section 5.11(c)(i) or pursuant to any other information, that remedial action to correct an adverse environmental
condition is required under Environmental Law with respect to any Obligor or the Mortgaged Property or any other property of any
Obligor, Borrower shall take such action as is required under Environmental Law to cure any material violation or potential violation
of any Environmental Laws or any material actual or potential liability under any Environmental Law.

 

5.12 ERISA. Borrower
will, and will cause each Subsidiary to, comply with all minimum funding requirements and all other requirements of ERISA, if
applicable, so as not to give rise to any liability which could reasonably be expected to have a Material Adverse Effect.

 

5.13 Packers and
Stockyards Act Compliance. If Borrower or any other Obligor obtains live poultry by purchase in cash sales or by poultry grower
arrangements, Borrower shall at its own expense take such steps to insure that any trust established under the Packers and Stockyards
Act, 1921, as amended (7 U.S.C. §181 et seq.) shall not arise for the benefit of any unpaid cash sellers or growers
on such poultry or on the inventory or accounts receivable derived therefrom.

 

5.14 Food Security
Act Compliance. 

 

(a) As Seller.
Borrower agrees to deliver to Administrative Agent upon Administrative Agent’s request a list of all Persons to or through
whom any Obligor may sell any of its Farm Products, such list to identify the name and address of such Person or Persons. In furtherance
of the provisions of Section 5.11, Borrower agrees that it will, at any time, execute and assist in the preparation
of any Effective Financing Statements (as such term is utilized in the Food Security Act) with respect to each jurisdiction that
has established a Central Filing System (as defined in the Food Security Act) pursuant to the Food Security Act as Administrative
Agent may reasonably request to protect Administrative Agent’s Liens under the Food Security Act as against the purchasers
of the Obligors’ Farm Products. If Borrower shall fail to comply with the provisions of this Section 5.11 with
respect to a sale of Farm Products, Borrower agrees to deliver or cause the applicable Obligor to deliver, the proceeds of such
sale to Administrative Agent not later than 10 days after such sale. Borrower agrees to notify Administrative Agent of any type
of Farm Product that any Obligor undertakes to produce after the date hereof that is different from the Farm Products it produces
on the date hereof.

 

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(b) As Buyer.
If any Obligor acquires any Collateral which may have constituted Farm Products in the possession of the seller or supplier thereof,
Borrower shall, at its own expense, use its commercially reasonable efforts to take such steps to insure that all Liens (except
the Liens granted pursuant hereto) in such acquired Collateral are terminated or released, including, in the case of such Farm
Products produced in a state which has established a Central Filing System, registering with the Secretary of State of such state
(or such other party or office designated by such state) and otherwise take such reasonable actions necessary, as prescribed by
the Food Security Act, to purchase Farm Products free of Liens (except the Liens granted pursuant hereto); provided,
however, that an Obligor may contest and need not obtain the release or termination of any Lien asserted by any creditor
of any seller of such Farm Products, so long as it shall be contesting the same by proper proceedings and maintain appropriate
accruals and reserves therefor in accordance with the GAAP. Upon Administrative Agent’s request, Borrower agrees to forward
to Administrative Agent promptly after receipt copies of all notices of Liens and master lists of Effective Financing Statements
delivered to any Obligor pursuant to the Food Security Act, which notices and/or lists pertain to any of the Collateral. Upon Administrative
Agent’s request, Borrower agrees to provide Administrative Agent with the names of Persons who supply each Obligor with such
Farm Products and such other information as Administrative Agent may reasonably request with respect to such Persons.

 

5.15 Cash Management
Systems. Each Obligor shall, within 90 days of the Effective Date (or such longer period as Administrative Agent may agree
in its sole discretion; provided Borrower is using commercially reasonable efforts), cause each of its Deposit Accounts
(other than (a) any Deposit Account that is a zero balance account, (b) any Excluded Account, (c) any other Deposit Account that,
together with all other Deposit Accounts that are not subject to a Control Agreement pursuant to this clause (c), have an aggregate
balance of less than $500,000, and (d) any Deposit Account that Administrative Agent determines is not material) to be a Controlled
Account. During a Liquidity Period, Administrative Agent shall have the right to (i) give any notice of exclusive control
or similar notice under any Control Agreement with respect to any Controlled Account and (ii) direct the disposition of funds
as may be required by Administrative Agent.

 

5.16 Post-Closing
Matters. Notwithstanding anything to the contrary set forth in this Agreement, Borrower agrees that it shall, and it shall
cause the other Obligors to, deliver to Administrative Agent on behalf of the Lenders each of the documents set forth on Schedule 5.16,
in form and substance reasonably satisfactory to Administrative Agent, and/or take the actions set forth on Schedule 5.16,
in a manner reasonably acceptable to Administrative Agent, on or before the deadlines set forth in Schedule 5.16 (as such
deadlines may be extended by Administrative Agent in writing in its sole discretion). To the extent there is any conflict between
the provisions of Section 4.1 of this Agreement and Schedule 5.16, the provisions of Schedule 5.16 shall control.

 

6. NEGATIVE
COVENANTS

 

Borrower covenants
and agrees that, until all the Obligations have been Fully Satisfied, Borrower will perform and observe the following negative
covenants:

 

6.1
Indebtedness. Borrower will not, and will not permit any Subsidiary to, incur, create, assume, or permit to exist any
Indebtedness, except, without duplication:

 

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(a) Indebtedness to the
Lenders pursuant to the Loan Documents;

 

(b) Indebtedness described
on Schedule 6.1(b), and any Refinancing Indebtedness in respect of such Indebtedness;

 

(c) Indebtedness of a
Subsidiary owed to Borrower or another Subsidiary and Indebtedness of Borrower owed to a Subsidiary; provided the aggregate
amount of such Indebtedness owed by Subsidiaries that are not Obligors under the permission of this clause (c) at any
one time outstanding shall not exceed $10,000,000;

 

(d) Indebtedness of Borrower
or any Subsidiary which is subordinated to the Obligations on terms and conditions approved by Administrative Agent in its reasonable
discretion if at the time of the assumption or incurrence thereof and after giving effect thereto and the application of the proceeds
thereof:

 

(i) No Default exists
or would result therefrom;

 

(ii) After giving pro
forma effect to the incurrence of such Indebtedness, Borrower is in compliance with all the financial covenants in Section 7
as of the most recently ended Fiscal Quarter for which financial statements are available and calculated for any financial covenant
which is tested over a period of time, as if such Indebtedness were incurred on the first day of such period and as if the interest
rate in effect on the date of calculation was the interest rate in effect for the entire period; and

 

(iii) Borrower delivers
to Administrative Agent on or prior to the date of the assumption or incurrence of any Indebtedness under this clause (d)
evidence of Borrower’s pro forma calculation of the financial covenants together with a certification signed by a Responsible
Officer of Borrower regarding compliance with the requirements of this clause (d);

 

(e) Indebtedness of Borrower
or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets (including Capital
Lease Obligations and Synthetic Lease Obligations) 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 any Refinancing Indebtedness in respect of
such Indebtedness that does not increase the outstanding principal amount thereof; provided that (i) such Indebtedness
is incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement, (ii) the
aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $25,000,000 at any time outstanding
(including, for purposes of such calculation, the principal amount of any such Indebtedness that may be listed on Schedule 6.1(b)),
(iii) no Default exists on the date of the incurrence or assumption thereof or would result therefrom, and (iv) such Indebtedness
when incurred does not exceed the purchase price or cost of construction of such asset;

 

(f) Indebtedness of a
Person who becomes a Subsidiary pursuant to an Acquisition permitted hereunder (or Indebtedness assumed by Borrower or any Subsidiary
at the time and as a result of such an acquisition); provided that such Indebtedness was not incurred in connection with
or in anticipation of such acquisition;

 

(g) Indebtedness for
borrowed money of a Foreign Subsidiary, provided that the aggregate outstanding Dollar equivalent amount of all Indebtedness
outstanding at any time under the permissions of this clause (g) and owed by all the Foreign Subsidiaries shall not
at any time exceed $10,000,000;

 

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(h) Indebtedness arising
in connection with Hedging Agreements permitted by Section 6.8;

 

(i) Indebtedness incurred
in the Ordinary Course of Business under surety and appeal bonds, performance bonds, bid bonds, appeal bonds, and similar obligations;

 

(j) endorsements of instruments
or other payment items for deposit;

 

(k) unsecured Indebtedness
of Borrower or any Subsidiary for borrowed money, in addition to that specifically described above in clauses (a) through
(j) of this Section 6.1; provided, that at the time of the assumption or incurrence thereof and
after giving effect thereto and the application of the proceeds thereof:

 

(i) No Default exists
or would result therefrom;

 

(ii) After giving pro
forma effect to the incurrence of such Indebtedness, Borrower is in compliance with all the financial covenants in Section 7
as of the most recently ended Fiscal Quarter for which financial statements are available and calculated for any financial covenant
which is tested over a period of time, as if such Indebtedness were incurred on the first day of such period and as if the interest
rate in effect on the date of calculation was the interest rate in effect for the entire period; and

 

(iii) Borrower delivers
to Administrative Agent on or prior to the date of the incurrence of any Indebtedness under this clause (k) evidence
of Borrower’s pro forma calculation of the financial covenants together with a certification signed by a Responsible Officer
of Borrower as to Borrower’s compliance with the requirements of this clause (k);

 

(l) unsecured Indebtedness
of Borrower or any Subsidiary, in addition to that specifically described above in clauses (a) through (k) of
this Section 6.1; provided, that at the time of the assumption or incurrence thereof and after giving
effect thereto and the application of the proceeds thereof: (i) no Default exists or would result therefrom and (ii) the aggregate
amount of the Indebtedness at any time outstanding under the permissions of this clause (l) shall not exceed $2,500,000;
and

 

(m) (i) Guarantees described
on Schedule 6.1(m), (ii) Guarantees of, or assumption of Indebtedness of, any other Person in either case to the extent the
Person incurring such Guarantee or assuming such Indebtedness would have been permitted to incur the underlying Indebtedness under
the other clauses of this Section 6.1, and (iii) other Guarantees; provided, that at the time of the assumption
or incurrence thereof and after giving effect thereto (y) no Default exists or would result therefrom and (z) the aggregate amount
of Guarantees at any time outstanding under the permissions of this clause (m) shall not exceed $5,000,000.

 

6.2 Liens; Restrictions
on Subsidiaries. Borrower will not, and will not permit any Subsidiary to, incur, create, assume, or permit to exist any Lien
upon any of its assets whether now owned or hereafter acquired, except for Permitted Encumbrances. Borrower shall not, nor shall
it permit any Subsidiary to, enter into or assume any agreement prohibiting the creation or assumption of any Lien upon its properties
or assets, whether now owned or hereafter acquired other than: (a) the Loan Documents, (b) customary consensual encumbrances and
restrictions contained in a purchase and sale agreement and imposed on Borrower or a Subsidiary (or its assets) to be sold in
a transaction permitted hereby, and (c) in connection with the creation of Permitted Encumbrances, Borrower and any Subsidiary
may agree that it will not permit any other Liens to encumber the asset subject to such Permitted Encumbrances. Except (y) as

 

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provided herein and (z) for customary consensual encumbrances and restrictions contained in a purchase and sale agreement and
imposed on Borrower or a Subsidiary (or its assets) to be sold in a transaction permitted hereby, Borrower will not and will not
permit any Subsidiaries directly or indirectly to create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction of any kind on the ability of any Subsidiary to: (1) pay dividends or make any other distribution on
any Equity Interests issued by such Subsidiary and owned by Borrower or any Subsidiary, (2) subject to subordination provisions,
pay any Indebtedness or other obligation owed to Borrower or any other Subsidiary, (3) make loans or advances to Borrower or any
other Subsidiary, or (4) transfer any of its property or assets to Borrower or any other Subsidiary.

 

6.3 Mergers, Etc.
Borrower will not, and will not permit any Subsidiary to, become a party to a merger or consolidation, or wind-up, dissolve,
or liquidate itself; provided that, if no Default exists or would result therefrom and all applicable obligations
under Section 5.10 and the Security Agreement are complied with:

 

(a) a Subsidiary may
wind-up, dissolve, or liquidate if its assets are transferred to Borrower or another Wholly-Owned Subsidiary;

 

(b) any Subsidiary may
merge with and into Borrower if Borrower is the surviving entity;

 

(c) any Subsidiary may
merge with and into any other Wholly-Owned Subsidiary; and

 

(d) any Subsidiary or
Borrower may acquire all or a substantial part of the business or assets of any Subsidiary.

 

6.4 Restricted Payments.
Borrower will not and will not permit any Subsidiary to directly or indirectly declare, order, pay, make, or set apart any
sum for any Restricted Payment, except:

 

(a) after the consummation
of the Initial Public Offering, Borrower may make distributions and/or expense reimbursements to Pubco in respect of (A) overhead,
administrative expenses, insurance and reasonable legal, accounting and other professional fees and expenses of Pubco, (B) expenses
of Pubco incidental to being a public reporting company, (C) reasonable fees and expenses related to the Initial Public Offering
or any Additional Public Offering or private placement of Equity Interests of Pubco whether or not consummated, (D) franchise and
similar Taxes of Pubco and other fees and expenses in connection with the maintenance of the existence of Pubco, (E) customary
compensation and benefits payable by Pubco, and indemnities provided by Pubco on behalf of, its officers and directors of Pubco
and (F) reasonable expenses paid by Pubco on behalf of Borrower;

 

(b) after the consummation
of the Initial Public Offering, Borrower may make distributions to its members in an aggregate amount not to exceed $20,000,000
for each Fiscal Year ended after the Initial Public Offering;

 

(c) Borrower may make
the Specified Dividend; provided, both before and immediately after giving effect to such Restricted Payment under this
clause (c), no Default exists or would result therefrom and Excess Availability plus, during the IPO Consummation Period,
Excess Cash, shall not be less than the greater of (i) 25% of the total Revolving Credit Commitments at such time and (ii) $45,000,000;

 

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(d) Borrower may make
the IPO Dividend within 30 days after the date of the Initial Public Offering;

 

(e) other Restricted
Payments declared, in the case of dividends, or made, in the case of other Restricted Payments, by Borrower and the Subsidiaries
in each case after the Effective Date, through and including the date of declaration, in the case of a dividend, or the date of
payment, in the case of any other Restricted Payment, which in the aggregate shall not exceed the result of:

 

(i) 50% of Borrower’s
annual Earnings After Taxes for the Fiscal Year ended March 2016, and each completed Fiscal Year thereafter, computed on a cumulative
basis for the entire Fiscal Year (or if such Earnings After Taxes is a deficit figure for any Fiscal Year, then minus 50% of such
deficit for such Fiscal Year), minus

 

(ii) the aggregate
amount of dividends made pursuant to clause (b) above and Investments made pursuant to Section 6.5(t) below;

 

provided, both
before and immediately after giving effect to a Restricted Payment under this clause (e), no Default exists or would result
therefrom and Excess Availability shall not be less than the greater of (y) 25% of the total Revolving Credit Commitments
at such time and (z) $45,000,000; and

 

(f) Borrower shall be
permitted to make periodic distributions to its members in connection with such members’ (or their respective direct or indirect
owners’) aggregate tax obligations in accordance with the provisions on Schedule 6.4(f).

 

The amounts paid under
the foregoing clause (f) shall not be included in the amount of Restricted Payments for the calculation of the amount available
for all other Restricted Payments under the test provided in clause (e) of this Section.

 

Borrower will not declare
any dividend which constitutes a Restricted Payment payable more than 60 days after the date of declaration thereof. For the purposes
of making computations under this Section, the amount of any Restricted Payment declared, paid or distributed in property or assets
of Borrower or the Subsidiaries shall be deemed to be the greater of the book value and fair market value (as determined in good
faith by the Board of Directors of Borrower or an authorized subcommittee thereof), of such property or assets as of the date of
declaration in the case of a dividend or the date of payment in the case of any other Restricted Payment.

 

6.5 Investments.
No Company shall, make, or permit to remain outstanding any Investments except:

 

(a) existing Investments
described on Schedule 3.14 hereto and, with respect to any Investment listed on Schedule 3.14, the reinvestment of any
earnings on such Investment, the proceeds payable at the maturity thereof or proceeds from the sale of such Investments in such
other Investments and any subsequent Investments or series of subsequent Investments as Borrower may select;

 

(b) Investments in cash
and Cash Equivalents that are, to the extent required hereunder, subject to the Security Agreement and Control Agreements in favor
of Administrative Agent;

 

(c) Investments consisting
of intercompany loans to the extent permitted under Section 6.1(c);

 

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(d) Investments by Borrower
or a Subsidiary in and to any Subsidiary provided that the aggregate amount of Investments made after the Effective Date
in Subsidiaries who are not Obligors shall not exceed $10,000,000 during the entire term of this Agreement;

 

(e) Investments with
respect to Hedging Agreements permitted by Section 6.8;

 

(f) Investments consisting
of deposits that constitute Permitted Encumbrances pursuant to clause (f) thereof;

 

(g) Investments acquired
by Borrower or any Subsidiary (x) in exchange for any other Investment held by Borrower or any such Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment, (y) as a result
of a foreclosure by Borrower or any Subsidiary with respect to any secured Investment or other transfer of title with respect to
any secured Investment in default, or (z) in settlement of delinquent obligations of, or other disputes with, customers and suppliers
arising in the Ordinary Course of Business;

 

(h) Investments constituting
(i) Accounts Receivable arising, (ii) trade debt granted, or (iii) deposits made by Borrower or a Subsidiary in connection with
the purchase price of goods or services, in each case in the Ordinary Course of Business;

 

(i) Investments consisting
of loans and advances to employees and officers for business or relocation expenses incurred in the Ordinary Course of Business;

 

(j) Investments by Borrower
or any Subsidiary in Equity Interests of a Person in connection with a Permitted Acquisition provided that no other Default
exists or results from the making of such Investments;

 

(k) the establishment
or creation of Wholly-Owned Domestic Subsidiaries by an Obligor, provided, in each case, such Obligor and such Subsidiary
shall have complied with the provisions of Section 5.10 in respect thereof;

 

(l) any Guarantee permitted
pursuant to Section 6.1(m);

 

(m) Investments consisting
of non-cash consideration received in connection with a sale of assets permitted by Section 6.7 and the reinvestment
of any earnings on such Investments, the proceeds payable at the maturity thereof or proceeds from the sale of such Investments
in such other Investments and any subsequent Investments or series of subsequent Investments as Borrower may select;

 

(n) Investments consisting
of prepaid expenses;

 

(o) Short-term Investments
of Foreign Subsidiaries acquired by Foreign Subsidiaries for cash management purposes in the Ordinary Course of Business;

 

(p) Investments consisting
of loans or advances to Growers made in the Ordinary Course of Business; provided that the aggregate amount of such loans
and advances at any time outstanding shall not exceed $15,000,000;

 

(q) Investments (i) in
an aggregate amount not to exceed $10,000,000 in WFSP Foods, LLC, a joint venture between Borrower and Salm Partners, LLC in which
Borrower owns 50% or less of the Equity Interests, and (iii) a loan in an original principal amount not greater than $5,000,000
to Salm Partners, LLC;

 

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(r) Investments, in addition
to the other Investments permitted by this Section, provided that no Default exists or would result at the time the Investment
is made and the aggregate cost of all Investments made pursuant to the permissions of this clause (r) shall not exceed
$10,000,000;

 

(s) Investments of a
Person who becomes a Subsidiary pursuant to an Acquisition permitted hereunder; provided that such Investment was not made
in connection with or in anticipation of such Acquisition; and

 

(t) other Investments
made by Borrower and the Subsidiaries in each case after the Effective Date, through and including the date of making such Investment,
which in the aggregate shall not exceed the result of:

 

(i) 50% of Borrower’s
annual Earnings After Taxes for the Fiscal Year ended March 2016, and each completed Fiscal Year thereafter, computed on a cumulative
basis for the entire Fiscal Year (or if such Earnings After Taxes is a deficit figure for any Fiscal Year, then minus 50% of such
deficit for such Fiscal Year), minus

 

(ii) the aggregate
amount of distributions made pursuant to Sections 6.4(b) and 6.4(e) above;

 

provided, both before and immediately
after giving effect to an Investment under this clause (s), no Default exists or would result therefrom and Excess Availability
shall not be less than the greater of (y) 25% of the total Revolving Credit Commitments at such time and (z) $45,000,000.

 

For purposes of this Section 6.5,
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.

 

6.6 Transactions
with Affiliates. Borrower will not, and will not permit any Subsidiary to, enter into any transaction, including the purchase,
sale, or exchange of property or the rendering of any service, with any Affiliate of Borrower or such Subsidiary, except: (a) pursuant
to the reasonable requirements of Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less
favorable to Borrower or such Subsidiary than would be obtained in a comparable arms-length transaction with a Person not an Affiliate
of Borrower or such Subsidiary, (b) Investments otherwise permitted under this Agreement, (c) compensation and benefit
arrangements (including stock option plans and loans and guarantees) and payments with respect to indemnification arrangements
to employees, officers or directors in each case as approved by the Board of Directors of Borrower or an authorized subcommittee
thereof, (d) transactions (i) between Obligors or (ii) between Subsidiaries that are not Obligors, in each case so long as
no Default would result therefrom, (e) transactions between Borrower and Parent under the terms of the Services Agreement,
as such agreement exists on the Effective Date, without giving effect to any amendment, amendment and restatement or other modification
to the terms thereof unless such amendment or other modification (i) does not increase the obligations

 

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of Borrower or any other
Obligor thereunder or (ii) is approved by Administrative Agent (which Administrative Agent may provide, without the consent or
agreement of any Lender) provided that such transactions do not violate the restrictions set forth in Section 6.4,
(f) Restricted Payments permitted by Section 6.4, and (g) payments by Borrower to Holdco made in accordance with Section
4.8 of the LLC Agreement (as defined in Schedule 6.4(f)) and Section 3.01(a)(ii) of the Tax Receivable Agreement, to the
extent such payments are made to Holdco with funds that would otherwise have been distributable to Pubco as tax distributions
permitted pursuant to Section 6.4(f).

 

6.7 Dispositions.
No Company shall make any Disposition, except:

 

(a) Dispositions of Inventory
and Farm Products in the Ordinary Course of Business;

 

(b) Dispositions of unnecessary,
obsolete or worn out equipment in the Ordinary Course of Business;

 

(c) sales, leases, or
other dispositions of assets by (i) Borrower and any of its Subsidiaries to any other Obligor and (ii) any Subsidiary of Borrower
that is not an Obligor to any other Subsidiary of Borrower that is not an Obligor;

 

(d) the granting or incurrence
of Permitted Encumbrances;

 

(e) Dispositions in the
Ordinary Course of Business of Investments permitted by clauses (b), (e), (g) and (m) of Section 6.5;

 

(f) licenses, sublicenses,
leases, or subleases granted to third parties in the Ordinary Course of Business not interfering with the business of Borrower
or any of its Subsidiaries;

 

(g) sales or exchanges
of specific items of equipment solely to replace such equipment with replacement equipment of substantially equivalent or greater
value;

 

(h) Equity Issuances
by Borrower (other than any issuance of Disqualified Equity Interests) so long as no Change of Control occurs;

 

(i) Excluded Equity Issuances
and Equity Issuances by a Subsidiary of Borrower constituting an Investment permitted under Section 6.5;

 

(j) any abandonment or
cancellation of intellectual property that, in the reasonable good faith judgment of Borrower, is no longer used or useful in any
material respect in the business of Borrower and its Subsidiaries taken as a whole;

 

(k) any Disposition of
real property to a Governmental Authority as a result of a condemnation or eminent domain of such real property provided
that the proceeds thereof are used and applied to the extent required by Section 2.10(b)(i) hereof;

 

(l) any Disposition of
assets (in addition to the Dispositions permitted by clauses (a) through (k) of this Section) by Borrower or
any Subsidiary for cash or other property to a Person or Persons if all of the following conditions are met:

 

(i) such assets
(valued at net book value) do not, together with all other assets of Borrower and the Subsidiaries previously disposed of during
the same Fiscal Year under the permissions of this clause, exceed 7.5% of

 

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Consolidated Total Assets and such assets (valued at
net book value) do not, together with all other assets of Borrower and the Subsidiaries previously disposed of during the period
after the Effective Date to and including the date of the sale of such assets exceed 15% of Consolidated Total Assets, with such
net book value and Consolidated Total Assets in each such case determined as of the end of the Fiscal Quarter immediately preceding
each of the applicable Disposition and such previous Dispositions;

 

(ii) if the
net book value of the assets disposed of in any transaction or series of related transactions equals or exceeds $5,000,000, the
Board of Directors of Borrower (or an authorized subcommittee thereof) makes a good faith determination that such sale is for fair
value and is in the best interests of Borrower; and

 

(iii) immediately
after the consummation of the transaction and after giving effect thereto, no Default exists;

 

provided, however, that to
the extent required pursuant to Section 2.10(b), the Net Cash Proceeds thereof are used to prepay the Loans.

 

6.8 Hedging Agreements.
Borrower will not, and will not permit any Subsidiary to enter into any Hedging Agreement except Hedging Agreements entered
into for non-speculative purposes to enable Borrower or a Subsidiary to fix or limit its interest expense or to manage the market
risk of holding a currency, security or commodity in the cash market.

 

6.9 Lines of Business.
Neither Borrower nor any Subsidiary will engage in any business if, as a result, the general nature of the business, taken
on a consolidated basis, which would then be engaged in by Borrower and the Subsidiaries would be substantially changed from agri
business, food processing and businesses reasonably related to the foregoing.

 

6.10 Modifications
of Certain Documents. No Company shall consent to any modification, supplement or waiver of any of the provisions of its Organizational
Documents without the prior written consent of Administrative Agent other than modifications that are not adverse to Secured Parties
and do not in any way limit, impair or adversely affect such Obligor’s ability to pay its Obligations under the Loan Documents
or otherwise limit, impair or adversely affect the creation, perfection or priority of any Lien granted by such Obligor pursuant
to any Loan Document, the ability of such Obligor to perform its other non-payment obligations under any Loan Document, or the
ability of the Secured Parties to enforce any rights or remedies under any Loan Document; provided that concurrently with
the consummation of the Initial Public Offering, the limited liability company agreement of Borrower may be amended and restated
in substantially the form of the draft thereof delivered to the Lenders prior to the Effective Date, with such modifications thereto
as do not increase the financial obligations of Borrower and as would otherwise comply with the provisions of this Section
6.10.

 

6.11 Accounting Changes.
No Company shall (a) make any significant change in accounting treatment or reporting practices, except as required or permitted
by GAAP or (b) change its Fiscal Year end date or the method for determining Fiscal Quarters or Fiscal Periods of any Obligor
or is Subsidiaries.

 

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6.12 Use of Proceeds
and Letters of Credit. Borrower shall not use the proceeds of Revolving Credit Loans and Swingline Loans for any purposes
other than to (a) refinance the obligations outstanding under the Existing Credit Agreement (including the “Term Loan”
(as defined in the Existing Credit Agreement)), (b) pay Transaction Costs, (c) pay the Specified Dividend, and (d) fund Borrower’s
working capital and general corporate purposes or, subject to the terms and conditions of this Agreement and the other Loan Documents,
the general corporate purposes of Borrower or any other Company. Borrower shall not use the proceeds of the Term Loans for any
purpose other than to (a) pay Transaction Costs, (b) pay the IPO Dividend, and (c) fund Borrower’s working capital and general
corporate purposes or, subject to the terms and conditions of this Agreement and the other Loan Documents, the general corporate
purposes of Borrower or any other Company. Borrower shall not use the proceeds of the Delayed Draw Term Loans for any purpose
other than to fund Capital Expenditures (other than Maintenance Capital Expenditures). Borrower shall not, nor shall it permit
any of its Subsidiaries to, use any part of the proceeds of any Loan, whether directly or indirectly, for any purpose that would
be prohibited by Section 3.11 or that violates any of the regulations of the Board. No Obligor shall, nor shall it permit
any of its Subsidiaries to, use any Letters of Credit for any purpose other than to support transactions entered into by Borrower
or its Subsidiaries in the Ordinary Course of Business.

 

6.13 Limitation on
Activities.

 

(a) Notwithstanding anything
to the contrary in this Agreement or any other Loan Document, neither Pubco, Holdco nor any Domestic Holding Company shall (a)
conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other
than those incidental to its ownership of the Equity Interests of its Subsidiaries, and in the case of Pubco, those incidental
to maintaining its existence as a public company or engaging in an Initial Public Offering or Additional Public Offering, (b) incur,
create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (i) nonconsensual obligations
imposed by operation of law, (ii) obligations with respect to its Equity Interests, and (iii) other liabilities incidental
to its existence, or (c) own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received
in connection with dividends or other distributions made by Borrower or its Subsidiaries in accordance with Section 6.4
pending application in the manner contemplated by said Section) and Cash Equivalents) other than the ownership of Equity Interests
of its Subsidiaries and incidental ownership of property received as dividends, distributions, or capital contributions and promptly
distributed to its parent entity or contributed or transferred to its subsidiaries.

 

(b) Pubco or Holdco shall
not maintain, create or acquire any direct Subsidiary other than Borrower.

 

7. FINANCIAL
COVENANTS

 

7.1 Consolidated
Funded Debt to Capitalization Ratio. Borrower shall not permit the Consolidated Funded Debt to Capitalization Ratio to exceed
0.60 to 1.00 as of the last day of the Fiscal Quarter ending March 2015 and as of the last day of each Fiscal Quarter thereafter.

 

7.2 Fixed Charge
Coverage Ratio. Borrower shall not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1.00 (a) as of the last
day of any Fiscal Quarter during which an Excess Availability Event has occurred and (b) as of the last day of any Fiscal

 

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Quarter
ending after the Fiscal Quarter in which an Excess Availability Event has occurred, unless Excess Availability (or, during the
IPO Consummation Period, the sum of Excess Availability and Excess Cash) has exceeded the greater of (i) 12.5% of the total Revolving
Credit Commitments and (ii) $22,500,000 for at least 30 consecutive days prior to such date.

 

7.3 Capital Expenditures.
Borrower shall not permit the aggregate amount of Capital Expenditures by the Consolidated Group to exceed the Permitted Amount
for any Fiscal Year; provided, however, the calculation of Capital Expenditures for purposes of this Section 7.3
shall not include (a) expenditures up to an aggregate amount of $300,000,000 during the term of this Agreement made to convert
the capabilities of one processing plant from large bird processing to, or to include, small bird processing and/or build, acquire
or renovate a new small bird processing plant and/or expand an existing plant or to acquire the Equity Interests of a Person that
owns a small bird processing plant, in each case to the extent such conversion, construction, acquisition renovation and/or expansion
is required to support an Obligor’s supply agreements with Chick-fil-A (for the avoidance of doubt, any such expenditures
described in this clause (a) of Section 7.3 shall not be counted against the $25,000,000 limit referred to in clause
(e) of the definition of “Permitted Acquisition” contained herein) and (b) other expenditures up to an aggregate
amount of $25,000,000 during the term of this Agreement made in connection with Permitted Acquisitions; provided, further,
that, so long as no Default shall have occurred and be continuing, if the aggregate amount of Capital Expenditures for Borrower’s
Fiscal Year ended in 2015 or during any Fiscal Year thereafter shall be less than the Permitted Amount for such Fiscal Year, then
the amount by which such Permitted Amount for such Fiscal Year exceeds the actual amount of such Capital Expenditures for such
Fiscal Year (the “Excess Amount”) shall be added to the amount of Capital Expenditures permitted for
the immediately succeeding (but not any other) Fiscal Year and, for purposes hereof, the amount of Capital Expenditures made during
any Fiscal Year shall be deemed to have been made first from the Permitted Amount for such Fiscal Year and last from the Excess
Amount from any previous Fiscal Year.

 

7.4 Consolidated
Tangible Net Worth. Borrower shall maintain Consolidated Tangible Net Worth as of the last day of each Fiscal Quarter in an
amount not less than $165,000,000.

 

8. EVENTS
OF DEFAULT; REMEDIES

 

8.1 Event of Default.
If any of the following events (each such an event, an “Event of Default”) shall occur:

 

(a) Borrower shall fail
to pay (i) when due any principal payable under any Loan Document or any part thereof (including any LC Disbursement), (ii) within
3 Business Days of the date due any interest or fees payable under the Loan Documents or any part thereof, and (iii) within 5 Business
Days of the date due any other Obligation or any part thereof;

 

(b) any representation,
warranty, or certification made or deemed made by any Obligor or Reporting Company (or any of their respective officers) in any
Loan Document or in any certificate, report, notice, or financial statement furnished at any time in connection with any Loan Document
shall be false, misleading, or erroneous in any material respect when made or deemed to have been made (unless any such representation,
warranty, or certification is qualified as to materiality or as to Material Adverse Effect, in which case such representation,
warranty, and certification shall prove to have been incorrect in any respect);

 

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(c) Borrower or any Subsidiary
shall fail to perform, observe, or comply with any covenant, agreement, or term contained in (i) clause (f) of Section 5.1,
Section 5.10, 5.11, or 5.15, or Articles 6 or 7 of this Agreement, (ii) any of the Security
Documents, or (iii) clauses (a), (b), (c), (d), or (k) of Section 5.1
and such failure pursuant to this clause (iii) shall continue for a period of 5 Business Days;

 

(d) any Obligor shall
fail to perform, observe, or comply with any other covenant, agreement, or term contained in any Loan Document (other than covenants
to pay the Obligations and the covenants described in Section 8.1(c) and such failure shall continue for a period of
30 days after the earlier of (i) the date Administrative Agent or any Lender provides Borrower with notice thereof and (ii) the
date Borrower should have notified Administrative Agent thereof in accordance with clause (f) of Section 5.1;

 

(e) Borrower or any Material
Subsidiary shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee,
examiner, liquidator, or the like of itself or of all or a substantial part of its property, (ii) make a general assignment for
the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy Code, (iv) institute any proceeding or file
a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution,
winding-up, or composition or readjustment of debts, (v) fail to controvert in a timely and appropriate manner, or acquiesce in
writing to, any petition filed against it in an involuntary case under the Bankruptcy Code, (vi) admit in writing its inability
to, or be generally unable to pay its debts as such debts become due, or (vii) take any corporate action for the purpose of effecting
any of the foregoing;

 

(f) a proceeding or case
shall be commenced, without the application, approval or consent of Borrower or any Material Subsidiary, in any court of competent
jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment
of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator, or the like of Borrower or such Material
Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of Borrower or such Material Subsidiary
under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding
or case shall continue undismissed, or an order, judgment, or decree approving or ordering any of the foregoing shall be entered
and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against Borrower or any Material Subsidiary
shall be entered in an involuntary case under the Bankruptcy Code;

 

(g) Borrower or any Material
Subsidiary shall fail to discharge within a period of 30 days after the commencement thereof any attachment, sequestration, forfeiture,
or similar proceeding or proceedings involving an aggregate amount in excess of $10,000,000 against any of its assets or properties;

 

(h) a final judgment
or judgments for the payment of money in excess of $10,000,000 in the aggregate which are not adequately covered by insurance or
by a third party reasonably acceptable to Administrative Agent who has acknowledged responsibility for such judgment or judgments,
shall be rendered by a court or courts against Borrower or any Material Subsidiary and the same shall not be discharged (or provision
shall not be made for such discharge), or a stay of execution thereof shall not be procured, within 30 days from the date of

 

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entry
thereof and Borrower or such Material Subsidiary shall not, within said period of 30 days, or such longer period during which execution
of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal;

 

(i) Borrower or any Material
Subsidiary shall fail to pay when due any principal of or interest on any Material Indebtedness, or the maturity of any such Material
Indebtedness shall have been accelerated, or any such Material Indebtedness shall have been required to be prepaid prior to the
stated maturity thereof or any event shall have occurred with respect to any such Material Indebtedness that permits (or, with
the giving of notice or lapse of time or both, would permit) any holder or holders of such Material Indebtedness or any Person
acting on behalf of such holder or holders to accelerate the maturity thereof or require any such prepayment;

 

(j) this Agreement, the
Security Agreement, any Mortgage, or any Guaranty Agreement: (i) shall cease to be in full force and effect or shall be declared
null and void, (ii) the validity or enforceability thereof shall be contested or challenged by Borrower or any Subsidiary,
or (iii) Borrower or any Material Subsidiary shall deny that it has any further liability or obligation under any of the Loan Documents;

 

(k) any Lien or security
interest created or required to be created by the Loan Documents shall not for any reason (other than the operation of the Security
Agreement, the negligence or willful misconduct of Administrative Agent or any Lender, the failure of Borrower to comply with the
Security Agreement (such failure being an Event of Default under Section 8.1(c), or the release thereof in accordance
with the Loan Documents) be a valid and perfected security interest in and Lien upon any of the Collateral purported to be covered
thereby, free and clear of all other Liens (other than Permitted Encumbrances), with the priority required by this Agreement within
10 days after notice thereof has been provided to Borrower by Administrative Agent or any Lender;

 

(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 liability of any Company in an aggregate amount exceeding $15,000,000; or

 

(m) a Change of Control
shall occur.

 

then, and in every such event (other than
an event with respect to any Obligor described in clauses (e) or (f) of this Section 8.1), and at any
time thereafter during the continuance of such event, Administrative Agent may with the consent of the Required Lenders, and at
the request of the Required Lenders shall, by notice to Borrower, take any or all of the following actions, at the same or different
times: (i) terminate the Commitments including any obligation of Issuing Lender to issue Letters of Credit, and thereupon the Commitments
and obligations shall terminate immediately, (ii) require that Borrower Cash Collateralize the aggregate LC Exposure, (iii) declare
the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other obligations of the Obligors accrued hereunder and under the other
Loan Documents, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate,
notice of acceleration or other notice of any kind, all of which are hereby waived by each Obligor, and (iv) exercise on behalf
of itself, the Lenders and Issuing Lender all rights and remedies available to it, the Lenders and Issuing

 

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Lender under the Loan
Documents and applicable law; and in case of any event with respect to any Obligor described in clauses (e) or (f)
of this Section 8.1, the Commitments, and Issuing Lender’s obligation to issue Letters of Credit, shall automatically
terminate, the obligation of Borrower to Cash Collateralize the LC Exposure shall automatically become effective, and the principal
of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Obligors accrued
hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest,
notice of intent to accelerate, notice of acceleration, or other notice of any kind, all of which are hereby waived by each Obligor.
In addition, if any Event of Default shall exist, Administrative Agent may foreclose or otherwise enforce any Lien granted to Administrative
Agent, for the benefit of the Secured Parties, to secure payment and performance of the Obligations in accordance with the terms
of the Loan Documents and exercise any and all rights and remedies afforded by applicable law, by any of the Loan Documents, by
equity, or otherwise.

 

8.2 Application of
Payment. Subsequent to the acceleration of the Obligations under Section 8.1, payments and prepayments with respect
to the Obligations made to Administrative Agent, the Lenders, Issuing Lender, Swingline Lender or otherwise received by Administrative
Agent, any Lender, Issuing Lender or Swingline Lender (from realization on Collateral or otherwise, but excluding any funds held
to Cash Collateralize the LC Exposure which shall be applied to, or held to pay, the LC Exposure as set forth in Section 2.5(l))
shall be distributed in the following order of priority: FIRST, to the reasonable costs and expenses (including attorneys’
fees and expenses), if any, incurred by Administrative Agent, any Lender, Issuing Lender or Swingline Lender in the collection
of such amounts under this Agreement or of the Loan Documents, including, without limitation, any costs incurred in connection
with the sale or disposition of any Collateral; SECOND, to the payment of interest then due and payable on the Swingline
Loans; THIRD, to the payment of the principal of any Swingline Loans then outstanding; FOURTH, to any fees then
due and payable to Administrative Agent, Lenders and Issuing Lender under this Agreement or any other Loan Document; FIFTH,
to the payment of interest then due and payable on the Loans, on a pro rata basis; SIXTH, on a pro rata basis, to (a) the
payment of principal of the Loans, (b) Cash Collateralize the LC Exposure in accordance with clause (a) of the definition
of Fully Satisfied, and (c) the payment of any Bank Product Obligations arising in connection with Hedging Agreements, until each
of the foregoing Obligations in clauses (a) through (c) of this Section 8.2 are Fully Satisfied;
SEVENTH, to the payment of any Bank Product Obligations arising in connection with Cash Management Services, until all
such Obligations are Fully Satisfied; EIGHTH, to the payment of any other Obligations not otherwise referred to in this
Section; and NINTH, to the applicable Obligors, their successors or assigns, or as a court of competent jurisdiction may
otherwise direct; provided, however, that, notwithstanding anything to the contrary set forth above, in no event shall
any proceeds of any Collateral owned, or any Guarantee provided, by any Obligor under any Loan Document be applied to repay or
cash collateralize any Excluded Swap Obligation with respect to such Obligor, but appropriate adjustments shall be made with respect
to payments from other Obligors to preserve the allocation to Obligations otherwise set forth above in this Section; provided,
further, that Administrative Agent may elect to apply the proceeds of any such Collateral or Guarantee to repay or cash collateralize
any Obligations in accordance with the priority set forth above (other than Excluded Swap Obligation with respect to such Obligor)
before applying the proceeds of any other Collateral or Guarantee provided under any Loan Document, if in the reasonable determination
of Administrative Agent, such order of application will maximize the

 

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repayment of all of the Obligations. Administrative Agent
shall have absolute discretion as to the time of application of any such proceeds, moneys, or balances in accordance with this
Agreement. Upon any sale of Collateral by Administrative Agent (including pursuant to a power of sale granted by statute or under
a judicial proceeding), the receipt of the purchase money by Administrative Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated
to see to the application of any part of the purchase money paid over to Administrative Agent or such officer or be answerable
in any way for the misapplication thereof.

 

8.3 Performance by
Administrative Agent. If any Obligor shall fail to perform any covenant or agreement in accordance with the terms of the Loan
Documents, Administrative Agent may perform or attempt to perform such covenant or agreement on behalf of the applicable Obligor.
In such event, Borrower shall, at the request of Administrative Agent promptly pay any amount expended by Administrative Agent
in connection with such performance or attempted performance to Administrative Agent, together with interest thereon at the interest
rate provided for in Section 2.12(c) from and including the date of such expenditure to but excluding the date such
expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that neither Administrative Agent nor any Lender
shall have any liability or responsibility for the performance of any obligation of any Obligor under any Loan Documents.

 

9.
ADMINISTRATIVE AGENT, COLLATERAL, ISSUING LENDER, AND AFFILIATES OF LENDERS

 

9.1 Authorization
and Action.

 

(a) Each of the Lenders
and Issuing Lender hereby irrevocably appoints Administrative Agent to act on its behalf as Administrative Agent hereunder and
under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Section 9 are solely for the benefit of Administrative Agent, the Lenders,
and Issuing Lender, and no Obligor 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
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) Administrative Agent
shall also act as the collateral agent under the Loan Documents, and each of the Lenders and Issuing Lender hereby irrevocably
appoints and authorizes Administrative Agent to act as the agent of such Lender and Issuing Lender for purposes of acquiring, holding,
and enforcing any and all Liens on Collateral granted by any of the Obligors to secure any of the Obligations, together with such
powers and discretion as are reasonably incidental thereto. In this connection, Administrative Agent, as collateral agent and any
co-agents, sub-agents and attorneys-in-fact appointed by Administrative Agent pursuant to Section 9.5 for purposes
of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising
any rights and remedies thereunder at the direction of Administrative Agent, shall be entitled to the benefits of all provisions
of this Sections 9 and 10 as if set forth in full herein with respect thereto.

 

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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 Lender, 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 Security Document.

 

9.2 Administrative
Agent and its Affiliates.

 

(a) The Person serving
as 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 Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as 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 Borrower or any
Subsidiary or other Affiliate thereof as if it were not Administrative Agent hereunder and without any duty to account therefor
to the Lenders.

 

(b) Each Lender and Issuing
Lender understands that the Person serving as 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 Section 9 as “Activities”) any may engage in the Activities
with or on behalf of one or more of the Obligors 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 Obligors and their Affiliates and including holding, for its own account
or on behalf of others, equity, debt and similar positions in Borrower, another Obligor 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
Obligors or their Affiliates. Each Lender and Issuing Lender understands and agrees that in engaging in the Activities, the members
of the Agent’s Group may receive or otherwise obtain information concerning the Obligors or their Affiliates (including information
concerning the ability of the Obligors 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 Administrative
Agent nor any other member of the Agent’s Group shall have any duty to disclose to any Lender or Issuing Lender or use on
behalf of any Lender or Issuing Lender, 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 Obligor or any Affiliate of any Obligor) or to account for any revenue or profits
obtained in connection with the Activities, except that 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 Administrative Agent to the Lenders.

 

(c) Each Lender and Issuing
Lender further understands that there may be situations where members of the Agent’s Group or their respective customers
(including the Obligors 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 Lenders (including the interests of any Lender or Issuing Lender
hereunder and under the other Loan

 

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Documents). Each Lender and Issuing Lender 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 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 Lender. 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 Obligors 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 set forth in this Agreement, contractual duties (including any duty of trust or confidence)
owing by Administrative Agent or any member of the Agent’s Group to any Lender or Issuing Lender including any such duty
that would prevent or restrict any member of the Agent’s Group from acting on behalf of customers (including the Obligors
or their Affiliates) or for its own account.

 

9.3 Duties. 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, Administrative Agent:

 

(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 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 Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose 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 Obligor or any of their respective Affiliates that is communicated to or obtained
by the Person serving as 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 Administrative Agent’s reasonable control,
including nationalization, expropriation, currency 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 Borrower in its instructions to Administrative Agent.

 

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9.4 Administrative
Agent’s Reliance, Etc.

 

(a) 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 Administrative Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Sections 8 and 10.2), 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.
Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until an Obligor, a Lender,
or Issuing Lender has given written notice describing such Default or Event of Default to Administrative Agent. 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 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 Security
Documents, or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein or therein, other than
to confirm receipt of items expressly required to be delivered to Administrative Agent.

 

(b) 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. 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 Lender, Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Lender
unless Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender prior to the making of
such Loan or the issuance of such Letter of Credit. Administrative Agent may consult with legal counsel (who may be counsel for
an Obligor), 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.

 

9.5 Sub-Agents.
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 Administrative Agent. 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. 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
Lender, from time to time to permit any co-agents, sub-agents and attorneys-in-fact appointed by 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

 

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pursuant to any Security Document. The exculpatory provisions of this Section 9, as well
as all other indemnity and expense reimbursement provisions of this Agreement (including, without limitation, Section 10.3),
shall apply to any such sub-agent and to the Related Parties of 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 Administrative Agent and as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent”
under the Loan Documents. 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 Administrative Agent
acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

9.6 Resignation.

 

(a) Administrative Agent
may resign at any time by giving notice of its resignation to the Lenders, Issuing Lender, and Borrower. 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, Borrower, 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, Borrower 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 Lender, 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(a) 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 Administrative Agent on behalf of the Lenders or Issuing Lender 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 (b) except
for any indemnity payments owed to the retiring Administrative Agent, all payments, communications and determinations provided
to be made by, to or through Administrative Agent shall instead be made by or to each Lender and each Issuing Lender 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 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 Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section and Section 10.3
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties
in respect of any actions

 

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taken or omitted
to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

(c) Any resignation by
Rabobank as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Lender and Swingline
Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender and Swingline Lender,
(ii) the retiring Issuing Lender 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 Lender shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to the
retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

 

9.7 Lender Credit
Decision. Each Lender and Issuing Lender acknowledges that it has, independently and without reliance upon 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 Lender also acknowledges that
it will, independently and without reliance upon 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. In this regards, each Lender further acknowledges that Greenberg Traurig, LLP is acting in
this transaction as special counsel to Rabobank only, except to the extent otherwise expressly stated in any legal opinion or
any Loan Document. Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection
with the Loan Documents and the matters contemplated therein.

 

9.8 Other Agent Titles.
Anything herein to the contrary notwithstanding, none of the “Joint Bookrunners”, “Joint Lead Arrangers”,
or “Documentation Agent” 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 Administrative Agent, a Lender or Issuing
Lender hereunder.

 

9.9 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 Obligor or any Subsidiary, 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
Administrative Agent shall have made any demand any Obligor 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 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 Lender and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, Issuing Lender and Administrative Agent and their respective agents and counsel and all other amounts

 

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due the Lenders, Issuing Lender and Administrative Agent under Sections 2 and 10.3) 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;

 

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 Lender to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the
making of such payments directly to the Lenders and Issuing Lender, to pay to Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due
Administrative Agent under Sections 2 and 10.3.

 

9.10 Collateral.

 

(a) If an Obligor sells
or otherwise disposes of any Collateral to a Person other than an Obligor in a Disposition permitted under Section 6.7
(other than any Disposition permitted by clauses (d) or (f) of Section 6.7), the Collateral will be disposed
of free and clear of all Liens of Administrative Agent, without any further action of any party.

 

(b) The Secured Parties
irrevocably authorize Administrative Agent to, and Administrative Agent shall:

 

(i) release of record
any Lien (A) on all Collateral upon Full Satisfaction of all the Obligations and termination of the Commitments, (B) with respect
to any Collateral that is sold or otherwise disposed of to a Person other than an Obligor pursuant to a Disposition permitted by
Section 6.7 (other than any Disposition permitted by clause (d) or (f) of Section 6.7),
(C) on all assets of any Obligor that is released from its obligations under the Guaranty Agreement pursuant to clause (iii)
below, or (D) subject to Section 10.2, as may be approved, authorized, or ratified in writing by the Required Lenders;

 

(ii) subordinate any
Lien on any Collateral to the holder of any Lien on such property that is permitted by clause (j) of the definition
of Permitted Encumbrances;

 

(iii) release any Guarantor
from its obligations under the Guaranty Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted
under the Loan Documents; and

 

(iv) confirm in writing
that specific items of property are “Excluded Property” (as defined in the Security Agreement) and not subject to Administrative
Agent’s Lien; provided, that Administrative Agent shall not be required to provide such confirmation unless a Responsible
Officer of Borrower shall certify in writing to Administrative Agent that such specific items of property are “Excluded Property”
(as defined in the Security Agreement) (it being acknowledged that Administrative Agent may rely on any such certificate without
further enquiry).

 

(c) Upon request by Administrative
Agent at any time, the Secured Parties will confirm in writing Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty Agreement
pursuant to this Section 9.10.

 

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(d) Administrative Agent,
at the sole expense of Obligors, shall execute and deliver to the Obligors all releases or other documents reasonably necessary
or desirable to evidence or effect any release of Liens or release of Guaranty Agreement authorized under Section 9.10(b);
provided, that (i) Administrative Agent shall not be required to execute any document necessary to evidence such release
authorized under clause (i)(B), (i)(C), or (iii) of Section 9.10(b) unless a Responsible
Officer or general counsel of Borrower shall certify in writing to Administrative Agent that the transaction requiring such release
is permitted under the Loan Documents (it being acknowledged that Administrative Agent may rely on any such certificate without
further enquiry), (ii) Administrative Agent shall not be required to execute any document necessary to evidence such release on
terms that, in Administrative Agent’s opinion, would expose Administrative Agent to liability or create any obligation or
entail any consequence other than the release of such Lien without recourse, representation, or warranty, and (iii) no such release
shall in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon
(or obligations of any Obligors in respect of) all interests retained by Obligors, including, the proceeds of any sale, all of
which shall continue to constitute part of the Collateral. To the extent Administrative Agent is required to execute any releases
or other documents in accordance with this Section 9.10(d), Administrative Agent shall do so promptly upon request
of Borrower without the consent or further agreement of any Secured Party.

 

(e) Administrative Agent
shall have no obligation whatsoever to any of the Secured Parties to assure that the Collateral exists or is owned by any Obligor
or its Subsidiaries or is cared for, protected, or insured or has been encumbered, or that 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 under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or available to 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, Administrative Agent may act in any manner it may deem appropriate, in its sole discretion given Administrative
Agent’s own interest in the Collateral in its capacity as one of the Lenders and that 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.

 

(f) The Secured Parties
hereby irrevocably authorize 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 Sections 9-610 or 9-620 of the
UCC, or (iii) credit bid or purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral
at any other sale or foreclosure conducted by 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

 

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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 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 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) 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 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.

 

9.11 Issuing Lender.
Neither Issuing Lender nor any of its Related Parties shall be liable 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 Lender (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 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 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 Obligors or 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 Lender shall in all cases be fully 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 Administrative Agent; provided, however, that Issuing Lender shall not
be required to take any action which Issuing Lender reasonably believes exposes it to personal liability or which Issuing Lender
reasonably believes is contrary to any Loan Document or applicable law.

 

9.12 Agency for Perfection.
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

 

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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 Administrative Agent thereof, and, promptly upon Administrative Agent’s
request therefor shall deliver possession or control of such Collateral to Administrative Agent or in accordance with Administrative
Agent’s instructions.

 

9.13
Affiliates of Lenders; Bank Product Providers. By accepting the benefits of the Loan Documents, any Affiliate of a
Lender that is owed any Obligation is bound by the terms of the Loan Documents. Notwithstanding the foregoing: (a) neither Administrative
Agent, any Lender nor any Obligor 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 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. 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 Obligation owed to such Affiliate
shall be considered the 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 Security Documents, and the Guaranty Agreements 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 Guaranty Agreements; provided that for the avoidance of doubt, (c) obligations
of Borrower or any Subsidiary under any Bank Product Agreement shall be secured and guaranteed pursuant to the Security Documents
and Guaranty Agreements, respectively, only to the extent that, and for so long as, the other Obligations are so secured and guaranteed,
and (d) any release of Collateral or any Guarantors effected in the manner permitted by this Agreement shall not require the consent
of holders of obligations under Bank Product Agreements. 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 Security Document or Guaranty Agreement, no Bank
Product Provider shall be able to take any action in respect of the Collateral or Guaranty Agreements nor instruct the Required
Lenders or 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 Guarantor under any Guaranty Agreement. By accepting the benefits of the Collateral and the
Guaranty Agreements, such Bank Product Provider shall be deemed to have appointed 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 9.13. 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. 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 Administrative Agent of any Liens or Guarantors thereunder, Administrative
Agent shall be entitled to assume no amounts are due under any Bank Product Agreement unless such Bank Product Provider has notified
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.

 

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10. MISCELLANEOUS

 

10.1 Notices.

 

(a) General Address
for Notices. Except in the case of communications expressly permitted to be given by telephone hereunder or under any
other Loan Documents, all notices and other communications (“Communications”) provided for herein or
in any other Loan Document 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 10.1(b), by electronic communication, as follows:

 

(i) if to Borrower,
to it at: 4110 Continental Drive, Oakwood, GA 30566, Attention: Chief Financial Officer; (Telecopy No. (770) 538-2124; Telephone
No. (770) 538-2127; Email: Courtney.Fazkas@waynefarms.com;

 

(ii) if to Administrative
Agent in connection with any Borrowing Request, Interest Election Request, or any payment or prepayment of the Obligations, or
if to Swingline Lender, to it at c/o Rabo Support Services, Inc., at: 245 Park Avenue, New York, NY 10167, Attention: Corporate
Bank Services; Telecopy No. (201) 499-5328; Telephone No. (212) 574-7331; Email: fm.am.syndicatedloans@rabobank.com, with a copy
to: sui.price@rabobank.com;

 

(iii) if to Rabobank
as Issuing Lender, to it at: c/o Rabo Support Services, Inc., at 245 Park Avenue, New York, NY 10167, Attention: Letter of Credit
Department; Telecopy No. (201) 499-5479; Telephone No. (212) 574-7315); Email: bibi.mohamed@rabobank.com, with a copy to:
RaboNYSBL@rabobank.com;

 

(iv) if to Administrative
Agent in connection with any other matter (including deliveries under Section 5.1, requests for Incremental Term Loans
and other matters), to it at: Rabobank Loan Syndications, 245 Park Avenue, New York, NY 10167, Attention: Loan Syndications; Telecopy
No. (212) 808-2578; Telephone No. (212) 808-6808; Email: syndications.ny@rabobank.com; and

 

(v) if to a Lender,
to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices
sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next Business Day). Notices delivered through electronic
communications to the extent provided in Section 10.1(b), shall be effective as provided in such Section 10.1(b).

 

(b) Electronic Communications.
Communications to the Lenders under the Loan Documents may be delivered or furnished by electronic communications pursuant
to procedures approved by Administrative Agent. Administrative Agent and Borrower may, in their discretion, agree to accept 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 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),

 

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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 10.1(b) notification that such Communication
is available and identifying the website address thereof; provided that, for both clauses (i) and (ii)
of this Section 10.1(b), if such Communication is not sent during the normal business hours of the recipient, such
Communication 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 by a Lender or Issuing Lender,
by notice to Borrower and 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. Borrower and the Lenders agree that Administrative Agent may make the Communications available to the Lenders,
Issuing Lender, and Borrower by posting the Communications on IntraLinks, DebtDomain or a substantially similar electronic transmission
system or digital workspace provider (the “Platform”). THE PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE”. THE AGENT PARTIES 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 AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE
PLATFORM. IN NO EVENT SHALL THE AGENT PARTIES 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 AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION
TO HAVE RESULTED FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT; PROVIDED, HOWEVER, THAT IN NO EVENT
SHALL ANY AGENT PARTY HAVE ANY LIABILITY TO ANY OBLIGOR, ANY LENDER, ISSUING 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 Administrative Agent in writing (including by electronic communication), promptly after the
date of this Agreement, an e-mail address to

 

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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, Issuing Lender 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 Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. Borrower shall indemnify Administrative Agent, each Issuing Lender, 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 Borrower. Administrative Agent may record all telephonic notices
to, and other telephonic communications with, Administrative Agent and each of the parties hereto hereby consents to such recording.

 

10.2 Waivers; Amendments.

 

(a) No Deemed Waivers;
Remedies Cumulative. No failure or delay by Administrative Agent, Issuing Lender or any Lender 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 Administrative Agent, Issuing Lender, the Lenders,
and the other Secured Parties hereunder and under the other Loan Documents 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 Obligor
therefrom shall in any event be effective unless the same shall be permitted by Section 10.2(b), 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 issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless
of whether Administrative Agent, any Lender, or Issuing Lender may have had notice or knowledge of such Default at the time.

 

(b) Amendments.
Neither this Agreement, nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except,
in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Borrower, Administrative Agent
and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered
into by Administrative Agent and the Obligor or Obligors that are parties thereto, in each case with the consent of the Required
Lenders; provided that no such agreement shall (i) increase any Commitment of any Lender without the written consent of
such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce
the rate of any fees due hereunder, without the written consent of each Lender affected thereby (provided, that in no event
shall (A) the waiver of applicability of Section 2.12(c) (which waiver shall be effective with the written consent
of the Required Lenders) or (B) any amendment or modification of defined terms used in the financial covenants in this Agreement
or in determining the Applicable Margin or any reduction, deferral or waiver of any mandatory prepayment constitute a reduction
in the rate of interest or a reduction of fees for purposes of this clause (ii)), (iii) postpone the scheduled date of payment
of the principal amount of any Loan (excluding any payment required

 

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by Section 2.10(b)) or LC Disbursement, or
any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or extend the Revolving
Credit Maturity Date or the Term Loan Maturity Date, without the written consent of each Lender affected thereby, (iv) modify Section 8.2,
without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of Required Lenders
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) except as permitted
by Section 9.10, contractually subordinate the payment of all the Obligations to any other Indebtedness or contractually
subordinate the priority of all Liens in favor of Administrative Agent to the Liens securing any other Funded Debt (other than
Indebtedness permitted by Section 6.1(e)), without the written consent of each Lender, (vii) amend the definition
of Borrowing Base or any defined term used therein in a manner that increases the amount of available Loans thereunder without
the written consent of the Required Revolving Lenders, (viii) except as permitted by Section 9.10, (A) release
Borrower or release any material Guarantor from any of its guarantee obligations without the written consent of each Lender, or
(B) release all or substantially all of the Collateral without the written consent of each Lender, and (ix) amend, modify, or eliminate
Section 9.10 without the written consent of each Lender; provided, further that (A) no such agreement
shall amend, modify or otherwise affect the rights or duties of Administrative Agent or the Issuing Lender hereunder without the
prior written consent of Administrative Agent or the Issuing Lender, as the case may be, and (B) the Fee Letter may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto.

 

10.3 Expenses; Indemnity;
Damage Waiver.

 

(a) Costs and Expenses.
Each Obligor agrees to pay (i) all reasonable out-of-pocket expenses incurred by Administrative Agent and its Affiliates (including
Rabobank in its separate capacities as a “Joint Lead Arranger” and “Joint Bookrunner” with respect to the
syndication of the Loans) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers
of the provisions hereof or thereof including the fees, charges and disbursements of counsel for Administrative Agent, and of such
consultants, advisors, appraisers and auditors retained or engaged by the Administrative Agent (provided, if no Event of
Default then exists, such retention or engagement is permitted by this Agreement or otherwise approved by Borrower), whether or
not the transactions contemplated hereby or thereby shall be consummated, (ii) all out-of-pocket expenses incurred by Issuing Lender
in connection with the issuance, amendment, renewal, or extension of any Letter of Credit or any demand for payment thereunder,
(iii) all reasonable out-of-pocket expenses incurred by Administrative Agent, Issuing Lender or any Lender, including the fees,
charges and disbursements of any advisors to Administrative Agent and counsel for Administrative Agent, Issuing Lender, Swingline
Lender, or any Lender, in connection with the enforcement or protection of such Person’s rights in connection with this
Agreement and the other Loan Documents or the Collateral, including its rights under this Section, and including in connection
with any bankruptcy or insolvency proceeding, workout, restructuring or negotiations in respect thereof, (iv) all costs, expenses,
taxes, assessments, and other charges incurred by Administrative Agent in connection with any filing, registration, recording,
or perfection of any security interest contemplated by any Security Document or any other document referred to therein, and (v)
all reasonable out-of-pocket costs and expenses incurred by Administrative

 

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Agent in connection with any audit, verification, inspection
or appraisal of the Collateral, subject to the limitations set forth in Sections 5.6 and 9.10.

 

(b) Indemnification
by Obligors. Each Obligor hereby agrees to indemnify Administrative Agent, each Issuing Lender, each Lender, Rabobank
in its separate capacities as “Joint Lead Arranger” and “Joint Bookrunner” with respect to the syndication
of the Loans, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including
the fees, charges and disbursements of any counsel for any Indemnitee 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 or any other Loan Document, the performance
by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other
transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any payments that Administrative Agent
is required to make under any indemnity issued to any bank holding any Obligor’s deposit, commodity or security accounts,
(iv) any actual or alleged presence or release of Hazardous Materials on or from any of the Mortgaged Properties or any other property
owned or operated by any Obligor or any of their Subsidiaries, or any Environmental Liability related in any way to any Obligor,
any of their Subsidiaries or any of the Mortgaged Properties, 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 Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. This Section
10.3(b) shall not apply with respect to Excluded Taxes or impose additional indemnification obligations with respect to Taxes
under Section 2.16.

 

(c) Reimbursement
by Lenders. To the extent that Obligors for any reason fails to indefeasibly pay any amount required to be paid by it
to Administrative Agent (or any sub-agent thereof), Issuing Lender, or Swingline Lender or any Related Party of any of the foregoing
under Sections 10.3(a) and 10.3(b) each Lender severally agrees to pay to Administrative Agent (or any such
sub-agent), Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender’s Pro Rata Share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought; provided that with respect to such
unpaid amounts owed to Issuing Lender or Swingline Lender solely in its capacity as such, only the Revolving Credit Lenders shall
be required to pay such unpaid amounts, such payment to be made severally among them based on such Revolving Credit Lenders’
Revolving Credit Exposure) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such sub-agent),
Issuing Lender or Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for Administrative
Agent (or any such sub-agent), Issuing Lender or Swingline Lender in connection with such capacity. The obligations of the Lenders
under this Section 10.3 are subject to the provisions of Section 2.6(c).

 

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(d) Waiver of Consequential
Damages, Etc. To the extent permitted by applicable law, no Obligor shall assert, and each Obligor 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, any other Loan Document, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

(e) Payments.
All amounts due under this Section shall be payable no later than 10 Business Days after written demand therefor.

 

10.4 Successors
and Assigns.

 

(a) Assignments Generally.
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of Issuing Lender that issues any Letter of Credit, any Affiliate
of a Lender who is owed any of the Obligations and any Indemnitee), except that (i) no Obligor may assign or otherwise transfer
any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of each Lender (and
any attempted assignment or transfer of any Obligor without such consent shall be null and void), and (ii) no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except in accordance with this Section (and any attempted assignment
or transfer by any Lender that is not in accordance with this Section shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby (including any Affiliate of Issuing Lender that issues any Letter of Credit and any Affiliate of a Lender who
is owed any of the Obligations, and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative
Agent, Issuing Lender and the Lenders)) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b) Assignments by
Lenders Generally. Any Lender may at any time 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 (including for purposes of this Section 10.4(b),
participations in LC Disbursements and in Swingline Loans)) at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(i) Minimum Amounts.

 

(A) in the
case of (I) an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, (II) contemporaneous
assignments to any Lender and its Approved Funds that equal at least the amount specified in clause (B) of this Section 10.4(b)(i)
in the aggregate, or (III) an assignment to an existing Lender or an Affiliate or Approved Fund of an existing Lender, no
minimum amount need be assigned; and

 

(B) in any
case not described in clause (A) of this Section 10.4(b)(i), the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to Administrative Agent or if “Trade Date” is specified in the Assignment and

 

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 Assumption, as of the “Trade
Date” so specified therein) shall not be less than $5,000,000 in the case of any assignment of Revolving Credit Loans by
any Revolving Credit Lender, or $5,000,000, in the case of any assignment of Term Loans or Delayed Draw Term Loan by any Term Loan
Lender or Delayed Draw Term Loan Lender, unless each of Administrative Agent and, so long as no Event of Default has occurred and
is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

(ii) Proportionate
Amounts. Each partial assignment of any Commitment or Class of Loans shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement in respect of such Commitment and Loans assigned,
except that this Section 10.4(b)(ii) shall not (A) apply to Swingline Lender’s rights and obligations in respect
of Swingline Loans, or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes
on a non-pro rata basis.

 

(iii) Required Consents.
No consent shall be required for any assignment except to the extent required by clause (B) of Section 10.4(b)(i)
and, in addition:

 

(A) the consent
of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (i) an Event of Default has occurred
and is continuing at the time of such assignment, or (ii) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to Administrative Agent within 10 Business Days after having received notice thereof;

 

(B) the consent
of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of (i) a Revolving Credit Commitment to a Person that is not a Lender with a Revolving Credit Commitment, an Affiliate of
such Lender or an Approved Fund with respect to such Lender, (ii) a Delayed Draw Term Loan Commitment to a Person that is not a
Lender with a Delayed Draw Term Loan Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender, or
(iii) any Term Loans to a Person who is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such
Lender; and

 

(C) the consent
of each Issuing Lender and Swingline Lender (each such consent not to be unreasonably withheld or delayed) shall be required for
any assignment of a Revolving Credit Commitment.

 

(iv) Assignment and
Assumption. The parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500 (provided that Administrative Agent may, in its sole discretion, elect to
waive such processing and recordation fee in the case of any assignment).

 

(v) Administrative
Questionnaire. The assignee, if it shall not already be a Lender, shall deliver to Administrative Agent an Administrative Questionnaire.

 

(vi) No Assignment
to Certain Persons. No such assignment shall be made to (A) Borrower or any of Borrower’s Affiliates or Subsidiaries, or
(B) to any Defaulting

 

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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 (B).

 

(vii) No Assignment
to Natural Persons. No such assignment shall be made to a natural Person.

 

(viii) Certain Additional
Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of Borrower and Administrative Agent, the applicable pro rata share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent, each Issuing Lender,
Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its
full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Pro Rata Share.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall
become effective under applicable law without compliance with the provisions of this Section 10.4(b)(viii), then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(c) Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to Section 10.4(d), 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 rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the rights referred to
in Sections 2.14, 2.15, 2.16, and 10.3 with respect to facts and circumstances occurring prior
to the effective date of such assignment; provided that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this Section 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 Section 10.4(e).

 

(d) Maintenance of
Register by Administrative Agent. Administrative Agent, acting solely for this purpose as a non-fiduciary agent of Borrower,
shall maintain at one of its offices in the United States 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 amounts (and stated interest)
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). With
respect to any Lender, the transfer of the Commitments of such Lender and the rights to the principal of, and interest on, any
Loan made

 

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pursuant to such
Commitments shall not be effective until such transfer is recorded on the Register maintained by Administrative Agent with respect
to ownership of such Commitment and Loans. The entries in the Register shall be conclusive, and Borrower, Administrative Agent,
and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
Borrower and any Lender, at any reasonable time and from time to time, upon reasonable prior notice.

 

(e) Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower, Administrative Agent, any Issuing Lender, or Swingline
Lender, sell participations to any Person (other than a natural Person or Borrower or any of Borrower’s Affiliates) (including
any special purpose funding vehicle (a “SPV”)) (a “Participant”) in
all or a portion of such Lender’s rights or obligations under this Agreement (including all or a portion of its Commitments
or the Loans (including such Lender’s participations in LC Disbursements or Swingline Loans) owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (iii) Borrower, Administrative Agent, Issuing
Lender, Swingline Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement unless, with respect to the participation in question, the Lender has
sold a participation to a Voting Participant, and (iv) except for sales of participations to Voting Participants, such Lender
shall not sell a participation that conveys to the participant the right to vote or give or withhold consents under any Loan Document,
other than the right to vote upon or consent to (A) any increase of such Lender’s Commitments subject to such participation,
(B) any reduction of the principal amount of, or interest to be paid on, the Loans or other Obligations of such Lender subject
to such participation, (C) any reduction of any commitment fee, letter of credit fee, or other amount payable to such Lender under
any Loan Document, (D) any postponement of any date for the payment of any amount payable in respect of the Loans subject to such
participation or other Obligations of such Lender, (E) the release of any Collateral (except in compliance with Section 9.10),
or (F) the release of Borrower or any of its Subsidiaries from liability arising under the Loan Documents. For the avoidance of
doubt, each Lender shall be responsible for the indemnity under Section 10.3(c) with respect to any payments made by
such Lender to its Participants. 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 10.2(b)
that affects such Participant. Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14,
2.15, and 2.16, (subject to the requirements and limitations therein, including the requirements under Section 2.16(g)
(it being understood that the documentation required under Section 2.16(g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.4(b);
provided that such Participant (1) agrees to be subject to the provisions of Section 2.18 as if it were an assignee
under Section 10.4(b), and (2) shall not be entitled to receive any greater payment under Sections 2.14
and 2.16, with respect to any participation, than its participating Lender would have been entitled to receive, except to
the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant

 

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acquired
the applicable participation. Each Lender that sells a participation agrees, at Borrower’s request and expense, to use reasonable
efforts to cooperate with Borrower to effectuate the provisions of Section 2.18 with respect to any Participant. To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8 as though it were
a Lender; provided that such Participant agrees to be subject to Section 2.17(d). Each Lender that sells a participation
shall, acting solely for this purpose as an agent of Borrower, 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, Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.

 

(f) Certain Pledges.
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or a Farm Credit
Bank or any other central bank having jurisdiction over such Lender; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g) Voting Participants.
Notwithstanding anything in this Section 10.4 to the contrary, any Farm Credit Bank that: (i) is the owner of a participation
in one or more of the Commitments and Loans in the minimum aggregate amount of $5,000,000, (ii) is, by written notice to Borrower
and Administrative Agent (“Voting Participant Notification”), designated by the selling Lender
as being entitled to be accorded the rights of a voting participant hereunder, and (iii) is approved by Borrower and Administrative
Agent as entitled to such rights under this clause, shall be referred to herein as a “Voting Participant”.
To be effective, each Voting Participant Notification shall provide the following information with respect to the proposed Voting
Participant: (I) the full name of such participant and the name of the Lender through whom such participant purchased its interests
in the Commitments and Loans, (II) all information required by Borrower and Administrative Agent in order for Borrower and Administrative
Agent to be able to communicate with the participant, and (III) the Dollar amount of the participant’s participation in the
Commitments and Loans. With respect to each matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise
vote on any matter under the Loan Documents: (x) each Voting Participant shall have the right to vote, or give or withhold such
consents, as if it were a Lender holding Loans and Commitments in the principal amount of its interests in the Commitments and
Loans acquired through its participation and (y) the interest of the Lender that sold the corresponding participation in the Commitments
and Loans it holds shall be deemed to be reduced for such purposes (and only for such purposes) by the principal amount of each
direct participation interest sold. The selling Lender and the Voting Participant shall notify Administrative Agent and Borrower
of any

 

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termination of, or reduction or increase in the amount of, the participation interests held by a Voting Participant. Borrower
and Administrative Agent shall be entitled to conclusively rely on information contained in notices delivered pursuant to this
paragraph. The voting rights of a Voting Participant hereunder are solely for the benefit of the Voting Participant and shall not
inure to any assignee or sub-participant of a Voting Participant.

 

(h) SPV. Each
party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all
liability for which shall remain with the Lender granting the participation). In furtherance of the foregoing, each party hereto
hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is 1 year and 1 day
after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against,
or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the laws of the United States or any State thereof.

 

10.5 Survival. All
covenants, agreements, certifications, representations and warranties made by Borrower or any other Obligor herein or in the other
Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or the
other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the other 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 notwithstanding that Administrative Agent, Issuing
Lender or any Lender may have had notice or knowledge of any Default or incorrect certification, representation or warranty at
the time any credit is extended hereunder, and shall continue in full force and effect until the Full Satisfaction of the Obligations.
The provisions of Sections 2.14, 2.15, 2.16, 10.3, and 10.18 shall survive and remain
in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of all Loans, or
the expiration or termination of the Letters of Credit and the Commitments.

 

10.6 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
and the other Loan Documents constitute the entire contract between and 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 4.1, this Agreement shall become effective when it shall have been executed by Administrative
Agent and when 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 permitted hereby. Delivery of an executed counterpart of a signature page of this Agreement
by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Agreement. The words “execution,” “signed,” “signature,” and
words of like import in this Agreement or any Loan Document shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National

 

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Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

10.7 Severability.
Any provision of this Agreement or any other 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 hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

10.8 Right of Set-off.
If an Event of Default shall have occurred and be continuing, each Lender, Issuing Lender, and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender, Issuing Lender or any such Affiliate, to or for the credit
or the account of Borrower or any other Obligor against any and all of the obligations of Borrower or any other Obligor now or
hereafter existing under this Agreement or any other Loan Document to such Lender or Issuing Lender or their respective Affiliates,
irrespective of whether or not such Lender, Issuing Lender or Affiliate shall have made any demand under this Agreement or any
other Loan Document and although such obligations of Borrower or such Obligor may be contingent or unmatured or are owed to a
branch, office or Affiliate of such Lender or Issuing Lender different from the branch, office or Affiliate holding such deposit
or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right
of set-off, (a) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance
with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from
its other funds and deemed held in trust for the benefit of Administrative Agent, Issuing Lender, and the Lenders, and (b) the
Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations owing
to such Defaulting Lender as to which it exercised such right of set-off. The rights of each Lender, Issuing Lender, and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that
such Lender, Issuing Lender, or their respective Affiliates may have. Each Lender and Issuing Lender agrees to notify Borrower
and Administrative Agent promptly after any such set-off and application and share such set-off pursuant to Section 2.17(d);
provided that the failure to give such notice shall not affect the validity of such set-off and application.

 

10.9 Governing Law;
Jurisdiction; Etc.

 

(a) Governing Law.
This Agreement and the other Loan Documents (other than those containing a contrary express choice of law provision) shall be construed
in accordance with, and this Agreement, the other Loan Documents and all matters arising out of or relating in any way whatsoever
to the Loan Documents (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York, other than
those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election
has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligation Law of the State of
New York, as amended (as and to the extent applicable), and other applicable law.

 

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(b) Submission to
Jurisdiction. Each Obligor hereby irrevocably and unconditionally agrees that it shall not commence any action, litigation
or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against Administrative
Agent, any Lender, any Issuing Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other
Loan Document or the transactions relating hereto or thereto, in any forum other than the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court
from any thereof, and each of the parties hereto and each other Obligor hereby irrevocably and unconditionally submits to the jurisdiction
of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in
such New York State court or, to the fullest extent permitted by applicable law, in such federal court. 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. Nothing in this Agreement or in any other Loan Document shall affect
any right that Administrative Agent, Issuing Lender, or any Lender may otherwise have to bring any action or proceeding relating
to any Loan Document against any Obligor or its properties in the courts of any jurisdiction.

 

(c) Waiver of Venue.
Each party hereto and each other Obligor hereby irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to any Loan Document in any court referred to in this Section 10.9(b). Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d) Service of Process.
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
applicable law.

 

10.10 WAIVER OF
JURY TRIAL.

 

EACH PARTY HERETO AND EACH OTHER OBLIGOR
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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 OR 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 PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

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10.11 Treatment
of Certain Information; Confidentiality.

 

(a) Treatment of Certain
Information. Each Obligor acknowledges that from time to time financial advisory, investment banking and other services may
be offered or provided to Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender
or by one or more Subsidiaries or Affiliates of such Lender and each Obligor hereby authorizes each Lender to share any information
delivered to such Lender by any Obligors or their Subsidiaries pursuant to this Agreement, or in connection with the decision of
such Lender to enter into this Agreement, to any such Subsidiary or Affiliate, it being understood that any such Subsidiary or
Affiliate receiving such information shall be bound by the provisions of Section 10.11(b) as if it were a Lender hereunder.
Such authorization shall survive 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.

 

(b) Confidentiality.
Each of Administrative Agent, the Lenders, and Issuing Lender agree to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (i) to its Affiliates and to its Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to have
jurisdiction over such Person or its Related Parties (including the Federal Reserve Bank or other central bank having jurisdiction
over such Lender, and any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto,
(v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement, or (B) any actual or prospective party (or
its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to Borrower
and its obligations, this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection
with rating Obligors or their Subsidiaries or the credit facilities under this Agreement or (B) the CUSIP Service Bureau or any
similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to this Agreements, (viii) with the
consent of Borrower, or (ix) to the extent such Information (A) becomes publicly available other than as a result of a breach of
this Section, or (B) becomes available to Administrative Agent, any Lender, Issuing Lender or any of their respective Affiliates
on a nonconfidential basis from a source other than the Obligors. For purposes of this Section, “Information”
means all information received from the Obligors or any of their Subsidiaries or representatives relating to the Obligors or any
of their Subsidiaries or any of their respective businesses, other than any such information that is available to Administrative
Agent, any Lender or Issuing Lender on a nonconfidential basis prior to disclosure by the Obligors or any of their Subsidiaries
or representatives; provided that, in the case of information received from the Obligors or any of their Subsidiaries or
representatives after the date hereof, such information is identified in writing at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such

 

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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.

 

(c) Independence of
Covenants. All covenants and other agreements contained in this Agreement or any other Loan Document shall be given
independent effect so that, if a particular action or condition is not permitted by any of such covenants or other agreements,
the fact that such action or condition would be permitted by an exception to, or otherwise be within the limitations of, another
covenant or other agreement shall not avoid the occurrence of a Default if such action is taken or such condition exists.

 

10.12 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 or other amounts that are treated as interest on such Loan under applicable law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken,
received, or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect
to 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 therefore) until such cumulated amount, shall have been received
by such Lender. If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower.

 

10.13 USA Patriot
Act. Each of Administrative Agent, each Lender subject to the USA Patriot Act, and Issuing Lender hereby notifies each Obligor
that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify, and record information that identifies
each Obligor and other information that will allow Administrative Agent, such Lender, and Issuing Lender to identify each Obligor
in accordance with the USA Patriot Act. Borrower hereby agrees to provide, and cause each other Obligor to provide, such information
promptly upon the request of Administrative Agent or any Lender. Each Lender subject to the USA Patriot Act acknowledges and agrees
that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on 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 USA 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 Obligor, 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.

 

10.14 Press Release
and Related Matters. No Obligor shall, and no Obligor shall permit any of its Affiliates to, issue any press release or other
public disclosure using the name, logo or otherwise referring to Administrative Agent, any other Lender or of any of their respective
Affiliates, the Loan Documents or any transaction contemplated therein to which Administrative Agent is party without the prior
consent of Administrative Agent or such Lender, as applicable, except to the extent required to do so under applicable law and
then, in any event,

 

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such Obligor or such Affiliate will advise Administrative Agent or such Lender as soon as possible with respect
to such press release or other public disclosure.

 

10.15 No Duty.
All attorneys, accountants, appraisers, and other professional Persons and consultants retained by Administrative Agent
or any Lender shall have the right to act exclusively in the interest of Administrative Agent and the Lenders and shall have no
duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to Borrower, any
holders of Equity Interests of any Obligor or any other Person.

 

10.16 No Fiduciary
Relationship. The relationship among Borrower and the other Obligors on the
one hand and Administrative Agent, Issuing Lender, Swingline Lender and each Lender on the other is solely that of debtor and
creditor, and neither Administrative Agents nor any Lender has any fiduciary or other special relationship with Borrower or any
other Obligors, and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship among
Borrower and the other Obligors on the one hand and Administrative Agent, Issuing Lender, Swingline Lender and each Lender on
the other to be other than that of debtor and creditor.

 

10.17 Construction.
Borrower, each other Obligor (by its execution of the Loan Documents to which it is a party), Administrative Agent and each
Lender acknowledges that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity
to review the Loan Documents with its legal counsel and that the Loan Documents shall be construed as if jointly drafted by the
parties thereto. 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.

 

10.18 Payments Set
Aside. To the extent that any payment by or on behalf of any Obligor under any Loan Document is made to Administrative Agent,
Issuing Lender or any Lender, or Administrative Agent, Issuing Lender or any Lender exercises its right of set-off as to any Obligor,
and such payment or the proceeds of such set-off or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by Administrative Agent, Issuing Lender
or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Laws or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had
not occurred and (b) each Lender and each Issuing Lender severally agrees to pay to Administrative Agent upon demand its Pro Rata
Share of any amount so recovered from or repaid by Administrative Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.

 

10.19 Benefits of
Agreement. The Loan Documents are entered into for the sole protection and benefit of the parties hereto and their permitted
successors and assigns, and no other Person (other than any Related Parties of Administrative Agent, the Lenders, Issuing Lender
and any Participants to the extent provided for in Section 10.4(e)) shall be a direct or indirect beneficiary of,
or shall have any direct or indirect cause of action or claim in connection with, any Loan Document.

 

10.20 Amendment and
Restatement. This Agreement amends and restates in its entirety the Existing Credit Agreement, and the provisions of the Existing
Credit Agreement

 

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shall be superseded by the provisions hereof. The execution, delivery and effectiveness of this Agreement and
the other Loan Documents executed in connection herewith shall not (a) extinguish the indebtedness outstanding in connection
with the Existing Credit Agreement, (b) constitute a novation with respect to such indebtedness, or (c) operate as a
waiver of any right, power or remedy of Administrative Agent or any Lender under the Existing Credit Agreement or any of the Loan
Documents (as defined in the Existing Credit Agreement) (as amended, restated, supplemented, or otherwise modified from time to
time on or prior to the Effective Date, the “Existing Loan Documents”). Borrower, Administrative Agent,
and the Lenders ratify and confirm each of the Existing Loan Documents and agree that the Existing Loan Documents (except as amended
and restated hereby) continue to be legal, valid, binding, and enforceable in accordance with their respective terms. To the extent
Borrower granted Liens on or security interests in any of its properties pursuant to any of the Existing Loan Documents as security
for the Obligations, Borrower hereby ratifies and reaffirms such grant of security and confirms and agrees that such Liens and
security interests secure all of the Obligations and remain in full force and effect after giving effect to this Agreement. However,
for all matters arising prior to the Effective Date (including the accrual and payment of interest and fees, and matters relating
to indemnification and compliance with financial covenants), the terms of the Existing Credit Agreement (as unmodified by this
Agreement) shall control and are hereby ratified and confirmed. Borrower represents and warrants that as of the Effective Date,
to the best of its knowledge, there are no claims or offsets against or rights of recoupment with respect to or defenses or counterclaims
to its obligations under the Existing Credit Agreement or any of the other Existing Loan Documents. Each of the Existing Loan
Documents are hereby amended so that any reference in the Existing Loan Documents to the Existing Credit Agreement shall mean
a reference to the Existing Credit Agreement as amended and restated hereby and as further amended, restated, supplemented, or
otherwise modified from time to time.

 

10.21 Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Obligor to honor all of its obligations under this Agreement
in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under
this Section 10.21 for the maximum amount of such liability that can be hereby incurred without rendering its obligations
under this Section 10.21, or otherwise under this Agreement, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect until Full Satisfaction of the Obligations. Each Qualified ECP Guarantor intends that this Section
10.21 constitute, this Section 10.21 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other obligor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

 

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IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered by its officer or officers thereunto duly
authorized as of the date first above written. 

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC, as Borrower
	 	 	 
	 	By:	/s/  Courtney
    E. Fazekas
	 	 	Name:	Courtney E. Fazekas
	 	 	Title:	Vice President, Chief Financial
	 	 	 	Officer and Treasurer

 

Fourth
Amended and Restated

Credit Agreement 

 

    	S-1

    	 

    

	 	 	 	 
	ADMINISTRATIVE AGENT, ISSUING LENDER AND SWINGLINE LENDER:	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”,
    NEW YORK BRANCH, as Administrative Agent, Issuing Lender and Swingline Lender
	 	 	 
	 	By:	/s/ Naoko Kojima
	 	 	Name:	Naoko Kojima
	 	 	Title:	 Executive Officer
	 	 	 	 
	 	By:	/s/ Eric Rogowski
	 	 	Name:	Eric Rogowski
	 	 	Title:	Executive Director

 

Fourth
Amended and Restated

Credit Agreement

 

    	S-2

    	 

    

	 	 	 	 
	LENDERS:	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Lender
	 	 	 	 
	 	By:	/s/ Steve Gilbert	 
	 	 	Name: Steve Gilbert	 
	 	 	Title: Executive Director	 
	 	 	 	 
	 	By:	/s/ Michalene Donegan	 
	 	 	Name: Michalene Donegan	 
	 	 	Title: Executive Director	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	26,821,885.91	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	19,296,856.81	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	17,881,257.28	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-3

    	 

    

 

	 	 	 	 
	 	AGFIRST FARM CREDIT BANK, as Lender
	 	 	 	 
	 	By:	/s/ Matthew H. Jeffords	 
	 	 	Name: Matthew H. Jeffords	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	34,135,040.75	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	24,558,265.42	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	22,756,693.83	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-4

    	 

    

 

	 	 	 	 
	 	COBANK, ACB, as Lender
	 	 	 	 
	 	By:	/s/ Alan V. Schuler	 
	 	 	Name: Alan V. Schuler	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	22,107,101.28	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	15,904,831.20	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	14,738,067.52	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-5

    	 

    

 

	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Lender and an Issuing Lender
	 	 	 	 
	 	By:	/s/ Brian Young	 
	 	 	Name: Brian Young	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	22,630,966.24	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	16,281,722.93	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	15,087,310.83	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-6

    	 

    

 

	 	 	 	 
	 	BANK OF MONTREAL, as Lender
	 	 	 	 
	 	By:	/s/ Andre Bonakdar	 
	 	 	Name: Andre Bonakdar	 
	 	 	Title: Director	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	17,392,316.65	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	12,512,805.59	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	11,594,877.76	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-7

    	 

    

 

	 	 	 	 
	 	FARM CREDIT BANK OF TEXAS, as Lender
	 	 	 	 
	 	By:	/s/ Alan Robinson	 
	 	 	Name: Alan Robinson	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	14,490,104.77	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	10,424,825.37	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	9,660,069.86	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-8

    	 

    

 

	 	 	 	 
	 	1ST FARM CREDIT SERVICES, FLCA/PCA, as Lender
	 	 	 	 
	 	By:	/s/ Dale A. Richardson	 
	 	 	Name: Dale A. Richardson	 
	 	 	Title: Vice President, Capital Markets Group	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	10,728,754.37	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	7,718,742.72	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	7,152,502.91	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-9

    	 

    

 

	 	 	 	 
	 	ING CAPITAL LLC, as Lender
	 	 	 	 
	 	By:	/s/ Dan Lamprecht	 
	 	 	Name: Dan Lamprecht	 
	 	 	Title: Managing Director	 
	 	 	 	 
	 	By:	/s/ Leroy Startz	 
	 	 	Name: Leroy Startz	 
	 	 	Title: Director	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	9,848,661.23	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	7,085,564.62	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	6,565,774.15	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-10

    	 

    

 

	 	 	 	 
	 	AMERICAN AGCREDIT, PCA, as Lender
	 	 	 	 
	 	By:	/s/ Bradley K. Leafgren	 
	 	 	Name: Bradley K. Leafgren	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	4,295,692.67	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	3,090,512.22	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	2,863,795.11	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-11

    	 

    

 

	 	 	 	 
	 	FARM CREDIT MID-AMERICA, PCA, as Lender
	 	 	 	 
	 	By:	/s/ Tabatha Hamilton	 
	 	 	Name: Tabatha Hamilton	 
	 	 	Title: Vice President Capital Markets	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	7,334,109.42	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	5,276,484.28	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	4,889,406.30	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-12

    	 

    

 

	 	 	 	 
	 	FIFTH THIRD BANK, as Lender
	 	 	 	 
	 	By:	/s/ T.J. Ceravolo	 
	 	 	Name: T.J. Ceravolo	 
	 	 	Title: Assistant Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	7,753,201.40	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	5,577,997.68	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	5,168,800.92	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-13

    	 

    

 

	 	 	 	 
	 	METROPOLITAN LIFE INSURANCE COMPANY, as Lender
	 	 	 	 
	 	By:	/s/ Brad Vissering	 
	 	 	Name: Brad Vissering	 
	 	 	Title: Director	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	7,334,109.43	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	5,276,484.28	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	4,889,406.29	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-14

    	 

    

 

	 	 	 	 
	 	REGIONS BANK, as Lender
	 	 	 	 
	 	By:	/s/  Stephen T. Hatch   	 
	 	 	Name: Stephen T. Hatch	 
	 	 	Title:  Senior Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	7,753,201.40	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	5,577,997.68	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	5,168,800.92	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-15

    	 

    

 

	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Lender
	 	 	 	 
	 	By:	/s/ Michael N. Ryno	 
	 	 	Name: Michael N. Ryno	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	7,753,201.40	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	5,577,997.68	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	5,168,800.92	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-16

    	 

    

 

	 	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY, as Lender
	 	 	 	 
	 	By:	/s/ Kenneth M. Blackwell	 
	 	 	Name: Kenneth M. Blackwell	 
	 	 	Title: Senior Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	6,286,379.50	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	4,522,700.82	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	4,190,919.68	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-17

    	 

    

 

	 	 	 	 
	 	UNITED FCS, PCA DBA FCS COMMERCIAL FINANCE GROUP, as Lender
	 	 	 	 
	 	By:	/s/ Daniel J. Best	 
	 	 	Name: Daniel J. Best	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	4,924,330.62	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	3,542,782.30	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	3,282,887.08	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-18

    	 

    

 

	 	 	 	 
	 	AGSTAR FINANCIAL SERVICES, PCA, as Lender
	 	 	 	 
	 	By:	/s/ Troy Mostaert	 
	 	 	Name: Troy Mostaert	 
	 	 	Title: VP Capital Markets	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	3,352,735.74	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	2,412,107.10	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	2,235,157.16	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-19

    	 

    

 

	 	 	 	 
	 	BADGERLAND FINANCIAL, ACA, as Lender
	 	 	 	 
	 	By:	/s/ Anthony G. Endres	 
	 	 	Name: Anthony G. Endres	 
	 	 	Title: AVP-Capital Markets	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	3,352,735.74	 

	 	 	 	 
	 	BADGERLAND FINANCIAL, FLCA, as Lender
	 	 	 	 
	 	By:	/s/ Anthony G. Endres	 
	 	 	Name: Anthony G. Endres	 
	 	 	Title: AVP-Capital Markets	 

	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	2,412,107.10	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	2,235,157.16	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-20

    	 

    

 

	 	 	 	 
	 	GREENSTONE FARM CREDIT SERVICES, ACA/FLCA, as Lender
	 	 	 	 
	 	By:	/s/ Curtis Flammini	 
	 	 	Name: Curtis Flammini	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	3,352,735.74	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	2,412,107.10	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	2,235,157.16	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-21

    	 

    

 

	 	 	 	 
	 	NORTHWEST FARM CREDIT SERVICES, PCA, as Lender
	 	 	 	 
	 	By:	/s/ Casey Kinzer	 
	 	 	Name: Casey Kinzer	 
	 	 	Title: Vice President	 

	 	 	 	 	 	 
	 	Revolving Credit Commitment:	 	$	3,352,735.74	 
	 	 	 	 	 	 
	 	Term Loan Commitment:	 	$	2,412,107.10	 
	 	 	 	 	 	 
	 	Delayed Draw Term Loan Commitment	 	$	2,235,157.16	 

 

Fourth Amended and Restated

Credit Agreement

 

    	S-22

    	 

    

 

Exhibit
A

 

FORM
OF

ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [__________________] [insert name of Assignor] (the “Assignor”) and
[__________________] [insert name of Assignee] (the “Assignee”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as may be amended, restated, supplemented,
extended, or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which
is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard
Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity
as a Lender under the Credit Agreement, and any other documents or instruments delivered pursuant thereto, to the extent related
to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under
the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans
included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising
under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity, in each case to the extent related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

 

	1.	Assignor:	[__________________] [insert name of Assignor]
	 	Assignor [is][is not] a Defaulting Lender.
	2.	Assignee:	[__________________] [insert name of Assignee]
	 	[Assignee is an Affiliate/Approved Fund 

of [__________________] [insert name of Lender].]
	3.	Borrower:	WAYNE FARMS LLC

    	Exhibit A-1

    	 

    

 

	4.	Administrative Agent:	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH
	5.	Credit Agreement:	The Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015, by and among WAYNE FARMS LLC, a Delaware limited liability company (“Borrower”), the Lenders, the Issuing Lender and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch, as Administrative Agent
	6.	Assigned Interest:	 

	Facility
    Assigned	Aggregate
    

Amount of 

Commitment/

Loans for all 

Lenders*	Amount
    of 

    Commitment/

    Loans 

    Assigned*	Percentage
    

Assigned of 

Commitment/

Loans1	CUSIP
    

Number
	 	$	$	%	 
	 	$	$	%	 
	 	$	$	%	 
	 	$	$	%	 

	[7.	Trade Date:	_________ ___, 20___]

Effective Date: [_________ ___, 20___]
[Administrative Agent to insert the date that shall be the effective date of recordation of transfer in the register therefor.]

 

[Remainder of Page Intentionally Left Blank]

 

 

 

*
Amount to be adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date, if applicable.

 

1
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders
thereunder.

 

    	Exhibit A-2

    	 

    

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

	 	 	 	 
	ASSIGNOR:	[INSERT NAME OF ASSIGNOR]
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	Title:	 

	 	 	 	 
	ASSIGNEE:	[INSERT NAME OF ASSIGNEE]
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	Title:	 

 

Assignment
and Assumption

 

    	Exhibit A-3

    	 

    

	 	 	 	 
	[Consented to and]2 Accepted:	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Administrative Agent

	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

	 	 	 	 
	[Consented to:]3	WAYNE FARMS LLC
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	Title:	 

 

 

 

2 To be added only
if the consent of the Administrative Agent is then required by the terms of the Credit Agreement.

3
To be added only if the consent of Borrower is then required by the terms of the Credit
Agreement.

 

Assignment
and Assumption

 

    	Exhibit A-4

    	 

    

	 	 	 	 	 
	[Consented to:]4	[COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Issuing Lender
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	]

	 	 	 	 	 
	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION, as Issuing Lender	 
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	]

	 	 	 	 	 
	 	[COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Swingline Lender	 
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	
	 	 	 	 	 
	 	By:	 	 
	 	 	 	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	]

 

 

 

4
To be added only if the consent of each Issuing Lender and Swingline Lender is then
required by the terms of the Credit Agreement.

 

Assignment
and Assumption

 

    	Exhibit A-5

    	 

    

 

ANNEX
1

to Assignment and Assumption

STANDARD
TERMS and CONDITIONS for

assignment and assumption

1.
Representations and Warranties

1.1
Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver the Assignment and Assumption and to consummate the transactions contemplated
hereby, and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of Borrower, any of its Subsidiaries or Affiliates, or any other Person obligated in respect of any Loan Document or
(iv) the performance or observance by Borrower, any of its Subsidiaries, or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

1.2
Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.4(b) of the Credit Agreement
(subject to receipt of such consents, if any, as may be required under Section 10.4(b)(iii) of the Credit Agreement), (iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions
to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making
its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of
the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements
delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest,
on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, and (vi) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant
to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently
and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under Loan
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender.

Annex
1 

to Assignment and Assumption

    	Exhibit A-6

    	 

    

 

2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to
but excluding the Effective Date and to Assignee for amounts which have accrued from and after the Effective Date.

3.
General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of the parties hereto
and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of a signature page of this Assignment
and Assumption. This Assignment and Assumption shall be governed by and construed in accordance with, the law of the State of
New York.

[Remainder
of page left intentionally blank]

Annex
1 

to Assignment and Assumption 

    	Exhibit A-7

    	 

    

  

Exhibit
B-1

BORROWING
BASE CERTIFICATE

	 	 	 	BORROWING
    BASE REPORT
	 	 	 	 
	TO:	COOPERATIEVE CENTRALE	 	 
	 	RAIFFEISEN-BOERENLEENBANK
    B.A.	 	 
	 	“RABOBANK NEDERLAND”,	 	 
	 	New York Branch, as
    Administrative Agent	 	 
	 	245 Park Avenue	 	 
	 	New York, New York
    10154	 	 
	 	Phone No.: (212) 808-6808	 	 
	 	Fax No.: (212) 808-2578	 	 
	 	Attention: Loan Syndications	 	 
	 	 	 	 
	 	With a copy to:	 	 
	 	 	 	 
	 	1180 Peachtree Street	 	 
	 	Suite 2200	 	 
	 	Atlanta, GA 30309	 	 
	 	Phone: (404) 870-6808	 	 
	 	Fax: (404) 870-8025	 	 
	 	Attention: Michalene
    Donegan	 	 
	 	 	 	 
	 	and each Lender	 	 
	 	 	 	 

Ladies
and Gentlemen:

This
Borrowing Base Certificate as of _________________________________ (the “Report Date”) is executed and delivered by
WAYNE FARMS LLC (“Borrower”) to COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A., “RABOBANK NEDERLAND”,
NEW YORK BRANCH (“Administrative Agent”), pursuant to that certain Fourth Amended and Restated Credit Agreement (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of March
26, 2015, among Borrower, Adminstrative Agent and the lenders named therein. All terms used herein shall have the meanings assigned
to them in the Credit Agreement.

Borrower
represents and warrants to Administrative Agent and the Lenders that all information contained herein is true, correct, and complete,
and that the property included in the calculations below represents the property that qualifies for purposes of determining the
Borrowing Base under the Credit Agreement. Borrower also represents and warrants that all figures listed below or attached hereto
have been calculated based on the provisions of the Credit Agreement.

Borrower represents and warrants that (i) the representations
and warranties set forth in the Loan Documents are true and correct in all material respects (unless any such representation or
warranty is qualified as to materiality or Material Adverse Effect, in which case such representation and warranty is true and
correct in all respects) on and as of the Report Date, 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 as of such earlier date (unless
any such representation or warranty is qualified as to materiality or Material Adverse Effect, in which case such representation
and warranty shall be true and correct in all respects as of such earlier

    	Exhibit B-1-1

    	 

    

 

date and (ii) as of the Report Date, no Default has
occurred and is continuing.

	Borrowing Base Report, Page
    1	 
	 	 
	BORROWING BASE SUMMARY:	 
	 	 
	A. Borrowing Base (from
    Schedule 1)	 
	B. Outstanding Revolving
    Credit Exposure:	As of:
	 	 
	1. Revolving Credit
    Loans	 
	2. Swingline
    Loans	 
	3. LC
    Exposure	 
	4.
    Aggregate     outstanding Revolving Credit Exposure (sum of B 1 through 3)
	 	 
	C. Aggregate Revolving
    Credit Commitments	 
	 	 
	D. Lesser of Line A or
    Line C	 
	 	 
	E. AGGREGATE AVAILABLE
    CREDIT	 
	(Line D, less Aggregate	 
	Outstanding
    Revolving Credit Exposure (Line B4))
	 	 

In
the event of any conflict between this Borrowing Base Report and the Credit Agreement, the Credit Agreement shall control.

	Date: 	 	 	 	Borrower:
	 	 	 	 
	 	 	 	WAYNE FARMS LLC
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	 	Courtney E. Fazekas
	 	 	 	Vice President, Chief
    Financial Officer and 
	 	 	 	Treasurer

 

    	Exhibit B-1-2

    	 

    

 

	 	 	 	 	 	 	 
	 	 	 	Amount	 	 
	 	 	 	Borrowing Base Summary	 	 	 
	 	 	 		 	 
	A	 	Borrowing Base from Schedule 1	—	 	 
	 	 	 	 	 	 
	B	 	 	 	 	 
	 	 	 	 	 	 
	 	1	Outstanding Revolving Credit Exposures	—	 	 
	 	 	 	 	 	 
	 	2	Revolving Credit Loans	—	 	 
	 	 	 	 	 	 
	 	3	Swingline Loans	—	 	 
	 	 	 	 	 	 
	 	4	LC Exposure		 	 
	 	 	Aggregate outstanding Revolving Credit
    Exposure	—	 	 
	 	 	 	 	 	 
	C	 	Aggregate Revolving Credit Commitments	—	 	 
	 	 	 	 	 	 
	D	 	Lesser of Line A or C	—	 	 
	 	 	 	 	 	 
	E	 	Aggregate available credit	—	 	 
	 	 	 	 	 	 
	 	 	 	Amount	Advance

    Rate	Advance
	 	 	 	 	 	 
	 	1	Schedule 1	 	 	 
	 	 	 	 	 	 
	 	a	Assets	—	100%	—
	 	 	 	 	 	 
	 	b	Liquidation Value of Margin Accounts	—	 	 
	 	 	 	 	 	 
	 	c	Feed, Ingredients, Feed Grains - LCM -
    FIFO	 	 	 
	 	 	 	 	 	 
	 	d	Less ineligible Feed, Ingredients, Feed
    Grains	—	65%	—
	 	 	 	 	 	 
	 	e	Sum 1(b) minus 1(c)	—	65%	—
	 	 	 	 	 	 
	 	f	Amount advanced - Grain Purchase Contracts	—	 	 
	 	 	 	 	 	 
	 	g	Broilers, Commercial Eggs, Dressed - LCM
    - FIFO	—	 	 
	 	 	 	 	 	 
	 	h	Ineligible Broilers, Eggs, Dressed	—	65%	—
	 	 	 	 	 	 
	 	i	Sum 1(f) minus 1(g)	—	 	 
	 	 	 	 	 	 
	 	j	Breeders, Pullets, Hatching Eggs - LCM
    – FIFO	 	 	 
	 	 	 	 	 	 
	 	k	Ineligible Breeders, Pullet, Hatching
    Eggs	—	65%	—
	 	 	 	 	 	 
	 	l	Sum 1(i) minus 1(j)	—	 	 
	 	 	 	 	 	 
	 	m	Finished Goods - LCM - FIFO	—	 	 
	 	 	 	 	 	 
	 	n	Ineligible Finished Goods	—	65%	—
	 	 	 	 	 	 
	 	o	Sum 1(l) minus 1(m)	—	 	 

 

    	Exhibit B-1-3

    	 

    

	 	 	 	 	 	 
	 	 	 	Amount	Advance

    Rate	Advance
	 	 	Borrowing Base Summary	 	 	 
	 	 	 	 	 	 
	 	p	Packaging, Vaccine, Supplies	—	 	 
	 	 	 	 	 	 
	 	q	Inelegible Packaging, Vaccine, Supplies	—	40%	—
	 	 	 	 	 	 
	 	r	Sum 1(o) minus 1(p)	—	85%	—
	 	 	 	 	 	 
	 	s	Eligible Receivables - Schedule 2	—	 	—
	 	 	 	 	 	 
	 	t	Sum of Lines 1(d), (e), (h), (k), (n),
    (q), (r)	0.9	 	 
	 	 	 	 	 	 
	 	u	Line 1(s) divided by .9	—	 	 
	 	 	 	 	 	 
	 	v	Total	0.1	 	 
	 	 	 	 	 	 
	 	w	Line 1(u) multiplied by .1	—	 	 
	 	 	 	 	 	 
	 	x	Total	—	100%	—
	 	 	 	 	 	 
	 	y	Lesser of 1(a) or 1(w)		 	—
	 	 	 	 	 	 
	 	2	Sum of lines 1(s) plus 1(x)	—	100%	—
	 	 	 	 	 	 
	 	3	Grower Payables > 15 days past due	—	100%	—
	 	 	 	 	 	 
	 	4	Bank Product Reserves	—	100%	—
	 	 	Other Reserves	 	 	 
	 	 	 	 	 	—
	 	5	Borrowing Base (1(y) minus 2 minus 3)	 	 	 
	 	 	 	 	 	 
	 	 	 	Amount	 	 
	 	 	 	 	 	 
	 	1	Schedule 2	—	 	 
	 	 	 	 	 	 
	 	2	Accounts Receivable	—	 	 
	 	 	 	 	 	 
	 	a	Ineligibles	—	 	 
	 	 	 	 	 	 
	 	b	Not arising from sale of finished goods	—	 	 
	 	 	 	 	 	 
	 	c	Payable by an Affiliate	—	 	 
	 	 	 	 	 	 
	 	d	Accounts excluded-Concentration-15%	—	 	 
	 	 	 	 	 	 
	 	e	Accounts excluded-Concentration-20%	—	 	 
	 	 	 	 	 	 
	 	f	Not invoiced within 5 days of shipment	—	 	 
	 	 	 	 	 	 
	 	g	Past due by more than 30 days	—	 	 
	 	 	 	 	 	 
	 	h	Accounts excluded- Cross-age Accounts-
    50%	—	 	 
	 	 	 	 	 	 
	 	i	Not valid/enforceable obligation	—	 	 
	 	 	 	 	 	 
	 	j	Subject to offset, counterclaim or other
    defense	 	 	 
	 	 	 	 	 	 
	 	k	Evidenced by instrument or supported by
    surety bond	—	 	 
	 	 	 	 	 	 
	 	l	Prebill, progress bill, bill and hold,
    conditional sales, etc.	—	 	 
	 	 	 	 	 	 
	 	m	Foreign Account Debtor (other than Hong
    Wai) with No LC/insurance	—	 	 
	 	 	 	 	 	 
	 	n	Payable by insolvent debtor	—	 	 
	 	 	 	 	 	 
	 	o	Payable by Government unless assignable	—	 	 

 

    	Exhibit B-1-4

    	 

    

 

	 	 	 	Amount	 	 
	 	 	 	 	 	 
	 	p	Payment not fully earned or contingent	—	 	 
	 	 	 	 	 	 
	 	q	Not subject to Administrative Agent’s
    lien	—	 	 
	 	 	 	 	 	 
	 	r	Not payable in U.S. or Canadian Dollars	—	 	 
	 	 	 	 	 	 
	 	s	Account Debtor is Sanctioned Person	—	 	 
	 	 	 	 	 	 
	 	t	Hong Wai A/R>$5,000,000	—	 	 
	 	 	 	 	 	 
	 	u	Rejected by Agent	—	 	 
	 	 	 	 	 	 
	 	v	Contra A/R	—	 	 
	 	 	 	 	 	 
	 	 	Total Lines a - u	 	 	 
	 	 	 	 	 	 
	 	 	 	—	 	 
	 	 	Total Eligible Receivables (sum of
    1 minus 2v)	 	 	 

 

    	Exhibit B-1-5

    	 

    

 

EXHIBIT
B-2

FORM
OF

BANK PRODUCT PROVIDER LETTER AGREEMENT

[_________
___, 20___]

Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A.,

“Rabobank Nederland”, New York Branch, as Administrative Agent

c/o Rabobank Loan Syndications

245 Park Avenue

New York, New York 10167

Attention: Loan Syndications

Telephone No. +1 (212) 808-6808

Facsimile No. +1 (212) 808-2578

		Re:	Fourth
                                         Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated,
                                         supplemented, extended, or otherwise modified from time to time, the “Credit
                                         Agreement”), by and among WAYNE FARMS LLC, a Delaware limited liability
                                         company (“Borrower”), the various financial institutions party
                                         thereto from time to time as “Lenders”, the Issuing Lender and COÖPERATIEVE
                                         CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
                                         as “Administrative Agent”. Capitalized terms used herein and not otherwise
                                         defined herein shall have the meanings assigned to such terms in the Credit Agreement.

Ladies
and Gentlemen:

The
undersigned (the “Bank Product Provider”) is [a Lender][an Affiliate of [insert name of Lender]].
The Bank Product Provider [has entered into or will be entering into the following Hedging Agreements with one or more Obligors
or their Subsidiaries: [insert description of Hedging Agreement]][is or will be providing Cash Management Services to one
or more Obligors or their Subsidiaries pursuant to the following agreements: [insert description of Cash Management Services
agreements] (such [Hedging Agreements][Cash Management Services agreements], collectively, the “Bank Product Agreements”).
In consideration of the benefits that the Bank Product Provider will receive by being deemed a “Bank Product Provider”
with respect to the Bank Product Agreements under the Credit Agreement as set forth in Section 9.13 of the Credit Agreement, the
Bank Product Provider hereby agrees as follows:

1. The
Bank Product Provider shall report to Administrative Agent the current exposure of any Obligor or its Subsidiaries to the
Bank Product Provider under the Bank Product Agreements within 5 Business Days after receiving a request from Administrative
Agent. Administrative Agent shall have no duty to determine the amount or the existence of any amounts owing under any Bank
Product Agreements. In connection with any distribution of payments and collections under the Credit Agreement or termination
or release by Administrative Agent of any Liens or Guarantors thereunder, Administrative Agent shall be entitled to assume no
amounts are due under the Bank Product Agreements unless the Bank Product Provider has notified

    	Exhibit B-2-1

    	 

    

 

Administrative Agent in writing of the amount of any such liability
owed to it in accordance with this paragraph 1 or at least 5 Business Days prior to such distribution, termination or release.

2. The
Bank Product Provider hereby agrees to be bound by and subject to all provisions of the Loan Documents as a Bank Product
Provider or Secured Party thereunder, including, without limitation, the provisions of Article 9 of the Credit Agreement. In
connection with the foregoing, the Bank Product Provider expressly acknowledges that its rights and benefits under the Credit
Agreement, the Security Documents and the Guaranty Agreements as a Bank Product Provider consist exclusively of the Bank
Product Provider’s right to share in payments and collections of the Collateral and payments under the Guaranty
Agreements (in such order of priority as may be set forth in the Credit Agreement). Each Bank Product Provider Agreement
shall be secured (in such order of priority as may be set forth in the Credit Agreement) but on a silent basis, so that
notwithstanding any other provision, if any, in the Credit Agreement or any Security Document or Guaranty Agreement, the Bank
Product Provider shall not be able to take any action in respect of the Collateral or Guaranty Agreements nor instruct the
Lenders or 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 Guarantor under any Guaranty Agreement. For the avoidance of doubt, the Bank Product
Provider expressly acknowledges that any release of Collateral or any Guarantors effected in the manner permitted by the
Credit Agreement shall not require the consent of the Bank Product Provider.

3. The
Bank Product Provider agrees to be bound by the provisions of Sections 9.1 and 9.2 of the Credit Agreement as fully as if it
was a “Lender” thereunder. The Bank Product Provider agrees that the duties and obligations of
Administrative Agent are limited as set forth in the Loan Documents, including, without limitation, as set forth in Sections
9.3 and 9.4 of the Credit Agreement.

4.
The Bank Product Provider acknowledges that it has, independently and without reliance upon Administrative Agent or any of
its Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into the Bank Product Agreements. The Bank Product Provider also acknowledges that it will,
independently and without reliance upon Administrative Agent or any of its 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 the Bank Product Agreements.

5.
Administrative Agent hereby appoints the Bank Product Provider as its agent and the Bank Product Provider hereby accepts such
appointment for the purpose of perfecting 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 the Bank Product Provider have
possession or control of any such Collateral at any time during the existence of an Event of Default, the Bank Product
Provider shall notify Administrative Agent thereof, and, promptly upon Administrative Agent’s request therefor, shall
deliver possession or control of such Collateral to Administrative Agent or in accordance with Administrative Agent’s
instructions.

    	Exhibit B-2 - 2

    	 

    

 

6. This
letter agreement shall be governed by, and construed in accordance with, the law of the State of New York.

    	Exhibit B-2 - 3

    	 

    

 

This
letter agreement is a Bank Product Provider Letter Agreement as defined in the Credit Agreement.

	 	 	 	 	 	 
	 	 	[INSERT
    NAME OF BANK PRODUCT PROVIDER]
	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 

	Acknowledged and agreed
    to by:	 	CoÖperatieve
    Centrale Raiffeisen-Boerenleenbank B.A., “RABOBANK
NEDERLAND”, New York Branch,
    as Administrative Agent

	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	WAYNE
    FARMS LLC, as Borrower
	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Title:	 	 

 

Bank
Product Provider Letter Agreement

 

    	Exhibit B-2 - 4

    	 

    

 

EXHIBIT 2.3

 

FORM OF

BORROWING REQUEST

 

[_________ ___, 20___]

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A.,

“Rabobank Nederland”, New York Branch, as Administrative Agent

c/o Rabo Support Services, Inc.

245 Park Avenue

New York, New York 10167

Attention: Corporate Bank Services

Telephone No. +1 (212) 574-7331

Facsimile No. +1 (201) 499-5328

Email: fm.am.syndicatedloans@rabobank.com, cc: sui.price@rabobank.com

 

	Re:	Fourth
Amended and Restated Credit Agreement dated as of March 26, 2015 (as amended, restated, supplemented, extended, or otherwise modified
from time to time, the “Credit Agreement”) by and among WAYNE FARMS LLC, a Delaware limited liability
company (“Borrower”), the various financial institutions party thereto from time to time as “Lenders”,
the Issuing Lender and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
as “Administrative Agent”. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

  

Ladies and Gentlemen:

 

Borrower hereby gives
you notice that it requests a Borrowing pursuant to the provisions of Section 2.3 (or in connection with a Borrowing of a Swingline
Loan, 2.4) of the Credit Agreement, and in connection therewith sets forth below the terms on which such Borrowing is requested
to be made:

 

	(A)	Class of Borrowing:	
        (Check One)

         

        [___] Revolving Credit Loan Borrowing

         

        [___] Swingline Loan Borrowing

         

        [___] Term Loan Borrowing5

         

        [___] Delayed Draw Term Loan Borrowing

         

	(B)	Aggregate principal amount of	[_____________________________________]

 

 

  

	5	Available on the Effective Date
    only.

 

    	Exhibit 2.3 - 1

    	 

    

	 	Borrowing:6	
         

	(C)	Date of Borrowing:7	[_____________________________________]
	(D)	Type of Borrowing:	
        (Check One)

         

        For Revolving Credit Loans, Term Loans
        or Delayed Draw Term Loans:

         

        [___] Base Rate Borrowing

         

        [___] Eurodollar Borrowing

         

        For Swingline Loans:

         

        [___] Swingline Fed Funds Rate8

         

        [___] Base Rate9

         

         

         

	(E)	Interest
    Period and the

    last day thereof:10	[___]
    month(s);11

    ending on [_________ ___, 20___]
	(F)	Wiring Instructions for Borrowing:	[_____________________________________]

[_____________________________________]

[_____________________________________]
	[(G)	Attached are computations
showing pro forma compliance with all the financial covenants in Section 7 of the Credit Agreement as of the most recently ended
Fiscal Quarter for which financial statements are available and calculated for any financial covenant which is tested over a period
of time as if such Indebtedness were incurred on the first day of such period and as if the interest rate in effect on the date
of calculation was the interest

 

 

 

	6	Borrowing (other than a Base Rate Borrowing on the Effective Date and
    other than a Swingline Loan Borrowing) must be a minimum of $5,000,000 or a larger integral multiple of $100,000 in excess
    thereof; provided that a Base Rate Borrowing of a Revolving Credit Loan may be in an aggregate amount equal to entire
    remaining Excess Availability at time of Borrowing or that is required to (i) finance the amount of reimbursement of an LC
    Disbursement as contemplated by Section 2.5 of the Credit Agreement or (ii) acquire participations in Swingline Loans pursuant
    to Section 2.4(c); provided further that a Borrowing of a Delayed Draw Term Loan must be a minimum of $25,000,000
    or a larger integrated multiple of $1,000,000.
	 	 
	7	Must be a Business Day. Delayed Draw Term Loan Borrowing date shall be at least 5 Business
    Days from the date of the Borrowing Request.
	 	 
	8	Plus the Applicable Margin as referenced in Section 2.12(b) of the Credit Agreement.
	 	 
	9	Plus the Applicable Margin as referenced in Section 2.12(b) of the Credit Agreement.
	 	 
	10	For Eurodollar Loans only.
	 	 
	11	Interest Period must be 1, 2, 3 or 6 months (or such other period as Borrower and all Lenders
    of the applicable Class may agree from time to time).

 

    	Exhibit 2.3 - 2

    	 

    

 

rate in effect for the
entire period.]12

 

[Remainder of Page Intentionally Left Blank]

 

 

 

	12	Clause only included for Delayed Draw Term Loan Borrowing.

 

    	Exhibit 2.3 - 3

    	 

    

 

Borrower hereby represents
and warrants that the conditions to Borrowing specified in clauses (a), (b), and (c) of Section 4.2 of the Credit Agreement have
been satisfied. 

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC
	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

    	Exhibit 2.3 - 4

    	 

    

 

EXHIBIT 2.7

 

FORM OF

INTEREST ELECTION REQUEST

 

[_________ ___, 20___]

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A.,

“Rabobank Nederland”, New York Branch, as Administrative Agent

c/o Rabo Support Services, Inc.

245 Park Avenue

New York, New York 10167

Attention: Corporate Bank Services

Telephone No. +1 (212) 574-7331

Facsimile No. +1 (201) 499-5328

Email: fm.am.syndicatedloans@rabobank.com, cc: sui.price@rabobank.com

 

	Re:	Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015
    (as amended, restated, supplemented, extended, or otherwise modified from time to time, the “Credit Agreement”)
    by and among WAYNE FARMS LLC, a Delaware limited liability company (“Borrower”), the various financial
    institutions party thereto from time to time as “Lenders”, the Issuing Lender and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK
    B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as “Administrative Agent”. Capitalized terms used herein
    and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

  

Ladies and Gentlemen:

 

Borrower hereby gives
you notice pursuant to Section 2.7 of the Credit Agreement that it requests an extension or conversion of a Revolving Credit Loan,
or a portion of the Term Loans or Delayed Draw Term Loan outstanding under the Credit Agreement, and in connection therewith sets
forth below the terms on which such extension or conversion is requested to be made:

 

	 (A)	Class/Type of Loan to be extended or converted:	
        (Check One)

         

        [___] Base Rate Revolving Credit Loan

         

        [___] Eurodollar Revolving Credit Loan

         

        [___] Base Rate Term Loan

         

        [___] Eurodollar Term Loan

         

        [___] Base Rate Delayed Draw Term Loan

         

        [___] Eurodollar Delayed Draw Term Loan

        

  

    	Exhibit 2.7 - 1

    	 

    

 

	(B)	Date of extension or conversion:13	[_____________________________________]
	(C)	Principal amount of

    extension or conversion14	[_____________________________________]
	(D)	Interest rate basis for Loan as extended/converted 	
        (Check One)

         

        [___] Base Rate

         

        [___] Adjusted LIBO Rate

         

	(E)	Interest Period and the

    last day thereof 15	[___] month(s);16

    ending on [_________ ___, 20___]

 

[Remainder
of Page Intentionally Left Blank]

 

 

 

	13	Must
    be the last day of the applicable Interest Period in connection with any Eurodollar Loans being extended or converted. Must
    be a Business Day.
	 	 
	14	Must be a minimum
    of $5,000,000 or a larger integral multiple of $100,000 in excess thereof.
	 	 
	15	For Eurodollar
    Loans only.
	 	 
	16	Must be 1, 2,
    3 or 6 months (or such other period as Borrower and all Lenders of applicable Class may agree). If none specified, then deemed
    to be 1 month.

 

    	Exhibit 2.7 - 2

    	 

    

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

  

Interest
Election Request

  

    	Exhibit 2.7 - 3

    	 

    

  

 

EXHIBIT 2.16-1

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

(FOR FOREIGN LENDERS THAT ARE NOT PARTNERSHIPS

FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby made
to the Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated, supplemented, extended,
or otherwise modified from time to time, the “Credit Agreement”), by and among Wayne Farms LLC, a Delaware
limited liability company, as borrower, the various financial institutions party thereto as “Lenders”, the Issuing
Lender and Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland”, New York Branch, in its
capacity as administrative agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Loan(s) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of any Obligor within the meaning of Section 881(c)(3)(B)
of the Code and (iv) it is not a “controlled foreign corporation” related to any Obligor as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has
furnished Administrative Agent and Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, expires or becomes obsolete, the undersigned shall promptly update this certificate or notify Borrower and Administrative
Agent in writing of its legal inability to do so, and (2) the undersigned shall have at all times furnished Borrower and Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 

	 	 	 	 
	LENDER:	[______________________________________________]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit 2.16-1
                                                                                                                                                                                               -
                                                                                                                                                                                               1

    	 

    

 

 EXHIBIT
2.16-2

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

  

 

(FOR FOREIGN PARTICIPANTS
THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby
made to the Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated, supplemented, extended,
or otherwise modified from time to time, the “Credit Agreement”), by and among Wayne Farms LLC, a Delaware
limited liability company, as borrower, the various financial institutions party thereto as “Lenders”, the Issuing
Lender and Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland”, New York Branch, in its
capacity as administrative agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of any Obligor within the meaning of
Section 881(c)(3)(B) of the Code, and (iv) it is not a “controlled foreign corporation” related to any Obligor as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 

	 	 	 	 
	PARTICIPANT:	[______________________________________________]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit 2.16-2 - 1

    	 

    

 

 EXHIBIT 2.16-3 

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

(FOR FOREIGN PARTICIPANTS
THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby
made to the Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated, supplemented,
extended, or otherwise modified from time to time, the “Credit Agreement”), by and among Wayne Farms
LLC, a Delaware limited liability company, as borrower, the various financial institutions party thereto as “Lenders”,
the Issuing Lender and Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland”, New York Branch,
in its capacity as administrative agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members
is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10-percent
shareholder” of any Obligor within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a “controlled foreign corporation” related to any Obligor as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, (ii) an IRS Form W-8BEN-E or (iii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at
all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

    	Exhibit 2.16-3 - 1

    	 

    

	 	 	 	 
	PARTICIPANT:	[______________________________________________]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit 2.16-3 - 2

    	 

    

 

EXHIBIT 2.16-4

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE 

 

(FOR FOREIGN LENDERS THAT ARE PARTNERSHIPS
FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby
made to the Fourth Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated, supplemented,
extended, or otherwise modified from time to time, the “Credit Agreement”), by and among Wayne Farms
LLC, a Delaware limited liability company, as borrower, the various financial institutions party thereto as “Lenders”,
the Issuing Lender and Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland”, New York Branch,
in its capacity as administrative agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s),
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s), (iii) with respect to the extension
of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a “10-percent shareholder” of any Obligor within the meaning of Section 881(c)(3)(B) of the Code and (v) none of
its direct or indirect partners/members is a “controlled foreign corporation” related to any Obligor as described in
Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished Administrative Agent and Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, (ii) an IRS Form W-8BEN-E, or (iii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, expires or becomes obsolete, the undersigned shall promptly update this certificate
or notify Borrower and Administrative Agent in writing of its legal inability to do so, and (2) the undersigned shall have at
all times furnished Borrower and Administrative Agent with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments. 

 

    	Exhibit 2.16-4 - 1

    	 

    

 

 

	 	 	 	 
	LENDER:	[______________________________]
	 	 	 	 
	 	By:	 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

    	Exhibit 2.16-4 - 2

    	 

    

 

EXHIBIT 2.19-1

 

FORM OF

NOTICE OF INCREMENTAL REVOLVING CREDIT COMMITMENT

 

[_________ ___, 20___]

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A.,

“Rabobank Nederland”, New York Branch, as Administrative Agent

Rabobank Loan Syndications

245 Park Avenue

New York, New York 10167

Attention: Loan Syndications

Telephone No. +1 (212) 808-6808

Facsimile No. +1 (212) 808-2578

 

	Re:	Fourth
Amended and Restated Credit Agreement, dated as of March 26, 2015 (as amended, restated, supplemented, extended, or otherwise modified
from time to time, the “Credit Agreement”), by and among WAYNE FARMS LLC, a Delaware limited liability
company (“Borrower”), the various financial institutions party thereto from time to time as “Lenders”,
the Issuing Lender and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
as “Administrative Agent”. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

       

Ladies and Gentlemen:

 

Borrower hereby gives you notice, pursuant
to Section 2.19(a) of the Credit Agreement, that Borrower requests an increase in the aggregate amount of the Revolving Credit
Commitments, and in connection therewith sets forth below the terms on which such increase is requested to be made:

 

	(A)	Principal amount
of requested Incremental Revolving Credit Commitment:17	 	[_____________________________________]
	(B)	Date of requested Incremental
Revolving Credit Commitment:18	 	[_____________________________________]

Borrower hereby certifies to the Administrative
Agent and the Lenders as follows: 

 

 

 

	17	Incremental Revolving Credit Commitment (together with
    any other Incremental Facilities) shall not exceed $75,000,000.  Must be at least $20,000,000 and in integral multiples
    of $5,000,000 in excess thereof.
	 	 
	18	Such date shall be at least 20 days (or such shorter period as may
    be agreed by Administrative Agent) from the date of delivery of the Notice of Incremental Revolving Credit Commitment.

 

    	Exhibit 2.19-1 - 1

    	 

    

 

1. the representations
and warranties of each Obligor contained in the Loan Documents are true and correct in all material respects (unless any such representation
or warranty is qualified as to materiality or Material Adverse Effect, in which case such representation and warranty shall be
true and correct in all respects) on the effective date of the requested Incremental Revolving Credit Commitment, both before and
after giving effect to the requested Incremental Revolving Credit Commitment, as though made on and as of such date, other than
any such representations or warranties that specifically refer to a date other than the effective date of the requested Incremental
Revolving Credit Commitment, in which case such representations and warranties shall be true and correct in all material respects
as of such other date (unless any such representation or warranty is qualified as to materiality or Material Adverse Effect, in
which case such representation and warranty shall be true and correct in all respects as of such other date); and

 

2. no event has occurred
and is continuing, or would result from such requested Incremental Revolving Credit Commitment, that constitutes a Default or an
Event of Default.

 

[Remainder of Page Intentionally
Left Blank]

 

    	Exhibit 2.19-1 - 2

    	 

    

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

Notice
of Incremental Revolving Credit Commitment

 

    	Exhibit 2.19-1 - 3

    	 

    

 

EXHIBIT 2.19-2

 

FORM OF

NOTICE OF INCREMENTAL TERM LOAN BORROWING

 

[_________ ___, 20___]

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A.,

“Rabobank Nederland”, New York Branch, as Administrative Agent

Rabobank Loan Syndications

245 Park Avenue

New York, New York 10167

Attention: Loan Syndications

Telephone No. +1 (212) 808-6808

Facsimile No. +1 (212) 808-2578

 

	Re:	Fourth Amended and Restated Credit Agreement,
    dated as of March 26, 2015 (as amended, restated, supplemented, extended, or otherwise modified from time to time, the “Credit
    Agreement”), by and among WAYNE FARMS LLC, a Delaware limited liability company (“Borrower”),
    the various financial institutions party thereto from time to time as “Lenders”, the Issuing Lender and COÖPERATIEVE
    CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as “Administrative Agent”.
    Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit
    Agreement.

       

Ladies and Gentlemen:

 

Borrower hereby gives you notice, pursuant
to Section 2.19(a) of the Credit Agreement, that it requests a Tranche of Incremental Term Loans under the Credit Agreement, and
in connection therewith sets forth below the terms relating to such Tranche of Incremental Term Loans (the “Proposed
Borrowing”):

 

The Tranche of Incremental
Term Loans to be borrowed is in an aggregate principal amount of $[___________]19.

 

The advance date of
the proposed Incremental Term Loans comprising such Tranche is [_________ ___, 20___]20.

 

All Incremental Term
Loans comprising such Tranche shall accrue interest at a per annum rate equal to the Adjusted LIBO Rate plus an Applicable Margin
of [____]% for Eurodollar Borrowings, and the Base Rate plus an Applicable Margin of [____]% for Base Rate Borrowings, with such
interest payable as set forth in the Credit Agreement. 

 

 

 

	19	Incremental Term Loans (together with any other Incremental
    Facilities) shall not exceed $75,000,000.  Must be at least $20,000,000 and in integral multiples of $5,000.000
    in excess thereof.
	20	Such date shall be at least 20 days (or such shorter period as may
    be agreed by Administrative Agent) from the date of delivery of the Notice of Incremental Term Loan Borrowing.

 

    	Exhibit 2.19-2 - 1

    	 

    

 

The maturity date of
the Incremental Term Loans comprising such Tranche is the Term Loan Maturity Date.

 

Borrower shall repay
the principal amount of the Incremental Term Loans comprising such Tranche (with such payments being applied to all Incremental
Term Loans comprising such Tranche on a pro rata basis) on the principal payment dates below as follows:

 

	Principal Payment Date	Amount of Installment
	[_________, 20__]	$[___________]
	[_________, 20__]	$[___________]
	Term Loan Maturity Date	$[___________]

 

Borrower shall pay
to the Administrative Agent, on behalf of the Lenders funding the Incremental Term Loans comprising such Tranche on a pro rata
basis, [upfront/closing] fees in an amount equal to ___% of the amount of the Incremental Term Loans comprising such Tranche on
the advance date referred to in Paragraph 2 above.

 

Borrower hereby requests
that the proceeds of the Incremental Term Loans made pursuant to this notice be wired to the following account: [insert wire
information].

 

The Tranche of Incremental
Term Loans advanced in connection with the Proposed Borrowing shall be identified as Tranche No. [___].

 

Borrower hereby certifies to the Administrative
Agent and the Lenders as follows:

 

(a) the representations
and warranties of each Obligor contained in the Loan Documents are true and correct in all material respects (unless any such representation
or warranty is qualified as to materiality or Material Adverse Effect, in which case such representation and warranty shall be
true and correct in all respects) on the date of the Proposed Borrowing, both before and after giving effect to the Proposed Borrowing
and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or
warranties that specifically refer to a date other than the date of the Proposed Borrowing, in which case such representations
and warranties shall be true and correct in all material respects as of such other date (unless any such representation or warranty
is qualified as to materiality or Material Adverse Effect, in which case such representation and warranty shall be true and correct
in all respects as of such other date); and

 

(b) no event has occurred
and is continuing, or would result from such Proposed Borrowing or from the application of the proceeds therefrom, that constitutes
a Default or an Event of Default.

 

[Remainder of Page Intentionally Left Blank]

 

    	Exhibit 2.19-2 - 2

    	 

    

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

Notice
of Incremental Revolving Credit Commitment

 

    	Exhibit 2.19-2 - 3

    	 

    

 

EXHIBIT 5.1(c)

 

FORM OF

COMPLIANCE CERTIFICATE

 

For the Fiscal [Period] [Quarter][Year]
ended [_________ ___, 20___] (the “Fiscal Period”)

 

This Compliance Certificate
(this “Compliance Certificate”) is delivered to you pursuant to Section 5.1(c) of that certain Fourth
Amended and Restated Credit Agreement dated as of March 26, 2015 (as amended, restated, supplemented, extended, or otherwise
modified from time to time, the “Credit Agreement”), by and among WAYNE FARMS LLC, a Delaware limited
liability company (“Borrower”), the various financial institutions party thereto from time to time as
a “Lender”, and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK
BRANCH, as “Administrative Agent”. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

I, [__________________],
the [__________________] of [Borrower] / [Borrower and Pubco]21 hereby certify solely in my capacity as a Responsible
Officer of [Borrower] / [Borrower and Pubco] and not in my individual capacity that the following information is accurate as of
[_________ ___, 20___]:

 

1. Financial Statements.
Delivered herewith as Attachment A hereto are the company-prepared financial statements required to be delivered in respect
of the Fiscal Period pursuant to Section 5.1 of the Credit Agreement which fairly present in all material respects the financial
condition and results of operations of Reporting Company and its Subsidiaries on a consolidated and (as to Material Subsidiaries)
consolidating basis, in each case in accordance with GAAP consistently applied[, subject to normal year-end audit adjustments
and the absence of footnotes]22 [and a narrative financial summary for the Fiscal Quarter and the portion of the Fiscal
Year then ended]23.

 

2. [Change In GAAP.
Since the date of the audited financial statements referred to in Section 3.2 of the Credit Agreement, except as otherwise
disclosed in a previous Compliance Certificate, [there has been no change in GAAP or in the application thereof that has had an
impact on the financial statements of the Consolidated Group or the calculation of the financial covenants set forth in Section
7 of the Credit Agreement][a change in GAAP or in the application thereof has occurred which has had an impact on the financial
statements of the Consolidated Group and/or the calculation of the financial covenants set forth in Section 7 of the Credit Agreement,
as described on Annex 1 hereto].] 2

 

 

 

	21	Prior to the Initial Public Offering, Borrower, and
    subsequent to and at all times after the Initial Public Offering, Borrower and Pubco.
	 	 
	22	Clause not to be included with year-end financial statements.
	 	 
	23	Clause not to be included with month-end financial statements.

 

    	Exhibit 5.1(c) - 1

    	 

    

 

3. [Financial Covenant
Compliance. Delivered herewith as Attachment B hereto are reasonably detailed calculations demonstrating compliance
by the Consolidated Group with the financial covenants contained in Section 7 of the Credit Agreement, in each case as of the
end of the Fiscal [Quarter][Year] referred to above.]24

 

4. No Default.
Since [the beginning of the Fiscal Period][the Effective Date], [no Default or Event of Default has occurred under the Credit Agreement][a
Default or Event of Default has occurred, as described on Annex [1][2] hereto, and the action proposed to be taken with
respect thereto is described on Annex [1][2] hereto].

 

5. Locations.
Delivered herewith as Attachment C hereto is a report supplementing Schedule 1 and Schedule 8 of the Security Agreement
and Schedule 3.6 of the Credit Agreement.

 

6. Security Agreement
Covenant Compliance. Since [the beginning of the Fiscal Period][the Effective Date], no Obligor, nor any of their Subsidiaries
has:

 

	 	(a)	Acquired or otherwise obtained any Collateral consisting of, or any amount payable under or in connection with any of the Collateral evidenced by Negotiable Collateral, Investment Related Property, or Chattel Paper (electronic, tangible, or otherwise), in each case with an aggregate face amount in excess of $5,000,000, except as indicated on Attachment D;
	 	 	 
	 	(b)	Filed an application for the registration of any Patent, Trademark, or Copyright with the U.S. Patent and Trademark Office, the U.S. Copyright Office or any similar office or agency in any jurisdiction, except as follows as indicated on Attachment E; or
	 	 	 
	 	(c)	Incurred or obtained a Commercial Tort Claim against any third party that could reasonably be expected to have a value, if successfully prosecuted, in excess of $5,000,000, except as indicated on Attachment F; or
	 	 	 
	 	(d)	Any Account or Chattel Paper that arose out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof and the amount of such contract or contracts, individually or in the aggregate, exceeds $5,000,000, except as indicated on Attachment G.

 

[Remainder of Page Intentionally
Left Blank]

 

 

 

	24	Not to be included with monthly certificates.

 

    	Exhibit 5.1(c) - 2

    	 

    

 

IN WITNESS WHEREOF,
the undersigned officer has executed this Compliance Certificate, solely in his or her capacity as a Responsible Officer on behalf
of [Borrower] / [Borrower and Pubco] (and not in any individual or personal capacity), as of the date first written above.

 

	 	 	 	 
	BORROWER:	WAYNE FARMS LLC
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

	 	 	 	 	 
	[PUBCO:	WAYNE FARMS INC.
	 	 	 
	 	By:		 	 
	 	 	 	 	 
	 	 	Name:	 	 
	 	 	 	 	 
	 	 	Title:	 	]25

 

 

	25	Prior to the Initial Public Offering, Borrower, and subsequent to and at all times after the Initial Public Offering, Borrower and Pubco.

 

Compliance
Certificate

 

    	Exhibit 5.1(c) - 3

    	 

    

 

Attachment A

 

Financial Statements

 

(See Attached)

 

Attachment
D to Compliance Certificate

 

    	Exhibit 5.1(c) - 4

    	 

    

 

Attachment B

 

Computation of Financial Covenants

 

(See Attached)

 

    	Exhibit 5.1(c) - 5

    	 

    

 

Attachment C

 

Locations

 

(See Attached)

 

    	Exhibit 5.1(c) - 6

    	 

    

 

Attachment D

 

Possessory Collateral

 

(See Attached)

 

    	Exhibit 5.1(c) - 7

    	 

    

 

Attachment E

 

Intellectual Property

 

(See Attached)

 

Attachment
D to Compliance Certificate

 

    	Exhibit 5.1(c) - 8

    	 

    

 

 

Attachment F

 

Commercial Tort Claims

 

(See Attached)

 

    	Exhibit 5.1(c) - 9

    	 

    

 

Attachment G

 

Certain Accounts/Chattel Paper

 

(See Attached)

 

    	Exhibit 5.1(c) - 10

    	 

    

 

[Annex 1]

 

[Changes in GAAP]

 

    	Exhibit 5.1(c) - 11

    	 

    

 

 

[Annex [1][2]]

 

[Defaults]

 

    	Exhibit 5.1(c) - 12GK EX 10.1 2015.04.15

	
					
	
	 
	 
	 
	Exhibit 10.1

EXECUTION COPY	
			
	CREDIT AGREEMENT

dated as of

April 15, 2015

among

G&K Services, Inc.
as the Company

G&K Services Canada Inc.
as the Canadian Borrower

The Lenders Party Hereto

WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Administrative Agent

BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A.
as Co-Syndication Agents

and

SUNTRUST BANK and PNC BANK, NATIONAL ASSOCIATION 
as Co-Documentation Agents

	 
	 
	 

	 
	 
	 

	WELLS FARGO SECURITIES, LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and J.P. MORGAN SECURITIES LLC 
as Joint Bookrunners and Joint Lead Arrangers

	
				
	 
	TABLE OF CONTENTS
	Page
	

	 
	 
	 

	ARTICLE I
	 Definitions
	1
	

	 
	 
	 

	SECTION 1.01.
	 Defined Terms
	1
	

	SECTION 1.02.
	 Classification of Loans and Borrowings
	30
	

	SECTION 1.03.
	 Terms Generally
	30
	

	SECTION 1.04.
	 Accounting Terms; GAAP
	30
	

	 
	 
	 

	ARTICLE II
	 The Credits
	31
	

	 
	 
	 

	SECTION 2.01.
	 Commitments
	31
	

	SECTION 2.02.
	 Loans and Borrowings
	31
	

	SECTION 2.03.
	 Requests for Revolving Borrowings
	32
	

	SECTION 2.04.
	 Determination of Dollar Amounts
	33
	

	SECTION 2.05.
	 Swingline Loans
	33
	

	SECTION 2.06.
	 Letters of Credit
	35
	

	SECTION 2.07.
	 Funding of Borrowings
	40
	

	SECTION 2.08.
	 Interest Elections
	41
	

	SECTION 2.09.
	 Termination and Reduction of Commitments
	42
	

	SECTION 2.10.
	 Repayment of Loans; Evidence of Debt
	43
	

	SECTION 2.11.
	 Prepayment of Loans
	44
	

	SECTION 2.12.
	 Fees
	45
	

	SECTION 2.13.
	 Interest
	46
	

	SECTION 2.14.
	 Interest Rate Market Disruption and Alternate Rate of Interest
	46
	

	SECTION 2.15.
	 Increased Costs
	47
	

	SECTION 2.16.
	 Break Funding Payments
	49
	

	SECTION 2.17.
	 Taxes
	50
	

	SECTION 2.18.
	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	52
	

	SECTION 2.19.
	 Mitigation Obligations; Replacement of Lenders
	54
	

	SECTION 2.20.
	 Expansion Option
	54
	

	SECTION 2.21.
	 Market Disruption
	56
	

	SECTION 2.22.
	 Judgment Currency
	57
	

	SECTION 2.23.
	 Defaulting Lenders
	57
	

	SECTION 2.24.
	 Senior Debt
	59
	

	SECTION 2.25.
	 Interest Act (Canada)
	59
	

	 
	 
	 

	ARTICLE III
	 Representations and Warranties
	59
	

	 
	 
	 

	SECTION 3.01.
	 Organization; Powers; Subsidiaries
	59
	

	SECTION 3.02.
	 Authorization; Enforceability
	60
	

	SECTION 3.03.
	 Governmental Approvals; No Conflicts
	60
	

	SECTION 3.04.
	 Financial Condition; No Material Adverse Change
	60
	

	SECTION 3.05.
	 Properties
	61
	

	SECTION 3.06.
	 Litigation and Environmental Matters
	61
	

	SECTION 3.07.
	 Compliance with Laws and Agreements
	61
	

i

	
				
	 
	Table of Contents
(continued)

	Page
	

	 
	 
	 

	SECTION 3.08.
	 Investment Company Status
	61
	

	SECTION 3.09.
	 Taxes
	62
	

	SECTION 3.10.
	 ERISA; Canadian Plans
	62
	

	SECTION 3.11.
	 Disclosure
	62
	

	SECTION 3.12.
	 Federal Reserve Regulations
	62
	

	SECTION 3.13.
	 Liens
	62
	

	SECTION 3.14.
	 No Default
	62
	

	SECTION 3.15.
	 No Burdensome Restrictions
	62
	

	SECTION 3.16.
	 Anti-Corruption Laws and Sanctions
	63
	

	SECTION 3.17.
	 Embargoed Persons
	63
	

	SECTION 3.18.
	 Canadian Anti-Terrorism Laws
	63
	

	 
	 
	 

	ARTICLE IV
	 Conditions
	64
	

	 
	 
	 

	SECTION 4.01.
	 Effective Date
	64
	

	SECTION 4.02.
	 Each Credit Event
	65
	

	 
	 
	 

	ARTICLE V
	 Affirmative Covenants
	66
	

	 
	 
	 

	SECTION 5.01.
	 Financial Statements and Other Information
	66
	

	SECTION 5.02.
	 Notices of Material Events
	67
	

	SECTION 5.03.
	 Existence; Conduct of Business
	68
	

	SECTION 5.04.
	 Payment of Obligations
	68
	

	SECTION 5.05.
	 Maintenance of Properties; Insurance
	68
	

	SECTION 5.06.
	 Books and Records; Inspection Rights
	68
	

	SECTION 5.07.
	 Compliance with Laws and Material Contractual Obligations
	69
	

	SECTION 5.08.
	 Use of Proceeds
	69
	

	SECTION 5.09.
	 Subsidiary Guaranties
	69
	

	SECTION 5.10.
	 Notice of Leverage Ratio Increase
	70
	

	 
	 
	 

	ARTICLE VI
	 Negative Covenants
	70
	

	 
	 
	 

	SECTION 6.01.
	 Indebtedness
	70
	

	SECTION 6.02.
	 Liens
	71
	

	SECTION 6.03.
	 Fundamental Changes and Asset Sales
	72
	

	SECTION 6.04.
	 Investments, Loans, Advances, Guarantees and Acquisitions
	73
	

	SECTION 6.05.
	 Swap Agreements
	74
	

	SECTION 6.06.
	 Transactions with Affiliates
	75
	

	SECTION 6.07.
	 Restricted Payments
	75
	

	SECTION 6.08.
	 Restrictive Agreements
	75
	

	SECTION 6.09.
	 Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents.
	76
	

	SECTION 6.10.
	 Sale and Leaseback Transactions
	76
	

ii

	
				
	 
	Table of Contents
(continued)

	Page
	

	SECTION 6.11.
	 Intentionally Omitted
	77
	

	 
	 
	 

	SECTION 6.12.
	 Financial Covenants
	77
	

	SECTION 6.13.
	 Anti-Corruption Laws
	78
	

	 
	 
	 

	ARTICLE VII
	 Events of Default
	78
	

	 
	 
	 

	ARTICLE VIII
	 The Administrative Agent
	81
	

	 
	 
	 

	ARTICLE IX
	 Miscellaneous
	84
	

	 
	 
	 

	SECTION 9.01.
	 Notices
	84
	

	SECTION 9.02.
	 Waivers; Amendments
	85
	

	SECTION 9.03.
	 Expenses; Indemnity; Damage Waiver
	86
	

	SECTION 9.04.
	 Successors and Assigns
	88
	

	SECTION 9.05.
	 Survival
	91
	

	SECTION 9.06.
	 Counterparts; Integration; Effectiveness
	91
	

	SECTION 9.07.
	 Severability
	92
	

	SECTION 9.08.
	 Right of Setoff
	92
	

	SECTION 9.09.
	 Governing Law; Jurisdiction; Consent to Service of Process
	92
	

	SECTION 9.10.
	 WAIVER OF JURY TRIAL
	93
	

	SECTION 9.11.
	 Headings
	93
	

	SECTION 9.12.
	 Confidentiality
	93
	

	SECTION 9.13.
	 USA PATRIOT Act
	94
	

	SECTION 9.14.
	 Canadian Anti-Money Laundering Legislation
	94
	

	SECTION 9.15.
	 Several Obligations; Nonreliance; Violation of Law
	95
	

	SECTION 9.16.
	 Disclosure
	95
	

	SECTION 9.17.
	 Interest Rate Limitation
	95
	

	SECTION 9.18.
	 No Advisory or Fiduciary Responsibility
	95
	

	 
	 
	 

	ARTICLE X
	 Company Guaranty
	96
	

iii

	
			
	SCHEDULES:
	 
	 

	 
	 
	 

	Schedule 2.01
	--
	Commitments

	Schedule 2.06
	--
	Existing Letters of Credit

	Schedule 3.01
	--
	Subsidiaries

	Schedule 6.01
	--
	Existing Indebtedness

	Schedule 6.02
	--
	Existing Liens

	Schedule 6.04
	--
	Existing Investments

	Schedule 6.12
	--
	Multi-Employer Pension Plans

	

	 
	 

	EXHIBITS:
	 
	 

	 
	 
	 

	Exhibit A
	--
	Form of Assignment and Assumption

	Exhibit B-1
	--
	Form of Opinion of Loan Parties’ Special U.S. Counsel

	Exhibit B-2
	--
	Form of Opinion of Loan Parties’ Special Canadian Counsel

	Exhibit C
	--
	Form of Increasing Lender Supplement

	Exhibit D
	--
	Form of Augmenting Lender Supplement

	Exhibit E
	--
	List of Closing Documents

	Exhibit F
	--
	Form of Compliance Certificate

	Exhibit G-1
	--
	Form of Domestic Subsidiary Guaranty

	Exhibit G-2
	--
	Form of Canadian Subsidiary Guaranty

iv

CREDIT AGREEMENT (this “Agreement”), dated as of April 15, 2015, among G&K SERVICES, INC., G&K SERVICES CANADA INC., the LENDERS from time to time party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and SUNTRUST BANK and PNC BANK, NATIONAL ASSOCIATION, as Co-Documentation Agents.
The parties hereto agree as follows:
ARTICLE I
Definitions

SECTION 1.01. Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“2005 Note Purchase Agreement” means the Note Purchase Agreement dated June 15, 2005 between the Company and the purchasers named therein, as the same may be amended, modified, supplemented, extended or restated from time to time.
“2013 Note Purchase Agreement” means the Note Purchase Agreement dated April 15, 2013 between the Company and the purchasers named therein, as the same may be amended, modified, supplemented, extended or restated from time to time.
“ABR”, when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.
“Act” has the meaning assigned to such term in Section 9.13.
“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Administrative Agent” means Wells Fargo Bank, National Association (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

1

“Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the Effective Date, the Aggregate Commitment is $350,000,000.
“Agreed Currencies” means (i) Dollars, (ii) Canadian Dollars, (iii) euro, (iv) Pounds Sterling and (v) any other Foreign Currency agreed to by the Administrative Agent and each of the Lenders.
“Alternate Base Rate” means, for any day, a rate per annum equal to:
(i) if the applicable Loan or Borrowing is denominated in Dollars, the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the applicable screen rate (including any successor or substitute screen rate) at approximately 11:00 a.m. London time on such day; and 
(ii)   if the applicable Loan or Borrowing is denominated in Canadian Dollars, the greater of (a) the Canadian Prime Rate and (b) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the applicable screen rate (including any successor or substitute screen rate) at approximately 10:00 a.m. Toronto time on such day.
Any change in the Alternate Base Rate due to a change in the Prime Rate, the Canadian Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Canadian Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.  Notwithstanding the foregoing or anything to the contrary set forth herein, if the Alternate Base Rate at any time shall be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrowers or their Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Percentage” means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.23 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender's Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.
“Applicable Rate” means, for any day, with respect to any Eurocurrency Revolving Loan or any ABR Revolving Loan or with respect to the commitment fees payable hereunder, as the 

2

case may be, the applicable rate per annum set forth below under the caption “Eurocurrency Spread”, “ABR Spread” or “Commitment Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date:
	
					
	 
	Leverage Ratio:
	Eurocurrency
Spread
	ABR Spread
	Commitment Fee Rate

	Category 1:
	< 1.25 to 1.00
	1.000%
	0.000%
	0.125%

	Category 2:
	> 1.25 to 1.00
but
< 1.75 to 1.00
	1.125%
	0.125%
	0.150%

	Category 3:
	> 1.75 to 1.00 
but 
< 2.50 to 1.00
	1.250%
	0.250%
	0.175%

	Category 4:
	> 2.50 to 1.00
but
< 3.25 to 1.00
	1.500%
	0.500%
	0.200%

	Category 5:
	> 3.25 to 1.00
	1.750%
	0.750%
	0.250%

For purposes of the foregoing, 
(i) if at any time the Company fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01, Category 5 shall be deemed applicable for the period commencing on the date after the required date of delivery and ending on the date which is five (5) days after the Financials are actually delivered, after which the Category shall be determined in accordance with the table above as applicable;
(ii) adjustments, if any, to the Category then in effect shall be effective five (5) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and
(iii) notwithstanding the foregoing, Category 3 shall be deemed to be applicable until the Administrative Agent’s receipt of the applicable Financials for the Company’s fiscal quarter ending June 30, 2015 (unless such Financials demonstrate that Category 4 or 5 should have been applicable during such period, in which case such other Category shall be deemed to be applicable during such period) and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs.
“Approved Fund” has the meaning assigned to such term in Section 9.04.
“Approximate Equivalent Amount” of any currency with respect to any amount of Dollars means the Equivalent Amount of such currency with respect to such amount of Dollars on or as of such date, rounded up to the nearest amount of such currency as determined by the Administrative Agent from time to time.

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“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Attributable Receivables Indebtedness” at any time means the principal amount of Indebtedness which (i) if a Permitted Receivables Facility is structured as a secured lending agreement, constitutes the principal amount of such Indebtedness or (ii) if a Permitted Receivables Facility is structured as a purchase agreement, would be outstanding at such time under the Permitted Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement.
“Augmenting Lender” has the meaning assigned to such term in Section 2.20.
“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.
“Available Revolving Commitment” means, at any time, the excess of the Aggregate Commitment then in effect over the aggregate Revolving Credit Exposures of all the Lenders at such time; provided that any Lender’s Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee under Section 2.12(a).
“Banking Services” means each and any of the following bank services provided to the Company or any Subsidiary by any Lender or any of its Affiliates: (a) commercial credit cards, (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).
“Banking Services Agreement” means any agreement entered into by the Company or any Subsidiary in connection with Banking Services.
“Banking Services Obligations” means any and all obligations of the Company or any Subsidiary, 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 Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, monitor, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business, appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such  ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts of any applicable jurisdiction or from the enforcement of judgments or writs of attachment 

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on its assets or permit such Person (or such Governmental Authority or instrumentality), to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrowers” means the Company and the Canadian Borrower.
“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.
“Borrowing Request” means a request by any Borrower for a Revolving Borrowing in accordance with Section 2.03.
“Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.08.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Charlotte, N.C. or New York City are authorized or required by law to remain closed; and when used in connection with a LIBOR Market Index Rate Loan or a Eurocurrency Loan for a LIBOR Quoted Currency, the term "Business Day" shall also exclude any day on which banks are not open for general business in London; and in addition, with respect to any date for the payment or purchase of, or the fixing of an interest rate in relation to Canadian Dollars, the term “Business Day” shall also exclude any day on which banks are not open for general business in Toronto, Ontario and, if the Borrowings or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate selection are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in euro.
“Canadian Anti-Terrorism Laws” means any law, judgment, order, executive order, decree, ordinance, rule or regulation related to terrorism financing or money laundering including Part II.1 of the Criminal Code, R.S.C. 1985, c.C-46, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, S.C. 2000, c. 17, and regulations promulgated pursuant to the Special Economic Measures Act, S.C. 1992, c. 17 and the United Nations Act, R.S.C. 1985, c. U-2.
“Canadian Borrower” means G&K Services Canada Inc., an Ontario corporation.
“Canadian Dollar Sublimit” means $50,000,000.
“Canadian Dollars” refers to the lawful currency of Canada.
“Canadian Pension Plans” means each pension, supplementary pension, retirement savings or other retirement income plan or arrangement of any kind, registered or non-registered, established, maintained or contributed to by the Company, the Canadian Borrower or any of their Subsidiaries for their Canadian employees or former Canadian employees but does not include the Canada Pension Plan or any provincial pension plan that is maintained by the government of Canada or a province thereof, respectively.

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“Canadian Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Wells Fargo Bank, National Association (which is not necessarily the lowest rate charged to any customer) for loans made in Canadian Dollars at its office in Charlotte, N.C., changing when and as said prime rate changes, and effective on the first Business Day after announcement.
“Canadian Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in Canada.
“Canadian Subsidiary Guarantor” means each Material Canadian Subsidiary.  The Canadian Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01 hereto.
“Canadian Subsidiary Guaranty” means that certain Canadian Subsidiary Guaranty Agreement  to be entered into pursuant to Section 5.09 on or within thirty (30) days (or such later date as may be agreed upon by the Administrative Agent) of any Subsidiary becoming a Canadian Subsidiary Guarantor, substantially in the form of Exhibit G-2, to be executed by each Canadian Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time.
 “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 balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
“CDOR Rate” means for any Loans in Canadian Dollars, the CDOR Screen Rate or, if applicable pursuant to the terms of Section 2.14(a), the applicable Reference Bank Rate.
“CDOR Screen Rate” means, with respect to any Interest Period, the average rate as administered by Thomson Reuters (or any other Person that takes over the administration of such rate) for bankers acceptances with a tenor equal in length to such Interest Period as displayed on CDOR page of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen or service that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion.
“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 Securities and Exchange Commission thereunder as in effect on the date hereof) of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company; (b) 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 or approved by directors so nominated; (c) the occurrence of a change in control, or other similar provision, as defined in any agreement or instrument evidencing any Indebtedness in excess of $20,000,000 (triggering a default or mandatory prepayment, which default or mandatory prepayment has not been waived in writing); or (d) the Company ceases to own, directly or indirectly, and Control 

6

100% (other than directors’ qualifying shares) of the ordinary voting and economic power of the Canadian Borrower.
“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(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 date of this Agreement; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines and 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, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.
“Charges” has the meaning assigned to such term in Section 9.17.
“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Co-Documentation Agent” means each of SunTrust Bank and PNC Bank, National Association in its capacity as co-documentation agent for the credit facility evidenced by this Agreement.
“Commitment” means, with respect to each Lender, the commitment 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 aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.  
“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.

“Company” means G&K Services, Inc., a Minnesota corporation.
“Computation Date” is defined in Section 2.04.

7

“Consolidated EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) non-cash charges, (vi) extraordinary, unusual or non-recurring expenses or losses incurred other than in the ordinary course of business, (vii) for the purposes of calculating Consolidated EBITDA to determine compliance with Section 6.12, withdrawal liability incurred during the applicable period with respect to the one-time charge incurred pursuant to the withdrawal by the Company from the multiemployer pension plan set forth on Schedule 6.12, and (viii) non-cash charges associated with pension related vested termination lump sum payments in an amount not to exceed $11,000,000 in the aggregate during the term of this Agreement minus, to the extent included in Consolidated Net Income, (ix) income tax credits and refunds (to the extent not netted from tax expense), (x) any cash payments made during such period in respect of items described in clause (v) above subsequent to the fiscal quarter in which the relevant non-cash charges were incurred, (xi) non-cash gains, and (xii) extraordinary, unusual or non-recurring income or gains realized other than in the ordinary course of business, all calculated for the Company and its Subsidiaries in accordance with GAAP on a consolidated basis.  For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”), (i) if at any time during such Reference Period the Company or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Company or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) involves the payment of consideration by the Company and its Subsidiaries in excess of $40,000,000; and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property that yields gross proceeds to the Company or any of its Subsidiaries in excess of $40,000,000.  
“Consolidated Interest Expense” means, with reference to any period, the interest expense (including without limitation interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Company and its Subsidiaries calculated on a consolidated basis for such period with respect to (a) all outstanding Indebtedness of the Company and its Subsidiaries allocable to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing and net costs under interest rate Swap Agreements to the extent such net costs are allocable to such period in accordance with GAAP) and (b) the interest component of all Attributable Receivable Indebtedness of the Company and its Subsidiaries for such period.

8

“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period.
“Consolidated Net Worth” means, with respect to the Company and its Subsidiaries as of any date of determination, shareholders’ equity of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP.
“Consolidated Total Assets” means, as of the date of any determination thereof, total assets of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.
“Consolidated Total Indebtedness” means at any time the sum, without duplication, of (a) the aggregate Indebtedness of the Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP, (b) the aggregate amount of Indebtedness of the Company and its Subsidiaries relating to the maximum drawing amount of all outstanding letters of credit and bankers acceptances and (c) Indebtedness of the type referred to in clauses (a) or (b) hereof of another Person guaranteed by the Company or any of its Subsidiaries.  For the avoidance of doubt, Consolidated Total Indebtedness includes all Attributable Receivables Indebtedness.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Controlled Affiliate” means each Affiliate over which any Borrower or any of its Subsidiaries exercises management control.
“Co-Syndication Agents” means Bank of America, N.A. and JPMorgan Chase Bank, N.A., in their capacities as co-syndication agents for the credit facility evidenced by this Agreement.
“Credit Event” means a Borrowing, the issuance of a Letter of Credit, an LC Disbursement, or the extension of the expiry date of a Letter of Credit.
“Credit Party” means the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.
“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 any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clauses (i) and (ii) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular Default, if any) has not been satisfied, or in the case of clause (iii) above, 

9

such amount is the subject of a good faith dispute, (b) has notified the Company or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) to the extent clauses (a), (b) or (d) are inapplicable, has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 
“Dollar Amount” of any currency at any date means (i) the amount of such currency if such currency is Dollars or (ii) the equivalent in Dollars of such currency if such currency is a Foreign Currency, calculated on the basis of the Exchange Rate for such currency, on or as of the most recent Computation Date provided for in Section 2.04.
“Dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.
“Domestic Subsidiary Guarantor” means each Material Domestic Subsidiary.  The Domestic Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01 hereto.
“Domestic Subsidiary Guaranty” means that certain Domestic Subsidiary Guaranty Agreement dated as of the Effective Date, substantially in the form of Exhibit G-1, executed by each Domestic Subsidiary Guarantor party thereto, as amended, restated, supplemented or otherwise modified from time to time.
“ECP” means an “Eligible Contract Participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC (collectively, and as now or hereafter in effect, the “ECP Rules”).
“ECP Rules” has the meaning assigned to such term in the definition of “ECP”.
“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, 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 

10

of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company 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) any 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 equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.
“Equivalent Amount” of any currency with respect to any amount of Dollars at any date means the equivalent in such currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency on the date on or as of which such amount is to be determined.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, 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 an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of a failure to make a minimum contribution defined in Section 303(a) of ERISA or 412(a) of the Code that is not waived; (c) 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; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company 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 other than in a “standard termination”; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Company or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition upon the Company or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

11

“EU” means the European Union.
“euro” and/or “EUR” means the single currency of the participating member states of the EU.
“Eurocurrency”, when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.
“Eurocurrency Payment Office” of the Administrative Agent means, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender.
“Event of Default” has the meaning assigned to such term in Article VII.
“Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency.   In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of Dollars with such Foreign Currency, for delivery two (2) Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Company, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation or (b) in the case of a Specified Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Loan Party is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor provision thereto), at the time the Guarantee of such Loan Party becomes or would become effective with respect to such related Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

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“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Company or the Canadian Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction (or any political subdivision thereof) in which the Company or the Canadian Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower with respect to such withholding tax pursuant to Section 2.17(a) and (d) any United States Federal withholding Taxes imposed under FATCA.
“Existing Credit Agreement” means that certain Credit Agreement, dated as of March 7, 2012, by and among the Company, the Canadian Borrower, the financial institutions from time to time parties thereto as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, as the same may have been amended, restated, supplemented or otherwise modified from time to time.
“Existing Letters of Credit” is defined in Section 2.06(a).
“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) and any current or future regulations or official interpretations thereof.
“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, 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 (rounded upwards, if necessary, to the next 1/100 of 1%) 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, if the Federal Funds Effective Rate at any time shall be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company.
“Financials” means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Company and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b). 
“Foreign Currencies” means Agreed Currencies other than Dollars.

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“Foreign Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.
“Foreign Currency Letter of Credit” means a Letter of Credit denominated in a Foreign Currency.
“Foreign Currency Sublimit” means $25,000,000.
“Foreign Lender” means (i) with respect to the Company, any Lender that is organized under the laws of a jurisdiction other than that in which the Company is located, and (ii) with respect to the Canadian Borrower, any Lender that is organized under the laws of a jurisdiction other than that in which the Canadian Borrower is located.  For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction, and Canada and each province and territory thereof shall be deemed to constitute a single jurisdiction.
“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.
“GAAP” means generally accepted accounting principles in the United States of America.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state, provincial 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, any supra-national bodies (including, without limitation, the EU or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).
“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.

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“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.
“Hostile Acquisition” means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation of the owners of such Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any other applicable governing body) of such Person or by similar action if such Person is not a corporation and (b) any such acquisition as to which such approval has been withdrawn.
“Impacted Interest Period” has the meaning assigned to such term in the definition of LIBO Rate.
“Increasing Lender” has the meaning assigned to such term in Section 2.20.
“Incremental Term Loan” has the meaning assigned to such term in Section 2.20.
“Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.20.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business that are not more than 180 days past due), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers acceptances, (k) all Attributable Receivables Indebtedness of such Person and (l) all obligations of such Person under Sale and Leaseback Transactions.  The Indebtedness of any Person shall include the Indebtedness of any other entity (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.  The amount of Indebtedness incurred by any Person in connection with any Guarantee by such Person shall be deemed to be an amount equal to (i) the stated amount of such Guarantee, (ii) the stated amount of the primary obligation in respect of which such Guarantee is made if such Guarantee does not set forth a stated amount, or (iii) such Person's reasonably anticipated liability in respect of such Guarantee as determined by the Company and approved by the Administrative Agent if neither such Guarantee nor such primary 

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obligation sets forth a stated amount.  For the avoidance of doubt, Indebtedness shall not include any withdrawal liability incurred with respect to the one-time charge incurred pursuant to the withdrawal by the Company from the multiemployer pension plan set forth on Schedule 6.12.
“Indemnified Taxes” means Taxes, other than Excluded Taxes and Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrowers under any Loan Document.
“Information Memorandum” means the Confidential Information Memorandum dated March 2015 relating to the Company and the Transactions.
“Interest Coverage Ratio” has the meaning assigned to such term in Section 6.12(b).
“Interest Election Request” means a request by the applicable Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December and the Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency 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 the Maturity Date and (c) with respect to any Swingline Loan, the last day of each March, June, September and December and the Maturity Date.
“Interest Period” means with respect to any Eurocurrency Borrowing: (a) in a LIBOR Quoted Currency, on the numerically corresponding day in the calendar month that is one week or one, two, three or six months thereafter, as the applicable Borrower may elect, and (b) with respect to any Eurocurrency Borrowing in Canadian Dollars, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as such Borrower may elect; provided, that (i) 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, in the case of a Eurocurrency Borrowing for one, two, three or six month period only, 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 (ii) with respect to one, two, three or six month determinations hereunder any Interest Period pertaining to a Eurocurrency Borrowing 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.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) 

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the applicable Screen Rate (for the longest period for which the applicable Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which such Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which the relevant Screen Rate is available, the applicable Screen Rate for purposes of clause (a) above shall be deemed to be the overnight screen rate where "overnight screen rate" means, in relation to any currency, the overnight rate for such currency determined by the Administrative Agent from such service as the Administrative Agent may select.
“Issuing Banks” means Wells Fargo Bank, National Association, Bank of America, N.A. and JPMorgan Chase Bank, N.A., in their capacities as the issuers of Letters of Credit hereunder and each other Lender that agrees to act as an Issuing Bank hereunder and that is approved by the Company and the Administrative Agent (such approval by the Administrative Agent not to be unreasonably conditioned, withheld or delayed), and their respective successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its respective discretion, arrange for one or more Letters of Credit to be issued by any of its respective Affiliates, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
“Issuing Bank Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder in (a) the maximum aggregate amount set forth opposite such Issuing Bank’s name on Schedule 2.01 hereto under the caption “Issuing Bank Commitment” or (b) if such Issuing Bank has entered into one or more assignments pursuant to Section 9.04 or if a Lender has become an Issuing Bank after the date hereof, the amount set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.04 as such Issuing Bank’s “Issuing Bank Commitment”. 
 “Lead Arrangers” means Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, in their capacities as joint lead arrangers and joint bookrunners for the credit facility evidenced by this Agreement.
“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).
 “LC Disbursement” means a payment made by any Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.
“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment 

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and Assumption.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.
“Letter of Credit” means any Existing Letter of Credit or any letter of credit issued pursuant to this Agreement.
“Leverage Ratio” has the meaning assigned to such term in Section 6.12(a).
“Leverage Ratio Increase” has the meaning assigned to such term in Section 6.12(a).
“LIBO Rate” means, with respect to (A) any Eurocurrency Borrowing in any LIBOR Quoted Currency and for any applicable Interest Period, the LIBOR Screen Rate as of the Specified Time on the Quotation Day for such currency and Interest Period; provided that if any LIBOR Screen Rate at any time shall be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement and (B) any Eurocurrency Borrowing in Canadian Dollars and for any applicable Interest Period, the CDOR Screen Rate for Canadian Dollars as of the Specified Time and on the Quotation Day for Canadian Dollars and for such Interest Period; provided that if the CDOR Screen Rate at any time shall be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement; provided, that, if a LIBOR Screen Rate or the CDOR Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such currency and Interest Period shall be the Interpolated Rate; provided, further that, if at any time the Interpolated Rate shall be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement.  It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14.
“LIBOR Market Index Rate” means, for any date, the higher of (a) the rate for one month Dollar deposits as reported on Reuters Screen LIBOR01 Page (or any successor page) as of 11:00 a.m. London time, on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source or interbank quotation) and (b) 0%.
“LIBOR Market Index Rate Loan” means any Swingline Loan bearing interest at a rate determined by reference to the LIBOR Market Index Rate.
“LIBOR Quoted Currency” means Dollars, euro and Pounds Sterling.
“LIBOR Screen Rate” means, with respect to any Interest Period, the London interbank offered rate administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion.

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 “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.
“Loan Documents” means this Agreement, the Subsidiary Guaranties, any promissory notes executed and delivered pursuant to Section 2.10(e) and any and all other instruments and documents executed and delivered in connection with any of the foregoing.  Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means, collectively, the Borrowers and the Subsidiary Guarantors.
“Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement.
“Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars to, or for the account of, the Company, (ii) London, England time in the case of a Loan, Borrowing or LC Disbursement denominated in any Foreign Currency other than Canadian Dollars and (iii) local time at the place of the relevant Loan, Borrowing or LC Disbursement (or such earlier local time as is necessary for the relevant funds to be received and transferred to the Administrative Agent for same day value on the date the relevant reimbursement obligation is due) in the case of a Loan, Borrowing or LC Disbursement which is denominated in Canadian Dollars or which is to, or for the account of, the Canadian Borrower.
“Material Adverse Effect” means a material adverse effect on (a) the properties, business, prospects, operations or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole or (b) the ability of the Company or any of the Subsidiaries to perform its obligations under the Loan Documents.
“Material Canadian Subsidiary” means any direct or indirect Canadian Subsidiary that is a Material Subsidiary.
“Material Contracts” means any contract or other agreement, written or oral, of the Company or any Subsidiary (a) evidencing any Material Indebtedness or (b) the failure to comply with which could reasonably be expected to have a material adverse effect on the properties, business, prospects, operations or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole.
“Material Domestic Subsidiary” means any direct or indirect Domestic Subsidiary that is a Material Subsidiary.

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“Material Indebtedness” means any 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 its Subsidiaries involving monetary liability of or to any such Person in an amount in excess of $25,000,000 per annum.  For purposes of determining Material Indebtedness, the “monetary liability” of the obligations of the Company 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 the Company or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Material Subsidiary” means each Subsidiary, other than a Receivables Entity, (i) which, as of the most recent fiscal quarter of the Company, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01, contributed greater than or equal to ten percent (10%) of the Company’s Consolidated EBITDA for such period or (ii) which contributed greater than or equal to ten percent (10%) of the Company’s Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of the Company’s Consolidated EBITDA or Company’s Consolidated Total Assets attributable to Subsidiaries that are not Subsidiary Guarantors exceeds twenty percent (20%) of the Company’s Consolidated EBITDA for any such period or twenty percent (20%) of the Company’s Consolidated Total Assets as of the end of any such fiscal quarter, the Company (or, in the event the Company has failed to do so within ten days, the Administrative Agent) shall designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries. 
“Maturity Date” means April 15, 2020.
“Maximum Rate” has the meaning assigned to such term in Section 9.17.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“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, indemnities and other obligations and indebtedness (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Company and its Subsidiaries to any of the Lenders, the Administrative Agent, any of the Issuing Banks or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Credit Agreement or any of the other Loan Documents or to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof; provided that the definition of “Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, 

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as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.
“OFAC” means Office of Foreign Assets Control of the United States Department of the Treasury.
“Original Currency” has the meaning assigned to such term in Section 2.18(a).
“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, any penalties and interest arising therefrom or with respect thereto) arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, but shall not include Excluded Taxes.
“Overnight Foreign Currency Rate” means, for any amount payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency.
“Parent” means, with respect to any Lender, the Person as to which such Lender is, directly or indirectly, a subsidiary.
“Participant” has the meaning set forth in Section 9.04.
“Participant Register” has the meaning set forth in Section 9.04.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permitted Acquisition” means any acquisition (whether by purchase, merger, consolidation or otherwise but excluding in any event a Hostile Acquisition) or series of related acquisitions by the Company or any Subsidiary of (i) all or substantially all the assets of or (ii) all or substantially all the Equity Interests in, a Person or division or line of business of a Person, if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing or would arise after giving effect thereto, (b) such Person or division or line of business is engaged in the same or a similar line of business as the Company and the Subsidiaries or business reasonably related thereto, (c) all actions required to be taken with respect to such acquired or newly formed Subsidiary under Section 5.09 shall have been taken, (d) the Company and the Subsidiaries are in pro forma compliance, both immediately before and after giving effect to such acquisition (but without giving effect to any synergies or cost savings), with the covenants contained in Section 6.12 recomputed as of the last day of the most recently ended fiscal quarter of the Company for which 

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financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if (A) the Leverage Ratio as determined above is greater than 3.00 to 1.00 either before or after giving pro forma effect to such acquisition and if the aggregate consideration paid in respect of such acquisition exceeds $75,000,000 or (B) in any case, if the aggregate consideration paid in respect of such acquisition exceeds $150,000,000, then the Company shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Company to such effect, together with all relevant financial information, statements and projections reasonably requested by the Administrative Agent, and (e) in the case of an acquisition or merger involving the Company or a Subsidiary, the Company or such Subsidiary is the surviving entity of such merger and/or consolidation; provided, that a Subsidiary may merge into another Person and such Person may be the survivor thereof if such Person becomes a Subsidiary immediately after giving effect to such merger and, if required hereunder, a Subsidiary Guarantor.
“Permitted Encumbrances” means:
(a)  Liens imposed by law for taxes, utilities, assessments or other governmental charges or levies, in each case, that are not yet due or are being contested 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 thirty (30) days or are being contested in compliance with Section 5.04;
(c)  pledges and deposits and statutory deemed trusts and Liens arising in the ordinary course of business in compliance with workers’ compensation, government pension plans, unemployment insurance and other social security laws or regulations or laws dealing with employment matters;
(d)  deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;
(e)  judgment liens in respect of judgments that do not constitute an Event of Default under clause (n) of Article VII;
(f)  easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Company or any Subsidiary;
(g)  any interest or title of a lessor, sublessor, or licensor under any operating lease or license agreement entered into in the ordinary course of business and not interfering in any material 

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respect with the rights, benefits or privileges of such lease or licensing agreement, as the case may be;
(h)  Liens in favor of payor financial institutions having a right of setoff, revocation, refund or chargeback with respect to funds or instruments of the Company or any Subsidiary on deposit with or in possession of such financial institution;
(i)  the filing of any UCC financing statement or the Personal Property Security Act equivalent solely as a precautionary measure or required in the case of a Canadian Province in connection with any lease transaction otherwise permitted hereunder in which the Company or any Subsidiary is the lessee; and
(j)  Liens on cash deposited into escrow accounts to secure indemnification obligations with respect to any asset sales permitted by clause (iii) of Section 6.03(a);
provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.
“Permitted Investments” means:
(a)  direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), 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, the highest credit rating obtainable from S&P or from Moody’s;
(c)  investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days 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 of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d)  fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and
(e)  money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.
“Permitted Receivables Facility” means the receivables facility or facilities created under the Permitted Receivables Facility Documents, providing for the sale or pledge by the Company and/or one or more other Receivables Sellers of Permitted Receivables Facility Assets (thereby providing financing to the Company and the Receivables Sellers) to the Receivables Entity (either 

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directly or through another Receivables Seller), which in turn shall sell or pledge interests in the respective Permitted Receivables Facility Assets to third-party investors pursuant to the Permitted Receivables Facility Documents (with the Receivables Entity permit-ted to issue investor certificates, purchased interest certificates or other similar documenta-tion evidencing interests in the Permitted Receivables Facility Assets) in return for the cash used by the Receivables Entity to purchase the Permitted Receivables Facility Assets from the Company and/or the respective Receivables Sellers, in each case as more fully set forth in the Permitted Receivables Facility Documents.
“Permitted Receivables Facility Assets” means (i) Receivables (whether now existing or arising in the future) of the Company and its Subsidiaries which are transferred or pledged to the Receivables Entity pursuant to the Permitted Receivables Facility and any related Permitted Receivables Related Assets which are also so transferred or pledged to the Receivables Entity and all proceeds thereof and (ii) loans to the Company and its Subsidiaries secured by Receivables (whether now existing or arising in the future) and any Permitted Receivables Related Assets of the Company and its Subsidiaries which are made pursuant to the Permitted Receivables Facility.
“Permitted Receivables Facility Documents” means each of the documents and agreements entered into in connection with the Permitted Receivables Facility, including all documents and agreements relating to the issuance, funding and/or purchase of certificates and purchased interests, all of which documents and agreements shall be in form and substance reasonably satisfactory to the Administrative Agent, in each case as such documents and agreements may be amended, modified, supplemented, refinanced or replaced from time to time so long as (i) any such amendments, modifications, supplements, refinancings or replace-ments do not impose any conditions or requirements on the Company or any of its Subsidiaries that are more restrictive in any material respect than those in existence immediately prior to any such amendment, modification, supplement, refinancing or replacement, (ii) any such amendments, modifica-tions, supplements, refinancings or replacements are not adverse in any way to the interests of the Lenders and (iii) any such amendments, modifications, supplements, refinancings or replacements are otherwise in form and substance reasonably satisfactory to the Administrative Agent.  As of the Effective Date, for purposes of this definition, that certain Amended and Restated Loan Agreement, dated as of September 29, 2010, as amended by the first amendment thereto, dated September 28, 2011, as amended by the second amendment thereto, dated May 22, 2012, and as amended by the third amendment thereto, dated September 27, 2013, by and among G&K Receivables Corp., the Company, Three Pillars Funding LLC and SunTrust Robinson Humphrey, Inc., and all other documents and agreements entered into in connection therewith and in effect on the Effective Date relating to the Company’s receivables facility, are, in each case, in form and substance satisfactory to the Administrative Agent.
“Permitted Receivables Related Assets” means any other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables and any collections or proceeds of any of the foregoing.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

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“Personal Property Security Act” means as it pertains to any Province in Canada, the applicable personal property security legislation relevant among other things for the perfection, priority ranking and enforcement of security interests in personal property and without limitation means in Ontario, the Personal Property Security Act (Revised Statutes of Ontario) as amended from time to time.
“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 the Company 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.
“Pounds Sterling” means the lawful currency of the United Kingdom.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by Wells Fargo Bank, National Association as its prime rate in effect at its principal office in Charlotte, N.C.; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.
“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee becomes effective with respect to such Swap Obligation or such other Person as constitutes an ECP and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Quotation Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Pounds Sterling or Canadian Dollars, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, (iii) for any other currency, two Business Days prior to the commencement of such Interest Period the Business Day (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which case the Quotation Day will be  determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).
“Receivables” means all accounts receivable (including, without limitation, all rights to payment created by or arising from sales of goods, leases of goods or the rendition of services rendered no matter how evidenced whether or not earned by performance).
“Receivables Entity” means a wholly-owned Subsidiary of the Company which engages in no activities other than in connection with the financing of accounts receivable of the Receivables Sellers and which is designated (as provided below) as the “Receivables Entity” (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Subsidiary 

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of the Company in any way (other than pursuant to Standard Securitization Undertakings) or (iii) subjects any property or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither the Company nor any of its Subsidiaries has any contract, agreement, arrangement or understanding (other than pursu-ant to the Permitted Receivables Facility Documents (including with respect to fees payable in the ordinary course of business in connection with the servicing of accounts receivable and related assets)) on terms less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, and (c) to which neither the Company nor any other Subsidiary of the Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operat-ing results.  Any such designation shall be evidenced to the Administrative Agent by filing with the Administrative Agent an officer’s certificate of the Company certifying that, to the best of such officer’s knowledge and belief after consultation with counsel, such designation complied with the foregoing conditions.
“Receivables Sellers” means the Company and those Subsidiary Guarantors that are from time to time party to the Permitted Receivables Facility Documents.
“Reference Bank Rate” means the arithmetic mean of the rates supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the Specified Time on the Quotation Day for Loans in the applicable currency and the applicable Interest Period:
(a)    in relation to Loans in Canadian Dollars, as the rate at which the relevant Reference Bank is willing to extend credit by the purchase of bankers acceptances which have been accepted by banks which are for the time being customarily regarded as being of appropriate credit standing for such purpose with a term to maturity equal to the relevant period;
(b)    in relation to Loans in any currency other than Canadian Dollars, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period.
“Reference Banks” means Wells Fargo Bank, National Association and such other banks as may be appointed by the Administrative Agent in consultation with the Company.
“Register” has the meaning set forth in Section 9.04.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents, trustees, administrators, managers, representatives and advisors of such Person and such Person’s Affiliates.
“Required Lenders” means, at any time, Lenders (other than Defaulting Lenders) having Revolving Credit Exposures and unused Commitments representing not less than 51% of the sum of the total Revolving Credit Exposures and unused Commitments at such time.
“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, 

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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 or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Company or any Subsidiary.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.
“Revolving Loan” means a Loan made pursuant to Section 2.01.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business and any successor thereto.
“Sale and Leaseback Transaction” means any sale or other transfer of any property or asset by any Person with the intent to lease such property or asset as lessee.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the OFAC, the U.S. Department of State, or by the United Nations Security Council, the EU or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the EU, any EU member state, the Canadian government or Her Majesty’s Treasury of the United Kingdom.
“Screen Rate” means the LIBOR Screen Rate and the CDOR Screen Rate collectively and individually as the context may require.
“Senior Note Agreements” means (a) the 2005 Note Purchase Agreement, (b) the  2013 Note Purchase Agreement and (c) any other note purchase agreement to be entered into by and among the Company and the purchasers named therein, as the same may be amended, modified, supplemented, extended or restated from time to time.
“Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

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“Specified Time” means (i) in relation to a Loan in Canadian Dollars, as of 11:00 a.m., Toronto, Ontario time and (ii) in relation to a Loan in a LIBOR Quoted Currency, as of 11:00 a.m., London time.
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary thereof in connection with the Permitted Receivables Facility which are reasonably customary in an accounts receiv-able financing transaction.
“Statutory Reserve Rate” means, with respect to any currency, 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, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal.  Such reserve, liquid asset, fees or similar requirements shall, in the case of Dollar denominated Loans, include those imposed pursuant to Regulation D of the Board.  Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.
“Subordinated Indebtedness” means any Indebtedness of the Company or any Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents.
“Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.
“subsidiary” means, as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by or the management is otherwise controlled by such Person (irrespective of whether, at the time, capital stock or other ownership interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency).
“Subsidiary” means any subsidiary of the Company.
“Subsidiary Guaranties” means, collectively, the Domestic Subsidiary Guaranty and the Canadian Subsidiary Guaranty.

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“Subsidiary Guarantor” means a Domestic Subsidiary Guarantor or a Canadian Subsidiary Guarantor, as applicable.
“Swap Agreement” means any agreement 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 current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a Swap Agreement.
“Swap Obligations” means any and all obligations of the Company or any Subsidiary, 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 permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction.
“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total  Swingline Exposure at such time.
“Swingline Lender” means Wells Fargo Bank, National Association, in its capacity as lender of Swingline Loans hereunder.
“Swingline Loan” means a Loan made pursuant to Section 2.05.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro.
  “TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in euro.
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, fees, assessments, charges or withholdings (including, without limitation, any penalties and interest arising therefrom or with respect thereto) imposed by any Governmental Authority.
“Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof 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 Alternate Base Rate.

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“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.
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 “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency 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 from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (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 and (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.
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, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company 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 such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision  amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of 

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Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof..
ARTICLE II
The Credits
SECTION 2.01. Commitments.  Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the Company in Agreed Currencies and to the Canadian Borrower in Canadian Dollars, in each case, from time to time during the Availability Period in an aggregate principal amount that will not result in (in each case, subject to Sections 2.04 and 2.11(b)) (a) the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (b) the sum of the Dollar Amount of the total Revolving Credit Exposures exceeding the Aggregate Commitment, (c) the Dollar Amount of the sum of the total outstanding Revolving Loans made to the Company plus the LC Exposure with respect to the Company, in each case, denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit, or (d) the Dollar Amount of the sum of the total outstanding Revolving Loans made to the Canadian Borrower plus the LC Exposure with respect to the Canadian Borrower, exceeding the Canadian Dollar Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.
SECTION 2.02. Loans and Borrowings.  (a)  Each Revolving Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.  Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.
(b)Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Company, on behalf of itself or the Canadian Borrower, may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars or Canadian Dollars.  Each Swingline Loan shall be an ABR Loan or a LIBOR Market Index Rate Loan, as the Company may request in accordance herewith.  Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement.
(c)At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000 (or the Approximate Equivalent Amount of each such amount if such 

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Borrowing is denominated in a Foreign Currency).  At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $100,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $100,000.  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 eight (8) Eurocurrency Revolving Borrowings outstanding.
(d)Notwithstanding any other provision of this Agreement, no Borrower shall 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 Revolving Borrowings.  To request a Revolving Borrowing, the Company, on behalf of itself or the Canadian Borrower, shall notify the Administrative Agent of such request (a) by telephone in the case of a Eurocurrency Borrowing, not later than 12:00 noon, Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars or Canadian Dollars) or by irrevocable written notice (via a written Borrowing Request in a form approved by the Administrative Agent and signed by the Company, on behalf of itself or the Canadian Borrower)  not later than four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency (other than Canadian Dollars)), in each case, before the date of the proposed Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than 3:00 p.m., New York City time, one (1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Company, on behalf of itself or the Canadian Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:
(i)  the aggregate amount of the requested Borrowing;
(ii)  the date of such Borrowing, which shall be a Business Day;
(iii)  whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
(iv)  in the case of a Eurocurrency Borrowing, the Agreed Currency (if such Borrowing is for the Company) and initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(v)  the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

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If no election as to the Type of Revolving Borrowing is specified, then, in the case of a Borrowing denominated in Dollars or Canadian Dollars, the requested Revolving Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the relevant Borrower 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. Determination of Dollar Amounts.  The Administrative Agent will determine the Dollar Amount of:
(a)each Eurocurrency Borrowing as of the date two (2) Business Days prior to the date of such Borrowing or, if applicable, the date of conversion/continuation of any Borrowing as a Eurocurrency Borrowing,
(b)the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of Credit, and
(c)all outstanding Credit Events on and as of the last Business Day of each calendar quarter and, during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.
Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.
SECTION 2.05. Swingline Loans.  (a)  Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in Dollars to the Company 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 $50,000,000 or (ii) the Dollar Amount of the total Revolving Credit Exposures exceeding the Aggregate Commitment; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Swingline Loans.
(b)To request a Swingline Loan, the Company shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 1:00 p.m., New York City time, 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), whether such Swingline Loan shall be an ABR Loan or LIBOR Market Index Rate Loan, and the amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company.  The Swingline Lender shall make each Swingline Loan available to the Company by means of a credit to the general deposit account of the Company with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06

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(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.
(c)The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, 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 Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.  The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Company (or other party on behalf of the Company) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Company for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Company of any default in the payment thereof.

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SECTION 2.06. Letters of Credit.  (a) General.  Subject to the terms and conditions set forth herein, the Company, on behalf of itself or the Canadian Borrower, may request the issuance of Letters of Credit (x) denominated in Agreed Currencies, with respect to Letters of Credit issued for the account of the Company, or (y) denominated in Canadian Dollars, with respect to Letters of Credit issued for the account of the Canadian Borrower, in each case, in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, 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 form of letter of credit application or other agreement submitted by the Company to, or entered into by either Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  The letters of credit identified on Schedule 2.06 (the “Existing Letters of Credit”) shall be deemed to be “Letters of Credit” issued on the Effective Date for all purposes of the Loan Documents.
(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 Company shall, on behalf of itself or the Canadian Borrower, hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) to the Issuing Banks and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), 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 Agreed Currency applicable thereto (if such Letter of Credit is for the account of the Company), 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.  If requested by any Issuing Bank, the Company, on behalf of itself or the Canadian 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.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit, the Borrower for whose account such Letter of Credit is being or was issued shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the LC Exposure shall not exceed $45,000,000, (ii) subject to Sections 2.04 and 2.11(b), the sum of the Dollar Amount of the total Revolving Credit Exposures shall not exceed the Aggregate Commitment, (iii) subject to Sections 2.04 and 2.11(b), with respect to any Letter of Credit issued or being issued for the account of the Company, the Dollar Amount of the sum of the total outstanding Revolving Loans made to the Company plus the LC Exposure with respect to the Company, in each case denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit, (iv) subject to Sections 2.04 and 2.11(b), with respect to any Letter of Credit issued or being issued for the account of the Canadian Borrower, the Dollar Amount of the sum of the total outstanding Revolving Loans made to the Canadian Borrower plus the LC Exposure with respect to the Canadian Borrower shall not exceed the Canadian Dollar Sublimit and (v) subject to Sections 2.04 and 2.11(b), the 

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Dollar Amount of the LC Exposure of any Issuing Bank shall not exceed such Issuing Bank’s Issuing Bank Commitment.
(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 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 (5) Business Days prior to the Maturity Date.  Any Letter of Credit with a one-year tenor may provide for the automatic renewal thereof for additional one-year periods so long as the final expiry date of such Letter of Credit occurs on or prior to the date that is five (5) Business Days prior to the Maturity Date; provided, however, that notwithstanding the foregoing, a Letter of Credit may expire up to one year beyond the Maturity Date if cash collateralized, at least thirty (30) days prior to the Maturity Date, on terms acceptable to the Administrative Agent and the applicable Issuing Bank, each in its sole discretion, in an amount equal to at least 105% of the face amount of the applicable Letter of Credit.
(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 Lenders, each Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from each Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate Dollar Amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each 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 applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason.  Each 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 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 Borrower for whose account such Letter of Credit was issued shall reimburse such LC Disbursement in the Agreed Currency in which such LC Disbursement is denominated.  The applicable Borrower shall make such payment to the Administrative Agent in such Agreed Currency not later than 1:00 p.m., Local Time, on the date that such LC Disbursement is made, if the Company, on behalf of itself or the Canadian Borrower, shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Company, on behalf of itself or the Canadian Borrower, prior to such time on such date, then not later than 1:00 p.m., Local Time, on (i) the Business Day that the Company, on behalf of itself or the Canadian Borrower, receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the Business Day immediately following the day that the Company, on behalf of itself or the Canadian Borrower, receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is in Dollars or Canadian Dollars and not less than the Dollar Amount of $1,000,000, the Company may, 

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on behalf of itself or the Canadian Borrower, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that (x) such payment be financed with an ABR Revolving Borrowing in the Agreed Currency and in the amount in which such LC Disbursement was denominated or, (y) if such LC Disbursement is denominated in Dollars and relates to a Letter of Credit issued for the account of the Company, a Swingline Loan in Dollars in an amount equal to such LC Disbursement.  To the extent an LC Disbursement is financed pursuant to the foregoing clause (x) or (y), the applicable Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or, if applicable, Swingline Loan.  If the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from such Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from such Borrower, 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 Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders.  Notwithstanding the foregoing or anything to the contrary set forth herein, no such ABR Revolving Borrowing shall be available in respect of Letters of Credit issued in a Foreign Currency other than Canadian Dollars, and no Swingline Loan shall be available in respect of Letters of Credit issued in a Foreign Currency.  Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse any Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.  If the applicable Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, any Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the applicable Borrower shall pay the amount of any such tax requested by the Administrative Agent, such Issuing Bank or the relevant Lender.
(f)Obligations Absolute.  The Borrowers obligations 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 any 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 Lenders nor the Issuing Banks, nor any of their 

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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 Issuing Banks; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the applicable Borrower 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 applicable law) suffered by the applicable Borrower that are caused by such Issuing Bank’s failure to exercise care 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 any Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised 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 Issuing Bank that issued such Letter of Credit may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, 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.  Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit that it issued.  Any Issuing Bank receiving such documents shall promptly notify the Administrative Agent and the Company, on behalf of itself or the Canadian Borrower, by telephone (confirmed by telecopy) 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 applicable Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement.
(h)Interim Interest.  If any Issuing Bank shall make any LC Disbursement, then, unless the applicable Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency (other than Canadian Dollars), at the Overnight Foreign Currency Rate for such Agreed Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving Loans); provided that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) 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 Lender pursuant to paragraph (e) of this Section to reimburse an Issuing Bank shall be for the account of such Lender to the extent of such payment.

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(i)Replacement of any Issuing Bank.  Any of the Issuing Banks may be replaced at any time by written agreement among the Borrowers, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of any Issuing Bank.  At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced 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, any other existing Issuing Bank, or to any previous Issuing Bank, or to such successor, any other existing Issuing Bank, 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 then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(j)Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Company, on behalf of itself or the Canadian Borrower, receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that the applicable Borrower is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) 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 either Borrower described in clause (h) or (i) of Article VII.  For the purposes of this paragraph, the Foreign Currency LC Exposure shall be calculated using the applicable exchange rates of the Administrative Agent on the date notice demanding cash collateralization is delivered to the Company, on behalf of itself or the Canadian Borrower.  The Borrowers also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure  representing 

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greater than 50% of the total LC Exposure), be applied to satisfy other Obligations.  If any Borrower is 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 applicable Borrower within three (3) Business Days after all Events of Default have been cured or waived.
(k)Conversion.  In the event that the Loans become immediately due and payable on any date pursuant to Article VII, all amounts (i) that any Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any Foreign Currency Letter of Credit (other than amounts in respect of which such Borrower has deposited cash collateral pursuant to paragraph (j) above, if such cash collateral was deposited in the applicable Foreign Currency to the extent so deposited or applied), (ii) that the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the Issuing Banks pursuant to paragraph (e) of this Section in respect of unreimbursed LC Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Lender’s participation in any Foreign Currency Letter of Credit under which an LC Disbursement has been made shall, automatically and with no further action required, be converted into the Dollar Amount, calculated using the Administrative Agent’s currency exchange rates on such date (or in the case of any LC Disbursement made after such date, on the date such LC Disbursement is made), of such amounts.  On and after such conversion, all amounts accruing and owed to the Administrative Agent, any Issuing Bank or any Lender in respect of the obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.
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 (i) in the case of Loans denominated in Dollars to the Company, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting the amounts so received, in like funds, to (x) an account of the Company maintained with the Administrative Agent in Minneapolis, Minnesota and designated by the Company in the applicable Borrowing Request, in the case of Loans denominated in Dollars to the Company and (y) an account of such Borrower in the relevant jurisdiction and designated by the Company, on behalf of itself or the Canadian Borrower, in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency or to the Canadian Borrower; provided that ABR 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 that made such LC Disbursement.
(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 relevant Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable 

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Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower 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 such 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 determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of such Borrower, the interest rate applicable to ABR 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 Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Company, on behalf of itself or the Canadian Borrower, may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Revolving Borrowing, may, on behalf of itself or the Canadian Borrower, elect Interest Periods therefor, all as provided in this Section.  The Company, on behalf of itself or the Canadian Borrower, 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 Company, on behalf of itself or the Canadian Borrower, shall notify the Administrative Agent of such election (by telephone in the case of a Borrowing denominated in Dollars or Canadian Dollars) or by irrevocable written notice (via an Interest Election Request in a form approved by the Administrative Agent and signed by the Company) in the case of a Borrowing denominated in a Foreign Currency (other than Canadian Dollars) by the time that a Borrowing Request would be required under Section 2.03 if the Company, on behalf of itself or the Canadian Borrower, were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Company.  Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Company, on behalf of itself or the Canadian Borrower, to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made.
(c)Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:
(i)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 

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allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (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 an ABR Borrowing or a Eurocurrency Borrowing; and
(iv)if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency (if such Borrowing is made to the Company) to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the applicable Borrower 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 Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)If the Company, on behalf of itself or the Canadian Borrower, fails to deliver a timely Interest Election Request with respect to a Eurocurrency Revolving 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 (i) in the case of a Borrowing denominated in Dollars or Canadian Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency (other than Canadian Dollars) in respect of which the Company shall have failed to deliver an Interest Election Request prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11.  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 Company, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurocurrency Borrowing, and (ii) unless repaid, each Eurocurrency Revolving Borrowing shall be converted to an ABR Borrowing (and any such Eurocurrency Revolving Borrowing to the Company in a Foreign Currency shall be redenominated in Dollars at the time of such conversion) at the end of the Interest Period applicable thereto.
SECTION 2.09. Termination and Reduction of Commitments.  (a)  Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(b)The Company may at any time terminate, or 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 $1,000,000 and not less than $1,000,000 and (ii) the Company shall not terminate 

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or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the sum of the Revolving Credit Exposures would exceed the Aggregate Commitment.
(c)The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) 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 Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Company (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. Repayment of Loans; Evidence of Debt.  (a) Each Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan made to such Borrower on the Maturity Date in the currency of such Loan and (ii) in the case of the Company, to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Company shall repay all Swingline Loans then outstanding.
(b)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower 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.
(c)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed Currency 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 each Borrower 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.
(d)The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence 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 any Borrower to repay the Loans in accordance with the terms of this Agreement.
(e)Any Lender may request that Loans made by it to any Borrower be evidenced by a promissory note.  In such event, the relevant Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, 

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to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if any such promissory note is a registered note, to such payee and its registered assigns).
SECTION 2.11. Prepayment of Loans.
(a)Any Borrower 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 the provisions of this Section 2.11(a).  The Company, on behalf of itself or the Canadian Borrower, shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing, not later than 12:00 noon, Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars or Canadian Dollars) or four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency (other than Canadian Dollars)), in each case before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 1:00 p.m., New York City time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., New York City 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 Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing 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.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.
(b)If, on any Computation Date, (i) the sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures exceeds the Aggregate Commitment, (ii) the sum of the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures with respect to the Company that are denominated in Foreign Currencies exceeds the Foreign Currency Sublimit, or (iii) the sum of the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures with respect to the Canadian Borrower exceeds the Canadian Dollar Sublimit, then, in each case, the Borrowers shall immediately repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j) in an aggregate principal amount sufficient to eliminate any such excess; provided that if any such excess is solely a result of fluctuations in currency exchange rates, no repayment or cash collateralization shall be required to the extent the amount of such excess is not more than 5% of (1) the Aggregate Commitment (if such excess is pursuant to clause (i) of this paragraph), (2) the Foreign Currency Sublimit (if such excess is pursuant to clause (ii) of this paragraph), or (3) the Canadian Dollar Sublimit (if such excess is pursuant to clause (iii) of this paragraph).

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SECTION 2.12. Fees.  (a)  The Company agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily amount of the Available Revolving Commitment during the period from and including the Effective Date to but excluding the date on which all the Commitments hereunder terminate.  Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof.  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 (including the first day but excluding the last day).
(b)The Company agrees to pay, in the Agreed Currency in which each such Letter of Credit is denominated (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in such Letter of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans denominated in such Agreed Currency on the average daily amount of such Lender’s LC Exposure under such Letter of Credit (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 Commitment terminates and the date on which such Lender ceases to have any LC Exposure thereunder, and (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third (3rd) Business Day following such last day, 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 Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
(c)The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Company and the Administrative Agent.
(d)All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative Agent (or to any 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.

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SECTION 2.13. Interest.  (a)  The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.  Swingline Loans shall, at the election of the Company, bear interest at (i) the Alternate Base Rate plus the Applicable Rate or (ii) the LIBOR Market Index Rate.
(b)The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
(d)Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), 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 Eurocurrency Revolving 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.
(e)All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) (A) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate or Canadian Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), (B) interest computed by reference to the Adjusted LIBO Rate at times when the Adjusted LIBO Rate is based on the CDOR Rate shall be computed on the basis of a year of 365 days, and (ii) interest in respect of Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and in each case of the foregoing clauses (i) and (ii) shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate, Adjusted LIBO Rate, LIBO Rate or CDOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
SECTION 2.14. Interest Rate Market Disruption and Alternate Rate of Interest.  (a)   If at the time that the Administrative Agent shall seek to determine the relevant Screen Rate on the Quotation Day for any Interest Period for a Eurocurrency Borrowing the applicable Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason and the Administrative Agent shall determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the applicable Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency Borrowing; provided that if the Reference Bank Rate at any time shall 

46

be less than zero percent, such rate shall be deemed to be zero percent for purposes of this Agreement; provided, further, however, that if less than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Borrowing at the Alternate Base Rate and (ii) if such Borrowing shall be requested in any non-Dollar currency, the LIBO Rate shall be equal to the rate determined by the Administrative Agent in its sole discretion after consultation with the Company and consented to in writing by the Required Lenders (the “Alternative Rate”); provided, however, that until such time as the aforesaid rate shall be determined and so consented to by the Required Lenders, Borrowings shall not be available in such non-Dollar currency.
(b)If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: 
(i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable Interest Period; or
(ii)  the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such currency or Interest Period;
then the Administrative Agent shall give notice thereof to the applicable Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Eurocurrency Borrowing to, or continuation of any Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as the case may be, shall be ineffective, (B)  if such Borrowing is requested in Dollars, such Borrowing shall be made as an ABR Borrowing and (C) if such Borrowing is requested  in any non-Dollar currency, then the LIBO Rate for such Eurocurrency Borrowing shall be at the Alternative Rate; provided, further that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.
SECTION 2.15. 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 any Issuing Bank; 

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(ii)impose on any Lender or any Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)subject the Administrative Agent, any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender of making or maintaining any Loan or of maintaining its obligation to make any such Loan (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the cost to the Administrative Agent or such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to reduce the amount of any sum received or receivable by the Administrative Agent or such Lender or such Issuing Bank hereunder, whether of principal, interest or otherwise (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency), then the applicable Borrower will pay to the Administrative Agent or such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate the Administrative Agent or such Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered; provided, however, that no Borrower shall be required to compensate the Administrative Agent, any Lender or Issuing Bank for any such additional cost unless (i) a majority of the Lenders (based on number of Lenders (excluding Defaulting Lenders) and not Commitments) have requested compensation from such Borrower in respect of such cost and (ii) the Lenders constituting such majority are respectively assessing similarly situated corporate or commercial borrowers in respect of such cost under credit facilities similar to the facilities evidenced by this Agreement.
(b)If any Lender or any 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 such Issuing Bank’s capital or on the capital of such Lender’s or such 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 the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered; provided, however, that no Borrower shall be required to compensate any Lender or Issuing Bank for any such additional amount unless (i) a majority of the Lenders (based on number of Lenders (excluding Defaulting Lenders) and not Commitments) have requested compensation from such Borrower in respect of such amount and (ii) the Lenders constituting such majority are respectively assessing similarly situated corporate 

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or commercial borrowers in respect of such amount under credit facilities similar to the facilities evidenced by this Agreement. 
(c)A certificate of a Lender or an Issuing Bank (i) setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.15 and (ii) confirming that it is assessing similarly situated corporate or commercial borrowers in respect of such amount or amounts under credit facilities similar to the facilities evidenced by this Agreement shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay, or cause the Canadian Borrower to pay, such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after the first date on which the Company shall have received the above-described certificates from a majority of the Lenders (based on number of Lenders (excluding Defaulting Lenders) and not Commitments).
(d)Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or an 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 such Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; 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 2.16. Break Funding Payments.  In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency market.  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 applicable Borrower and shall be conclusive absent manifest error.  The applicable 

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Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 2.17. Taxes.  (a)  Any and all payments by or on account of any obligation of each Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) 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) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
(b)In addition, each Borrower shall pay any Other Taxes related to such Borrower and imposed on or incurred by the Administrative Agent, a Lender or an Issuing Bank to the relevant Governmental Authority in accordance with applicable law.
(c)The relevant Borrower shall indemnify the Administrative Agent, each Lender and each Issuing Bank, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or such Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of such Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other 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 the Company by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error.
(d)As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(e)Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to such Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by such Borrower as will permit such payments to be made without withholding or at a reduced rate.
(f)If the Administrative Agent or a Lender receives a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund, 

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within thirty (30) days of the date of receipt thereof, to such Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to any Borrower or any other Person.
(g)If a payment made to a Lender under any Loan Document would be subject to United States 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 Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company 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 Company or the Administrative Agent as may be necessary for the Company 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 paragraph (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(h)Each Lender shall severally indemnify the Administrative Agent, within ten (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(c) relating to the maintenance of a Participant Register 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 (h).

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SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  
(a)Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars by the Company, 2:00 p.m., New York City time and (ii) in the case of payments denominated in a Foreign Currency or by the Canadian Borrower, 2:00 p.m., Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency, in each case 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 (i) in the same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 1525 West WT Harris Blvd 1B1, Charlotte, N.C. 28262 or, in the case of a Credit Event denominated in a Foreign Currency or to the Canadian Borrower, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to any Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments denominated in the same currency received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  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.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists or any Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by such Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all risks of the imposition of any such currency control or exchange regulations.
(b)If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.
(c)At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made 

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following a request by the Company, on behalf of itself or the Canadian Borrower, pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of such Borrower maintained with the Administrative Agent.  
(d)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 Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans 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 Revolving Loans and participations in LC Disbursements and Swingline Loans 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 Revolving Loans and participations in LC Disbursements and Swingline Loans; 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 any Borrower 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 and Swingline Loans to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against 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.
(e)Unless the Administrative Agent shall have received notice from the Company, on behalf of itself or the Canadian Borrower, prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any Issuing Bank hereunder that the applicable Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due.  In such event, if such Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank, 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 distributed to 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 (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).
(f)If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the 

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Administrative Agent, the Swingline Lender or the applicable Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
SECTION 2.19. Mitigation Obligations; Replacement of Lenders.  (a)  If any Lender requests compensation under Section 2.15, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, 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 2.15 or 2.17, 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 Company hereby agrees 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 2.15, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Company may, at its 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 the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and 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 Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  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 Company to require such  assignment and delegation cease to apply.
SECTION 2.20. Expansion Option.  The Company may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $200,000,000; provided that the aggregate amount of the Commitments and such Incremental Term Loans after giving effect to such increase shall not exceed $550,000,000.  The Company may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each 

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such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments, as the case may be; provided that (i) each Augmenting Lender shall be subject to the approval of the Company and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto.  No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20.  No Lender shall be required to increase its Commitments or participate in such Incremental Term Loans pursuant to this Section 2.20 and may refuse to increase its Commitment or participate in such Incremental Term Loans in its absolute and sole discretion.  Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company and (B) the Company shall be in pro forma compliance with the covenants set forth in Section 6.12 immediately before and after giving effect to such increase in the Commitments or tranche of Incremental Term Loans and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the corporate power and authority of the Borrowers to borrow hereunder after giving effect to such increase.  On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) except in the case of any Incremental Term Loans, the Borrowers shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Company, on behalf of itself or the Canadian Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.  The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date 

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may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans.  Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.  
SECTION 2.21. Market Disruption.  Notwithstanding the satisfaction of all conditions referred to in Article II and Article IV with respect to any Credit Event to be effected in any Foreign Currency, if (i) there shall occur on or prior to the date of such Credit Event any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which would in the reasonable opinion of the Administrative Agent, any Issuing Bank (if such Credit Event is a Letter of Credit) or the Required Lenders make it impracticable for the Eurocurrency Borrowings or Letters of Credit comprising such Credit Event to be denominated in the Agreed Currency specified by the Company, on behalf of itself or the Canadian Borrower, or (ii) an Equivalent Amount of such currency is not readily calculable, then the Administrative Agent shall forthwith give notice thereof to the Company, on behalf of itself or the Canadian Borrower, the Lenders and, if such Credit Event is a Letter of Credit, the Issuing Banks, and such Credit Events shall not be denominated in such Agreed Currency but shall, except as otherwise set forth in Section 2.07, be made on the date of such Credit Event in Dollars, (a) if such Credit Event is a Borrowing to be made to the Company, in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related request for a Credit Event or Interest Election Request, as the case may be, as ABR Loans, unless the Company notifies the Administrative Agent at least one (1) Business Day before such date that (i) it elects not to borrow on such date or (ii) it elects to borrow on such date in a different Agreed Currency, as the case may be, in which the denomination of such Loans would in the reasonable opinion of the Administrative Agent and the Required Lenders be practicable and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related request for a Credit Event or Interest Election Request, as the case may be or (b) if such Credit Event is a Letter of Credit to be issued for the account of the Company, in a face amount equal to the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, unless the Company notifies the Administrative Agent at least one (1) Business Day before such date that (i) it elects not to request the issuance of such Letter of Credit on such date or (ii) it elects to have such Letter of Credit issued on such date in a different Agreed Currency, as the case may be, in which the denomination of such Letter of Credit would in the reasonable opinion of the Issuing Banks, the Administrative Agent and the Required Lenders be practicable and in face amount equal to the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, as the case may be.

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SECTION 2.22. Judgment Currency.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main Charlotte, N.C. office on the Business Day preceding that on which final, non‐appealable judgment is given.  The obligations of each Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to such Borrower.
SECTION 2.23. Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);
(b)the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;
(c)if any Swingline Exposure or LC Exposure exists at the time a Lender becomes a Defaulting Lender then:
(i)all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time;

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(ii)if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit of the Issuing Banks, the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
(iii)if the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Company shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(d)so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Company in accordance with Section 2.23(c), and participating interests in any newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.23(c)(i) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements with the Company or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

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In the event that the Administrative Agent, the Company, the Issuing Banks and the Swingline Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
SECTION 2.24. Senior Debt.  The Company hereby designates all Obligations now or hereinafter incurred or otherwise outstanding, and agrees that the Obligations shall at all times constitute, senior indebtedness and designated senior indebtedness, or terms of similar import, which are entitled to the benefits of the subordination provisions of all Subordinated Indebtedness.
SECTION 2.25. Interest Act (Canada). For purposes of the Interest Act (Canada), (i) whenever any interest or fee under this Agreement is calculated using a rate based on a year of 360 days or 365 days, as the case may be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360 days or 365 days, as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360 or 365, as the case may be, (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

ARTICLE III
Representations and Warranties
Each Borrower represents and warrants to the Lenders that:
SECTION 3.01. Organization; Powers; Subsidiaries.  Each of the Company and its Subsidiaries is duly organized, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) 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 (to the extent such concept is applicable) in, every jurisdiction where such qualification is required.  Schedule 3.01 hereto (as supplemented from time to time) identifies each Subsidiary, noting whether such Subsidiary is a Domestic Subsidiary Guarantor or Canadian Subsidiary Guarantor, the jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Company and the other Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class issued and outstanding.  All of the outstanding shares of capital stock and other equity interests of each Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 3.01 as owned 

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by the Company or another Subsidiary are owned, beneficially and of record, by the Company or any Subsidiary free and clear of all Liens.  There are no outstanding commitments or other obligations of any Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of any Subsidiary.
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.  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, (b) will not violate any material applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any Material Contract or any other material indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any of its Subsidiaries.
SECTION 3.04. Financial Condition; No Material Adverse Change.  (a)  The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended June 28, 2014 reported on by KPMG LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended December 27, 2014, certified by its chief financial officer.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.
(b)Since June 28, 2014, there has been no material adverse change in the business, assets, operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole.
(c)As of the Effective Date, and based on the Company's financial statements for the period ended December 27, 2014, the Company and its Subsidiaries are in compliance with Section 6.12.

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SECTION 3.05. Properties.  (a)  Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.  
(b)Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.06. Litigation and Environmental Matters.  (a) There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Borrower, threatened against or affecting the Company or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.  There are no labor controversies pending against or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries (i) which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, or (ii) that involve this Agreement or the Transactions.
(b)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, neither the Company nor any of its Subsidiaries (i) 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, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
(c)Neither the Company nor any Subsidiary is party or subject to any law, regulation, rule or order, or any obligation under any agreement or instrument, that has a Material Adverse Effect.
SECTION 3.07. Compliance with Laws and Agreements.  Each of the Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments 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 3.08. Investment Company Status.  Neither the Company nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

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SECTION 3.09. Taxes.  Each of the Company and its 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 contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.10. ERISA; Canadian Plans.  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 Company, the Canadian Borrower and each of their Subsidiaries are in compliance in all material respects with the terms and provisions of the Canadian Pension Plans and all applicable laws relating thereto, all contributions and material obligations of the Company, the Canadian Borrower and each of their Subsidiaries required to be made or performed in connection with the Canadian Pension Plans and any other plan maintained by the Government of Canada or any of the Provinces of Canada, as applicable, and the funding agreements therefor under the terms thereof and under applicable statutory and regulatory requirements have been made and performed in a timely and proper fashion, except, in each case, where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.11. Disclosure.  The Company’s reports filed with the Securities and Exchange Commission and publicly available disclose to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Company or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) 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 misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.
SECTION 3.12. Federal Reserve Regulations.  No part of the proceeds of any Loan have been used or 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.
SECTION 3.13. Liens.  There are no Liens on any of the real or personal properties of the Company or any Subsidiary except for Liens permitted by Section 6.02.
SECTION 3.14. No Default.  Each Borrower is in full compliance with this Agreement and no Default or Event of Default has occurred and is continuing.
SECTION 3.15. No Burdensome Restrictions.  No Borrower is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.08.

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SECTION 3.16. Anti-Corruption Laws and Sanctions.  The Borrowers have implemented and maintain in effect policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrowers, their Subsidiaries and their respective officers and employees and to the knowledge of such Borrower, their directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in a Loan Party being designated as a Sanctioned Person.  None of (a) the Borrowers, any Subsidiary thereof or to the knowledge of such Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of such Borrower, any agent of any Borrower or any Subsidiary thereof that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other Transaction will violate Anti-Corruption Laws or applicable Sanctions.
SECTION 3.17. Embargoed Persons.  (a) None of the Borrowers’ or their Subsidiaries’ assets constitute property of, or are beneficially owned, directly or indirectly, by any Person targeted by economic or trade sanctions under United States law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq. (the “Trading With the Enemy Act”), any of the foreign assets control regulations of the Treasury (31 C.F.R., Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or regulations promulgated thereunder or executive order relating thereto (which includes, without limitation, (i) Executive Order No. 13224, effective as of September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (ii) the Act), if the result of such ownership would be that any Loan made by any Lender would be in violation of law (“Embargoed Person”); (b) no Embargoed Person has any interest of any nature whatsoever in any Borrower if the result of such interest would be that any Loan would be in violation of law; (c) no Borrower has engaged in business with Embargoed Persons if the result of such business would be that any Loan made by any Lender would be in violation of law; and (d) none of the Borrowers nor any Controlled Affiliate (i) is or will become a “blocked person” as described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations or (ii) engages or will engage in any dealings or transactions, or be otherwise associated, with any such “blocked person”.  For purposes of determining whether or not a representation is true under this Section 3.21, the Borrowers shall not be required to make any investigation into (i) the ownership of publicly traded stock or other publicly traded securities or (ii) the beneficial ownership of any collective investment fund.
SECTION 3.18. Canadian Anti-Terrorism Laws. None of the Canadian Borrower or the Canadian Subsidiaries and, to the knowledge of the Canadian Borrower, none of its or the Canadian Subsidiaries, directors, officers, employees, agents or advisors (i) is in violation of any applicable Canadian Anti-Terrorism Laws, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Canadian Anti-Terrorism Law, or (iii) 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 Canadian Anti-Terrorism Law.

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ARTICLE IV
Conditions
SECTION 4.01. Effective Date.  The obligations of the Lenders to make 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 (or waived in accordance with Section 9.02):
(a)The Administrative Agent (or its counsel) shall have received from (i) each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, and (ii) each initial Domestic Subsidiary Guarantor either (A) a counterpart of the Domestic Subsidiary Guaranty signed on behalf of such Domestic Subsidiary Guarantor or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of the Domestic Subsidiary Guaranty) that such Domestic Subsidiary Guarantor has signed a counterpart of the Domestic Subsidiary Guaranty.
(b)The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of each of (i) Stinson Leonard Street LLP, special U.S. counsel for the Loan Parties, substantially in the form of Exhibit B-1 and (ii) Gowlings Lafleur Henderson LLP, special Canadian counsel for the Loan Parties, substantially in the form of Exhibit B-2, and, in each case, covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request.  The Company hereby requests each such counsel to deliver such opinion.
(c)The Lenders shall have received (i) satisfactory audited consolidated financial statements of the Company for its 2012, 2013 and 2014 fiscal years, (ii) satisfactory unaudited interim consolidated financial statements of the Company for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are publicly available and (iii) satisfactory financial statement projections through and including the Company’s 2020 fiscal year, together with such information as the Administrative Agent or any of the Lead Arrangers shall reasonably request (including, without limitation, a detailed description of the assumptions used in preparing such projections).
(d)The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E.

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(e)The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the Chief Executive Officer, President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.
(f)The Administrative Agent shall have received evidence satisfactory to it that the Existing Credit Agreement has been terminated and cancelled, and all indebtedness thereunder has been fully repaid (or, with respect any letters of credit issued thereunder, such letters of credit have been assigned or transferred to this Agreement, such that each such letter of credit constitutes a “Letter of Credit” hereunder).
(g)The Administrative Agent shall have received evidence reasonably satisfactory to it that all governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the Transactions and the continuing operations of the Company and its Subsidiaries have been obtained and are in full force and effect.
(h)The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder. 
The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
SECTION 4.02. Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a)The representations and warranties of the Borrowers 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, amendment, renewal or extension of such Letter of Credit, as applicable.
(b)At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
(c)The Administrative Agent and/or the applicable Issuing Banks shall have received each additional document, instrument, legal opinion or other item required to be delivered by the Borrowers under the terms of this Agreement in connection with any such additional credit request.
Each Borrowing and each issuance, amendment, renewal 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 each paragraph of this Section.

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ARTICLE V
Affirmative Covenants
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:
SECTION 5.01. Financial Statements and Other Information.  The Company will furnish to the Administrative Agent and each Lender:
(a)within ninety (90) days after the end of each fiscal year of the Company, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (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 and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided that, so long as such annual report contains all information and certifications required under this Section 5.01(a) and is publicly available free of charge, the Company’s filing on the Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system of its annual report with Form 10-K shall be deemed to be the Company’s furnishing of all items required to be delivered to the Administrative Agent and each Lender pursuant to this Section 5.01(a);
(b)within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company, its 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, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that, so long as such quarterly report contains all information and certifications required under this Section 5.01(b) and is publicly available free of charge, the Company’s filing on the Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system of its quarterly report with Form 10-Q shall be deemed to be the Company’s furnishing of all items required to be delivered to the Administrative Agent and each Lender pursuant to this Section 5.01(b);

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(c)concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Company substantially in the form of Exhibit F (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.12 and (iii) stating whether any material change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(d)concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);
(e)as soon as available, but in any event not more than ninety-five (95) days after the beginning of each fiscal year of the Company, a copy of the plan and forecast (including a projected consolidated and consolidating balance sheet, income statement and funds flow statement) of the Company for each month of the upcoming fiscal year in form reasonably satisfactory to the Administrative Agent;
(f)promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders generally, as the case may be; provided that, so long as such report, proxy statement or other material is publicly available free of charge, the Company’s filing on the Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system of any report, proxy statement or other material shall be deemed to be the Company’s furnishing of such report, proxy statement or other material, as the case may be, to the Administrative Agent and each Lender; and
(g)promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request.
SECTION 5.02. Notices of Material Events.  The Company will furnish to the Administrative Agent and each Lender prompt written notice of the following:
(a)the occurrence of any Default;
(b)the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Company or any Affiliate 

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thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;
(c)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 a Material Adverse Effect; and
(d)any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
SECTION 5.03. Existence; Conduct of Business.  The Company will, and will cause each of its Subsidiaries to, 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, privileges, franchises, governmental authorizations and intellectual property rights 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, except where the failure to so maintain such requisite authority 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.
SECTION 5.04. Payment of Obligations.  The Company will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect 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) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.
SECTION 5.05. Maintenance of Properties; Insurance.  The Company will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) (i) maintain, with financially sound and reputable insurance companies, insurance or (ii) where prudent, be self-insured, in each case, in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.
SECTION 5.06. Books and Records; Inspection Rights.  The Company will, and will cause each of its Subsidiaries to, 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.  The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that, so long as no Event of Default has occurred 

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and is continuing, the Company shall not be required to reimburse the Administrative Agent or any Lender under this Section for visits, inspections or examinations by representatives of the Administrative Agent or such Lender more frequently than once every twelve-month period.  The Company acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Company and its Subsidiaries’ assets for internal use by the Administrative Agent and the Lenders.
SECTION 5.07. Compliance with Laws and Material Contractual Obligations.  The Company will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party, in each case 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 Borrowers will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws and applicable Sanctions.
SECTION 5.08. Use of Proceeds.  The proceeds of the Loans will be used only to refinance Indebtedness outstanding under the Existing Credit Agreement (including fees and expenses in connection therewith), pay dividends and repurchase and retire Equity Interests in the Company in accordance and to the extent permitted by Section 6.07, and to finance the working capital needs and other general corporate purposes of the Company and its Subsidiaries in the ordinary course of business.  No part of the proceeds of any Loan 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.
SECTION 5.09. Subsidiary Guaranties.  As promptly as possible but in any event within thirty (30) days (or such later date as may be agreed upon by the Administrative Agent) after any Person (other than any Receivables Entity) becomes a Subsidiary or any Subsidiary qualifies independently as, or is designated by the Company or the Administrative Agent as, a Subsidiary Guarantor pursuant to the definitions of “Domestic Subsidiary Guarantor”, “Canadian Subsidiary Guarantor”, “Material Domestic Subsidiary”, “Material Canadian Subsidiary”, and/or “Material Subsidiary”, the Company shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail describing the material assets of such Person and shall cause each such Subsidiary which also qualifies as a Subsidiary Guarantor to deliver to the Administrative Agent a joinder to the applicable Subsidiary Guaranty in the form contemplated thereby (or, with respect to any Canadian Subsidiary Guarantor, if prior to the effectiveness of the Canadian Subsidiary Guaranty, shall cause such Subsidiary which also qualifies as a Canadian Subsidiary Guarantor to deliver to the Administrative Agent the Canadian Subsidiary Guaranty, substantially in the form of Exhibit G-2, executed by such Canadian Subsidiary Guarantor) pursuant to which such Subsidiary agrees to be bound by the terms and provisions thereof, such joinder (or Canadian Subsidiary Guaranty, as applicable) to be accompanied by appropriate corporate resolutions, other corporate documentation and legal opinions in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

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SECTION 5.10. Notice of Leverage Ratio Increase.  Five (5) Business Days prior to giving effect to a Leverage Ratio Increase, the Company shall deliver a certificate, in form and substance reasonably acceptable to the Administrative Agent, signed by the Chief Executive Officer, President, a Vice President or a Financial Officer of the Company, requesting such Leverage Ratio Increase and confirming compliance with the conditions necessary for a Leverage Ratio Increase.

ARTICLE VI
Negative Covenants
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees  payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:
SECTION 6.01. Indebtedness.  The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:
(a)the Obligations (other than Swap Obligations);
(b)Indebtedness in respect of Swap Agreements permitted by Section 6.05;
(c)Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness with Indebtedness of a similar type that does not increase the outstanding principal amount thereof;
(d)Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations 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 extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (d) shall not exceed $50,000,000 at any time outstanding;
(e)Guarantees in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, and Guarantees with respect to Indebtedness permitted pursuant to clauses (b) through (d) of this Section 6.01;
(f)Indebtedness of the Company or any Subsidiary incurred pursuant to Permitted Receivables Facilities; provided that the aggregate Attributable Receivables Indebtedness incurred by the Company and its Subsidiaries pursuant to all such Permitted Receivables Facilities shall not exceed an aggregate amount of $150,000,000 at any time outstanding;

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(g)Indebtedness of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary; provided that Indebtedness permitted pursuant to this clause (g) shall be subject to the limitations set forth in Section 6.04(e) and (f);
(h)Subordinated Indebtedness; provided that Indebtedness permitted pursuant to this clause (h) shall be subject to the limitations set forth in Section 6.09; 
(i)[Reserved]; and 
(j)other Indebtedness of the Company (and, in the case of any such Indebtedness incurred pursuant to a Senior Note Agreement, Guarantees in respect thereof from Subsidiary Guarantors so long as such Subsidiary Guarantors have Guaranteed the Obligations in accordance with the terms of this Agreement) so long as (i) such Indebtedness is at no time secured by any Lien (except, (x) Indebtedness secured by Liens permitted under Section 6.02(e) and (y) in the case of any such Indebtedness incurred pursuant to a Senior Note Agreement, if concurrently therewith the Obligations and the obligations under the 2005 Note Purchase Agreement, 2013 Note Purchase Agreement and any other Senior Note Agreement are secured on an equal and ratable basis, in a manner and pursuant to documentation reasonably satisfactory to the Administrative Agent, with such Indebtedness) and (ii) the Company is in pro forma compliance with the financial covenant set forth in Section 6.12(a) immediately before and after the incurrence of such Indebtedness.
Notwithstanding the foregoing or anything to the contrary set forth herein, the Subsidiaries of the Company shall not incur or be liable for Indebtedness owing to any Person who is not a Borrower or a Subsidiary thereof (other than Indebtedness otherwise permitted pursuant to Sections 6.01(a), (b), (c), (d), (e) or (f)) in an aggregate principal amount in excess of $25,000,000 at anytime outstanding.
SECTION 6.02. Liens.  The Company will not, and will not permit any Subsidiary 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)Permitted Encumbrances;
(b)Liens of the Administrative Agent, for the benefit of the Administrative Agent and the Lenders;
(c)any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(d)Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (d) of Section 6.01, (ii) such security interests and the Indebtedness 

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secured thereby are incurred prior to or within ninety (90) 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 (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary;
(e)Liens on assets of the Company and its Subsidiaries not otherwise permitted above so long as the aggregate principal amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $25,000,000 on any date of determination; 
(f)Liens on assets of the Company or its Subsidiaries (or for which the Company or any Subsidiary is otherwise obligated) arising under Permitted Receivables Facilities that are permitted under Section 6.01(f); and
(g)Liens securing Note Purchase Agreements permitted by Section 6.01(j) if concurrently therewith the Obligations and the obligations under the 2005 Note Purchase Agreement, 2013 Note Purchase Agreement and any other Senior Note Agreement are secured on an equal and ratable basis, in a manner and pursuant to documentation reasonably satisfactory to the Administrative Agent, with such Indebtedness.
SECTION 6.03. Fundamental Changes and Asset Sales.  (a) The Company will not, and will not permit any Subsidiary to, amalgamate, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) any of its assets, (including pursuant to a Sale and Leaseback Transaction), or any of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing:
(i)any wholly-owned Subsidiary of the Company may amalgamate or merge with or wind-up into the Company or any other wholly-owned Subsidiary of the Company; provided that (i) any such merger or wind-up involving the Company must result in the Company as the surviving entity, and (ii) no Domestic Subsidiary may merge with or wind-up into a Foreign Subsidiary if the surviving entity is a Foreign Subsidiary;
(ii)any wholly-owned Subsidiary of the Company may amalgamate or merge into a Person acquired pursuant to a Permitted Acquisition permitted by Section 6.04(c); provided that (i) the surviving entity must be a wholly-owned Subsidiary of the Company, and (ii) if the wholly-owned Subsidiary of the Company that merged into such Person is a Domestic Subsidiary, the surviving entity must be a Domestic Subsidiary;
(iii)the Company and its Subsidiaries may (A) sell inventory in the ordinary course of business, (B) effect sales, trade-ins or dispositions of used, obsolete, worn out or surplus equipment or property or other assets determined to be no longer used or useable for value in the ordinary course of business consistent with past practice, (C) enter into licenses and leases of technology in the ordinary course of business, and (D) make any other sales, transfers, leases or dispositions that, together with all other property of the Company and its 

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Subsidiaries previously leased, sold or disposed of as permitted by this clause (D) during the term of this Agreement does not exceed the greater of $150,000,000 and fifteen percent (15%) of Consolidated Total Assets at any time;
(iv)(A) any Subsidiary  may transfer its assets to the Company or any wholly-owned Subsidiary of the Company in connection with an amalgamation or merger or wind-up permitted pursuant to clause (i) of this Section 6.03(a), (B) the Company or any Subsidiary may transfer its assets to the Company or any Subsidiary Guarantor, and (C) any Canadian Subsidiary may transfer any of its assets to the Canadian Borrower;
(v)the Company or any Subsidiary may (A) sell Receivables under Permitted Receivables Facilities (subject to the limitation that the Attributable Receivables Indebtedness thereunder shall not exceed an aggregate amount of $150,000,000), and (B) sell or discount its defaulted Receivables in the ordinary course of business and consistent with historical practice;
(vi)the Company or any Subsidiary may terminate any Swap Agreement;  
(vii)the Company or any Subsidiary may enter into any Sale and Leaseback Transaction that is permitted under Section 6.10; and 
(viii)the Company may pay dividends and repurchase and retire Equity Interests in the Company in accordance and to the extent permitted by Section 6.07.
(b)The Company will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Company and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.
(c)The Company will not, nor will it permit any of its Subsidiaries to, change its fiscal year from the basis in effect on the Effective Date.
SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions.  The Company will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any Person or any assets of any other Person constituting a business unit, except:
(a)(i) investments by the Company and its Subsidiaries existing on the date hereof in the capital stock of its Subsidiaries, and (ii) other loans, advances and investments described in Schedule 6.04 existing on the Closing Date;
(b)Permitted Investments;

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(c)Permitted Acquisitions;
(d)investments in the form of Swap Agreements permitted by Section 6.05;
(e)investments, loans or advances made by the Company in or to any Subsidiary and made by any Subsidiary in or to the Company or any other Subsidiary; provided that (i) investments, loans and advances in or to Subsidiaries that are not Subsidiary Guarantors, when combined with the Company’s Guarantees of Subsidiary Indebtedness to Subsidiaries that are not Subsidiary Guarantors permitted pursuant to Section 6.04(f), shall not at any time, in the aggregate, exceed $100,000,000, and (ii) the Company and any Domestic Subsidiary may incur Indebtedness owed to any Canadian Subsidiary so long as such Indebtedness constitutes Subordinated Indebtedness subject to Subordinated Indebtedness Documents in form and substance satisfactory to the Administrative Agent;
(f)Guarantees by the Company or a Subsidiary of the Company in respect of Indebtedness owing by the Company or a Subsidiary so long as the Indebtedness so guaranteed is permitted under Section 6.01; provided that that all such Guarantees by the Company in respect of Indebtedness owing by a Subsidiary that is not a Subsidiary Guarantor, when combined with the investments, loans or advances permitted pursuant to Section 6.04(e)(i), shall not at any time, in the aggregate, exceed $100,000,000;
(g)purchases of assets in the ordinary course of business;
(h)investments comprised of capital contributions (whether in the form of cash, a note, or other assets) or otherwise resulting from transfers of assets permitted under this Agreement, in each case, to a Receivables Entity in connection with a Permitted Receivables Facility permitted hereunder; and
(i)any other investment, loan or advance (other than acquisitions) made in the ordinary course of business consistent with historical practices so long as the aggregate amount of all such investments, loans and advances does not exceed ten percent (10%) of Consolidated Net Worth on any date of determination during the term of this Agreement.
SECTION 6.05. Swap Agreements.  The Company will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Company or any of its Subsidiaries), and (b) 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) with respect to any interest-bearing liability or investment of the Company or any Subsidiary.

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SECTION 6.06. Transactions with Affiliates.  The Company will not, and will not permit any of its 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) in the ordinary course of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Company and its wholly owned Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.07.
SECTION 6.07. Restricted Payments.  The Company will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay cash dividends to the Company, (c) the Company may make Restricted Payments that are made in the ordinary course of business pursuant to and in accordance with stock option plans or other benefit plans for past, current, and future management or employees of the Company, and (d) the Company may make any Restricted Payment (including, without limitation, paying dividends and repurchasing and retiring Equity Interests in the Company) so long as (1) no Default or Event of Default has occurred and is continuing prior to making such Restricted Payment or would arise after giving effect (including pro forma effect) thereto and (2) the Company is in pro forma compliance with the covenants set forth in Section 6.12 both before and after giving effect thereto.
SECTION 6.08. Restrictive Agreements.  The Company will not, and will not permit any of its 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 the Company or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, (b) the ability of any Subsidiary to pay dividends or other distributions with respect to holders of its Equity Interests, (c) the ability of any Subsidiary to make or repay loans or advances to the Company or any other Subsidiary or (d) the ability of any Subsidiary to Guarantee Indebtedness of the Company or any other Subsidiary, in each case, which are materially more restrictive than this Agreement (with the understanding that there shall be no restriction on the repayment of amount owing under or in connection herewith); provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to a Permitted Receivables Facility or the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) clauses (a) and (d) of the foregoing shall not apply to restrictions and conditions imposed by a Senior Note Agreement, 2013 Note Purchase Agreement or the 2005 Note Purchase Agreement, provided that the Indebtedness incurred thereunder shall, at the time of the incurrence thereof, have been permitted by Section 6.01 and Section 6.12(a), and provided, further, that such restrictions and conditions shall permit first priority Liens securing the Obligations or Guarantees of the Obligations granted by or made by the Company or any Subsidiary thereof in favor of a collateral agent on behalf of the Administrative Agent, the Lenders, other applicable holders of Obligations from time to time and the holders of notes then outstanding under the 2005 Note Purchase Agreement, 2013 Note Purchase Agreement and each other Senior Note Agreement on an equal and ratable basis, (iv) clause (a) of the foregoing 

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shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof.    
SECTION 6.09. Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents. The Company will not, and will not permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time outstanding under the Subordinated Indebtedness Documents.  Furthermore, the Company will not, and will not permit any Subsidiary to, amend the Subordinated Indebtedness Documents or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued where such amendment, modification or supplement provides for the following or which has any of the following effects:
(a)    increases the overall principal amount of any such Indebtedness or increases the amount of any single scheduled installment of principal or interest;
(b)    shortens or accelerates the date upon which any installment of principal or interest becomes due or adds any additional mandatory redemption provisions;
(c)    shortens the final maturity date of such Indebtedness or otherwise accelerates the amortization schedule with respect to such Indebtedness;
(d)    increases the rate of interest accruing on such Indebtedness;
(e)    provides for the payment of additional fees or increases existing fees;
(f)    amends or modifies any financial or negative covenant (or covenant which prohibits or restricts the Company or any Subsidiary from taking certain actions) in a manner which is more onerous or more restrictive in any material respect to the Company or such Subsidiary or which is otherwise materially adverse to the Company, any Subsidiary and/or the Lenders or, in the case of any such covenant, which places material additional restrictions on the Company or such Subsidiary or which requires the Company or such Subsidiary to comply with more restrictive financial ratios or which requires the Company to better its financial performance, in each case from that set forth in the existing applicable covenants in the Subordinated Indebtedness Documents or the applicable covenants in this Agreement; or
(g)    amends, modifies or adds any affirmative covenant in a manner which (i) when taken as a whole, is materially adverse to the Company, any Subsidiary and/or the Lenders or (ii) is more onerous than the existing applicable covenant in the Subordinated Indebtedness Documents or the applicable covenant in this Agreement.
SECTION 6.10. Sale and Leaseback Transactions.  The Company shall not, nor shall it permit any Subsidiary to, enter into any Sale and Leaseback Transaction, other than Sale and 

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Leaseback Transactions in respect of which the net cash proceeds received in connection therewith does not exceed $75,000,000 in the aggregate during any fiscal year of the Company and does not exceed $150,000,000 in the aggregate during the term of this Agreement, determined on a consolidated basis for the Company and its Subsidiaries.
SECTION 6.11. Intentionally Omitted. 
SECTION 6.12. Financial Covenants.
(a)Maximum Leverage Ratio.  The Company will not permit the ratio (the “Leverage Ratio”), determined as of the end of each of its fiscal quarters ending after December 27, 2014, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be greater than 3.50 to 1.00; provided, that, two (2) times during the term of this Agreement, following the consummation of a Permitted Acquisition by the Company or its Subsidiaries with a purchase price or with an aggregate consideration paid in respect of such Permitted Acquisition exceeding $75,000,000, the Company may elect to increase the maximum Leverage Ratio permitted under this Section 6.12(a) to 3.75 to 1.00 for the four (4) consecutive fiscal quarters following such Permitted Acquisition (the “Leverage Ratio Increase”); provided further that the second increase election shall not be requested during the first two calendar quarters immediately following the end of the four quarter period subject to the initial Leverage Ratio Increase.  Prior to giving effect to a Leverage Ratio Increase, the Company shall provide notice of such Leverage Ratio Increase as set forth in Section 5.10.  
(b)Minimum Interest Coverage Ratio.  The Company will not permit the ratio (the “Interest Coverage Ratio”), determined as of the end of each of its fiscal quarters ending after December 27, 2014, of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense, in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be less than 3.00 to 1.00.
(c)Notwithstanding the foregoing or anything to the contrary set forth herein, (i) if any financial covenant set forth in Sections 10.1 or 10.2 of the 2005 Note Purchase Agreement or Sections 10.1 or 10.2 of the 2013 Note Purchase Agreement (in each case, together with all definitions used therein and components thereof) is or becomes more restrictive than the provisions set forth in this Section 6.12 (including any financial covenants added hereto after the Effective Date) or (ii) any additional financial covenant exists in or is added to such Senior Note Agreement that is not included in the provisions set forth in this Section 6.12 or elsewhere in this Agreement (including any financial covenants added hereto after the Effective Date), then this Agreement automatically, and without any further action by the Company or any other party hereto, shall be amended to apply such more restrictive, or additional, financial covenant set forth in the 2005 Note Purchase Agreement or 2013 Note Purchase Agreement (in any case, as in effect from time to time) in lieu of (or in addition to, as the case may be) such financial covenant set forth in this Section 6.12.  The Company shall promptly and in any event within three (3) Business Days notify the Administrative Agent of any more restrictive modification or addition to Sections 10.1 or 10.2 of the 2005 Note Purchase Agreement or Sections 10.1 or 10.2 of the 2013 Note Purchase Agreement and shall promptly deliver all amendment documentation reasonably requested by the Administrative Agent to give further 

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effect to such modifications hereunder.  Only the Company and the Administrative Agent shall be required to execute any additions or such amendment hereto.
SECTION 6.13. Anti-Corruption Laws.  No Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, Canada or in an EU member state, or (C)  in any manner that would result in the violation of any Sanctions applicable to any party hereto.

ARTICLE VII
Events of Default
If any of the following events (“Events of Default”) shall occur:
(a)any Borrower 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 become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)any Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;
(c)any representation or warranty made or deemed made by or on behalf of any Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect or misleading in any material respect when made or deemed made;
(d)any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01, 5.02, 5.03 (with respect to any Borrower’s existence), 5.08 or 5.09, in Article VI or in Article X;
(e)any Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall 

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continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent to the Company, on behalf of itself and the Canadian Borrower;
(f)the occurrence of any “default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided;
(g)(i) the Company or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Indebtedness (other than Indebtedness referred to in clauses (a) or (b) of this Article), the aggregate outstanding amount of which is in excess of $20,000,000, beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) any event or condition occurs that results in any Indebtedness referred to in subclause (i) of this clause (g) becoming due prior to its scheduled maturity or that enables or permits (without the lapse of time, but with or without giving notice) 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; provided that this subclause (ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;
(h)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Company or any Subsidiary 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, monitor or similar official for the Company or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)the Company or any Subsidiary 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 clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator, monitor or similar official for the Company or any Subsidiary 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)the Company or any of its Subsidiaries shall default in the payment when due, or in the performance or observance, of any obligation or condition of any Material Contract (other than this Agreement), unless, but only as long as, the existence of any such default is being contested by the Company or any such Subsidiary in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of the Company or such Subsidiary to the extent required by GAAP;

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(k)a Change in Control shall occur;
(l)any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or the Company or any Subsidiary 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);
(m)(1) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect, or (2) the institution of any steps to terminate or wind-up a Canadian Pension Plan (wholly or in part) if, as a result of such termination or wind-up, the Company, the Canadian Borrower or any of their Subsidiaries would be required to make a contribution to such Canadian Pension Plan (at the time of such termination or wind-up or at any time thereafter) and all Canadian Pension Plans so previously terminated or wound-up after the date of this Agreement, or the institution of any steps or the issuance of any order or proposal in respect of a Canadian Pension Plan that directly or indirectly requires the payment by the Company, the Canadian Borrower or any of their Subsidiaries (whether on behalf of itself or another Person) of or results in the obligation of the Company, the Canadian Borrower or any of their Subsidiaries (whether on behalf of itself or another Person) to pay, any monetary amount in respect of such Canadian Pension Plan, in each case, where such contribution or payments or obligations to make such contribution or payments, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;
(n)one or more judgments for the payment of money in an aggregate amount in excess of $20,000,000 in any fiscal year of the Company shall be rendered against the Company, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Company or any Subsidiary to enforce any such judgment;
(o)the Company or any of its Subsidiaries shall incur, or shall be reasonably likely to incur, any Environmental Liability that would be reasonably likely, individually or in the aggregate, to have a Material Adverse Effect; or
(p)the Company or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;
then, and in every such event (other than an event with respect to the Company described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, 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 then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon 

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and all fees and other Obligations of the Borrowers accrued hereunder and under the other Loan Documents, 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 any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, 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.

ARTICLE VIII
The Administrative Agent
Each of the Lenders and Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including  execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.
The bank 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 such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Company or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.
The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Company or a Lender, and 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 any Loan Document, (ii) 

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the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
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 believed by it to be genuine and to have been signed or sent 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.  The Administrative Agent may consult with legal counsel (who may be counsel for the Company), 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.
The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent, or such other affiliate thereof as may be designated from time to time.  The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs 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 Administrative Agent.
Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Company.  Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  The fees payable by any Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between such Borrower and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article, Section 2.17(c) and Section 9.03 shall continue in effect for the benefit of such 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 it was acting as Administrative Agent.  Notwithstanding anything in this Agreement to the contrary, the Administrative Agent may not be removed without its prior written consent.

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Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender 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 also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender 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.
None of the Lenders, if any, identified in this Agreement as a Co-Syndication Agent or Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.  Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Co-Syndication Agent or Co-Documentation Agents, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph.
Except with respect to the exercise of setoff rights of any Lender, in accordance with Section 9.08, the proceeds of which are applied in accordance with this Agreement, each Lender agrees that it will not take any action, nor institute any actions or proceedings, against any Borrower or with respect to any Loan Document, without the prior written consent of the Required Lenders or, as may be provided in this Agreement or the other Loan Documents, with the consent of the Administrative Agent.
The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender.  The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement.
The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Subsidiary Guarantor from its obligations under any Subsidiary Guaranty (i) as permitted by, but only in accordance with, the terms of the applicable Loan Documents (including sales of Equity Interests of any Subsidiary permitted under Section 6.03); or (ii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Subsdiary Guarantor from its obligations under any Subsidiary Guaranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations.  Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release any Subsidiary Guarantor from its obligations under any Subsidiary Guaranty pursuant hereto.

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ARTICLE IX
Miscellaneous
SECTION 9.01. Notices.  (a) 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 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, as follows:
(i)if to any Borrower, to G&K Services, Inc., 5995 Opus Parkway, Minnetonka, Minnesota 55343, Attention of Shane M. Steffensen, Treasurer and Director of Risk (Telecopy No. (952) 912-5950; Telephone No. (952) 912-5730);
(ii)if to the Administrative Agent, to it at 1525 West WT Harris Blvd 1B1, Charlotte, North Carolina 28262, Attention of Wholesale Loan Services (Telecopy No. (704) 715-0017);
(iii)if to Wells Fargo Bank, National Association, as an Issuing Bank, to it at Wells Fargo, National Association, 90 S. 7th Street, 18th Floor, Minneapolis, Minnesota 55402, Attention of Dianne Wegscheid (Telecopy No. (612) 316-4186);
(iv)if to Bank of America, N.A., as an Issuing Bank, to it at Bank of America, N.A., Global Trade Operations, 1 Fleet Way, Scranton, PA 18507, Mail Code: PA6-580-02-30, Attention of Al Malave (Telecopy No. (800) 755-8743);
(v)if to JPMorgan Chase Bank, N.A., as an Issuing Bank, to it at JPMorgan Chase Bank, N.A., Attention of Mary Hackett (Telecopy No. (312) 385-7101);
(vi)if to the Swingline Lender, to it at 1525 West WT Harris Blvd 1B1, Charlotte, North Carolina 28262, Attention of Wholesale Loan Services; and
(vii)if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
(b)Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
(c)Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.  All notices and other 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.

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SECTION 9.02. Waivers; Amendments.  (a)  No failure or delay by the Administrative Agent, any Issuing Bank or any Lender 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 Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents 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 Borrower 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 issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
(b)Except as provided in Sections 2.20 and 6.12(c), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Aggregate Commitment without the written consent of each Lender, or increase the Commitment of any Lender without such Lender’s written consent, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees or other amounts payable hereunder or under any Loan Document, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees or other amounts payable hereunder or under any Loan Document, 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 directly affected thereby, (iv) change Section 2.18(b) or (d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving Loans are included on the Effective Date), (vi) release the Company or all or substantially all of the Subsidiary Guarantors from their obligations under Article X or any Subsidiary Guaranty, as applicable, without the written consent of each Lender, or (vii) change the definition of “Agreed Currencies” without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be.

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(c)Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers to each relevant Loan Document (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders.
(d)If, in connection with any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Company 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 clause (b) of Section 9.04, and (ii) each Borrower 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 such Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
SECTION 9.03. Expenses; Indemnity; Damage Waiver.  (a)  The Company shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Banks in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

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(b)The Company shall indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the 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 any 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 the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.
(c)To the extent that the Company fails to pay any amount required to be paid by it to the Administrative Agent, any 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 (it being understood that the Company’s failure to pay any such amount shall not relieve the Company of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, such Issuing Bank or the Swingline Lender in its capacity as such.
(d)To the extent permitted by applicable law, no Borrower shall assert, and each Borrower 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, any other Loan Document or any agreement or instrument contemplated hereby or thereby, 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 fifteen (15) days after written demand therefor.

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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 any 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 any attempted assignment or transfer by any 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 any 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 Administrative Agent, the Issuing Banks and the Lenders) 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 or delayed) of:
(A) the Company; provided that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; provided, further, that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof from the Administrative Agent;
(B) the Administrative Agent; and
(C) the Issuing Banks.
(ii)Assignments shall be subject to the following additional conditions:
(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund 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 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 Company and the Administrative Agent otherwise consent, provided that no such consent of the Company 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 clause shall not be construed to prohibit the assignment of a 

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proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and
(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning:
“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.
(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) 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 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 2.15, 2.16, 2.17 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 each Borrower, 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, and the Borrowers, the Administrative Agent, 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 Company, 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 

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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(c), 2.06(d) or (e), 2.07(b), 2.18(e) 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 Company, the Administrative Agent, any Issuing Bank or the Swingline Lender, 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 Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  Subject to paragraph (c)(ii) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 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 law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.
(ii)A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 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 Company’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 2.17 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 2.17(e) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of each Borrower, 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 rights and obligations under this Agreement, including its Commitment and Loans (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 or Loans 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, or other obligation is in registered form under Section 5f.103-1(c) of the 

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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 Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)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, 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.
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 notwithstanding that the Administrative Agent, any Issuing Bank or any Lender 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 or any other Loan Document 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 2.15, 2.16, 2.17 and 9.03 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 other Loan Document or any provision hereof or thereof.
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 telecopy or other electronic imaging means (including “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

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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.
SECCTION 9.08. Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and 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 and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower or any Subsidiary Guarantor against any of and all the Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.  (a)  This Agreement shall be construed in accordance with and governed by the law of the State of New York.
(b)Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, 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 New York State or, to the extent permitted by law, in such Federal court.  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.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.
(c)Each Borrower hereby 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.  The Canadian Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City.  The Company 

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hereby represents, warrants and confirms that the Company has agreed to accept such appointment (and any similar appointment by a Subsidiary Guarantor which is a Foreign Subsidiary).  Said designation and appointment shall be irrevocable by the Canadian Borrower until all Loans, all reimbursement obligations, interest thereon and all other amounts payable by the Canadian Borrower hereunder and under the other Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and this Agreement shall have been terminated in accordance with the terms hereof.  The Canadian Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City by service of process upon the Company as provided in this Section 9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by registered or certified air mail, postage prepaid, return receipt requested, to the Company and (if applicable to) the Canadian Borrower at its address set forth in Section 9.01.  The Canadian Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon the Canadian Borrower in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to the Canadian Borrower.  To the extent the Canadian Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), the Canadian Borrower hereby irrevocably waives such immunity in respect of its obligations under the Loan Documents.  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.
SECTION 9.10. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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 Administrative Agent, the Issuing Banks and the Lenders 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 (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information 

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and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (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 substantially the same as 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 or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Company.  For the purposes of this Section, “Information” means all information received from the Company relating to the Company or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Company; provided that, in the case of information received from the Company after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.  In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connections with the administration of this Agreement, the other Loan Documents, and the Commitments.
SECTION 9.13. USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Loan Party that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Act.
SECTION 9.14. Canadian Anti-Money Laundering Legislation. The Canadian Borrower acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws (collectively, including any guidelines or orders thereunder, “Canadian AML Legislation”), the Lenders may be required to obtain, verify and record information regarding the Canadian Borrower, its directors, authorized signing officers, direct or indirect shareholders or other Persons in control of the Canadian Borrower, and the transactions contemplated hereby. The Canadian Borrower shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by the Lenders, or any prospective assignee or participant of the Lenders, in order to comply with any applicable Canadian AML Legislation, whether now or thereafter in existence.

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SECTION 9.15. 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.  Each Lender hereby represents that it is not relying on or looking to any margin stock for the repayment of the Borrowings provided for herein.  Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Banks nor any Lender shall be obligated to extend credit to any Borrower in violation of any applicable law.
SECTION 9.16. Disclosure.  Each of the Borrowers and Lenders 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 Borrowers, the Subsidiaries and their respective Affiliates.
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 applicable 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 applicable 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 hereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.18. No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders, the Issuing Banks and the Administrative Agent are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent and their Affiliates, on the other hand, (B) such Borrower has consulted its own legal, tax, investment, accounting or regulatory advisors to the extent it has deemed appropriate, and (C) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders, the Issuing Banks and the Administrative Agent and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as a financial advisor, agent (other than with respect to the Administrative Agent, solely in its capacity as administrative agent for the Lender and the Issuing Banks as set forth in Article VIII) or fiduciary for such Borrower or any of its Affiliates, or any other Person and (B) no Lender, Issuing Bank or the Administrative Agent or any of their Affiliates have any obligation to such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders, the Issuing Banks and the Administrative Agent and their respective Affiliates may be engaged in providing debt financing, equity capital or other 

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services (including financial advisory services) to other companies which may have conflicting interests regarding the transactions described herein and otherwise that involve interests that differ from those of such Borrower and its Affiliates, and no Lender, Issuing Bank or the Administrative Agent or any of their Affiliates have any obligation to disclose any of such interests to such Borrower or its Affiliates.  To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against each of the Lenders, the Issuing Banks and the Administrative Agent and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

ARTICLE X
Company Guaranty
In order to induce the Lenders to extend credit to the Canadian Borrower, the Company hereby irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Obligations of the Canadian Borrower.  The Company further agrees that the due and punctual payment of such Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Obligation.
The Company waives presentment to, demand of payment from and protest to the Canadian Borrower of any of the Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment.  The obligations of the Company hereunder shall not be affected by (a) the failure of the Administrative Agent, any Issuing Bank or any Lender to assert any claim or demand or to enforce any right or remedy against the Canadian Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of this Agreement, or any other Loan Document or agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Obligations; (e) the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of the Company or any other guarantor of any of the Obligations; (g) the enforceability or validity of the Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Borrower or any guarantor of any of the Obligations, for any reason related to this Agreement, any Swap Agreement, any other Loan Document, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by any Borrower or any guarantor of the Obligations, of any of the Obligations or otherwise affecting any term of any of the Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation.

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The Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by the Administrative Agent, any Issuing Bank or any Lender to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing Bank or any Lender in favor of any Borrower or any other Person.
The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Obligations, any impossibility in the performance of any of the Obligations or otherwise.
The Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent, any Issuing Bank or any Lender upon the bankruptcy or reorganization of any Borrower or otherwise.
In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent, any Issuing Bank or any Lender may have at law or in equity against any Borrower by virtue hereof, upon the failure of the Canadian Borrower to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent, any Issuing Bank or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent, any Issuing Bank or any Lender in cash an amount equal to the unpaid principal amount of such Obligations then due, together with accrued and unpaid interest thereon.  The Company further agrees that if payment in respect of any Obligation shall be due in a currency other than Dollars and/or at a place of payment other than Charlotte, N.C. or any other Eurocurrency Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or other event, payment of such Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of the Administrative Agent, any Issuing Bank or any Lender, disadvantageous to the Administrative Agent, any Issuing Bank or any Lender in any material respect, then, at the election of the Administrative Agent, the Company shall make payment of such Obligation in Dollars (based upon the applicable Equivalent Amount in effect on the date of payment) and/or in Charlotte, N.C. or such other Eurocurrency Payment Office as is designated by the Administrative Agent and, as a separate and independent obligation, shall indemnify the Administrative Agent, any Issuing Bank and any Lender against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment.
Upon payment by the Company of any sums as provided above, all rights of the Company against the Canadian Borrower arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations owed by the Canadian Borrower to the Administrative Agent, the Issuing Banks and the Lenders.

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Nothing shall discharge or satisfy the liability of the Company hereunder except the full performance and payment of the Obligations.
No Borrower hereunder shall be deemed to be a guarantor of any Swap Obligations if such Borrower is not an ECP, to the extent that the providing of such guaranty by such Borrower would violate the ECP Rules or any other applicable law or regulation.  This paragraph shall not affect any guaranteed Obligations other than Swap Obligations, nor shall it affect the guaranteed Obligations of any Borrower who qualifies as an ECP.  If a Swap Obligation arises under a master Swap Agreement governing more than one transaction, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to transactions for which such Guarantee is or becomes illegal.

[Signature Pages Follow]

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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.
	
			
	G&K SERVICES, INC., as the Company

	 

	By:   /s/ Douglas A. Milroy                         

	 
	Name: Douglas A. Milroy

	 
	Title: Chairman and Chief Executive Officer

	 

	G&K SERVICES CANADA INC., as the Canadian Borrower

	 

	By:  /s/ Douglas A. Milroy                         

	 
	Name: Douglas A. Milroy

	 
	Title: Chairman and Chief Executive Officer

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually, as a Lender, as Swingline Lender, as an Issuing Bank and as Administrative Agent

	 

	By: /s/ Dianne Wegscheid

	 
	Name: Dianne Wegscheid

	 
	Title: Sr. Vice President

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 

	BANK OF AMERICA, N.A., individually, as a Co-Syndication Agent, a Lender and as an Issuing Bank

	 

	By: /s/ Casey Klepsch

	 
	Name: Casey Klepsch

	 
	Title: Assistant Vice President

	 

	BANK OF AMERICA, N.A. (Canada Branch)

	 

	By: /s/ Medina Sales de Andrade

	 
	Name: Medina Sales de Andrade

	 
	Title: Vice President

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 

	JPMORGAN CHASE BANK, N.A., individually, as a Co-Syndication Agent, as a Lender and as an Issuing Bank

	 

	By: /s/ Suzanne Ergastolo

	 
	Name: Suzanne Ergastolo

	 
	Title: Vice President

	
		
	JPMORGAN CHASE BANK, N.A., Toronto Branch

	 

	By: /s/ Jeffrey Coleman

	 
	Name: Jeffrey Coleman

	 
	Title: Executive Director

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 
	 

	SUNTRUST BANK, individually, as a

	Co-Documentation Agent and as a Lender

	 

	By: /s/ Lisa Garling

	 
	Name: Lisa Garling

	 
	Title: Director

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 

	PNC BANK, NATIONAL ASSOCIATION, individually, as a Co-Documentation Agent and as a Lender

	 

	By: /s/ Michael J. Cortese    

	 
	Name: Michael J. Cortese    

	 
	Title: Vice President

	 

	PNC BANK CANADA BRANCH

	 

	By: /s/ Caroline Stade

	 
	Name: Caroline Stade

	 
	Title: Senior Vice President

	 
	 

	By: /s/ David T. Olsen

	 
	Name: David T. Olsen

	 
	Title: Principal Officer and Regional President - Canada 

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 
	 

	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 

	By: /s/ Andrew C. Beckman

	 
	Name: Andrew C. Beckman

	 
	Title: Vice President

	 
	 

	U.S. BANK NATIONAL ASSOCIATION (Canada Branch)

	 

	By: /s/ John P. Rehob

	 
	Name: John P. Rehob

	 
	Title: Principal Officer

	 
	 

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

	
		
	 
	 

	BANK OF MONTREAL, as a Lender

	 
	 

	 
	By: /s/ Barbara Nieland

	 
	Name: Barbara Nieland

	 
	Title: Senior Vice President / Director

	 
	 

	BANK OF MONTREAL, TORONTO (Canada Branch)

	 
	 

	 
	By: /s/ Barbara Nieland

	 
	Name: Barbara Nieland

	 
	Title: Senior Vice President / Director

Signature Page to Credit Agreement
G&K Services, Inc.
G&K Services Canada Inc.

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