Document:

Credit Agreement, dated July 2, 2009, among the Company

 Exhibit 4.3 
  
  
 

 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 dated as of 
 July 2, 2009 
 among 
 SMITHFIELD FOODS, INC., 
 The Subsidiary Guarantors Party Hereto, 
 The Lenders Party Hereto 
 and 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
 JPMORGAN CHASE
BANK, N.A. and GENERAL ELECTRIC CAPITAL 
 CORPORATION, 
 as Joint Collateral Agents, 
 J.P. MORGAN SECURITIES INC., COOPERATIEVE CENTRALE RAIFFEISEN- 
 BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, 
 BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS 
 BANK PLC, MORGAN STANLEY BANK, N.A. and
GENERAL ELECTRIC CAPITAL 
 CORPORATION, 
 as Joint Bookrunners and Co-Lead Arrangers, 
 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK 
 NEDERLAND”, NEW YORK BRANCH, 
 as
Syndication Agent, 
 and 
 BARCLAYS BANK PLC, MORGAN STANLEY BANK, N.A., and GENERAL ELECTRIC 
 CAPITAL CORPORATION, 
 as Co-Documentation Agents 
  
  

 Table of Contents 
  

					
	 	    	 	  	Page
	 ARTICLE I Definitions
	  	1
	 SECTION 1.01
	    	Defined Terms	  	1
	 SECTION 1.02
	    	Classification of Loans and Borrowings	  	47
	 SECTION 1.03
	    	Terms Generally	  	47
	 SECTION 1.04
	    	Accounting Terms; GAAP	  	47
	 SECTION 1.05
	    	Currency Translations	  	48
		
	ARTICLE II The Credits	  	48
	 SECTION 2.01
	    	Commitments	  	48
	 SECTION 2.02
	    	Loans and Borrowings	  	49
	 SECTION 2.03
	    	Requests for Revolving Borrowings	  	49
	 SECTION 2.04
	    	Protective Advances	  	50
	 SECTION 2.05
	    	Swingline Loans	  	51
	 SECTION 2.06
	    	Letters of Credit	  	53
	 SECTION 2.07
	    	Funding of Borrowings	  	58
	 SECTION 2.08
	    	Interest Elections	  	59
	 SECTION 2.09
	    	Termination and Reduction of Commitments; Increase in Commitments	  	60
	 SECTION 2.10
	    	Repayment of Loans; Evidence of Debt	  	62
	 SECTION 2.11
	    	Prepayment of Loans	  	63
	 SECTION 2.12
	    	Fees	  	65
	 SECTION 2.13
	    	Interest	  	66
	 SECTION 2.14
	    	Alternate Rate of Interest	  	67
	 SECTION 2.15
	    	Increased Costs	  	67
	 SECTION 2.16
	    	Break Funding Payments	  	70
	 SECTION 2.17
	    	Taxes	  	70
	 SECTION 2.18
	    	Payments Generally; Allocation of Proceeds; Sharing of Set-offs	  	73
	 SECTION 2.19
	    	Mitigation Obligations; Replacement of Lenders	  	77
	 SECTION 2.20
	    	Returned Payments	  	78
	 SECTION 2.21
	    	Defaulting Lenders	  	78
	 SECTION 2.22
	    	Incremental Revolving Commitments	  	80
		
	ARTICLE III Representations and Warranties	  	81
	 SECTION 3.01
	    	Organization; Powers	  	81
	 SECTION 3.02
	    	Authorization; Enforceability	  	81
	 SECTION 3.03
	    	Governmental Approvals; No Conflicts	  	81
	 SECTION 3.04
	    	Financial Condition; No Material Adverse Change	  	82
	 SECTION 3.05
	    	Properties	  	82
	 SECTION 3.06
	    	Litigation and Environmental Matters	  	83
	 SECTION 3.07
	    	Compliance with Laws and Agreements	  	83
	 SECTION 3.08
	    	Investment Company Status	  	83
	 SECTION 3.09
	    	Taxes	  	83

  

 i 

					
	 SECTION 3.10
	    	ERISA	  	84
	 SECTION 3.11
	    	Disclosure	  	84
	 SECTION 3.12
	    	Margin Regulations	  	84
	 SECTION 3.13
	    	Material Agreements	  	84
	 SECTION 3.14
	    	No Default	  	85
	 SECTION 3.15
	    	Solvency	  	85
	 SECTION 3.16
	    	Insurance	  	85
	 SECTION 3.17
	    	Capitalization and Subsidiaries	  	85
	 SECTION 3.18
	    	Security Interest in Collateral	  	86
	 SECTION 3.19
	    	Employment Matters	  	86
	 SECTION 3.20
	    	Common Enterprise	  	87
		
	ARTICLE IV Conditions	  	87
	 SECTION 4.01
	    	Effective Date	  	87
	 SECTION 4.02
	    	Each Credit Event	  	90
		
	ARTICLE V Affirmative Covenants	  	91
	 SECTION 5.01
	    	Financial Statements; Borrowing Base and Other Information	  	91
	 SECTION 5.02
	    	Notices of Material Events	  	94
	 SECTION 5.03
	    	Existence; Conduct of Business	  	95
	 SECTION 5.04
	    	Payment of Obligations	  	96
	 SECTION 5.05
	    	Maintenance of Properties	  	96
	 SECTION 5.06
	    	Books and Records; Inspection Rights	  	96
	 SECTION 5.07
	    	Compliance with Laws	  	96
	 SECTION 5.08
	    	Use of Proceeds	  	97
	 SECTION 5.09
	    	Insurance	  	97
	 SECTION 5.10
	    	Casualty and Condemnation	  	98
	 SECTION 5.11
	    	Governmental Authorizations	  	98
	 SECTION 5.12
	    	Appraisals	  	98
	 SECTION 5.13
	    	Field Examinations	  	99
	 SECTION 5.14
	    	Mortgages, etc.	  	99
	 SECTION 5.15
	    	Additional Collateral; Further Assurances	  	102
	 SECTION 5.16
	    	Control Agreements	  	103
	 SECTION 5.17
	    	Post-Closing Obligations	  	104
		
	ARTICLE VI Negative Covenants	  	105
	 SECTION 6.01
	    	Indebtedness	  	105
	 SECTION 6.02
	    	Liens	  	111
	 SECTION 6.03
	    	Fundamental Changes; Business Activities	  	113
	 SECTION 6.04
	    	Investments, Loans, Advances, Guarantees and Acquisitions	  	114
	 SECTION 6.05
	    	Asset Sales	  	116
	 SECTION 6.06
	    	Sale and Leaseback Transactions	  	118
	 SECTION 6.07
	    	Swap Agreements	  	118
	 SECTION 6.08
	    	Restricted Payments; Certain Payments of Indebtedness	  	118
	 SECTION 6.09
	    	Transactions with Affiliates	  	120
	 SECTION 6.10
	    	Restrictive Agreements	  	121
	 SECTION 6.11
	    	Amendment of Material Documents	  	122

  

 ii 

					
	 SECTION 6.12
	    	Fixed Charge Coverage Ratio	  	122
	 SECTION 6.13
	    	Changes in Fiscal Periods	  	123
		
	ARTICLE VII Events of Default and Remedies	  	123
	 SECTION 7.01
	    	Events of Default	  	123
	 SECTION 7.02
	    	CAM Exchange	  	127
		
	ARTICLE VIII The Administrative Agent; Joint Collateral Agents; Other Agents	  	128
	 SECTION 8.01
	    	The Administrative Agent	  	128
	 SECTION 8.02
	    	The Joint Collateral Agents	  	131
	 SECTION 8.03
	    	Other Agents	  	133
		
	ARTICLE IX Miscellaneous	  	133
	 SECTION 9.01
	    	Notices	  	133
	 SECTION 9.02
	    	Waivers; Amendments	  	135
	 SECTION 9.03
	    	Expenses; Indemnity; Damage Waiver	  	138
	 SECTION 9.04
	    	Successors and Assigns	  	140
	 SECTION 9.05
	    	Survival	  	144
	 SECTION 9.06
	    	Counterparts; Integration; Effectiveness	  	144
	 SECTION 9.07
	    	Severability	  	144
	 SECTION 9.08
	    	Right of Setoff	  	144
	 SECTION 9.09
	    	Governing Law; Jurisdiction; Consent to Service of Process	  	145
	 SECTION 9.10
	    	Waiver of Jury Trial	  	145
	 SECTION 9.11
	    	Headings	  	146
	 SECTION 9.12
	    	Confidentiality	  	146
	 SECTION 9.13
	    	Several Obligations; Nonreliance; Violation of Law	  	147
	 SECTION 9.14
	    	USA PATRIOT Act	  	147
	 SECTION 9.15
	    	Disclosure	  	147
	 SECTION 9.16
	    	No Fiduciary Relationship	  	147
	 SECTION 9.17
	    	Appointment for Perfection	  	148
	 SECTION 9.18
	    	Interest Rate Limitation	  	148
	 SECTION 9.19
	    	Intercreditor Arrangements	  	148
		
	ARTICLE X Loan Guaranty	  	149
	 SECTION 10.01
	    	Guaranty	  	149
	 SECTION 10.02
	    	Guaranty of Payment	  	149
	 SECTION 10.03
	    	No Discharge or Diminishment of Loan Guaranty	  	149
	 SECTION 10.04
	    	Defenses Waived	  	150
	 SECTION 10.05
	    	Rights of Subrogation	  	150
	 SECTION 10.06
	    	Reinstatement; Stay of Acceleration	  	151
	 SECTION 10.07
	    	Information	  	151
	 SECTION 10.08
	    	[Intentionally omitted]	  	151
	 SECTION 10.09
	    	Taxes	  	151
	 SECTION 10.10
	    	Maximum Liability	  	151
	 SECTION 10.11
	    	Contribution	  	152
	 SECTION 10.12
	    	Liability Cumulative	  	152

  

 iii 

 SCHEDULES: 
  

			
	Schedule 1.01A —	  	Commitment Schedule
	Schedule 2.01 —	  	Existing Letters of Credit
	Schedule 3.05(a) —	  	Properties
	Schedule 3.05(b) —	  	Intellectual Property
	Schedule 3.06 —	  	Disclosed Matters
	Schedule 3.10 —	  	ERISA
	Schedule 3.13 —	  	Indebtedness and Liens
	Schedule 3.16 —	  	Insurance
	Schedule 3.17 —	  	Capitalization and Subsidiaries
	Schedule 5.01(f) —	  	Borrowing Base Supplemental Documentation
	Schedule 5.14 —	  	Farm Mortgaged Properties
	Schedule 6.01 —	  	Existing Indebtedness
	Schedule 6.02 —	  	Existing Liens
	Schedule 6.04(b) —	  	Existing Investments
	Schedule 6.08 —	  	Scheduled Restricted Payments
	Schedule 6.10 —	  	Existing Restrictions

 EXHIBITS: 
  

			
	Exhibit A —	 	Form of Assignment and Assumption
	Exhibit B —	 	Form of Legal Opinion
	Exhibit C —	 	Form of Borrowing Base Certificate
	Exhibit D —	 	Form of Compliance Certificate
	Exhibit E —	 	Joinder Agreement
	Exhibit F —	 	Form of Borrowing Request
	Exhibit G —	 	Form of Interest Election Request
	Exhibit H —	 	Form of Intercreditor Agreement
	Exhibit I —	 	Form of U.S. Tax Compliance Certificate

  

 iv 

 AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 2, 2009 (as it may be amended or modified
from time to time, this “Agreement”), among SMITHFIELD FOODS, INC., a Virginia corporation (the “Company”), the subsidiary guarantors from time to time party hereto, the Lenders from time to time party hereto, J.P.
MORGAN SECURITIES INC., COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC,, MORGAN STANLEY BANK, N.A. and GENERAL ELECTRIC
CAPITAL CORPORATION,, as joint bookrunners and co-lead arrangers (in such capacities, the “Lead Arrangers”), COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, as syndication agent,
BARCLAYS BANK PLC, MORGAN STANLEY BANK, N.A., and GENERAL ELECTRIC CAPITAL CORPORATION, as co-documentation agents, JPMORGAN CHASE BANK, N.A. and GENERAL ELECTRIC CAPITAL CORPORATION, as joint collateral agents (in such capacities, the
“Joint Collateral Agents”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent amends and restates in full the Revolving Credit Agreement, dated as of August 19, 2005 (as amended, restated, supplemented or otherwise
modified prior to the date hereof, the “Existing Credit Agreement”), among the Company, the subsidiary guarantors from time to time party thereto, the lenders from time to time party thereto, Calyon New York Branch, Cooperatieve
Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch and Suntrust Bank, as co-documentation agents, Citicorp USA, Inc., as syndication agent, and JPMorgan Chase Bank, N.A., as administrative agent. 
 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: 
 “2009 Notes” means the Company’s 8% Senior Notes due 2009. 
 “2011 Notes” means the
Company’s 7% Senior Notes due 2011. 
 “2013 Notes” means the Company’s 7 3/4% Senior Notes due 2013. 
 “2017 Notes” means the Company’s 7 3/4% Senior Notes due 2017.

 “ABR”, 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 Alternate Base Rate. 
 “Account” has the meaning
assigned to such term in the Security Agreement. 
 “Account Debtor” means any Person obligated on an Account. 

 “Accounts Reserves” means the Dilution Reserve and any other reserves related to
Accounts which the Joint Collateral Agents deem necessary, in their Permitted Discretion. 
 “Additional Lender” has the
meaning assigned to such term in Section 2.22. 
 “Adjusted Eurocurrency 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 Eurocurrency Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity as provided in Article VIII. 
 “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. 
 “Aggregate Credit Exposure” means, at
any time, the aggregate Credit Exposure of all the Lenders. 
 “Agreement” has the meaning assigned to such term in the
preamble hereto. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to 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 Eurocurrency 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 Eurocurrency Rate
for any day shall be based on the rate appearing on the Libor Reuters Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a
change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurocurrency Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurocurrency
Rate, respectively. 
 “Applicable Commitment Fee Rate” means, for any day, with respect to the commitment fees
payable hereunder, the applicable rate per annum set forth below, based upon the daily average Commitment Utilization Percentage during the most recent fiscal quarter of the Company: 
  

			
	 Commitment Utilization
 Percentage
	  	 Applicable
 Commitment
 Fee Rate

	 Category 1
 > 50%
	  	0.75%
	 Category 2
 £ 50%
	  	1.00%

  

 2 

 For purposes of the foregoing, the Applicable Commitment Fee Rate shall be determined as of the end of each fiscal
quarter of the Company; provided that the Commitment Utilization Percentage shall be deemed to be in Category 2 (A) at any time that an Event of Default has occurred and is continuing or (B) at the option of the Administrative
Agent or at the request of the Required Lenders if the Company fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, during the period from the expiration of the time
for delivery thereof until such consolidated financial statements are delivered. 
 “Applicable Dollar Percentage” means,
with respect to any Dollar Lender, the percentage of the Total Dollar Commitment represented by such Dollar Lender’s Dollar Commitment; provided, that if the Dollar Commitments have terminated or expired, the Applicable Dollar
Percentages shall be determined based upon the Total Dollar Commitment most recently in effect, after giving effect to any assignments. 
 “Applicable Multicurrency Percentage” means, with respect to any Multicurrency Lender, the percentage of the Total Multicurrency Commitment represented by such Multicurrency Lender’s Multicurrency Commitment;
provided, that if the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentages shall be determined based upon the Total Multicurrency Commitment most recently in effect, after giving effect to any
assignments. 
 “Applicable Percentage” means, at any time with respect to any Lender, a percentage equal to a fraction, the
numerator of which is such Lender’s Commitment and the denominator of which is the Total Commitment, in each case at such time; provided that for purposes of Section 2.21 when a Defaulting Lender shall exist, “Applicable
Percentage” shall mean the percentage of the Total Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If, however, the Commitments have terminated or expired, the Applicable
Percentages shall be determined based upon the Total Commitment most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 
 “Applicable Rate” means, for any day with respect to any ABR Loan or Eurocurrency Loan, as the case may be, the applicable rate per
annum set forth below under the caption “ABR Spread” or “Eurocurrency Spread”, as the case may be, based upon the Company’s corporate credit and/or family ratings, as applicable, from S&P and Moody’s as of such
date: 
  

											
	 Level
	  	Corporate Family
Rating: Moody’s	 	Corporate
Credit Rating:
S&P	 	Eurocurrency
Spread	 	 	ABR Spread	 
	 I
	  	3 Ba3	 	3 BB-	 	4.00	% 	 	3.00	% 
	 II
	  	< Ba3 but 3 B1	 	< BB- but 3 B+	 	4.25	% 	 	3.25	% 
	 III
	  	£ B2	 	£ B	 	4.50	% 	 	3.50	% 

  

 3 

 For purposes of the foregoing, (i) if the ratings established or deemed to have been established by
Moody’s and S&P for such debt shall fall within different Levels, the Applicable Rate shall be based on the higher of the two ratings (i.e., the higher Level) unless one of the two ratings is two or more Levels lower than the other, in
which case the Applicable Rate shall be determined by reference to the Level next below the higher of the two Levels (it being understood that Level I is the highest Level and Level III is the lowest Level); (ii) if the ratings established or
deemed to have been established by Moody’s and S&P for such debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first
announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Company to the Administrative Agent and the Lenders or otherwise; and (iii) if either Moody’s or S&P (or both) shall
not have in effect a rating for such debt (other than by reason of the circumstances described in the next sentence), then such rating agency shall be deemed to have established a rating in Level III. Each change in the Applicable Rate 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. If the rating system of Moody’s or S&P shall change, or if either such rating agency
shall cease to be in the business of rating corporate debt obligations, the Company and the Required Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such
rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Approved Foreign Currency” means the Euro. 
 “Approved Fund” has the meaning assigned to such term in Section 9.04. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any Person 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. 
 “Availability” means,
at any time, an amount equal to the lesser of (a) (i) the lesser of (A) the Total Commitment and (B) the Borrowing Base minus (ii) the Aggregate Credit Exposure and (b) the amount of the Available Debt Cap
Amount as determined by the most recent Debt Cap Calculation delivered pursuant to Section 5.01(f)(iii). 
 “Availability
Period” means the period from and including the Effective Date to but excluding the Maturity Date. 
  

 4 

 “Available Commitment” means, at any time, the Total Commitment then in effect
minus the Aggregate Credit Exposure at such time; provided, that in calculating the Aggregate Credit Exposure for the purpose of determining the Available Commitment pursuant to Section 2.12(a), the aggregate principal
amount of Swingline Loans and Protective Advances then outstanding shall be deemed to be zero. 
 “Available Debt Cap
Amount” means, at any time, the difference of (a) the Debt Cap at such time minus (b) the aggregate amount of outstanding obligations which constitute a usage of the debt incurrence provisions subject to the
applicable Debt Cap. 
 “Available Equity Proceeds” means, at any date (the “Reference Date”), the Net
Proceeds from the issuance or sale by the Company of any common stock of the Company during the period from the Effective Date through the Reference Date (other than an issuance or sale of Equity Interests to a Subsidiary or any employee stock
ownership plan or trust established by the Company or any Subsidiaries or a similar issuance or sale), minus the sum without duplication of the aggregate amount of the Available Equity Proceeds used (a) to make Investments
pursuant to Section 6.04(m) and (b) to repay Indebtedness pursuant to 6.08(b)(vii). 
 “Banking Services” means
each and any of the following bank services provided to any Loan Party by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards),
(b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services Obligations” of the Loan Parties means any and all obligations of the Loan Parties, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 
 “Banking Services Reserves” means all Reserves which the Joint Collateral Agents from time to time establish, in their Permitted
Discretion, for Banking Services then provided or outstanding. 
 “Board” means the Board of Governors of the Federal
Reserve System of the United States of America (or any successor thereto). 
 “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, (b) a Swingline Loan and (c) a Protective Advance. 
 “Borrowing Base” means, at any time, an amount equal to the sum of (a) 85% multiplied by the difference of (i) Eligible
Accounts at such time minus (ii) the Accounts Reserves, plus (b) the sum for the Eligible Inventory categories in the most recent Inventory appraisal provided to the Joint Collateral Agents (and conducted by an appraiser
acceptable to the Joint Collateral Agents) of the lesser amount for each category of (i) the product of (x) 65% multiplied by (y) the Eligible Inventory of the type included in such category in such Inventory appraisal, valued at the
lower of cost or market value, determined on a first-in-first-out basis, 

  

 5 

 
consistent with the Company’s past practices, at such time, minus Inventory Reserves and (ii) the product of 85% multiplied by the Net Orderly
Liquidation Value percentage applied to such category in such Inventory appraisal multiplied by the Eligible Inventory of the type included in such category in such Inventory appraisal, valued at the lower of cost or market value, determined on a
first-in-first-out basis, consistent with the Company’s past practices, at such time minus Inventory Reserves (provided that the aggregate amount added to the Borrowing Base pursuant to this clause (b) in respect of Eligible
Inventory consisting of live animals shall not exceed $300,000,000 at any time), plus (c) the total cash deposits of the Loan Parties that are maintained in deposit accounts and subject to an agreement, in form and substance satisfactory
to the Administrative Agent, granting control of all deposits and balances held in such deposit accounts to the Administrative Agent, minus (d) without duplication, Reserves established by the Joint Collateral Agents in their Permitted
Discretion. The Joint Collateral Agents may, in their Permitted Discretion, adjust Reserves or reduce one or more of the other elements used in computing the Borrowing Base, with any such changes to be effective 3 days (or, during any Cash Dominion
Period, 1 day) after delivery of notice thereof to the Company and the Lenders; provided, that such changes shall be effective immediately in the case of reductions of cash deposits included in the Borrowing Base pursuant to clause
(c) of this definition. The Borrowing Base shall be determined by reference to the Borrowing Base Certificate most recently delivered to the Joint Collateral Agents pursuant to Section 5.01(f), subject to adjustments and changes made by
the Joint Collateral Agents in their Permitted Discretion as provided above. At the time of any disposition of a Loan Party, or a sale of all or substantially all of the assets of a Loan Party, the Company shall give the Joint Collateral Agents
written notice of such disposition together with such information as shall be required for the Joint Collateral Agents to adjust the Borrowing Base to reflect such disposition. 
 “Borrowing Base Certificate” means a certificate, signed and certified as accurate and complete by a Financial Officer of the Company,
in substantially the form of Exhibit C or another form which is acceptable to the Joint Collateral Agents in their sole discretion. 
 “Borrowing Base Supplemental Documentation” means the items described on Schedule 5.01(f). 
 “Borrowing
Request” means a request by the Company for a Borrowing of Revolving Loans in accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a
Eurocurrency 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. 
 “CAM Exchange” means the exchange of the Lenders’ interests provided for in Section 7.02. 
 “CAM Exchange Date” means the date on which any Event of Default described in Section 7.01(h) of 7.01(i) shall occur, or the date
on which the Company receives written notice from the Administrative Agent that any Event of Default described in Section 7.01(h) or 7.01(i) has occurred. 
  

 6 

 “CAM Percentage” means, as to each Lender, a fraction, expressed as a decimal, of which
(a) the numerator shall be the aggregate Dollar Equivalent of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date and (b) the denominator shall be the
aggregate Dollar Equivalent of the Designated Obligations owed to all the Lenders (whether or not at the time due and payable) immediately prior to the CAM Exchange Date. 
 “Campofrio” means Campofrío Alimentación S.A., a company incorporated in Spain. 
 “Capital Expenditures” means, for any period, with respect to the Company, the aggregate of all expenditures by the Company and its consolidated Subsidiaries for the acquisition or leasing (pursuant to Capital Lease
Obligations) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of the Company and its
consolidated Subsidiaries. 
 “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. 
 “Cash Dominion Period” means (a) each period when an Event of Default shall have occurred and be continuing and (b) each period beginning on a date on which Availability is less than the greater of (i) 20% of
the Total Commitment and (ii) $160,000,000; provided that the Cash Dominion Period commencing under this clause (b) shall be discontinued when and if Availability shall have been not less than such specified level for 60 consecutive days,
provided further, however, that a Cash Dominion Period may be discontinued no more than twice in any period of 12 consecutive months. 
 “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 Exchange Act and the rules of the SEC thereunder as in
effect on the Effective Date), of Equity Interests representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in the Company, (b) the occupation of a majority of the seats (other
than vacant seats) on the board of directors of the Company by Persons who were neither (i) nominated by the board of directors of the Company nor (ii) appointed by directors so nominated; or (c) a Specified Change of Control.

 “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, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any
request, guideline or directive (whether or not having the force of law) of any Governmental Authority. 
  

 7 

 “Charges” has the meaning assigned to such term in Section 9.18. 
 “Chief Financial Officer” means, with respect to any Person, the chief financial officer of such Person. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Loans, Swingline Loans or Protective Advances. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 
 “Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral
Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the Secured
Parties, to secure the Secured Obligations. 
 “Collateral Access Agreement” means any landlord waiver or other agreement,
in form and substance satisfactory to the Administrative Agent, between the Administrative Agent and any third party (including any bailee, consignee, customs broker or other similar Person) in possession of any Collateral or any landlord of any
Loan Party for any real property where any Collateral is located, as such landlord waiver or other agreement may be amended, restated or otherwise modified from time to time. 
 “Collateral Documents” means, collectively, the Security Agreement, the Mortgages, the Deposit Account Control Agreements and any other
documents granting a Lien upon the Collateral as security for payment of the Secured Obligations or perfecting any such Lien. 
 “Collection Account” has the meaning assigned to such term in the Security Agreement. 
 “Commencement
Date” has the meaning assigned to such term in Section 6.12. 
 “Commitment” means, with respect to each
Lender, the sum of such Lender’s Dollar Commitment and Multicurrency Commitment, if any. The initial amount of each Lender’s Commitment as of the Effective Date is set forth on the Commitment Schedule. The Total Commitment as of the
Effective Date is $1,000,000,000. 
 “Commitment Schedule” means Schedule 1.01A. hereto identified as such. 
 “Commitment Utilization Percentage” means, on any date, the percentage equivalent to a fraction (a) the numerator of which is the
Credit Exposure of all Lenders and (b) the denominator of which is the Total Commitment. 
  

 8 

 “Company” has the meaning assigned to such term in the preamble to this Agreement.

 “Company IRBs” means (a) Industrial Development Authority of the County of Isle of Wight Industrial Revenue Bonds
(The Smithfield Ham and Products Company, Incorporated Project) Series 1999, as evidenced by that certain Trust Indenture, dated as of February 1, 1999, between the Industrial Development Authority of the Isle of Wight and Norwest Bank
Minnesota, N.A., now known as Wells Fargo Bank Minnesota, National Association, as trustee; (b) The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority Industrial Development Revenue Bonds (Stefano Foods, Inc.
Project), Series 1996, as evidenced by that certain Trust Indenture, dated as of June 1, 1996, between The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority and Norwest Bank Minnesota, N.A., now known as Wells
Fargo Bank Minnesota, National Association, as trustee; (c) The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority Industrial Development Revenue Bonds (Stefano Foods, Inc. Project), Series 2001, as evidenced by
that certain Indenture of Trust, dated as of December 1, 2001, between The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority and The Bank of New York, as trustee; and (d) Beaver County, Utah Environmental
Facility Revenue Bonds (BEST Biofuels LLC Project) Series 2003A and Beaver County, Utah Taxable Environmental Facility Revenue Bonds (BEST Biofuels LLC Project) Series 2003B, as evidenced by that certain Trust Indenture, dated as of May 1,
2003, between Beaver County, Utah and Zions First National Bank, as trustee. 
 “Consolidated Total Assets” means, on any
date, the aggregate amount of assets of the Company and its Subsidiaries shown on a consolidated balance sheet of such Persons at such date. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, or the dismissal or appointment of the management, of a Person, whether through the
ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. Solely for purposes of the definition of “Affiliate”, “Control” shall also mean the
possession, directly or indirectly, of the power to vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of a Person. 
 “Controlled Deposit Account” has the meaning assigned to such term in the Security Agreement. 
 “Convertible Notes” means the Company’s 4% Convertible Senior Notes due 2013. 
 “Covered Notes” means each of the Senior Secured Notes, the 2009 Notes, the 2011 Notes, the 2013 Notes, the 2017 Notes and the
Convertible Notes. 
 “Covered Notes Documents” means any agreement or instrument governing or evidencing any of the Covered
Notes. 
  

 9 

 “Credit Exposure” means, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Revolving Loans, Dollar LC Exposure, Multicurrency LC Exposure and Swingline Exposure at such time, plus an amount equal to its Applicable Percentage of the aggregate principal amount of Protective
Advances outstanding at such time. 
 “Currency” means Dollars or any Foreign Currency. 
 “Current European Facility Outstanding Amount” means, at any date of determination, an amount equal to the outstanding principal amount
of Indebtedness and unused commitments under the European Facility, including any refinancings thereof effected pursuant to Section 6.01(g). 
 “Current Polish Facilities Outstanding Amount” means, at any date of determination, an amount equal to the outstanding principal amount of Indebtedness and unused commitments under the Polish Facilities, including any
refinancings thereof effected pursuant to Section 6.01(g). 
 “Debt Cap” means, at any time (a) an amount equal to
the sum of (i) 75% of the net book value of the Company’s and its Restricted Subsidiaries’ (as defined in the Covered Notes Documents) accounts receivable as of the date of the most recently available balance sheet and (ii) 75%
of the net book value of the Company’s and its Restricted Subsidiaries’ (as defined in the Covered Notes Documents) inventories as of the date of the most recently available balance sheet, in each case, as calculated pursuant to the
Covered Notes Documents, or, (b) if lower, the most restrictive “Borrowing Base” (or other defined term or provision having a similar purpose) used to calculate a restriction on indebtedness of the Company and/or any of its
Subsidiaries in any agreement or instrument governing any indebtedness (other than the Secured Obligations) of the Company and/or any of its Subsidiaries, which restriction is applicable to the amount of Obligations hereunder permitted pursuant to
such an agreement or instrument. 
 “Debt Cap Calculation” means a calculation, certified by a Financial Officer of the
Company, showing the amount of the Debt Cap then in effect. 
 “Debt Securities” means any bond or other debt instrument
that is a “security” as such term is defined under the Securities Act of 1933, as amended and is issued through a public offering or private placement of securities pursuant to an exemption under the Securities Act of 1933, as amended. For
the avoidance of doubt, the issuance of debt pursuant to a revolving or term facility that (i) does not take the form of an indenture and (ii) is primarily composed of lenders constituting banks, financial companies
specializing in the origination and arrangement of loans, insurance companies or affiliates thereof shall not constitute Debt Securities. 
 “Default” means any event or condition that 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, as reasonably determined by the Administrative Agent, that has (a) failed to fund its portion
of any Borrowing, or any portion of its participation in any Letter of Credit or Swingline Loan, within three Business Days of the 

  

 10 

 
date on which it shall have been required to fund the same, unless the subject of a good faith dispute between the Borrower and such Lender,
(b) notified the Company, the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement
to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally, (c) failed, within three Business Days after written request by the
Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans (unless the subject of a good faith dispute between the Borrower and such Lender) and participations in then
outstanding Letters of Credit, Swingline Loans and Protective Advances; provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt of such confirmation by the Administrative Agent,
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute), or
(e) (i) been (or has a parent company that has been) adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or (ii) become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any
action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its
consent to, approval of or acquiescence in any such proceeding or appointment, unless in the case of any Lender referred to in this clause (e) the Company, the Administrative Agent, the Swingline Lender and each Issuing Bank shall be satisfied
that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder. For the avoidance of doubt, a Lender shall not be deemed to be a Defaulting Lender solely by virtue of the ownership
or acquisition of any Equity Interest in such Lender or its parent by a Governmental Authority. 
 “Departing Lender” has
the meaning assigned to such term in Section 2.19(b). 
 “Deposit Account Control Agreement” has the meaning assigned
to such term in the Security Agreement. 
 “Designated Debt” means Indebtedness under the 2011 Notes and the European
Facility; provided that no such Indebtedness shall constitute “Designated Debt” in the event that the maturity thereof has been extended to a date after the third anniversary of the Effective Date. 
 “Designated Obligations” means all obligations of the Company with respect to (a) principal of and interest on the Loans,
(b) LC Disbursements and interest thereon and (c) accrued and unpaid fees under the Loan Documents. 
 “Dilution
Factors” means, without duplication, with respect to any period, the aggregate amount of all deductions, credit memos, returns, adjustments, allowances, bad debt 

  

 11 

 
write-offs and other non-cash credits (including all volume discounts, trade discounts and rebates) that are recorded to reduce Accounts of the Loan Parties
in a manner consistent with current and historical accounting practices of the Loan Parties. 
 “Dilution Ratio” means, at
any time, the amount (expressed as a percentage), calculated in connection with the delivery of the Borrowing Base Certificate for the fiscal month most recently ended, equal to (a) the aggregate amount of the applicable Dilution Factors in
respect of the Accounts of the Loan Parties for the 12 most recently ended fiscal months divided by (b) total gross invoices of the Loan Parties for such 12 most recently ended fiscal months. 
 “Dilution Reserve” means, at any date, the product of (a) the excess of (i) the applicable Dilution Ratio at such time
over (ii) 5.00%, multiplied by (b) the aggregate amount of Eligible Accounts at such time. 
 “Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Document” has the meaning assigned to such term in the Security Agreement. 
 “Dollar Commitment”
means, as to each Dollar Lender, the obligation of such Dollar Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Dollar Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.09 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 Dollar Commitment is set forth on the Commitment Schedule, in the Assignment and Assumption pursuant to which such Lender shall
have assumed its Dollar Commitment. The initial aggregate amount of the Total Dollar Commitment is $900,000,000. 
 “Dollar
Equivalent” means, (a) with respect to any Borrowing or other extension of credit expressed in an Approved Foreign Currency, the amount of Dollars that would be required to purchase the amount of such Foreign Currency of such Borrowing
or extension of credit on the date two Business Days prior to the date of such Borrowing or extension of credit (or, in the case of any determination made under Section 2.11(b) or redenomination under Section 2.18, or in the case of a
redenomination of any other amount into Dollars as provided herein, on the date of determination or redenomination therein referred to), based upon the spot selling rate at which the Administrative Agent offers to sell such Approved Foreign Currency
for Dollars in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two days later, provided, that with respect to the certification to be made by the Company pursuant to Section 5.01(f), such spot selling
rate shall be determined by reference to the spot selling rate set forth in the Wall Street Journal on the Business Day immediately preceding the date on which such certification is to be made and (b) with respect to any amount expressed in
Dollars, such amount. 
 “Dollar LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Dollar Letters of Credit at such time plus (b) the aggregate amount of 

  

 12 

 
all LC Disbursements in respect of Dollar Letters of Credit that have not yet been reimbursed by or on behalf of any Loan Party at such time. The Dollar LC
Exposure of any Lender at any time shall be its Applicable Dollar Percentage of the Dollar LC Exposure of all Lenders at such time. 
 “Dollar Lender” means (a) on the Effective Date, the Lenders designated as having Dollar Commitments on the Commitment Schedule under the heading “Dollar Lenders” and (b) thereafter, the Lenders from
time to time holding Loans made pursuant to Dollar Commitments or holding Dollar Commitments, after giving effect to any assignments thereof permitted by Section 9.04(b). 
 “Dollar Letters of Credit” means Letters of Credit that utilize the Dollar Commitments. 
 “Dollar Loan” means a Revolving Loan under the Dollar Tranche. 
 “Dollar Protective Advance” has the meaning assigned to such term in Section 2.04. 
 “Dollar Tranche” means the Dollar Commitment and the provisions herein related to the extensions of credit made thereunder. 

“Dollars” or “$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any State thereof or the District of
Columbia. 
 “EBITDA” means, for any period, an amount equal to (a) the sum for such period of Net Income and, to the
extent subtracted in determining such Net Income, provisions for (i) taxes based on income, (ii) Interest Expense, (iii) depreciation and amortization expense, (iv) with respect to any period ending on or prior to August 1,
2011, non-recurring charges in connection with the restructuring of the Company’s pork segment in an aggregate amount not to exceed $25,000,000 (or, if such period includes the Company’s fiscal quarter ending May 3, 2009,
$100,000,000), (v) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that was included in Net Income in a prior period and any non-cash charge that relates to the write-down or write-off of
inventory) and (vi) with respect to any period that includes the fiscal quarter ending October 26, 2008, any gain on the sale of the beef group minus (b) without duplication and to the extent included in Net Income, any cash
payments made during such period in respect of non-cash charges described in clause (a)(v) taken in a prior period. 
 “Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
 “Eligible Accounts” means, at any time, the Accounts of any Loan Party, but excluding any Account: 
 (a) which is not subject to a first-priority perfected security interest in favor of the Administrative Agent (for the benefit of the Secured Parties); 
  

 13 

 (b) which is subject to any Lien other than (i) a Lien in favor of the
Administrative Agent (for the benefit of the Secured Parties), (ii) a Permitted Encumbrance that does not have priority over the Lien in favor of the Administrative Agent (for the benefit of the Secured Parties), provided that Accounts
shall not be deemed ineligible in respect of Liens arising under PACA, PSA or any similar laws or regulations to the extent that a Reserve is maintained in respect of rights of sellers of livestock, poultry and perishable agricultural commodities
thereunder; and (iii) a Lien permitted pursuant to Section 6.02(c) or 6.02(p) that, in each case, does not have priority over the Lien in favor of the Administrative Agent (for the benefit of the Secured Parties); 
 (c) (i) with respect to which the scheduled due date is more than 60 days after the original invoice date, (ii) which is unpaid more
than 60 days after the date of the original invoice therefor or more than 53 days after the original due date, or (iii) which has been written off the books of the applicable Loan Party or otherwise designated as uncollectible (in determining
the aggregate unpaid amount owing from each Account Debtor with respect to Accounts that are unpaid either more than 60 days after the date of the original invoice therefor or more than 53 days after the original due date, such aggregate amount
shall not be reduced to give effect to any credits extended by, or amounts owing from, the Loan Parties to such Account Debtor); 
 (d) which is owing by an Account Debtor for which more than 50% of the Accounts owing from such Account Debtor and its Affiliates are ineligible pursuant to clause (c) of this definition; 
 (e) (i) that is owing by an Account Debtor, other than an Investment Grade Account Debtor, to the extent the aggregate amount of Accounts
owing from such Account Debtor and its Affiliates to all Loan Parties exceeds 10% of the aggregate amount of all Eligible Accounts of all Loan Parties at such time, or (ii) that is owing by an Investment Grade Account Debtor to the extent the
aggregate amount of Accounts owing from such Investment Grade Account Debtor and its Affiliates to all Loan Parties exceeds 15% of the aggregate amount of all Eligible Accounts of all Loan Parties at such time; 
 (f) with respect to which any covenant, representation, or warranty contained in any Loan Document has been breached or is not true in any
material respect (without duplication of any materiality or similar qualification in any such covenant, representation or warranty); 
 (g) which (i) does not arise from the sale of goods or performance of services in the applicable Loan Party’s ordinary course of business, (ii) is not evidenced by an invoice or other documentation reasonably satisfactory to
the Administrative Agent which has been sent to the Account Debtor, (iii) represents a progress billing, (iv) is contingent upon any Loan Party’s completion of any further performance, (v) represents a sale on a bill-and-hold,
guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis or (vi) relates to payments of interest or service or finance charges (but only that portion of the Account relating
thereto); 
  

 14 

 (h) for which the goods giving rise to such Account have not been shipped to the Account
Debtor or for which the services giving rise to such Account have not been performed by the applicable Loan Party or if such Account was invoiced more than once; 
 (i) for which the goods giving rise to such Account have not been delivered to the Account Debtor other than Accounts in respect of FOB
shipments subject to an SAB 104 adjustment, to the extent that such goods (i) shall have been shipped not more than 5 days prior to the date of determination and are expected to be delivered within 5 days of the original shipment date and
(ii) are covered by insurance in accordance with the applicable Loan Party’s normal business practices (it being understood that any goods that give rise to an Account that qualifies as an Eligible Account pursuant to this paragraph
(i) shall not be included as Inventory of any Loan Party); 
 (j) with respect to which any check or other instrument of
payment has been returned uncollected for any reason; 
 (k) which is owed by an Account Debtor in respect of which the
Company or any of its Subsidiaries has received notice of proceedings or actions which are threatened or pending against such Account Debtor that would reasonably be expected to result in any material adverse change in such Account Debtor’s
financial condition; 
 (l) which is owed by an Account Debtor that has (i) applied for, suffered, or consented to the
appointment of any receiver, custodian, trustee, liquidator or similar official for such Account Debtor of its assets, (ii) had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator,
(iii) filed, or had filed against it, any assignment, application, request or petition for liquidation, reorganization, compromise, arrangement, adjustment of debts, adjudication as bankrupt, winding-up or voluntary or involuntary case or
proceeding under any state or Federal bankruptcy laws (other than post-petition accounts payable of an Account Debtor that is a debtor-in-possession under the Bankruptcy Code and reasonably acceptable to the Administrative Agent), (iv) admitted
in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent, (vi) ceased operation of its business, or (vii) been placed on a watch list by the Company or any other Loan Party in
connection with any concern relating to such issues or other credit concerns; 
 (m) which is owed by any Account Debtor which
has sold all or substantially all of its assets; 
 (n) which is owed by an Account Debtor which (i) does not maintain
its chief executive office or principal place of business in the U.S. (including any State thereof, the District of Columbia and, at the Administrative Agent’s Permitted Discretion 

  

 15 

 
following a request therefor by the Company (and following the completion of, and the Joint Collateral Agents’ satisfaction with, due diligence deemed
to be necessary by the Joint Collateral Agents, in each case as determined in their Permitted Discretion), any territory thereof (including Puerto Rico, the U.S. Virgin Islands and Guam)) or Canada or (ii) is not organized under the applicable
law of the U.S., or any State or territory thereof (including Puerto Rico, the U.S. Virgin Islands and Guam) or the District of Columbia, Canada or any province of Canada other than any such Accounts in a aggregate amount outstanding at any time not
to exceed $50,000,000 (or at any time when the Total Commitment is not less than $1,300,000,000, in an aggregate amount outstanding not to exceed $65,000,000), in each case to the extent that such Accounts are fully backed by letters of credit
acceptable to the Administrative Agent in its Permitted Discretion and pledged to the Administrative Agent; 
 (o) which is
owed in any currency other than Dollars; 
 (p) which is owed by (i) the government (or any department, agency, public
corporation, or instrumentality thereof) of any country other than the U.S. unless such Account is backed by a letter of credit acceptable to the Administrative Agent which is in the possession of the Administrative Agent, (ii) the government
of the U.S., or any department, agency, public corporation, or instrumentality thereof unless (other than with respect to Accounts not in excess of $10,000,000 in the aggregate) the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C.
§ 3727 et seq. and 41 U.S.C. § 15 et seq.) has been complied with, and any other necessary actions to perfect the rights of the Administrative Agent with respect to such Account have been taken, in each case, to
the Administrative Agent’s reasonable satisfaction or (iii) any Account Debtor the primary business of which is conducted as a contractor for any Account Debtor referred to in clause (i) or (ii) of this paragraph (p);
provided, that nothing contained in this clause (p) shall exclude an Account that is owed by any state of the U.S. or any department, agency, public corporation, or instrumentality thereof, except to the extent such state has
anti-assignment laws that would restrict the ability of the Administrative Agent to obtain a perfected security interest in any such Account; 
 (q) which is owed by any Affiliate, employee, officer, director, agent or stockholder of any Loan Party; 
 (r) which is owed by an Account Debtor to which any Loan Party is indebted (or is indebted to any Affiliate of such Account Debtor), but only to the extent of such indebtedness or is subject to any security, deposit,
progress payment, unapplied cash, retainage or other similar advance made by or for the benefit of an Account Debtor, in each case to the extent thereof; 
 (s) which is subject to (i) any contra-receivable (including any adjustment pursuant to a cost-plus arrangement) or allowance for bad debt, but only to the extent of any such contra-receivable or allowance; or
(ii) any counterclaim, deduction, defense, setoff or dispute, but only to the extent of any such counterclaim, deduction, defense, setoff or dispute; 
  

 16 

 (t) which is evidenced by any promissory note, judgment, chattel paper or instrument;

 (u) with respect to which the applicable Loan Party has made any agreement with the Account Debtor for any reduction
thereof, other than discounts and adjustments given in the ordinary course of business, or any Account which was partially paid and any new Account related to the unpaid portion of such partially paid Account; 
 (v) which does not comply in all material respects with the requirements of all applicable laws and regulations, whether Federal, state or
local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of the Board; 
 (w) which is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other agreement or understanding (written or oral) that indicates or purports that any Person other than a
Loan Party has or has had an ownership interest in such goods, or which indicates any party other than any of the Loan Parties as payee or remittance party; 
 (x) which was acquired or originated by any Person acquired after the date hereof (until such time as diligence in respect of such Person
and such Accounts satisfactory to the Joint Collateral Agents, in their Permitted Discretion, has been completed); 
 (y)
which is governed by the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia, Canada or any province of Canada; 
 (z) which relates to Inventory which is recorded as perpetual Inventory other than any Inventory which is subject to an SAB 104
adjustment; 
 (aa) which was created on cash on delivery terms; or 
 (bb) which the Joint Collateral Agents otherwise determine shall not be included in Eligible Accounts based on such credit and collateral
considerations as the Joint Collateral Agents, in their Permitted Discretion, deem appropriate. 
 In the event that an Account which was
previously an Eligible Account ceases to be an Eligible Account hereunder, the Company shall notify the Joint Collateral Agents thereof on and at the time of submission to the Joint Collateral Agents of the next Borrowing Base Certificate. In
determining the amount of an Eligible Account, the face amount of an Account may, in the Joint Collateral Agents’ Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of
all sales, advances or prepayments, accrued and actual discounts (including early pay discounts), claims, rebates, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any
amount that such Loan Party may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet
applied by 

  

 17 

 
such Loan Party to reduce the amount of such Account. Eligible Accounts shall also be adjusted as required to reflect any trade reconciliation in respect of
agings and the general ledger. Standards of eligibility may be made more restrictive (and such increased restrictiveness subsequently reversed in whole or in part) from time to time solely by the Joint Collateral Agents in the exercise of their
Permitted Discretion, with any such changes to be effective 3 Business Days after delivery of notice thereof to the Company and the Lenders. 
 With respect to an Account that was acquired or originated by any Person acquired after the Effective Date, the Joint Collateral Agents shall use commercially reasonable efforts, at the expense of the Loan Parties, to complete diligence in
respect of such Person and such Account, within a reasonable time following request of the Company for the purpose of determining the eligibility of such Account. 
 “Eligible Inventory” means, at any time, the Inventory of the Loan Parties, other than any Inventory: 
 (a) which is not subject to a first priority perfected Lien in favor of the Administrative Agent (for the benefit of the Secured Parties); 
 (b) which is subject to any Lien other than (i) a Lien in favor of the Administrative Agent (for the benefit of the Secured Parties),
(ii) a Permitted Encumbrance which does not have priority over the Lien in favor of the Administrative Agent (for the benefit of the Secured Parties) and (iii) a Lien permitted pursuant to Section 6.02(c) or 6.02(p) that, in each
case, that does not have priority over the Lien in favor of the Administrative Agent (for the benefit of the Secured Parties); provided that Inventory shall not be deemed ineligible in respect of (i) Liens arising under PACA, PSA or any
similar laws or regulations to the extent that a Reserve is maintained in respect of rights of sellers of livestock, poultry and perishable agricultural commodities thereunder or (ii) landlords’ liens to the extent that a Rent or
Collateral Access Reserve is maintained in respect thereof; 
 (c) which is determined, based on the Company’s historical
reserve practices and subject to the Joint Collateral Agents’ approval, to be slow moving, obsolete, unmerchantable, defective, used, unfit for sale or processing, not salable at prices approximating at least the cost of such Inventory in the
ordinary course of business or unacceptable due to age, type, category and/or quantity; 
 (d) with respect to which any
covenant, representation, or warranty contained in any Loan Document has been breached or is not true in any material respect (without duplication of any materiality or similar qualification in any such covenant, representation or warranty) or which
does not conform in any material respect to all standards imposed by any Governmental Authority; 
 (e) in which any Person
other than the applicable Loan Party shall (i) have any direct or indirect ownership, interest or title to such Inventory or (ii) be indicated on any purchase order or invoice with respect to such Inventory as having or purporting to have
any interest therein; 
  

 18 

 (f) which is spare or replacement parts, subassemblies, packaging and shipping material,
manufacturing supplies, cooking ingredients, samples, prototypes, displays or display items, bill-and-hold goods, goods that are returned or marked for return, repossessed goods, defective or damaged goods, goods held on consignment, or goods which
are not of a type held for sale in the ordinary course of business or do not relate to the core business of the Company; 
 (g) which is not located in the U.S. or is in transit with a carrier (other than the Company or another Loan Party) from vendors and suppliers; 
 (h) which is located in any location leased by a Loan Party unless (i) the lessor has delivered to the Administrative Agent a Collateral Access Agreement or (ii) a Rent or Collateral Access Reserve with
respect to such facility has been established by the Joint Collateral Agents in their Permitted Discretion; 
 (i) which is
located in any third party warehouse or other storage facility or is in the possession of a bailee (other than a third party processor) and is not evidenced by a Document (other than bills of lading to the extent permitted pursuant to clause
(g) above), unless (i) such warehouseman or bailee has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation as the Administrative Agent may require in its Permitted Discretion or (ii) a Rent
or Collateral Access Reserve has been established by the Joint Collateral Agents in their Permitted Discretion; 
 (j) which
is being processed offsite at a third party location or outside processor, or is in-transit to or from said third party location or outside processor; 
 (k) which is feed on farm; 
 (l) which is a discontinued product or component thereof;

 (m) which is the subject of a consignment by a Loan Party as consignor; 
 (n) which contains or bears any intellectual property rights licensed to any Loan Party unless the Joint Collateral Agents are satisfied
that (i) they may sell or otherwise dispose of such Inventory without (A) the consent of each applicable licensor, (B) infringing the rights of such licensor, (C) violating any contract with such licensor, or (D) incurring
any liability with respect to payment of royalties other than royalties incurred pursuant to sale of such Inventory under the current licensing agreement or (ii) such Inventory is covered by a valid and enforceable purchase order satisfactory
to the Administrative Agent in its Permitted Discretion; 
 (o) which is not reflected in a current perpetual inventory report
of any Loan Party; 
 (p) for which reclamation rights have been asserted by the seller; 
  

 19 

 (q) that is located at a location for which the aggregate fair value for all Inventory is
less than $100,000 other than such Inventory in an aggregate amount not to exceed $20,000,000; 
 (r) which consists of field
medicines or vaccines; 
 (s) which is subject to a recall or similar notice; 
 (t) which is Inventory of any Person acquired after the date hereof (until such time as diligence in respect of such Person and such
Inventory satisfactory to the Joint Collateral Agents, in their Permitted Discretion, has been completed); 
 (u) which is
designated to be returned to a vendor or that is damaged or off-quality or subject to warranty claims or not to customer specifications or that is remanufactured; 
 (v) which is the subject of an Account in respect of an FOB shipment subject to an SAB 104 adjustment; or 
 (w) which the Joint Collateral Agents otherwise determine shall not be included in Eligible Inventory based on such credit and collateral
considerations as the Joint Collateral Agents, in their Permitted Discretion, deem appropriate. 
 In the event that Inventory which was
previously Eligible Inventory ceases to be Eligible Inventory hereunder, the Company shall notify the Joint Collateral Agents thereof on and at the time of submission to the Joint Collateral Agents of the next Borrowing Base Certificate. Standards
of eligibility may be made more restrictive (and such increased restrictiveness subsequently reversed in whole or in part) from time to time solely by the Joint Collateral Agents in their Permitted Discretion, with any such changes to be effective 3
Business Days after delivery of notice thereof to the Company and the Lenders. 
 With respect to any Inventory of any Person acquired after
the Effective Date, the Joint Collateral Agents shall use commercially reasonable efforts, at the expense of the Loan Parties, to complete diligence in respect of such Person and such Inventory, within a reasonable time following request of the
Company for the purpose of determining the eligibility of such Inventory. 
 “EMU Legislation” means the legislative
measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. 
 “Environmental Laws” means all treaties, statutes, laws (including common law), rules, regulations, codes, ordinances, orders, decrees, writs, judgments, injunctions or binding agreements issued, promulgated or entered into
by or with any Governmental Authority, relating to: the protection of the environment; the preservation or reclamation of natural resources; the generation, management, use, presence, release or threatened release of, or exposure to, any harmful or
deleterious substances; or health and safety matters. 
  

 20 

 “Environmental Liability” means any liability or other obligation, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary resulting from or based upon any actual or alleged (a) violation of any Environmental Law or
permit, license or approval issued thereunder, (b) generation, use, handling, transportation, storage, treatment, disposal or arrangement for disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) release or
threatened release of any Hazardous Materials or (e) 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. 
 “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 any Loan Party, 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(m) of the Code. 
 “ERISA Event” means (a) any Reportable Event; (b) the existence with respect to any Plan of a non-exempt Prohibited
Transaction; (c) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (d) the filing pursuant
to Section 412 of the Code or Section 303 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment under Section 430(j) of the Code
with respect to any Plan, or the failure by any Loan Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (e) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Plan; (f) a determination that any Plan is, or is expected to be, in “at risk”
status (within the meaning of Section 430 of the Code or Title IV of ERISA); (g) the receipt by any Loan Party or any of its ERISA Affiliates 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; (h) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or
(i) the receipt by any Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Loan Party 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, in Reorganization, or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 or Title IV of ERISA). 
 “Euro” and “€” refers to the single currency of the Participating Member States. 
  

 21 

 “Eurocurrency”, 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 Adjusted Eurocurrency Rate. 
 “Eurocurrency Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the rate appearing on the applicable Reuters Screen (or on any successor or substitute page of such Service, or any successor to
or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to deposits in the applicable currency in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for deposits in the relevant currency with a
maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “Eurocurrency Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be the
rate at which deposits of $5,000,000 or €5,000,000, as applicable, and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London
interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
 “European Facility” means the €300,000,000 Credit Agreement, dated August 22, 2006, as amended as of the Effective Date, among the Company, Smithfield Capital Europe B.V., certain other subsidiaries of the
Company, BNP Paribas and Societe Generale Corporate & Investment Banking, as arrangers, the financial institutions party thereto as lenders and Societe Generale, as agent and security agent. 
 “European Refinancing Facility” means any facility which replaces or refinances the European Facility (it being understood that such
replacement or refinancing need not occur substantially contemporaneously with the repayment or termination of Indebtedness under the European Facility) and provides for aggregate extensions of credit thereunder not to exceed €225,000,000 (it
being understood that, to the extent there is more than one European Refinancing Facility outstanding at any one time, the aggregate extensions of credit permitted under all such facilities (including the European Facility to the extent outstanding)
shall not exceed €225,000,000). 
 “Event of Default” has the meaning assigned to such term in Section 7.01.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “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 any Loan Party hereunder or any other Loan Document, (a) any Other Connection Taxes, (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under
Section 2.19(b)), any United States federal withholding Tax that is imposed by a Requirement of Law in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), with respect to any payment
made by or on account of any obligation of the Company to such Foreign Lender, except to the extent that such Foreign Lender 

  

 22 

 
(or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to
such withholding Tax pursuant to Section 2.17(a) or (c) Taxes attributable to a Lender’s failure to comply with Section 2.17(g). 
 “Existing Credit Agreement” has the meaning assigned to such term in the preamble hereof. 
 “Existing Letters of Credit” means any letters of credit which have been issued pursuant to the Existing Credit Agreement and are listed on Schedule 2.01 hereto. The Company shall be deemed to have requested the issuance of
each Existing Letter of Credit for purposes hereof. 
 “Existing Senior Secured Notes Intercreditor Agreement” means the
Intercreditor Agreement between the Company (on behalf of itself and its Subsidiaries), the Administrative Agent (as defined in the Existing Credit Agreement) and purchasers or holders of Indebtedness issued under the Senior Notes Documents (as
defined in the Existing Credit Agreement). 
 “Existing Senior Secured Notes” means the Company’s $100,000,000 7.89%
Series I Senior Secured Notes due October 1, 2009 and the Company’s $50,000,000 8.44% Series K Senior Secured Notes due October 1, 2009. 
 “Farm Mortgaged Properties” means the Mortgaged Properties which constitute hog farms and described in Schedule 5.14. 
 “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. 
 “Fee Receiver” means any Person that receives, or through a
participating interest participates in, any payments of fees under Section 2.12. 
 “Financial Officer” means the chief
financial officer, principal financial officer, treasurer, financial vice president or controller of a Loan Party. 
 “Fixed Charge
Coverage Ratio” means, for any Test Period, the ratio, determined as of the end of such Test Period, of (a) EBITDA for such Test Period minus the sum of (i) Capital Expenditures paid in cash by the Company and its
Subsidiaries during such Test Period (other than those financed with Indebtedness (other than Loans) but including repayments of any such Indebtedness), (ii) cash contributions to any qualified defined benefit pension Plan in excess of the
amount of such contributions that was expensed and (iii) the aggregate amount of income Taxes paid in cash by the Company and the Subsidiaries during such Test Period to (b) Fixed Charges for such Test Period, all calculated for the
Company and its Subsidiaries on a consolidated basis in accordance with GAAP. 
  

 23 

 “Fixed Charges” means, with reference to any Test Period, without duplication,
(i) cash Interest Expense, plus (ii) scheduled principal payments on Indebtedness made during such Test Period, but excluding payments of principal to the extent made with the proceeds of Indebtedness incurred or an issuance
of equity to refinance such principal (it being understood that for purposes of this definition scheduled principal payments on the European Facility made on or prior to August 15, 2009 with cash on hand of the Company and its Subsidiaries
shall be deemed to be made with proceeds of the Senior Secured Notes), plus (iii) Restricted Payments paid in cash (other than Restricted Payments made (x) to the Company or any Subsidiary pursuant to Section 6.08(a)(ii)
or (y) pursuant to Section 6.08(a)(iii) or 6.08(a)(vi)), plus (iv) Capital Lease Obligation payments, plus (v) without duplication of amounts included pursuant to clause (ii) above, the aggregate
principal amount of all loans made in reliance upon Section 6.04(o) made during such Test Period (net of any repayments of such loans made during such Test Period), all calculated for the Company and its Subsidiaries on a consolidated basis in
accordance with GAAP. 
 “Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as
now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or
hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto. 
 “Foreign Currency” means at any time any Currency other than Dollars. 
 “Foreign
Currency Equivalent” means, with respect to any amount in Dollars, the amount of a Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the
term “Dollar Equivalent,” as determined by the Administrative Agent. 
 “Foreign Lender” means any Lender or
Issuing Bank, with respect to the Company, that (a) is not a “United States Person” as defined by Section 7701(a)(30) of the Code (a “U.S. Person”), or (b) is a partnership or other entity treated as a partnership
for United States federal income tax purposes which is a U.S. Person, but only to the extent the beneficial owners (including indirect partners if its direct partners are partnerships or other entities treated as partnerships for United States
federal income tax purposes are U.S. Persons) are not U.S. Persons. 
 “Foreign Subsidiary” means any Subsidiary that is not
a Domestic Subsidiary. 
 “Funding Accounts” has the meaning assigned to such term in Section 4.01(f). 
 “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, provisional, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or 

  

 24 

 
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central
Bank) having jurisdiction over the Company, any Subsidiary or any Lender as the context may require. 
 “Gross PPE” means
the aggregate value of gross property, plant and equipment before depreciation, as reflected in the Company’s balance sheet for the fiscal year ended May 3, 2009, of a Mortgaged Property. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Guaranteed Obligations” has the meaning assigned to such term in Section 10.01. 
 “Guarantor” means, at any time, collectively and individually, the Company and each Domestic Subsidiary that has executed this Agreement
or has executed a Joinder Agreement and has not been released from the Loan Guaranty. 
 “Hazardous Materials” means all
explosive or radioactive substances or wastes; and all hazardous or toxic substances or wastes and all other pollutants, including any petroleum products or byproducts and all other hydrocarbons, radon gas, molds, asbestos or asbestos-containing
materials, urea formaldehyde foam insulation, polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances, infectious or medical wastes, odors or odor-causing substances; and all other substances or wastes that are
prohibited, limited or regulated pursuant to, or that could give rise to liability under, any Environmental Law. 
 “Incremental
Amendment” has the meaning assigned to such term in Section 2.22. 
 “Incremental Closing Date” has the
meaning assigned to such term in Section 2.22. 
 “Incremental Facility Collateral” has the meaning assigned to such
term in Section 2.22. 
  

 25 

 “Incremental Revolving Facility” has the meaning assigned to such term in
Section 2.22. 
 “Incremental Revolving Loans” has the meaning assigned to such term in Section 2.22. 

“incur” means create, incur, assume, Guarantee or otherwise become responsible for, and “incurred” and
“incurrence” shall have correlative meanings. 
 “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 under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts
payable incurred in the ordinary course of business), (e) 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, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent
or otherwise, of such Person as an account party in respect of letters of credit, letters of guaranty or similar arrangements, (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, (j) obligations
under any liquidated earn-out and (k) any other Off-Balance Sheet Liability. For the avoidance of doubt, Indebtedness shall not include obligations owing under any Swap Agreement. 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. 
 “Indemnified Taxes” means Taxes other
than Excluded Taxes. 
 “Indemnitee” has the meaning assigned to such term in Section 9.03(b). 
 “Information Memorandum” means the Confidential Information Memorandum dated June 25, 2009 relating to the Loan Parties and the
Transactions. 
 “Infringe” has the meaning assigned to such term in Section 3.05(b). 
 “Insolvent” with respect to any Multiemployer Plan, means the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Intercreditor Agreement” means the Intercreditor Agreement, substantially in the form of
Exhibit H, between the Administrative Agent on behalf of the Secured Parties and the trustee under the Senior Secured Notes Documents on behalf of the holders of the Senior Secured Notes and the lenders under the Rabobank Nederland Facility,
as in effect on the date hereof, and as amended, modified, restated or supplemented from time to time. 
  

 26 

 “Interest Election Request” means a request by the Company to convert or continue a
Revolving Borrowing in accordance with Section 2.08. 
 “Interest Expense” means, for any period, the cash interest
expense of the Company and its Subsidiaries (including deferred or accrued cash interest expense and the cash interest portion of all Capital Lease Obligations during such period), calculated on a consolidated basis for the Company and its
Subsidiaries for such period in accordance with GAAP. 
 Notwithstanding the foregoing, Interest Expense for any period will be adjusted, on
a Pro Forma Basis to take into account the effect of any acquisition or disposition involving the acquisition or disposition of a Subsidiary, or a business unit, division, product line or line of business for consideration in excess of $10,000,000
during such period, as if such acquisition or disposition (and any related incurrence or prepayment of Indebtedness) had occurred on the first day of such period. 
 “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last Business Day of each of March, June, September, and December in each year, (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, (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and (d) with
respect to any Loan, the Maturity Date. 
 “Interest Period” means with respect to any Eurocurrency Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is fourteen days or one, two, three or six months thereafter, as the Company may elect; provided, that (a) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Borrowing 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 (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made
and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Inventory”
has the meaning assigned to such term in the Security Agreement. 
 “Inventory Reserves” means reserves against Inventory
equal to the sum of the following: 
 (a) a reserve for shrink, or discrepancies that arise pertaining to inventory quantities on hand
between a Loan Party’s perpetual accounting system, and physical counts of the inventory in accordance with the Company’s historical accounting procedures and acceptable to the Joint Collateral Agents; 
  

 27 

 (b) a revaluation reserve whereby capitalized favorable variances shall be deducted from Eligible
Inventory and unfavorable variances shall not be added to Eligible Inventory; 
 (c) a lower of the cost or market reserve for any
differences between a Loan Party’s actual cost to produce any Inventory versus the selling price of such Inventory to third parties; and 
 (d) any other reserve as deemed appropriate by the Joint Collateral Agents in their Permitted Discretion, from time to time. 
 “Investment” has the meaning set forth in Section 6.04. 
 “Investment Grade Account Debtor”
means an Account Debtor that, at the time of determination, has a corporate credit rating and/or family rating, as applicable, of BBB- or higher by S&P or Baa3 or higher by Moody’s 
 “Issuing Bank” means JPMCB and each other Lender approved by the Administrative Agent (such approval not to be unreasonably withheld or
delayed) and the Company that has agreed in its sole discretion to act as an “Issuing Bank” hereunder, in each case in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.06(j), in each case so long as such Person shall remain an Issuing Bank hereunder. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the
term “Issuing Banks” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Joinder Agreement” has the meaning assigned to such term in Section 5.15. 
 “Joint Collateral
Agents” means, individually and collectively as the context may require, JPMCB and General Electric Capital Corporation, in their respective capacities as joint collateral agents hereunder, and each of their successors and assigns in such
capacity; provided that if one or more of the Joint Collateral Agents shall resign as provided in Section 8.02, reference to the Joint Collateral Agents shall refer to the Sole Remaining Collateral Agent or the Sole Successor Collateral
Agent, as the case may be. 
 “Joint Venture” means any Person (other than a Subsidiary) principally engaged in a business
in which the Company and its Subsidiaries are permitted by Section 6.03(b) to be engaged, and in which the Company or any of its Subsidiaries holds an Investment (as a joint venturer, partner, or lender). 
 “JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors. 
 “LC Collateral Account” has the meaning assigned to such term in Section 2.06(k). 
 “LC Commitment” means $250,000,000. 
  

 28 

 “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 the Dollar LC Exposure and the Multicurrency LC Exposure.

 “Lead Arrangers” has the meaning assigned to such term in the preamble hereof. 
 “Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption or pursuant to Section 2.09, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the
Swingline Lender. 
 “Letter of Credit” means (i) any letter of credit issued pursuant to this Agreement and
(ii) the Existing Letters of Credit. 
 “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, collectively, this Agreement, any promissory notes issued pursuant to this Agreement, any Letter of Credit
applications, the Collateral Documents the Loan Guaranty, the Intercreditor Agreement and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative
Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan
Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with the Agreement or the transactions contemplated thereby. Any reference in this 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 this Agreement or such Loan Document as the same may be in effect at any and all
times such reference becomes operative. 
 “Loan Guaranty” means Article X of this Agreement. 
 “Loan Parties” means, individually and collectively, the Company, the Company’s Domestic Subsidiaries that are Guarantors and any
other Person who becomes a party to this Agreement pursuant to a Joinder Agreement and their respective successors and assigns. 
 “Loans” means the loans and advances made by the Lenders to the Company pursuant to this Agreement, including Revolving Loans, Swingline Loans and Protective Advances. 
  

 29 

 “Material Adverse Effect” means a material adverse effect on (a) the business,
assets, operations, property or condition, financial or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents to which they
are a party, (c) the Collateral, or the Administrative Agent’s Liens (on behalf of itself and the Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative
Agent, any Issuing Bank or the Lenders thereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans and
Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Company and its Subsidiaries (a) in an aggregate outstanding principal amount exceeding $25,000,000 or (b) in an aggregate committed
amount exceeding $25,000,000 if , with respect to this clause (b) (i) such Indebtedness is recourse to any Loan Party or any assets thereof and (ii) Availability at any time of determination is less than $400,000,000. For purposes of
determining Material Indebtedness, 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 any
Subsidiary of the Company that is a Domestic Subsidiary and (a) the portion of Consolidated Total Assets attributable, on a stand-alone basis, to such Subsidiary exceeds 5% of the Consolidated Total Assets of the Company and its Subsidiaries as
of the end of the most recently completed fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 or (b) the portion of EBITDA (after excluding all intercompany transactions) attributable, on a
stand-alone basis, to such Subsidiary exceeds $50,000,000; provided, that (x) any Subsidiary that directly or indirectly owns a Material Subsidiary shall itself be a Material Subsidiary and (y) in the event (i) Domestic
Subsidiaries that would otherwise not be Material Subsidiaries shall in the aggregate account for a percentage in excess of 10% of the Consolidated Total Assets attributable to the Company and its Domestic Subsidiaries or 10% of the EBITDA of the
Company and its Domestic Subsidiaries as of the end of and for the most recently completed fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 or (ii) Subsidiaries that would otherwise not be Material
Subsidiaries shall in the aggregate account for a percentage in excess of 30% of the Consolidated Total Assets or 30% of the EBITDA of the Company and its Subsidiaries as of the end of and for the most recently completed fiscal quarter for which
financial statements have been delivered pursuant to Section 5.01, then, in each case, one or more of such Subsidiaries designated by the Company (or, if the Company shall make no designation, one or more of such Subsidiaries in descending
order based on their respective contributions to Consolidated Total Assets), shall be included as Material Subsidiaries to the extent necessary to eliminate such excess. 
 “Maturity Date” means (a) July 2, 2012, or (b) any earlier date on which the Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof; provided, that
(x) in the event that the 2011 Notes are not refinanced, purchased or defeased such that no more than $60,000,000 of principal amount of the 2011 Notes are outstanding prior to May 3, 2011, the Maturity Date, as determined pursuant to
clause (a) hereof, shall be May 3, 2011 (it being understood that if any such refinancing or extension shall provide for a maturity 

  

 30 

 
date that is earlier than 91 days following the third anniversary of the Effective Date, the Maturity Date shall be the date that is 91 days prior to the
earliest such maturity date); and (y) in the event that the European Facility has not been refinanced, repaid or extended prior to May 25, 2010, the Maturity Date, as determined pursuant to clause (a) hereof, shall be May 25,
2010 (it being understood that if any such refinancing or extension shall provide for a maturity date that is earlier than the third anniversary of the Effective Date, the Maturity Date shall be the date that is 91 days prior to such maturity date).

 “Maximum Liability” has the meaning assigned to such term in Section 10.10. 
 “Maximum Rate” has the meaning assigned to such term in Section 9.18. 
 “Monthly Certificate” has the meaning assigned to such term in Section 6.12. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Mortgaged Properties” means those real properties listed on Schedule 3.05(a) which are designated as Mortgaged Properties and any real property as to which a Mortgage is granted pursuant to
Section 5.15(d). 
 “Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien
in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, on real property of a Loan Party, including any amendment, modification or supplement thereto. 
 “Multicurrency Commitment” means, as to each Multicurrency Lender, the obligation of such Multicurrency Lender to make Revolving Loans
and to acquire participations in Letters of Credit hereunder, in each case, denominated in Dollars or in an Approved Foreign Currency, expressed as a Dollar amount representing the Dollar Equivalent of the maximum aggregate amount of such
Lender’s Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) 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 Multicurrency Commitment is set forth on the Commitment Schedule or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Multicurrency
Commitment. The initial aggregate amount of the Total Multicurrency Commitment is $100,000,000. 
 “Multicurrency LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Multicurrency Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of Multicurrency
Letters of Credit that have not yet been reimbursed by or on behalf of any Loan Party at such time. The Multicurrency LC Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage of the total Multicurrency LC Exposure at
such time. 
 “Multicurrency Lender” means (a) on the Effective Date, the Lenders designated as having Multicurrency
Commitments on the Commitment Schedule under the heading “Multicurrency Lenders” and (b) thereafter, the Lenders from time to time holding Loans made pursuant to Multicurrency Commitments or holding Multicurrency Commitments, after
giving effect to any assignments thereof permitted by Section 9.04(b). 
  

 31 

 “Multicurrency Letters of Credit” means Letters of Credit that utilize the Multicurrency
Commitments. 
 “Multicurrency Loan” means a Revolving Loan under the Multicurrency Tranche. 
 “Multicurrency Protective Advance” has the meaning assigned to such term in Section 2.04. 
 “Multicurrency Tranche” means the Multicurrency Commitment and the provisions herein related to the extensions of credit made
thereunder. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Income” means, for any Test Period, the consolidated net income (or loss) of the Company and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP; provided that there shall be excluded from Net Income (a) the income (or deficit) of any Person (other than a Subsidiary) in which the Company or any of its Subsidiaries has an ownership interest,
except to the extent that any such income is actually received by the Company or such Subsidiary in the form of dividends or similar distributions and (b) the undistributed earnings of any Subsidiary to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 
 Notwithstanding the foregoing, Net Income for any period will be adjusted, on a Pro Forma Basis to take into account the effect of any acquisition or
disposition involving the acquisition or disposition of a Subsidiary, or a business unit, division, product line or line of business for consideration in excess of $10,000,000 during such period, as if such acquisition or disposition (and any
related incurrence or prepayment of Indebtedness) had occurred on the first day of such period. 
 “Net Orderly Liquidation
Value” means, with respect to Inventory of any Person, the orderly liquidation value thereof identified by category as determined in a manner reasonably acceptable to the Administrative Agent by an appraiser reasonably acceptable to the
Joint Collateral Agents, net of all costs of liquidation thereof. 
 “Net Proceeds” means, with respect to any event,
(a) the cash proceeds received by or on behalf of any Loan Party in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the
case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event,
(ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a 

  

 32 

 
sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of (A) all legal, accounting and investment banking
fees, commissions and other fees and expenses incurred, as a consequence of such sale, transfer or other disposition, (B) all payments required to be made and made on any Indebtedness (including any stipulated loss value payment or similar
payment) which is secured by any assets subject to such sale, transfer or other disposition, in accordance with the terms of any Lien upon or related security agreement with respect to such assets, or, with respect to assets other than Collateral,
which must by its terms, or in order to obtain a necessary consent to such sale, transfer or other disposition, or by applicable law, be repaid out of the proceeds from such sale, transfer or other disposition, (C) all distributions and other
payments required to be made to minority interest holders in such Loan Party as a result of such sale, transfer or other disposition and (D) any portion of the purchase price from such sale, transfer or other disposition placed in escrow,
whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such sale, transfer or other disposition or otherwise in connection with such sale, transfer or other disposition; provided, however, that upon
the termination of that escrow, Net Proceeds will be increased by any portion of funds in the escrow that are released to the Company or any Subsidiary and (iii) the amount of all taxes paid (or reasonably estimated to be payable), including
any taxes required to be paid or accrued as a liability under GAAP as a result of a sale, transfer or other disposition of an asset, and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in
each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer of the Company). 
 “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(f). 
 “Non-Loan Party” means any Subsidiary of the Company that is not a Loan Party. 
 “Non-Material Subsidiary” means at any date, any Subsidiary (other than a Loan Party) that, together with its consolidated Subsidiaries,
provides less than $15,000,000 of EBITDA or has less that 5% of the consolidated assets of the Company and its Domestic Subsidiaries; provided that, the aggregate assets of all Non-Material Subsidiaries that are Domestic Subsidiaries,
determined in accordance with GAAP, may not exceed 5% of consolidated assets of the Company and its Domestic Subsidiaries, collectively, at any time (and the Company will designate in writing to the Administrative Agent from time to time the
Subsidiaries which will cease to be treated as “Non-Material Subsidiaries” in order to comply with the foregoing limitation). 
 “Non-Paying Guarantor” has the meaning assigned to such term in Section 10.11. 
 “Obligated
Party” has the meaning assigned to such term in Section 10.02. 
 “Obligations” means all unpaid principal of
and accrued and unpaid interest on (including interest accruing after the maturity of the Loans and reimbursement obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding relating to any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans, all LC 

  

 33 

 
Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any
Lender, the Administrative Agent, the Issuing Bank or any indemnified party arising under the Loan Documents. 
 “Off-Balance Sheet
Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called
“synthetic lease” transaction entered into by such Person (other than operating leases) or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the
place of borrowing but which does not constitute a liability on the balance sheets of such Person (other than operating leases). 
 “Original European Facility Outstanding Amount” means the outstanding principal amount of Indebtedness and unused commitments under the European Facility as of the Effective Date and set forth on Schedule 6.01. 

“Original Polish Facilities Outstanding Amount” the outstanding principal amount of Indebtedness and unused commitments under the
Polish Facilities as of the Effective Date and set forth on Schedule 6.01. 
 “Other Connection 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 any Loan Party hereunder or under any other Loan Document, 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, or become a party to, performed its obligations or received payments under, received or
perfected a security interest under, sold or assigned an interest in any Loan or Loan Document, engaged in any other transaction pursuant to, or enforced, any Loan Documents). 
 “Other Taxes” means any and all present or future recording, stamp, court or documentary Taxes and any other excise, transfer, sales,
property, intangible, filing or similar Taxes arising from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document. 
 “PACA” shall mean the Perishable Agricultural Commodities Act, 1930, as amended, 7 U.S.C.
Section 499a et. seq., as the same now exists or may from time to time hereafter be amended, modified, recodified or supplemented, together with all rules, regulations and interpretations thereunder or related thereto. 
 “Participant” has the meaning assigned to such term in Section 9.04. 
 “Participant Register” has the meaning specified in Section 9.04(c)(i). 
 “Participating Member State” means each State so described in any EMU Legislation, and includes, without limitation, each member State
of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with EMU Legislation. 
  

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 “Paying Guarantor” has the meaning assigned to such term in Section 10.11.

 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Acquisition” means the purchase or other acquisition (whether by merger,
amalgamation or otherwise) by the Company or any other Subsidiary of Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of),
any Person if (a) in the case of any purchase or other acquisition of Equity Interests in a Person, such Person (including each Subsidiary of such Person) is organized under the laws of the United States of America, any State thereof or the
District of Columbia and, upon the consummation of such acquisition, will be a wholly-owned Subsidiary that is a Domestic Subsidiary (including as a result of a merger or consolidation between any Subsidiary and such Person) or (b) in the case
of any purchase or other acquisition of other assets, such assets will be owned by a Loan Party; provided that (i) such purchase or acquisition was not preceded by, or consummated pursuant to, an unsolicited tender offer or proxy contest
initiated by or on behalf of the Company or any Subsidiary, (ii) all transactions related thereto are consummated in accordance with applicable law, (iii) the business of such Person, or such assets, as the case may be, constitute a
business permitted by Section 6.03(b), (iv) with respect to each such purchase or other acquisition, all actions required to be taken with respect to such newly created or acquired Subsidiary or assets in order to satisfy the requirements
of Section 5.15 shall have been taken (or arrangements for the taking of such actions satisfactory to the Administrative Agent shall have been made), (v) the aggregate consideration paid therefor, together with the aggregate consideration
paid for any other such purchase or acquisition consummated after the Effective Date in reliance on Section 6.04(e) and then outstanding (including, in each case, Indebtedness assumed or Guaranteed in connection therewith (but excluding
Indebtedness remaining outstanding following such purchase or acquisition in reliance on Section 6.01(f)), all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or
similar payments) and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements or other arrangements representing acquisition consideration)) shall not exceed (x) $50,000,000
or (y) so long as both immediately before and after giving pro forma effect thereto, (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, (B) the Fixed Charge Coverage Ratio for the Test
Period in effect at the time such Investment is to occur is at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the Test Period in effect at such time), and (C) Availability (determined on a Pro Forma Basis) shall for the
period of 20 consecutive Business Days ending on and including the date of such Investment have been not less than the greater of (1)30% of the Total Commitment and (2) $300,000,000, $200,000,000, and (vi) at the time of and immediately
after giving effect to any such purchase or other acquisition on a Pro Forma Basis, (A) no Default or Event of Default shall have occurred and be continuing, (B) a Cash Dominion Period shall not be continuing, (C) the Fixed Charge
Coverage Ratio (determined on a Pro Forma Basis) for the Test Period then in effect shall be not less than 1.1 to 1.0 and (D) the Company shall have delivered to the Administrative Agent a certificate of its Chief Financial Officer, in form and
substance reasonably satisfactory to the Administrative Agent, certifying that all the requirements set forth in this definition have been satisfied with respect to such purchase or other acquisition, together with reasonably detailed calculations
demonstrating 

  

 35 

 
satisfaction of the requirement set forth in clause (vi)(C) above; provided that to the extent that common stock of the Company constitutes the
consideration for any such purchase or other acquisition, clauses (v), (vi)(B), (vi)(C) and (vi)(D) of this definition shall not apply to such purchase or acquisition. 
 “Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment exercised in accordance with
the Joint Collateral Agents’ customary and generally applicable credit practices. 
 “Permitted Encumbrances” means:

 (a) Liens imposed by law for Taxes that are not yet due and payable, or are being contested in compliance with
Section 5.04; 
 (b) landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations; 
 (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 (k) of Section 7.01; 
 (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 interfere with the ordinary conduct of business of any of the Loan Parties or any of their Subsidiaries; 
 (g) banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with depository
institutions; provided that, except with respect to any deposit account or funds subject to the Lien of a Loan Document, such deposit accounts or funds are not established or deposited for the purpose of providing collateral for any
Indebtedness and are not subject to restrictions on access by Loan Parties or any of their Subsidiaries in excess of those required by applicable banking regulations; and 
 (h) Liens arising by virtue of precautionary Uniform Commercial Code financing statement filings (or similar filings under applicable law)
regarding operating leases entered into by the Loan Parties and their Subsidiaries in the ordinary course of business; 
  

 36 

 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Equity Liens” means (a) non-consensual Liens arising by operation of law and otherwise permitted pursuant to
Section 6.02, (b) Liens permitted pursuant to Section 6.02(c) and (p) (in each case, solely to the extent required by the Intercreditor Agreement) and (c) with respect to Equity Interests in any Person that is not a
wholly-owned Subsidiary, Liens arising pursuant to any applicable shareholder or similar agreement to the extent applicable to the Equity Interests of the Person governed by such shareholder or similar agreement. 
 “Permitted Fee Receiver” means any Fee Receiver that, with respect to any fees paid under Section 2.12, delivers to the Company and
the Administrative Agent, on or prior to the date on which such Fee Receiver becomes a party hereto (and from time to time thereafter upon the request of the Company and the Administrative Agent, unless such Fee Receiver becomes legally unable to do
so solely as a result of a Change in Law after becoming a party hereto), accurate and duly completed copies (in such number as requested) of one or more of Internal Revenue Service Forms W-9, W-8ECI, W-8EXP, W-8BEN or W-8IMY (together with, if
applicable, one of the aforementioned forms duly completed from each direct or indirect beneficial owner of such Fee Receiver) or any successor thereto that entitle such Fee Receiver to a complete exemption from U.S. withholding tax on such payments
(provided that, in the case of the Internal Revenue Service Form W-8BEN, a Fee Receiver providing such form shall qualify as a Permitted Fee Receiver only if such form establishes such exemption on the basis of the “business profits” or
“other income” articles of a tax treaty to which the United States is a party and provides a U.S. taxpayer identification number), in each case together with such supplementary documentation as may be prescribed by applicable law to permit
the Company or the Administrative Agent to determine whether such Fee Receiver is entitled to such complete exemption. 
 “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; 
  

 37 

 (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (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; and 
 (f) in the case of any Foreign
Subsidiary, other short-term investments that are liquid and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes. 
 “Permitted Prior Liens” means Liens permitted pursuant to Section 6.02(c) (solely to the extent required by the Intercreditor
Agreement), (d), (e), (f), (g), (h), (i), (n), (o) (solely to the extent required by operation of law), (p) (solely to the extent required by the Intercreditor Agreement) and (s) (solely with respect to Liens on cash and Permitted
Investments posted to the issuers of letters of credit to secure obligations of the Company or any Subsidiary in respect thereof). 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Polish Facilities” means (a) the Loan Agreement,
dated as of May 12, 2005, between Prima Sp. z o.o and ING Lease (Polska) Sp. z o.o., as amended by Amendment No. 1 dated January 26, 2006 and Annex dated May 30, 2008, (b) the Credit Agreement No. 02/167/05/Z/OB, made
on September 30, 2005, among BRE Bank Spolka Akcyjna, Animex Spolka z o.o., Animex Grupa Drobiarska Sp. z o.o., Ilawskie Zaklady Drobiarskie EKODROB SA and Animex Pasze Sp. z o.o., as amended by Annex No. 1 dated February 28, 2007 and
Annex No. 2 dated May 8, 2009, (c) the Overdraft Agreement No. 02/168/05/Z/VV dated September 30, 2005, among BRE Bank Spolka Akcyjna, Animex Sp. z o.o., AGRYF S.A., Animex Grupa Drobiarska Sp. z o.o., Ilawskie Zaklady
Drobiarskie EKODROB SA, Animex Pasze Sp. z o.o. and Animex Krakowskie Zaklady Pierzarskie Sp. z o.o., as amended by Annex No. 1 dated February 28, 2007, Annex No. 2 dated September 11, 2008 and Annex No. 3 dated May 8,
2009, (d) the Framework Agreement, dated as of September 30, 2005, between Animex Sp. z o.o., Opolski Zaklady Drobiarskie Continental Grain Company S.A., Animex Pasze Sp. z o.o., Ilawskie Zaklady Drobiarskie “Ekodrob” S.A.,
Animex Grupa Drobiarska Sp. z o.o., Zaklady Miesne “Agryf” S.A., Constar S.A., Animex Krakowskie Zaklady Pierzarskie Sp. z o.o. and ING Bank Slaski S.A., (e) the Investment Loan Agreement NO. 2851/24/05, dated as of August 30,
2005, by and between Animex Holding Spolka z o.o. and Bank Zachodni WBK Spolka Akcyjna, as amended by Amendment No. 1 dated September 28, 2006, Amendment No. 2 

  

 38 

 
dated August 8, 2007, Amendment No. 3 dated June 24, 2008 and Amendment No. 4 dated June 23, 2009, (f) Loan Agreement
No. 2003/195/DDF1, dated as of May 23, 2003 between Bank Przemyslowo-Handlowy PBK SA and Animex Sp. z o.o., Agryf Sp. z o.o., and Constar S.A., as amended by Annex No. 1 dated September 29, 2003, Annex No. 2 dated
June 30, 2004, Annex No. 3 dated March 27, 2004, Annex No. 4 dated April 14, 2005, Annex No. 5 dated April 29, 2005, Annex No. 6 dated March 16, 2006, Annex No. 7 dated August 23, 2006, Annex
No. 8 dated November 23, 2006, Annex No. 9 dated February 27, 2007, Annex No. 10 dated June 25, 2007, Annex No. 11 dated July 22, 2008, Annex No. 12 dated December 10, 2008, Annex No. 13 dated
December 11, 2008, (g) Fixed Term Credit Agreement NO 14/2005/O, dated as of October 19, 2005, by and between Rabobank Polska Spolka Akcyjna and “Constar” Spolka Akcyjna (h) Current Account Credit Agreement dated as of
October 19, 2005, by and between Rabobank Polska Spolka Akcyjna and “Constar” Spolka Akcyjna, (i) Term Loan Agreement, executed on July 11, 2005, between Animex Holding Sp. z o.o. and Bank Polska Kasa Opleki S.A.,
(j) Credit Agreement No. 5/054/07/Z/VV dated May 29, 2007 between BRE Bank Spolke Akeyjna and Zaklady Miesne “MAZURY” w Elku Spolka, (k) Credit Agreement dated as of December 21, 2006, between Grupa Animex sp. z o.o.
and Transport Morliny sp. z o.o., (l) Credit Agreement dated as of December 21, 2006, between Grupa Animex sp. z o.o. and Rawena Morliny sp. z o.o, (m) Credit Agreement No. 322/G/2002 dated February 7, 2002 between Zaklady
Miesnymi Morliny and LG Petro Bank SA, (n) Credit Agreement No. PBK/640/KIR/0077/01 dated as of July 3, 2002 between Zaklady Miesnymi Agryf sp. Zoo. and Bankiem Handlowym, (o) Credit Agreement No. 113/12387/98 O dated as of
October 29, 1998 between Contipasz S.A. and Bankem Slaskim S.A., (p) Credit Agreement No. 2001/00032 dated May 23, 2001 between Zaklady Miesne Mazury and Bankiem Polska Kasa Opieki, as amended by Annex No. 8 dated
September 25, 2007 and (q) Credit Agreement No. PBP/ZDK/KR-RB/0079/08 dated April 4, 2008 between Animex Holding sp. zoo. and Bankiem Handlowym. 
 “Polish Facilities Refinancing Capacity” means, at any date of determination, an amount equal to the excess of (a) the Original Polish Facilities Outstanding Amount over (b) the Current
Polish Facilities Outstanding Amount. 
 “Prepayment Event” means: 
 (a) any sale, lease, transfer or other disposition (including pursuant to a sale and leaseback transaction) of any property or asset of
any Loan Party, other than dispositions described in Section 6.05(a); or 
 (b) any casualty or other insured damage to,
or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party with a fair value immediately prior to such event equal to or greater than $25,000,000; or 
 (c) the issuance by the Company of any Equity Interests, or the receipt by the Company of any capital contribution; or 
 (d) the incurrence by any Loan Party of any Indebtedness, other than Indebtedness permitted under Section 6.01. 
  

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 “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMCB as its prime rate at its principal offices in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
 “Pro Forma Basis” means, with respect to any test hereunder in connection with any event, that such test shall be calculated after
giving effect on a pro forma basis for the period of such calculation to (i) such event as if it happened on the first day of such period (it being understood that with respect to any acquisition or disposition, any such adjustments shall be
permitted solely to the extent they arise out of events which are directly attributable to the acquisition or the disposition, are factually supportable and are expected to have a continuing impact, in each case as determined on a basis consistent
with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as interpreted by the SEC, and as certified by a Financial Officer of the Company) or (ii) the incurrence of any Indebtedness by the Company or any Subsidiary and any
incurrence, repayment, issuance or redemption of other Indebtedness of the Company or any Subsidiary occurring at any time subsequent to the last day of the Test Period and on or prior to the date of determination, as if such incurrence, repayment,
issuance or redemption, as the case may be, occurred on the first day of the Test Period. 
 “Prohibited Transaction” has
the meaning assigned to such term in Section 406 of ERISA and Section 4975(f)(3) of the Code. 
 “Protective
Advance” has the meaning assigned to such term in Section 2.04. 
 “PSA” shall mean the Packers and Stockyard
Act of 1921, 7 U.S.C. Section 181 et. seq., as the same now exists or may from time to time hereafter be amended, modified, recodified or supplemented, together with all rules, regulations and interpretations thereunder or related thereto.

 “Quarterly Certificate” has the meaning assigned to such term in Section 6.12. 
 “Rabobank Nederland Facility” means the Credit Agreement, dated as of July 2, 2009, among the Company, Rabobank Nederland, as
administrative agent, and the lenders party thereto. 
 “Register” has the meaning assigned to such term in
Section 9.04. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Removed Farm
Mortgaged Properties” has the meaning assigned to such term in Section 5.14. 
 “Rent or Collateral Access
Reserve” means with respect to any facility, warehouse, distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located and with respect to which no Collateral Access
Agreement is in effect, a reserve equal to (a) in the case of any leased location, 3 months’ rent at 

  

 40 

 
such facility, warehouse, distribution center, regional distribution center or depot, and (b) in the case of any other such location, an amount
determined by the Joint Collateral Agents in their Permitted Discretion in respect of the liabilities owed to the applicable bailee or warehouseman. 
 “Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Report” means reports prepared by the Joint Collateral Agents or another Person showing the results of appraisals, field examinations
or audits with respect to the assets of any Loan Party from information furnished by or on behalf of any Loan Party, after the Joint Collateral Agents have exercised its rights of inspection pursuant to this Agreement, which Reports may be
distributed to the Lenders by the Administrative Agent. 
 “Reportable Event” means any “reportable event,” as
defined in Section 4043 of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other than a Plan
maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code). 
 “Required Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the Aggregate Credit Exposures and unused Commitments at such time.

 “Requirement of Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or
incorporation and bylaws or other organizational or governing documents of such Person and (b) any statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any
arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Reserves” means Dilution Reserves, Inventory Reserves, Rent or Collateral Access Reserves and any other reserves which the Joint
Collateral Agents deem necessary, in their Permitted Discretion, to maintain (including, without limitation, reserves for accrued and unpaid interest on the Secured Obligations, Banking Services Reserves, reserves in respect of rights of sellers of
livestock, poultry and perishable agricultural commodities under PACA, PSA or any similar laws or regulations (including outstanding checks to livestock growers, swine fee payables, deferred livestock payables and the grower guarantee payables),
reserves for consignee's, warehousemen’s and bailee’s charges, reserves for unpaid and accrued sales taxes, reserves for banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts, reserves for Swap
Obligations, reserves for contingent liabilities of any Loan Party, reserves for uninsured losses of any Loan Party, reserves for uninsured, underinsured, un-indemnified or under-indemnified liabilities or potential liabilities with respect to any
litigation and reserves for taxes, fees, assessments, and other governmental charges) with respect to the Collateral or any Loan Party. 
  

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 “Residual Debt Basket Usage” has the meaning assigned to such term in
Section 6.01(q). 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
property) with respect to any Equity Interests in the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such Equity Interests in the Company or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Company or any Subsidiary, or any other payment that has a
substantially similar effect to any of the foregoing. 
 “Revolving Dollar Credit Exposure” means, with respect to any
Dollar Lender at any time, the sum of the outstanding principal amount of such Dollar Lender’s Dollar Loans and its Dollar LC Exposure, its Applicable Dollar Percentage of the Swingline Exposure and its Applicable Dollar Percentage of the
Dollar Protective Advances at such time. 
 “Revolving Loan” means a Loan made pursuant to Section 2.01(a) or 2.01(b).

 “Revolving Multicurrency Credit Exposure” means, with respect to any Multicurrency Lender at any time, the sum of the
outstanding principal amount of such Multicurrency Lender’s Multicurrency Loans, its Multicurrency LC Exposure and its Applicable Multicurrency Percentage of the Multicurrency Protective Advances at such time. 
 “S&P” means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc. 
 “SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

 “Secured Obligations” means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap
Obligations owing to one or more counterparties that are Lenders or Affiliates of Lenders at the time that such Swap Obligations are incurred; provided that (a) within 15 days of the later of the Effective Date and the time that any
transaction relating to such Swap Obligation is executed, the Lender party thereto (other than JPMCB) shall have delivered written notice to the Administrative Agent that such a transaction has been entered into and that it constitutes a Secured
Obligation entitled to the benefits of the Collateral Documents and (b) Banking Services Obligations and Swap Obligations (relating to interest rates or currencies) will constitute Secured Obligations only to the extent such obligations, at the
time of incurrence, are permitted by the Covered Notes Documents or the Term Debt Documents to be Secured Obligations. 
 “Secured
Parties” has the meaning assigned to such term in the Security Agreement. 
 “Security Agreement” means that
certain Amended and Restated Pledge and Security Agreement, dated as of the date hereof, among the Loan Parties, the Company and the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, and any other pledge or
security agreement entered into, after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document), or any other Person, as the same may be amended, restated or otherwise modified from time to time.

  

 42 

 “Senior Secured Notes” means (a) the senior secured notes due 2014 issued by the
Company on the Effective Date in a public offering or in a Rule 144A or other private placement and (b) any substantially identical senior notes that are registered under the Securities Act of 1933, as amended, and issued in exchange for the
senior notes described in clause (a) of this definition. 
 “Senior Secured Notes Documents” means any agreement or
instrument governing or evidencing the Senior Secured Notes. 
 “Settlement” has the meaning assigned to such term in
Section 2.05(d). 
 “Settlement Date” has the meaning assigned to such term in Section 2.05(d). 
 “Sole Remaining Collateral Agent” has the meaning assigned to such term in Section 8.02. 
 “Sole Successor Collateral Agent” has the meaning assigned to such term in Section 8.02. 
 “Specified Change of Control” means a “Change of Control” (or other defined term having a similar purpose) as defined in the
Covered Notes Documents or in any document governing any refinancing of any of the Covered Notes. 
 “Spot Selling Rate”
means, on any date, as determined by the Administrative Agent, the spot selling rate posted by Reuters on its website for the sale of the applicable currency for Dollars at approximately 11:00 a.m., London time, two Business Days prior to such date
(the “Applicable Quotation Date”); provided that if, for any reason, no such spot rate is being quoted, the spot selling rate shall be determined by reference to such publicly available service for displaying exchange rates
as my be selected by the Administrative Agent, or, in the event no such service is selected, such spot selling rate shall instead be the rate determined by the Administrative Agent as the spot rate of exchange in the market where its foreign
currency exchange operations in respect of the applicable currency are then being conducted, at or about 11.00 a.m. London time, on the Applicable Quotation Date for the purchase of the relevant currency for delivery two Business Days later.

 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject with respect to the Adjusted Eurocurrency Rate, 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. Eurocurrency 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. 
  

 43 

 “Subordinated Indebtedness” of a Person means any Indebtedness of such Person the
payment of which is subordinated to payment of the Secured Obligations to the written satisfaction of the Administrative Agent. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity 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 corporation, limited liability company, partnership, association
or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests
are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise
specified, “Subsidiary” means any direct or indirect subsidiary of the Company. Notwithstanding the foregoing, Butterball, LLC will not be considered a “Subsidiary” of the Company for purposes of this Agreement or the other Loan
Documents until such time as Butterball, LLC (a) becomes a wholly-owned direct or indirect subsidiary of the Company and (b) is not subject to any contractual restrictions that would prevent it from becoming a Loan Party. 
 “Supermajority Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing at least 75% of the
Aggregate Credit Exposure and unused Commitments at such time. 
 “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” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor), under (a) any and all Swap Agreements, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Lender at any time shall be its Applicable Dollar Percentage of the Swingline Exposure at such time. 
  

 44 

 “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of
Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made pursuant to Section 2.05. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Term Debt
Document” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Term Debt Obligations” has the
meaning assigned to such term in the Intercreditor Agreement. 
 “Term Debt Obligations Payment Date” has the meaning
assigned to such term in the Intercreditor Agreement. 
 “Term Debt Priority Collateral” has the meaning assigned to such
term in the Intercreditor Agreement. 
 “Term Debt Representative” has the meaning assigned to such term in the
Intercreditor Agreement. 
 “Test Period” means, at any time, the most recent period of 12 consecutive fiscal months of the
Company ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each fiscal month, fiscal quarter or fiscal year in such period have been (or were required to have been) delivered pursuant to
Section 5.01(a), 5.01(b) or 6.12(b), as applicable, or, in the case of any Test Period ending prior to the first anniversary of the Effective Date, Section 5.01(a) or 5.01(b) of the Existing Credit Agreement, as applicable. 
 “Title Company” means a title insurer or title insurance agent which shall be reasonably acceptable to the Administrative Agent and
qualified to issue title insurance as required by the Administrative Agent. 
 “Total Commitment” means, at any time, the
aggregate amount of the Commitments as in effect at such time. 
 “Total Dollar Commitment” means, at any time, the
aggregate amount of the Dollar Commitments as in effect at such time. 
 “Total Multicurrency Commitment” means, at any
time, the aggregate amount of the Multicurrency Commitments as in effect at such time. 
 “Tranche” means the Dollar Tranche
or the Multicurrency Tranche; collectively, the “Tranches.” 
  

 45 

 “Tranche Commitment” shall refer, as applicable, to a Dollar Commitment or a
Multicurrency Commitment. 
 “Transactions” means the execution, delivery and performance by the Loan Parties of this
Agreement and the other Loan Documents to which they are party, the borrowing of Loans and other credit extensions, the use of the proceeds thereof, the continuation or issuance of Letters of Credit hereunder and the creation and perfection of the
Liens created by the Collateral Documents. 
 “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 Eurocurrency Rate or the Alternate Base Rate. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of
perfection of security interests. 
 “Unliquidated Obligations” means, at any time, any Secured Obligations (or portion
thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation
(including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. 
 “U.S.” means the United States of America. 
 “U.S. Person” has the meaning assigned to such term by Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(g). 
 “Voting
Participant” has the meaning assigned to such term in Section 9.04(c)(iii). 
 “Voting Participant
Notification” has the meaning assigned to such term in Section 9.04(c)(iii). 
 “wholly-owned Subsidiary”
means, with respect to any Person at any date, a Subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than directors’ qualifying shares) are, as of such date, owned,
controlled or held by such Person or one or more wholly-owned Subsidiaries of such Person or by such Person and one or more wholly-owned Subsidiaries of such Person. Unless otherwise specified, “wholly-owned Subsidiary” means a
wholly-owned Subsidiary of the Company. 
 “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. 
  

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 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”), 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 “Borrowing of Revolving Loans”), by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing” or a “Eurocurrency
Borrowing of Revolving Loans”). 
 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, amended and restated, supplemented or otherwise modified (subject to any
restrictions on such amendments, 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 (including any definition) hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such
provision (or if the Administrative Agent notifies the 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. In the event that the historical accounting practices, systems or reserves relating to the components of the Borrowing Base are modified in a manner that is adverse to the Lenders in any material respect, the Company will agree
to maintain such additional reserves (for purposes of computing the Borrowing Base) in respect to the components of the Borrowing Base and make such other adjustments (which may include maintaining additional reserves, modifying the advance rates or
modifying the eligibility criteria for the components of the Borrowing Base) as may be appropriate to eliminate the adverse effects thereof. 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, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of Holdings, the Company or any Subsidiary at “fair value”, as defined therein. 
  

 47 

 SECTION 1.05 Currency Translations. (a) For purposes of this Agreement and the other Loan
Documents, where the permissibility of a transaction or determinations of required actions or circumstances depend upon compliance with, or are determined by reference to, amounts stated in Dollars, such amounts shall be deemed to refer to Dollars
or Dollar Equivalents (but determined according to the spot selling rates set forth in the Wall Street Journal on the Business Day immediately preceding the date on which the transaction is consummated); provided that no Default or Event of
Default shall arise as a result of any limitation set forth in Dollars in Section 6.01, 6.02 or 6.06 being exceeded solely as a result of changes in currency exchange rates from those rates applicable at the time or times Indebtedness, Liens or
sale and leaseback transactions were initially consummated in reliance on the exceptions under such Sections. For purposes of any determination under Section 6.04 or 6.05, the amount of each Investment, disposition or other applicable
transaction denominated in a currency other than Dollars shall be translated into Dollars at the Spot Selling Rate on the date such Investment, disposition or other transaction is consummated. 
 (b) The Administrative Agent shall determine the Dollar Equivalent of (x) the Credit Exposure (i) as of the end of each fiscal quarter of the
Company, (ii) on or about the date of the related notice requesting any extension of credit hereunder and (iii) on any other date, in its reasonable discretion and (y) any other amount to be converted into Dollars in accordance with
the provisions hereof at the time of such conversion. 
 ARTICLE II 
 The Credits 
 SECTION 2.01 Commitments. Subject to the terms and
conditions set forth herein: 
 (a) each Dollar Lender agrees to make Revolving Loans to the Company in Dollars from time to time during the
Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar Commitment, (ii) the sum of the Credit Exposures of all Lenders
exceeding the lesser of (x) the Total Commitment and (y) the Borrowing Base or (iii) the Available Debt Cap Amount being less than zero, subject to the Administrative Agent’s authority, in its sole discretion, to make Protective
Advances pursuant to the terms of Section 2.04; and 
 (b) each Multicurrency Lender agrees to make Revolving Loans to the Company in
Dollars or any Approved Foreign Currency from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency Credit Exposure exceeding such Lender’s
Multicurrency Commitment, (ii) the sum of the Credit Exposures of all Lenders exceeding the lesser of (x) the Total Commitment and (y) the Borrowing Base or (iii) the Available Debt Cap Amount being less than zero, subject to the
Administrative Agent’s authority, in its sole discretion, to make Protective Advances pursuant to the terms of Section 2.04. 
  

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 Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may
borrow, prepay and reborrow Revolving Loans. 
 SECTION 2.02 Loans and Borrowings. (a) Each Loan (other than a Swingline Loan or
Protective Advance) shall be made as part of a Borrowing consisting of Revolving Loans of the same Class, Currency and Type made by the applicable Lenders ratably in accordance with their respective applicable Tranche Commitments of the applicable
Class. Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.04 and 2.05, respectively. 
 (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans denominated in a single Currency as the Company may request in accordance herewith;
provided that all Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Eurocurrency Borrowings in accordance with Section 2.08. Each Swingline Loan and each Protective Advance shall be an ABR
Loan. Each ABR Loan shall be denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option
shall not affect the obligation of the Company 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 (or in the case of any Currency other than Dollars, an approximate equivalent thereof as
determined by the Administrative Agent) and not less than $5,000,000 (or in the case of any Currency other than Dollars, an approximate equivalent thereof as determined by the Administrative Agent). At the time that each ABR Revolving Borrowing is
made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the
applicable Tranche Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(f). Each Swingline Loan shall be in an amount that is an integral multiple of $500,000 and not less than
$1,000,000; provided that a Swingline Loan may be in an aggregate amount that is equal to the entire unused Dollar Commitment. Borrowings of more than one Type, Class and Currency may be outstanding at the same time; provided that there shall
not at any time be more than a total of twelve Eurocurrency Borrowings outstanding. 
 (d) Notwithstanding any other provision of this
Agreement, the Company shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the Company shall notify the Administrative Agent of such
request either in writing (delivered by hand or facsimile) in substantially the form of Exhibit F and signed by the 

  

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Company or by telephone (i) in the case of a Eurocurrency Borrowing denominated in an Approved Foreign Currency, not later than 12:00 noon, New York
City time, five Business Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed
Borrowing or (iii) in the case of an ABR Borrowing, not later than 11:30 a.m., New York City time, on the day of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or facsimile to the Administrative Agent of a written Borrowing Request substantially in the form of Exhibit F and signed by the Company. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.01: 
 (i) the aggregate amount and Currency of the requested Borrowing and a breakdown of the
separate wires comprising such Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 
 (iii) in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing and
whether such Borrowing shall constitute a utilization of the Dollar Commitment or Multicurrency Commitment; 
 (iv) in the
case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; 
 (v) the location and number of the Company’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.07; and 
 (vi) that as of such date the conditions set forth in Sections 4.02(a), (b) and (c) are
satisfied. 
 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be (i) an ABR Borrowing,
in the case of any Borrowing denominated in Dollars and (ii) a Eurocurrency Borrowing with an Interest Period of one month, in the case of a Borrowing denominated in an Approved Foreign Currency. If no Interest Period is specified with respect
to any requested Eurocurrency Revolving Borrowing, then the Company 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 Protective Advances. (a) Subject to the limitations set forth below, the Administrative Agent is authorized by the Company and the Lenders, from time to time in the Administrative Agent’s
sole discretion (but shall have absolutely no obligation to), to make (i) Loans to the Company, on behalf of the Dollar Lenders (each such Loan, a “Dollar Protective Advance”) and (ii) Loans to the Company, on behalf of
the Multicurrency Lenders (each such Loan, a “Multicurrency Protective Advance”), which, in each case, the Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or 

  

 50 

 
protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other
Obligations, or (iii) to pay any other amount chargeable to or required to be paid by the Company pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses as described in
Section 9.03) and other sums payable under the Loan Documents (any of such Loans are herein referred to as “Protective Advances”); provided that, the aggregate amount of Protective Advances outstanding at any time shall
not at any time exceed 5% of the Total Commitment; provided, further, that (A) the aggregate Revolving Dollar Credit Exposure of all Dollar Lenders shall not exceed the Total Dollar Commitment and (B) the aggregate Revolving
Multicurrency Credit Exposure of all Multicurrency Lenders shall not exceed the Total Multicurrency Commitment. Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. The Protective
Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be denominated in Dollars and shall be ABR Borrowings. For the avoidance
of doubt, the Administrative Agent may elect to make Protective Advances from either the Dollar Commitments or the Multicurrency Commitments in its discretion and shall not be obligated to make Protective Advances ratably as between the Tranche
Commitments. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative
Agent’s receipt thereof. At any time that there is sufficient Availability and the conditions precedent set forth in Section 4.02 have been satisfied, the Administrative Agent may request the Lenders to make a Revolving Loan to repay a
Protective Advance. At any other time the Administrative Agent may require the Lenders to fund their risk participations described in Section 2.04(b). 
 (b) Upon the making of a Protective Advance by the Administrative Agent (whether before or after the occurrence of a Default), each Dollar Lender or Multicurrency Lender, as applicable, shall be deemed, without
further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent without recourse or warranty, an undivided interest and participation in such Dollar Protective Advance or Multicurrency Protective
Advance, as applicable, in proportion to its Applicable Dollar Percentage or Applicable Multicurrency Percentage, as applicable. From and after the date, if any, on which any Lender is required to fund its participation in any Protective Advance
purchased hereunder, the Administrative Agent shall promptly distribute to such Lender, such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as applicable, of all payments of principal and interest and all proceeds
of Collateral received by the Administrative Agent in respect of such Protective Advance. 
 SECTION 2.05 Swingline Loans.
(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Company, from time to time during the Availability Period, in Dollars and from the Dollar Commitments, 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, (ii) the sum of the total Revolving Dollar Credit Exposures of all Dollar Lenders
exceeding the Total Dollar Commitment, (iii) the sum of the Aggregate Credit Exposure exceeding the lesser of (x) the Total Commitment and (y) the Borrowing Base or (iv) the Available Debt Cap Amount being less than zero;
provided that the Swingline Lender shall not be required to make a Swingline 

  

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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 3:00 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. 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(e), by remittance to the relevant Issuing
Bank, and in the case of repayment of another Loan or fees or expenses as provided by Section 2.18(d), by remittance to the Administrative Agent to be distributed to the Lenders) by 4:00 p.m., New York City time, on the requested date of such
Swingline Loan. 
 (c) Upon the making of a Swingline Loan (whether before or after the occurrence of a Default and regardless of whether a
Settlement has been requested with respect to such Swingline Loan), each Dollar Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Lender without recourse or
warranty, an undivided interest and participation in such Swingline Loan in proportion to its Applicable Dollar Percentage. The Swingline Lender may, at any time, require the Dollar Lenders to fund their participations. From and after the date, if
any, on which any Dollar Lender is required to fund its participation in any Swingline Loan purchased hereunder, the Administrative Agent shall promptly distribute to such Lender, such Lender’s Applicable Dollar Percentage of all payments of
principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Loan; provided that any such payment so remitted shall be repaid to the Swingline Lender if and to the extent such payment is
required to be refunded to the Company for any reason. 
 (d) The Administrative Agent, on behalf of the Swingline Lender, shall request
settlement (a “Settlement”) with the Dollar Lenders on at least a weekly basis or on any earlier date that the Administrative Agent elects, by notifying the Dollar Lenders of such requested Settlement by facsimile, telephone, or
e-mail no later than 12:00 noon, New York City time on the date of such requested Settlement (the “Settlement Date”). Each Dollar Lender (other than the Swingline Lender, in the case of the Swingline Loans) shall transfer the amount
of such Dollar Lender’s Applicable Dollar Percentage of the outstanding principal amount of the applicable Swingline Loan or Swingline Loans with respect to which Settlement is requested to the Administrative Agent, to such account of the
Administrative Agent as the Administrative Agent may designate, not later than 2:00 p.m., New York City time, on such Settlement Date. Settlements may occur during the existence of a Default and whether or not the applicable conditions precedent set
forth in Section 4.02 have then been satisfied. Such amounts transferred to the Administrative Agent shall be applied against the amounts of the Swingline Lender’s Swingline Loans and, together with Swingline Lender’s Applicable
Dollar Percentage of such Swingline Loan, shall constitute Revolving Loans of such Dollar Lenders, respectively. If any such amount is not transferred to the Administrative Agent by any Dollar Lender on such Settlement Date, the Swingline Lender
shall be entitled to recover such amount on demand from such Lender together with interest thereon as specified in Section 2.07. 
  

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 SECTION 2.06 Letters of Credit. (a) General. Subject to the terms and conditions set
forth herein, the Company may request the issuance of Letters of Credit by an Issuing Bank for its own account or for the account of any Subsidiary (provided, that the Company shall be a co-applicant, and be jointly and severally liable, with
respect to each such Letter of Credit issued for the account of such Subsidiary) in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period, either under the
Dollar Commitments or under the Multicurrency Commitments. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions. (i) To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall deliver by hand or facsimile (or transmit by electronic communication, if
arrangements for doing so have been approved by the relevant Issuing Bank of such Letter of Credit) to the relevant Issuing Bank 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 (d) of this Section), the Currency (which shall be Dollars or an Approved Foreign Currency), the amount of such Letter of Credit, the name of the account party (which shall
be the Company or a Subsidiary and the Company as co-applicants), the name and address of the beneficiary thereof, whether such Letter of Credit is to be made under the Dollar Commitments or the Multicurrency Commitments and such other information
as shall be necessary to prepare, amend, renew or extend such Letter of Credit. It is understood that the reinstatement of all or a portion of a Letter of Credit in accordance with the terms thereof following a drawing thereunder shall not
constitute an amendment, renewal or extension of such Letter of Credit. If requested by such Issuing Bank, the Company 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. 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 the
Company with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (ii) On the
Effective Date, each Issuing Bank that has issued an Existing Letter of Credit shall be deemed, without further action by any party hereto, to have granted to each Lender and each Lender shall be deemed to have purchased from such Issuing Bank a
participation in such Existing Letter of Credit in accordance with paragraph (e) below. The applicable Issuing Banks and the Lenders that were also party to the Existing Credit Agreement agree that concurrently with such grant, the
participations in the Existing Letters of Credit granted to such lenders under the Existing Credit Agreement shall be automatically canceled without further action by any of the parties thereto. On and after the Effective Date, each Existing Letter
of Credit shall constitute a Letter of Credit for all purposes hereof. 
  

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 (c) Limitations on Amounts. 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 Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the Dollar LC Exposure shall
not exceed $225,000,000 and the total Revolving Dollar Credit Exposures shall not exceed the Total Dollar Commitment, (ii) the Multicurrency LC Exposure shall not exceed $25,000,000 or the Foreign Currency Equivalent thereof and the total
Revolving Multicurrency Credit Exposures shall not exceed the Total Multicurrency Commitment, (iii) the Aggregate Credit Exposure would not exceed the lesser of (x) the Borrowing Base and (y) the Total Commitment, and (iv) the
Available Debt Cap Amount shall not be less than zero. 
 (d) Expiration Date. No Letter of Credit shall have a stated expiry date
that is later than the close of business on the earlier of (i) the date twelve months after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration
date of such Letter of Credit, so long as such renewal or extension occurs within three months of such then-current expiration date) and (ii) the date that is five Business Days prior to the Maturity Date; provided that any Letter of Credit
with a one-year tenor may provide for the renewal thereof for additional one year periods (which shall in no event extend beyond the date referred to in clause (ii) above) under customary “evergreen” provisions. 
 (e) 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, (i) in the case of a Dollar Letter of Credit, the relevant Issuing Bank hereby grants to each Dollar Lender (other than the relevant Issuing Bank), and each Dollar Lender hereby
acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Dollar Percentage, and (ii) in the case of a Multicurrency Letter of Credit, the relevant Issuing Bank hereby grants to each
Multicurrency Lender (other than the relevant Issuing Bank), and each Multicurrency Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Multicurrency Percentage, of the
aggregate 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 each relevant
Issuing Bank, such Lender’s Applicable Dollar Percentage (in the case of a Dollar Letter of Credit) and such Lender’s Applicable Multicurrency Percentage (in the case of a Multicurrency Letter of Credit) of each LC Disbursement made by
such Issuing Bank and not reimbursed by the Company on the date due as provided in paragraph (f) of this Section 2.06, or of any reimbursement payment required to be refunded to the Company for any reason. Each Dollar Lender and each
Multicurrency Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Dollar Letters of Credit and Multicurrency Letters of Credit, as the case may be, 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 Event of Default or reduction or termination of the Dollar Commitment or
Multicurrency Commitment, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
  

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 (f) Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of
Credit, the Company shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall
have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on
(i) the Business Day that the Company receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Company receives such
notice, if such notice is not received prior to such time on the day of receipt; provided, that the Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or Section 2.05 that such
payment be financed with a Eurocurrency Borrowing of the Currency in which such Letter of Credit is issued (or, in the case of a Letter of Credit denominated in Dollars, an ABR Revolving Borrowing or Swingline Loan) in an equivalent amount and, to
the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting Eurocurrency Borrowing, ABR Revolving Borrowing or Swingline Loan. If the Company fails to make such payment when due, the
Administrative Agent shall notify each applicable Lender of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the
case may be, thereof. Promptly following receipt of such notice, each applicable Lender shall pay to the Administrative Agent its Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, of the payment then due from
the Company, 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 relevant Issuing Bank, the amounts so received by it from the applicable Lenders. Promptly following receipt by the Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the relevant Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such 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 Eurocurrency Loans, ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve
the Company of its obligation to reimburse such LC Disbursement. 
 (g) Obligations Absolute. The Company’s obligation to
reimburse LC Disbursements as provided in paragraph (f) 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 the Issuing Banks 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 Company’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the 

  

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Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control
of the Issuing Banks; provided that the foregoing shall not be construed to excuse the Issuing Banks from liability to the Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused by the Issuing Banks’ 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 the Issuing Banks (as finally determined by a court of competent jurisdiction), the Issuing Banks 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 Banks 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. 
 (h) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall
promptly notify the Administrative Agent and the Company by telephone (confirmed by facsimile) of such demand for payment and whether the 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 Company of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (i) Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount
thereof (which, in the case of Multicurrency Letters of Credit, shall be converted into Dollars) shall bear interest, for each day from and including the date such LC Disbursement is made to, but excluding, the date that the Company reimburses such
LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (f) of this Section 2.06, then Section 2.13(d) shall
apply. Interest accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section 2.06 to reimburse such
Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (j) Replacement of the Issuing Bank. An Issuing
Bank may be added, or an existing Issuing Bank may be replaced or terminated, under this Agreement at any time by written agreement among the Company, the Administrative Agent, the replaced or terminated Issuing Bank and the new or successor Issuing
Bank, as applicable. The Administrative Agent 

  

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shall notify the Lenders of any such addition, replacement or termination. At the time any such replacement or termination shall become effective, the
Company shall pay all unpaid fees accrued for the account of the Issuing Bank being replaced or terminated. From and after the effective date of any such replacement or addition, the new or successor Issuing Bank shall have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter. References herein to the term “Issuing Bank” shall be deemed to refer to each new Issuing Bank or to any previous Issuing Bank,
or to such new Issuing Bank and all previous Issuing Banks, as the context shall require. After the replacement or termination of an Issuing Bank hereunder, the replaced or terminated 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 any outstanding Letters of Credit issued by it prior to such replacement or termination, but shall not be required to issue any new Letters of Credit or to
renew or extend any such outstanding Letters of Credit. 
 (k) Cash Collateralization. If either (i) an Event of Default shall
have occurred and be continuing and the Company 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 more than 50% of the total LC
Exposure) demanding the deposit of cash collateral pursuant to this paragraph, (ii) the aggregate amount of Revolving Dollar Credit Exposure of all Dollar Lenders hereunder exceeds the Total Dollar Commitment, (iii) the aggregate amount of
Revolving Multicurrency Credit Exposure of all Multicurrency Lenders hereunder exceeds the Total Multicurrency Commitment, or (iv) any of the other provisions of this Agreement require cash collateralization, the Company shall deposit within
one Business Day after notice from the Administrative Agent of the requirement thereof into an account established and maintained on the books and records of the Administrative Agent, which account may be a “securities account” (within the
meaning of Section 8-501 of the UCC as in effect in the State of New York), in the name of the Administrative Agent and for the benefit of the applicable Lenders (the “LC Collateral Account”), an amount in immediately available
funds in Dollars equal to 105% of the LC Exposure as of such date, converting the aggregate Multicurrency LC Exposure into the Dollar Equivalent thereof as of such date, plus any accrued and unpaid interest thereon; provided that the
obligation to deposit such amount 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 described in paragraph (h)or
(i) of Section 7.01. Such deposits shall be held by the Administrative Agent as collateral for the LC Exposure under this Agreement and for the payment and performance of the Secured Obligations, and for this purpose the Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account, the LC Collateral Account shall be subject to a Deposit Account Control Agreement and the Company hereby grants a security
interest to the Administrative Agent for the benefit of the Secured Parties in the LC Collateral Account and in any financial assets (as defined in the UCC) or other property held therein. 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 Company’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in the LC Collateral Account. Moneys and financial assets in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to
the extent not so applied, shall be held for the satisfaction of the 

  

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reimbursement obligations of the Company 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 more than 50% of the total LC Exposure), be applied to satisfy other Secured Obligations. The Administrative Agent shall cause all such cash collateral (to the extent not applied as aforesaid) to be returned
to the Company within three Business Days after (A) in the case of clause (i) above, the applicable Event of Default shall have been cured or waived (so long as no other Event of Default has occurred and is continuing at such time),
(B) in the case of clauses (ii) and (iii) above, the aggregate amount of Revolving Dollar Credit Exposure of all Dollar Lenders or the aggregate amount of Revolving Multicurrency Credit Exposure of all Multicurrency Lenders hereunder
ceases to exceed the Total Dollar Commitment or the Total Multicurrency Commitment, as applicable, for 5 consecutive Business Days or (C) in the case of clause (iv) above, such cash collateral shall no longer be required pursuant to the
applicable provision hereof. 
 (l) Reporting. Unless otherwise requested by the Administrative Agent, each Issuing Bank shall
(i) provide to the Administrative Agent copies of any notice received from the Company pursuant to Section 2.06(b) no later than the Business Day after receipt thereof and (ii) report in writing to the Administrative Agent (A) on
the first Business Day of each week, the activity for each day during the immediately preceding week in respect of Letters of Credit issued by it, including all issuances, extensions, amendments and renewals, all expirations and cancellations and
all disbursements and reimbursements, (B) on or prior to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, whether such Letter
of Credit is a trade, financial or performance Letter of Credit, whether such Letter of Credit is a Dollar Letter of Credit or a Multicurrency Letter of Credit and the aggregate face amount and Currency of the Letters of Credit to be issued,
amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amount thereof changed), and no Issuing Bank shall be permitted to issue, amend, renew or extend such Letter of
Credit without first obtaining written confirmation from the Administrative Agent that such issuance, amendment, renewal or extension is then permitted by the terms of this Agreement, (C) on each Business Day on which such Issuing Bank makes
any LC Disbursement, the date of such LC Disbursement and the amount and currency of such LC Disbursement and (D) on any other Business Day, such other information as the Administrative Agent shall reasonably request, including but not limited
to prompt verification of such information as may be requested by the Administrative Agent. 
 SECTION 2.07 Funding of Borrowings.
(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be; provided that, Swingline Loans shall be made as provided in
Section 2.05. The Administrative Agent will make such Loans available to the Company by promptly crediting the amounts so received, in like funds, to the Funding Account(s) or such other account as may be specified in a Borrowing Request;
provided that ABR Revolving Loans made to finance the reimbursement of (i) an LC Disbursement as provided in Section 2.06(f) shall be remitted by the Administrative Agent to the Issuing Bank and (ii) a Protective Advance shall
be retained by the Administrative Agent. 
  

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 (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 and in its sole discretion, make available to the Company a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Company agree (severally and not jointly) to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Company 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 or (ii) in the case of the Company, 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. Nothing herein shall limit the rights of the Company against any Lender that fails to make Loans hereunder and each Lender agrees that, to the extent that the Company was
required to make any payments pursuant to this Section 2.07(b) on account of the failure by such Lender to make Loans hereunder, it shall promptly reimburse the Company for such amounts and such reimbursement shall constitute a Loan by such
Lender included in the applicable 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 or as otherwise provided in Section 2.03. Thereafter,
the Company may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section; provided, however, that (i) a
Borrowing denominated in one Currency may not be converted to a Borrowing in a different Currency and (ii) a Eurocurrency Borrowing denominated in an Approved Foreign Currency may not be converted to a Borrowing of a different Type. Subject to
the foregoing, the Company 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 or Protective Advances, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Company shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Company was 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 facsimile or by other electronic transmission to the Administrative Agent of a written Interest Election Request substantially in the form of Exhibit G signed by
the Company. 
  

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 (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 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 to be applicable thereto
after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d). 
 If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Company 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 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, (i) if such Borrowing is denominated in Dollars, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing, and (ii) if such Borrowing is denominated in a Foreign Currency, the Company shall be deemed to have selected an Interest Period of one month’s duration. 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 denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, (A) each Eurocurrency Revolving Borrowing denominated in Dollars shall be converted to an ABR
Borrowing and (B) each Eurocurrency Revolving Borrowing denominated in an Approved Foreign Currency shall be continued as a Eurocurrency Borrowing with an Interest Period of one month’s duration, in each case, at the end of the Interest
Period applicable thereto. 
 SECTION 2.09 Termination and Reduction of Commitments; Increase in Commitments. (a) Unless
previously terminated, all Commitments shall terminate on the Maturity Date. 
  

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 (b) The Company may at any time terminate the Commitments upon (i) the payment in full of all
outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the
furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent) equal to 105% of the LC Exposure as of such date), (iii) the
payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations (other than Unliquidated Obligations) together with accrued and unpaid interest thereon. 
 (c) The Company may from time to time reduce, the Commitments (and each Tranche Commitment); provided, that (i) each reduction of the
Commitments (and of either Tranche Commitment) shall be in an amount that is an integral multiple of $10,000,000 and not less than $25,000,000, (ii) each reduction of the Commitments shall be pro rata as between the Tranches and (iii) the
Company shall not reduce the Commitments (or either Tranche Commitment) if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10 or Section 2.11, (A) the Aggregate Credit Exposure would exceed
the lesser of the Total Commitment and the Borrowing Base, (B) the sum of the Revolving Dollar Credit Exposure would exceed the Total Dollar Commitment or (C) the sum of the Revolving Multicurrency Credit Exposures would exceed the Total
Multicurrency Commitment. 
 (d) The Company shall notify the Administrative Agent of (i) any election to terminate or reduce the
Commitments under paragraph (b) or (c) of this Section 2.09, and (ii) in the case of a reduction, the amount of such reduction (if any) to be allocated to the Dollar Commitment and/or Multicurrency Commitment hereunder, in each
case, at least three Business Days prior to the effective date of such termination or reduction, specifying such election, the aggregate amount of a reduction and any allocation as aforesaid, 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 2.09(d) 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 (and of Tranche Commitments) shall be permanent. Each reduction of the Commitments and Tranche Commitments shall be made ratably among the
Lenders in accordance with their respective Commitments and Tranche Commitments, as the case may be. 
 (e) The Company shall have the right
to increase the Dollar Commitment by obtaining additional Dollar Commitments, either from one or more of the Lenders or another lending institution provided that (i) any such request for an increase shall be in a minimum amount of $50,000,000,
(ii) the Company may make a maximum of 6 such requests, (iii) the Administrative Agent has approved the identity of any such new Lender, such approval not to be unreasonably withheld or delayed, (iv) any such new Lender assumes all of
the rights and obligations of a “Lender” hereunder, and (v) the procedure described in Section 2.09(f) have been satisfied. 
  

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 (f) Any amendment hereto for such an increase or addition shall be in form and substance reasonably
satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Company and the Lender(s) being added or increasing their Dollar Commitment, subject only to the approval of the Required Lenders
if any such increase would cause the Total Commitment to exceed $1,300,000,000 (calculated net of any increase in Commitments pursuant to Section 2.22). As a condition precedent to such an increase, (i) the Company shall deliver to the
Administrative Agent a certificate of each Loan Party (in sufficient copies for each Lender) signed by an authorized officer of such Loan Party certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such
increase, (ii) before and after giving effect to such increase, (x) the representations and warranties contained in Article III and the other Loan Documents shall be true and correct in all material respects (except that any representation
and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects), except to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, (y) no Default or Event of Default shall have occurred and be continuing and (z) the Available Debt Cap Amount shall be greater than zero, assuming full utilization of the
Commitments and of the commitments under any other agreement governing indebtedness or other obligations which constitute a usage of the debt incurrence provisions subject to the Debt Cap, and the Company shall have delivered to the Administrative
Agent a certificate of a Financial Officer certifying the satisfaction of the conditions set forth in this clause (ii) and such certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which shall
indicate whether the increase or addition of Commitments pursuant to clause (e) of this Section 2.09 is included in such calculation of the Available Debt Cap Amount) and (iii) if requested by the Administrative Agent, the Company
shall deliver to the Administrative Agent legal opinions, in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 (g) Within a reasonable time after the effective date of any increase, the Administrative Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase and shall
distribute such revised Commitment Schedule to each of the Lenders and the Company, whereupon such revised Commitment Schedule shall replace the old Commitment Schedule and become part of this Agreement. On the Business Day following any such
increase, all outstanding ABR Loans shall be reallocated among the Lenders (including any newly added Lenders) in accordance with the Lenders’ respective revised Applicable Dollar Percentages or Applicable Multicurrency Percentages, as
applicable. Eurocurrency Advances shall not be reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect at the time of any such increase. 
 SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) The Company hereby unconditionally promise to pay (i) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earliest of (A) the
Maturity Date, (B) the day that is 30 days after the making of such Protective Advance (or if such day is not a Business Day, the next succeeding Business Day) and (C) demand by the Administrative Agent and (iii) to the Swingline
Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the date that is the seventh day (or if such day is not a Business Day, the next succeeding Business Day) after such Swingline Loan is made,
provided that on each date that a Revolving Borrowing is made by the Company, the Company shall repay all Swingline Loans then outstanding. 
  

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 (b) During any Cash Dominion Period, on each Business Day, the Administrative Agent shall apply all funds
credited to the Collection Account as of 10:00 a.m., New York City time, on such Business Day (whether or not immediately available) first to prepay any Protective Advances that may be outstanding, pro rata, second to prepay Swingline
Loans, third to prepay the Revolving Loans (without a corresponding reduction in Commitments) and fourth, to cash collateralize outstanding LC Exposure. 
 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender resulting from each Loan made by such Lender, including the amounts
and Currency of principal and interest payable and paid to such Lender from time to time hereunder. 
 (d) The Administrative Agent shall
maintain accounts in which it shall record (i) the amount and Currency of each Loan made hereunder, the Tranche Commitment, Class and Type thereof and the Interest Period applicable thereto, (ii) the amount and Currency of any principal or
interest due and payable or to become due and payable from the Company to each Lender hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s
share thereof. 
 (e) The entries made in the accounts maintained pursuant to paragraph (c) or (d) 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 the Company to repay the Loans and pay interest thereon in accordance with the terms of this Agreement. 
 (f) Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such
Lender and its registered assigns) and in a form approved by the Administrative Agent and the Company. 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 such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.11 Prepayment of Loans. (a) Optional Prepayments. The Company shall have the right at any time and from time to time to
prepay any Borrowing in whole or in part, without premium or penalty, subject to Section 2.16, and prior notice in accordance with paragraph (d) of this Section. 
 (b) Mandatory Prepayments. 
 (i) In
the event and on such occasion that: 
 (A) the Credit Exposure of any Lender exceeds such Lender’s Commitment;

  

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 (B) the Aggregate Credit Exposures (including the Dollar Equivalent of any Revolving
Multicurrency Credit Exposure) exceeds the lesser of (x) Total Commitment or (y) the Borrowing Base; or 
 (C)
Dollar Equivalent of the aggregate Revolving Multicurrency Credit Exposure of all Multicurrency Lenders exceeds (x) 105% of the Total Multicurrency Commitment as then in effect at any point in time or (y) 100% but less than 105% of the
Total Multicurrency Commitment as then in effect for a period of 10 consecutive Business Days; 
 the Company shall promptly prepay the Revolving Loans
and/or Swingline Loans (and/or provide cash collateral for LC Exposure as specified in Section 2.06(k)) in an aggregate amount equal to (1) in the case of clauses (b)(i)(A) and (b)(i)(B) of this Section, such excess and (2) in the
case of clause (b)(i)(C) of this Section, the amount by which the Dollar Equivalent of the aggregate Revolving Multicurrency Credit Exposure of all Multicurrency Lenders exceeds the Total Multicurrency Commitment as then in effect. If the Company is
required to provide (and have provided the required amount of) cash collateral pursuant to this Section 2.11(b) and such excess is subsequently reduced, cash collateral in an amount equal to the lesser of (x) any such reduction and
(y) the amount of such cash collateral (to the extent not applied as set forth in Section 2.06(k)) shall be returned to the Company within two Business Days after any such reduction. 
 (ii) In the event and on each occasion that, during any Cash Dominion Period, any Net Proceeds are received by or on behalf of any Loan
Party in respect of any Prepayment Event, the Company shall, subject to the Intercreditor Agreement, immediately after such Net Proceeds are received by or on behalf of any Loan Party, prepay (without a corresponding reduction in the Total
Commitment) the Obligations as set forth in Section 2.11(c) below in an aggregate amount equal to 100% of such Net Proceeds. 
 (c) All
such amounts pursuant to Section 2.11(b) (subject to the terms of the Intercreditor Agreement, in the case of any insurance or condemnation proceeds, to the extent they arise from casualties or losses to Equipment, Fixtures and real property)
shall be applied, first to prepay any Protective Advances that may be outstanding, pro rata, second to prepay the Swingline Loans , third to prepay the Revolving Loans without a corresponding reduction in the Total Commitment or
any Tranche Commitment and fourth, to cash collateralize outstanding LC Exposure. If the precise amount of insurance or condemnation proceeds allocable to Inventory as compared to Equipment, Fixtures and real property is not otherwise
determined, the allocation and application of those proceeds shall be determined, subject to the Intercreditor Agreement, by the Administrative Agent, in its Permitted Discretion. 
 (d) The Company shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed
by facsimile or by other electronic transmission) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 10:00 a.m., New York City time (or, in the case of a Borrowing denominated in an Approved
Foreign Currency, 11:00 a.m., London time), three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR 

  

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Borrowing, not later than 10:00 a.m., New York City time, one Business Day before the date of prepayment or (iii) in the case of prepayment of a
Swingline Loan, not later than 11:00 a.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
(specifying the Currency thereof) and, in the case of a mandatory prepayment, set forth a reasonably detailed calculation of the amount of such prepayment, provided that a notice of optional prepayment may state that such notice is conditioned upon
the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or any other event, in which case such notice of prepayment may be revoked by the Company (by notice to the Administrative Agent on
or prior to the specified date) if such condition is not satisfied. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans) the Administrative Agent shall advise the Lenders of the contents thereof.
Each partial voluntary 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 and Currency as provided in Section 2.02. Each prepayment of a
Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 
 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 Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender during the period from and including the Effective Date to but excluding the Maturity Date. Accrued commitment fees shall be payable
in arrears on the last Business Day of each March, June, September and December of each year and on the Maturity 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 360 days and shall be payable for the actual number of days elapsed. 
 (b) The Company agrees to pay to the Administrative Agent for the
account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily
amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the Maturity Date and the date on which such
Lender ceases to have any LC Exposure. 
 (c) The Company agrees to pay to each Issuing Bank (i) a fronting fee, which shall accrue at
the rate or rates per annum separately agreed upon between the Company and the applicable Issuing Bank on the average daily amount of the LC Exposure attributable to Letters of Credit issued by it (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 Maturity Date and the date on which there ceases to be any LC Exposure under such Letters of Credit and (ii) such Issuing
Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued by it or processing of drawings thereunder. 
 (d) Participation fees and fronting fees accrued through and including the last day of each calendar quarter shall be payable on the last Business Day of each March, June, 

  

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September and December of each year; provided that all such fees shall be payable on the Maturity Date and any such fees accruing after the Maturity
Date shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 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. 
 (e) 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. 
 (f) All fees payable
hereunder shall be paid on the dates due, in 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. 
 SECTION 2.13 Interest. 
 (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted Eurocurrency Rate for the Interest Period in
effect for such Borrowing plus the Applicable Rate. 
 (c) Each Protective Advance shall bear interest at the Alternate Base Rate plus the
Applicable Rate for Revolving Loans. 
 (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other
amount payable by the Company hereunder is not paid when due, whether at stated maturity, by mandatory prepayment, 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% per annum 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% per annum plus
the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section. 
 (e) Accrued interest on each Loan shall be
payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) or (d) 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 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 Eurocurrency 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.

 (f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate or the Federal Funds Effective Rate shall be 

  

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computed on the basis of a year of 365 days (or 366 days in a leap year), 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 Alternate Base Rate, Adjusted Eurocurrency Rate or Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for such 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 Interest Period; 
 then the Administrative
Agent shall give notice thereof to the Company and the Lenders by telephone or facsimile or by other electronic transmission as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing denominated in Dollars to, or continuation of any such Borrowing as, a Eurocurrency Borrowing shall be
ineffective and such Borrowing (unless prepaid) shall be converted to, or continued as, an ABR Borrowing, (ii) any Interest Election Request that requests an Interest Period of other than one month for a Borrowing denominated in an Approved
Foreign Currency shall be ineffective and such Borrowing (unless prepaid) shall be continued with an Interest Period of one month, (iii) if any Borrowing Request with respect to a Borrowing denominated in Dollars requests a Eurocurrency
Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing and (iv) if any Borrowing Request requests a Borrowing denominated in an Approved Foreign Currency, such Borrowing shall have an Interest Period of one month. 
 SECTION 2.15 Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan 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 Eurocurrency Rate) or any Issuing Bank; 
 (ii) subject any Lender or any Issuing Bank to any (or any increase in any) Other Connection Taxes with respect to this Agreement or any
other Loan Document, any Letter of Credit, or any participation in a Letter of Credit or any Loan made or Letter of Credit issued by it, except any such Taxes imposed on or measured by its net income or profits (however denominated) or franchise
Taxes imposed in lieu of net income or profits Taxes; or 
  

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 (iii) impose on any Lender or any Issuing Bank or the London interbank market any other
condition, cost, or expense affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; 
 and the
result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan, or in the case of clause (ii), any Loan, (or of maintaining its obligation to make any such Loan) or to increase the cost to
such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal, interest or otherwise),
then the Company 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, as the case may be, for such additional costs incurred or reduction suffered.

 (b) If any Lender or any Issuing Bank determines that any Change in Law regarding capital 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), then from
time to time the Company 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. 
 (c) A certificate of a Lender or an Issuing Bank setting forth in reasonable detail calculations of the
amount or amounts necessary to compensate such Lender or such Issuing Bank or their respective holding companies, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall be
conclusive absent manifest error. The Company shall 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 receipt thereof. 
 (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
270 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 270-day period referred to above shall be extended to include the period of retroactive effect
thereof. 
  

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 (e) Notwithstanding any other provision of this Agreement, if, after the date hereof, (x) any Change
in Law shall make it unlawful for any Multicurrency Lender to make or maintain any Revolving Loan denominated in an Approved Foreign Currency or to give effect to its obligations as contemplated hereby with respect to any Revolving Loan denominated
in an Approved Foreign Currency, or (y) there shall have occurred any change in national or international financial, political or economic conditions (including the imposition of or any change in exchange controls, but excluding conditions
otherwise covered by this Section 2.15) or currency exchange rates which would make it impracticable for the Multicurrency Lenders to make or maintain any Revolving Loan denominated in an Approved Foreign Currency to, or for the account of, the
Company, then, by written notice to the Company and to the Administrative Agent: 
 (i) such Multicurrency Lender or
Multicurrency Lenders may declare that such Revolving Loan denominated in such Approved Foreign Currency will not thereafter (for the duration of such unlawfulness) be made by such Multicurrency Lender or Multicurrency Lenders hereunder (or be
continued for additional Interest Periods), whereupon any request for a Revolving Loan denominated in such affected Approved Foreign Currency or to continue a Revolving Loan denominated in such affected Approved Foreign Currency, as the case may be,
for an additional Interest Period shall, as to such Multicurrency Lender or Multicurrency Lenders only, be of no force and effect, unless such declaration shall be subsequently withdrawn; and 
 (ii) such Multicurrency Lender may require that any outstanding Revolving Loan denominated in such affected Approved Foreign Currency,
made by it be converted to a Eurocurrency Loan or ABR Loan denominated in Dollars, as the case may be (unless repaid by the Company as described below), in which event any such Revolving Loan denominated in such affected Approved Foreign Currency,
shall be converted to a Eurocurrency Loan or ABR Loan denominated in Dollars, as the case may be, as of the effective date of such notice as provided in Section 2.15(f) and at the Spot Selling Rate on the date of such conversion or, at the
option of the Company, repaid on the last day of the then current Interest Period with respect thereto or, if earlier, the date on which the applicable notice becomes effective. 
 If any Multicurrency Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise
have been applied to repay such converted Revolving Loan denominated in the affected Approved Foreign Currency of such Multicurrency Lender shall instead be applied to repay the Eurocurrency Loans or ABR Loans denominated in Dollars, as the case may
be, made by such Lender resulting from such conversion. 
 (f) For purposes of Section 2.15(e), a notice to the Company by any
Multicurrency Lender shall be effective as to each Revolving Loan denominated in the affected Approved Foreign Currency made by such Multicurrency Lender, if lawful, on the last day of the Interest Period, if any, currently applicable to such
Revolving Loan; in all other cases such notice shall be effective on the date of receipt thereof by the Company. 
  

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 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), (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 (or to convert any ABR Loan into a Eurocurrency Loan) on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be
revoked under Section 2.09(d) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company to replace a
Lender pursuant to Section 2.19(b), then, in any such event, the Company shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, 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 that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted Eurocurrency 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 that would accrue on such principal amount for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for deposits in the
applicable 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 Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after the Company’s receipt thereof. 
 SECTION 2.17 Taxes. 
 (a) Any and all
payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if any applicable
law (as determined in the good faith discretion of an applicable Withholding Agent (as defined below)) requires the deduction or withholding of any Indemnified Tax or Other Tax from any such payment (including, for the avoidance of doubt, any such
deduction or withholding required to be made by the applicable Loan Party or the Administrative Agent, or, in the case of any Lender that is treated as a partnership for U.S. federal income tax purposes, by such Lender for the account of any of its
direct or indirect beneficial owners), the applicable Loan Party, the Administrative Agent, the Lender or the applicable direct or indirect beneficial owner of a Lender that is treated as a partnership for U.S. federal income tax purposes (any such
person a “Withholding Agent”) shall make such deductions and timely pay the full amount deducted 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 Loan Party 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, any Issuing Bank or its
beneficial owner, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made. 
  

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 (b) Without limiting the provisions of paragraph (a) above, the Loan Parties shall timely pay, or at
the option of and upon written request from the Administrative Agent timely reimburse it for the payment of any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Loan Parties shall jointly and severally indemnify the Administrative Agent, each Lender and each Issuing Bank, within 10 days after receipt of
the certificate described below, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) payable by the Administrative
Agent, such Lender (for its beneficial owner) or each Issuing Bank, as the case may be, and any 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, setting forth in reasonable detail calculations of the amount of such payment or liability delivered to the Company by a Lender or an Issuing Bank (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 
 (d) Each Lender shall indemnify the Administrative Agent within 10 days after demand therefor, for the full amount of any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent, and reasonable
expenses arising therefrom or with respect thereto, whether or not such Excluded 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. 
 (e) As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Loan Parties to a Governmental Authority, the Company 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. 
 (f) Each Fee Receiver
hereby represents that it is a Permitted Fee Receiver and agrees to update Internal Revenue Service Form W-9 (or its successor form) or applicable Internal Revenue Service Form W-8 (or its successor form) upon any change in such Person’s
circumstances or if such form expires or becomes inaccurate or obsolete, and to promptly notify the Company and the Administrative Agent if such Person becomes legally ineligible to provide such form. 
 (g) Any Foreign Lender that is entitled to an exemption from or reduction of any applicable withholding tax with respect to payments hereunder or under
any other Loan Document shall deliver to the Company (with a copy to the Administrative Agent), at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by
applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Company or the 

  

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Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, in the case of any withholding tax other than the U.S. federal withholding tax, the completion, execution and submission of such forms shall
not be required if in the Foreign Lender’s judgment such completion, execution or submission would subject such Foreign Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Foreign Lender. 
 Without limiting the generality of the foregoing, in the event that the Company is a U.S. Person, any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the request of the Company or the Administrative Agent), whichever of the following is applicable: 
 (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, 
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate substantially in the Form of Exhibit I to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of
the Company within the meaning of section 881(c)(3)(B) of the Code, (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (D) the interest payment in question are not effectively connected with
the United States trade or business conducted by such Lender (a “U.S. Tax Compliance Certificate”) and (y) duly completed copies of Internal Revenue Service Form W-8BEN, 
 (iv) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating
Lender granting a typical participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, U.S. Tax Compliance Certificate, Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that, if the Foreign Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate on behalf of each such beneficial owner, or 
 (v) any other form prescribed by applicable law as a
basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Company to determine the withholding or
deduction required to be made. 
  

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 Each Lender agrees that if any form or certification previously delivered by it expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify Company and the Administrative Agent in writing of its legal inability to do so. 
 (h) If the Administrative Agent, a Lender or an Issuing Bank determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified pursuant to
this Section (including additional amounts paid by any Loan Party pursuant to this Section), 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 Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including any Taxes) of the Administrative Agent, such Lender or such Issuing Bank, as the case may be, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund), provided that such indemnifying party, upon the request of the Administrative Agent, such Lender or such Issuing Bank, agrees to repay the amount paid over
pursuant to this Section 2.17(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such Issuing Bank in the event the Administrative Agent, such Lender or
such Issuing Bank is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will any Issuing Bank or Lender be required to pay any amount to any Loan Party the
payment of which would place such Issuing Bank or such Lender in a less favorable net after-Tax position than such Issuing Bank or such Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had
never been paid. This paragraph shall not be construed to require the Administrative Agent, any Issuing Bank or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Company
or any other Person. 
 (i) Each party’s obligations under this Section 2.17 shall survive termination of the Loan Documents and
payment of any obligations thereunder. 
 SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Set-offs. (a) The
Company shall make each payment required to be made by them hereunder (whether of principal, interest, fees or reimbursements of LC Disbursements, or of amounts payable under Section 2.15, 2.16, 2.17 or 9.03, or otherwise) at or prior to the
time expressly required hereunder or under any other Loan Document for such payment (or, if no such time is expressly required, prior to 12:00 noon, New York City time), on the date when due, in immediately available funds, without set off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York or at such other address that the Administrative Agent shall advise the Company in writing, except payments to be made directly to an 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 and payments pursuant to 

  

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other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document 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 under any Loan Document shall be made in Dollars, except that unless otherwise specified herein or in
any other Loan Document, all payments in respect of Loans (and interest thereon) and LC Exposures shall be made in the same Currency in which such Loan was made or such Letter of Credit was issued. Notwithstanding the foregoing, if the Company shall
fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in
Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination
and such principal shall be payable on demand; and if the Company shall fail to pay any interest on any Loan that is not denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due
date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand. At
all times during a Cash Dominion Period, solely for purposes of determining the amount of Loans available for borrowing purposes, checks (in addition to immediately available funds applied pursuant to Section 2.10(b)) from collections of items
of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations on the Business Day after receipt, subject to actual collection. 
 (b) Any proceeds of Collateral or any other amounts received by the Administrative Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan
Documents (which shall be applied as specified by the Company), (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11), (C) amounts to be used to cash collateralize LC Exposures or (D) amounts to be
applied from the Collection Account during any Cash Dominion Period (which shall be applied in accordance with Section 2.10(b)) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the
Required Lenders so direct, such funds shall be applied, subject to the Intercreditor Agreement, ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent any Issuing Bank or
the Swingline Lender under any Loan Document (other than in connection with Banking Services or Swap Obligations), second, to pay any fees or expense reimbursements then due to the Lenders from the Loan Parties (other than in connection with
Banking Services or Swap Obligations), third, to pay interest due in respect of the Protective Advances, fourth, to pay the principal of the Protective Advances, fifth, to pay interest then due and payable on the Loans (other
than the Protective Advances) and unreimbursed LC Disbursements ratably, sixth, to prepay principal on the Loans (other than the Protective Advances) and unreimbursed LC Disbursements ratably, seventh, to pay an amount to the
Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations,
eighth, to payment of any amounts owing with respect to Banking Services 

  

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and Swap Obligations (in each case, to the extent constituting Secured Obligations), and ninth, to the payment of any other Secured Obligation due to
the Administrative Agent or any Lender by the Loan Parties. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Company, or unless a Default has occurred and is continuing, neither the
Administrative Agent nor any Lender shall apply any payment which it receives to any Eurocurrency Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such Eurocurrency Loan or (b) in the event, and
only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the Company shall pay the break funding payment required in accordance with Section 2.16. The Administrative Agent and the Lenders shall have
the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 
 (c) Except to the extent otherwise provided herein: (i) each Borrowing of Dollar Loans or Multicurrency Loans in a particular Currency from the Lenders under Section 2.01 hereof shall be made from the
relevant Lenders, each payment of Commitment Fees or of participation fees under Section 2.12 hereof in respect of the Dollar Commitment or the Multicurrency Commitment shall be made for account of the relevant Lenders, and each termination or
reduction of the amount of the Commitment, Dollar Commitment or Multicurrency Commitment under Section 2.09 hereof shall be applied to the respective Commitments and Tranche Commitments of the relevant Lenders, pro rata according to the amounts
of their respective Commitments or Tranche Commitments, as applicable; (ii) the making, conversion and continuation of Loans of a particular Type and Currency (other than conversions provided for by Section 2.14 hereof) shall be made pro
rata among the relevant Lenders according to the amounts of their respective Tranche Commitments (in the case of the making of Loans) or their respective Loans (in the case of conversions and continuations of Loans) and the then current Interest
Period for each Eurocurrency Loan, as applicable, shall be coterminous; and (iii) each payment or prepayment of principal of Dollar Loans or of Multicurrency Loans, or interest thereon, by the Company shall be made for the account of the Dollar
Lenders or the Multicurrency Lenders, as applicable, pro rata in accordance with their respective Applicable Dollar Percentages or Applicable Multicurrency Percentages, as the case may be. 
 (d) 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 that are not paid when due in accordance with the Loan Documents, may be paid from the proceeds of Borrowings
made hereunder whether made following a request by the Company pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Company maintained with the Administrative Agent. The
Company hereby irrevocably authorizes, solely to the extent a payment is not paid by a Loan Party by the required time set forth in the Loan Documents (i) the Administrative Agent to make a Borrowing in the name of the Company for the purpose
of paying each payment of principal, interest and fees payable by the Company due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans and Protective
Advances, but such a Borrowing may only constitute a Protective Advance if it is to reimburse costs, fees and expenses as described in Section 9.03) and that all such Borrowings shall be deemed to have been requested 

  

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pursuant to Sections 2.03, 2.04 or 2.05, as applicable and (ii) the Administrative Agent to charge any deposit account of the Company maintained with
the Administrative Agent for each payment of principal, interest and fees due hereunder or any other amount due under the Loan Documents. 
 (e) 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, Swingline Loans or
Protective Advances resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans, participations in LC Disbursements, Swingline Loans and Protective Advances and accrued interest thereon then due
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, Swingline Loans and Protective
Advances 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, Swingline Loans and Protective Advances, provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Company 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, Commitments or participations in any LC Disbursements to any assignee or participant, other
than to the Company or any Subsidiary or other Affiliate thereof (as to which the provisions of this paragraph shall apply). The Company 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 the Company rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Company in the
amount of such participation. 
 (f) Unless the Administrative Agent shall have received notice from the Company, prior to the date on which
any payment is due to the Administrative Agent for the account of a Lender or an Issuing Bank hereunder, that the Company will not make such payment, the Administrative Agent may assume that the Company has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to such Lender or such Issuing Bank, as the case may be, the amount due. In such event, if the Company has not in fact made such payment, then each of the Lenders and the
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. 
 (g) If any Lender shall fail to make any payment required to be made by it hereunder, then the Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations hereunder until all such unsatisfied
obligations are fully paid. 
  

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 SECTION 2.19 Mitigation Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender or any Issuing Bank requests compensation under Section 2.15, or if the Company
is required to pay any additional amount to any Lender, Issuing Bank or any Governmental Authority for the account of any Lender or any Issuing Bank pursuant to Section 2.17, then such Lender or such Issuing Bank shall use reasonable efforts to
designate a different lending office for funding or booking its Loans, LC Disbursements or participations in LC Disbursements hereunder (as applicable) or to assign its rights and obligations hereunder to another of its offices, branches or
Affiliates, if, in the judgment of such Lender or such Issuing Bank, 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 or such Issuing Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or such Issuing Bank; provided that, upon any such change in any lending office or assignment, such Lender or such
Issuing Bank shall provide or cause to be delivered to the Administrative Agent and the Company the appropriate forms specified in and to the extent required by Section 2.17. The Company hereby agrees to pay all reasonable costs and expenses
incurred by any Lender or any Issuing Bank in connection with any such designation or assignment. 
 (b) Replacement of Lenders or Issuing
Banks. If any Lender or any Issuing Bank requests compensation under Section 2.15, or if the Company is required to pay any additional amount to any Lender, any Issuing Bank or any Governmental Authority for the account of any Lender or any
Issuing Bank pursuant to Section 2.17, then the Company may, at its sole expense and effort, require such Lender or such Issuing Bank or any Lender that becomes a Defaulting Lender (each a “Departing Lender”), upon notice to
such Departing Lender and the Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by Section 9.04), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender or another Issuing Bank, if a Lender or Issuing Bank accepts such assignment); provided that (i) the Company shall have received the
prior written consent of the Administrative Agent, each Issuing Bank and the Swingline Lender (which consent in each case shall not unreasonably be withheld), (ii) the Departing Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, LC Disbursements and participations in LC Disbursements and Swingline Loans (as applicable and to the extent funded), 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 Departing 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 such Issuing Bank or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 
  

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 SECTION 2.20 Returned Payments. If after receipt of any payment which is applied to the payment of
all or any part of the Obligations, the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set
aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement
shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.20 shall be and remain effective notwithstanding any contrary action which may have
been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.20 shall survive the termination of this Agreement. 
 SECTION 2.21 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 set forth in Section 2.12(a) shall
cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender; 
 (b) the Commitment and Credit Exposure of such
Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02), provided that any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; 
 (c) if any Swingline Exposure or LC Exposure exists or any Protective Advance is outstanding at the time a Lender becomes a Defaulting Lender then:

 (i) (A) all or any part of such Swingline Exposure, Dollar LC Exposure and Applicable Dollar Percentage of Dollar
Protective Advance shall be reallocated among the Dollar Lenders that are not Defaulting Lenders in accordance with their respective Applicable Dollar Percentages and (B) all or any part of such Multicurrency LC Exposure and Applicable
Multicurrency Percentage of Multicurrency Protective Advances shall be reallocated among the Multicurrency Lenders that are not Defaulting Lenders in accordance with their respective Applicable Multicurrency Percentages but, in any case, only to the
extent (x) the sum of the Revolving Dollar Credit Exposures of all Dollar Lenders that are not Defaulting Lenders plus such Defaulting Lender’s Swingline Exposure, Dollar LC Exposure and Applicable Dollar Percentages of Dollar Protective
Advances does not exceed the total of the Dollar Commitments of all Dollar Lenders that are not Defaulting Lenders, (y) the sum of the Revolving Multicurrency Credit Exposures of all Multicurrency Lenders that are not Defaulting Lenders plus
such Defaulting Lender’s Multicurrency LC Exposure and Applicable Multicurrency Percentages of Multicurrency Protective Advances does not exceed the total of the Multicurrency Commitments of all Multicurrency Lenders that are not Defaulting
Lenders and (z) the conditions set forth in Section 4.02 are satisfied at such time; and 
  

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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 Business Day following notice by the Administrative Agent (A) prepay such Swingline Exposure, (B) cash collateralize 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(k) for so long as such LC Exposure is outstanding and (C) cash collateralize such Defaulting Lender’s Applicable
Dollar Percentage or Applicable Multicurrency Percentage, as applicable, of such Protective Advance; 
 (iii) if the Company
cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this paragraph (c), 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 this paragraph (c), then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting
Lenders’ Applicable Dollar Percentages or Applicable Multicurrency Percentages, as applicable; or 
 (v) if any
Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this paragraph (c), then, without prejudice to any rights or remedies of the Issuing Banks or any Lender hereunder, all commitment fees that otherwise
would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and 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 Banks until such LC Exposure is cash collateralized and/or reallocated; and 
 (d) so long as any 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 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 paragraph (c) of this Section, and participating interests in
any such newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with paragraph (c)(i) of this Section (and Defaulting Lenders shall not participate therein).

 (e) In the event that each of the Administrative Agent, the Company, the Issuing Banks and the Swingline Lender agree that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure, LC Exposure, Applicable Dollar Percentage of Dollar Protective Advances and Applicable Multicurrency Percentage of
Multicurrency Protective Advances 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 Dollar Percentage and Applicable Multicurrency Percentage, as applicable. 
  

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 SECTION 2.22 Incremental Revolving Commitments. 
 (a) The Company may at any time after the Effective Date, by notice to the the Joint Collateral Agents (whereupon the Joint Collateral Agents shall
promptly deliver a copy to each of the Lenders) request commitments for an additional tranche of revolving loans (the “Incremental Revolving Facility”; the loans thereunder, the “Incremental Revolving Loans”),
provided that both at the time of any such request and upon the effectiveness of any Incremental Amendment referred to below, no Default or Event of Default shall exist. The Incremental Revolving Facility will be subject to a separate
borrowing base consisting of Accounts that constitute Collateral and that are excluded from the definition of Eligible Accounts solely pursuant to clause (n) thereof (and any proceeds thereof) (the “Incremental Facility
Collateral”). As a condition to the implementation of any such Incremental Revolving Facility, the Company shall have established procedures satisfactory to the Joint Collateral Agents for the segregation of proceeds of any such Incremental
Facility Collateral and all such Incremental Facility Collateral shall be subject to invoices containing payment instructions satisfactory to the Joint Collateral Agents. The aggregate amount of the commitments under the Incremental Revolving
Facility shall not exceed $25,000,000. The Incremental Revolving Loans shall (a) rank (i) first in right of payment and of collateral security with respect to the Incremental Facility Collateral and (ii) last in right of payment and
of collateral security with regards to all other Collateral, (b) not mature earlier than the date that is third anniversary of the Effective Date and (c) except as set forth above, shall be treated substantially the same as (and in any
event no more favorably than) the Loans (except the Incremental Revolving Loans shall be last in right of payment with respect to any mandatory or voluntary prepayments other than mandatory or voluntary prepayments with the proceeds of the
Incremental Facility Collateral or mandatory prepayments of the Incremental Revolving Loans due to insufficient availability related to the Incremental Facility Collateral, with respect to which the Incremental Revolving Loans shall rank first in
right of payment), provided that (i) the terms and conditions applicable to the Incremental Revolving Loans may be materially different than those of the Loans to the extent such differences are reasonably acceptable to the Joint
Collateral Agents and (ii) the interest rates applicable to the Incremental Revolving Loans shall be determined by the Company and lenders thereof. Any notice from the Company pursuant to this Section 2.22 shall set forth the requested
amount and proposed terms of the Incremental Revolving Loans. The commitments under the Incremental Revolving Facility may be provided by any existing Lender or Affiliate thereof or by any other bank or other financial institution (each being called
an “Additional Lender”), provided that the Joint Collateral Agents and the Company shall have consented (such consent not to be unreasonably withheld) to such Lender’s or Additional Lender’s providing such
commitments if such consent would be required under Section 9.04(b) for an assignment of obligations to such Lender or Additional Lender. Commitments in respect of Incremental Revolving Loans shall become Commitments under this Agreement
pursuant to an amendment (the “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Company, the other Loan Parties party hereto, each Lender agreeing to provide such Commitment,
if any, each Additional Lender, if any, and the Joint Collateral Agents. The Incremental 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 

  

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appropriate, in the reasonable opinion of the Joint Collateral Agents, to effect the provisions of this Section 2.22. The effectiveness of the
Incremental Amendment shall be subject to the satisfaction on the date thereof (the “Incremental Closing Date”) of each of the conditions set forth in Section 4.02 (it being understood that all references to the date of a
credit extension in such Section 4.02 shall be deemed to refer to the effective date of the Incremental Amendment) and such other conditions as the parties thereto shall agree (including delivery of legal opinions and customary closing
documents, amendments to Collateral Documents and other conditions reasonably requested by the Joint Collateral Agents, in each case on terms no more onerous than those set forth in Section 4.01 or Section 5.14, as applicable). The Company
will use the proceeds of the Incremental Revolving Loans for working capital and general corporate purposes of the Company and its Subsidiaries. No Lender shall be obligated to provide any commitments under the Incremental Revolving Facility unless
it so agrees. The Joint Collateral Agents and the Lenders hereby agree that the minimum borrowing and pro rata borrowing requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this
Section. This Section 2.22 shall supersede any provisions of Section 2.18(e) or 9.02 to the contrary. 
 ARTICLE III 
 Representations and Warranties 
 Each
Loan Party represents and warrants to the Lenders that: 
 SECTION 3.01 Organization; Powers. Each Loan Party and each of its
Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
 SECTION 3.02 Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers and have been duly authorized
by all necessary organizational actions and, if required, actions by equity holders. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation
of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law. 
 SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions
(a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to
perfect Liens created pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any of its Subsidiaries, (c) will not violate or result in a default under any indenture, agreement or other
instrument binding upon any Loan Party or any of its Subsidiaries or its assets, or give rise to a 

  

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right thereunder to require any payment to be made by any Loan Party or any of its Subsidiaries, and (d) will not result in the creation or imposition
of any Lien on any asset of any Loan Party or any of its Subsidiaries, except Liens created pursuant to the Loan Documents. 
 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 as of and for the fiscal year ended
May 3, 2009, reported on by Ernst & Young LLP, independent public accountants. 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. 
 (b) No Material Adverse Change. No event,
change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since May 3, 2009. 
 (c) No Material Undisclosed Liabilities. The Company does not have on the date of this Agreement any contingent liabilities, liabilities for Taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any
unfavorable commitments in each case that are material, except as referred to or reflected in the balance sheets as at May 3, 2009. 
 SECTION 3.05 Properties. (a) Title to Properties. As of the date of this Agreement, Schedule 3.05(a) sets forth the address of (i) each parcel of real property that is owned by each Loan Party and (ii) each
parcel of real property that is leased or subleased by each Loan Party (A) where the aggregate value of the Inventory of the Loan Parties at such property is in excess of $5,000,000 and (B) where at least 80% of the Inventory of the Loan
Parties at all leased or subleased real properties is located. Except as could not reasonably be expected to result in a Material Adverse Effect, each of such leases and subleases is valid and enforceable in accordance with its terms and is in full
force and effect, and no default by any Loan Party or, to the knowledge of any Loan Party, default by any other party to any such lease or sublease exists. Each of the Loan Parties and its Subsidiaries has good and indefeasible title to, or valid
leasehold interests in, all its real and personal property material to its business, except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties for their
intended purposes, free of all Liens other than those permitted by Section 6.02. 
 (b) Intellectual Property. Each Loan Party
and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business as currently conducted (with respect to any such intellectual property other than the
intellectual property listed on Schedule 3.05(b), except as could not reasonably be expected to result in a Material Adverse Effect). Schedule 3.05(b) is a complete and correct list of certain intellectual property owned by the Loan Parties
representing approximately 80% of the aggregate value of all of the intellectual property owned by the Loan Parties as of the Effective Date, as calculated in good faith by the Company using a valuation methodology believed to be reasonable, as of
the Effective Date and (i) the use thereof by the Loan Parties and their Subsidiaries and (ii) the use by the Loan Parties and their Subsidiaries of all other trademarks, 

  

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trade names, copyrights, patents and other intellectual property does not (except, in the case of clause (ii), as could not reasonably be expected to result
in a Material Adverse Effect) infringe, dilute, misappropriate, or otherwise violate in any respect (“Infringe”) upon the rights of any other Person in a manner that could reasonably be expected to materially impair the value of
such intellectual property, taken as a whole, and, except as could not reasonably be expected to result in a Material Adverse Effect, no other Person is Infringing the intellectual property of the Loan Parties’ and their Subsidiaries. The Loan
Parties’ and their Subsidiaries’ rights in and to any such intellectual property that is material to their business as currently conducted are not subject to any licensing agreement or similar arrangement that restricts the use thereof,
other than restrictions that do not materially interfere with their ability to conduct their business as currently conducted. 
 SECTION 3.06
Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting the
Company or any of the 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 (other than the Disclosed Matters), or (ii) that involve this Agreement, the other Loan Documents or the Transactions. 
 (b)
Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect (other than the Disclosed Matters), neither the Company nor any of the Subsidiaries (i) has
failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any applicable Environmental Law, (ii) has incurred 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) As of the Effective Date, except as set forth on Schedule 3.06, the Loan Parties reasonably believe that the Disclosed Matters, individually and in the aggregate, will not have a Material Adverse Effect. Since the date of this
Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 3.07 Compliance with Laws and Agreements. Each of the Company and its Subsidiaries is in compliance with all Requirements of Law 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. 
 SECTION 3.09 Taxes. Each Loan Party 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 

  

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good faith by appropriate proceedings and for which such Loan Party 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. Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (a) each Loan Party and each of their respective ERISA Affiliates is in compliance with the applicable
provisions of ERISA and of the Code relating to Plans and the regulations and published interpretations thereunder, and (b) no ERISA Event has occurred or is reasonably expected to occur. Except as set forth on Schedule 3.10, the minimum
funding standards of ERISA and the Code with respect to each Plan have been satisfied, except where the failure to do so could not reasonably be expected to result in liability of any Loan Party or any of its ERISA Affiliates in an amount exceeding
$25,000,000. 
 SECTION 3.11 Disclosure. The Company and its Subsidiaries have disclosed to the Lenders all agreements, instruments
and corporate or other restrictions to which they are subject, and all other matters known to them, 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 any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document
(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 Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered and, if such
projected financial information was delivered prior to the Effective Date, as of the Effective Date. 
 SECTION 3.12 Margin
Regulations. Neither the Company nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of “buying” or
“carrying” “margin stock” within the meaning of each of the quoted terms under Regulation U as now and from time to time hereafter in effect, and no part of the proceeds of any extension of credit hereunder will be used to
“buy” or “carry” any “margin stock”. 
 SECTION 3.13 Material Agreements. (a) Indebtedness.
Part A of Schedule 3.13 hereto is a complete and correct list, as of the Effective Date, of each credit agreement, loan agreement, indenture, note purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise
relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Company or any of its Subsidiaries (including the Senior Secured Notes Documents) the aggregate principal or face amount of
which equals or exceeds (or may equal or exceed) $20,000,000 and the aggregate principal or face amount outstanding or that may become outstanding under each such arrangement as in effect on the Effective Date is correctly described in Part A of
said Schedule 3.13. 
  

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 (b) Liens. Part B of Schedule 3.13 hereto is a complete and correct list, as of the Effective
Date, of each Lien securing Indebtedness described in Part A of Schedule 3.13 of any Person covering any property of the Company or any of its Domestic Subsidiaries, and the aggregate Indebtedness secured (or which may be secured) by each such Lien
and the property covered by each such Lien is correctly described in Part B of said Schedule 3.13. 
 SECTION 3.14 No Default. No Loan
Party nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement, instrument or other undertaking to which such Person is a party or by which
it or any of its property is bound in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
 SECTION 3.15 Solvency. (a) Immediately after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of
the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Loan Party will be greater than the amount that will
be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to conduct the business in which it is engaged as such
business is now conducted and is proposed to be conducted after the Effective Date. 
 (b) No Loan Party intends to, and no Loan Party
believes that it or any of its Subsidiaries (other than Non-Material Subsidiaries) will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such
Subsidiary (whether from anticipated refinancings, asset sales, capital contributions or otherwise) and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 SECTION 3.16 Insurance. Schedule 3.16 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the Effective
Date. As of the Effective Date, all premiums in respect of such insurance that are due and payable have been paid. The Company believes that the insurance maintained by or on behalf of the Company and its Subsidiaries is adequate. 
 SECTION 3.17 Capitalization and Subsidiaries. (a) Subsidiaries. Set forth in Part A of Schedule 3.17 hereto is a complete and correct
list, as of the Effective Date, of all of the Subsidiaries of the Company, together with, for each Subsidiary, (i) the type of entity and jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such
Subsidiary, (iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Material Subsidiary. Except
as disclosed in Part A of Schedule 3.17 hereto, (x) each of the Company and the Subsidiaries owns, free and clear of Liens (other than Permitted Equity Liens or, with respect to any Equity Interests owned by any Foreign Subsidiary, any other
Liens permitted pursuant to Section 6.02), and has the unencumbered right 

  

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to vote, all outstanding ownership interests in each Person shown to be held by it in Part A of Schedule 3.17 hereto (except to the extent such ownership
shall have been sold or transferred in a transaction permitted under Article VI), (y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and
(z) except as otherwise permitted under this Agreement, there are no outstanding Equity Interests with respect to such Person. 
 (b)
Investments. Set forth in Part B of Schedule 3.17 hereto is a complete and correct list, as of the Effective Date, of all Investments with a value in excess of $5,000,000 (other than Investments disclosed in Part A of said Schedule 3.17
hereto and Investments permitted pursuant to clauses(a), (f), (g), (h), (k), (l) and (n) of Section 6.04) held by the Company or any of its Domestic Subsidiaries in a Person and, for each such Investment, (x) the identity of the
Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Part B of Schedule 3.17 hereto, each of the Company and the Subsidiaries owns, free and clear of all Liens (other than non-consensual Liens
arising by operation of law and otherwise permitted pursuant to Section 6.02), all such Investments. 
 SECTION 3.18 Security
Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral (with respect to commercial tort claims, to the extent required thereunder) in favor of the Administrative
Agent, for the benefit of the Administrative Agent and the Secured Parties, and, to the extent required under the Collateral Documents, such Liens constitute (or, in case of real property, upon filing of the Mortgages as necessary will constitute)
perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of
(a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law, (b) Liens perfected only by possession (including possession
of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral, and (c) Permitted Equity Liens or, in the case of any Collateral other than Equity Interests, Permitted
Prior Liens. 
 SECTION 3.19 Employment Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any
Loan Party or any Subsidiary pending or, to the knowledge of the Company, threatened which, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The hours worked by and payments made to employees of
the Loan Parties and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law dealing with such matters, except as could not reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect. All payments due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account of wages and employee health and welfare insurance
and other benefits, have been paid or accrued as a liability on the books of the Loan Party or such Subsidiary, except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. The consummation of
the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which the Company or any Subsidiary is bound. 
  

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 SECTION 3.20 Common Enterprise. Each Loan Party has determined that execution, delivery, and
performance of this Agreement and any other Loan Documents to be executed by such Loan Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest. 
 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) Credit Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received (i) from 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 facsimile transmission or by other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this
Agreement, (ii) duly executed copies of the other Loan Documents (or written evidence reasonably satisfactory to the Administrative Agent (which may include facsimile or by other electronic transmission of a signed signature page) that such
party has signed a counterpart of such Loan Documents) and such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the
other Loan Documents (other than those Loan Documents that are expressly not required to be completed on or prior to the Effective Date), including any promissory notes requested by a Lender pursuant to Section 2.10 payable to the order of each
such requesting Lender, (iii) a favorable written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Banks and the Lenders in substantially the form of Exhibit B covering such customary matters
relating to the Loan Parties and their Subsidiaries, the Loan Documents or the Transactions as the Administrative Agent may reasonably request, and (iv) a counterpart of either this Agreement or of a consent letter approving the terms hereof
signed by each of the Lenders, as defined in the Existing Credit Agreement. 
 (b) Closing Certificates; Certified
Certificate of Incorporation; Good Standing Certificates. The Administrative Agent and the Joint Collateral Agents shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant
Secretary, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear
the signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation or
organization of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership agreement, and (ii) a short form good
standing certificate for each Loan Party from its jurisdiction of organization. 
  

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 (c) No Default Certificate. The Administrative Agent and the Joint Collateral
Agents shall have received a certificate, signed by the Chief Financial Officer of the Company, on the initial Borrowing date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations and warranties
contained in Article III are true and correct as of such date, (iii) confirming that the conditions set forth in this Section 4.01 shall have been satisfied and (iv) certifying any other factual matters as may be reasonably requested
by the Administrative Agent. 
 (d) Fees. The Lenders, the Lead Arrangers, the Administrative Agent and the Joint
Collateral Agents shall have received all fees required to be paid, and all expenses required to be reimbursed for which invoices have been presented (including the reasonable fees and expenses of legal counsel pursuant to Section 9.03), on or
before the Effective Date. All such amounts will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by the Company to the Administrative Agent on or before the Effective Date.

 (e) Lien Searches. The Administrative Agent and the Joint Collateral Agents shall have received the results of a
recent lien search in each of the jurisdictions where assets of the Loan Parties are located, and such search shall reveal no liens on any of the assets of the Loan Parties except for liens permitted by Section 6.02 or discharged on or prior to
the Effective Date pursuant to a pay-off letter or other documentation satisfactory to the Administrative Agent. 
 (f)
Funding Accounts. The Administrative Agent shall have received a notice setting forth the deposit account(s) of the Company (the “Funding Accounts”) to which the Lender is authorized by the Company to transfer the proceeds of
any Borrowings requested or authorized pursuant to this Agreement. 
 (g) Solvency. The Administrative Agent and the
the Joint Collateral Agents shall have received a solvency certificate from a Financial Officer of the Company. 
 (h)
Borrowing Base Certificate. The Administrative Agent and the Joint Collateral Agents shall have received (i) a Borrowing Base Certificate which calculates the Borrowing Base as of the Effective Date and (ii) all Borrowing Base
Supplemental Documentation with respect thereto. The Borrowing Base Certificate delivered on the Effective Date shall show Availability of not less than $500,000,000 after giving effect to all Borrowings to be made on the Effective Date and the
issuance of any Letters of Credit on the Effective Date and payment of all fees and expenses due hereunder. 
 (i) Senior
Secured Notes. The Company shall have received proceeds of at least $575,000,000 in consideration of the issuance of the Senior Secured Notes, upon terms and conditions satisfactory to the Administrative Agent. 
 (j) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received, subject to the Intercreditor
Agreement (i) the certificates, if any, 

  

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representing the shares of Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof (it being understood that beneficial interests in global certificates traded on exchanges shall not be considered to be certificated for purposes of this clause (j)) and
(ii) to the extent required to be delivered to the Administrative Agent pursuant to the Security Agreement, each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in
blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 
 (k) Filings, Registrations and
Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by any Joint Collateral Agent to be filed, registered or recorded in order to create
in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than Permitted Equity Liens, or, in the case of Collateral
other than Equity Interests, Permitted Prior Liens), shall be in proper form for filing, registration or recordation. 
 (l)
Appraisals and Field Exams. The Joint Collateral Agents shall have received and be reasonably satisfied with (i) appraisals of Inventory of the Loan Parties and (ii) field exams of the Accounts, Inventory and related data processing
and other systems of the Loan Parties, in each case from appraisers reasonably satisfactory to the Joint Collateral Agents. 
 (m) Evidence of Insurance. The Administrative Agent and the Joint Collateral Agents shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in
compliance with the terms of Section 5.09. 
 (n) Filings, Registrations and Recordings. All governmental and
third party approvals necessary in connection with the Transactions, the continuing operations of the Loan Parties shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action
being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated hereby. 
 (o) Compliance with Laws; Consents. The Administrative Agent shall have received a certificate from a Financial Officer of the
Company certifying that, as of the Effective Date, there is no litigation, administrative proceeding or governmental investigation that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 (p) “Know Your Customer” Requirements. The Lenders shall have received all documentation and other
information requested by the Administrative Agent and required under applicable “know your customer” and anti-money laundering rules and regulations, including all information required to be delivered pursuant to Section 9.14.

  

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 (q) Letter of Credit Application. The Administrative Agent shall have received a
properly completed letter of credit application if the issuance of a Letter of Credit will be required on the Effective Date. 
 (r) Existing Credit Agreement. All unpaid principal, interest and fees accrued under the Existing Credit Agreement through the Effective Date shall have been paid, or on the Effective Date will be prepaid. 
 (s) Projections. The Administrative Agent shall have received and shall be reasonably satisfied with (i) the Company’s
most recent projected income statement, balance sheet and cash flows for (A) each fiscal quarter through fiscal year-end 2010 and (B) fiscal years 2011 and 2012 and (ii) the Company’s quarterly liquidity analysis for each of the
four fiscal quarters following the Effective Date (commencing with the first full fiscal quarter after the Effective Date). 
 (t) Debt Cap Calculation. The Administrative Agent shall have received a certificate from a Financial Officer of the Company certifying that after giving effect to the transactions contemplated hereby the Company will be in
compliance with all restrictions on Indebtedness related to the Debt Cap, and such certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount. 
 (u) Rabobank Nederland Facility. The Rabobank Nederland Facility shall be effective pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent. 
 (v) Existing Senior Secured Notes Payoff. The Administrative
Agent shall have received (i) evidence reasonably satisfactory to it that the Existing Senior Secured Notes have been redeemed in full and (ii) a certificate from a Financial Officer of the Company certifying that no Institutional Notes
(as defined in the Existing Senior Secured Notes Intercreditor Agreement) are outstanding. 
 (w) Other Documents. The
Administrative Agent shall have received such other documents as the Administrative Agent, any Joint Collateral Agent, any Issuing Bank, any Lender or their respective counsel may have reasonably requested. 
 The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of the Lenders to make Loans and of any Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00
p.m., New York City time, on July 15, 2009 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
 SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a continuation or a conversion of a Loan pursuant to Section 2.08), and of any
Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to the receipt by the Administrative Agent of the request therefor in accordance herewith and to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material
respects (or, in the case of any representation and warranty qualified by materiality, in all 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, except
to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, or, in the case of any
representation and warranty qualified by materiality, in all respects as of such earlier date). 
  

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 (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 or Event of Default shall have occurred and be continuing. 
 (c) 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, the Aggregate Credit Exposure shall not exceed the
lesser of (x) the Total Commitment or (y) the Borrowing Base then in effect. 
 (d) The Administrative Agent shall
have received a certificate from a Financial Officer of the Company certifying that after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the Company will be in compliance
with all restrictions on Indebtedness related to any Debt Cap and such certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which shall indicate whether such Borrowing or other extension of credit is
included in such calculation of the Available Debt Cap Amount). 
 Each Borrowing (other than a continuation or a conversion of a Loan pursuant to
Section 2.08) and each issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (a), (b) and
(c) of this Section. 
 ARTICLE V 
 Affirmative Covenants 
 Until the Commitments shall have expired or been terminated, the principal of and interest on each
Loan and all fees, expenses and other amounts payable (other than contingent amounts not yet asserted or due) under any Loan Document shall have been paid in full, all Letters of Credit shall have expired or been terminated and all LC Disbursements
shall have been reimbursed, each of the Loan Parties covenants and agrees, jointly and severally with the Lenders that: 
 SECTION 5.01
Financial Statements; Borrowing Base and Other Information. The Company will furnish to the Administrative Agent for prompt delivery to each Lender: 
 (a) as soon as possible, but in any event within 90 days after the end of each fiscal year of the Company, the Company’s audited consolidated balance sheet and audited consolidated statements of operations,
stockholders’ equity and cash flows as of the end of and for such year, and related notes thereto, setting forth in each case in comparative form the corresponding figures for (or, in the case of the balance sheet, as of the end of) the
previous fiscal year, all reported on by Ernst & Young 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; 
  

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 (b) as soon as available, but in any event within 45 days after the end of each of the
first three fiscal quarters of each fiscal year of the Company, the Company’s unaudited consolidated balance sheet and unaudited consolidated 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 the Chief Financial Officer of the Company 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; 
 (c) concurrently with
any delivery or deemed delivery of financial statements under paragraphs (a) or (b) above a certificate of the Chief Financial Officer, Treasurer or Vice President, Finance of the Company substantially in the form of Exhibit D
certifying (i) in the case of the financial statements delivered pursuant to paragraph (b) above 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, (ii) 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, (iii) setting forth reasonably detailed calculations demonstrating compliance (to the extent required) with the covenant contained in Section 6.12 and
(iv) stating whether any change in GAAP or in the application thereof that applies to the Company or any of its consolidated Subsidiaries has occurred since the later of the date of the audited financial statements referred to in
Section 3.04 and the date of the prior certificate delivered pursuant to this paragraph (c) indicating such a change and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate; 
 (d) concurrently with any delivery of financial statements under paragraph (a) above (i) 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 relating to Section 6.12 (which certificate
may be limited to the extent required by accounting rules or guidelines) and (ii) copies of any letters to the management of the Company from such accounting firm; 
  

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 (e) as soon as available, but in any event not more than 45 days subsequent to the
commencement of each fiscal year of the Company, detailed consolidated financial projections for such fiscal year (including projected quarterly consolidated balance sheets, income statements and funds flow statements and the corresponding liquidity
analyses in a form acceptable to the Administrative Agent and setting forth the assumptions used for purposes of preparing such budget) and, promptly when available, reports provided to S&P and Moody’s in connection with the Company’s
filing of its financial statements with the SEC; 
 (f) to the Joint Collateral Agents, as soon as available but in any event
within 18 Business Days of the end of each fiscal month (or within 5 Business Days of the end of each week during the continuance of an Event of Default or during any period following a day on which Availability is less than the greater of
(x) 20% of the Total Commitment and (y) $160,000,000; provided that such period shall be discontinued if Availability ceases to be less than such level for 30 consecutive days; provided further, however, that such period may
be discontinued no more than twice in any period of 12 consecutive months,) (i) a Borrowing Base Certificate and supporting information in connection therewith, together with any additional reports with respect to the Borrowing Base as the
Joint Collateral Agents may reasonably request, (ii) all Borrowing Base Supplemental Documentation and (iii) a Debt Cap Calculation and the Available Debt Cap Amount; 
 (g) [Intentionally omitted]; 
 (h) promptly after the same become publicly available, copies of all reports on Form 10-K, Form 10-Q and Form 8-K and all proxy statements filed by any Loan Party with the SEC, or any Governmental Authority succeeding
to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Company to the holders of its Equity Interests generally, as the case may be; 
 (i) promptly after Moody’s or S&P shall have announced (or, in the case of clause (iv) or (v) below, publicly
announced) (i) a change in the rating established or deemed to have been established for the Covered Notes, (ii) a change in the Company’s corporate rating, (iii) that it shall no longer maintain a corporate rating for the
Company, (iv) a change of its rating system or (v) that it shall cease to be in the business of issuing corporate credit ratings, written notice of such development or rating change; 
 (j) promptly following receipt thereof, copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Loan Party
or any ERISA Affiliate may request with respect to any Multiemployer Plan, provided that if the Loan Parties or any of the ERISA Affiliates have not requested such documents or notices from the administrator or sponsor of the applicable
Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Loan Parties and/or the ERISA Affiliates shall promptly make a request for such documents or notices from such administrator or 

  

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sponsor and the Company shall provide copies of such documents and notices promptly to the Administrative Agent after receipt thereof, and further provided
that the rights granted to the Administrative Agent in this section shall be exercised not more than once during a 12-month period; 
 (k) concurrently with the delivery of each Borrowing Base Certificate (or at such other times as the Administrative Agent may reasonably request), a certificate from a Financial Officer of the Company setting forth the Availability as of
the period then ended, together with supporting information in connection therewith; 
 (l) promptly upon obtaining knowledge
of any such event, circumstance or change, a written notice of any event, circumstance or change that has occurred since the delivery of the most recent Borrowing Base Certificate in accordance with the terms of this Agreement that would materially
reduce the aggregate amount of the Eligible Accounts or result in a material portion of the Eligible Accounts ceasing to be Eligible Accounts, in each case, other than a result of payments thereof; and 
 (m) 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. 
 Information required to be delivered pursuant to Sections 5.01(a), (b), and (h) shall be deemed to have been delivered on the date on which the Company provides notice to the Administrative Agent that such information has been posted
on the SEC website on the Internet at www.sec.gov, or at another website identified in such notice and accessible by the Lenders without charge, provided that such notice may be included in a certificate delivered pursuant to Section 5.01(c).

 SECTION 5.02 Notices of Material Events. The Company will furnish to the Administrative Agent and each Lender prompt written notice
(it being understood that, at the Company’s request, delivery of any such notice to the Lenders may be made by the Administrative Agent) of the following: 
 (a) the occurrence of any Default or Event of Default; 
 (b) receipt of any notice of any governmental investigation or any litigation or proceeding commenced or threatened against any Loan Party
that (i) seeks damages in excess of $25,000,000, (ii) seeks injunctive or similar relief, the economic impact on the Loan Parties of which could reasonably be expected to exceed $10,000,000, (iii) is asserted or instituted against any
Plan, its fiduciaries or its assets, (iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of, or seeks remedies in connection with, any Environmental Laws or Environmental Liabilities, that could reasonably be
expected to result in costs and other losses to the Company and the Subsidiaries in excess of $10,000,000, (vi) contests any Tax, fee, assessment, or other governmental charge in excess of $25,000,000, or (vii) involves any product recall;

  

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 (c) any Lien (other than Permitted Encumbrances and any Lien permitted pursuant to the
Section 6.02(c) or 6.02(p)) or claim made or asserted against any of the Collateral; 
 (d) any loss, damage, or
destruction to the Collateral in the amount of $25,000,000 or more, whether or not covered by insurance; 
 (e) any and all
default notices received under or with respect to any leased location or public warehouse where Collateral in the amount of $5,000,000 or more is located (which shall be delivered within two Business Days after receipt thereof); 
 (f) all material amendments to the Covered Notes Documents, together with a copy of each such amendment; 
 (g) 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 any Loan Party or any of its ERISA Affiliates in an aggregate amount exceeding $25,000,000; 
 (h)
receipt by the Loan Parties of any notice or notices (or amendment to any previous notice) under PACA, PSA or any other similar federal or state statute (in each case, other than any such notice consisting solely of a provision in the applicable
invoice relating thereto reserving a seller’s rights under such acts), in respect to claims in an aggregate amount at any one time outstanding for all such notices of $25,000,000 or more, to preserve the benefits of any trust applicable to any
assets of any Loan Party under the provisions of the PSA, PACA or any other similar federal or state statute (and the Loan Parties shall provide, or shall cause to be provided, promptly to the Administrative Agent a true, correct and complete copy
of such notice or notices (or amendment), as the case may be, and other information delivered in connection therewith); 
 (i)
any event, notice or circumstance (including with respect to any release into the indoor or outdoor environment of any Hazardous Material that is required by any applicable Environmental Law to be reported to a Governmental Authority) which could
reasonably be expected to result in costs and other losses to the Company and the Subsidiaries in excess of $10,000,000; and 
 (j) any other development including notice of any Environmental Liability 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 written 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 Each
Loan Party will, and will cause its Subsidiaries to, do or cause to be done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, 

  

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permits, privileges, franchises, governmental authorizations and intellectual property rights, licenses and permits material to the conduct of the business
of the Loan Parties, taken as a whole, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that the foregoing shall not prohibit any merger, consolidation, liquidation
or dissolution permitted under Section 6.03. 
 SECTION 5.04 Payment of Obligations. Each Loan Party will, and will cause each of
its Subsidiaries to, pay or discharge all Material Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where (a) in the case of such liabilities and
obligation not constituting Taxes of Loan Party, such failure could not reasonably be expected to result in a Material Adverse Effect and (b) in the case of such liabilities and obligations constituting Taxes of Loan Party (i) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (ii) such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (iii) 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 Each Loan Party will, and will cause its Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear and casualty (to the extent such casualty,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect) excepted. 
 SECTION 5.06 Books
and Records; Inspection Rights. Each Loan Party will, and will cause each of its Subsidiaries to, (i) keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to
its business and activities and (ii) permit any representatives designated by the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender or any consultants, accountants, lawyers and appraisers retained
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 that are not protected by attorney-client privilege (including environmental
assessment reports and Phase I or Phase II studies, and other environmental documents, in each case, that are not protected by attorney-client privilege) and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times during normal business hours with a representative of the Company present and as often as reasonably requested; provided, that the obligation of the Company to reimburse the Administrative Agent or
any Lender for the expenses of such inspection shall be limited to one visit annually (such visit to be conducted by the Administrative Agent unless the Administrative Agent otherwise specifies) unless an Event of Default exists. The Loan Parties
acknowledge that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ and their respective Subsidiaries’ assets for internal use by
the Administrative Agent and the Lenders. 
 SECTION 5.07 Compliance with Laws. (a) Each Loan Party will, and will cause each of
its Subsidiaries to, comply with all Requirements of Law applicable to 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. 
  

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 (b) The Loan Parties and each of their respective Subsidiaries: (i) shall be at all times in
compliance with all applicable Environmental Laws, and take reasonable efforts to ensure compliance by all tenants and subtenants and invitees with all applicable Environmental Laws, and (ii) shall generate, use, treat, store, release,
transport, dispose of, and otherwise manage all Hazardous Materials in a manner that would not reasonably be expected to result in a liability to any Loan Party or any of its Subsidiaries or to adversely affect any real property owned or operated by
any of them, and take reasonable efforts to prevent any other Person from generating, using, treating, storing, releasing, transporting, disposing of, or otherwise managing Hazardous Materials in a manner that could reasonably be expected to result
in a liability to, or adversely affect any real property owned or operated by, any Loan Party or any of its Subsidiaries; it being understood that this clause (b) shall be deemed not breached by a noncompliance with any of the foregoing
(i) or (ii) provided that, upon learning of such noncompliance or any condition that results from such noncompliance, which, in either case, could reasonably be considered material, any affected Loan Parties and Subsidiaries promptly
develop and diligently implement a response to such noncompliance and any such condition that is consistent with principles of prudent environmental management and all applicable Environmental Laws, and provided that such response and condition, in
the aggregate with any other such responses and conditions, could not reasonably be expected to have a Material Adverse Effect. 
 SECTION
5.08 Use of Proceeds. The proceeds of the Loans will be used, and Letters of Credit will be issued, to refinance certain existing Indebtedness of the Company and for other general corporate purposes of the Company and the Subsidiaries. No
part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 SECTION 5.09 Insurance. (a) Each Loan Party will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable
carriers having a financial strength rating of at least A- by A.M. Best Company (i) insurance in such amounts (with no greater risk retention) and against such risks (including loss or damage by fire and loss in transit; theft, burglary,
pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses
operating in the same or similar locations and (ii) all other insurance required pursuant to the Collateral Documents. The Company will furnish to the Administrative Agent, upon the reasonable request of the Administrative Agent, information in
reasonable detail as to the insurance so maintained. 
 (b) All insurance policies required under paragraph (a) of this
Section 5.09, to the extent such insurance policies by their terms insure any portion of the Collateral, shall name the Administrative Agent (for the benefit of the Secured Parties) as an additional insured or as a loss payee, as applicable,
and shall contain loss payable clauses or mortgagee clauses, through endorsements in form and substance reasonably satisfactory to the Administrative Agent, that provide that (i) all proceeds thereunder with respect to any Collateral shall be
payable to the Administrative Agent, the Term Debt Representative or the Company and (ii) such policy and loss payable clauses may be canceled or terminated only upon at least 30 days’ prior written notice given to the Administrative
Agent. For the avoidance of doubt the application of any insurance proceeds will be subject to the terms of the Intercreditor Agreement. 
  

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 (c) If any portion of any Collateral is at any time located in an area identified by the Federal
Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (now or as hereafter in effect or successor act
thereto), then the Company shall, or shall cause the applicable Loan Party to, (i) with respect to Collateral that is real property, maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an
amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws, (ii) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in
an amount equal to the lesser of the Total Commitment and the total replacement cost value of such Collateral and (iii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the
Administrative Agent. 
 (d) All premiums on any such insurance shall be paid when due by the Company and the Subsidiaries, and summaries of
the policies delivered annually to the Administrative Agent. If the Company or any Subsidiary shall fail to obtain any insurance as required by this Section 5.09, the Administrative Agent may obtain such insurance at the Company’s expense.
By purchasing such insurance, the Administrative Agent shall not be deemed to have waived any Default arising from the Company’s or such Subsidiary’s failure to maintain such insurance or pay any premiums therefor. 
 SECTION 5.10 Casualty and Condemnation. The Company (a) will furnish to the Administrative Agent and the Lenders prompt written notice (it
being understood that, at the Company’s request, delivery of any such notice to the Lenders may be made by the Administrative Agent) of any casualty or other insured damage to any material portion of the Collateral or the commencement of any
action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding, in either case, to the extent the value of the Collateral affected thereby
exceeds $25,000,000 and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this
Agreement and the Collateral Documents. 
 SECTION 5.11 Governmental Authorizations. Each Loan Party will, and will cause each of its
Subsidiaries to, promptly from time to time obtain or make and maintain in full force and effect all material licenses, consents, authorizations and approvals of, and filings and registrations with, any Governmental Authority from time to time
necessary under the laws of the jurisdiction in which each Loan Party is located for the making and performance by each such Loan Parties of the Loan Documents. 
 SECTION 5.12 Appraisals. Twice in each twelve month period, at the request of the Joint Collateral Agents, the Loan Parties will cooperate with an appraiser selected and engaged by the Joint Collateral Agents
to provide Inventory appraisals or updates thereof, prepared on a basis satisfactory to the Joint Collateral Agents, such appraisals and updates to include, without limitation, information required by applicable law and regulations; provided,

  

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however that (a) if an Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of such appraisals and
(b) if Availability is less than the greater of (i) 20% of the Total Commitment and (ii) $160,000,000, for any period of 30 consecutive days in any calendar year, then three times during the twelve month period commencing with any
month during which clause (b) is triggered, at the request of the Joint Collateral Agents, the Loan Parties will cooperate with the Joint Collateral Agents to provide such appraisals. For purposes of this Section 5.12, it is understood and
agreed that a single appraisal may consist of appraisals conducted at multiple relevant sites and involve one or more relevant Loan Parties and their assets. All such appraisals shall be commenced upon reasonable notice to the Company and performed
during normal business hours of the Company, and all reasonable out-of-pocket costs of such appraisals shall be at the sole expense of the Loan Parties. 
 SECTION 5.13 Field Examinations. Twice in each twelve month period, at the request of the Joint Collateral Agents, the Loan Parties will permit, upon reasonable notice, the Joint Collateral Agents to conduct a
field examination to ensure the adequacy of Collateral included in the Borrowing Base and related reporting and control systems; provided, however that (a) if an Event of Default has occurred and is continuing, there shall be no
limitation on the number or frequency of field examinations and (b) if Availability is less than the greater of (i) 20% of the Total Commitment and (ii) $160,000,000, for any period of 30 consecutive days in any calendar year, then
three times during the twelve month period commencing with any month during which clause (b) is triggered, at the request of the Joint Collateral Agents, the Loan Parties will permit the Joint Collateral Agents to conduct such examinations. For
purposes of this Section 5.13, it is understood and agreed that (i) a single field examination may be conducted at multiple relevant sites and involve one or more relevant Loan Parties and their assets and (ii) the Joint Collateral
Agents shall use commercially reasonable efforts to coordinate any such field exams. All such field examinations shall be commenced upon reasonable notice to the Company and performed during normal business hours of the Company, and all reasonable
out-of-pocket costs of such field examinations shall be at the sole expense of the Loan Parties. 
 SECTION 5.14 Mortgages, etc.
(a) With respect to each of the Mortgaged Properties constituting a processing plant, within 150 days of the Effective Date; (b) with respect to Farm Mortgaged Properties with an aggregate Gross PPE of not less than 75% of the aggregate
Gross PPE (calculated as of May 3, 2009) of all Farm Mortgaged Properties, within 150 days of the Effective Date; and (c) with respect to any other Farm Mortgaged Property, within 320 days of the Effective Date, the Administrative Agent
shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: 
 (i) a
Mortgage on such parcel of Mortgaged Property; 
 (ii) evidence that a counterpart of the Mortgage has been either recorded or
delivered to the Title Company for recording in all places to the extent necessary or, in the reasonable opinion of the Administrative Agent, desirable to effectively create a valid and enforceable mortgage or deed of trust lien (with the priority
required by the Intercreditor Agreement) in favor of the Administrative Agent for the benefit of itself and the Secured Parties, securing the Secured Obligations (provided that in jurisdictions that impose mortgage recording taxes, such
Mortgage shall not secure indebtedness in an amount exceeding 100% of the fair market value of each parcel of Mortgaged Property, as reasonably determined in good faith by the Company and reasonably acceptable to the Administrative Agent), subject
to Liens permitted pursuant to Section 6.02; 
  

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 (iii) an ALTA policy of title insurance (or commitment to issue such a policy having the
effect of a policy of title insurance) which shall (A) be in an amount mutually agreeable by the Company and the Administrative Agent, provided however that the aggregate amount of the title policies covering all Mortgaged Properties shall be
equal to $825,000,000, (B) be issued at ordinary rates, (C) insure or commit to insure that the Mortgage insured thereby creates a valid and enforceable mortgage lien (with the priority required by the Intercreditor Agreement) in the real
property described therein, free and clear of all defects and encumbrances, except Liens and encumbrances described in clauses (a), (b) and (f) of the definition of Permitted Encumbrances, (D) name the Administrative Agent for the
benefit of itself and the Secured Parties as the insured thereunder, (E) be in the form of ALTA Loan Policy – 2006 (or equivalent policies), (F) contain such affirmative coverage as the Administrative Agent shall reasonably request
and contain the following endorsements, to the extent available in a particular jurisdiction and applicable to the particular real property: Variable Rate; Environmental Protection Lien; Restrictions, Encroachments, Minerals; Future Advance –
Priority; Future Advance – Letter of Credit; Access and Entry; Multiple Tax Parcel; Contiguity; First Loss – Multiple Parcels Transaction; Doing Business; Revolving Credit; Usury; Waiver of Arbitration; Address; Mortgage Recording Tax; Pro
Tanto (which endorsement shall provide, among other things, that (i) notwithstanding that the amount of the title insurance policy in favor of the Administrative Agent that covers the applicable Mortgaged Property and the amount of the title
insurance policy in favor of the Term Debt Representative covering the same Mortgaged Property shall each be equal to the the amount allocated to such Mortgaged Property pursuant to clause (A) above, the aggregate amount of title insurance
available under both such title insurance policies shall be equal to the amount allocated to such Mortgaged Property pursuant to clause (A) above, and (ii) payment under either of the foregoing title policies shall reduce the aggregate
amount available under both such title insurance policies); Tie In/Cluster; Riparian Rights; Survey (subject to clause (v) below, not required for Farm Mortgaged Properties); and Zoning (not required for Farm Mortgaged Properties, and with
respect to other Mortgaged Properties, required to the extent the same can be obtained based upon (i) either the existing survey or any new survey done with respect to such Mortgaged Property and/or a Property Information Report performed by
Bock & Clark), and (G) be issued by the Title Company, together with evidence satisfactory to the Administrative Agent that all premiums in respect of such policy or commitment, all charges for mortgage recording tax and all related
expenses, if any, have been paid; provided that with respect to the Farm Mortgaged Properties with such notation as title insurance shall not be required in Schedule 5.14 hereto, the Administrative Agent shall be provided only with title
search reports with respect to such Farm Mortgaged Properties; 
  

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 (iv) a copy of all recorded documents referred to, or listed as exceptions to title in
the title policies or policies referred to in clause (iii) above and a copy of all other material documents affecting each parcel of Mortgaged Property; 
 (v) (i) an ALTA survey prepared and certified to the Administrative Agent by a qualified surveyor or (ii) an existing survey if one
exists on the Closing Date, with no change affidavit only if the Title Company agrees to remove general survey exceptions and issue comprehensive, address, survey and access endorsements on the title policy delivered pursuant to clause
(iii) above; or in the alternative with respect to Farm Mortgaged Properties, an existing survey if one exists on the Effective Date, or copies of plats, mapping data and information or property reports which shall provide reasonable evidence
that the Farm Mortgaged Properties and all related improvements are located on the land owned by the Loan Parties, with commercially reasonable efforts to obtain survey endorsements with respect to the title insurance policies on such Farm Mortgaged
Property (to the extent title insurance is required); 
 (vi) to the extent requested by the Administrative Agent, proper
fixture filings under the UCC on Form UCC-1 for filing under the UCC in the appropriate jurisdiction in which the parcel of Mortgaged Property is located, necessary or desirable to perfect the security interests in fixtures purported to be created
by the Mortgage in favor of the Administrative Agent for the benefit of itself and the Secured Parties; 
 (vii) an opinion of
counsel in the state in which such parcel of Mortgaged Property is located and an opinion of counsel in the jurisdiction of incorporation of the Loan Party entering into the relevant Mortgage, in each case, in form and substance and from counsel
reasonably satisfactory to the Administrative Agent; 
 (viii) a “Life-of-Loan” Federal Emergency Management Agency
Standard Flood Hazard Determination with respect to each parcel of Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance, duly executed by the Company or the applicable Loan Party, and
evidence of flood insurance, in the event any such parcel of Mortgaged Property is located in a special flood hazard area); and 
 (ix) such other information, documentation, and certifications as may be reasonably required by the Administrative Agent.] 
 Notwithstanding anything to the contrary in this Section 5.14, in the event the Loan Parties cannot, with respect to any Farm Mortgaged Properties (the “Removed Farm Mortgaged Properties”), satisfy the delivery
requirements as provided in this Section 5.14 after using commercially reasonable efforts to do so, they shall not be deemed to be in default of their obligations under this Section if, within the time periods required above, the Loan Parties
deliver the items described in clauses (i) through (ix) above with respect to one or more substitute 

  

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properties of substantially comparable quality and utility and which in the aggregate have a Gross PPE equal to or greater than the Removed Farm Mortgaged
Properties, provided that if, within the 320 day period referred to above, the Loan Parties are in compliance with this Section with respect to the Farm Mortgaged Properties which shall have an aggregate Gross PPE of equal to or greater than
85% of the aggregate Gross PPE of all of the Farm Mortgaged Properties, then no Default or Event of Default shall be deemed to occur if the Loan Parties are unable to satisfy the requirements of this Section with respect to additional Farm Mortgaged
Properties so long as the Loan Parties continue to use commercially reasonably efforts to satisfy such requirements. 
 SECTION 5.15
Additional Collateral; Further Assurances. (a) Subject to applicable law, the Company and each Subsidiary that is a Loan Party shall promptly cause (i) any Material Subsidiary created or acquired after the Effective Date and
(ii) any Subsidiary that has otherwise become a Material Subsidiary after the Effective Date to (A) become a Loan Party by executing the Joinder Agreement set forth as Exhibit E hereto (the “Joinder Agreement”) and
(B) to execute and deliver such amendments, supplements or documents of accession to any Collateral Documents as the Administrative Agent reasonably deems necessary for such Material Subsidiary to grant to the Administrative Agent (for the
benefit of the Secured Parties) a perfected security interest (with the priority required by the Intercreditor Agreement) in the Collateral described in such Collateral Document with respect to such Material Subsidiary, subject only to Liens
permitted under Section 6.02. Upon execution and delivery of such documents and agreements, each such Person (i) shall automatically become a Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations
in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Secured Parties), in any property of such Loan Party which constitutes Collateral, including, subject to the Intercreditor
Agreement, any parcel of real property located in the U.S. owned by any Loan Party. 
 (b) Each Loan Party will, to the extent required under
the applicable Collateral Documents, cause (i)100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries and (ii) 65% of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas.
Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by such Loan Party to be subject
at all times to a perfected Lien (with the priority required by the Intercreditor Agreement) in favor of the Administrative Agent pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent
shall reasonably request. 
 (c) Without limiting the foregoing, each Loan Party will, and will cause each of its Subsidiary to, execute and
deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture
filings, mortgages, deeds of trust and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Administrative Agent may, from time to time, reasonably
request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the 

  

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expense of the Loan Parties. In addition, each Loan Party will execute and deliver, or cause to be executed and delivered, to the Administrative Agent
filings with any governmental recording or registration office in any jurisdiction required by the Administrative Agent, in the exercise of its Permitted Discretion, in order to perfect or protect the Liens of the Administrative Agent granted under
any Collateral Document in any Intellectual Property, all at the expense of the Loan Parties. 
 (d) If any material assets (including any
real property or improvements thereon or interest therein, other than any real property that is a hog farm with a Gross PPE of less than $3,000,000 or any other type of real property (including processing plants) with a fair market value of less
than $10,000,000) are acquired by the Company or any other Loan Party after the Effective Date (other than assets constituting Collateral under the Security Agreement that become subject to the Lien in favor of the Administrative Agent pursuant to
the Security Agreement upon acquisition thereof), the Company will notify the Administrative Agent and, if requested by the Administrative Agent or the Required Lenders, the Company will cause such assets to be subjected to a Lien securing the
Secured Obligations and will take, and cause the Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c) of this
Section, all at the expense of the Loan Parties. With respect to any real property or improvements thereon or interest therein, as soon as practicable but in no event more than 60 days after the date of the acquisition of such property, which period
may be extended by the Administrative Agent in its reasonable discretion, the Company shall, or shall cause the appropriate Loan Party to, execute and deliver the instruments and documents required under Section 5.14. 
 SECTION 5.16 Control Agreements. (a) The Company will, and the Company will cause each applicable Loan Party to, (i) enter into the
Deposit Account Control Agreements required to be provided pursuant to the Security Agreement and (ii) open the Collection Account with the Administrative Agent, in each case no later than the date that is 60 days after the Effective Date (or
such later date as the Administrative Agent shall agree in its Permitted Discretion). In connection with the foregoing, the Company shall, if requested by the Administrative Agent, promptly deliver to the Administrative Agent a favorable written
opinion (addressed to the Administrative Agent and the Lenders) of counsel for the Company and the other Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent and covering customary matters relating to such Deposit
Account Control Agreements. 
 (b) The Company shall determine the aggregate balance of cash and Permitted Investments of all Loan Parties in
accounts (other than (i) each deposit account, the funds in which are used, in the ordinary course of business, solely for the payment of salaries and wages, workers’ compensation, pension benefits and similar expenses or taxes related
thereto, (ii) each deposit account used, in the ordinary course of business, solely for daily accounts payable and that has an ending daily balance of zero, (iii) each account, all the cash and Permitted Investments contained in which are
subject to a Lien permitted under Section 6.02(h), (iv) each account, all the cash and Permitted Investments contained in which are subject to a Lien pursuant to Section 6.02(s) to cash collateralize obligations under letters of
credit or in respect of Banking Services Obligations and (v) each account, all the cash and Permitted Investments contained in which consist of proceeds of the issuance of any Debt Securities pursuant to Section 6.01(b), 

  

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6.01(r) or 6.01(g) (solely to the extent such Debt Securities constitute an extension, refinancing or renewal of Indebtedness permitted pursuant to
Section 6.01(b) or 6.01(r)) and/or proceeds from the sale, transfer or other disposition of Term Debt Priority Collateral, in each case, to the extent depositing such cash or Permitted Investments in such account is required pursuant to the
Senior Secured Notes Documents) not subject to Deposit Account Control Agreements or other appropriate control agreements in favor of the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent at each time
when the Company delivers Borrowing Base reports pursuant to Section 5.01(f), and if such aggregate balance shall at any time of determination exceed $10,000,000, the Company shall promptly eliminate such excess from such accounts or shall
within 30 days enter, or cause the applicable Loan Parties to enter, into one or more Deposit Account Control Agreements or other appropriate control agreements in favor of the Administrative Agent in form and substance reasonably satisfactory to
the Administrative Agent so that there shall not thereafter be any such excess; provided, however, that the Company shall have 60 days after the Effective Date (or such later date as the Administrative Agent shall agree in its Permitted
Discretion) to obtain such Deposit Account Control Agreements or other appropriate control agreements. 
 SECTION 5.17 Post-Closing
Obligations. (a) On or prior to the date that is 30 days following the Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Company shall, and shall cause each of its Subsidiaries to, deliver
to the Administrative Agent a global intercompany subordinated note, in form and substance reasonably acceptable to the Administrative Agent, endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by each pledgor
thereof. 
 (b) On or prior to the date that is 30 days following the Effective Date (or such later date as the Administrative Agent may
agree in its sole discretion), the Company shall, and shall cause each of its Subsidiaries to, deliver to the Administrative Agent certificates representing the shares of Equity Interests pledged pursuant to the Security Agreement, together with an
undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof (it being understood that beneficial interests in global certificates traded on exchanges shall not be considered to be certificated
for purposes of this clause (b)). 
 (c) The Company will, and will cause each applicable Loan Party to, deliver to the Administrative Agent,
on or prior to the date that is 30 days following the Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), an Acknowledgement and Consent in the form attached to the Security Agreement, executed and
delivered by each Subsidiary, if any, that is an Issuer (as defined therein) of Pledged Stock that is not a Loan Party. 
  

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 ARTICLE VI 
 Negative Covenants 
 Until the Commitments shall have expired or been terminated, the principal of
and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document shall have been paid in full (other than contingent amounts not yet asserted or due), all Letters of Credit shall have expired or been terminated and
all LC Disbursements shall have been reimbursed, each of the Loan Parties covenants and agrees, jointly and severally, with the Lenders that: 
 SECTION 6.01 Indebtedness. No Loan Party will, nor will it permit any of its Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) the Secured Obligations; 
 (b) (i) the Senior Secured Notes and Guarantees thereof by the Guarantors in an initial aggregate principal amount not to exceed $625,000,000; and (ii) other senior secured notes having substantially the same
terms as the Senior Secured Notes (other than interest, which shall be the then prevailing market interest rate for similar instruments) and Guarantees thereof by the Guarantors in an initial aggregate principal amount not to exceed $200,000,000,
the proceeds of which are used to repay the Rabobank Nederland Facility; provided that, with respect to senior secured notes issued pursuant to clause (ii) of this clause (b), (x) after giving effect to any such issuance the Company
will be in compliance with all restrictions on Indebtedness related to the Debt Cap assuming full utilization of the Commitments and of the commitments under any other agreement governing indebtedness or other obligations which constitute a usage of
the debt incurrence provisions subject to the Debt Cap, or (y) if the Company is not so in compliance with clause (x) above, the amount by which the relevant indebtedness of the Company and the Subsidiaries exceeds the Debt Cap as
determined under clause (x) above, after giving effect to any repayment of indebtedness that occurs substantially simultaneously with any such issuance, shall not be greater than the amount by which the relevant indebtedness of the Company and
the Subsidiaries exceeded the Debt Cap as determined under clause (x) above immediately prior to such issuance, and the Company shall deliver to the Administrative Agent a certificate from a Financial Officer of the Company certifying that the
Company is in compliance with the requirements of either (x) or (y) above, which certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which shall indicate whether the senior secured notes
issued pursuant to clause (ii) of this clause (b) is included in such calculation of the Available Debt Cap Amount); 
 (c) Indebtedness existing on the Effective Date and set forth on Schedule 6.01 and any extensions, renewals and replacements of any such Indebtedness in accordance with clause (g) hereof; 
 (d) Indebtedness of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary, provided that
(i) Indebtedness of any Subsidiary that is not a Loan Party to the Company or any Subsidiary that is a Loan Party shall be subject to Section 6.04 and (ii) Indebtedness of the Company to any Subsidiary and Indebtedness of any
Subsidiary that is a Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent; 
  

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 (e) Guarantees by the Company of Indebtedness of any Subsidiary or Joint Venture and by
any Subsidiary of Indebtedness of the Company or any other Subsidiary or any Joint Venture, provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Company or any Subsidiary
that is a Loan Party of Indebtedness of any Subsidiary that is not a Loan Party or of any Joint Venture shall be subject to Section 6.04 (iii) Guarantees permitted under this clause (e) shall be subordinated to the Secured Obligations
of the applicable Subsidiary on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations and (iv) no Foreign Subsidiary may guarantee any Term Debt Obligations; 
 (f) Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital
assets (whether or not constituting purchase money Indebtedness), 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 in accordance with clause (g) hereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion
of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed $75,000,000 at any time outstanding; 
 (g) Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses (b),
(c) (other than the European Facility), (f) or (l) hereof; provided that, (i) the principal amount of such Indebtedness is not increased (except to the extent used to finance accrued interest and premium (including tender
and make-whole premiums) and associated refinancing transaction costs), (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally obligated with
respect to repayment of such Indebtedness is required to become obligated with respect thereto (except, in the case of any extension, refinancing or renewal of Indebtedness under any Covered Notes Documents, such extension, refinancing or renewal
may provide for guarantees by the Loan Parties of the obligations thereunder so long as after giving pro forma effect thereto (x) no Default or Event of Default shall have occurred and be continuing, (y) Availability shall
not be less than $400,000,000 and (z) the Consolidated Coverage Ratio (as defined in the Covered Notes Documents) shall be equal to or greater than 2.00 to 1.00), (iv) such extension, refinancing or renewal does not result in a shortening
of the average weighted maturity of the Indebtedness so extended, refinanced or renewed, (v) in the case of any Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in Section 6.01(b) or
any Indebtedness in the form of Debt Securities which represents an extension, refinancing, or renewal of any of the Indebtedness described in Section 6.01(c), such extension, refinancing or renewal shall not include any cross default (as
opposed to cross-payment default or cross-acceleration) provisions or any financial maintenance covenants (it being understood that, for purposes of such determination, any limitation on indebtedness based on a borrowing base shall not be deemed to
be a financial maintenance covenant), and (vi) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Secured Obligations, then the terms and conditions of the refinancing, renewal, or extension

  

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Indebtedness must include subordination terms and conditions that are either approved by the Administrative Agent or at least as favorable to the
Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness; provided that, with respect to any Indebtedness incurred pursuant to this clause (g), (x) after giving effect to any
such incurrence the Company will be in compliance with all restrictions on Indebtedness related to the Debt Cap assuming full utilization of the Commitments and of the commitments under any other agreement governing indebtedness or other obligations
which constitute a usage of the debt incurrence provisions subject to the Debt Cap, or (y) if the Company is not so in compliance with clause (x) above, the amount by which the relevant indebtedness of the Company and the Subsidiaries
exceeds the Debt Cap as determined under clause (x) above, after giving effect to any repayment of indebtedness that occurs substantially simultaneously with any such incurrence, shall not be greater than the amount by which the relevant
indebtedness of the Company and the Subsidiaries exceeded the Debt Cap as determined under clause (x) above immediately prior to such incurrence, and the Company shall deliver to the Administrative Agent a certificate from a Financial Officer
of the Company certifying that the Company is in compliance with the requirements of either (x) or (y) above, which certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which shall indicate
whether the Indebtedness incurred pursuant to this clause (g) is included in such calculation of the Available Debt Cap Amount); 
 (h) Indebtedness under the European Refinancing Facility; provided that (i) any Liens securing such Indebtedness are not extended to any property of any Loan Party not subject to a Lien securing the
European Facility as of the Effective Date, (ii) no Loan Party that is not originally obligated with respect to repayment of the European Facility is required to become obligated with respect thereto, (iii) the maturity of the European
Refinancing Facility is not earlier than the maturity of the European Facility and (iv) in the case of any such Indebtedness in the form of Debt Securities, such Indebtedness will not include any cross default (as opposed to cross-payment
default or cross-acceleration) provisions or any financial maintenance covenants (it being understood that, for purposes of such determination, any limitation on indebtedness based on a borrowing base shall not be deemed to be a financial
maintenance covenant) and will mature no earlier than the third anniversary of the Effective Date; provided, further, that to the extent any intercompany loans made to Foreign Subsidiaries in reliance upon Section 6.04(o)(ii) are
outstanding at a time that proceeds under the European Refinancing Facility become available as a result of a subsequent increase in the amount of the European Refinancing Facility, such intercompany loans shall be promptly repaid with such proceeds
and the amount of such repayment shall be used to repay any outstanding Loans; provided, further, that, with respect to any Indebtedness incurred pursuant to this clause (h), (x) after giving effect to any such incurrence the
Company will be in compliance with all restrictions on Indebtedness related to the Debt Cap assuming full utilization of the Commitments and of the commitments under any other agreement governing indebtedness or other obligations which constitute a
usage of the debt incurrence provisions subject to the Debt Cap, or (y) if the Company is not so in compliance with clause (x) above, the amount by which the relevant indebtedness of the Company and the Subsidiaries exceeds the Debt Cap as
determined under clause (x) above, after giving 

  

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effect to any repayment of indebtedness that occurs substantially simultaneously with any such incurrence, shall not be greater than the amount by which the
relevant indebtedness of the Company and the Subsidiaries exceeded the Debt Cap as determined under clause (x) above immediately prior to such incurrence, and the Company shall deliver to the Administrative Agent a certificate from a Financial
Officer of the Company certifying that the Company is in compliance with the requirements of either (x) or (y) above, which certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which shall
indicate whether the Indebtedness incurred pursuant to this clause (h) is included in such calculation of the Available Debt Cap Amount); 
 (i) Indebtedness incurred in connection with the extension, renewal, increase or refinancing of Indebtedness incurred pursuant to Section 6.01(g) to extend, renew or refinance the Indebtedness under the Polish
Facilities in excess of the amount permitted under Section 6.01(g) (it being understood that such extension, renewal, increase or refinancing need not occur substantially contemporaneously with the repayment or termination of Indebtedness under
the Polish Facilities) in an aggregate principal amount at any time outstanding not to exceed the Polish Facilities Refinancing Capacity; provided that (i) any Liens securing such Indebtedness are not extended to any property of any Loan
Party not subject to a Lien securing the Polish Facilities as of the Effective Date, (ii) no Loan Party that is not originally obligated with respect to repayment of the Polish Facilities is required to become obligated with respect thereto,
(iii) such extension, renewal or refinancing does not result in a shortening of the average weighted maturity of the Polish Facilities so replaced or refinanced and (iv) in the case of any such Indebtedness in the form of Debt Securities,
such Indebtedness will not include any cross default (as opposed to cross-payment default or cross-acceleration) provisions or any financial maintenance covenants (it being understood that, for purposes of such determination, any limitation on
indebtedness based on a borrowing base shall not be deemed to be a financial maintenance covenant) and will mature no earlier than the third anniversary of the Effective Date; provided, further, that to the extent any intercompany
loans made to Foreign Subsidiaries in reliance upon Section 6.04(o)(i) are outstanding, promptly upon the receipt of the proceeds of Indebtedness incurred in reliance on this Section 6.01(i)(for the avoidance of doubt, in excess of the
amount of the related refinancing permitted pursuant to Section 6.01(g)), such procceds shall be applied to the repayment of such intercompany loans, and such repayment shall then be used to repay any outstanding Loans; provided,
further, that, with respect to any Indebtedness incurred pursuant to this Section 6.01(i), (x) after giving effect to any such incurrence the Company will be in compliance with all restrictions on Indebtedness related to the Debt
Cap assuming full utilization of the Commitments and of the commitments under any other agreement governing indebtedness or other obligations which constitute a usage of the debt incurrence provisions subject to the Debt Cap, or (y) if the
Company is not so in compliance with clause (x) above, the amount by which the relevant indebtedness of the Company and the Subsidiaries exceeds the Debt Cap as determined under clause (x) above, after giving effect to any repayment of
indebtedness that occurs substantially simultaneously with any such incurrence, shall not be greater than the amount by which the relevant indebtedness of the Company and the Subsidiaries exceeded the Debt Cap as determined under clause
(x) above immediately prior to such incurrence, and the Company shall deliver to the Administrative Agent a certificate from a Financial Officer 

  

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of the Company certifying that the Company is in compliance with the requirements of either (x) or (y) above, which certificate will include a Debt
Cap Calculation and a calculation of the Available Debt Cap Amount (which shall indicate whether the Indebtedness incurred pursuant to this Section 6.01(i) is included in such calculation of the Available Debt Cap Amount); 
 (j) Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits or property,
casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business; 
 (k) Indebtedness of the Company or any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar
obligations, in each case provided in the ordinary course of business; 
 (l) Indebtedness of any Person that becomes a
Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the
aggregate principal amount of Indebtedness permitted by this clause (l) shall not exceed $50,000,000 at any time outstanding; 
 (m) Capital Lease Obligations in connection with sale and leaseback transactions permitted under Section 6.06; 
 (n) customer deposits and advance payments received in the ordinary course of business and consistent with past practices from customers for goods purchased in the ordinary course of business; 
 (o) Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository and cash management services
or in connection with any automated clearinghouse transfers of funds, in each case incurred in the ordinary course of business; 
 (p) to the extent constituting Indebtedness, obligations consisting of indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred in connection with the disposition of any business, assets or a
Subsidiary of the Company, other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; provided, however, that
(a) such Indebtedness is not reflected on the balance sheet of the Company or any Subsidiary prepared in accordance with GAAP (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance
sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (a)) and (b) the maximum aggregate liability in respect of all such Indebtedness shall not exceed the gross proceeds, including the fair market value of
non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time such proceeds are received and without giving effect to any subsequent changes in value), actually received by the Company and the Subsidiaries in
connection with such disposition; 
  

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 (q) other unsecured Indebtedness having no scheduled principal payments prior to the
Maturity Date in an aggregate principal amount that, when combined with any Indebtedness incurred pursuant to 6.01(m) and commitment increases obtained under Section 2.09(e) (such aggregate amount, the “Residual Debt Basket
Usage”) (it being understood that while Indebtedness incurred pursuant to Section 6.01(m) and 2.09(e) shall not be subject to testing under this clause (q), it will count as Residual Debt Basket Usage)), does not exceed $550,000,000 at
any time outstanding ; provided that at the time such Indebtedness is incurred (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (B) if after giving effect to the incurrence
thereof, the Residual Debt Basket Usage shall be more than $100,000,000 or the aggregate amount of Residual Debt Cap Usage that is secured by a Lien (including Capital Leases) shall be more than $50,000,000, the Fixed Charge Coverage Ratio for the
Test Period in effect at such time shall be at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the Test Period in effect at such time); 
 (r) other Indebtedness in an aggregate principal amount at any time outstanding not to exceed $475,000,000; provided that (i) such Indebtedness will mature no earlier than the third anniversary of the
Effective Date, (ii) in the case of any such Indebtedness in the form of Debt Securities, such Indebtedness will not include any cross default (as opposed to cross-payment default or cross-acceleration) provisions or any financial maintenance
covenants (it being understood that, for purposes of such determination, any limitation on indebtedness based on a borrowing base shall not be deemed to be a financial maintenance covenant), and (iii) (A) after giving effect to the
incurrence of any such Indebtedness, the Company will be in compliance with all restrictions on Indebtedness related to the Debt Cap assuming full utilization of the Commitments and of the commitments under any other agreement governing indebtedness
or other obligations which constitute a usage of the debt incurrence provisions subject to the Debt Cap, or (B) if the Company is not so in compliance with clause (A) above, the amount by which the relevant indebtedness of the Company and
the Subsidiaries exceeds the Debt Cap as determined under clause (A) above, after giving effect to any repayment of indebtedness that occurs substantially simultaneously with any such incurrence, shall not be greater than the amount by which
the relevant indebtedness of the Company and the Subsidiaries exceeded the Debt Cap as determined under clause (A) above immediately prior to such incurrence, and the Company shall deliver to the Administrative Agent a certificate from a
Financial Officer of the Company certifying that the Company is in compliance with the requirements of either (iii)(A) or (B) above, which certificate will include a Debt Cap Calculation and a calculation of the Available Debt Cap Amount (which
shall indicate whether the Indebtedness incurred pursuant to this clause (r) is included in such calculation of the Available Debt Cap Amount); and 
 (s) other Indebtedness in an aggregate principal amount not exceeding $100,000,000 at any time outstanding. 
  

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 SECTION 6.02 Liens. No Loan Party will, nor will it permit any of its Subsidiaries to, create,
incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
 (a) Liens created pursuant to any Loan Document; 
 (b) Permitted Encumbrances; 
 (c) Liens on the Collateral securing Indebtedness incurred pursuant to Section 6.01(b), and any extensions, renewals and replacements of any such Indebtedness in respect thereof in accordance with
Section 6.01(g), in each case, to the extent subject to the Intercreditor Agreement; 
 (d) any Lien on any property or
asset of the Company or any Subsidiary existing on the Effective Date and set forth on 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 (A) those obligations that it secures on the Effective Date, or (B) with respect to any such obligations that shall have been extended, renewed or refinanced in accordance with Section 6.01(g), (h) or (i),
permitted extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof in excess of the amounts permitted pursuant to Section 6.01(g), (h) or (i), as applicable; 
 (e) Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that
(i) such Liens secure Indebtedness permitted by clause (f) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such
construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and any financing costs associated therewith and (iv) such security interests
shall not apply to any other property or assets of the Company or such Subsidiary or any other Subsidiary; 
 (f) any Lien
existing on any property or asset (other than Accounts and Inventory of any Loan Party) prior to the acquisition thereof by the Company or any Subsidiary or existing on any property or asset (other than Accounts and Inventory of any Loan Party) of
any Person that becomes a Subsidiary or is merged or consolidated with the Company or any Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary or is so merged or consolidated securing Indebtedness permitted under
Section 6.01(l); provided that (A) such Lien is not created in contemplation of or in connection with such acquisition, merger or consolidation or such Person becoming a Subsidiary, as the case may be, (B) such Lien shall not
apply to any other property or asset of the Company or such Subsidiary or any other Subsidiary and (C) such Lien shall secure only those obligations that it secures on the date of such acquisition, merger or consolidation or the date such
Person becomes a Subsidiary, as the case may be, or, with respect to any such obligations that shall have been extended, renewed or refinanced in accordance with Section 6.01, such extensions, renewals and replacements in respect thereof;

  

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 (g) Liens of a collecting bank arising in the ordinary course of business under
Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon; 
 (h) Liens on cash or Permitted Investments of the Company or any Subsidiary in an aggregate amount not to exceed $125,000,000 at any time (calculated net of cash collateral posted to the Company or any Subsidiary by
counterparties to secure outstanding exposure of such counterparty to the Company or any Subsidiary under Swap Agreements) securing obligations of the Company or any Subsidiary under Swap Agreements permitted under Section 6.07; provided
that the cash and Permitted Investments subject to such Liens may exceed $125,000,000 for any period not to exceed 10 consecutive Business Days (and no two such periods shall be consecutive) to the extent the Company uses commercially reasonable
efforts during such period to unwind the Swap Agreements requiring such excess security; 
 (i) Liens arising out of sale and
leaseback transactions permitted by Section 6.06; 
 (j) Liens granted by a Subsidiary that is not a Loan Party in favor
of the Company or another Loan Party in respect of Indebtedness owed by such Subsidiary; 
 (k) in connection with the sale or
transfer of all the Equity Interests in a Subsidiary in a transaction permitted under Section 6.05, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof; 
 (l) in the case of Equity Interests in any Joint Venture, any put and call arrangements or other transfer restrictions related to such
Equity Interests set forth in the organizational documents for such Joint Venture or any related or similar agreement; 
 (m)
any Lien on assets of any Foreign Subsidiary; provided that (A) such Lien shall not apply to any Collateral or any other assets of the Company or any Domestic Subsidiary and (B) such Lien shall secure only Indebtedness or other
obligations of such Foreign Subsidiary permitted hereunder; 
 (n) Liens created under the PSA, PACA or any similar state or
federal laws or regulations; 
 (o) any Lien, claim or right of any Governmental Authority arising under any law or regulation
in any inventory or farm products allocable to any procurement contract with such Governmental Authority; 
 (p) Liens on the
Collateral securing Indebtedness incurred pursuant to Section 6.01(r) to the extent subject to the Intercreditor Agreement; 
 (q) leases, licenses or subleases granted to others in the ordinary course of business not interfering in an material respect with the business of any Loan Party; 
  

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 (r) Liens of sellers of goods to the Company and any of its Subsidiaries arising under
Article 2 of the UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses; and 
 (s) other Liens on (i) assets not included in the Collateral securing Indebtedness or other obligations and (ii) cash and
Permitted Investments posted to the issuers of letters of credit or providers of Banking Services or Swap Agreements to secure obligations of the Company or any Loan Party in respect thereof, in an aggregate principal amount with respect to this
clause (s) not to exceed $20,000,000 at any time outstanding. 
 Notwithstanding the foregoing, none of the Liens permitted pursuant to this
Section 6.02 may at any time attach to any Loan Party’s (1) Accounts, other than those permitted under clause (a) of the definition of Permitted Encumbrance and clauses (a), (c) and (p) above and (2) Inventory,
other than those permitted under clauses (a) and (b) of the definition of Permitted Encumbrance and clauses (a), (c), (n) and (p) above. 
 SECTION 6.03 Fundamental Changes; Business Activities. (a) Mergers, Sales of Assets, Etc. No Loan Party will, nor will it permit any of its Subsidiaries to, 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) all or substantially all of its assets, or all or substantially all of the
stock 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 or Event of Default shall have occurred
and be continuing: 
 (i) any Subsidiary may merge with the Company in a transaction in which the Company is the surviving
entity pursuant to documentation reasonably satisfactory to the Administrative Agent; 
 (ii) any Loan Party (other than the
Company) and any Non-Loan Party or any other Person may merge into any Loan Party in a transaction in which a Loan Party is the surviving corporation, or, concurrently with the consummation of such transaction, the surviving entity becomes a Loan
Party; 
 (iii) any Non-Loan Party may merge into any other Non-Loan Party; 
 (iv) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to another Subsidiary; provided
that if any such transferor is a Loan Party, such transferee shall also be a Loan Party; 
 (v) any Subsidiary may liquidate
or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders; and 
 (vi) the Company or any Subsidiary may sell, transfer, lease or otherwise dispose of its assets pursuant to a transaction permitted under
Section 6.04 or 6.05; 
  

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 provided, that any such merger that would otherwise be permitted by this Section 6.03 involving a Person that
is not a wholly-owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 
 (b)
Line of Business. No Loan Party will, nor will it 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 the Subsidiaries on the date of execution of
this Agreement and businesses reasonably related thereto. 
 SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions.
No Loan Party will, nor will it permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and 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) all or substantially all of the assets of any Person or any assets of any other Person constituting a business unit (whether
through purchase of assets, merger or otherwise) (each such transaction, an “Investment”), except: 
 (a)
Permitted Investments, subject to, in the case of Loan Parties, control agreements in favor of the Administrative Agent for the benefit of the Lenders to the extent required under Section 5.16, or otherwise subject to a perfected security
interest in favor of the Administrative Agent for the benefit of the Lenders; 
 (b) Investments (i) in existence on the
date of this Agreement and (with respect to any Investment held by the Company or any Domestic Subsidiary) described in Schedule 6.04(b) (it being understood that any such Investments not in excess of $5,000,000 individually or $15,000,000 in the
aggregate shall not be required to be listed on Schedule 6.04(b)) and (ii) Investments pursuant to contractual commitments in existence on the date of this Agreement and described in Schedule 6.04(b); 
 (c) Investments by the Company and its Subsidiaries in their respective Subsidiaries or in Joint Ventures, in each case, involving the
transfer of Collateral; provided that (i) immediately before and immediately after giving pro forma effect thereto no Default or Event of Default shall have occurred and be continuing and (ii) the aggregate amount at
any one time outstanding of Investments made after the Effective Date pursuant to this paragraph (c) by Loan Parties in Subsidiaries that are not Loan Parties or in Joint Ventures shall not exceed (when combined with the aggregate outstanding
amount of Investments made pursuant to clause (d) below after the Effective Date by Loan Parties in Subsidiaries that are not Loan Parties) the sum of (i) $125,000,000 plus (ii) so long as both immediately before and
immediately after giving pro forma effect thereto (A) the Fixed Charge Coverage Ratio for the Test Period in effect at the time such Investment is made is at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the
Test Period in effect at such time) and (B) Availability shall not be less than the greater of (1) 30% of the Total Commitment and (2) $300,000,000, $75,000,000 (in each case determined without regard to any write-downs or
write-offs); 
  

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 (d) Investments by the Company and its Subsidiaries in their respective Subsidiaries, in
each case not involving the transfer of Collateral; 
 (e) Permitted Acquisitions; 
 (f) loans or advances made by a Loan Party to its employees in the ordinary course of business consistent with past practices for travel
and entertainment expenses, relocation costs and similar purposes up to a maximum of $5,000,000 in the aggregate at any one time outstanding; 
 (g) subject to Sections 4.2(a) and 4.4 of the Security Agreement, notes payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to negotiated agreements with respect to settlement of
such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices; 
 (h) Investments in
the form of Swap Agreements permitted by Section 6.07; 
 (i) Investments of any Person existing at the time such Person
becomes a Subsidiary of the Company or consolidates or merges with the Company or any of the Subsidiaries (including in connection with a Permitted Acquisition) so long as such Investments were not made in contemplation of such Person becoming a
Subsidiary or of such merger; 
 (j) Investments received in connection with the dispositions of assets permitted by
Section 6.05; 
 (k) Investments constituting deposits described in clauses (c) and (d) of the definition of
the term “Permitted Encumbrances.” 
 (l) Guarantees by the Company or any of its Subsidiaries of leases (other than
Capital Leases) or of other obligations of the Company or any of its Subsidiaries that do not constitute Indebtedness, in each case, entered into in the ordinary course of business; 
 (m) Investments in Joint Ventures or Subsidiaries that are not Loan Parties in an aggregate amount not to exceed the Available Equity
Proceeds on the date of such Investment, so long as both immediately before and after giving pro forma effect to any such Investment (i) no Default or Event of Default shall have occurred and be continuing, (ii) Availability
shall not be less than $500,000,000; 
 (n) Investments made in the ordinary course of business by any Subsidiary which is a
captive insurance company or retirement plan of the Company and its Subsidiaries; 
 (o) loans to Foreign Subsidiaries the
proceeds of which are used to repay obligations under (i) any Polish Facility, to the extent such facility is guaranteed by, or otherwise recourse to, any Loan Party, in connection with the extension, refinancing or renewal thereof (such
extension, refinancing or renewal, a “Polish Refinancing Facility”) in an aggregate principal amount with respect to any such Polish Facility not to exceed 

  

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the excess of (A) the aggregate principal amount of Indebtedness under such Polish Facility at the time of the making of such loan over (B) the
outstanding principal amount of Indebtedness and unused commitments under such Polish Refinancing Facility or (ii) the European Facility, to the extent such facility is guaranteed by, or otherwise recourse to, any Loan Party, in connection with
the extension, refinancing or renewal thereof (such extension, refinancing or renewal, an “Original European Refinancing Facility”) in an aggregate principal amount not to exceed the excess of (A) the aggregate principal amount
of Indebtedness under the European Facility at the time of the making of such loan over (B) the outstanding principal amount of Indebtedness and unused commitments under such Original European Refinancing Facility, so long as, in each case,
both immediately before and immediately after giving pro forma effect thereto (x) no Default or Event of Default shall have occurred and be continuing and (y) Availability shall not be less than $400,000,000; provided
that no loans may be made in reliance on this clause (o) to repay indebtedness under the European Facility or any Polish Facility if the maturity date of the indebtedness to be repaid is after the third anniversary of the Effective Date;
provided further that the aggregate amount of loans otherwise permitted pursuant to this clause (o) shall be reduced by the aggregate Net Proceeds of any sale or other disposition of all or any part of any Equity Interests in
Campofrio in excess of $50,000,000; 
 (p) purchases or redemptions of Indebtedness of the Company or any of its Subsidiaries,
to the extent permitted pursuant to Section 6.08(b); 
 (q) (i) loans to Foreign Subsidiaries the proceeds of which are
used pursuant to Section 6.08(b)(ii)(A) or (B) or Section 6.08(b)(v) or 6.08(b)(xi), to pay or prepay Indebtedness of such Foreign Subsidiary which is guaranteed by a Loan Party, or otherwise recourse to a Loan Party or
(ii) loans to any Domestic Subsidiary, the proceeds of which are used pursuant to Section 6.08(b)(x) to pay or prepay Indebtedness under the Company IRBs, so long as, in each case, both immediately before and after giving pro
forma effect to any such Investment (A) no Default or Event of Default shall have occurred and be continuing and (B) Availability shall not be less than $400,000,000; and 
 (r) other Investments not otherwise permitted by this Section 6.04 in an amount not to exceed $25,000,000 at any time outstanding
plus, so long as both immediately before and immediately after giving pro forma effect thereto (i) no Default or Event of Default shall have occurred and be continuing, (ii) the Fixed Charge Coverage Ratio for the Test Period
in effect at the time such Investment is made is at least 1.25 to 1.00 (determined on a Pro Forma Basis in respect of the Test Period in effect at such time) and (iii) Availability shall not be less than the greater of (1) 30% of the Total
Commitment and (2) $300,000,000, an amount not to exceed $75,000,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs). 
 SECTION 6.05 Asset Sales. No Loan Party will, nor will it permit any of its Subsidiaries to, sell, transfer, lease or otherwise dispose of any
asset, including any Equity Interest owned by it, nor will the Company permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Company or another Subsidiary in compliance with Section 6.04), except:

 (a) sales, transfers and dispositions of (i) inventory in the ordinary course of business and (ii) used,
obsolete, worn out or surplus equipment or property in the ordinary course of business; 
  

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 (b) sales, transfers, leases, licenses and dispositions to the Company or any Subsidiary,
provided that any such sales, transfers or dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Sections 6.04 and 6.09; 
 (c) sales, transfers and dispositions of accounts receivable in connection with the compromise, settlement or collection thereof;

 (d) sales, transfers and dispositions of Permitted Investments in the ordinary course of business and other investments
permitted by clauses (i) and (j) of Section 6.04; 
 (e) sale and leaseback transactions permitted by
Section 6.06; 
 (f) Restricted Payments permitted by Section 6.08; 
 (g) sales, transfers and other dispositions of assets (other than Equity Interests in a Loan Party unless all Equity Interests in such
Loan Party are sold) in an aggregate amount not to exceed $400,000,000 so long as both immediately before and immediately after giving pro forma effect thereto no Default or Event of Default shall have occurred and be continuing;

 (h) sales, transfers and other dispositions of Equity Interests in Campofrio so long as both immediately before and
immediately after giving pro forma effect thereto no Default or Event of Default shall have occurred and be continuing; 
 (i) dispositions resulting from any casualty or other damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Company or any Subsidiary;

 (j) sales, transfers and other dispositions of assets (other than Equity Interests in a Loan Party unless all Equity
Interests in such Loan Party are sold) that are not permitted by any other paragraph of this Section; provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this paragraph
(j) shall not exceed $10,000,000 during any fiscal year of the Company; and 
 (k) sales, transfers and other
dispositions of assets of Foreign Subsidiaries; provided that (i) in the event any such sale, transfer or disposition or series of sales, transfers or other dispositions constitutes the disposition of a business unit, division, product
line or line of business (other than any sale transfer or disposition of the Equity Interests in Campofrio), and to the extent any loans made to Foreign Subsidiaries in reliance upon Section 6.04(o) are outstanding, the Net Proceeds of such
sale, transfer or other disposition shall promptly be used to repay any such loans and the amount of such 

  

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repayment shall promptly be used to repay any outstanding Loans, and (ii) in the case of any sale, transfer or other disposition of all or any part of
the Equity Interests in Campofrio, the Net Proceeds of any such disposition in excess of $50,000,000 shall be used to repay any outstanding loans made pursuant to Section 6.04(o) and the amount of such repayment shall be used to repay any
outstanding Loans; 
 provided that all sales, transfers, leases and other dispositions permitted hereby (other than those permitted by paragraphs
(b) and (f) above) shall be made for fair value and for at least 75% cash consideration. 
 SECTION 6.06 Sale and Leaseback
Transactions. No Loan Party will, nor will it permit any of its Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now
owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital
assets by the Company or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days after the Company or such Subsidiary acquires or completes
the construction of such fixed or capital asset, provided that the aggregate amount of sale and leaseback transactions consummated in reliance on this Section 6.06 shall not exceed $100,000,000. 
 SECTION 6.07 Swap Agreements. No Loan Party will, nor will it permit any of its Subsidiaries to, enter into any Swap Agreement, except
(a) Swap Agreements entered into in the ordinary course of business 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. 
 SECTION 6.08 Restricted Payments; Certain Payments of Indebtedness.
(a) Restricted Payments. No Loan Party will, nor will it permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do
so, except (i) the Company may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its preferred stock, payable solely in additional shares of such preferred
stock or in shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (iii) the Company may make Restricted Payments, not exceeding $10,000,000 during any fiscal year,
pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Company and the Subsidiaries, (iv) [Intentionally Omitted], (v) payments or prepayments of the Convertible Notes permitted
pursuant to Section 6.08(b)(ii), (b)(vi) or (b)(vii) prior to any conversion pursuant to the terms of such Convertible Notes, (vi) Restricted Payments made to acquire the common stock in a Subsidiary held by a minority shareholder to the
extent such acquisition is permitted pursuant to Section 6.04 and (vii) Restricted Payments not otherwise permitted under this Section 6.08 (A) in an aggregate amount not to exceed $10,000,000 in any four-quarter period 

  

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commencing on the Closing Date and (B) an additional amount of $30,000,000 in the aggregate during the term of this Agreement; provided,
however, that Restricted Payments permitted pursuant to this clause (B) shall only be permitted so long as (x) no Default or Event of Default shall have occurred and be continuing and (y) at the time any such dividend is
declared, Availability shall have been not less than $500,000,000 for the period of 20 consecutive Business Days ending on and including the date of such declaration. 
 (b) Payments of Indebtedness. No Loan Party will, nor will it permit any of its Subsidiaries to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash,
securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: 
 (i) payment of
Indebtedness created under the Loan Documents; 
 (ii) payment of (A) interest payments when due, (B) regularly
scheduled principal payments as and when due (including, for clarity, at maturity) in respect of any Indebtedness, other than payments in respect of Subordinated Indebtedness prohibited by the subordination provisions thereof, (C) prepayments
under any revolving credit facility that are not accompanied by a commitment reduction, (D) Indebtedness owing to the Company or any Subsidiary that is otherwise permitted hereunder, and (E) payments of principal and interest made in
respect of conversions of Convertible Notes made in connection with the satisfaction of pricing triggers in respect of the common stock of the Company or in respect of the relationship between the pricing of such common stock and the pricing of such
Convertible Notes so long as such payments do not cause the aggregate payments in respect of such Convertible Notes to exceed the principal amount (plus accrued interest) of such Convertible Notes; 
 (iii) refinancings of Indebtedness to the extent permitted by Section 6.01; 
 (iv) payment of (A) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness and (B) unsecured Indebtedness of any Foreign Subsidiary that becomes due as a result of any sale or transfer of such Foreign Subsidiary (or all or substantially all of its assets) pursuant to a transaction otherwise
permitted hereunder; 
 (v) prepayments or repurchases of Designated Debt so long as after giving pro forma
effect thereto (i) no Default or Event of Default shall have occurred and be continuing and (ii) Availability shall not be less than the greater of (1) 40% of the Total Commitment and (2) $400,000,000 for a period of 20
consecutive Business Days ending on and including the date of such prepayment or repurchase (or, if shorter, for the period commencing on the Effective Date and ending on and including the date of such prepayment or repurchase); 
  

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 (vi)(A) prepayments or repurchases of Indebtedness, other than Designated Debt, in an
aggregate amount not to exceed $50,000,000 so long as after giving pro forma effect thereto no Default or Event of Default shall have occurred and be continuing and (B) additional prepayments or repurchases of Indebtedness, other
than the Designated Debt, so long as after giving pro forma effect thereto (i) no Default or Event of Default shall have occurred and be continuing, and (ii) Availability shall not be less than the greater of (1) 40% of
the Total Commitment and (2) $400,000,000 for a period of 20 consecutive Business Days ending on and including the date of such prepayment or repurchase, in an aggregate amount for all Indebtedness prepaid or repurchased in reliance on this
clause (vi)(B) not to exceed the amount at the time of determination by which the aggregate principal amount of the Designated Debt that has been prepaid or repurchased on or after the Effective Date (other than with Indebtedness or the proceeds of
Indebtedness and, in the case of the European Facility, with a corresponding commitment reduction), or whose maturity date has been extended to a date after the third anniversary of the Effective Date, exceeds $300,000,000; 
 (vii) payments or prepayments of Indebtedness made with (A) any Available Equity Proceeds on the date of such payment or prepayment,
(B) the proceeds of loans made pursuant to Section 6.04(o) or (C) the Net Proceeds of any disposition permitted pursuant to Section 6.05 that does not involve a disposition of assets included in the Borrowing Base and which Net
Proceeds are not required to be used to prepay the Loans hereunder, cash collateralize outstanding letters of credit or prepay any Senior Secured Notes, so long as, in each case, both immediately before and after giving pro forma
effect thereto (i) no Default or Event of Default shall have occurred and be continuing, and (ii) Availability shall not be less than $500,000,000; 
 (viii) payments or prepayments by Foreign Subsidiaries of Indebtedness of Foreign Subsidiaries; 
 (ix) payments or prepayments of Indebtedness made with common stock of the Company; 
 (x) payments or prepayments of Indebtedness under the Company IRBs in an aggregate principal amount not to exceed $21,000,000, so long as,
both immediately before and after giving pro forma effect thereto, no Default or Event of Default shall have occurred and be continuing; and 
 (xi) prepayments of any Indebtedness maturing prior to the third anniversary of the Effective Date, so long as such prepayments are made on or after the date that is 90 days prior to such maturity date. 
 SECTION 6.09 Transactions with Affiliates. No Loan Party will, nor will it 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) transactions that (i) are in the ordinary 

  

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course of business and (ii) are 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 (i) the Company and any Subsidiary that is a Loan Party not involving any other Affiliate and (ii) transactions not involving any Loan Party,
(c) any investment permitted by Sections 6.04(b), (c), (d), (l), (m), (n), (o), (q) or (r), (d) any Indebtedness permitted under Section 6.01(d) or Section 6.01(e), (e) any Restricted Payment permitted by
Section 6.08, (f) loans or advances to employees permitted under Section 6.04, (g) the payment of reasonable fees to directors of the Company or any Subsidiary who are not employees of the Company or any Subsidiary, and
compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Company or the Subsidiaries in the ordinary course of business and (h) any issuances of securities or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Company’s board of directors. 
 SECTION 6.10 Restrictive Agreements. No Loan Party will, nor will it 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 such Loan Party or any of its Subsidiaries 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 any shares of its capital stock or to make or repay loans or advances to the Company or any other Subsidiary or (c) the ability of any
Domestic Subsidiary to Guarantee Indebtedness of the Company or any other Subsidiary; 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 restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition),
(iii) the foregoing shall not apply to (A) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary, or a business unit, division, product line or line of business of a Subsidiary, pending such
sale, provided such restrictions and conditions apply only to the Subsidiary, or the business unit, division, product line or line of business of such Subsidiary, that is to be sold and such sale is permitted hereunder, (B) restrictions and
conditions imposed by the Senior Secured Notes Documents or the Rabobank Nederland Facility or any agreement or document governing or evidencing refinancing Indebtedness in respect of the Senior Secured Notes or the Rabobank Nederland Facility
permitted under Section 6.01(g), provided that the restrictions and conditions contained in any such agreement or document are not less favorable to the Lenders than the restrictions and conditions imposed by the Senior Secured Notes
Documents and (C) restrictions and conditions imposed by any agreement or document governing or evidencing (1) the senior secured notes issued in reliance upon Section 6.01(b)(ii) or any agreement or document governing or evidencing
any refinancing Indebtedness in respect of such senior secured notes permitted under Section 6.01(g) or (2) any Indebtedness incurred in reliance upon Section 6.01(r); provided that (A) to the extent such Indebtedness is
secured by Collateral, the restrictions and conditions contained in any such agreement or document are not less favorable to the Lenders than the restrictions and conditions imposed by the Senior Secured Notes Documents and (B) to the extent
such Indebtedness is unsecured, the restrictions and conditions contained in any such agreement or document are not less favorable to the Lenders than the restrictions and conditions imposed by the Covered Notes Documents, (iv) clause
(a) of the 

  

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foregoing 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 such property or assets do not constitute Collateral, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and
other contracts restricting the assignment thereof, (vi) clause (b) above shall not apply to customary restrictions or conditions on any Foreign Subsidiary imposed by any agreement or document governing or evidencing any Indebtedness of
any Foreign Subsidiary and (vii) clause (a) above shall not apply to any agreement or instrument governing or evidencing Indebtedness of a Foreign Subsidiary that prohibits, restricts or imposes any condition upon the ability of a Foreign
Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets. 
 SECTION 6.11 Amendment of Material
Documents. No Loan Party will, nor will it permit any of its Subsidiaries to, amend, modify or waive any of its rights under (a) any agreement or instrument governing or evidencing the European Facility or the Rabobank Nederland Facility in
a manner that accelerates the maturity thereof or provides for Liens on additional collateral to secure the obligations thereunder; provided that Liens may be granted on additional property of Foreign Subsidiaries to secure the obligations
under the European Facility, (b) any agreement or instrument governing or evidencing any Covered Notes or any Subordinated Indebtedness, in each case to the extent such amendment, modification or waiver could reasonably be expected to be
adverse in any material respect to the Lenders; provided that the Covered Notes Documents may be amended or modified solely to provide for guarantees by the Loan Parties of the obligations under the Covered Notes so long as after giving
pro forma effect thereto (i) no Default or Event of Default shall have occurred and be continuing, (ii) Availability shall not be less than $400,000,000 and (iii) the Consolidated Coverage Ratio (as defined in the
Covered Notes Documents) shall be equal to or greater than 2.00 to 1.00 and (c) its certificate of incorporation, bylaws or other organizational documents to the extent such amendment, modification or waiver could reasonably be expected to be
adverse in any material respect to the Lenders. 
 SECTION 6.12 Fixed Charge Coverage Ratio. (a) During any period commencing on
a date (each a “Commencement Date”) on which Availability is less than the greater of (i) 15% of the Total Commitment and (ii) $120,000,000, and continuing until any later date on which Availability shall have exceeded
such threshold for at least 30 consecutive days, the Loan Parties will not at any time permit the Fixed Charge Coverage Ratio for the Test Period in effect at any time (including, for the avoidance of doubt, the Test Period in effect on the
applicable Commencement Date) to be less than 1.10 to 1.00. 
 (b) The Company will not fail to deliver to the Administrative Agent
(i) at the time the Borrowing Base Certificate is delivered in respect of each fiscal month of the Company, a certificate (“Monthly Certificate”) signed by a Financial Officer of the Company setting forth reasonably detailed
calculations of the Fixed Charge Coverage Ratio for the Test Period ending on the last day of such fiscal month, and (ii) at the time any financial statements are delivered pursuant to Section 5.01(a) or 5.01(b), a certificate
(“Quarterly Certificate”) signed by a Financial Officer of the Company setting forth setting forth reasonably detailed calculations of the Fixed Charge Coverage Ratio for the Test Period ending on the last day of the fiscal period
covered by such financial statements (which calculations shall augment the calculations, if any, previously provided in respect of such period under clause (i)); provided that, unless the 

  

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Company shall have delivered the Monthly Certificate or Quarterly Certificate when required pursuant to this Section 6.12(b) for the Test Period then in
effect, (1) no Borrowing may be made (other than a deemed Borrowing under Section 2.18(d)), and no Letter of Credit may be issued, amended, renewed or extended if after giving effect thereto Availability would be less than the greater of
(x) 15% of the Total Commitment and (y) $120,000,000, and (2) no action may be taken that requires that the Fixed Charge Coverage Ratio for such Test Period be at least 1.10 to 1.00 or some higher required ratio; provided
further that no Default or Event of Default shall arise as a result of any action taken or omitted to be taken in reliance on calculations set forth in any Monthly Certificate or Quarterly Certificate delivered pursuant to this
Section 6.12 in respect of any Test Period that showed the Fixed Charge Coverage Ratio to be not less than 1.10 to 1.00 or such higher required ratio as may be applicable notwithstanding that the augmenting calculations in any subsequent
Quarterly Certificate in respect of such Test Period show that the Fixed Charge Coverage Ratio was in fact less than 1.10 to 1.00 or such higher required ratio as may be applicable so long as the difference is due solely to fiscal quarter-end or
fiscal year-end adjustments (it being understood, for the avoidance of doubt, that this proviso is not intended to prevent the occurrence of an Event of Default arising under paragraph (a) above notwithstanding that the failure to meet the 1.10
to 1.00 test or such higher required ratio as may be applicable may be due to the effect of such adjustments) 
 SECTION 6.13 Changes in
Fiscal Periods. No Loan Party will change its fiscal year or change its method of determining fiscal quarters. 
 ARTICLE VII 

Events of Default and Remedies 
 SECTION 7.01 Events of Default. If any of the following events (any such event, an “Event of Default”) shall occur: 
 (a) the Company 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) the Company 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 any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of 3 Business Days or
more; 
 (c) any representation, warranty or statement made or deemed made by or on behalf of any Loan Party 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 hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect (or, in the case of any representation,
warranty or statement qualified by materiality, in any respect) when made or deemed made; 
  

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 (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02(a), 5.03 (solely with respect to any Loan Party’s existence) or 5.08 or in Article VI of this Agreement or the Company or any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in Section 4.11 of the Security Agreement; 
 (e) any Loan Party shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those which constitute a default under another clause of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of (i) 2 Business Days if
such breach relates to the terms or provisions of Section 5.01(f) (or, if such breach is of the requirement to report weekly pursuant to the parenthetical of Section 5.01(f), 5 days), (ii) 5 days after the earlier of any Loan
Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of Section 5.01 (other than Section 5.01(f)),
5.02 (other than Section 5.02(a)), 5.03, 5.06, 5.09, or 5.13 of this Agreement or Section 4.15 of the Security Agreement or (iii) 30 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the
Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of any other Section of this Agreement or any other Loan Document; provided, however, that in no event shall a
failure to comply with the obligations set forth in Section 5.14 or, solely with respect to obligations in connection with after-acquired owned real property, 5.15(d), constitute a Default or Event of Default hereunder until the receipt by the
Company of any notice from the trustee (or any required percentage of holders entitled to deliver such notice) under the Senior Secured Notes Documents or the administrative agent under the Rabobank Nederland Facility of a default under the Senior
Secured Notes Documents or the Term Loan Documents with respect to the failure to comply with the corresponding obligations under the Senior Secured Notes Documents or the Term Loan Documents, as applicable; 
 (f) the Company or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of
any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any event or condition occurs (including
the triggering of any change in control or similar event with respect to the Company) that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse
of time or both) the holder or holders of any Material Indebtedness (other than Indebtedness pursuant to the European Facility) or a trustee or agent on behalf of such holder or holders to cause such Indebtedness to become due or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (it being understood that margin calls in respect of Swap Agreements shall not constitute a defeasance in respect thereof), provided that this paragraph
(g) shall not apply to (i) secured Indebtedness that becomes due as a result of 

  

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the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to
the extent such sale, transfer or other disposition is not prohibited under this Agreement) or (ii) any failure to comply with the obligations to deliver mortgages under the Senior Secured Notes Documents until the receipt by the Company of any
notice from the trustee (or any required percentage of holders entitled to deliver such notice) under the Senior Secured Notes Documents of a default under the Senior Secured Notes Documents resulting from a failure to comply with the corresponding
obligation thereunder; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) bankruptcy, liquidation, winding up, dissolution, reorganization, examination, suspension of general operations or other relief in respect of a Loan Party or any Subsidiary of any Loan Party (other than any Non-Material 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 or similar official for any Loan Party or any Subsidiary of any Loan Party (other than any Non-Material Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or
unstayed for 60 days or more or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) any
Loan Party or any Subsidiary of any Loan Party (other than any Non-Material 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 paragraph (h) of this
Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party or any Subsidiary of a Loan Party (other than any Non-Material 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) any Loan Party or any Subsidiary of any Loan Party (other than any
Non-Material Subsidiary) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 (to the extent not adequately covered by insurance as to which the insurer has not denied or contested coverage) shall be rendered against
any Loan Party, any Subsidiary of a Loan Party or any combination thereof and the same shall remain unpaid or undischarged for a period of 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 any Loan Party or any Subsidiary of any Loan Party to enforce any such judgment, or any Loan Party or any Subsidiary of any Loan Party shall fail within 30 days to discharge
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judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in
any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued; 
 (l) (i) an ERISA Event shall have occurred or (ii) such other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) and (ii) such event or condition, when taken
together with all other such events or conditions, if any, that have occurred, is reasonably likely to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur; 
 (n) the Loan Guaranty shall fail to remain in full
force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of the Loan Guaranty, or any Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty to which it is a party,
or any Guarantor shall deny that it has any further liability under the Loan Guaranty to which it is a party, or shall give notice to such effect; 
 (o) any Collateral Document shall for any reason fail to create a valid and perfected security interest (with the priority required by the Intercreditor Agreement) in any Collateral purported to be covered thereby
(other than to the extent such failure results from failure by the Administrative Agent to file continuation statements under the Uniform Commercial Code in respect of such security interest), or any Collateral Document shall fail to remain in full
force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Collateral Document (except as expressly permitted by the terms of any such Collateral Document); 
 (p) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms
(or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is
not valid, binding and enforceable in accordance with its terms); or 
 (q) the Company or any Subsidiary receives any notice,
notification, demand, request for information, citation, summons or order or there has been filed any complaint or any penalty is being sought or an investigation or review is pending or threatened by any governmental or other entity, in each case
with respect to any alleged failure by the Company or any of its Subsidiaries to have permit, license or other authorization required under any Environmental Law in connection with the conduct of the business of the Company or any of its
Subsidiaries or any other alleged failure to comply with Environmental Law, or with respect to any generation, treatment, storage, recycling, transportation, discharge or disposal, or any release of any Hazardous Materials, in each case which could
reasonably be expected, individually or in the aggregate with all other such notices, notifications, demands, requests for information, citations, summonses, orders, complaints, penalties, investigations and reviews, to result in a Material Adverse
Effect; 
  

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 then, and in every such event (other than an event with respect to the Company described in paragraph (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 and all fees and other obligations of the Loan
Parties 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 Loan Parties; and in case of any event
with respect to the Company described in paragraph (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 of the Loan Parties accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties. Upon the occurrence and continuance
of any Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies
provided under the UCC. 
 SECTION 7.02 CAM Exchange. 
 On the CAM Exchange Date, (i) the Commitments shall automatically and without further act be terminated in accordance with Section 7.01, (ii) the Lenders shall automatically and without further act be
deemed to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under each Tranche in which it shall participate as of such date, such Lender shall own an interest
equal to such Lender’s CAM Percentage in the Designated Obligations under each of the Tranches and (iii) simultaneously with the deemed exchange of interests pursuant to clause (ii) above, the interests in the Designated Obligations
to be received in such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent, determined using the Spot Selling Rate calculated as of such date, of such amount and on and after such date
all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise applicable hereunder. Each Lender, each person acquiring a participation from any Lender as
contemplated by Section 9.04 and the Company hereby consents and agrees to the CAM Exchange. Each of the Company and the Lenders agrees from time to time to execute and deliver to the Administrative Agent all such promissory notes and other
instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any
promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of the Company to execute or deliver
or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. 
  

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 As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the
Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment or
distribution to the extent required by the next paragraph below). 
 In the event that, on or after the CAM Exchange Date, the aggregate
amount of the Designated Obligations shall change as a result of the making of a disbursement under a Letter of Credit by an Issuing Bank that is not reimbursed by the Company, then (i) each Lender shall, in accordance with
Section 2.06(e), promptly pay to the Administrative Agent its Applicable Dollar Percentage or Applicable Multicurrency Percentage, as the case may be, in respect of such LC Disbursement (without giving effect to the CAM Exchange), (ii) the
Administrative Agent shall redetermine the CAM Percentages after giving effect to such disbursement and the making of such payments and the Lenders shall automatically and without further act be deemed to have exchanged interests in the Designated
Obligations such that each Lender shall own an interest equal to such Lender’s CAM Percentage in the Designated Obligations under each of the Tranches (and the interests in the Designated Obligations to be received in such deemed exchange
shall, automatically and with no further action required, be converted into the Dollar Equivalent of such amount in accordance with the first sentence of this Section 7.02), and (iii) in the event distributions shall have been made in
accordance with clause (i), the Lenders shall make such payments to one another as shall be necessary in order that the amounts received by them shall be equal to the amounts they would have received had each such disbursement and payment in respect
of its Applicable Dollar Percentage or Applicable Multicurrency Percentage been outstanding on the CAM Exchange Date. Each such redetermination shall be binding on each of the Lenders and their successors and assigns and shall be conclusive, absent
manifest error. 
 ARTICLE VIII 
 The Administrative Agent; Joint Collateral Agents; Other Agents 
 SECTION 8.01 The Administrative Agent. Each of the
Lenders and the 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. Except as expressly provided below with respect to the replacement of the Administrative
Agent or the appointment of a Sole Successor Collateral Agent, the provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and the Company shall not have rights as a third party beneficiary of any of such
provisions. 
 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 Lender and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any
Subsidiary of a Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  

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 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 or believed by the Administrative Agent in good faith to 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 any Loan Party 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 believed by the Administrative Agent in good faith to be necessary) 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) 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 or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness, genuineness or accuracy of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the
Collateral, or (vi) 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 representation, 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 or sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The
Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), 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
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Agent. 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 this Article 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. 
 In determining compliance with any condition
hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received
notice to the contrary from such Lender prior to the making of such Loan. 
 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, with the consent
of the Company (not to be unreasonably withheld), to appoint a successor; provided that no such consent of the Company shall be required at any time during the existence of an Event of Default. If no successor shall have been so appointed by
the Required Lenders and shall have accepted such appointment within 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 commercial bank or an Affiliate of any such commercial 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, obligations, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from all its duties and obligations under the Loan Documents. If no
successor agent has accepted appointment as Administrative Agent by the date that is 35 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon
become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. The fees payable by the Company to a
successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article,
Section 2.17(d) 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. 
 Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder. 
  

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 SECTION 8.02 The Joint Collateral Agents. Each of the Lenders and Issuing Banks hereby irrevocably
appoints the Joint Collateral Agents as its agent hereunder and under the other Loan Documents and authorizes the Joint Collateral Agents to take such actions on its behalf and to exercise such powers as are delegated to the Joint Collateral Agents
by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 Each of the banks serving
as a Joint Collateral 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 a Joint Collateral Agent, and such Lender and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any Subsidiary of a Loan Party or other Affiliate thereof as if it were not a Joint Collateral Agent hereunder. 
 The Joint Collateral Agents shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the
generality of the foregoing, (a) neither Joint Collateral Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) neither Joint Collateral Agent shall have any
duty to take any discretionary action or exercise any discretionary powers except as expressly set forth in this Agreement and (c) except as expressly set forth in the Loan Documents, neither Joint Collateral Agent shall have any duty to
disclose, nor shall be liable for the failure to disclose, any information relating to any Loan Party or any of the Subsidiaries that is communicated to or obtained by any bank serving as a Joint Collateral Agent or any of its Affiliates in any
capacity. Neither Joint Collateral Agent shall be liable for any action taken nor not taken by it in the absence of its own gross negligence or willful misconduct. Neither Joint Collateral Agent shall 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) 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 adequacy, accuracy or completeness of any information (whether oral or written) set forth or in
connection with any Loan Document, (v) the legality, the validity, enforceability, effectiveness, adequacy or genuineness of any Loan Document or any other agreement, instrument or document, (vi) the creation, perfection or priority of
Liens on the Collateral or the existence of the Collateral, or (vii) 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
Joint Collateral Agents. 
 The Joint Collateral Agents shall be entitled to rely upon, and shall not incur any liability for relying upon,
any representation, notice, request, certificate, consent, statement, instrument, document or other writing or communication believed by it to be genuine, correct and to have been authorized, signed or sent by the proper Person. The Joint Collateral
Agents may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by them, in their Permitted Discretion, 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. 
  

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 The Joint Collateral Agents may perform any and all their duties and exercise their rights and powers by
or through any one or more sub-agents appointed by either Joint Collateral Agent. The Joint Collateral Agents and any such sub-agent may perform any and all their duties and exercise their 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 Joint Collateral Agents and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as the Joint Collateral Agents. 
 Either or both Joint
Collateral Agents may resign at any time by notifying the other Joint Collateral Agent, if any, the Administrative Agent, the Issuing Banks and the Company. Upon any such resignation, the remaining Joint Collateral Agent (the “Sole Remaining
Collateral Agent”) shall perform all of the functions of the Joint Collateral Agents, and the retiring Joint Collateral Agent shall be discharged from its duties and obligations hereunder. If both Joint Collateral Agents shall resign
substantially simultaneously, the Required Lenders shall have the right, with the consent of the Company (not to be unreasonably withheld), to appoint one successor collateral agent, who shall be the sole successor collateral agent hereunder (the
“Sole Successor Collateral Agent”). If a Sole Successor Collateral Agent has not been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after both Joint Collateral Agents have given their
notice of such resignation, then the retiring Joint Collateral Agents may, on behalf of the Lender Parties, appoint a Sole Successor Collateral Agent which shall be a commercial bank or an Affiliate of any such commercial bank. If no successor agent
has accepted appointment as Sole Successor Collateral Agent by the date that is 35 days following a Joint Collateral Agents’ notices of resignation, such resignations shall nevertheless thereupon become effective, and the Lenders shall assume
and perform all of the duties of the Sole Successor Collateral Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of its appointment as Sole Successor Collateral
Agent, such Person shall succeed to and become vested with all the rights, powers, privileges, obligations and duties of the retiring (or retired) Joint Collateral Agents, and the retiring Joint Collateral Agent shall be discharged from the duties
and obligations hereunder. 
 The fees payable by the Company to the Sole Remaining Collateral Agent or Sole Successor Collateral Agent shall
be the same as those payable to the Joint Collateral Agents unless otherwise agreed between the Company and such Sole Remaining Collateral Agent or Sole Successor Collateral Agent, as the case may be. After any Joint Collateral Agent’s
resignation hereunder, the provisions of this Article, Section 2.17(d) and 9.03 shall continue in effect for the benefit of such retiring Joint Collateral 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 Joint Collateral Agent. 
 Each Lender and Issuing Bank hereby agrees that
(a) it has requested a copy of each Report prepared by or on behalf of the Joint Collateral Agents; (b) no Joint Collateral Agent (i) makes any representation or warranty, express or implied, as to the completeness or accuracy of any
Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report or (ii) shall be liable for any information contained in any Report; (c) the Reports are not comprehensive audits or
examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely 

  

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significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Joint Collateral
Agents undertake no obligation to update, correct or supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal use, and it will not share the Report with any Loan Party or any other Person except as
otherwise permitted pursuant to this Agreement; and (e) without limiting the generality of any other indemnification provision contained in this Agreement, it will pay and protect, and indemnify, defend, and hold the Joint Collateral Agents and
any such other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorney fees) incurred by as the direct or indirect result of any third parties
who might obtain all or part of any Report through the indemnifying Lender. 
 SECTION 8.03 Other Agents. The Lead Arrangers,
Co-Documentation Agents and Syndication Agent shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. 
 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 facsimile or by other
electronic transmission, as follows: 
 (i) if to any Loan Party, to the Company at: 
 Smithfield Foods, Inc. 
 200 Commerce Street 
 Smithfield, VA 23430, 
 Attention: Robert Manly (Telecopy No. 757-365-3025) and Carey Dubois 
 (Telecopy No. 757-365-3070); 
 (ii) if to the Administrative Agent or the Swingline Lender, to: 
 JPMorgan Chase Bank, N.A. 
 1111 Fannin Street, 10th Floor 
 Houston, Texas 77002 
 Attention: Loan and Agency Services Group 
 Telecopy No.: (713) 750-2782 
 with a copy to: 
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue, 
 New York, NY 10017 
 Attention: Barbara Marks 
 Telecopy No.: (212) 270-3279 
 email: marks_b@jpmorgan.com; 
  

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 (iii) if to JPMCB as an Issuing Bank, to: 
 JPMorgan Chase Bank, N.A. 
 1111 Fannin Street, 10th Floor 
 Houston, Texas 77002 
 Attention: Loan and Agency Services Group 
 Telecopy No.: (713) 750-2782 
 with a copy to: 
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue, 
 New York, NY 10017 
 Attention: Barbara Marks 
 (iv) if to any other Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire. 
 All such notices and other
communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received or (ii) sent by facsimile or by other electronic transmission shall be deemed to have
been given when sent, provided 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 for the recipient. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and internet
or intranet websites) 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 (on behalf of the Loan Parties) 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. All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the
intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if not given during the normal business hours of the recipient, such notice or
communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c) Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.

  

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 SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any
Joint Collateral 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 any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Joint Collateral Agent, any Issuing Bank or
any Lender may have had notice or knowledge of such Default at the time. No notice to or demand on the Company or any Loan Party in any case shall entitle the Company or any Loan Party to any other or further notice or demand in similar or other
circumstances. 
 (b) Except as provided in the first sentence of Section 2.09(f) (with respect to any commitment increase) and
Section 2.22, 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 the
Loan Parties and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case
with the consent of the Required Lenders; provided that, without limiting the provisions of Section 2.09(f) or 2.22, no such agreement shall: 
 (i) increase the Commitment of any Lender without the written consent of such Lender, 
 (ii)
reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender directly affected thereby,

 (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the
payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly
affected thereby (for the avoidance of doubt, a Maturity Date that occurs as a result of the occurrence of one of the events described in the proviso of the definition of “Maturity Date” shall not be considered a scheduled date of
expiration of a Commitment, and the postponement of the payment of any amount that comes due solely as a result of the occurrence of any such Maturity Date can be effected with the agreement of the Required Lenders, in accordance with the terms of
this Section 9.02(b)), 
  

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 (iv) change Section 2.18(b), (c) or (e) in a manner that would alter the
manner in which payments are shared, without the written consent of each Lender adversely affected thereby, 
 (v) add new
categories of eligible assets or make changes affecting the Borrowing Base eligibility criteria or Debt Cap that have the effect of increasing Availability, without the written consent of the Joint Collateral Agents and the Supermajority Lenders,

 (vi) change any of the provisions of this Section or the percentage set forth in the definition of “Required
Lenders”, “Joint Collateral Agents” or “Supermajority Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or thereunder
or make any determination or grant any consent hereunder or thereunder, without the written consent of each Lender, 
 (vii)
permit the Company to assign its rights or obligations hereunder, release any Guarantor from its obligation under its Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents), or increase the advance rates set forth in the
definition of Borrowing Base without the written consent of each Lender, or 
 (viii) except as provided in clauses
(d) and (e) of this Section or in any Collateral Document, release all or substantially all of the Collateral, 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 Joint Collateral Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Joint Collateral Agent, such Issuing Bank or
the Swingline Lender, as the case may be. The Administrative Agent may also amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04. 
 (c) Notwithstanding anything to the contrary in this Section, if the Administrative Agent and the Company shall have jointly identified an obvious error
or any error or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Company shall be permitted to amend such provision and such amendment shall become effective
without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 
 (d) The Lenders hereby irrevocably authorize the Administrative Agent (i) at the request of the Company, and the Administrative Agent hereby agrees,
to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (A) upon the termination of the all Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated
Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, (B) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the
Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without 

  

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further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative
Agent is authorized to release any Loan Guaranty provided by such Subsidiary, (C) constituting fixed or capital assets financed by Indebtedness incurred pursuant to Section 6.01(f) and secured pursuant to Section 6.02(e) to the extent
required pursuant to the terms of such Indebtedness or (D) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (ii) at its option and in its
sole discretion, to release Liens granted to the Administrative Agent by the Loan Parties on any Collateral as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative
Agent and the Lenders pursuant to Article VII. Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided that, the
Administrative Agent may in its discretion, release its Liens on Collateral valued in the aggregate not in excess of $25,000,000 during any calendar year without the prior written authorization of the Required Lenders. Any such release shall
not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any
sale, all of which shall continue to constitute part of the Collateral. 
 In connection with any termination or release pursuant to this
Section, the Administrative Agent, upon receipt of any certificates or other documents reasonably requested by it to confirm compliance with this Agreement, shall promptly (i) execute and deliver to any Loan Party, at such Loan Party’s
expense, all documents that such Loan Party shall reasonably request to evidence such termination or release and (ii) deliver to the Loan Parties any portion of such Collateral so released in possession of the Administrative Agent. 

(e) The Lenders hereby irrevocably authorize the Administrative Agent to terminate the Existing Senior Secured Notes Intercreditor Agreement.

 (f) If, in connection with any proposed amendment, waiver, modification or consent requiring the consent of “each Lender” or
“each Lender affected thereby,” the consent of the Lenders having Credit Exposures and unused Commitments representing more than 66% of the Aggregate Credit Exposures and unused Commitments at such time 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
at par the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption in accordance with Section 9.04(b) 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) the Company shall pay to such Non-Consenting Lender in same day funds on the day of such
replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Company 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 

  

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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, the Joint Collateral Agents and the Lead Arrangers and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative
Agent, which obligation in respect of counsel shall be limited to a single transaction and documentation counsel and other special and local counsel, 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 the Loan Documents or any amendments, modifications or waivers of the provisions of the Loan Documents (whether or
not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank 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 the Joint Collateral Agents in connection with the performance of their duties pursuant to the provisions of the Loan Documents and (iv) 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, (which obligation in respect of
counsel shall be limited to one counsel for the Administrative Agent and one counsel for the Lenders, unless there is an actual or perceived conflict of interest, in which case each Lender shall be entitled to its own counsel, as well as, in each
case, other special and local counsel) in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of
Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. Expenses being reimbursed by the Company under this Section include, without
limiting the generality of the foregoing, costs and expenses incurred in connection with: 
 (i) appraisals and insurance
reviews; 
 (ii) field examinations and the preparation of Reports based on the fees charged by a third party retained by the
Joint Collateral Agents or the internally allocated fees for each Person employed by the Joint Collateral Agents with respect to each field examination, together with the reasonable fees and expenses associated with collateral monitoring services
performed by the Specialized Due Diligence Group of the Administrative Agent; 
 (iii) background checks regarding senior
management and/or key investors, as deemed necessary or appropriate in the Permitted Discretion of the Administrative Agent; 
 (iv) taxes, fees and other charges, if any, for (A) lien and title searches and title insurance and (B) recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue
the Administrative Agent’s Liens; 
  

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 (v) sums paid or incurred to take any action required of any Loan Party under the Loan
Documents that such Loan Party fails to pay or take; and 
 (vi) forwarding loan proceeds, collecting checks and other items
of payment, and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral. 
 All of the
foregoing costs and expenses may be charged to the Company as Revolving Loans or to another deposit account, all as described in Section 2.18(c). 
 (b) The Company shall indemnify the Administrative Agent, the Joint Collateral Agents, the Lead Arrangers, the Issuing Banks, the Syndication Agent, the Co-Documentation Agents and each Lender, and the affiliates and
the respective Related Parties 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, penalties, incremental taxes,
liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by the Company or any Loan Party or any other Person arising out of, in connection
with, or as a result of (i) the execution or delivery of the Loan Documents or any other agreement or instrument contemplated thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the
consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of
Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on, at, to or from any property currently
or formerly owned or operated by the Company or any Subsidiary, or any Environmental Liability, (iv) the failure of the Company to deliver to the Administrative Agent the required receipts or other required documentary evidence with respect to
a payment made by any Loan Parties for Taxes pursuant to Section 2.17, 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, tax, 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 9.03(b) shall not apply with respect to Taxes other than any Taxes that
represent losses or damages arising from any non-Tax claim. 
 (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 and without limiting the Company’s obligation to do so, each Lender severally agrees to pay to the Administrative
Agent, such Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, 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.

  

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 (d) To the fullest extent permitted by applicable law, no Loan Party shall assert, and each hereby
waives, any claim against any Indemnitee (i) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or
any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof, and (ii) for contribution or any other rights of recovery under or related to Environmental Laws that it now or
hereafter may have by statute or otherwise against any Indemnitee. 
 (e) All amounts due under this Section shall be payable not later than
10 Business Days after receipt of written demand therefor. 
 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 the Issuing Banks that issues any Letter of Credit), except that (i) the
Company may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Company without such consent
shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this
Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, any Issuing Bank 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 clause (b)(ii) below, any Lender may assign to one or more assignees (other than the Borrower or any
Affiliate thereof) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld)
of: (A) the 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 5 Business Days after having received notice thereof;
(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to a Lender or an Affiliate of a Lender; (C) each Issuing Bank and the Swingline Lender (such consent not to
unreasonably withheld). Notwithstanding the foregoing, any Person that is a Fee Receiver but not a Permitted Fee Receiver shall not be an assignee without the written consent of the Administrative Agent (whether or not an Event of Default has
occurred) (which consent may be withheld in the Administrative Agent’s sole discretion). 
 (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 assignment of the entire remaining amount of the assigning Lender’s Tranche 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; 
  

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 (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 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, provided that assignments made pursuant to Section 2.19(b) or Section 9.02(f) shall not require the signature of the assigning Lender to
become effective; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any Tax
forms required by Section 2.17(g) and 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. 
  

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 (iv) The Administrative Agent, acting solely for this purpose as an agent of the Company,
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 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 Company, 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 and any Tax forms required by Section 2.17 (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.04, 2.05,
2.06(e)or (f), 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, the Issuing Banks 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, (C) the Company, 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 and (D) any person that would be a Fee
Receiver may not be a Participant, unless such Person is a Permitted Fee Receiver or such Fee Receiver receives the written consent of the Company and the Administrative Agent. 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, the
Company 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 

  

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benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(e) as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender 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. 
 (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 and the Administrative Agent are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company and
any withholding Agent, to comply with Section 2.17(g) as though it were a Lender. 
 (iii) Notwithstanding anything in
this paragraph to the contrary, any bank that is a member of the Farm Credit System that (a) has purchased a participation in the minimum amount of $10,000,000 on or after the Effective Date, (b) is, by written notice to the Company and
the Administrative Agent (“Voting Participant Notification”), designated by the selling Lender as being entitled to be accorded the rights of a Voting Participant hereunder (any bank that is a member of the Farm Credit System so
designated being called a “Voting Participant”) and (c) receives the prior written consent of the Company and the Administrative Agent to become a Voting Participant, shall be entitled to vote (and the voting rights of the
selling Lender shall be correspondingly reduced), on a dollar for dollar basis, as if such participant were a Lender, on any matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise vote on any proposed action. To be
effective, each Voting Participant Notification shall, with respect to any Voting Participant, (i) state the full name, as well as all contact information required of an assignee as set forth in Exhibit A hereto and (ii) state the
dollar amount of the participation purchased. The Company and the Administrative Agent shall be entitled to conclusively rely on information contained in notices delivered pursuant to this paragraph. 
 (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 any central bank, a Federal Reserve Bank or the Farm Credit Funding Corp. or to any other entity organized under the Farm Credit Act, as amended, 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. 
  

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 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 Joint Collateral 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 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 provision hereof. 
 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 or the syndication of the Loans and Commitments constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and
the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender 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) 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 the Company or such Guarantor
against any of and all the Secured 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 applicable Lender shall notify the
Company and the Administrative Agent of such set-off or application, provided that any failure to give or 

  

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any delay in giving such notice shall not affect the validity of any such set-off or application under this Section. The rights of each Lender 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) The Loan Documents (other than those containing a contrary express choice of law provision) shall be construed in accordance with and governed by the law of the State of New
York, without regard to the conflict of laws principles thereof, but giving effect to federal laws applicable to national banks. 
 (b) Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of the Supreme Court of the State of New York, the courts of the United States for 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 party hereto 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. 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 

  

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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 Joint Collateral Agents, 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’ respective 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 and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by Requirement of Law 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 at least as restrictive 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, (ii) any central bank, Federal Reserve Bank or the Farm Credit Funding Corp., or any other governmental entity to
which a Lender has pledged a security interest in all or any portion of its rights hereunder pursuant to Section 9.04(d) or (iii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
the Loan Parties and their 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 by such Person or (ii) becomes
available to the Administrative Agent, any Joint Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than a Loan Party that is not to the knowledge of the receiving party in violation of any
confidentiality restrictions. For the purposes of this Section, “Information” means all information received from a Loan Party or its representatives relating to the Loan Parties, the Subsidiaries or their respective businesses, other than
any such information that is available to the Administrative Agent, any Joint Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by a Loan Party or its representative. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION 9.12 FURNISHED
TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE
USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL 

  

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NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS AND THE TERMS HEREOF.

 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN
THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER
REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS AND THE TERMS HEREOF. 
 SECTION 9.13 Several Obligations;
Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any
of its obligations hereunder, provided, that the Commitments (and Tranche Commitments) of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 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, no Issuing Banks nor any Lender shall be obligated to extend credit to
the Company in violation of any Requirement of Law. 
 SECTION 9.14 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 the Company that pursuant to the requirements of the Act, it is required to obtain, verify and record information that
identifies the Company, which information includes the names and addresses of the Company and other information that will allow such Lender to identify the Company in accordance with the Act. 
 SECTION 9.15 Disclosure. Each Loan Party and each Lender hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from
time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 
 SECTION 9.16 No Fiduciary Relationship. The Loan Parties agree that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Loan Parties, the Subsidiaries and their
Affiliates, on the one hand, and the Administrative Agent, the Joint Collateral Agents, the Issuing Banks, the Lenders and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any
fiduciary duty on the part of the Administrative Agent, the Joint Collateral Agents, the Lenders, the Issuing Banks or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications.

  

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 SECTION 9.17 Appointment for Perfection. Each Lender hereby appoints each other Lender as its
agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender
(other than the Administrative Agent) obtain possession of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the
Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 
 SECTION 9.18
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 thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.19 Intercreditor Arrangements. Notwithstanding anything herein to the contrary, the lien and security interest granted to the
Administrative Agent pursuant to this Agreement or any other Loan Document and the exercise of any right or remedy by the Administrative Agent hereunder or under any other Loan Document are subject to the provisions of the Intercreditor Agreement.
In the event of any conflict between the terms of the Intercreditor Agreement, this Agreement and any other Loan Document, the terms of the Intercreditor Agreement shall govern and control with respect to any right or remedy. Without limiting the
generality of the foregoing, and notwithstanding anything herein to the contrary, all rights and remedies of the Administrative Agent (and the Lenders) with respect to the Term Debt Priority Collateral shall be subject to the terms of the
Intercreditor Agreement, and until the Term Debt Obligations Payment Date, any obligation of the Company and any Guarantor hereunder or under any other Loan Document with respect to the delivery or control of any Term Debt Priority Collateral, the
novation of any lien on any certificate of title, bill of lading or other document, the giving of any notice to any bailee or other Person, the provision of voting rights or the obtaining of any consent of any Person, in each case in connection with
any Term Debt Priority Collateral, shall be deemed to be satisfied if the Company or such Guarantor, as applicable, complies with the requirements of the similar provision of the applicable Term Loan Document. Until the Term Debt Obligations Payment
Date, the delivery of any Term Debt Priority Collateral to the Term Debt Representative pursuant to the Term Loan Documents shall satisfy any delivery requirement hereunder or under any other Loan Document. 
  

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 ARTICLE X 
 Loan Guaranty 
 SECTION 10.01 Guaranty. Each Guarantor (other than those that have delivered a
separate Loan Guaranty) hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, absolutely and unconditionally guarantees to the Lenders the prompt payment when due, whether at stated maturity,
upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses including, without limitation, all court costs and attorneys’ and paralegals’ fees (including allocated costs of in-house
counsel and paralegals) (which obligation in respect of counsel shall be limited to one counsel for the Administrative Agent and one counsel for the Lenders, unless there is an actual or perceived conflict of interest, in which case each Lender
shall be entitled to its own counsel, as well as, in each case, other special and local counsel) and expenses paid or incurred by the Administrative Agent, the Joint Collateral Agents, the Issuing Banks and the Lenders in endeavoring to collect all
or any part of the Secured Obligations from, or in prosecuting any action against, the Company, any Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations,
collectively the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its
guarantee notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of the Guaranteed
Obligations. 
 SECTION 10.02 Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Guarantor
waives any right to require the Administrative Agent, any Joint Collateral Agent, any Issuing Bank or any Lender to sue the Company, any Guarantor, any other guarantor, or any other person obligated for all or any part of the Guaranteed Obligations
(each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 
 SECTION 10.03 No Discharge or Diminishment of Loan Guaranty (a) Except as otherwise provided for herein, the obligations of each Guarantor hereunder are unconditional and absolute and not subject to any
reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender,
alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Company or any other guarantor of or other person liable for any of the
Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the
existence of any claim, setoff or other rights which any Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Joint Collateral Agent, any Issuing Bank, any Lender, or any other person, whether in connection
herewith or in any unrelated transactions. 
  

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 (b) The obligations of each Guarantor hereunder are not subject to any defense or setoff, counterclaim,
recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated
Party, of the Guaranteed Obligations or any part thereof. 
 (c) Further, the obligations of any Guarantor hereunder are not discharged or
impaired or otherwise affected by: (i) the failure of the Administrative Agent, the Joint Collateral Agents, any Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed
Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations
of the Company for all or any part of the Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, any Joint
Collateral Agent, any Issuing Bank or any Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed
Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the
indefeasible payment in full in cash of the Guaranteed Obligations). 
 SECTION 10.04 Defenses Waived. To the fullest extent permitted
by applicable law, each Guarantor hereby waives any defense based on or arising out of any defense of the Company or any Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any
cause of the liability of the Company or any Guarantor, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any person against any Obligated Party, or any other person. The
Administrative Agent may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any
collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any
Obligated Party, without affecting or impairing in any way the liability of such Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by
applicable law, each Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any
Guarantor against any Obligated Party or any security. 
 SECTION 10.05 Rights of Subrogation. No Guarantor will assert any right,
claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties and the Guarantors have fully performed all their
obligations to the Administrative Agent, the Joint Collateral Agents, the Issuing Banks and the Lenders. 
  

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 SECTION 10.06 Reinstatement; Stay of Acceleration. If at any time any payment of any portion of
the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Company or otherwise, each Guarantor’s obligations under this Loan Guaranty with respect to that payment
shall be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent, the Joint Collateral Agents, the Issuing Banks and the Lenders are in possession of this Loan Guaranty. If acceleration of the time
for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations
shall nonetheless be payable by the Guarantors forthwith on demand by the Lender. 
 SECTION 10.07 Information. Each Guarantor assumes
all responsibility for being and keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the
risks that each Guarantor assumes and incurs under this Loan Guaranty, and agrees that neither the Administrative Agent, any Joint Collateral Agent, any Issuing Bank nor any Lender shall have any duty to advise any Guarantor of information known to
it regarding those circumstances or risks. 
 SECTION 10.08 [Intentionally omitted]. 
 SECTION 10.09 Taxes. All payments of the Guaranteed Obligations will be made by each Guarantor free and clear of and without deduction or
withholding for any Indemnified Taxes or Other Taxes; provided that if any Guarantor shall be required to deduct or withhold 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 Guarantor shall make such deductions and (iii) such Guarantor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 SECTION 10.10 Maximum Liability. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any state corporate
law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this Loan Guaranty would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such liability shall, without
any further action by the Guarantors or the Lenders, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant
Guarantor’s “Maximum Liability”). This Section with respect to the Maximum Liability of each Guarantor is intended solely to preserve the rights of 

  

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the Lenders to the maximum extent not subject to avoidance under applicable law, and no Guarantor nor any other person or entity shall have any right or
claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations of any Guarantor hereunder shall not be rendered voidable under applicable law. Each Guarantor agrees that the Guaranteed
Obligations may at any time and from time to time exceed the Maximum Liability of each Guarantor without impairing this Loan Guaranty or affecting the rights and remedies of the Lenders hereunder, provided that, nothing in this sentence shall be
construed to increase any Guarantor’s obligations hereunder beyond its Maximum Liability. 
 SECTION 10.11 Contribution. In the
event any Guarantor (a “Paying Guarantor”) shall make any payment or payments under this Loan Guaranty or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this
Loan Guaranty, each other Guarantor (each a “Non-Paying Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Applicable Percentage” of such payment or payments made, or
losses suffered, by such Paying Guarantor. For purposes of this Article X, each Non-Paying Guarantor’s “Applicable Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which
such payment or loss was made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such
Non-Paying Guarantor’s Maximum Liability has not been determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the Company after the date hereof (whether by loan, capital infusion or by other means) to
(ii) the aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a
Maximum Liability has not been determined for any Guarantor, the aggregate amount of all monies received by such Guarantors from the Company after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall
affect any Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up to such Guarantor’s Maximum Liability). Each of the Guarantors covenants and agrees that its right to receive any contribution under this Loan
Guaranty from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of both the Administrative Agent, the Joint Collateral Agents,
the Issuing Banks, the Lenders and the Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms hereof. 
 SECTION 10.12 Liability Cumulative. The liability of each Loan Party as a Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Joint
Collateral Agents, the Issuing Banks and the Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation as to
amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
  

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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. 
  

					
	SMITHFIELD FOODS, INC.
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President, Finance
	
	OTHER LOAN PARTIES:
	
	 Brown’s Realty Partnership,
a North Carolina general partnership

	 Carroll’s Realty Partnership,
a North Carolina general partnership

	 Smithfield-Carroll’s Farms,
a Virginia general partnership

		
	By:	 	Murphy-Brown, LLC,
		 	as a general partner of each
			
		 	By:	 	 /s/ Carey J. Dubois

		 	Name:	 	Carey J. Dubois
		 	Title:	 	Vice President

			
	 814 Americas, Inc.,
a Delaware corporation

	 Armour-Eckrich Meats LLC,
a Delaware limited liability company

	 Farmland Distribution Inc.,
a Delaware corporation

	 Farmland Foods, Inc.,
a Delaware corporation

	 Gwaltney Transportation Co., Inc.,
a Delaware corporation

	 John Morrell & Co.,
a Delaware corporation

	 LPC Transport, Inc.,
a Delaware corporation

	 Murphy Farms of Texhoma, Inc.,
an Oklahoma corporation

	 Murphy-Brown LLC,
a Delaware limited liability company

	 North Side Foods Corp.,
a Delaware corporation

	 Patrick Cudahy Incorporated,
a Delaware corporation

	 PC Express, Inc.,
a Delaware corporation

	 Premium Standard Farms, LLC,
a Delaware limited liability company

	 RMH Foods, Inc.,
a Delaware corporation

	 The Smithfield Packing Company, Incorporated,
a Delaware corporation

	 Smithfield Purchase Corporation,
a North Carolina corporation

	 Smithfield Transportation Co., Inc.,
a Delaware corporation

	 Stefano Foods, Inc.,
a North Carolina corporation

	 Valleydale Transportation Company, Inc.,
a Delaware corporation

		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

			
	 Jonmor Investments, Inc.,
a Delaware corporation

	 Patcud Investments, Inc.,
a Delaware corporation

	 SFFC, Inc.,
a Delaware corporation

	 SF Investments, Inc.,
a Delaware corporation

		
	By:	 	 /s/ Charles McCarrick

	Name:	 	Charles McCarrick
	Title:	 	President/Assistant Secretary/
		 	Assistant Treasurer

			
	 JPMORGAN CHASE BANK, N.A., individually,
 as
Administrative Agent, Joint Collateral Agent, Issuing Bank and Swingline Lender

		
	By	 	 /s/ Barbara R. Marks

	Name:	 	Barbara R. Marks
	Title:	 	Executive Director

			
	AGFIRST FARM CREDIT BANK
		
	By	 	 /s/ John W. Burnside, Jr.

	Name:	 	John W. Burnside, Jr.
	Title:	 	Vice President

			
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ William F. Sweeney

	Name:	 	William F. Sweeney
	Title:	 	Senior Vice President

			
	Bank of Montreal
		
	By	 	 /s/ Michael W. Scolaro

	Name:	 	Michael W. Scolaro
	Title:	 	M.D.

			
	BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, individually, as Joint Bookrunners and Co-Lead Arrangers
		
	By	 	 /s/ Diane Rolfe

	Name:	 	Diane Rolfe
	Title:	 	Director

			
	 BARCLAYS BANK PLC, individually,
 as
Co-Documentation Agents and Lender

		
	By	 	 /s/ Diane Rolfe

	Name:	 	Diane Rolfe
	Title:	 	Director

			
	CoBank, ACB
		
	By	 	 /s/ Jeffrey C. Norte

	Name:	 	Jeffrey C. Norte
	Title:	 	Vice President

			
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, individually, as Joint Bookrunners, Co-Lead Arrangers, Syndication Agent and
Lender
		
	By	 	 /s/ Jeff P. Geisbauer

	Name:	 	Jeff P. Geisbauer
	Title:	 	Vice President
		
	By	 	 /s/ Rebecca O. Morrow

	Name:	 	Rebecca O. Morrow
	Title:	 	Executive Director

			
	GENERAL ELECTRIC CAPITAL CORPORATION, individually, as Joint Collateral Agents, Joint Bookrunners, Co-Lead Arrangers, Co-Documentation Agents and Lender
		
	By	 	 /s/ James Desantis

	Name:	 	James Desantis
	Title:	 	Duly Authorized Signatory

			
	GOLDMAN SACHS BANK USA
		
	By	 	 /s/ Thomas Halverson

	Name:	 	Thomas Halverson
	Title:	 	Authorized Signatory

			
	ING Capital LLC
		
	By	 	 /s/ Lina A. Garcia

	Name:	 	Lina A. Garcia
	Title:	 	Director

			
	MORGAN STANLEY SENIOR FUNDING, INC., individually, as Joint Bookrunners, Co-Lead Arrangers and Lender
		
	By	 	 /s/ Ryan Vetsch

	Name:	 	Ryan Vetsch
	Title:	 	Vice President

			
	MORGAN STANLEY BANK, N.A.,
		
	By	 	 /s/ Melissa James

	Name:	 	Melissa James
	Title:	 	Authorized Signatory
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By	 	 /s/ Ryan Vetsch

	Name:	 	Ryan Vetsch
	Title:	 	Vice President

			
	SOCIETE GENERALE
		
	By	 	 /s/ Sebastien Ribatto

	Name:	 	Sebastien Ribatto
	Title:	 	Managing Director
		
	By	 	 /s/ Lionel Autret

	Name:	 	Lionel Autret
	Title:	 	Director

			
	U.S. Bank National Association
		
	By	 	 /s/ Thomas N. Martin

	Name:	 	Thomas N. Martin
	Title:	 	Senior Vice President

 Schedule 1.01A 
 Commitment Schedule 
  

								
	 Lender
	  	Multicurrency	  	US Dollar	  	Total Commitment
	 JPMorgan Chase Bank, N.A.
	  	 	12,464,589.24	  	97,535,410.76	  	110,000,000.00
	 Barclays Bank PLC
	  	 	11,331,444.76	  	88,668,555.24	  	100,000,000.00
	 Morgan Stanley Bank, N.A.
	  	 	5,665,722.38	  	44,334,277.62	  	50,000,000.00
	 Morgan Stanley Senior Funding, Inc.
	  	 	5,665,722.38	  	44,334,277.62	  	50,000,000.00
	 General Electric Capital Corporation
	  	 	16,997,167.14	  	133,002,832.86	  	150,000,000.00
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch
	  	 	11,331,444.76	  	88,668,555.24	  	100,000,000.00
	 Goldman Sachs Credit Partners L.P.
	  	 	8,498,583.57	  	66,501,416.43	  	75,000,000.00
	 Bank of Montreal
	  	 	5,665,722.38	  	44,334,277.62	  	50,000,000.00
	 Societe Generale
	  	 	2,832,861.19	  	22,167,138.81	  	25,000,000.00
	 U.S. Bank National Association
	  	 	2,832,861.19	  	22,167,138.81	  	25,000,000.00
	 ING Capital LLC
	  	 	2,832,861.19	  	22,167,138.81	  	25,000,000.00
	 Bank of America, N.A.
	  	 	1,699,716.71	  	13,300,283.29	  	15,000,000.00
	 CoBank, ACB and affiliates
	  	 	12,181,303.12	  	95,318,696.88	  	107,500,000.00
	 AgFirst Farm Credit Bank
	  			  	117,500,000.00	  	117,500,000.00
				
	 TOTALS
	  	$	100,000,000.00	  	900,000,000.00	  	1,000,000,000.00

 EXHIBIT A 
 [FORM OF] 
 ASSIGNMENT AND ASSUMPTION 
 Reference is made to the Amended and Restated Credit Agreement, dated as of [            ],
2009 (as amended, supplemented or otherwise modified from time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Guarantors from time to time party thereto, the Lenders party
thereto, the other agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement
and used herein shall have the meanings given to them in the Credit Agreement. 
 The Assignor identified on Schedule 1 hereto (the
“Assignor”) and the Assignee identified on Schedule 1 hereto (the “Assignee”) agree as follows: 
 1. The Assignor hereby
irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), the interest
described in Schedule 1 hereto (the “Assigned Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect to those credit facilities contained in the Credit Agreement as are set forth on
Schedule 1 hereto (individually, an “Assigned Facility”; collectively, the “Assigned Facilities”), in a principal amount for each Assigned Facility as set forth on Schedule 1 hereto. 
 2. The Assignor (a) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant
thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim and (b) makes no representation or warranty and assumes
no responsibility with respect to the financial condition of the Borrower, any of its Affiliates or any other obligor or the performance or observance by the Borrower, any of its Affiliates or any other obligor of any of their respective obligations
under the Credit Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto. 
 3. The Assignee
(a) represents and warrants that it is legally authorized to enter into this Assignment and Assumption; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements delivered pursuant
to Section 5.1 thereof 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; (c) agrees that it will, independently and without
reliance upon the Assignor, the Administrative Agent, Joint Collateral Agents or any 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 the Credit Agreement, the other Loan Documents or any other instrument or document furnished 

 
pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent and Joint Collateral Agents to take such action as agent on its behalf
and to exercise such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent and Joint Collateral Agents by the
terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the
Credit Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its obligation pursuant to Section 2.17(g) of the Credit Agreement. 
 4. The effective date of this Assignment and Assumption shall be the Effective Date of Assignment described in Schedule 1 hereto (the “Effective Date”).
Following the execution of this Assignment and Assumption, it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative Agent pursuant to the Credit Agreement, effective as of the Effective Date (which
shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five Business Days after the date of such acceptance and recording by the Administrative Agent). 
 5. Upon such acceptance and recording, 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 the Effective Date and to the Assignee for amounts which have accrued subsequent to the Effective Date. 
 6. From and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a Lender thereunder and under the other
Loan Documents and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and Assumption, relinquish its rights and be released from its obligations under the Credit Agreement. 

7. This Assignment and Assumption shall be governed by and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption to be executed as of the date first above written by their respective
duly authorized officers on Schedule 1 hereto. 
  

 2 

 Schedule 1 
 to Assignment and Assumption with respect to the Amended and Restated Credit Agreement, dated as of [            ], 2009 (as amended, supplemented or
otherwise modified from time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Guarantors from time to time party thereto, the Lenders party thereto, the other agents named therein
and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
  

									
	Name of Assignor:	 	  
	  		  		  	

									
					
	Name of Assignee:	 	  
	  		  		  	

									
					
	Effective Date of Assignment:	 	  
	  		  		  	

  

							
	 Credit Facility Assigned
	  	Principal Amount Assigned	  	Commitment Percentage Assigned	 
		  	$	            	  	    .            	% 

  

													
	[Name of Assignee]	 		 	[Name of Assignor]	 	
							
	By:	 	  
	 		 		 	By:	 	  
	 	
	Title:	 		 		 		 	Title:	 		 	
				
	Accepted for Recordation in the Register:	 		 	Required Consents (if any):	 	
					
	  
	 	, as	 		 	[Name of Borrower]	 	
	Administrative Agent	 		 		 	
							
	By:	 	  
	 		 		 	By:	 	  
	 	
	Title:	 		 		 		 	Title:	 		 	
						
		 		 		 		 	  
	 	, as
		 		 		 		 	Administrative Agent
							
		 		 		 		 	By:	 	  
	 	
		 		 		 		 	Title:	 		 	

			
	[ASSIGNEE]
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	[ASSIGNOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

									
	Accepted:	 		 	Consented To:
			
	JPMORGAN CHASE BANK, N.A.,	 		 	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent	 		 	as Administrative Agent
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	JPMORGAN CHASE BANK, N.A.,
		 		 		 	as Issuing Bank
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

			
	Consented To (if required by the Credit Agreement):
	
	SMITHFIELD FOODS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

					
		  		  	Exhibit C
		  		  	Page 1 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

							
	 A. Available Accounts Receivable (page 2 of 10)
	  	$	—  	  		
		  	 	 	  		
	 B. Available Inventory after Reserves (page 3 of 10)
	  	$	—  	  		
		  	 	 	  		
	 C. Cash on Hand1
	  	$	—  	  		
		  	 	 	  		
	 D. Borrowing Base (lines A + B + C)
	  			  	$	—  
		  			  	 	 
	 E. Lower of:
	  			  		
	 (i) Borrowing Base (line D)
	  	$	—  	  		
		  	 	 	  		
		  			  	$	—  
		  			  	 	 
	 (ii) Total Commitment
	  	$	1,000,000	  		
		  	 	 	  		
	 F. Aggregate principal amount of loans outstanding
	  	$	—  	  		
		  	 	 	  		
	 G. Swingline Loans outstanding
	  	$	—  	  		
		  	 	 	  		
	 H. Letters of Credit obligations outstanding
	  	$	—  	  		
		  	 	 	  		
	 I. Total Revolving Exposure (lines F + G + H)
	  			  	$	—  
		  			  	 	 
	 J. Availability ( E - I)
	  			  	$	—  
		  			  	 	 

 Officer’s Certification: 
 Pursuant to the Credit Agreement dated as of June [], 2009, the undersigned Financial Officer of the Company (as defined therein) certifies that the information provided in this certificate to JPMorgan Chase Bank,
N.A., as Administrative Agent, on behalf of Smithfield Foods, Inc. is accurate and complete in all material respects. 
  

					
	  
	 		 	                    
	Signature & Title	 		 	Date

  

	1
	 Subject to the definition of Borrowing Base (c) in the Credit Agreement 

					
		  		  	Exhibit C
		  		  	Page 2 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																																					
	 	  	Farmland
Foods	 	 	Smithfield
Packing	 	 	John
Morrell	 	 	Hog
Production	 	 	Carroll’s
Turkey	 	 	Armour
Eckrich	 	 	Patrick
Cudahy	 	 	North
Side
Foods
Group	 	 	Total	 
	 Gross Accounts per aging
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  
										
	 Less ineligibles:
	  				 				 				 				 				 				 				 				 			
	 Over 60 days past invoice date or 53 past due date
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Credits in prior
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Cross-Age (50%)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Government or military distributors (subject to $10MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Foreign customers (subject to $50MM basket provided l/c’s acceptable by the Administrative Agent)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Intercompany
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Debit memos
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Bankrupt customer
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Customer specific reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Chargebacks / Short payments
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Contra accounts
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Rebates
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Cash against document customers
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Non-trade A/R
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Tar Heel facility improvement - Sumitomo
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Cash in advance / Cash on delivery customers
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Smithfield Specialty Foods Group A/R (non-core)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Caroll’s Turkey
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Discounts, allowances and rebate accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Marketing accruals
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 End-customer coupon accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Alpha Omega reserve - contra
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Sales adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Unreconciled difference
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Butterball LLC - joint venture
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 A/R contracts to growers
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Tar Heel Turkey Hatchery - joint venture
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 A/R adjustment for foreign gain / loss
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Eligible Accounts before Accounts Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
										
	 Less Accounts Reserves
	  				 				 				 				 				 				 				 				 			
	 Dilution Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Accounts Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Eligible Accounts after Accounts Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Advance rate
	  	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 	 	 	85.0	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Available Accounts before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
										
	 Less:
	  				 				 				 				 				 				 				 				 			
	 Sales Tax Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Other Reserves (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Net Available Accounts after Reserves
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 3 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 ( All figures in 000’s) 
  

																																				
	 	  	Farmland
Foods	 	 	Smithfield
Packing	 	 	John
Morrell	 	 	Hog
Production	 	 	Caroll’s
Turkey	 	 	Armour
Eckrich	 	 	Patrick
Cudahy	 	 	North
Side
Foods
Group	 	 	Total
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
										
	 Less ineligibles:
	  				 				 				 				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
										
	 Less Inventory Reserves:
	  				 				 				 				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
										
	 Lesser of:
	  				 				 				 				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	Blended	  	 	 	Blended	  	 	 	Blended	  	 	 	Blended	  	 	 	Blended	  	 	 	Blended	  	 	 	77.4	% 	 	 	Blended	  	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves and live hogs cap
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
										
	 Less Reserves:
	  				 				 				 				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Live Animal Cap - $300MM
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
										
	 Net Available Inventory after Reserves
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 4 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																								
	 	  	Maintenance
and Supplies	 	 	In-transit
Sales	 	 	Carcasses	 	 	WIP	 	 	Finished
Goods	 	 	Total
Farmland
Foods
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less ineligibles:
	  				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valutation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Inventory Reserves:
	  				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Lesser of:
	  				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	0.0	% 	 	 	115.0	% 	 	 	82.0	% 	 	 	86.0	% 	 	 	95.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	0.0	% 	 	 	97.8	% 	 	 	69.7	% 	 	 	73.1	% 	 	 	80.8	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Reserves:
	  				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 5 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																																												
	 	  	Outside
Storage
- Fresh	 	 	Outside
Storage -
Processed	 	 	Processed	 	 	In-transit
Sales	 	 	WIP	 	 	Fresh	 	 	Carcasses	 	 	By-Products	 	 	Maintenance
and Supplies	 	 	Specialty
Foods
Group	 	 	Total
Smithfield
Packing
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less ineligibles:
	  				 				 				 				 				 				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less Inventory Reserves:
	  				 				 				 				 				 				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Lesser of:
	  				 				 				 				 				 				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	85.0	% 	 	 	110.0	% 	 	 	110.0	% 	 	 	105.0	% 	 	 	85.0	% 	 	 	98.0	% 	 	 	73.0	% 	 	 	84.0	% 	 	 	0.0	% 	 	 	0.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	72.3	% 	 	 	93.5	% 	 	 	93.5	% 	 	 	89.3	% 	 	 	72.3	% 	 	 	83.3	% 	 	 	62.1	% 	 	 	71.4	% 	 	 	0.0	% 	 	 	0.0	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less Reserves:
	  				 				 				 				 				 				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 6 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																																																				
	 	 	Carcasses	 	 	Raw
Materials	 	 	WIP	 	 	Finished
Goods -
Processed	 	 	Finished
Goods -
Fresh	 	 	Jobbing	 	 	By-product	 	 	Saratoga	 	 	In-transit
Sales	 	 	Maintenance
and Supplies	 	 	Joint
Ventures	 	 	Live
Hogs	 	 	Total
John
Morrell
	 Gross inventory
	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
														
	 Less ineligibles:
	 				 				 				 				 				 				 				 				 				 				 				 				 		
	 Maintenance and supplies
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 Eligible Inventory before Inventory Reserves
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
														
	 Less Inventory Reserves:
	 				 				 				 				 				 				 				 				 				 				 				 				 		
	 Reserve for obsolete meat
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 Eligible Inventory after Inventory Reserves
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
														
	 Lesser of:
	 				 				 				 				 				 				 				 				 				 				 				 				 		
	 (i) Advance Rate
	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	 	 	69.0	% 	 	 	80.0	% 	 	 	70.0	% 	 	 	75.0	% 	 	 	77.0	% 	 	 	76.0	% 	 	 	51.0	% 	 	 	61.0	% 	 	 	110.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 		
	 (ii) 85% OF NOLV
	 	 	58.7	% 	 	 	68.0	% 	 	 	59.5	% 	 	 	63.8	% 	 	 	65.5	% 	 	 	64.6	% 	 	 	43.4	% 	 	 	51.9	% 	 	 	93.5	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 		
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
														
	 Less Reserves:
	 				 				 				 				 				 				 				 				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 Total Available Inventory
	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 7 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																																												
	 	  	Mill
Inventories	 	 	Warehouse
Inventory	 	 	Feed
on
Farm	 	 	Crops
in
Process	 	 	Miscellaneous	 	 	Cattle	 	 	Unborn
Pig
Accrual	 	 	Suckling
Pigs	 	 	Nursery
Pigs	 	 	Finishing
Pigs	 	 	Total Hog
Production
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less ineligibles:
	  				 				 				 				 				 				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less Inventory Reserves:
	  				 				 				 				 				 				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Lesser of:
	  				 				 				 				 				 				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	55.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	68.0	% 	 	 	0.0	% 	 	 	7.0	% 	 	 	58.0	% 	 	 	62.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	46.8	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	57.8	% 	 	 	0.0	% 	 	 	6.0	% 	 	 	49.3	% 	 	 	52.7	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
												
	 Less Reserves:
	  				 				 				 				 				 				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
												
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 8 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																								
	 	  	Warehouse
Inventory	 	 	Brooders	 	 	Hens	 	 	Regular
Toms	 	 	Super
Toms	 	 	Total
Caroll’s
Turkey
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less ineligibles:
	  				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Inventory Reserves:
	  				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Lesser of:
	  				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	0.0	% 	 	 	72.0	% 	 	 	69.0	% 	 	 	76.0	% 	 	 	81.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	0.0	% 	 	 	61.2	% 	 	 	58.7	% 	 	 	64.6	% 	 	 	68.9	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Reserves:
	  				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 9 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																				
	 	  	Raw
Materials	 	 	WIP	 	 	Finished
Goods	 	 	In-transit
Finished
Goods	 	 	Total
Armour
Eckrich
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
						
	 Less ineligibles:
	  				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
						
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
						
	 Less Inventory Reserves:
	  				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
						
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
						
	 Lesser of:
	  				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	83.0	% 	 	 	98.0	% 	 	 	116.0	% 	 	 	132.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	70.6	% 	 	 	83.3	% 	 	 	98.6	% 	 	 	112.2	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
						
	 Less Reserves:
	  				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
						
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		  		  	Exhibit C
		  		  	Page 10 of 10

 Smithfield Foods, Inc. 
 Form of Borrowing Base Certificate 
 For the Period Ended [  ] 

 (All figures in 000’s) 
  

																								
	 	  	Maintenance
and Supplies	 	 	In-transit
Sales	 	 	Raw
Materials	 	 	WIP	 	 	Finished
Goods	 	 	Total
North
Side
Foods
Group
	 Gross inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
	 SAB 104 adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payable - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - inventory in lots
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Grower payment - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Overhead - flocks
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total gross inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less ineligibles:
	  				 				 				 				 				 		
	 Maintenance and supplies
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 In-transit inventory to customers (SAB 104)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unborn pig accrual
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Locations with less than $100M in inventory (subject to $20MM basket)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Warehouse inventory (vaccines, medicines, supplies)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Joint ventures
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Specialty Foods Group inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Feed on farms
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Crops in process
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Saratoga inventory valuation reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Mill inventory - sold but not keyed
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Unreconciled differences
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rework inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Timing difference - finishing pigs
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Damaged WIP - Curly’s
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Miscellaneous inventory
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total ineligibles
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Eligible Inventory before Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Inventory Reserves:
	  				 				 				 				 				 		
	 Reserve for obsolete meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Livestock reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Carcass value adjustment
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for market adjustment - fresh meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Reserve for obsolete meat - processed meat
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Gilt holding reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
							
	 Eligible Inventory after Inventory Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Lesser of:
	  				 				 				 				 				 		
	 (i) Advance Rate
	  	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 	 	65.0	% 	 		
	     NOLV
	  	 	0.0	% 	 	 	161.0	% 	 	 	68.0	% 	 	 	94.0	% 	 	 	106.0	% 	 		
	 (ii) 85% OF NOLV
	  	 	0.0	% 	 	 	136.9	% 	 	 	57.8	% 	 	 	79.9	% 	 	 	90.1	% 	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
	 Available Inventory before Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
							
	 Less Reserves:
	  				 				 				 				 				 		
	 Grower Guarantee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Rent or Collateral Access Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Outstanding Checks to Livestock Growers (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Royalty Reserve
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Swine Fee Payable (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Deferred Livestock Payables (PSA)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
	 Other (per terms of the Credit Agreement)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Reserves
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Available Inventory
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 EXHIBIT D 
 [FORM OF] 
 COMPLIANCE CERTIFICATE 
 This Compliance Certificate is delivered pursuant to Section 5.01(c) of the Amended and Restated Credit Agreement, dated as of June
[    ], 2009 (as amended, supplemented or otherwise modified from time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC., the Subsidiary Borrowers from time to time parties thereto, the Lenders party
thereto, the Documentation Agents and Syndication Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 1. I am the duly elected,
qualified and acting [Chief Financial Officer/Treasurer/Vice President, Finance] of the Company. 
 2. I have reviewed and am familiar with
the contents of this Certificate. 
 3. I have reviewed the terms of the Credit Agreement and the Loan Documents and have made or caused to
be made under my supervision, a review in reasonable detail of the transactions and condition of the Company during the accounting period covered by the financial statements attached hereto as Attachment 1 (the “Financial
Statements”). 
 4. The Financial Statements fairly present 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. 
 5. No Default has occurred during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge
of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or an Event of Default [except as set forth below].1 
 6. Attached hereto as
Attachment 2 are the reasonably detailed calculations demonstrating compliance (to the extent required) with the covenant set forth in Section 6.12 of the Credit Agreement. 
 7. No change in GAAP or in the application thereof that applies to the Company or any of its consolidated Subsidiaries has occurred
since the later of May 3, 2009 and the date of the prior Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement.2 
  

	1
	 To the extent a Default/Event of Default has occurred, the details thereof and any action taken or proposed to be taken with respect thereto must be provided.

	2
	 To the extent a change has occurred, the effect of such change on the financial statements accompanying this certificate must be specified.

 [Remainder of Page Intentionally Left Blank] 
  

 3 

 IN WITNESS WHEREOF, I have executed this Certificate this
         day of             , 200  . 
  

			
	  

	 Name:
	 	
	 Title:
	 	

 Attachment 1 
 to Compliance Certificate 
 [Attach Financial Statements] 

 Attachment 2 
 to Compliance Certificate 
 The information described herein is as of
                ,         , and pertains to the period from
                ,          to                  ,
        . 
 [Set forth Covenant Calculations] 

 EXHIBIT E 
 [FORM OF] 
 JOINDER AGREEMENT 
 JOINDER AGREEMENT dated as of [                    ] (the “Joinder Agreement”) made by [Insert Name
of new Loan Party], a [State of Organization] [corporation, limited partnership or limited liability company] (the “Company”), for the benefit of the Lenders as such term is defined in that certain Amended and Restated Credit
Agreement, dated as of June [ ], 2009 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SMITHFIELD FOODS, INC., the Guarantors from time to time party thereto, the Lenders party
thereto, the other agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, capitalized terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 W I T N E
S S E T H 
 The Company is a [State of Organization] [corporation, limited partnership or limited
liability company], and is a subsidiary of [Loan Party]. Pursuant to Section 5.15 of the Credit Agreement, the Company is required to execute this document as a newly [formed] [acquired] [material] subsidiary of [Loan Party]. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, the Company
hereby agrees as follows: 
 SECTION 1. Assumption and Joinder. The Company hereby expressly confirms that it hereby agrees to perform
and observe each and every one of the covenants and agreements, and hereby assumes the obligations and liabilities, of a Loan Party under the Credit Agreement. By virtue of the foregoing, the Company hereby accepts and assumes any liability of a
Loan Party related to each representation or warranty, covenant or obligation made by a Loan Party in the Credit Agreement, and hereby expressly affirms in all material respects, as of the date hereof, each of such representations, warranties,
covenants and obligations as they apply to the Company. 
 (a) Guarantee. (i) All references to the term “Loan Party”
in the Credit Agreement shall be deemed to be references to, and shall include, the Company, in each case as of the date hereof. 
 (ii) The
Company, as a Loan Party, hereby joins in and agrees to be bound by each and all of the provisions of the Credit Agreement, as of the date hereof, as a Loan Party thereunder with the same force and effect as if originally referred to therein as a
Loan Party. 

 (b) Collateral Documents. (i) All references to the term “Grantor” in the Security
Agreement shall be deemed to be references to, and shall include, the Company as of the date hereof. 
 (ii) The Company, as Grantor, hereby
joins in and agrees to be bound by each and all of the provisions of the Security Agreement, as of the date hereof, with the same force and effect as if originally referred to therein as a Grantor. 
 (iii) The Company, as Grantor, hereby pledges to the Administrative Agent all Collateral (as defined in the Security Agreement) owned by it to the
extent not constituting Excluded Collateral (as defined in the Security Agreement). The Company, as Grantor, agrees that all such Collateral (other than Excluded Collateral) owned by it shall be considered to be part of the Collateral and shall
secure the Secured Obligations. 
 (c) Intercreditor Agreement. (i) All references to the term “Grantor” in the
Intercreditor Agreement, or in any document or instrument executed and delivered or furnished, or to be executed and delivered or furnished, in connection therewith shall be deemed to be references to, and shall include, the Company as of the date
hereof. 
 (ii) The Company, as Grantor, hereby joins in and agrees to be bound by each and all of the provisions of the Intercreditor
Agreement, as of the date hereof, with the same force and effect as if originally referred to therein as a Grantor. 
 SECTION 2.
Representations and Warranties. The Company hereby represents and warrants to the Agents and the Lenders as follows: 
 (a) The
Company has the requisite [corporate, partnership or limited liability company] power and authority to enter into this Joinder Agreement and to perform its obligations hereunder and under the Loan Documents to which it is a party. The execution,
delivery and performance of this Joinder Agreement by the Company and the performance of its obligations hereunder and under the Loan Documents to which it is a party, have been duly authorized by all necessary [corporate, partnership or limited
liability company] action, including the consent of shareholders, partners or members where required. This Joinder Agreement has been duly executed and delivered by the Company. This Joinder Agreement and the Loan Documents to which it is a party
each constitutes a legal, valid and binding obligation of the Company enforceable against it in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and 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. 
 (b)
The Company has delivered to the Administrative Agent supplements to the exhibits to the Security Agreement necessary to reflect the Collateral (as defined in the Security Agreement) owned by the Company. 
 SECTION 3. Binding Effect. This Joinder Agreement shall be binding upon the Company and shall inure to the benefit of the Lenders and their
respective successors and assigns. 
  

 2 

 SECTION 4. GOVERNING LAW. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND
GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 5. Counterparts. This Joinder Agreement may be executed in any number
of counterparts, each of which when so executed and delivered shall constitute an original for all purposes, but all such counterparts taken together shall constitute but one and the same instrument. Any signature delivered by a party by facsimile
or .pdf electronic transmission shall be deemed to be an original signature thereto. 
 [Signature Pages Follow] 
  

 3 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered
by its duly authorized officer as of the date first above written. 
  

			
	[NAME OF COMPANY]
		
	By	 	  

	Name:	 	
	Title:	 	

 EXHIBIT F 
 [FORM OF] 
 BORROWING REQUEST 
 JPMorgan Chase Bank, N.A., as Administrative Agent 
 1111 Fannin St., 10th Floor 
 Houston, TX 77002; 
 Attention of 
                 , 200   
 Ladies and Gentlemen: 
 Reference is made to the Amended and
Restated Credit Agreement dated as of June [    ], 2009 (as amended, modified, extended or restated prior to the date hereof, the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the
“Borrower”), the Guarantors from time to time party thereto, the Lenders party thereto, the other agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. The Borrower hereby gives you notice pursuant to
Section 2.03 of the Credit Agreement that it requests a Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Borrowing is requested to be made: 
  

					
	•	  	Aggregate amount of Borrowing:	  	  

					
			
	•	  	Currency of Borrowing:	  	  

					
			
	•	  	Date of Borrowing (which shall be a Business Day):	  	  

		
		  	For Dollar Borrowings, type of Borrowing (ABR or Eurocurrency):
		
		  	  

		
	•	  	For Dollar Borrowings, whether Borrowing constitutes a utilization of the Dollar Commitment or Multicurrency Commitment:
		
		  	  

		
	•	  	For Eurodollar Borrowings, the initial interest period applicable thereto (as contemplated by the definition of “Interest Period” in the Credit
Agreement):
		
		  	  

		
	•	  	Location and number of the Borrower’s account to which funds are to be disbursed (as contemplated by Section 2.07 of the Credit Agreement):
		
		  	  

 Upon acceptance of the Loans made by the Lenders in response to this request, the Borrower requesting
this borrowing shall be deemed to have represented and warranted that the conditions to lending specified in Section 4.02(a), (b), and (c) of the Credit Agreement have been satisfied. 
  

			
	SMITHFIELD FOODS, INC.
		
	by:	 	  

	Name:	 	
	Title:	 	

  

 2 

 EXHIBIT G 
 [FORM OF] 
 INTEREST ELECTION REQUEST 
 Pursuant to that certain Amended and Restated Credit Agreement dated as of June [    ], 2009 (as amended, modified, extended or
restated prior to the date hereof, the “Credit Agreement”); among SMITHFIELD FOODS, INC. (the “Company”), the Guarantors from time to time party thereto, the Lenders party thereto, the other agents named therein and
JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), this represents Company’s request to convert or continue Loans originally dated as of
                ,          with an aggregate principal amount of
$/€                     (the “Original Borrowing”) as follows: 
  

	 	1.	Effective Date of conversion/continuation (which shall be a Business
Day):                                        
                                         
                      

  

	 	2.	Amount of Borrowing being converted/continued:
$/€                     

  

	 	3.	Class of Borrowing being converted/continued: Revolving Borrowing 

  

	 	4.	Nature of conversion/continuation: 

  

	 	[    ] a.	 Conversion of ABR Borrowing to Eurocurrency Borrowing3 

 Specify portion of Original Borrowing to be allocated to such resulting Eurocurrency Borrowing, if applicable: $                    

  

	 	[    ] b.	 Conversion of Eurocurrency Borrowing to Alternate Base Rate Borrowing4 

 Specify portion of Original Borrowing to be allocated to such resulting Alternate Base Rate Borrowing, if applicable:
$                     
  

	 	[    ] c.	Continuation of Eurocurrency Borrowing as such 

 Specify
portion of Original Borrowing to be allocated to such continuation of Eurocurrency Borrowing, if applicable:
$/£/€                     
  

	3
	 To apply in respect of Borrowings denominated in dollars only. 

	4
	 To apply in respect of Borrowings denominated in dollars only. 

 5. If Borrowings are being continued as or converted to Eurocurrency Borrowings, the duration of the new
Interest Period (as contemplated by the definition of “Interest Period” in the Credit Agreement) that commences on the conversion/ continuation date: 
                             
                     month(s) 
 In the case of a conversion to or continuation of Eurocurrency Borrowings, the Company certifies that no Event of Default has occurred and is continuing under the Credit Agreement. 
  

							
	DATED:                     	  	SMITHFIELD FOODS, INC.	  	
				
		  	By:	  	  
	  	
		  	Title:	  	  
	  	

  

 2 

 EXHIBIT I-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 Amended and Restated Credit Agreement, dated as of [                ], 2009 (as amended, supplemented or otherwise modified from
time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Subsidiary Borrowers from time to time parties thereto, the Lenders party thereto, the Documentation Agents and Syndication
Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such 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 Internal Revenue Code of 1986, as amended, (the “Code”), (iii) it is not a ten percent shareholder of the Borrower within the meaning of Code Section 871(h)(3)(B), (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or
business. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person status on
Internal Revenue Service Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and
(2) the undersigned shall have at all times furnished the Borrower and the 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. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Date:                  ,
20[    ] 

 EXHIBIT I-2 
 [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 Amended and Restated Credit Agreement, dated as of [                ], 2009 (as amended, supplemented or otherwise modified from
time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Subsidiary Borrowers from time to time parties thereto, the Lenders party thereto, the Documentation Agents and Syndication
Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its 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 Internal Revenue Code of 1986, as amended, (the “Code”), (iv) none
of its partners/members is a ten percent shareholder of the Borrower within the meaning of Code Section 871(h)(3)(B), (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in
Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrower with Internal Revenue Service Form W-8IMY accompanied by an Internal Revenue
Service Form W-8BEN from each of its partners/members 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 the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the 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. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Date:                  ,
20[    ] 
  

 2 

 EXHIBIT I-3 
 [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 Amended and Restated Credit Agreement, dated as of [                ], 2009 (as amended, supplemented or otherwise modified from
time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Subsidiary Borrowers from time to time parties thereto, the Lenders party thereto, the Documentation Agents and Syndication
Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17 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
Internal Revenue Code of 1986, as amended, (the “Code”), (iii) it is not a ten percent shareholder of the Borrower within the meaning of Code Section 871(h)(3)(B), (iv) it is not a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Foreign Lender with a certificate of its non-U.S. person status on Internal Revenue Service Form W-8BEN.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Foreign Lender in writing and (2) the undersigned shall have at all times
furnished such Foreign 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.

 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Date:                  ,
20[    ] 
  

 3 

 EXHIBIT I-4 
 [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 Amended and Restated Credit Agreement, dated as of [                ], 2009 (as amended, supplemented or otherwise modified from
time to time (the “Credit Agreement”), among SMITHFIELD FOODS, INC. (the “Borrower”), the Subsidiary Borrowers from time to time parties thereto, the Lenders party thereto, the Documentation Agents and Syndication
Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17 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 partners/members are the sole beneficial owners of such participation, (iii) with
respect such participation, neither the undersigned nor any of its 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 Internal Revenue Code of 1986, as amended, (the “Code”), (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Code Section 871(h)(3)(B), (v) none of its partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Foreign Lender with Internal
Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN from each of its partners/members 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 Foreign Lender and (2) the undersigned shall have at all times furnished such Foreign 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. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Date:                  ,
20[    ] 
  

 4Term Loan Agreement, dated July 2, 2009

 Exhibit 4.4 
  
  
 TERM LOAN AGREEMENT 
 dated as of 
 2 July 2009 
 among 
 

 
 SMITHFIELD FOODS, INC., 
 the Subsidiary Guarantors from time to time party hereto, 
 the lenders from time to time party hereto,

 and 
 

 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK 
 NEDERLAND”, NEW YORK BRANCH, 
 as
Administrative Agent 
  
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	DEFINITIONS	  	1
			
	Section 1.01	  	Defined Terms	  	1
	Section 1.02	  	Classification of Loans and Borrowings	  	28
	Section 1.03	  	Terms Generally	  	28
	Section 1.04	  	Accounting Terms; GAAP	  	28
			
	ARTICLE II	  	THE LOANS	  	28
			
	Section 2.01	  	Commitments	  	28
	Section 2.02	  	Loans and Borrowings	  	28
	 (a)
	  	Obligations Several	  	28
	 (b)
	  	Types	  	28
	 (c)
	  	Minimum Amounts	  	29
	 (d)
	  	Certain Limits on Interest Periods	  	29
	Section 2.03	  	Requests for Loan	  	29
	 (a)
	  	Notification to Administrative Agent	  	29
	 (b)
	  	Content of Notification	  	29
	 (c)
	  	Notice by Administrative Agent to Lenders	  	29
	 (d)
	  	Certain Presumptions	  	29
	Section 2.04	  	Funding of Borrowings	  	30
	 (a)
	  	Manner of Funding	  	30
	 (b)
	  	Presumption by Administrative Agent	  	30
	Section 2.05	  	Interest Elections	  	30
	 (a)
	  	Interest Election Requests	  	30
	 (b)
	  	Notification by Borrower	  	30
	 (c)
	  	Content of Notifications	  	31
	 (d)
	  	Notice by Administrative Agent to Lenders	  	31
	 (e)
	  	Certain Presumptions	  	31
	Section 2.06	  	Repayment of Loans; Evidence of Debt	  	31
	 (a)
	  	Repayment of Loans	  	31
	 (b)
	  	Maintenance of Accounts by Lenders	  	31
	 (c)
	  	Maintenance of Accounts by Administrative Agent	  	31
	 (d)
	  	Effect of Entries	  	32
	 (e)
	  	Promissory Notes	  	32
	Section 2.07	  	Prepayment of Loans	  	32
	 (a)
	  	Voluntary Prepayments	  	32
	 (b)
	  	Notification of Prepayments	  	32
	Section 2.08	  	Prepayment Fee	  	32
	Section 2.09	  	Interest	  	32
	 (a)
	  	ABR Borrowings	  	32
	 (b)
	  	Eurodollar Borrowings	  	33
	 (c)
	  	Default Rate	  	33
	 (d)
	  	Interest Payment Dates	  	33
	 (e)
	  	Computation	  	33
	Section 2.10	  	Alternate Rate of Interest	  	33
	Section 2.11	  	Increased Costs	  	34
	 (a)
	  	Change in Law	  	34

  

 TABLE OF CONTENTS, Page i of vi 

					
	 (b)
	  	Capital Requirements	  	34
	 (c)
	  	Certificate from Lenders, etc	  	34
	 (d)
	  	Retroactive Requests	  	34
	Section 2.12	  	Break Funding Payments	  	34
	Section 2.13	  	Taxes	  	35
	 (a)
	  	Payment for Taxes	  	35
	 (b)
	  	Other Taxes	  	35
	 (c)
	  	Indemnification by Borrower	  	35
	 (d)
	  	Receipts	  	35
	 (e)
	  	Exemptions	  	35
	 (f)
	  	Refunds or Credits	  	36
	Section 2.14	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	36
	 (a)
	  	Manner of Payment	  	36
	 (b)
	  	Payments on Non-Business Days	  	36
	 (c)
	  	Pro Rata Treatment	  	37
	 (d)
	  	Manner of Application if Insufficient Funds	  	37
	 (e)
	  	Sharing of Payments	  	37
	 (f)
	  	Presumption by Administrative Agent	  	37
	 (g)
	  	Withholding by Administrative Agent of Certain Payments	  	37
	 (h)
	  	Application of Proceeds of Collateral	  	38
	 (i)
	  	Noncash Proceeds	  	38
	 (j)
	  	Return of Proceeds	  	38
	Section 2.15	  	Mitigation Obligations; Replacement of Lenders	  	38
	 (a)
	  	Change of Lending Office	  	38
	 (b)
	  	Replacement of Lenders	  	39
			
	ARTICLE III	  	REPRESENTATIONS AND WARRANTIES	  	39
			
	Section 3.01	  	Organization; Powers	  	39
	Section 3.02	  	Authorization; Enforceability	  	39
	Section 3.03	  	Governmental Approvals; No Conflicts	  	39
	Section 3.04	  	Financial Condition; No Material Adverse Change	  	40
	 (a)
	  	Financial Statements	  	40
	 (b)
	  	No Material Adverse Change	  	40
	 (c)
	  	No Material Undisclosed Liabilities	  	40
	Section 3.05	  	Properties	  	40
	 (a)
	  	Title to Properties	  	40
	 (b)
	  	Intellectual Property	  	40
	Section 3.06	  	Litigation and Environmental Matters	  	41
	 (a)
	  	Litigation	  	41
	 (b)
	  	Environmental Matters	  	41
	 (c)
	  	Disclosed Matters	  	41
	Section 3.07	  	Compliance with Laws and Agreements	  	41
	Section 3.08	  	Investment Company Status	  	41
	Section 3.09	  	Taxes	  	41
	Section 3.10	  	ERISA	  	41
	Section 3.11	  	Disclosure	  	42
	Section 3.12	  	Margin Regulations	  	42
	Section 3.13	  	Material Agreements and Liens	  	42
	 (a)
	  	Indebtedness	  	42
	 (b)
	  	Liens	  	42

  

 TABLE OF CONTENTS, Page ii of vi 

					
	Section 3.14	  	Subsidiaries, etc	  	42
	(a)	  	Subsidiaries	  	42
	(b)	  	Investments	  	43
	Section 3.15	  	Solvency	  	43
	Section 3.16	  	Labor Matters	  	43
	Section 3.17	  	Insurance	  	43
	Section 3.18	  	Security Interest in Collateral	  	43
	Section 3.19	  	Common Enterprise	  	43
			
	ARTICLE IV	  	CONDITIONS	  	43
			
	Section 4.01	  	Effective Date	  	43
	 (a)
	  	Execution of Agreement	  	43
	 (b)
	  	Corporate Documents	  	44
	 (c)
	  	Borrowing Request	  	44
	 (d)
	  	Opinion of Counsel to the Obligors	  	44
	 (e)
	  	Fees, etc	  	44
	 (f)
	  	Approvals	  	44
	 (g)
	  	Collateral Documents	  	44
	 (h)
	  	Insurance	  	44
	 (i)
	  	Senior Secured Notes	  	45
	 (j)
	  	ABL Credit Facility	  	45
	 (k)
	  	Repayment of the Existing Senior Secured Notes	  	45
	 (l)
	  	Existing Credit Agreement	  	45
	 (m)
	  	Additional Information	  	45
			
	ARTICLE V	  	AFFIRMATIVE COVENANTS	  	45
			
	Section 5.01	  	Financial Statements and Other Information	  	45
	(a)	  	Annual Audited Financial Statements	  	45
	(b)	  	Quarterly Financial Statements	  	46
	(c)	  	Compliance Statements	  	46
	(d)	  	Accountant No Default Certificate	  	46
	(e)	  	Other Reports	  	46
	(f)	  	Other Information	  	46
	Section 5.02	  	Notices of Material Events	  	47
	Section 5.03	  	Existence; Conduct of Business	  	47
	Section 5.04	  	Payment of Obligations	  	47
	Section 5.05	  	Maintenance of Properties	  	47
	Section 5.06	  	Insurance	  	48
	Section 5.07	  	Compliance with Laws	  	48
	Section 5.08	  	Books and Records; Inspection Rights	  	48
	Section 5.09	  	Use of Proceeds	  	48
	Section 5.10	  	Joinder of Additional Domestic Subsidiaries; Automatic Release	  	48
	(a)	  	Joinder to Subsidiary Guarantee	  	48
	(b)	  	Automatic Release	  	48
	(c)	  	Joinder to Collateral Documents	  	48
	Section 5.11	  	General Further Assurances; Post Closing Mortgages; After Acquired Property	  	49
	(a)	  	Real Estate Mortgages and Filings	  	49
	(b)	  	After Acquired Property	  	51
	(c)	  	Documents Delivered in connection with the Delivery of Collateral	  	52
	(d)	  	Consents Required Under the Collateral Documents	  	52
	(e)	  	Insurance Required	  	53

  

 TABLE OF CONTENTS, Page iii of vi 

					
	ARTICLE VI	  	NEGATIVE COVENANTS	  	53
			
	Section 6.01	  	Limitation on Restricted Payments	  	53
	(a)	  	Restricted Payments	  	53
	(b)	  	Additional Permissions	  	55
	Section 6.02	  	Limitation on Sale/Leaseback Transactions	  	57
	Section 6.03	  	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	57
	Section 6.04	  	Limitation on Sales of Assets	  	58
	(a)	  	Limit on Asset Dispositions Of Collateral	  	58
	(b)	  	Collateral Disposition Offer	  	59
	(c)	  	Other Asset Dispositions	  	60
	(d)	  	Binding Commitment to Purchase	  	61
	(e)	  	Application to the Loan; Offer to Purchase	  	61
	(f)	  	Items Deemed Cash	  	62
	(g)	  	Securities Law Compliance	  	62
	Section 6.05	  	Limitation on Transactions with Affiliates	  	62
	Section 6.06	  	Change of Control	  	63
	(a)	  	Require Repayment	  	63
	(b)	  	Repayment of Other Indebtedness	  	63
	(c)	  	Change of Control Offer	  	64
	(d)	  	Withdrawal of Acceptance	  	64
	(e)	  	Payment	  	64
	(f)	  	Securities Law Compliance	  	64
	Section 6.07	  	Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries	  	64
	Section 6.08	  	Limitation on Liens	  	65
	Section 6.09	  	Limitation on Lines of Business	  	65
	Section 6.10	  	Effectiveness of Covenants	  	65
	Section 6.11	  	Merger and Consolidation	  	65
	(a)	  	Borrower Merger and Consolidation	  	65
	(b)	  	Subsidiary Guarantors	  	66
	Section 6.12	  	Fiscal Periods	  	67
	Section 6.13	  	Limitation on Indebtedness	  	67
	(a)	  	Incurrence Test	  	67
	(b)	  	Additional Permitted Indebtedness	  	67
	(c)	  	Limitation of Refinancing by Borrower of Subordinated Indebtedness	  	69
	(d)	  	Limitation of Refinancing by a Subsidiary Guarantor of Subordinated Indebtedness and Indebtedness of Non-Guarantor Restricted Subsidiaries	  	69
	(e)	  	Limitation on Unrestricted Subsidiaries	  	69
	(f)	  	Determining Compliance with this Section 6.13	  	69
	(g)	  	Dollar Equivalents	  	70
	Section 6.14	  	Impairment of Liens	  	70
			
	ARTICLE VII	  	SUBSIDIARY GUARANTEE	  	70
			
	Section 7.01	  	Guaranty	  	70
	Section 7.02	  	Guaranty of Payment	  	71
	Section 7.03	  	No Discharge or Diminishment of Subsidiary Guarantee	  	71
	Section 7.04	  	No Setoff or Counterclaim	  	71
	Section 7.05	  	No Impairment	  	71
	Section 7.06	  	Defenses Waived	  	71

  

 TABLE OF CONTENTS, Page iv of vi 

					
	Section 7.07	  	Rights of Subrogation	  	72
	Section 7.08	  	Reinstatement; Stay of Acceleration	  	72
	Section 7.09	  	Information	  	72
	Section 7.10	  	Taxes	  	72
	Section 7.11	  	Maximum Liability	  	72
	Section 7.12	  	Contribution	  	73
	Section 7.13	  	Liability Cumulative	  	73
	Section 7.14	  	Release	  	73
			
	ARTICLE VIII	  	EVENTS OF DEFAULT	  	74
			
	ARTICLE IX	  	THE ADMINISTRATIVE AGENT	  	76
			
	Section 9.01	  	Appointment	  	76
	Section 9.02	  	Rights as a Lender	  	76
	Section 9.03	  	Limitation of Duties and Immunities	  	77
	Section 9.04	  	Event of Default; Direction of the Required Lenders	  	77
	Section 9.05	  	Reliance on Third Parties	  	77
	Section 9.06	  	Sub-Agents	  	77
	Section 9.07	  	Successor Agent	  	78
	Section 9.08	  	Independent Credit Decisions	  	78
	Section 9.09	  	Release of Liens on the Collateral	  	78
	Section 9.10	  	Deletion of Excluded Property	  	79
			
	ARTICLE X	  	MISCELLANEOUS	  	79
			
	Section 10.01	  	Notices	  	79
	 (a)
	  	Notice Address	  	79
	 (b)
	  	Electronic Notification	  	79
	 (c)
	  	Change of Notice Address	  	80
	 (d)
	  	Electronic Transmission System	  	80
	 (e)
	  	Communications Through the Platform	  	80
	Section 10.02	  	Waivers; Amendments	  	80
	 (a)
	  	Waivers	  	80
	 (b)
	  	Amendment to Loan Documents	  	80
	Section 10.03	  	Expenses; Indemnity: Damage Waiver	  	81
	 (a)
	  	Expenses	  	81
	 (b)
	  	Indemnification by Borrower	  	81
	 (c)
	  	Indemnification by Lenders	  	82
	 (d)
	  	No Consequential Damages, etc	  	82
	 (e)
	  	Payment Due Dates	  	82
	Section 10.04	  	Successors and Assigns	  	82
	 (a)
	  	Assignments Generally	  	82
	 (b)
	  	Assignment by Lenders	  	82
	 (c)
	  	Participations	  	84
	 (d)
	  	Pledges by Lenders	  	84
	 (e)
	  	No Assignments to Borrower and Affiliates	  	84
	Section 10.05	  	Survival	  	85
	Section 10.06	  	Counterparts; Integration; Effectiveness	  	85
	Section 10.07	  	Severability	  	85
	Section 10.08	  	Right of Setoff	  	85

  

 TABLE OF CONTENTS, Page v of vi 

					
	Section 10.09	  	Governing Law; Jurisdiction; Consent to Service of Process	  	85
	 (a)
	  	Governing Law	  	85
	 (b)
	  	Submission to Jurisdiction	  	86
	 (c)
	  	Waiver of Forum Matters	  	86
	 (d)
	  	Service of Process	  	86
	Section 10.10	  	WAIVER OF JURY TRIAL	  	86
	Section 10.11	  	Headings	  	86
	Section 10.12	  	Confidentiality	  	86
	Section 10.13	  	Acknowledgments	  	87
	Section 10.14	  	Construction	  	87
	Section 10.15	  	Independence of Covenants	  	87
	Section 10.16	  	USA PATRIOT Act Notice	  	87

  

 TABLE OF CONTENTS, Page vi of vi 

 INDEX TO EXHIBITS 
  

					
	Exhibit	  		    	Description of Exhibit
			
	A	  	–	    	Form of Assignment and Assumption
	B	  	–	    	Form of Compliance Certificate
	C	  	–	    	Form of Borrowing Request
	D	  	–	    	Form of Interest Election Request
	E	  		    	Form of Joinder Agreement
	
	INDEX TO SCHEDULES
			
	Schedule	  		    	Description of Schedule
			
	Schedule 2.01	  	–	    	Commitments
	Schedule 3.05	  	–	    	Real Properties; Intellectual Property
	Schedule 3.06	  	–	    	Disclosed Matters
	Schedule 3.13	  	–	    	Material Agreements and Liens
	Schedule 3.14	  	–	    	Subsidiaries and Investments

  

 INDEX TO EXHIBITS AND SCHEDULES, Solo Page 

 TERM LOAN AGREEMENT 
 TERM LOAN AGREEMENT, dated as of July 2, 2009 (this “Agreement”), among SMITHFIELD FOODS, INC., a Virginia corporation (the “Borrower”), the subsidiary guarantors from time to
time party hereto, each of the lenders that is a party hereto identified under the caption “LENDERS” on Schedule 2.01 hereto or that, pursuant to Section 10.04 hereof, shall become a “Lender” hereunder (individually,
a “Lender” and, collectively, the “Lenders”), and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH (in its capacity as administrative agent for the Lenders
hereunder, together with its successors in such capacity, the “Administrative Agent”). 
 The Borrower has requested that
the Lenders make a $200,000,000 term loan available to the Borrower and the Lenders have agreed to do so subject to and on the terms and conditions set forth in this Agreement Accordingly, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABL Agent” means JPMorgan Chase Bank, N.A., as administrative agent under the ABL Credit Facility. 
 “ABL Collateral” means the portion of the Collateral as to which the Term Collateral Agent has a second-priority Lien, including, cash
and Cash Equivalents, deposit accounts, intellectual property, capital stock, inventory, accounts, other personal property relating to such inventory and accounts and all proceeds of the foregoing, with the exception of Excluded Property, as more
fully described in the Collateral Documents. 
 “ABL Credit Facility” means the Credit Agreement dated as of July 2,
2009 among the Borrower, the subsidiaries that guarantee obligations under such agreement, the lenders parties thereto and JPMorgan Chase Bank, N.A., as administrative agent (or its successor in such capacity), and as it may be amended, supplemented
or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the original administrative agent and lenders or another administrative agent or
agents or one or more other lenders and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures). 
 “ABR”, 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 Alternate
Base Rate. 
 “Acquired Indebtedness” means Indebtedness (i) of a Person or any of its Subsidiaries existing at the
time such Person becomes a Restricted Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such
Person becoming a Restricted Subsidiary of the Borrower or such acquisition. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (i) of the preceding sentence, on the date such Person becomes a Restricted
Subsidiary and, with respect to clause (ii) of the preceding sentence, on the date of consummation of such acquisition of assets. 
  

 TERM LOAN AGREEMENT, Page 1 

 “Act” has the meaning assigned to such term in Section 10.16. 
 “Additional Assets” means: (i) any property or assets (other than Indebtedness and Capital Stock) to be used by the Borrower or a
Restricted Subsidiary in a Related Business, (ii) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Borrower or another Restricted Subsidiary or (iii) Capital
Stock constituting a minority interest in any Person that at such time is or will thereupon become a Restricted Subsidiary; provided, however, that, in the case of clauses (ii) and (iii) of this definition, such Restricted
Subsidiary is primarily engaged in a Related Business. 
 “Additional Notes” means any additional notes issued under the
Indenture and having identical terms and conditions as the Senior Secured Notes other than the issue date, issue price and the first interest payment date, as long as the proceeds therefrom are deposited into the Collateral Accounts. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next  1/16 of 1%) equal to (i) the LIBO Rate for such Interest Period
multiplied by (ii) the Statutory Reserve Rate. 
 “Administrative Agent” has the meaning assigned to such
term in the preamble. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” of any specified Person means (i) any other Person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with such specified Person, (ii) any Person who is a director or officer (a) of such Person, (b) of any Subsidiary of such Person or (c) of any Person
described in clause (i) above and (iii) any beneficial owner of shares representing 5% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Borrower or of rights or warrants to purchase such Voting Stock
(whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to clauses (i) and (ii). For the purposes of this definition, “control” when used with respect to any Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. Notwithstanding the foregoing, no Person (other than the Borrower or any Subsidiary of the Borrower) in whom a Receivables Entity makes an Investment in connection with a Qualified Receivables Transaction shall be
deemed to be an Affiliate of the Borrower or any of its Subsidiaries solely by reason of such Investment. 
 “Affiliate
Transaction” has the meaning assigned to such term in Section 6.05(a). 
 “Agreement” has the meaning assigned
to such term in the preamble. 
 “Alternate Base Rate” means, for any day, a rate per annum (rounded
upwards, if necessary, to the next  1/16 of 1%) equal to the greater of (i) the Base Rate in effect on such day and
(ii) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate
due to a change in the Base Rate or the Federal Funds Effective Rate shall be effective from and including the opening of business on the effective date of such change in the Base Rate or the Federal Funds Effective Rate, respectively.

 “Announced Asset Disposition” has the meaning assigned to such term in Section 6.04(c)(iii)(B).

  

 TERM LOAN AGREEMENT, Page 2 

 “Applicable Margin” means: 
 (a) with respect to ABR Borrowings, 4.75%; and 
 (b) with respect to Eurodollar Borrowings, 5.75%. 
 “Applicable Percentage” means, with respect to any Lender, the
percentage of the Total Commitment represented by such Lender’s Commitments; provided, that if the Commitments have terminated or expired or have been fully utilized, the Applicable Percentages shall be determined based upon the
outstanding principal amount of the Loans. 
 “Approved Fund” has the meaning assigned to such term in
Section 10.04(b). 
 “Asset Disposition” means any sale, lease, transfer or other issuance or disposition (or series of
related sales, leases, transfers, issuance or dispositions that are part of a common plan) of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property or other assets (each referred to for the purposes of this
definition as a “disposition”) by the Borrower or any of its Restricted Subsidiaries (including any disposition by means of a sale and leaseback, merger, consolidation or similar transaction, but excluding any disposition by means of any
pledge of assets or stock by the Borrower or any of its Subsidiaries otherwise permitted under this Agreement, and any transaction or series of related transactions from which the Borrower or any of its Subsidiaries receives an aggregate
consideration of less than $500,000) other than (i) a disposition by a Restricted Subsidiary to the Borrower or by the Borrower or a Restricted Subsidiary to a Wholly–Owned Subsidiary, (ii) a disposition of assets held for resale in
the ordinary course of business, (iii) the sale of Temporary Cash Investments in the ordinary course of business, (iv) the sale or other disposition of damaged, worn, unneeded or obsolete equipment in the ordinary course of business,
(v) for purposes of Section 6.04 only, a disposition subject to Section 6.01, (vi) the sale of other assets so long as the fair market value of the assets disposed of pursuant to this clause (vi) does not exceed $2,000,000
in the aggregate in any Fiscal Year and $10,000,000 in the aggregate prior to July 15, 2014, (vii) any disposition of assets pursuant to and in accordance with the provisions of Section 6.06 and/or Section 6.11, (viii) sales
or other dispositions of assets for consideration at least equal to the fair market value of the assets sold or disposed of, to the extent that the consideration received would constitute Additional Assets or an Investment in a Permitted Joint
Venture that in each case complies with Section 6.01 and (ix) sales of accounts receivable and related assets of the type specified in the definition of “Qualified Receivables Transaction” to a Receivables Entity for the fair
market value thereof, including cash in an amount at least equal to 75% of the book value thereof as determined in accordance with GAAP. 
 “Assignee” has the meaning assigned to such term in Section 10.04(b)(i). 
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit
A or any other form approved by the Administrative Agent. 
 “Attributable Debt” in respect of a Sale/Leaseback
Transaction means, as at the time of determination, the present value (discounted at the interest rate assumed in making calculations in accordance with FAS 13) of the total obligations of the lessee for rental payments during the remaining term of
the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended). 
 “Average
Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (i) the sum of the products of the numbers of years 

  

 TERM LOAN AGREEMENT, Page 3 

 
from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect
to such Preferred Stock multiplied by the amount of such payment by (ii) the sum of all such payments. 
 “Bankruptcy
Law” means title 11 of the United States Code or any similar federal or state law for the relief of debtors. 
 “Base
Rate” means the rate of interest per annum quoted from time to time by Rabobank as its base rate in effect at its principal office in New York City; each change in the Base Rate shall be effective from and including the date such change is
quoted as being effective. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of
America. 
 “Board of Directors” means the Board of Directors of the Borrower or any committee thereof duly authorized to
act on behalf of such Board of Directors with respect to the relevant matter. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of a company to have been duly adopted by the Board of Directors of such company and to be in full force and effect on the date of such certification, and delivered to the
Administrative Agent. 
 “Borrower” has the meaning assigned to such term in the preamble. 
 “Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to
which a single Interest Period is in effect. 
 “Borrowing Base” means, as of the date of determination, an amount equal to
the sum, without duplication of (i) 80% of the net book value of the Borrower’s and its Restricted Subsidiaries’ accounts receivable at such date and (ii) 80% of the net book value of the Borrower’s and its Restricted
Subsidiaries’ inventories at such date. Net book value shall be determined in accordance with GAAP and shall be that reflected on the most recent available balance sheet (it being understood that the accounts receivable and inventories of an
acquired business may be included if such acquisition has been completed on or prior to the date of determination). 
 “Borrowing
Request” means a request by the Borrower for a Borrowing in substantially the form of Exhibit C hereto in accordance with Section 2.03. 
 “Business Day” means any day (i) 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 and (ii) if such
day relates to a Borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurodollar Borrowing, or to a notice by the Borrower with respect to any such Borrowing,
payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in deposits denominated in Dollars are carried out in the London interbank market. 
 “Capital Stock” of any Person means (i) with respect to any Person that is a corporation, any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Common Stock or Preferred Stock, and (ii) with respect to any Person that is not a corporation, any
and all partnership or other Equity interests of such Person but in each case excluding any debt securities convertible into such equity. 
  

 TERM LOAN AGREEMENT, Page 4 

 “Capitalized Lease Obligations” means an obligation that is required to be classified
and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP,
and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease. 
 “Cash
Equivalents” means (i) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof, (ii) certificates of deposit, time deposits and eurodollar time
deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of
$500,000,000 and the commercial paper of the holding company of which is rated at least “A–1” or the equivalent thereof by S&P or “P–1” or the equivalent thereof by Moody’s, (iii) repurchase obligations
for underlying securities of the types described in clauses (i) and (ii) entered into with any financial institution meeting the qualifications specified in clause (ii) above, (iv) commercial paper rated “A–1” or
the equivalent thereof by S&P or “P–1” or the equivalent thereof by Moody’s and in each case maturing within one year after the date of acquisition thereof, (v) investment funds investing 95% of their assets in
securities of the type described in clauses (i)–(iv) above. 
 “Change in Law” means (i) the adoption of any law,
rule or regulation after the date of this Agreement, (ii) 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 (iii) compliance by any
Lender (or, for purposes of Section 2.08(b), by any lending office of such Lender or by such Lender’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. 
 “Change of Control” means the occurrence of any of the following events:

 (i) any sale, transfer or other conveyance, whether direct or indirect, of all or substantially all of the fair market value of the
Borrower’s assets on a consolidated basis, in one transaction or a series of related transactions, to any Person or Persons other than the Borrower or one or more of its Restricted Subsidiaries; 
 (ii) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more
Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d–3 and 13d–5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Borrower (or its successor by merger,
consolidation or purchase of all or substantially all of its assets); 
 (iii) during any period of two consecutive years, individuals who at
the beginning of such period constituted the Board of Directors (together with any new directors whose election by such Board of Directors or whose nomination for election by Borrower’s shareholders was approved by a vote of a majority of the
directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office;
or 
 (iv) the adoption of a plan relating to the liquidation or dissolution of the Borrower. 
 “Change of Control Offer” has the meaning assigned to such term in Section 6.06(c). 
 “Change of Control Payment Date” has the meaning assigned to such term in Section 6.06(c)(iii). 
  

 TERM LOAN AGREEMENT, Page 5 

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means all property, whether now owned or hereafter acquired, in which Liens are, from time to time, purported to be granted
to the Term Collateral Agent pursuant to the Collateral Documents to secure the Obligations and the obligations arising in connection with the Senior Secured Notes. 
 “Collateral Accounts” means any segregated account under the sole control of the Term Collateral Agent that is free from all other Liens, and includes all cash and Cash Equivalents received by the
Term Collateral Agent from Asset Dispositions of Collateral, Recovery Events, foreclosures on or sales of Collateral, any issuance of Additional Notes or any other awards or proceeds pursuant to the Collateral Documents, including earnings,
revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral Documents, and interest earned thereon. 
 “Collateral Documents” means collectively, the Intercreditor Agreement, the Term Loan Intercreditor Agreement, each Security Agreement, each Mortgage, all UCC financing statements required by any Security Agreement or any
Mortgage to be filed with respect to the security interests in personal property and fixtures created pursuant thereto and all other mortgages, deeds of trust, deeds to secure debt, security agreements, pledge agreements, agency agreements and other
instruments and documents executed and delivered pursuant to this Agreement or any of the foregoing and pursuant to which Collateral is pledged, assigned or granted to or on behalf of the Term Collateral Agent to secure any of the Obligations and
the obligations arising in connection with the Senior Secured Notes. 
 “Collateral Disposition Offer” has the meaning
assigned to such term in Section 6.04(b). 
 “Commitment” means, with respect to each Lender, the commitment of such
Lender to make a Loan in the amount set forth on Schedule 2.01 of this Agreement. The amount of the Total Commitment is $200,000,000. 
 “Common Stock” means with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether
or not outstanding on the Effective Date, and includes, without limitation, all series and classes of such common stock. 
 “Compliance Certificate” means a certificate duly executed by a Financial Officer substantially in the form of Exhibit B 
 “Consolidated Coverage Ratio” as of any date of determination means the ratio of (i) the aggregate amount of EBITDA of the Borrower and its Restricted Subsidiaries for the period of the most
recent four consecutive fiscal quarters ending prior to the date of such determination for which consolidated financial statements of the Borrower are available to (ii) Consolidated Interest Expense of the Borrower and its Restricted
Subsidiaries for such four consecutive fiscal quarters; provided, however, that: 
 (a) if the Borrower or any Restricted Subsidiary
has Incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness,
EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period and the discharge of any other
Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period, 
  

 TERM LOAN AGREEMENT, Page 6 

 (b) if since the beginning of such period the Borrower or any Restricted Subsidiary shall have made any
Asset Disposition, the EBITDA for such period shall be reduced by an amount equal to the EBITDA (if positive) directly attributable to the assets that are the subject of such Asset Disposition for such period or increased by an amount equal to the
EBITDA (if negative) directly attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Borrower
or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged (to the extent the related commitment is permanently reduced) with respect to the Borrower and its continuing Restricted Subsidiaries in connection with such Asset
Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Borrower and its
continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale), 
 (c) if since the beginning of such period
the Borrower or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary) or an acquisition of assets, including any Investment in a Restricted
Subsidiary or any acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense
for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness and including the pro forma expenses and cost reductions calculated on a basis consistent with Regulation S-X of the Securities
Act) as if such Investment or acquisition occurred on the first day of such period and without regard to clause (ii) of the definition of Consolidated Net Income, and 
 (d) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any
Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (b) or (c) above if made by the Borrower
or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition of assets occurred on the first
day of such period. 
 For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be
determined in good faith by a responsible Financial Officer of the Borrower. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if the rate in
effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term as at the date of
determination in excess of 12 months). 
 “Consolidated Interest Expense” means, for any period, the total consolidated cash
and non-cash interest expense (excluding capitalized interest and any non-cash interest expense arising from the adoption of FASB Staff Position No. APB 14-1) of the Borrower and its Restricted Subsidiaries, determined in accordance with GAAP, plus,
to the extent incurred by the Borrower and its Restricted Subsidiaries in such period but not included in such interest expense, (i) interest expense attributable to Capitalized Lease Obligations and imputed interest with respect to
Attributable Debt, (ii) amortization of debt discount and debt issuance cost (other than those debt discounts and debt issuance costs incurred with respect to the Convertible Notes, the Senior Notes due 2009, the Senior Notes due 2011, the
Senior Notes due 2013 and the Senior Notes due 2017 and on the Effective Date), (iii) capitalized interest, (iv) non-cash interest expense (other than any non-cash interest expense arising from the adoption of FASB Staff Position No. APB
14-1), (v) commissions, discounts and other fees and charges attributable 

  

 TERM LOAN AGREEMENT, Page 7 

 
to letters of credit and bankers’ acceptance financing, (vi) interest actually paid by the Borrower or any Restricted Subsidiary under any
Guarantee of Indebtedness or other obligation of any other Person, (vii) net gains associated with Hedging Obligations (or minus net losses associated with Hedging Obligations), (viii) the product of (A) Preferred Stock dividends in
respect of all Preferred Stock of Restricted Subsidiaries and Disqualified Stock of the Borrower held by Persons other than the Borrower or a Wholly-Owned Subsidiary multiplied by (B) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state and local statutory tax rate of the Borrower, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP; and (ix) the cash
contributions to any employee stock ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Borrower) in connection with Indebtedness Incurred by such plan
or trust and (x) Receivables Fees. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received by the Borrower and its Restricted Subsidiaries with respect to Interest Rate
Agreements. 
 “Consolidated Net Income” means, for any period, without duplication, the consolidated net income (loss) of
the Borrower and its Restricted Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 
 (i) any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that (A) subject to the limitations contained in clauses (iii) through (v) below, the Borrower’s equity in the net income of
any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Borrower or a Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (ii) below) and (B) the Borrower’s equity in a net loss of any such Person for such period shall
be included in determining such Consolidated Net Income, 
 (ii) any net income (loss) of any Restricted Subsidiary if such Restricted
Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Borrower, except that (A) subject to the limitations
contained in clauses (iii) through (v) below, the Borrower’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed
by such Restricted Subsidiary during such period to the Borrower or another Restricted Subsidiary as a dividend (subject, in the case of a dividend that could have been made to another Restricted Subsidiary, to the limitation contained in this
clause) and (B) the Borrower’s equity in a net loss of any such Person for such period shall be included in determining such Consolidated Net Income, 
 (iii) any gain or loss realized upon the sale or other disposition of any asset of the Borrower or its Restricted Subsidiaries (including pursuant to any Sale/Leaseback Transaction) that is not sold or otherwise
disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any Capital Stock of any Person, provided that this clause (iii) shall not be applicable with respect to calculating the amount
of Consolidated Net Income in clause 6.01(a)(iv)(C)(II); 
 (iv) any extraordinary gain or loss, and 
 (v) the cumulative effect of a change in accounting principles. 
 “Convertible Notes” means the Borrower’s 4% Senior Convertible Notes due 2013. 
  

 TERM LOAN AGREEMENT, Page 8 

 “Currency Agreement” means in respect of a Person any foreign exchange contract,
currency swap agreement or other similar agreement as to which such Person is a party or a beneficiary. 
 “Custodian” means
any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Debt Facilities”
means the Borrower’s debt facilities (including, without limitation, the Senior Secured Notes, the Additional Notes and the Indenture, the ABL Credit Facility, the European Credit Facility and this Agreement) or commercial paper facilities with
banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit or issuances of debt securities, in each case, as amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time (and whether or not with the original
trustee, administrative agent, holders and lenders or another trustee, administrative agent or agents or other holders or lenders and whether provided under the Indenture, the ABL Credit Facility, the European Credit Facility or this Agreement, or
any other credit agreement or other agreement or indenture). 
 “Default” means any event or condition which upon notice,
lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Designated Non-cash Consideration”
means the fair market value of non–cash consideration received by the Borrower or one of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-cash Consideration pursuant to an
Officers’ Certificate, setting forth the basis of such valuation, executed by the Financial Officer of the Borrower, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration.

 “Disclosed Matters” means the presently pending actions, suits and proceedings and the presently existing environmental
matters disclosed in Schedule 3.06. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of
such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event (i) matures or is mandatorily redeemable pursuant to a sinking fund
obligation or otherwise, (ii) is convertible or exchangeable for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part, in each case on or prior to 123 days after the Maturity
Date; provided, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an
“asset sale” or “change of control” occurring prior to the Maturity Date shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are no
more favorable to the holders of such Capital Stock than the provisions contained in Sections 6.04 and 6.06 and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior
to the Borrower’s repayment of the Loans as are required to be repaid pursuant to Sections 6.04 and 6.06. 
 “Dollars”
or “$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” means any
Subsidiary of the Borrower organized under the laws of a State of the United States of America or the District of Columbia. 
 “EBITDA” means, for any period, the Consolidated Net Income for such period, plus, without duplication and to the extent included in calculating such Consolidated Net Income, (i) income tax 

  

 TERM LOAN AGREEMENT, Page 9 

 
expense, (ii) Consolidated Interest Expense, (iii) depreciation expense, (iv) amortization of intangibles and impairment charges recorded in
connection with the application of Financial Accounting Standard No. 142 “Goodwill and Other Intangibles,” and (v) other non-cash charges or non-cash losses (other than non-cash charges to the extent they represent an accrual of
or reserve for cash charges in any future period or amortization of a prepaid expense that was paid in a prior period), less, without duplication, non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items
which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges recorded in any prior period); provided, that if any Restricted Subsidiary is not directly or indirectly owned 100% by the Borrower, EBITDA shall be
reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the EBITDA attributable to such Restricted Subsidiary multiplied by (B) the quotient of (1) the number of shares of
outstanding common Equity Interests of such Restricted Subsidiary not owned directly or indirectly by the Borrower on the last day of such period by the Borrower divided by (2) the total number of shares of outstanding common Equity Interests
of such Restricted Subsidiary on the last day of such period. 
 “EDGAR” means the Electronic Data Gathering, Analysis, and
Retrieval computer system for the receipt, acceptance, review and dissemination of documents submitted to the SEC in electronic format. 
 “Effective Date” has the meaning specified in Section 4.01. 
 “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 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 Borrower or any Subsidiary directly
or indirectly resulting from or based upon (i) violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) exposure to any Hazardous
Materials, (iv) the release or threatened release of any Hazardous Materials into the environment or (v) 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. 
 “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 Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (i) 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); (ii) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (iii) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the 

  

 TERM LOAN AGREEMENT, Page 10 

 
minimum funding standard with respect to any Plan; (iv) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of
ERISA with respect to the termination of any Plan; (v) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (vi) the incurrence by the 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 (vii) the receipt by the Borrower or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the 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, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “European Credit Facility” means the Multicurrency Revolving Facility Agreement dated August 22, 2006 among the Borrower, Smithfield Capital Europe BV, the subsidiary guarantors party thereto,
BNP Paribas and Societe General Corporate & Investment Banking, as Arrangers, the lenders party thereto, and Sociéte Générale as Agent and Security Agent, and as it may be amended, supplemented or modified from time to
time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the arrangers and lenders or another arranger or arrangers or one or more other lenders and whether provided
under the original European Credit Facility or one or more other credit or other agreements or indentures). 
 “Events of
Default” has the meaning assigned to such term in Article VIII. 
 “Excess Collateral Proceeds” has the meaning
assigned to such term in Section 6.04(b). 
 “Excess Proceeds” has the meaning assigned to such term in
Section 6.04(e). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Property” has the meaning set forth in the Collateral Documents. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (i) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction 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, (ii) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction
in which the Borrower is located and (iii) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.15(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 2.13(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 the Borrower with respect to such withholding tax pursuant to Section 2.13(a). 
 “Existing Senior Secured Notes” means collectively, the 7.89% Series I Senior Secured Notes due October 1, 2009 and the 9.44%
Series K Senior Secured Notes due October 1, 2009, each issued pursuant to the Second Amended and Restated Note Purchase Agreement, dated as of October 29, 2004, among the Borrower and each of the several purchasers named therein.

  

 TERM LOAN AGREEMENT, Page 11 

 “Farm Premises” has the meaning assigned to such term in Section 5.11. 

“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. 
 “Financial Officer” means the chief financial officer,
principal accounting officer, vice president of finance, treasurer or controller of the Borrower. 
 “Fiscal Year” means the
fiscal year of the Borrower ending on the Sunday closest to April 30 of each year or such other fiscal year as may be determined by the Borrower and the Board of Directors and of which the Administrative Agent shall receive written notice.

 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the
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. 
 “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under
the laws of the United States of America, any state or territory thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect on the Effective Date, including those set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the
accounting profession. All ratios and computations based on GAAP contained in this Agreement shall be computed in conformity with GAAP. 
 “Governmental Authority” means the government of the United States of America, 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. 
 “Gross PPE” has the meaning assigned to such term in Section 5.11. 
 “Guaranteed Obligations” has the meaning assigned to such term in Section 7.01. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other nonfinancial obligation of any other Person and any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or such other obligation of such other Person (whether arising by virtue of partnership arrangements,
or by agreement to keep–well, to purchase assets, goods, securities or services, to take–or–pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the
obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
  

 TERM LOAN AGREEMENT, Page 12 

 “Guarantor Subordinated Indebtedness” means, with respect to a Subsidiary Guarantor, any
Indebtedness of such Subsidiary Guarantor (whether outstanding on the Effective Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant
to a written agreement. 
 “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. 
 “Hedging Obligations” of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement or Currency Agreement. 
 “Incur” means issue, assume, Guarantee, incur or
otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Subsidiary at the time it becomes a Subsidiary. Any Indebtedness issued at a discount (including Indebtedness on which interest is payable through the issuance of additional Indebtedness) shall be deemed incurred at the time of
original issuance of the Indebtedness at the initial accreted amount thereof. 
 “Indebtedness” means, with respect to any
Person on any date of determination (without duplication): (i) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money, (ii) the principal of and premium (if any) in respect of obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto) (other than
obligations with respect to letters of credit securing obligations (other than obligations described in clauses (i), (ii) and (v)) entered into in the ordinary course of business of such Person to the extent that such letters of credit are not
drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit), (iv) all obligations of
such Person to pay the deferred and unpaid purchase price of property or services (except Trade Payables), which purchase price is due more than six months after the date of placing such property in final service or taking final delivery and title
thereto or the completion of such services, (v) all Capitalized Lease Obligations and Attributable Debt of such Person, (vi) the redemption, repayment or other repurchase amount of such Person with respect to any Disqualified Stock or,
with respect to any Subsidiary of the Borrower, any Preferred Stock (but excluding, in each case, any accrued dividends), (vii) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person; provided, however, that the amount of Indebtedness of such Person shall be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such Indebtedness of such
other Persons, (viii) all Indebtedness of other Persons to the extent Guaranteed by such Person and (ix) to the extent not otherwise included in this definition, net Hedging Obligations of such Person (such obligations to be equal at any
time to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would be payable by such Person at such time). 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Indemnitee”
has the meaning assigned to such term in Section 10.03(b). 
 “Indenture” means that certain Trust Indenture dated
July 2, 2009 with U.S. Bank National Association as trustee pursuant to which the Senior Secured Notes were issued. 
 “Information” has the meaning assigned to such term in Section 10.12. 
  

 TERM LOAN AGREEMENT, Page 13 

 “Intercreditor Agreement” means that certain Intercreditor Agreement dated July 2,
2009 among JPMorgan Chase Bank, National Association, as administrative agent under the ABL Credit Facility, the Term Collateral Agent, the Borrower and the Subsidiary Guarantors. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in substantially the form of Exhibit
D hereto in accordance with Section 2.05. 
 “Interest Payment Date” means (i) with respect to any ABR Loan,
the last day of each March, June, September and December and (ii) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part. 
 “Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
day that is one, two, or three months thereafter, as the 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 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, (ii) any Interest Period that commences on the last Business Day of a calendar
month, shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest Period shall extend beyond the Maturity Date. 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. 
 “Interest Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary. 
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts
receivable on the balance sheet of the Borrower or its Restricted Subsidiaries) or other extension of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to
others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person. For purposes of the definition of “Unrestricted
Subsidiary” and Section 6.01, “Investment” shall include: (i) the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the fair market value of the net assets of any Subsidiary of the Borrower
at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent
“Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (x) the Borrower’s “Investment” in such Subsidiary at the time of such redesignation less (y) the portion (proportionate to the
Borrower’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and (ii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its
fair market value at the time of such transfer, in each case as determined in good faith either by the Board of Directors or Senior Management. 
 “Investment Grade Status” with respect to the Borrower, shall occur when the Senior Secured Notes receive a rating of “BBB–” or higher from S&P and a rating of “Baa3” or higher from
Moody’s. 
 “Joinder Agreement” means the Joinder Agreement in the form of Exhibit E hereto. 
 “Junior Lien Collateral Indebtedness” means any Indebtedness of the Borrower or any Subsidiary Guarantor which (x) is or will be
secured by a Lien on the Collateral on a basis that is junior to the Obligations (with the exception of the ABL Credit Facility) and (y) has a Stated Maturity date after the Stated Maturity date of the Senior Secured Notes. 
  

 TERM LOAN AGREEMENT, Page 14 

 “Lenders” has the meaning assigned to such term in the preamble. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Bloomberg
L.P. (the “Service”) Page BBAM1/(Official BBA USD Dollar Libor Fixings) or any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently
provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in an amount equal to the relevant Borrowing in the London
interbank market) at approximately 11:00 a.m., London time, two London Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate
is not available at such time for any reason, then the LIBO Rate with respect to such Eurodollar Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next  1/16 of 1%) at which dollar deposits of $5,000,000 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, two London Business Days prior to the commencement of such Interest Period. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof, any option or other agreement to sell, or any filing of, or any agreement to give any security interest). 
 “Loan” means an advance made by a Lender pursuant to Section 2.01. 
 “Loan
Amount” has the meaning assigned to such term in Section 6.04(e). 
 “Loan Documents” means this Agreement,
the Collateral Documents, any promissory notes evidencing Loans hereunder and all other documentation now or hereafter executed by or on behalf of any Obligor or any employee of any Obligor and/or delivered in favor of any Secured Party pursuant to
or in connection with any of the foregoing. 
 “London Business Day” means any day that is a day on which dealings in
deposits denominated in Dollars are carried out in the London interbank market. 
 “Material Adverse Effect” means a
material adverse effect on (i) the business, assets, operations, property or condition, financial or otherwise, of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Obligors, taken as a whole, to perform their
obligations under the Loan Documents to which they are a party, (iii) the Collateral, or the Term Collateral Agent’s Liens (on behalf of the Secured Parties and the holders of the Senior Secured Notes) on the Collateral or the priority of
such Liens, or (iv) the rights of or benefits available to the Administrative Agent or the Lenders thereunder. 
 “Maturity
Date” means August 29, 2013. 
 “Maximum Liability” has the meaning assigned to such term in
Section 7.11. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Mortgage” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Term Collateral Agent,
for the benefit of the Secured Parties and the holders of the Senior Secured Notes, on real property of an Obligor securing the Obligations in each case substantially in the form attached as Exhibit D to the Indenture. 
  

 TERM LOAN AGREEMENT, Page 15 

 “Mortgaged Properties” means those real properties listed on Schedule I to the Indenture
(as such schedule exists on the date hereof, without giving effect for purposes of this definition to any amendment or other modification thereto unless modified with the consent of the Administrative Agent) and any real property as to which a
Mortgage is granted pursuant to Section 5.11(b). 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Available Cash” from an Asset Disposition means cash payments received (including
any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring
Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non–cash form) therefrom, in each case net of (i) all legal, title and recording tax
expenses, commissions and other fees and expenses incurred (including fees and expenses of counsel, accountants and investment bankers), and all Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under
GAAP, as a consequence of such Asset Disposition, (ii) all payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or that must by its terms,
or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition, (iii) all distributions and other payments required to be made to minority interest holders in
Subsidiaries or joint ventures as a result of such Asset Disposition, (iv) appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the assets disposed of in such Asset
Disposition and retained by the Borrower or any Restricted Subsidiary after such Asset Disposition and (v) any portion of the purchase price from an Asset Disposition placed in escrow (whether as a reserve for adjustment of the purchase price,
or for satisfaction of indemnities in respect of such Asset Disposition); provided, however, that, in the cases of clauses (iv) and (v), upon reversal of any such reserve or the termination of any such escrow, Net Available Cash shall be
increased by the amount of such reversal or any portion of funds released from escrow to the Borrower or any Restricted Subsidiary. 
 “Net Award” means any awards or proceeds in respect of any condemnation or other eminent domain proceeding relating to any Collateral deposited in the Collateral Accounts pursuant to the Collateral Documents. 
 “Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock or Indebtedness, the cash proceeds of such issuance or
sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of
taxes paid or payable as a result thereof. 
 “Net Insurance Proceeds” means any awards or proceeds in respect of any
casualty insurance or title insurance claim relating to any Collateral deposited in the Collateral Accounts pursuant to the Collateral Documents. 
 “Non-ABL Collateral” means the portion of the Collateral as to which the Term Collateral Agent has a first-priority Lien; and for purposes of clauses (i) and (xvii) of the definition of Permitted Liens, Non-ABL
Collateral shall exclude property and assets that become Non-ABL Collateral due to the retirement or cancellation of the ABL Credit Facility without a replacement facility. 
  

 TERM LOAN AGREEMENT, Page 16 

 “Non-Guarantor Restricted Subsidiary” means any Restricted Subsidiary that is not a
Subsidiary Guarantor. 
 “Non-Paying Subsidiary Guarantor” has the meaning assigned to such term in Section 7.12.

 “Non-Recourse Indebtedness” means Indebtedness (i) as to which neither the Borrower nor any of its Restricted
Subsidiaries (a) is liable or provides credit support pursuant to any undertaking, agreement or instrument that would constitute Indebtedness or (b) is directly or indirectly liable and (ii) no default with respect to which would
permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Borrower or any of its Restricted Subsidiaries to declare a default on such Indebtedness or cause the payment thereof to be accelerated or payable prior to its
Stated Maturity. 
 “Obligations” means all obligations, indebtedness, and liabilities of the Borrower and each other
Obligor to the Administrative Agent and the Lenders arising pursuant to any of the Loan Documents, whether now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several,
or joint and several, including, without limitation, the obligation of the Borrower to repay the Loans, interest on the Loans, and all fees, costs, and expenses (including attorneys’ fees and expenses) provided for in the Loan Documents. The
term Obligations includes any and all post-petition interest and expenses (including attorneys’ fees) whether or not allowed under any bankruptcy, insolvency, or other similar law. 
 “Obligor” means the Borrower, each Subsidiary Guarantor, each other Person granting Liens to secure the Obligations and each other
Person who is otherwise obligated for all or any part of the Obligations. 
 “Offer” has the meaning assigned to such term
in Section 6.04(d)(i). 
 “Officer” means any one of the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, any Vice President, the Treasurer, the Secretary or the Controller of the Borrower. 
 “Officers’ Certificate” means a certificate signed by two or more Officers; provided, however, that an Officers’ Certificate given pursuant to this Agreement shall be signed by any one of the
principal executive officer, Financial Officer or principal accounting officer of the Borrower. 
 “Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the Administrative Agent. The counsel may be an employee of or counsel to the Borrower or the Administrative Agent. 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 
 “Pari Passu Indebtedness” means Indebtedness that ranks equally in right of payment to the Loans. 
 “Pari
Passu Offer” has the meaning assigned to such term in Section 6.04(e). 
 “Participant” has the meaning set
forth in Section 10.04(c). 
 “Paying Subsidiary Guarantor” has the meaning assigned to such term in Section 7.12.

  

 TERM LOAN AGREEMENT, Page 17 

 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions. 
 “Permitted Employee Payments” means Restricted Payments by the
Borrower or any Restricted Subsidiary in respect of (i) the repurchase of Capital Stock by the Borrower or any Restricted Subsidiary from an employee of the Borrower or any Restricted Subsidiary or their assigns, estates or heirs upon the
death, retirement or termination of such employee or (ii) loans or advances to employees of the Borrower or any of its Subsidiaries made in the ordinary course of business. 
 “Permitted Holders” means Joseph W. Luter, III or any Person the majority of the equity interests of which is beneficially owned by
Joseph W. Luter, III. 
 “Permitted Investment” means an Investment by the Borrower or any Restricted Subsidiary in
(i) a Restricted Subsidiary, the Borrower or a Person that will, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is a Related Business,
(ii) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Borrower or a Restricted Subsidiary; provided, however,
that the primary business of such Person is a Related Business, (iii) Temporary Cash Investments, (iv) receivables owing to the Borrower or any Restricted Subsidiary, if created or acquired in the ordinary course of business and
payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Borrower or any such Restricted Subsidiary deems reasonable under the circumstances,
(v) securities received as consideration in Asset Dispositions made in compliance with Section 6.04 with the exception of securities received as consideration for Asset Dispositions of any property, plant, equipment or other facility
closed and designated in accordance with clause (a)(ii) of Section 6.04, (vi) Investments in existence on the Effective Date (but not in excess of the amount of such Investments in existence on the Effective Date without giving effect to
increases or decreases attributable to accounting for the net income of such Investments or subsequent changes in value), (vii) any Investment by the Borrower or a Wholly–Owned Subsidiary in a Receivables Entity or any Investment by a
Receivables Entity in any other Person in connection with a Qualified Receivables Transaction; provided that any Investment in a Receivables Entity is in the form of a Purchase Money Note or an Equity Interest and (viii) additional
Investments in a Related Business since the Effective Date having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (viii) since the Effective Date that are at that time outstanding, not to
exceed 20% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value). 
 “Permitted Joint Venture” means any Person in which the Borrower or a Restricted Subsidiary owns, directly or indirectly, an ownership
interest (other than a Subsidiary) and whose primary business is related, ancillary or complementary to any of the businesses of the Borrower and its Restricted Subsidiaries at the time of determination. 
 “Permitted Liens” means, with respect to any Person: 
 (i) Liens securing Indebtedness Incurred pursuant to clause (b)(i) of Section 6.13; provided that Non-ABL Collateral shall only secure Indebtedness on a first-lien priority basis in an aggregate principal
amount not to exceed $1,300,000,000; 
 (ii) pledges or deposits by such Person under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations
of such Person or deposits or cash or United States 

  

 TERM LOAN AGREEMENT, Page 18 

 
government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or
for the payment of rent, in each case Incurred in the ordinary course of business; 
 (iii) Liens imposed by law, including carriers’,
warehousemen’s and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in
respect thereof; 
 (iv) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non–payment or
which are being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 
 (v) Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of and for the account of such Person in the ordinary course of its
business; provided, however, that such instruments do not secure the payment of Indebtedness; 
 (vi) encumbrances, easements or
reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or liens incidental to the conduct
of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(vii) Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Agreement, secured by a Lien on the
same property securing such Hedging Obligation; 
 (viii) leases and subleases of real property which do not materially interfere with the
ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries; provided, that such leases and subleases are subordinated to the Liens of the Term Collateral Agent on the Collateral; 
 (ix) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have
been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 
 (x) Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations with respect to, assets or property acquired or constructed in the ordinary course of
business, provided that: 
 (a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be
Incurred under this Agreement and does not exceed the cost of the assets or property so acquired or constructed; and 
 (b) such Liens are
created within 180 days of construction or acquisition of such assets or property and do not encumber any other assets or property of the Borrower or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant
thereto; 
 (xi) Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of
set–off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Borrower in excess of those set forth by regulations promulgated by the Federal Reserve Board; and 
  

 TERM LOAN AGREEMENT, Page 19 

 (b) such deposit account is not intended by the Borrower or any Restricted Subsidiary to provide
collateral to the depository institution; 
 (xii) Liens arising from UCC financing statement filings regarding operating leases entered into
by the Borrower and its Restricted Subsidiaries in the ordinary course of business; 
 (xiii) Liens existing on the Effective Date (excluding
Liens permitted under clause (i)); 
 (xiv) Liens on property or shares of stock of a Person at the time such Person becomes a Restricted
Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided further, however, that any such Lien may not
extend to any other property owned by the Borrower or any Restricted Subsidiary; 
 (xv) Liens on property at the time the Borrower or a
Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Borrower or any Restricted Subsidiary; provided, however, that such Liens are not created, incurred or assumed in
connection with, or in contemplation of, such acquisition; provided further, however, that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary; 
 (xvi) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Borrower or a Wholly Owned Subsidiary (other than a
Receivables Entity); 
 (xvii) Liens securing Indebtedness incurred after the Effective Date and any Refinancing Indebtedness relating
thereto (excluding any Liens securing any other Indebtedness Incurred after the Effective Date permitted under other clauses hereof) in an aggregate principal amount at any one time outstanding not to exceed $475,000,000; provided that
(x) the Borrower and its Restricted Subsidiaries shall not be permitted to apply more than $200,000,000 of such Indebtedness for purposes other than the refinancing, redemption or retirement of Indebtedness with a Stated Maturity on or before
the Stated Maturity date of the Senior Secured Notes and (y) the aggregate principal amount of Indebtedness secured by first-priority Liens on Non-ABL Collateral permitted under clause (i) of this definition and this clause
(xvii) shall not exceed $1,300,000,000; 
 (xviii) Liens securing Refinancing Indebtedness (other than Liens Incurred under clauses
(i) and (xvii) above) incurred to refinance Indebtedness that was previously so secured; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of property that is the security for a Permitted Lien hereunder;

 (xix) Liens on assets transferred to a Receivables Entity or on assets of a Receivables Entity, in either case incurred in connection with
a Qualified Receivables Transaction; and 
 (xx) Liens securing Indebtedness Incurred under Section 6.13(b)(ix). 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
  

 TERM LOAN AGREEMENT, Page 20 

 “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 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 10.01(d). 
 “Pledge and Security Agreement” means that certain Pledge and Security Agreement, dated
July 2, 2009, among the Obligors and the Term Collateral Agent, for the benefit of the Secured Parties and the holders of the Senior Secured Notes. 
 “Preferred Stock” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation. 
 “Prepayment Fee” has the meaning assigned to such term in Section 2.08. 
 “Public Bond Documents” means, collectively, the following instruments and agreements: 
 (i) the Indenture, dated as of October 23, 2001, among the Borrower and SunTrust Bank, as trustee, relating to the Senior Notes due
2009; 
 (ii) the Indenture, dated as of May 21, 2003, among the Borrower and SunTrust Bank, as trustee, relating to the
Senior Notes due 2013; 
 (iii) the Indenture, dated as of August 4, 2004, among the Borrower and SunTrust Bank, as
trustee, relating to the Senior Notes due 2011; 
 (iv) the Indenture-Senior Debt Securities, dated as of June 1, 2007,
among the Borrower and U.S. Bank National Association, as trustee; 
 (v) the First Supplemental Indenture, dated as of
June 22, 2007, among the Borrower and U.S. Bank National Association, as trustee, relating to the Senior Notes due 2017; and 
 (vi) the Second Supplemental Indenture dated July 8, 2008, among the Borrower and U.S. Bank National Association, as trustee, relating to the Convertible Notes. 
 “Purchase Money Note” means a promissory note of a Receivables Entity evidencing a line of credit, which may be irrevocable, from the
Borrower or any Subsidiary of the Borrower in connection with a Qualified Receivables Transaction to a Receivables Entity, which note shall be repaid from cash available to the Receivables Entity, other than amounts required to be established as
reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts owing to such investors and amounts paid in connection with the purchase of newly generated
receivables. 
 “Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into
by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (i) a Receivables Entity (in the case of a transfer by the Borrower or any of its Subsidiaries) and
(ii) any other Person (in the case of a transfer by a 

  

 TERM LOAN AGREEMENT, Page 21 

 
Receivables Entity), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Borrower or any of
its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 
 “Qualified Stock” means any Capital Stock that is not Disqualified Stock. 
 “Rabobank” means Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch. 

“Receivables Entity” means a Wholly–Owned Subsidiary of the Borrower (or another Person in which the Borrower or any Subsidiary
of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable and
which is designated by the Board of Directors of the Borrower (as provided below) as a Receivables Entity, (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or
any Subsidiary of the Borrower (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 Borrower or any Subsidiary
of the Borrower in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Borrower or any Subsidiary of the Borrower, directly or indirectly, contingently or otherwise, to the
satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither the Borrower nor any Subsidiary of the Borrower has any material contract, agreement, arrangement or understanding (except in connection
with a Purchase Money Note or Qualified Receivables Transaction) other than on terms no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower, other than
fees payable in the ordinary course of business in connection with servicing accounts receivable, and (c) to which neither the Borrower nor any Subsidiary of the Borrower has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy of
the resolution of the Board of Directors of the Borrower giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 
 “Receivables Fees” means any fees or interest paid to purchasers or lenders providing the financing in connection with a Qualified
Receivables Transaction or a factoring or similar agreement, including any such amounts paid by discounting the face amount of Receivables or participations therein transferred in connection with a Qualified Receivables Transaction, factoring
agreement or other similar agreement, regardless of whether any such transaction is structured as on-balance sheet or off-balance sheet or through a Restricted Subsidiary or an Unrestricted Subsidiary. 
 “Recourse Indebtedness” means Indebtedness that is not Non-Recourse Indebtedness. 
 “Recovery Event” means any event, occurrence, claim or proceeding that results in any Net Award or Net Insurance Proceeds being
deposited into the Collateral Accounts pursuant to the Collateral Documents. 
 “Refinancing Indebtedness” means
Indebtedness that is Incurred to refund, refinance, replace, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) (collectively, “refinances”, and “refinanced” shall have a correlative meaning) any
Indebtedness existing on the 

  

 TERM LOAN AGREEMENT, Page 22 

 
Effective Date or Incurred in compliance with this Agreement (including Indebtedness of the Borrower that refinances Indebtedness of any Restricted
Subsidiary (to the extent permitted by this Agreement) and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary (except that a Subsidiary Guarantor shall not refinance Indebtedness of a Restricted
Subsidiary that is not a Subsidiary Guarantor)) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that (i) the Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the
Indebtedness being refinanced, (ii) the Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being refinanced, (iii) such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the
aggregate accreted value) then outstanding of the Indebtedness being refinanced, plus fees, underwriting discounts, premiums, unpaid accrued interest and other costs and expenses incurred in connection with such Refinancing Indebtedness and
(iv) if the Indebtedness being refinanced is subordinated in right of payment to the Loans or the Subsidiary Guarantee, such Refinancing Indebtedness is subordinated in right of payment to the Loans or the Subsidiary Guarantee on terms at least
as favorable to the Lenders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; provided further, however, that Refinancing Indebtedness shall not include
(x) Indebtedness of a Restricted Subsidiary that refinances Indebtedness of the Borrower or (y) Indebtedness of the Borrower or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary. 
 “Register” has the meaning set forth in Section 10.04(b)(iv). 
 “Regulation U” means Regulation U of the Board as in effect from time to time. 
 “Related Business” means any business which is the same as or related, complementary or ancillary to any of the businesses of the
Borrower and its Restricted Subsidiaries on the Effective Date. 
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Removed Farm Premises” has the meaning assigned to such term in Section 5.11. 
 “Required Lenders” means, at any time, Lenders holding more than 50% of the total Loans. 
 “Restricted
Investment” means any Investment other than a Permitted Investment. 
 “Restricted Payment “ has the meaning
assigned to such term in Section 6.01(a)(iv). 
 “Restricted Subsidiary” means any Subsidiary of the Borrower other
than an Unrestricted Subsidiary. 
 “Sale/Leaseback Transaction” means any direct or indirect arrangement relating to
property now owned or hereafter acquired by the Borrower or a Restricted Subsidiary whereby the Borrower or such Restricted Subsidiary transfers such property to a Person and the Borrower or such Restricted Subsidiary leases it from such Person,
other than leases between the Borrower and a Wholly–Owned Subsidiary or between Wholly–Owned Subsidiaries. 
 “S&P” means Standard & Poor’s Ratings Services. 
 “SEC” means the Securities
and Exchange Commission. 
  

 TERM LOAN AGREEMENT, Page 23 

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Secured Parties” means the Administrative Agent and the Lenders. 
 “Security Agreements” means the Pledge and Security Agreement and any other pledge or security agreement securing the Obligations
entered into, after the date of this Agreement by any other Obligor (as required by this Agreement or any other Loan Document) or any other Person. 
 “Senior Management” means with respect to the Borrower or any of its Subsidiaries, as the case may be, any one of the Chairman of the Board, the Chief Executive Officer, the President and the Chief Operating Officer or any
combination of the foregoing. 
 “Senior Notes due 2009” means the Borrower’s 8% Senior Notes due 2009. 
 “Senior Notes due 2011” means the Borrower’s 7% Senior Notes due 2011. 
 “Senior Notes due 2013” means the Borrower’s 7- 3/4% Senior Notes due 2013. 
 “Senior Notes due 2017” means the Borrower’s 7- 3/4% Senior Notes due 2017. 
 “Senior Secured Notes” means (a) the senior secured notes due 2014 issued by the Borrower on July 2, 2009 in a public offering
or in a Rule 144A or other private placement and (b) any substantially identical senior notes that are registered under the Securities Act of 1933, as amended, and issued in exchange for the senior notes described in clause (a) of this
definition. 
 “Senior Secured Notes Documents” means any agreement or instrument governing or evidencing the Senior Secured
Notes. 
 “Senior Unsecured Pari Passu Indebtedness” means: 
 (a) with respect to the Borrower, any Indebtedness that ranks pari passu in right of payment to the Loans but is unsecured with a Stated Maturity
date subsequent to the Stated Maturity date of the Senior Secured Notes; and 
 (b) with respect to any Subsidiary Guarantor, any
Indebtedness that ranks pari passu in right of payment to such Subsidiary Guarantor’s Subsidiary Guarantee but is unsecured with a Stated Maturity date subsequent to the Stated Maturity date of the Senior Secured Notes. 
 “Significant Subsidiary” means any Restricted Subsidiary that is a “Significant Subsidiary” of the Borrower within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “S&P” means Standard & Poor’s Ratings
Service, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Solvent” means, when used with respect to
the Borrower and its Subsidiaries, as of any date of determination, (i) the aggregate value of all properties of the Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount which may be realized within a
reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, regular market value to mean the amount which could be obtained for the property in question within such period by a capable and
diligent business person from an interested buyer who is willing to purchase under ordinary selling conditions), exceeds the aggregate amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities) of the Borrower and its Subsidiaries, (ii) the Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with 

  

 TERM LOAN AGREEMENT, Page 24 

 
which to conduct their business operations as contemplated to be conducted and (iii) the Borrower and its Subsidiaries will have, on a consolidated
basis, sufficient cash flow to enable them to pay their debts as they mature. 
 “Standard Securitization Undertakings”
means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower which are reasonably customary in an accounts receivable transaction. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the payment of
principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any
contingency beyond the control of the issuer, unless such contingency has occurred). 
 “Statutory Reserve Rate” means for
any day (or for the Interest Period for any Eurodollar Borrowing), 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 arithmetic mean of the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as
“Eurodollar 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. 
 “Subordinated Indebtedness” means
any Indebtedness of the Borrower (whether outstanding on the Effective Date or thereafter Incurred) which is subordinate or junior in right of payment to the Loans pursuant to a written agreement. 
 “Subsidiary” of any Person means any corporation, association, limited liability company, partnership or other business entity of which
more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership or joint venture interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person. 
 “Subsidiary Guarantee” means, individually, any Guarantee of payment of the Obligations by a Subsidiary Guarantor pursuant to the terms of this Agreement or otherwise, and, collectively, all such
Guarantees. 
 “Subsidiary Guarantor” means each Restricted Subsidiary in existence on the Effective Date that provides a
Subsidiary Guarantee on the Effective Date (and any other Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Agreement); provided that upon release or discharge of such Restricted Subsidiary from its Subsidiary
Guarantee in accordance with the terms hereof, such Restricted Subsidiary ceases to be a Subsidiary Guarantor. 
 “Successor
Borrower” has the meaning assigned thereto in Section 6.11. 
 “Successor Guarantor” has the meaning assigned
thereto in Section 6.11. 
  

 TERM LOAN AGREEMENT, Page 25 

 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Temporary Cash Investments” means any of the following: (i) any Investment in direct obligations (x) of the United States of America or any agency thereof or obligations Guaranteed by the
United States of America or any agency thereof or (y) of any foreign country recognized by the United States of America rated at least “A” by S&P or “A–1” by Moody’s, (ii) Investments in time deposit
accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any
foreign country recognized by the United States of America having capital and surplus aggregating in excess of $250,000,000.00 (or the foreign currency equivalent thereof) and whose long–term debt is rated “A” by S&P or
“A–1” by Moody’s, (iii) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (i) or (ii) above entered into with a bank meeting the qualifications
described in clause (ii) above, (iv) Investments in commercial paper, maturing not more than 270 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Borrower) organized and in existence under the
laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any Investment therein is made of “P–1” (or higher) according to Moody’s or
“A–1” (or higher) according to S&P, (v) Investments in securities with maturities of six months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of
America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or “A” by Moody’s and (vi) any money market deposit accounts issued or offered by a domestic commercial bank or a
commercial bank organized and located in a country recognized by the United States of America, in each case, having capital and surplus in excess of $250,000,000.00 (or the foreign currency equivalent thereof), or investments in money market funds
complying with the risk limiting conditions of Rule 2a–7 (or any short–term successor rule) of the SEC, under the Investment Borrower Act of 1940, as amended. 
 “Term Collateral Agent” means U.S. Bank National Association, as collateral agent for the Secured Parties and the holders of the Senior Secured Notes, appointed as such pursuant to the Term Loan
Intercreditor Agreement. 
 “Term Loan Intercreditor Agreement” means the Intercreditor and Collateral Agency Agreement
dated July 2, 2009 among the Obligors, U.S. Bank National Association, as trustee under the Indenture for the Senior Secured Notes, US Bank National Association, as the collateral agent thereunder, and the Administrative Agent. 
 “Title Company” has the meaning assigned to such term in Section 5.11. 
 “Total Assets” means, with respect to any Person, the total consolidated assets of such Person and its Restricted Subsidiaries, as shown
on the most recent published balance sheet of such Person. 
 “Total Commitment” means, at any time, the aggregate amount of
the Commitments as in effect at such time. 
 “Trade Payables” means, with respect to any Person, any accounts payable or
any indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 
  

 TERM LOAN AGREEMENT, Page 26 

 “Transactions” means the execution, delivery and performance by each Obligor of Loan
Documents to which it is a party, the borrowing of Loans, the granting of the Liens under the Collateral Documents and the use of the proceeds of the Loans. 
 “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. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of
New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests. 
 “Unrestricted Subsidiary” means (i) any Subsidiary of the Borrower that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below and
(ii) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors may designate any Restricted Subsidiary of the Borrower (including any newly acquired or newly formed Subsidiary of the Borrower) to be an Unrestricted Subsidiary unless
such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Borrower or any Restricted Subsidiary (except a Restricted Subsidiary which upon such designation becomes an Unrestricted Subsidiary in accordance with this
Agreement); provided that (i) such designation would be permitted under Section 6.01, (ii) no portion of the Indebtedness or any other obligation (contingent or otherwise) of such Subsidiary (A) is Guaranteed by the
Borrower or any Restricted Subsidiary, (B) is Recourse Indebtedness or (C) subjects any property or asset of the Borrower or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
(iii) such Subsidiary does not Guarantee any of the Debt Facilities or, is released from all such Guarantees, and (iv) no default or event of default with respect to any Indebtedness of such Subsidiary would permit any holder of any
Indebtedness of the Borrower or any Restricted Subsidiary to declare such Indebtedness of the Borrower or any Restricted Subsidiary due and payable prior to its maturity. The Board of Directors may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, that immediately after giving effect to such designation (x) the Borrower could Incur $1.00 of additional Indebtedness under Section 6.13(a) and (y) no Default or Event of Default shall have
occurred and be continuing. Any such designation by the Board of Directors shall be evidenced to the Administrative Agent by promptly filing with the Administrative Agent a copy of the Board Resolution giving effect to such designation and an
Officers’ Certificate that such designation complied with the foregoing provisions. 
 “Voting Participant” has the
meaning assigned to such term in Section 10.04(c). 
 “Voting Participant Notification” has the meaning assigned to
such term in Section 10.04(c). 
 “Voting Stock” of an entity means all classes of Capital Stock of such entity then
outstanding and normally entitled to vote in the election of directors or all interests in such entity with the ability to control the management or actions of such entity. 
 “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. 
 “Wholly–Owned Subsidiary” means a
Restricted Subsidiary, 80% or more of the Capital Stock of which (other than directors’ qualifying shares) is owned directly or indirectly by the Borrower. 
  

 TERM LOAN AGREEMENT, Page 27 

 Section 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans
may be classified and referred to by Type (e.g., a “Eurodollar Loan” or “ABR Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing” or “ABR 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, supplemented, replaced or otherwise modified (subject to any restrictions on such amendments,
supplements, replacements 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 Borrower notifies the
Administrative Agent that the Borrower 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 Borrower 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.

 ARTICLE II 
 THE LOANS

 Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make an advance to the
Borrower on the Effective Date in an aggregate principal amount equal to such Lender’s Commitment. The Commitments of the Lenders shall terminate on the Effective Date once the Loans are made hereunder or on July 15, 2009 if the Effective
Date shall not have occurred by such date. Once repaid or prepaid, the Loans may not be reborrowed. 
 Section 2.02 Loans and
Borrowings. 
 (a) Obligations Several. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by
the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make the 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. 
 (b) Types.
Subject to Section 2.10, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its 

  

 TERM LOAN AGREEMENT, Page 28 

 
option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) Minimum Amounts. At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that
each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. Borrowings of more than one Type may be outstanding at the same time; provided, that there
shall not at any time be more than a total of nine Eurodollar Borrowings outstanding. 
 (d) Certain Limits on Interest Periods.
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 Section 2.03 Requests for Loan. 
 (a) Notification to Administrative Agent. To request the Loans, the Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a Eurodollar Borrowing, not later than
11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing and (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before 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 and signed by the Borrower. 
 (b) Content of Notification. 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 Eurodollar Borrowing; 
 (iv) in the case of a
Eurodollar Borrowing, the 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 Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.04. 
 (c) Notice by Administrative Agent to Lenders. Promptly following receipt of the Borrowing Request in accordance
with this Section 2.03, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 (d) Certain Presumptions. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be an Eurodollar Borrowing
with an Interest Period of one month’s duration. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  

 TERM LOAN AGREEMENT, Page 29 

 Section 2.04 Funding of Borrowings. 
 (a) Manner of Funding. 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 1:00 p.m., New York, New York Time to an account most recently designated by the Administrative Agent for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent or by wire transfer, automated clearing house debit or interbank transfer to such other account, accounts or Persons designated
by the Borrower in the Borrowing Request. 
 (b) Presumption by Administrative Agent. 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 2.04 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the 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 the Borrower to but excluding the date of payment to the Administrative Agent, at (i) for the first three Business Days, (A) 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 or (B) in the case of the Borrower, the Federal Funds Effective Rate and (ii) thereafter,
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. Nothing herein shall limit the rights of the Borrower
against any Lender that fails to make Loans hereunder and each Lender agrees that, to the extent that the Borrower was required to make any payments pursuant to this Section 2.04(b) on account of the failure by such Lender to make Loans
hereunder, it shall promptly reimburse the Borrower for such amounts. 
 Section 2.05 Interest Elections. 
 (a) Interest Election Requests. The initial Borrowing shall initially be of the Type specified in the Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in the Borrowing Request. From and after the Effective Date, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case
of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.05. Subject to the foregoing, the 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. Notwithstanding any contrary provision hereof, if an
Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing, and
(ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor. 
 (b)
Notification by Borrower. To make an election pursuant to this Section 2.05, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03
if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to
the Administrative Agent of a written Interest Election Request and signed by the Borrower. 
  

 TERM LOAN AGREEMENT, Page 30 

 (c) Content of Notifications. 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
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 Eurodollar Borrowing; and (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest
Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Notice by
Administrative Agent to Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 (e) Certain Presumptions. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar
Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 Section 2.06 Repayment of Loans; Evidence of Debt. 
 (a) Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the Lenders the unpaid
principal amount of the Loans in installments as follows: 
 (i) an installment in the amount of $25,000,000, due and payable on
August 29, 2011; and 
 (ii) an installment in the amount of $25,000,000, due and payable on August 29, 2012; and 
 (iii) one final installment in the amount of all outstanding principal, due and payable on the Maturity Date. 
 (b) Maintenance of Accounts by Lenders. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the 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) Maintenance of Accounts by Administrative Agent. The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the 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. 
  

 TERM LOAN AGREEMENT, Page 31 

 (d) Effect of Entries. The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section 2.03 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 the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Promissory Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the 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, 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 10.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 
 Section 2.07 Prepayment of Loans. 
 (a) Voluntary Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject
to (i) prior notice in accordance with paragraph (b) of this Section 2.07; (ii) the payment of any Prepayment Fee due in accordance with Section 2.08; and (iii) the payment of any amounts due under Section 2.12 and
provided that the aggregate principal amount of any prepayment that does not result in the prepayment of a Borrowing in full shall be in an integral multiple of $1,000,000. 
 (b) Notification of Prepayments. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment
hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, and (ii) in the case of prepayment of an ABR Borrowing, not later than
11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall identify the Borrowing to be prepaid, the prepayment date and the principal amount of such Borrowing or portion thereof
to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.09. 
 Section 2.08 Prepayment Fee. If Borrower voluntarily or pursuant to
Section 6.06 (but not including pursuant to Section 6.04), prepays or repays the Loans in full or in part prior to August 29, 2011, Borrower shall pay to Administrative Agent, for benefit of the Lenders, as liquidated damages and
compensation for the costs of making funds available to Borrower under this Agreement, and not as a penalty, an amount determined by multiplying one percent (1%) by the principal amount being prepaid or repaid (the fees payable hereunder,
herein the “Prepayment Fees”). The Prepayment Fees payable hereunder shall be paid on the date of the corresponding prepayment or repayment, in Dollars and immediately available funds, to the Administrative Agent for distribution to
the Lenders. Fees paid shall not be refundable under any circumstances. 
 Section 2.09 Interest. 
 (a) ABR Borrowings. The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin.

  

 TERM LOAN AGREEMENT, Page 32 

 (b) Eurodollar Borrowings. The Loans comprising each Eurodollar Borrowing shall bear interest at
the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c) Default Rate.
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the 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 2.09 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 2.09. 
 (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the
Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.09 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall
be payable on the effective date of such conversion. 
 (e) Computation. All interest hereunder shall be computed on the basis of a
year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), 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 Alternate Base Rate and Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall
be conclusive absent manifest error. 
 Section 2.10 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Borrowing: 
 (a) the 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 
 (b) the
Administrative Agent is advised by the Required Lenders 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 the Administrative Agent shall give notice thereof to the Borrower and the affected Lenders by telephone or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
to, or the continuation of any Borrowing as, a Eurodollar Borrowing, shall be ineffective and (ii) all such Borrowings (unless prepaid) shall be continued as, or converted to, an ABR Borrowing. 
  

 TERM LOAN AGREEMENT, Page 33 

 Section 2.11 Increased Costs. 
 (a) Change in Law. 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 
 (ii) impose on any Lender or the London interbank market any other condition affecting this
Agreement or Eurodollar Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to
such Lender in Dollars, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will
compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificate from Lenders,
etc. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.11 shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof. 
 (d) Retroactive Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.11 shall not
constitute a waiver of such Lender’s right to demand such compensation; provided, that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.11 for any increased costs or reductions incurred more than
270 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’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 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 Section 2.12 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day
of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.15, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, 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 

  

 TERM LOAN AGREEMENT, Page 34 

 
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 of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section 2.12 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof. 
 Section 2.13 Taxes. 
 (a)
Payment for Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided, that if the 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 2.13) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) Other
Taxes. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Indemnification by Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, within ten days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the
Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section 2.13) 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 Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 (d) Receipts. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental
Authority, the 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) Exemptions. Upon becoming a party to this Agreement, each Foreign
Lender represents and warrants to the Borrower that it is, on the date such Foreign Lender becomes a party hereto, entitled to complete exemption from withholding tax under the laws of the jurisdiction in which the Borrower is located, or under any
treaty to which such jurisdiction is a party, for payments made to it by the Borrower hereunder. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is
located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the 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 the Borrower as will permit such payments to be made without withholding or at a reduced rate. 
  

 TERM LOAN AGREEMENT, Page 35 

 (f) Refunds or Credits. If any Lender or the Administrative Agent (i) receives a refund from
a taxation authority in respect of any Indemnified Taxes or Other Taxes with respect to which the Borrower has paid additional amounts hereunder or (ii) claims any credit or other tax benefit (such credit to include any increase in any foreign
tax credit) with respect to any Taxes or Other Taxes for which it has been indemnified by the Borrower and with respect to which the Borrower has paid additional amounts hereunder which refund, credit or other tax benefit in the sole judgment of
such Lender or the Administrative Agent is directly attributable to any such Indemnified Tax or Other Tax paid, such Lender or the Administrative Agent shall promptly pay over to the Borrower the amount of such refund, credit or other tax benefit
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower with respect to the Indemnified Taxes or Other Taxes giving rise to such refund or credit), net of all out-of-pocket expenses (including any taxes on a
refund or on interest received or credited) which such Lender or the Administrative Agent certifies that it has reasonably determined to have been incurred in connection with obtaining such refund, credit or other tax benefit; provided,
however, that (i) the Borrower agrees to repay, upon the request of such Lender or the Administrative Agent, the amount paid over to the Borrower (plus penalties, interest or other charges) to such Lender or the Administrative Agent in
the event such Lender or the Administrative Agent is required to repay such refund or credit to such tax authority, (ii) such Lender or the Administrative Agent, as the case may be, shall have no obligation to cooperate with respect to any
contest (or continue to cooperate with respect to any contest), or to seek or claim any refund, credit or other tax benefit if such Lender or the Administrative Agent determines that its interest would be materially adversely affected by so
cooperating (or continuing to cooperate) or by seeking or claiming any such refund, credit or other tax benefit and (iii) the Borrower shall not have any right to examine the tax returns or other records of any Lender or the Administrative
Agent or to obtain any information with respect thereto by reason of the provisions of this Section or any judgment or determination made by any Lender or the Administrative Agent pursuant to this Section. 
 Section 2.14 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 
 (a) Manner of Payment. The Borrower shall make each payment (including prepayment) required to be made by it hereunder and under the other Loan
Documents (whether of principal, interest, fees or of amounts payable under Section 2.11, Section 2.12 or Section 2.13, or otherwise) prior to 12:00 noon, New York, New York time, on the date when due, in immediately available funds,
without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.
All such payments shall be made to the Administrative Agent pursuant to the instructions provided by the Administrative Agent, except that payments pursuant to Section 2.11, Section 2.12, Section 2.13 and Section 9.03 shall be
made directly to the Persons entitled thereto. The Administrative Agent shall distribute, in like funds, any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.

 (b) Payments on Non-Business Days. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable
on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any
payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 
  

 TERM LOAN AGREEMENT, Page 36 

 (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) the Borrowing of
Loans from the Lenders under Section 2.01 hereof shall be made from the relevant Lenders pro rata according to the amounts of their respective Commitments; (ii) the conversion and continuation of Loans of a particular Type (other
than conversions provided for by Section 2.10 hereof) shall be made pro rata among the Lenders according to the amounts of their Loans; (iii) each payment or prepayment of principal of Loans shall be made for account of the Lenders
and each payment of the Prepayment Fee, pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower shall be made for account of the Lenders
pro rata in accordance with the amounts of interest on such Loans then due and payable to the Lenders. 
 (d) Manner of Application
if Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, 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 then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 
 (e) Sharing
of Payments. 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 resulting in such Lender receiving payment of a greater proportion
of the aggregate amount of its 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 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; provided, that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or the other Loan Documents or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The 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 the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (f)
Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders that the Borrower will
not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such 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 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. 
 (g) Withholding by Administrative Agent of Certain Payments. If any Lender shall fail to make any payment
required to be made by it pursuant to Section 2.11(f) or Section 2.11(j), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  

 TERM LOAN AGREEMENT, Page 37 

 (h) Application of Proceeds of Collateral. All amounts received under the Subsidiary Guarantee and
the Collateral Documents and all proceeds received by the Administrative Agent under the Collateral Documents from the sale or other liquidation of the Collateral shall first be applied as payment of the accrued and unpaid fees of the Administrative
Agent hereunder and then to all other unpaid or unreimbursed Obligations (including reasonable attorneys’ fees and expenses) owing to the Administrative Agent in its capacity as Administrative Agent only and then any remaining amount of such
proceeds shall be distributed to the Secured Parties, pro rata in accordance with the respective unpaid amounts of Obligations, until all the Obligations have been paid and satisfied in full or cash collateralized. After all the Obligations have
been paid and satisfied in full or cash collateralized, any proceeds of Collateral shall be delivered to the Person entitled thereto as directed by the Borrower or as otherwise determined by applicable law or applicable court order. 
 (i) Noncash Proceeds. Notwithstanding anything contained herein to the contrary, if pursuant to the Collateral Documents the Administrative Agent
shall ever acquire any Collateral through foreclosure or by a conveyance in lieu of foreclosure or by retaining any of the Collateral in satisfaction of all or part of the Obligations or if any proceeds of Collateral received by the Administrative
Agent to be distributed and shared pursuant to this Section are in a form other than immediately available funds, the Administrative Agent shall not be required to remit any share thereof under the terms hereof and the Secured Parties shall only be
entitled to their undivided interests in the Collateral or noncash proceeds as determined by paragraph (h) of this Section. The Secured Parties shall receive the applicable portions (in accordance with the foregoing paragraph (h)) of any
immediately available funds consisting of proceeds from such Collateral or proceeds of such noncash proceeds so acquired only if and when received by the Administrative Agent in connection with the subsequent disposition thereof. While any
Collateral or other property to be shared pursuant to this Section is held by the Administrative Agent pursuant to this clause (i), the Administrative Agent shall hold such Collateral or other property for the benefit of the Secured Parties and all
matters relating to the management, operation, further disposition or any other aspect of such Collateral or other property shall be resolved by the agreement of the Required Lenders. 
 (j) Return of Proceeds. If at any time payment, in whole or in part, of any amount distributed by the Administrative Agent hereunder is rescinded
or must otherwise be restored or returned by the Administrative Agent as a preference, fraudulent conveyance, or otherwise under any bankruptcy, insolvency, or similar law, then each Person receiving any portion of such amount agrees, upon demand,
to return the portion of such amount it has received to the Administrative Agent together with a pro rata portion of any interest paid by or other charges imposed on the Administrative Agent in connection with such rescinded or restored payment.

 Section 2.15 Mitigation Obligations; Replacement of Lenders. 
 (a) Change of Lending Office. If any Lender requests compensation under Section 2.11, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, 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 2.11 or
Section 2.13, 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 Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 
  

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 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.11, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, then the Borrower 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 10.04), all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, 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, 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 Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11
or payments required to be made pursuant to Section 2.13, 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 Borrower to require such assignment and delegation cease to apply. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the Lenders that: 
 Section 3.01 Organization; Powers.
Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is
required. 
 Section 3.02 Authorization; Enforceability. The Transactions are within the Obligors’ corporate powers and have
been duly authorized by all necessary corporate and, if required, shareholder action. Each of this Agreement and the other Loan Documents has been duly executed and delivered by each Obligor and constitutes a legal, valid and binding obligation of
such Obligor, 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, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents
of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) are permitted by the ABL Credit Facility, the European Credit Facility, the Senior Secured Notes and the Public Bond Documents and will not otherwise
violate or result in a default under any of the Public Bond Documents, the ABL Credit Facility, the European Credit Facility, any of the Senior Secured Notes or any other indenture, agreement or other instrument binding upon the Borrower or any of
its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or
any of its Subsidiaries except for the Liens contemplated by the Collateral Documents. The Indebtedness Incurred hereunder and under the ABL Credit Facility and the Senior Secured Notes is permitted to be incurred by the Public Bond Documents
without compliance with the consolidated coverage ratio test set forth therein. 
  

 TERM LOAN AGREEMENT, Page 39 

 Section 3.04 Financial Condition; No Material Adverse Change. 
 (a) Financial Statements. The Borrower has heretofore furnished to the Lenders its consolidated balance sheet, statements of income, shareholders
equity and cash flows and pro forma information as of and for the Fiscal Year ended May 3, 2009, reported on by Ernst & Young LLP, independent public accountants. Such financial statements present fairly, in all material
respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments. 
 (b) No Material Adverse Change. Since May 3, 2009, there has been no event, development or circumstance that has had or could reasonably be
expected to have a Material Adverse Effect. 
 (c) No Material Undisclosed Liabilities. The Borrower does not have on the date of this
Agreement any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments in each case that are material, except as referred to or reflected in the
balance sheets as at May 3, 2009. 
 Section 3.05 Properties. 
 (a) Title to Properties. As of the date of this Agreement, Schedule 3.05 sets forth the address of (i) each parcel of real property that is
owned by each Obligor and (ii) each parcel of real property that is leased or subleased by each Obligor (A) where the aggregate value of the Inventory of the Obligors at such property is in excess of $5,000,000 and (B) where at least
80% of the Inventory of the Obligors at all leased or subleased real properties is located. Except as could not reasonably be expected to result in a Material Adverse Effect, each of such leases and subleases is valid and enforceable in accordance
with its terms and is in full force and effect, and no default by any Obligor or, to the knowledge of any Obligor, default by any other party to any such lease or sublease exists. Each of the Obligors and its Subsidiaries has good and indefeasible
title to, or valid leasehold interests in, all its real and personal property material to its business, except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes, free of all Liens other than those permitted by Section 6.08. 
 (b) Intellectual
Property. Each Obligor and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business as currently conducted (with respect to any such intellectual
property other than the intellectual property listed on Schedule 3.05, except as could not reasonably be expected to result in a Material Adverse Effect). Schedule 3.05 is a complete and correct list of certain intellectual property owned by the
Obligors representing approximately 80% of the aggregate value of all the intellectual property owned by the Obligors as of the Effective Date and (i) the use thereof by the Obligors and their Subsidiaries and (ii) the use by the Obligors
and their Subsidiaries of all other trademarks, trade names, copyrights, patents and other intellectual property does not (except, in the case of clause (ii), as could not reasonably be expected to result in a Material Adverse Effect) infringe,
dilute, misappropriate, or otherwise violate in any respect (“Infringe”) upon the rights of any other Person in a manner that could reasonably be expected to materially impair the value of such intellectual property, taken as a
whole, and, except as could not reasonably be expected to result in a Material Adverse Effect, no other Person is Infringing the intellectual property of any Obligor or any other their Subsidiaries. The Obligors’ and their Subsidiaries’
rights in and to any such intellectual property that is material to their business as currently conducted are 

  

 TERM LOAN AGREEMENT, Page 40 

 
not subject to any licensing agreement or similar arrangement that restricts the use thereof, other than restrictions that do not materially interfere with
their ability to conduct their business as currently conducted. 
 Section 3.06 Litigation and Environmental Matters. 

(a) Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which an adverse determination is reasonably likely 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, the other Loan Documents or the Transactions. 
 (b) Environmental Matters. 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 Borrower 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) Disclosed Matters. Since the Effective Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse
Effect. As of the Effective Date the Borrower does not believe that the Disclosed Matters individually or in the aggregate are reasonably likely to have a Material Adverse Effect. 
 Section 3.07 Compliance with Laws and Agreements. Each of the Borrower 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. No Default or Event of Default has occurred and is continuing. 
 Section 3.08
Investment Company Status. Neither the Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 Section 3.09 Taxes. Each of the Borrower 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 Borrower 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. 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 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),
individually and in the aggregate, 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 or Plans by an amount which could reasonably be expected to result in
a Material Adverse Effect. 
  

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 Section 3.11 Disclosure. The Borrower and its Subsidiaries have disclosed to the Lenders all
agreements, instruments and corporate or other restrictions to which they are subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the
Offering Memorandum dated June 25, 2009 in respect of Senior Secured Notes, nor any other report, financial statement, certificate or other information furnished by or on behalf of the any Obligor to the Administrative Agent or any Lender in
connection with the Transactions 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 Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. 
 Section 3.12 Margin Regulations. Neither the Borrower nor any of its Subsidiaries is
engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of “buying” or “carrying” “margin stock” within the meaning of
each of the quoted terms under Regulation U as now and from time to time hereafter in effect, and no part of the proceeds of any extension of credit hereunder will be used to “buy” or “carry” any “margin stock”.

 Section 3.13 Material Agreements and Liens. 
 (a) Indebtedness. Part A of Schedule 3.13 hereto is a complete and correct list, as of the Effective Date, of each credit agreement, loan agreement, indenture, note purchase agreement, guarantee, letter
of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries the aggregate principal or
face amount of which equals or exceeds (or may equal or exceed) $20,000,000 and the aggregate principal or face amount outstanding or that may become outstanding under each such arrangement is correctly described in Part A of said Schedule
3.13. 
 (b) Liens. Part B of Schedule 3.13 hereto is a complete and correct list, as of the Effective Date, of each Lien
securing Indebtedness described in Part A of Schedule 3.13 of any Person covering any property of the Borrower or any of its Subsidiaries, and the aggregate Indebtedness secured (or which may be secured) by each such Lien and the property
covered by each such Lien is correctly described in Part B of said Schedule 3.13. 
 Section 3.14 Subsidiaries,
etc. 
 (a) Subsidiaries. Set forth in Part A of Schedule 3.14 hereto is a complete and correct list, as of the
Effective Date, of all of the Subsidiaries of the Borrower, together with, for each Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature
of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Restricted Subsidiary or an Unrestricted Subsidiary. Except as
disclosed in Part A of Schedule 3.14 hereto, (x) each of the Borrower and its Subsidiaries owns, free and clear of Liens, and has the unencumbered right to vote, all outstanding ownership interests in each Person shown to be held by it
in Part A of Schedule 3.14 hereto, (y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) there are no outstanding Equity Interests
with respect to such Person. 
  

 TERM LOAN AGREEMENT, Page 42 

 (b) Investments. Set forth in Part B of Schedule 3.14 hereto is a complete and correct
list, as of the Effective Date, of all Investments with a value in excess of $5,000,000 (other than Investments disclosed in Part A of said Schedule 3.14 hereto and Investments of the type permitted pursuant to clauses (a), (f), (g), (h),
(k), (l) and (n) of Section 6.04 of the ABL Credit Facility) held by the Borrower or any of its Subsidiaries in Person and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and
(y) the nature of such Investment. Except as disclosed in Part B of Schedule 3.14 hereto, each of the Borrower and its Subsidiaries owns, free and clear of all Liens, all such Investments. 
 Section 3.15 Solvency. On and as of the Effective Date, immediately prior to and after consummation of the Transactions and after giving
effect to all Loans, Liens and other obligations and liabilities being incurred on such date in connection therewith and after giving effect to application of the proceeds thereof in accordance with the terms of the Loan Documents, the Borrower and
its Subsidiaries, taken as a whole, are, and each Obligor, individually, is, and will be, Solvent. 
 Section 3.16 Labor Matters.
On and as of the Effective Date, there are no material strikes, lockouts or slowdowns against the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened, which could reasonably be expected to result in a
Material Adverse Effect. 
 Section 3.17 Insurance. The Summary of Insurance for Smithfield Foods, Inc. dated June 3, 2009
prepared by Marsh USA Inc., a copy of which has been provided to the Administrative Agent, sets forth a description of all insurance maintained by or on behalf of the Obligors as of the Effective Date. As of the Effective Date, all premiums in
respect of such insurance that are due and payable have been paid. The Borrower believes that the insurance maintained by or on behalf of the Borrower and its Subsidiaries is adequate. 
 Section 3.18 Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on
all the Collateral in favor of the Term Collateral Agent, for the benefit of the Secured Parties and the holders of the Senior Secured Notes, and such Liens constitute (or, in case of real property, upon filing of the Mortgages as necessary will
constitute) perfected and continuing Liens on the Collateral to the extent required to be perfected by the Collateral Documents, securing the Obligations, enforceable against the applicable Obligor and all third parties, and having priority over all
other Liens on the Collateral except (a) in the case of Permitted Liens, to the extent any such Permitted Liens would have priority over the Liens in favor of the Term Collateral Agent pursuant to any applicable law and (b) to the extent
otherwise provided by the Intercreditor Agreement. 
 Section 3.19 Common Enterprise. Each Obligor has determined that the
execution, delivery, and performance of the Loan Documents to be executed by such Obligor is within its purpose, will be of direct and indirect benefit to such Obligor, and is in its best interest. 
 ARTICLE IV 
 CONDITIONS 
 Section 4.01 Effective Date. The obligation of the Lenders to make Loans shall not become effective until the date (the “Effective
Date”), on which each of the following conditions is satisfied (or waived in accordance with Section 10.02); provided, that such effectiveness shall in any event occur on or before July 15, 2009): 
 (a) Execution of Agreement. The Administrative Agent (or its counsel) shall have received from the Borrower, each Subsidiary Guarantor and each
Lender either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement. 
  

 TERM LOAN AGREEMENT, Page 43 

 (b) Corporate Documents. 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 each Obligor, the authorization of the Transactions and any other legal matters relating to the Obligors,
this Agreement, the other Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (c) Borrowing Request. The Administrative Agent shall have received a Borrowing Request, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower. 
 (d) Opinion of Counsel to the Obligors. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative
Agent and the Lenders and dated the Effective Date) of counsel for the Obligors, addressing the matters relating to each Obligor set forth in Sections 3.01, 3.02, 3.03, 3.06(a), 3.08 and 3.18 and covering such other matters relating to each Obligor,
this Agreement, the other Loan Documents or the Transactions as the Required Lenders shall reasonably request (and the Obligors hereby request such counsel to deliver such opinion). 
 (e) Fees, etc. The Administrative Agent shall have received reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder. 
 (f) Approvals. All governmental and third party approvals necessary, or as reasonably
determined by the Administrative Agent and the Borrower, advisable in connection with the Transactions shall have been obtained and be in full force and effect. 
 (g) Collateral Documents. The Administrative Agent shall have received counterparts of the Intercreditor Agreement and the Term Loan Intercreditor Agreement executed by each party thereto (other than the
Administrative Agent) and counterparts of the duly executed Security Agreement signed on behalf of the Obligors party thereto and the Term Collateral Agent, together with the following, subject however, to the terms of the Collateral Documents:

 (i) all documentation, including UCC financing statements, required by law or reasonably requested by the Administrative Agent to be
filed, registered or recorded to create or perfect the Liens intended to be created under the Collateral Documents; 
 (ii) the results of
the search of the UCC (or equivalent) and Effective Financing Statement filings, tax Liens and judgment Liens made with respect to the Obligors and any predecessor company identified pursuant to the Security Agreements in each jurisdiction
(A) in which each Obligor and each predecessor company is organized, (B) where each Obligor and each predecessor company has its chief executive office or has had its chief executive office within the last four months prior to the
Effective Date and (C) in which any Collateral is located; and copies of the financing statements (or other documents) disclosed by such search and evidence that the Liens indicated by such financing statements (or similar documents) are
permitted by the Agreement or have been released or, simultaneously with the execution of this Agreement, will be released; and 
 (iii)
such other executed documentation that is delivered under the Collateral Documents to perfect and protect the Liens of the Term Collateral Agent; 
 (h) Insurance. The Administrative Agent shall have received certificates of insurance summarizing the insurance policies of the Obligors required by the Loan Documents. 
  

 TERM LOAN AGREEMENT, Page 44 

 (i) Senior Secured Notes. The Administrative Agent shall have received evidence that the Borrower
shall have received proceeds of at least $400,000,000 in consideration for the issuance of the Senior Secured Notes. The Administrative Agent shall have received copies of all the Senior Secured Notes Documents, all in form and substance acceptable
to the Administrative Agent. 
 (j) ABL Credit Facility. The Administrative Agent shall have received evidence of the closing and
funding of the ABL Credit Facility. The Administrative Agent shall have received copies of the documentation executed and delivered in connection with the ABL Credit Facility, all of which shall be in form and substance acceptable to the
Administrative Agent. 
 (k) Repayment of the Existing Senior Secured Notes. The Administrative Agent shall have received evidence
that all the Existing Senior Secured Notes shall have been repaid in full and all Liens securing the repayment thereof shall have been released. 
 (l) Existing Credit Agreement. All unpaid principal, interest and fees accrued under the Credit Agreement dated August 29, 2008 among the Borrower, Rabobank as the only lender and Rabobank as administrative agent through the
Effective Date shall have been paid, or on the Effective Date will be paid. 
 (m) Additional Information. The Administrative Agent
shall have received shall have received such additional documentation and information as the Administrative Agent or its legal counsel may reasonably request. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 Until the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that: 
 Section 5.01 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 

(a) Annual Audited Financial Statements. On or before the date such financial statements are required to be filed with the SEC (or, if such
financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each Fiscal Year of the Borrower), the following: 
 (i) the audited consolidated balance sheet and related statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each
case in comparative form the corresponding consolidated figures for the previous Fiscal Year, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern”
or like modification, qualification or exception and without any modification, 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 Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied (excluding copies of any such financial statements that are publicly available from the SEC on EDGAR, so
long as a notification has been sent to the Administrative Agent within two days after such financial statements become publicly available, stating that such financial statements have been filed with the SEC and are publicly available on EDGAR), and

  

 TERM LOAN AGREEMENT, Page 45 

 (ii) the unaudited consolidated balance sheet and related statements of operations and cash flows of the
Borrower and its Restricted Subsidiaries as of the end of and for such year, certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its
Restricted Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) Quarterly Financial Statements.
On or before the date such financial statements are required to be filed with the SEC (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 45 days after the end of each of the first three fiscal
quarters of each Fiscal Year of the Borrower), the unaudited consolidated balance sheet and related statements of operations and cash flows of the Borrower and its Subsidiaries (and, separately stated, of the Borrower and its Restricted Subsidiaries
without comparative data) 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 corresponding consolidated 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 certified by one of its Financial Officers and presenting fairly in all material respects the financial condition and results of operations of the Borrower and its
Subsidiaries (and of the Borrower and its Restricted Subsidiaries, as the case may be) on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end adjustments and the absence of footnotes (excluding copies of any
such financial statements that are publicly available from the SEC on EDGAR, so long as a notification has been sent to the Administrative Agent within two days after such financial statements become publicly available, stating that such financial
statements have been filed with the SEC and are publicly available on EDGAR); 
 (c) Compliance Statements. Concurrently with any
delivery of financial statements under clause (a) or (b) above, a Compliance Certificate executed by a Financial Officer of the Borrower certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of
Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto; 
 (d) Accountant
No Default Certificate. Concurrently with any delivery of financial statements under clause (a) above, to the extent not available in the Borrower’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, in either case filed with
the SEC, 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 or Event of Default (which
certificate may be limited to the extent required by accounting rules or guidelines); 
 (e) Other Reports. Promptly after the same
become publicly available, copies of all periodic and other reports, proxy statements and other materials filed (excluding copies of any reports, statements or other materials that are publicly available from the SEC on EDGAR, so long as a
notification has been sent to the Administrative Agent within two days after such reports, statements or other materials become publicly available, stating that such reports, statements and/or other materials have been filed with the SEC and are
publicly available on EDGAR) by the Borrower or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to its
shareholders generally, as the case may be; and 
 (f) Other Information. Promptly following any request therefor, such other
information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
  

 TERM LOAN AGREEMENT, Page 46 

 Section 5.02 Notices of Material Events. The Borrower will furnish to the Administrative
Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default or Event of Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Obligor
or any Affiliate 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 5.02 shall be accompanied by a statement of a Financial Officer or other executive officer of the 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. 
 Section 5.03 Existence; Conduct of Business. Subject to Section 6.06, the Borrower will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and that of each
Restricted Subsidiary and the corporate rights (charter and statutory) licenses and franchises of the Borrower and each Restricted Subsidiary; provided, however, that the Borrower shall not be required to preserve any such existence (except
the Borrower), right, license or franchise if the Board of Directors of the Borrower shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Borrower and each of its Restricted Subsidiaries, taken
as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Lenders 
 Section 5.04
Payment of Obligations. The Borrower will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges levied or imposed upon the Borrower or
any Subsidiary or upon the income, profits or property of the Borrower or any Subsidiary and (ii) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a material liability or lien upon the property of the
Borrower or any Restricted Subsidiary; provided, however, that the Borrower shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the Borrower) are being maintained in accordance with GAAP. 
 Section 5.05 Maintenance of Properties. The Borrower will cause all material properties owned by the Borrower or any Restricted Subsidiary or
used or held for use in the conduct of its business or the business of any Restricted Subsidiary to be maintained and kept in normal condition, repair and working order and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Borrower may be necessary so that the business carried on in connection therewith may be properly conducted at all times; provided, however, that nothing in this Section
shall prevent the Borrower or any of its Restricted Subsidiaries from discontinuing the maintenance of any of such properties if such discontinuance is, in the judgment of the Borrower, desirable in the conduct of its business or the business of any
Restricted Subsidiary and not adverse in any material respect to the Lenders. 
  

 TERM LOAN AGREEMENT, Page 47 

 Section 5.06 Insurance. To the extent available at commercially reasonable rates, the
Borrower will maintain, and will cause its Restricted Subsidiaries to maintain, insurance with responsible carriers against such risks and in such amounts, and with such deductibles, retentions, self-insured amounts and co-insurance provisions, as
are customarily carried by similar businesses, of similar size in their country of organization, including professional and general liability, property and casualty loss, workers’ compensation and interruption of business insurance. In the
event the Borrower determines that insurance satisfying the first sentence of this Section 5.06 is not available at commercially reasonable rates, it shall provide an Officers’ Certificate to such effect to the Administrative Agent and the
Administrative Agent may conclusively rely on the determinations set forth therein. 
 Section 5.07 Compliance with Laws. The
Borrower shall comply, and shall cause each of its Restricted Subsidiaries to comply, with all applicable statutes, rules, regulations, orders and restrictions of the United States of America, all states and municipalities thereof, and of any
governmental regulatory authority, in respect of the conduct of their respective businesses and the ownership of their respective properties, except for such noncompliances as would not in the aggregate have a Material Adverse Effect. 
 Section 5.08 Books and Records; Inspection Rights. The Borrower will, and will cause each of its Restricted 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 Borrower will, and will cause each of its Restricted 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. 
 Section 5.09 Use of
Proceeds. The proceeds of the Loans will be used to repay all indebtedness outstanding under the Credit Agreement dated August 29, 2008 among the Borrower, Rabobank as the only lender and Rabobank as administrative Agent and for other
general corporate purposes of the Borrower and its Restricted Subsidiaries. No part of the proceeds of any Loan will be used, 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 5.10 Joinder of Additional Domestic Subsidiaries; Automatic Release. 
 (a) Joinder to Subsidiary Guarantee. The Borrower will cause each Restricted Subsidiary that Guarantees, any time after the Effective Date, any
Indebtedness of the Borrower or any Subsidiary Guarantor to execute and deliver to the Administrative Agent a Joinder Agreement pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and
prompt payment of the principal of, premium, if any, and interest in respect of the Obligations on a senior secured basis. 
 (b)
Automatic Release. Notwithstanding the foregoing, in the event (a) a Subsidiary Guarantor is released and discharged in full from all of its obligations under its Guarantees of (i) the ABL Credit Facility and (ii) all other
Indebtedness of the Borrower and its Restricted Subsidiaries, and (b) such Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its status as a Subsidiary Guarantor under Section 6.13 or such Subsidiary Guarantor’s
obligations under such Indebtedness are satisfied in full and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section 6.13(b), then the Subsidiary Guarantee of such
Subsidiary Guarantor shall be automatically and unconditionally released and discharged. 
 (c) Joinder to Collateral Documents. Each
Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Effective Date shall also become a party to the Collateral Documents 

  

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and shall as promptly as practicable execute and deliver such security instruments, financing statements, mortgages, deeds of trust (in substantially the
same form as those executed and delivered with respect to the ABL Collateral and the Non-ABL Collateral) and certificates and opinions of counsel (to the extent, and substantially in the form, delivered on the Effective Date (but no greater scope))
as may be necessary to vest in the Term Collateral Agent a perfected first or second priority Liens, as the case may be, (subject to Permitted Liens) upon all its properties and assets (other than Excluded Property) in respect of which it is
obligated to grant such Lien pursuant to the Collateral Documents as security for the Obligations or the Subsidiary Guarantees and as may be necessary to have such property or asset added to the Collateral as required under the Collateral Documents
and this Agreement, and thereupon all provisions of this Agreement relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect; provided, however, that if granting
such first or second priority Liens, as the case may be, in any such property or asset requires the consent of a third party, the Borrower will use commercially reasonable efforts to obtain such consent for the benefit of the Term Collateral Agent;
provided, further, however, that if after the use of commercially reasonable efforts, such third party does not consent to the first or second priority Liens on an asset or property that would constitute an immaterial portion of the
Collateral, the Subsidiary Guarantor will not be required to provide such Liens. 
 Section 5.11 General Further Assurances; Post
Closing Mortgages; After Acquired Property. Subject to the terms of the Collateral Documents, Borrower will, and will cause each Subsidiary who is a Obligor to, execute any and all further documents, financing statements, agreements and
instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), which may be required under any applicable law, or which the Administrative
Agent may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Collateral Documents or the validity or priority of any such
Lien, all at the expense of the Borrower. The Borrower also agrees to provide to the Administrative Agent, from time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens
created or intended to be created by the Collateral Documents. 
 (a) Real Estate Mortgages and Filings. With respect to Mortgaged
Properties: 
 (i) the Borrower shall deliver to the Term Collateral Agent, as mortgagee or beneficiary, as applicable, fully executed
counterparts of Mortgages, duly executed by the Borrower or the applicable Subsidiary Guarantor, together with evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage (and payment
of any taxes or fees in connection therewith, provided that in jurisdictions that impose mortgage recording taxes, such Mortgage shall not secure indebtedness in an amount exceeding 100% of the fair market value of the applicable Mortgaged
Properties, as reasonably determined in good faith by the Borrower) as may be necessary to create a valid, perfected first-priority Lien, subject to Permitted Liens, against the Mortgaged Properties purported to be covered thereby and, to the extent
requested by the Administrative Agent or the Term Collateral Agent, proper fixture filings under the UCC on Form UCC-1 for filing under the UCC in the appropriate jurisdictions in which the Mortgaged Properties are located, in order to create in
favor of the Term Collateral Agent, a perfected first priority lien and security interest in the fixtures constituting Non-ABL Collateral and a perfected second priority lien and security interest in the fixtures constituting ABL Collateral, which
is conveyed by the Mortgages and which can be perfected by the making of such filings, registrations or recordations, prior and superior to the right of any other Person (other than Permitted Liens), shall be filed, registered or recorded, or
delivered for filing, as follows: (A) with respect to each of the Mortgaged Properties constituting processing plants, within 150 days of the Effective Date; (B) with respect to Mortgaged Properties which constitute hog farms
(“Farm Premises”) with an aggregate value of gross property, plant and equipment before depreciation (as reflected in the Borrower’s financial records, “Gross PPE”) equal to at least 75% of the total Gross PPE
of all of the Farm Premises as of May 3, 2009, within 150 days of the Effective Date, and (C) with respect to the remaining Farm Premises, within 320 days of the Effective Date; 
  

 TERM LOAN AGREEMENT, Page 49 

 (ii) the Borrower shall deliver to the Term Collateral Agent an ALTA policy of title insurance (or
commitment to issue such a policy having the effect of a policy of title insurance), which shall (A) be in an aggregate amount equal to $825,000,000 (to be proportionally allocated among the Mortgaged Properties for which title insurance is
required hereunder); (B) be issued at ordinary rates; (C) insure or commit to insure that the Mortgages insured thereby create valid and enforceable first priority liens and security interests in the real properties described therein, free
and clear of all defects and encumbrances, except for the Permitted Liens; (D) name the Term Collateral Agent as the insured thereunder; (E) be in the form of ALTA Loan Policy – 2006 (or equivalent policies); (F) contain such
affirmative coverage as are customary in a transaction of this type and the following endorsements, to the extent available in a particular jurisdiction and applicable to the particular real property: Variable Rate; Environmental Protection Lien;
Restrictions, Encroachments, Minerals; Future Advance – Priority; Future Advance – Letter of Credit; Access and Entry; Multiple Tax Parcel; Contiguity; First Loss – Multiple Parcels Transaction; Doing Business; Revolving Credit;
Usury; Waiver of Arbitration; Address; Mortgage Recording Tax; Pro Tanto (which endorsement shall provide that (x) notwithstanding that the amount of the title insurance policy in favor of the Term Collateral Agent that covers the applicable
Mortgaged Property and the amount of the title insurance policy in favor of the ABL Agent covering the same Mortgage Property shall each be equal to the amount allocated to such Mortgage Property, the aggregate amount of title insurance available
under both such title insurance policies shall be equal to the amount so allocated and (y) payment under either of the foregoing title policies shall reduce the aggregate amount available under both such title insurance policies); Tie
In/Cluster; Riparian Rights; Survey (subject to clause (iii) below, not required for Farm Premises); and Zoning (not required for Farm Premises, and with respect to other Mortgaged Properties, required to the extent the same can be obtained
based upon either the existing survey or any new survey done with respect to such Mortgaged Properties and/or a Property Information Report performed by Bock & Clark); and (G) be issued by title companies satisfactory to the Term
Collateral Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Term Collateral Agent (the “Title Company”), as follows: (1) with respect to each of the Mortgaged Properties
constituting processing plants, within 150 days of the Effective Date, (2) with respect to Farm Premises with a Gross PPE equal to at least 75% of the total Gross PPE of all of the Farm Premises, within 150 days of the Effective Date, and
(3) with respect to the remaining Farm Premises, within 320 days of the Effective Date; provided that with respect to any Farm Premises listed on Schedule I to the Indenture (as such schedule exists on the date hereof, without giving effect for
purposes of this clause (3) to any amendment or other modification thereto unless modified with the consent of the Administrative Agent) with a notation that title insurance shall not be required, the Borrower and the Subsidiary Guarantors
shall only be required to deliver a title report. The Term Collateral Agent shall receive evidence that all premiums in respect of title policies or commitments, title search reports, all charges for mortgage recording tax and all related expenses,
if any, have been paid; 
 (iii) the Borrower shall, or shall cause its Subsidiary Guarantors to, deliver to the Term Collateral Agent,
prior to or at the same time as delivery of the title policies or commitments or title search reports referred to in clause (ii) above, a copy of all recorded documents referred to, or listed as exceptions to title in such title policies and a
copy of all other material documents affecting the Mortgaged Properties; 
 (iv) the Borrower shall, or shall cause its Subsidiary
Guarantors to, deliver to the Term Collateral Agent, with respect to each of the Mortgaged Properties, (A) an ALTA survey prepared and certified to the Term Collateral Agent by a qualified surveyor or (B) an existing survey if one exists
on the Effective Date, with no change affidavit only if the Title Company agrees to remove general survey exceptions and issue comprehensive, address, survey and access endorsements on the title 

  

 TERM LOAN AGREEMENT, Page 50 

 
policy delivered pursuant to clause (ii) above, or in the alternative with respect to the Farm Premises, an existing survey if one exists on the
Effective Date, or copies of plats, mapping data and information or property reports which shall provide reasonable evidence that the hog farms and all related improvements are located on the land owned by the Borrower or the Subsidiary Guarantors,
with commercially reasonable efforts to obtain survey endorsements with respect to the title insurance policies on such Farm Premises (to the extent title insurance is required), as follows: (1) with respect to each of the Mortgaged Properties
constituting processing plants, within 150 days of the Effective Date, (2) with respect to Farm Premises with an aggregate value of Gross PPE equal to at least 75% of the total Gross PPE of all of the Farm Premises, within 150 days of the
Effective Date, and (3) with respect to the remaining Farm Premises, within 320 days of the Effective Date, and 
 (v) the Borrower
shall, or shall cause its Subsidiary Guarantors to, deliver to the Term Collateral Agent, with respect to each of the Mortgaged Properties, an opinion of counsel in the state in which the Mortgaged Properties are located, and an opinion of counsel
in the jurisdiction of incorporation or organization of each Subsidiary Guarantor entering into a Mortgage, in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Term Collateral Agent, and zoning
reports, such other information, documentation, instruments, certifications and agreements, as are customary in a transaction of this type, as may be reasonably required by the Term Collateral Agent, as follows: (A) with respect to each of the
Mortgaged Properties constituting processing plants, within 150 days of the Effective Date, (B) with respect to Farm Premises with an aggregate value of Gross PPE equal to at least 75% of the total Gross PPE of all of the Farm Premises, within
150 days of the Effective Date, and (C) with respect to the remaining Farm Premises, within 320 days of the Effective Date; and 
 (vi)
within the time required above for the delivery of a Mortgage with respect to a parcel of Mortgaged Property, the Borrower shall deliver to the Administrative Agent, a “Life-of-Loan” Federal Emergency Management Agency Standard Flood
Hazard Determination with respect to each such parcel of Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance, duly executed by the Borrower or the applicable Obligor, and evidence of flood
insurance, in the event any such parcel of Mortgaged Property is located in a special flood hazard area). 
 Notwithstanding anything to the contrary in
clauses (i) through (v) above, in the event the Borrower and the Subsidiary Guarantors cannot, with respect to any Farm Premises owned on the Effective Date (“Removed Farm Premises”) satisfy the delivery requirements as
provided in clauses (i) through (v) above after using commercially reasonable efforts to do so, they shall not be deemed to be in default of their obligations under such clauses if, within the time periods required above, the Borrower and
the Subsidiary Guarantors deliver the items described in clauses (i) through (v) above with respect to one or more substitute properties of substantially comparable quality and utility and which in the aggregate have a Gross PPE equal to
or greater than the Removed Farm Premises, provided that if, within the 320 day time period referred to above the Borrower and the Subsidiary Guarantors are in compliance with clauses (i) through (v) above with respect to the Farm Premises
which shall have an aggregate Gross PPE of equal to or greater than 85% of the total Gross PPE of all Farm Premises, then neither a Default nor an Event of Default shall not be deemed to occur if the Borrower and the Subsidiary Guarantors are unable
to satisfy the requirements of paragraph (i) through (v) with respect to additional Farm Premises so long as the Borrower and the Subsidiary Guarantors continue to use commercially reasonable efforts to satisfy such requirements.

 (b) After Acquired Property. Subject to Permitted Liens and the terms of the Collateral Documents, upon the acquisition by the
Borrower or any Subsidiary Guarantor after the Effective Date of (i) any material assets, including, but not limited to, any after-acquired real property or 

  

 TERM LOAN AGREEMENT, Page 51 

 
any equipment or fixtures which constitute accretions, additions or technological upgrades to the equipment or fixtures that form part of the Collateral, or
(ii) any material Additional Assets out of the Net Cash Proceeds from any issuance of Additional Notes or in compliance with Section 6.04 (in each case other than with respect to any Excluded Property or assets constituting Collateral
under the Pledge and Security Agreement that become subject to a Lien in favor of the Term Collateral Agent pursuant to the Pledge and Security Agreement upon the acquisition therefor), the Borrower or such Subsidiary Guarantor shall execute and
deliver (A) with regard to any real property (other than Excluded Property) that is a hog farm with a Gross PPE of $3,000,000 or more or any other type of real property, including any processing plant, with a fair market value of $10,000,000 or
more, the items described under Section 5.11(a) within 60 days of the date of acquisition, and (B) to the extent required by the Collateral Documents, any information, documentation or other certificates as may be necessary to vest in the
Term Collateral Agent a perfected Lien, subject only to Permitted Liens, in such after-acquired property (other than Excluded Property) and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Agreement
and the Collateral Documents relating to the Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect. 
 (c) Documents Delivered in connection with the Delivery of Collateral. Where any provision of this Agreement requires that additional property or assets be added to the Collateral, the Borrower and each
Subsidiary Guarantor shall deliver to the Administrative Agent and the Term Collateral Agent the following: 
 (i) a request from the
Borrower that such Collateral be added; 
 (ii) the form of instrument adding such Collateral, which, based on the type and location of the
property subject thereto, shall be in substantially the form of the applicable Collateral Documents entered into or agreed to on the Effective Date, with such changes thereto as the Borrower shall consider appropriate, or in such other form as the
Borrower shall deem proper; provided that any such changes or such form are administratively satisfactory to the Administrative Agent and the Term Collateral Agent; 
 (iii) an Officers’ Certificate to the effect that the Collateral being added is in the form, consists of the assets and is in the amount or otherwise has the fair market value required by this Agreement;

 (iv) an Officers’ Certificate and Opinion of Counsel to the effect that all conditions precedent provided for in this Agreement to
the addition of such Collateral have been complied with, which Opinion of Counsel shall also opine as to the creation and perfection of the Term Collateral Agent’s Lien on such Collateral and as to the due authorization, execution, delivery,
validity and enforceability of the Collateral Document being entered into; and 
 (v) such financing statements, if any, as the Borrower
shall deem necessary to perfect the Collateral Agent’s Liens in such Collateral and, if the Collateral is real property, the other documents required by Section 5.11 (a) with respect thereto but only to the extent such real property
satisfies the conditions in the first sentence of Section 5.11(a). 
 (d) Consents Required Under the Collateral Documents. The
Administrative Agent or the Term Collateral Agent, in giving any consent or approval under the Collateral Documents, shall be entitled to receive, as a condition to such consent or approval, an Officers’ Certificate to the effect that the
action or omission for which consent or approval is to be given does not adversely affect the interests of the Secured Parties or impair the security of the Secured Parties in contravention of the provisions of the Loan Documents, and the
Administrative Agent and the Term Collateral Agent shall be fully protected in giving such consent or approval on the basis of such Officers’ Certificate. 
  

 TERM LOAN AGREEMENT, Page 52 

 (e) Insurance Required. The Borrower will, and will cause each of its Subsidiaries to, maintain
insurance (including flood insurance) with respect to the Collateral in compliance with the terms of the ABL Credit Facility. 
 (i)
Non-ABL Collateral. All insurance policies required with respect to the Non-ABL Collateral hereunder and under the ABL Credit Facility (including flood insurance) shall name the Term Collateral Agent as a primary additional insured or as loss
payee, as applicable, and the ABL Agent as a secondary additional insured or as loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements in form and substance satisfactory to the Term Collateral
Agent, which provide that all proceeds thereunder with respect to any Non-ABL Collateral shall be payable to the Term Collateral Agent in the first instance and ABL Agent in the second instance or the Borrower; and (B) such policy and loss
payable or mortgagee clauses may be canceled or terminated only upon at least thirty days prior written notice given to the Term Collateral Agent and the ABL Agent. 
 (ii) ABL Collateral. All insurance policies required with respect to the ABL Collateral hereunder and under the ABL Credit Facility shall name the ABL Agent as a primary additional insured or as loss payee, as
applicable, and the Term Collateral Agent as a secondary additional insured or as loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements in form and substance satisfactory to the ABL Agent, which
provide that: (A) all proceeds thereunder with respect to any ABL Collateral shall be payable to the ABL Agent in the first instance and Term Collateral Agent in the second instance or the Borrower; and (B) such policy and loss payable or
mortgagee clauses may be canceled, amended, or terminated only upon at least 30 days prior written notice given to the ABL Agent and the Term Collateral Agent. 
 (iii) Premiums. All premiums on any such insurance shall be paid when due by the Borrower, and summaries of the policies delivered to the ABL Agent and the Term Collateral Agent to the extent required under the
ABL Credit Facility (as the same exists on the Effective Date, without giving effect to any amendment or other modification thereof, unless modified with the consent of the Administrative Agent). If the Borrower fails to obtain any insurance as
required by this Agreement, the ABL Agent and/or the Term Collateral Agent may obtain such insurance at the Borrower’s expense. By purchasing such insurance, neither the Administrative Agent, the ABL Agent nor the Term Collateral Agent shall be
deemed to have waived any Default or Event of Default arising from the Borrower’s failure to maintain such insurance or pay any premiums therefor. 
 ARTICLE VI 
 NEGATIVE COVENANTS 
 Until the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the
Lenders that: 
 Section 6.01 Limitation on Restricted Payments. 
 (a) Restricted Payments. The Borrower will not, and will not permit any Restricted Subsidiary, directly or indirectly, to: 
 (i) declare or pay any dividend or make any distribution on or in respect of its Capital Stock, as applicable (including any payment in connection with
any merger or consolidation involving the Borrower or its Restricted Subsidiaries) except (x) dividends or distributions payable solely in Capital Stock of the Borrower (other than Disqualified Stock) or in options, warrants or other rights to
purchase such Capital Stock of the Borrower and (y) dividends or distributions payable to the Borrower or a Restricted Subsidiary (and, if such Restricted Subsidiary is not directly or indirectly owned 100% by the Borrower, to its other common
stockholders on a pro rata basis), 
  

 TERM LOAN AGREEMENT, Page 53 

 (ii) purchase, redeem, retire or otherwise acquire for value any of the Capital Stock of the Borrower
held by Persons other than the Borrower or any Restricted Subsidiary of the Borrower, 
 (iii) purchase, repurchase, redeem, prepay
interest, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated
Indebtedness or Guarantor Subordinated Indebtedness of the Borrower or a Subsidiary Guarantor (other than (a) Indebtedness of the Borrower owing to and held by any Subsidiary Guarantor or Indebtedness of a Subsidiary Guarantor owing to and held
by the Borrower or any other Subsidiary Guarantor permitted under clause (ii) of the Section 6.13(b), (b) the redemption, purchase, repurchase or other acquisition or retirement for value of Junior Lien Collateral Indebtedness, Senior
Unsecured Pari Passu Indebtedness, Subordinated Indebtedness or Guarantor Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the
date of purchase, repurchase or acquisition (c) repayments from time to time of advances outstanding under revolving credit facilities, (d) repayments of Indebtedness of Foreign Subsidiaries that is Guaranteed by the Borrower or
(e) repayments following the occurrence of a default or event of default under an indenture or other agreement relating to Indebtedness), 
 (iv) make any Restricted Investment in any Person (any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Investment referred to in clauses (i) through (iv) being herein
referred to as a “Restricted Payment”), 
 if at the time the Borrower or such Restricted Subsidiary makes such Restricted Payment:

 (A) a Default or an Event of Default shall have occurred and be continuing (or would result from the Restricted Payment); 
 (B) the Borrower could not Incur at least an additional $1.00 of Indebtedness under Section 6.13(a); or 
 (C) the aggregate amount of such Restricted Payment and all other Restricted Payments (the amount so expended, if other than in cash, to be determined
in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a resolution of the Board of Directors) declared or made subsequent to August 4, 2004 would exceed the sum of: 
 (I) $300,000,000.00; 
 (II) 50% of the
Consolidated Net Income accrued during the period (treated as one accounting period) commencing on August 4, 2004 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment as to which financial results are
available (but in no event ending more than 135 days prior to the date of such Restricted Payment) (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); 
 (III) 100% of the aggregate Net Cash Proceeds received by the Borrower from the issuance or sale of its Capital Stock (other than Disqualified Stock) or
other cash capital contributions subsequent to August 4, 2004 (other than (a) an issuance or sale to a Subsidiary of the Borrower and other than an issuance or sale to an employee stock ownership plan or other trust established by the
Borrower or any of its Subsidiaries for the benefit of their employees to the extent the 

  

 TERM LOAN AGREEMENT, Page 54 

 
purchase by such plan or trust is financed by Indebtedness of such plan or trust and for which the Borrower or any Restricted Subsidiary is the lender or is
liable as guarantor or otherwise and (b) Net Cash Proceeds received by the Borrower from the issuance and sale of its Capital Stock (other than Disqualified Stock) or other cash capital contributions to the extent applied to redeem Indebtedness
(including the Loans) pursuant to equity clawback provisions); 
 (IV) the fair market value (as determined in good faith by the Board of
Directors of the Borrower) of shares of the Borrower’s Qualified Stock issued to acquire Additional Assets from a third party; 
 (V)
the sum of (i) the amount by which Indebtedness of the Borrower or its Restricted Subsidiaries is reduced on the Borrower’s balance sheet upon the conversion or exchange (other than (a) by a Subsidiary of the Borrower or (b) any
conversion of the Convertible Notes) subsequent to August 4, 2004, of any Indebtedness of the Borrower or its Restricted Subsidiaries convertible or exchangeable for Capital Stock of the Borrower (other than Disqualified Stock) (less the amount
of any cash or other property (other than Capital Stock) distributed by the Borrower upon such conversion or exchange) and (ii) the aggregate Net Cash Proceeds received by the Borrower (less any contingent amounts that the Borrower may be
required to refund or return) upon the conversion or exchange (other than (a) by a Subsidiary of the Borrower or (b) any conversion of the Convertible Notes) subsequent to August 4, 2004 of any Indebtedness of the Borrower or its
Restricted Subsidiaries convertible or exchangeable for Capital Stock (other than Disqualified Stock); 
 (VI) the amount equal to the net
reduction in Investments since August 4, 2004 in Unrestricted Subsidiaries resulting from (i) repayments of loans or advances or other transfers of assets to the Borrower or any Restricted Subsidiary from Unrestricted Subsidiaries or
(ii) the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investment”) not to exceed, in the case of any Unrestricted Subsidiary, the amount of Investments
previously made by the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary, which amount was treated as a Restricted Payment (and, with respect to clauses (i) and (ii), without duplication of any amounts included in
Consolidated Net Income); and 
 (VII) to the extent that any Restricted Investment that was made after August 4, 2004 is sold for cash
or otherwise liquidated or repaid for cash, the lesser of (A) the net proceeds of such sale, liquidation or repayment and (B) the net book value of such Restricted Investment. 
 (b) Additional Permissions. So long as there is no Default or Event of Default continuing, the provisions of the foregoing paragraph (a) will
not prohibit: 
 (i) any purchase, defeasance or redemption of Capital Stock, Disqualified Stock, Junior Lien Collateral Indebtedness,
Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness of the Borrower or Guarantor Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, the Capital
Stock of the Borrower (other than Disqualified Stock and other than Capital Stock issued or sold to one of the Borrower’s Subsidiaries or an employee stock ownership plan or other trust established by the Borrower or any of its Subsidiaries for
the benefit of their employees to the extent the purchase by such plan or trust is financed by Indebtedness by such plan or trust and for which the Borrower or any Restricted Subsidiary is the lender or is liable as a guarantor or otherwise);
provided, however, that (A) such purchase, defeasance or redemption shall be excluded in subsequent calculations of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale of Capital Stock shall be excluded in
calculations under Section 6.01(a)(iv)(C)(II); 
  

 TERM LOAN AGREEMENT, Page 55 

 (ii) (A) any purchase, defeasance or redemption of Junior Lien Collateral Indebtedness, Senior Unsecured
Pari Passu Indebtedness, Subordinated Indebtedness of the Borrower or Guarantor Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Indebtedness of
the Borrower or (B) any purchase, defeasance or redemption of Guarantor Subordinated Indebtedness of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Guarantor Subordinated
Indebtedness or (C) any purchase defeasance or redemption of Junior Lien Collateral Indebtedness of the Borrower made by exchange for, or out of the proceeds of the substantially concurrent sale of Junior Lien Collateral Indebtedness of the
Borrower or Senior Unsecured Pari Passu Indebtedness of the Borrower or (D) any purchase defeasance or redemption of Junior Lien Collateral Indebtedness of a Subsidiary Guarantor made by exchange for or out of the proceeds of the substantially
concurrent sale of Junior Lien Collateral Indebtedness of the Borrower or such Subsidiary Guarantor or Senior Unsecured Pari Passu Indebtedness or Guarantor Subordinated Indebtedness of such Subsidiary Guarantor or (E) any purchase, defeasance
or redemption of Senior Unsecured Pari Passu Indebtedness of the Borrower made by exchange for, or out of the proceeds of the substantially concurrent sale of Senior Unsecured Pari Passu Indebtedness of the Borrower or (F) any purchase,
defeasance or redemption of Senior Unsecured Pari Passu Indebtedness of a Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of Senior Unsecured Pari Passu Indebtedness of the Borrower or such
Subsidiary Guarantor or Guarantor Subordinated Indebtedness of such Subsidiary Guarantor that, in each case, is permitted to be Incurred pursuant to Section 6.13 and constitutes Refinancing Indebtedness; provided, however, that
(A) any such Subordinated Indebtedness or Guarantor Subordinated Indebtedness is subordinated to the Loans or Subsidiary Guarantee, as the case may be, at least to the same extent as such Indebtedness so purchased or redeemed and (B) such
purchase, defeasance or redemption shall be excluded in subsequent calculations of the amount of Restricted Payments; 
 (iii) the
repurchase, redemption or other acquisition or retirement for value of Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness of the Borrower or Guarantor Subordinated Indebtedness of any of the
Restricted Subsidiaries pursuant to a “change of control” or “asset sale” covenant set forth in the indenture or other agreement pursuant to which the same is issued and such “change of control” and “asset
sale” covenants are substantially identical in all material respects to the comparable provisions included herein; provided that such repurchase, redemption or other acquisition or retirement for value shall only be permitted if all of
the terms and conditions in such provisions have been complied with and such repurchases, redemptions or other acquisitions or retirements for value are made in accordance with such indenture or other agreement pursuant to which the same is issued
and provided further that the Borrower has repaid the Loans required to be repaid by the Borrower pursuant to the terms and conditions described in Section 6.04 or 6.06, as the case may be, prior to the repurchase, redemption or other
acquisition or retirement for value of such Junior Lien Collateral Indebtedness, Senior Unsecured Pari Passu Indebtedness, Subordinated Indebtedness or Guarantor Subordinated Indebtedness pursuant to the “change of control” or “asset
sale” covenant included in such indenture; provided that such repurchase, redemption or other acquisition shall be excluded in subsequent calculations of the amount of Restricted Payments; 
 (iv) dividends paid within 60 days after the date of declaration thereof if at such date of declaration such dividend would have complied with the
requirements of Section 6.01(a); provided, however, that such dividend shall be included in subsequent calculations of the amount of Restricted Payments; 
 (v) any repurchase of an Equity Interest deemed to occur upon exercise of stock options if such Equity Interests represent a portion of the exercise price of such options; provided however, that such
repurchases shall be excluded in subsequent calculations of the amount of Restricted Payments; or 
  

 TERM LOAN AGREEMENT, Page 56 

 (vi) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of
the Borrower issued in accordance with the terms of this Agreement to the extent such dividends are included in the definition of “Consolidated Interest Expense”; or 
 (vii) Permitted Employee Payments in an aggregate amount not in excess of $5,000,000 since August 4, 2004; provided, however, that such
payments shall be included in the calculation of Restricted Payments. 
 Section 6.02 Limitation on Sale/Leaseback Transactions.
The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale/Leaseback Transaction unless: (a) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such
Sale/Leaseback Transaction at least equal to the fair market value (as evidenced by a resolution of the Board of Directors of the Borrower) of the property subject to such transaction; (b) the Borrower or such Restricted Subsidiary could have
Incurred Indebtedness in an amount equal to the Attributable Debt in respect of such Sale/Leaseback Transaction under Section 6.13; (c) the Borrower or such Restricted Subsidiary would be permitted to create a Lien on the property subject
to such Sale/Leaseback Transaction without securing the Loans pursuant to Section 6.08; and (d) the Sale/Leaseback Transaction is treated as an Asset Disposition and all of the conditions described in Section 6.04 (including the
provisions concerning the application of Net Available Cash) are satisfied with respect to such Sale/Leaseback Transaction, treating all of the consideration received in such Sale/Leaseback Transaction as Net Available Cash for purposes of such
covenant. 
 Section 6.03 Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Borrower will not, and
will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (a) pay dividends or make any other distributions on its Capital Stock or pay any Indebtedness or other obligations owed to the Borrower or any other
Restricted Subsidiary (it being understood that the priority of Preferred Stock in receiving dividends, or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the
ability to make distributions on Capital Stock), 
 (b) make any loans or advances to the Borrower or any other Restricted Subsidiary (it
being understood that the subordination of loans or advances made to the Borrower or any Restricted Subsidiary to other Indebtedness Incurred by the Borrower or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans
or advances) or 
 (c) transfer any of its property or assets to the Borrower or any other Restricted Subsidiary (it being understood that
such transfers shall not include any type of transfer described in clause (a) or (b) above); 
 except: 
 (i) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Effective Date, including pursuant to this Agreement,
the Indenture, the Subsidiary Guarantees, the ABL Credit Facility and the European Credit Facility; 
  

 TERM LOAN AGREEMENT, Page 57 

 (ii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement
relating to any Capital Stock or Indebtedness Incurred by such Restricted Subsidiary prior to the date on which such Restricted Subsidiary was acquired by the Borrower or a Restricted Subsidiary (other than Capital Stock or Indebtedness Incurred as
consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired
by the Borrower) and outstanding on such date; 
 (iii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to
an agreement effecting a refinancing, refunding or replacement of Indebtedness Incurred pursuant to an agreement referred to in the preceding clauses (i) or (ii) or this clause (iii) or contained in any amendment, restatement,
modification, renewal, supplement, rewriting, replacement or refinancing of an agreement referred to in the preceding clauses (i) or (ii) or this clause (iii); provided, however, that the encumbrances and restrictions contained in
any such agreement are no less favorable to the Lenders, taken as a whole, than the original encumbrances and restrictions contained in such agreements; 
 (iv) in the case of clause (c) of this Section 6.03, any encumbrance or restriction (A) that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is
subject to a lease, license or similar contract, (B) by virtue of any transfer of, agreement to transfer, option or right with respect to, any property or assets of the Borrower or any Restricted Subsidiary not otherwise prohibited by this
Agreement, (C) contained in security agreements securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restrictions restrict the transfer of the property subject to such security agreements or the Equity Interests in
the owner of such property or in any Subsidiary of the Borrower that owns a direct or indirect Equity Interest in such owner and (D) ordinary course provisions restricting the assignability of contracts; 
 (v) any restriction with respect to a Restricted Subsidiary (or any of its property) imposed pursuant to an agreement entered into for the sale or
disposition of Capital Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition; 
 (vi) restrictions created in connection with a Qualified Receivables Transaction that, in the good faith determination of the Board of Directors, are
necessary to effect such Qualified Receivables Transaction; provided that such restrictions apply only to such Receivables Entity; 
 (vii) any customary provisions in leases, subleases or licenses and other agreements entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; 
 (viii) any encumbrance or restriction pursuant to (x) other Indebtedness or Preferred Stock of a Non-Guarantor Restricted Subsidiary; provided that
such encumbrances or restrictions will not materially affect the Borrower’s ability to make anticipated principal and interest payments on the Loans (as determined in good faith by the Board of Directors of the Borrower) or (y) other
Indebtedness or Preferred Stock of a Subsidiary Guarantor, in each case permitted to be Incurred pursuant to the provisions Section 6.13; and 
 (ix) any restriction by operation of applicable law. 
 Section 6.04 Limitation on Sales of Assets. 
 (a) Limit on Asset Dispositions Of Collateral. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make any Asset
Disposition of Collateral unless: 
 (i) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at least
equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined in good faith by the Borrower’s management, or if such Asset Disposition involves
consideration in excess of $20,000,000, by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Administrative Agent, (including as to the value of all non-cash consideration), of the Collateral subject
to such Asset Disposition; 
  

 TERM LOAN AGREEMENT, Page 58 

 (ii) at least 75% of the consideration from such Asset Disposition received by the Borrower or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents and 100% of the Net Available Cash from Asset Dispositions relating to Non-ABL Collateral is deposited directly into the Collateral Accounts; and 
 (iii) the remaining consideration from such Asset Disposition that is not in the form of cash or Cash Equivalents is thereupon with its acquisition
pledged as Non-ABL Collateral to secure the Obligations, in the case of an Asset Disposition of Non-ABL Collateral, or as ABL Collateral, in the case of an Asset Disposition of ABL Collateral. 
 Any Net Available Cash deposited into the Collateral Accounts from any Asset Dispositions of Non-ABL Collateral or Recovery Events (as described below) may be withdrawn
by the Borrower to be invested by the Borrower in Additional Assets within 360 days of the date of such Asset Disposition or Recovery Event, which Additional Assets are thereupon with their acquisition added to the Collateral securing the
Obligations. All of the Net Available Cash received by the Borrower or such Restricted Subsidiary, as the case may be, from any Recovery Event shall be deposited directly into the Collateral Accounts and may be withdrawn by the Borrower or such
Restricted Subsidiary to be invested in Additional Assets (which may include performance of a restoration of the affected Collateral) in accordance with the preceding paragraph within 360 days of the date of such Recovery Event. 
 (b) Collateral Disposition Offer. Any Net Available Cash from Asset Dispositions of Collateral or Recovery Events that are not applied or invested
as provided in this subsection (a) or in accordance with the Collateral Documents will be deemed to constitute “Excess Collateral Proceeds.” On or before the 361st day after an Asset Disposition or Recovery Event pursuant to
this subsection (a), if the aggregate amount of Excess Collateral Proceeds exceeds $5,000,000, the Borrower will be required to make an offer (“Collateral Disposition Offer”) to all Lenders and the holders of the Senior Secured
Notes to repay or purchase the maximum principal amount of the Loans and Senior Secured Notes (on a pro rata basis) to which the Collateral Disposition Offer applies that may be repaid or purchased out of the Excess Collateral Proceeds, at an offer
price in cash in an amount equal to 100% of the principal amount of the Senior Secured Notes and Loans, plus accrued and unpaid interest to the date of purchase or repayment in accordance with the procedures set forth in this Agreement, in integral
multiples of $1,000; provided, however, that to the extent the Excess Collateral Proceeds relate to Asset Dispositions of ABL Collateral, the Borrower may, prior to making a Collateral Disposition Offer, make a prepayment with respect to the maximum
principal amount of Indebtedness that is secured by such Collateral on a first-priority basis that may be prepaid out of such Excess Collateral Proceeds, at a price in cash in an amount equal to 100% of the principal amount of such Indebtedness,
plus accrued and unpaid interest to the date of prepayment or repayment, with any Excess Collateral Proceeds not used to prepay such Indebtedness offered to holders of the Senior Secured Notes and to the Lenders in accordance with this paragraph. To
the extent that the aggregate amount of Senior Secured Notes and the Loans so validly tendered and not properly withdrawn pursuant to a Collateral Disposition Offer is less than the Excess Collateral Proceeds (after giving effect to the prepayment
of Indebtedness secured on a first-priority basis in the case of an Asset Disposition of ABL Collateral), the Borrower may use any remaining Excess Collateral Proceeds for general corporate purposes, subject to the other covenants contained in this
Agreement. If the aggregate principal amount 

  

 TERM LOAN AGREEMENT, Page 59 

 
of Senior Secured Notes surrendered by holders thereof and the amount of the Loans of the Lenders requesting prepayment exceeds the amount of Excess
Collateral Proceeds, the Senior Secured Notes and Loans to be purchased shall be selected on a pro rata basis on the basis of the aggregate principal amount of tendered Senior Secured Notes and Loans. Upon completion of such Collateral Disposition
Offer, the amount of Excess Collateral Proceeds shall be reset at zero. 
 (c) Other Asset Dispositions. The Borrower will not, and
will not permit any Restricted Subsidiary to, make any Asset Disposition (other than Asset Dispositions of Collateral which shall be treated in the manner set forth in paragraph (a)) unless: 
 (i) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by way of any other
Person assuming sole responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition) (as determined in
good faith by the Borrower’s management, or if such Asset Disposition involves consideration in excess of $20,000,000, by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Administrative Agent)
of the assets subject to such Asset Disposition; 
 (ii) at least 75% of the consideration from such Asset Disposition received by the
Borrower or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents (except such requirement of cash or Cash Equivalents shall not apply to any property, plant, equipment or other facility closed and designated as
unused, idle or obsolete by either Senior Management or by resolution of the Board of Directors, and in either case set forth in an Officers’ Certificate delivered to the Administrative Agent); and 
 (iii) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by the Borrower (or such Restricted Subsidiary, as the
case may be) as follows (it being understood that actions under clause (B) may occur prior to actions under clause (A)): 
 (A) to the
extent the Borrower or such Restricted Subsidiary elects (or is required by the terms of any Indebtedness), to prepay, repay or purchase Indebtedness (other than Disqualified Stock, Subordinated Indebtedness and Guarantor Subordinated Indebtedness)
(and to correspondingly reduce commitments with respect thereto) within 365 days after the date of such Asset Disposition; 
 (B) to the
extent the Borrower or such Restricted Subsidiary elects, to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted Subsidiary with Net Available Cash received by the Borrower or another Restricted
Subsidiary) within 365 days from the date of such Asset Disposition; provided, that, at the option of the Borrower, to the extent that the Borrower or such Restricted Subsidiary has (x) at or before the consummation of an acquisition of
Additional Assets, announced its intention to make an Asset Disposition in connection with such acquisition (an “Announced Asset Disposition”) and (y) consummated such acquisition of Additional Assets during the period six
months prior to the consummation of the Announced Asset Disposition, then the Borrower or such Restricted Subsidiary may deem the Net Available Cash from such Announced Asset Disposition to be reinvested for purposes of determining compliance with
this clause (B) to the extent of the investment in such Additional Assets; 
 (C) to the extent of the balance of such Net Available
Cash after application in accordance with clauses (A) and (B), to make an offer to purchase the Loans and Pari Passu Indebtedness (including, without limitation, the Senior Secured Notes, Senior Notes due 2009, the Senior Notes due 2011, the
Senior Notes due 2013 and the Senior Notes due 2017) with similar asset sale provisions, pro rata at 100% of the tendered principal amount thereof (or 100% of the accreted value of such other Pari Passu Indebtedness so tendered, if such Pari Passu
Indebtedness was offered at a discount) plus accrued and unpaid interest, if any, thereon to the purchase date; and 
  

 TERM LOAN AGREEMENT, Page 60 

 (D) to the extent of the balance of such Net Available Cash after application in accordance with clauses
(A), (B) and (C) above, to fund (to the extent consistent with any other applicable provision of this Agreement) any corporate purpose; provided, however, that in connection with any prepayment, repayment or purchase of Indebtedness
pursuant to clause (A) or (C) above, the Borrower or such Restricted Subsidiary will retire such Indebtedness and will cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so
prepaid, repaid or purchased. 
 Notwithstanding the foregoing provisions of this paragraph (c) of this Section, the Borrower and its Restricted
Subsidiaries shall not be required to apply any Net Available Cash in accordance with paragraph (c) of this Section except to the extent that the aggregate Net Available Cash from all Asset Dispositions that is not yet applied in accordance
with this Section 6.04 exceeds $10,000,000. 
 (d) Binding Commitment to Purchase. In the case of the second paragraph of
paragraph (a) or clause (c)(iii)(B) above, a binding commitment shall be treated as a permitted application of the Net Available Cash from the date of such commitment; provided that (A) such Net Available Cash is applied to acquire
Additional Assets within 540 days of the Asset Disposition and (B) in the event such binding commitment is later canceled or terminated for any reason before such Net Available Cash is so applied, the Borrower or such Restricted Subsidiary may
satisfy its obligations as to any Net Available Cash by entering into another binding commitment within 90 days of such cancellation or termination of the prior binding commitment or termination of the prior binding commitment and applying the Net
Available Cash within 180 days of such subsequent binding commitment; provided further that the Borrower or such Restricted Subsidiary may only enter into such a commitment under the foregoing provision one time with respect to each Asset
Disposition. 
 (e) Application to the Loan; Offer to Purchase. In the event of an Asset Disposition that requires the repayment of
Loans pursuant to clause (c)(iii)(C) above, the Borrower will be required to apply such Excess Proceeds (as defined below) to the repayment of the Loans and any other Pari Passu Indebtedness (including, without limitation, the Senior Secured Notes,
the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due 2013 and the Senior Notes due 2017) outstanding with similar provisions requiring the Borrower to make an offer to purchase such Indebtedness with the proceeds from any Asset
Disposition as follows: (A) the Borrower will make an offer to repay the Loans (an “Offer”) within ten days of such time to all Lenders in accordance with the procedures set forth in this Agreement in the maximum principal
amount (expressed as a multiple of $1,000) of Loans that may be repaid out of an amount (the “Loan Amount”) equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal
amount of the Loans and the denominator of which is the sum of the outstanding principal amount of the Loans and such Pari Passu Indebtedness and (B) to the extent required by such Pari Passu Indebtedness to permanently reduce the principal
amount of such Pari Passu Indebtedness, the Borrower will make an offer to purchase or otherwise repurchase or redeem such Pari Passu Indebtedness (a “Pari Passu Offer”) in an amount equal to the excess of the Excess Proceeds over
the Loan Amount at a purchase price of 100% of their principal amount plus accrued and unpaid interest (or 100% of the accreted value of such Pari Passu Indebtedness, if such Pari Passu Indebtedness was offered at a discount) to the purchase date in
accordance with the procedures (including prorating in the event of oversubscription) set forth herein with respect to the Offer and in the documentation governing such Pari Passu Indebtedness with respect to the Pari Passu Offer. If the aggregate
purchase price of the Loans and Pari Passu Indebtedness tendered pursuant to the Offer and Pari Passu Offer is less than the Excess Proceeds, the remaining Excess Proceeds will be available to the Borrower for use in accordance with clause
(c)(iii)(D) above. The Borrower shall not be required to make 

  

 TERM LOAN AGREEMENT, Page 61 

 
an Offer for Loans pursuant to this Section 6.04(e) if the Net Available Cash available therefor (after application of the proceeds as provided in
clauses (c)(iii)(A) and (c)(iii)(B) above) (“Excess Proceeds”) is less than $10,000,000 (which lesser amounts shall be carried forward for purposes of determining whether an Offer is required with respect to the Net Available Cash
from any subsequent Asset Disposition). 
 (f) Items Deemed Cash. For the purposes of this Section, the following are deemed to be
cash: (x) the assumption of Indebtedness of the Borrower (other than Disqualified Stock, Subordinated Indebtedness, Junior Lien Collateral Indebtedness or Senior Unsecured Pari Passu Indebtedness) or Indebtedness of any Restricted Subsidiary
(other than Guarantor Subordinated Indebtedness, Disqualified Stock, Junior Lien Collateral Indebtedness or Senior Unsecured Pari Passu Indebtedness of any Subsidiary Guarantor) and the release of the Borrower or such Restricted Subsidiary from all
liability on such Indebtedness in connection with such Asset Disposition, (y) securities received by the Borrower or any Restricted Subsidiary from the transferee that are converted within 30 days by the Borrower or such Restricted Subsidiary
into cash and (z) any Designated Non-cash Consideration received by the Borrower or any of the Restricted Subsidiaries in such Asset Disposition having an aggregate fair market value (as determined in good faith by management of the Borrower,
or if such Asset Disposition involves consideration in excess of $20,000,000, by a resolution of the Board of Directors), taken together with all other Designated Non-cash Consideration pursuant to this clause (z) that is at that time
outstanding, not to exceed 2.5% of Total Assets at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving
effect to subsequent changes in value). Upon the completion of the application of the Net Available Cash from any Asset Disposition pursuant to paragraph (c) above, the amount of Net Available Cash attributable to such Asset Disposition shall
be deemed to be zero. 
 (g) Securities Law Compliance. The Borrower will comply, to the extent applicable, with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repayment of Loans pursuant to this Section. To the extent that the provisions of any securities laws or regulations conflict with provisions
of this Section, the Borrower will comply with the applicable securities laws and regulations and will not be deemed to have breached obligations of the Borrower described under this Section 6.04. 
 Section 6.05 Limitation on Transactions with Affiliates. 
 (a) Limitation. The Borrower shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into or conduct any transaction or series of transactions (including the purchase, sale,
lease or exchange of any property or assets or the rendering of any service or the making of any Investment) with any Affiliate of the Borrower (an “Affiliate Transaction”) on terms: (i) that are less favorable to the Borrower
or such Restricted Subsidiary, as the case may be, than those that could be obtained at the time of such transaction in arm’s–length dealings with a Person who is not an Affiliate and (ii) that, in the event such Affiliate Transaction
involves an aggregate amount in excess of $10,000,000.00, are not in writing and have not been approved or negotiated and entered into on behalf of the Borrower or such Restricted Subsidiary by Senior Management acting pursuant to authorizing
resolutions adopted by a majority of the members of the Board of Directors or by a majority of the members of the Board of Directors having no personal stake in such Affiliate Transaction (and such majority or majorities, as the case may be,
determines that such Affiliate Transaction satisfies the criteria in clause (i) above). In addition, any Affiliate Transaction involving aggregate payments or other transfers by the Borrower and its Restricted Subsidiaries in excess of
$20,000,000.00 will also require an opinion from an independent investment banking firm or appraiser, as appropriate, of national prominence, to the effect that the terms of such transaction are either (i) no less favorable to the Borrower or
such Restricted Subsidiary, as the case may be, than those that could be obtained at the time of such transaction in arm’s–length dealings with a Person who is not an Affiliate or (ii) fair to the Borrower or such Restricted
Subsidiary, as the case may be, from a financial point of view. 
  

 TERM LOAN AGREEMENT, Page 62 

 (b) Additional Permissions. The provisions of Section 6.05(a) shall not prohibit:
(i) any Restricted Payment or Permitted Investment permitted to be paid pursuant to Section 6.01, (ii) the performance of the Borrower’s or its Restricted Subsidiary’s obligations under any collective bargaining agreement,
employee benefit plan, related trust agreement or any other similar arrangement heretofore or hereafter entered into in the ordinary course of business, (iii) payment of reasonable fees and compensation to employees, officers or directors as
determined in good faith by the Board of Directors or Senior Management (including indemnification to the fullest extent permitted by applicable law, directors’ and officers’ insurance and similar arrangements, employment contracts,
non-competition and confidentiality agreements and similar instruments or payments) and entered into in the ordinary course of business, (iv) maintenance in the ordinary course of business of reasonable benefit programs or arrangements for
employees, officers or directors, including vacation plans, health and life insurance plans, SERPs, split–dollar life insurance plans, deferred compensation plans, and retirement or savings plans and similar plans as determined in good faith by
the Board of Directors or Senior Management, (v) any transaction between the Borrower and a Wholly–Owned Subsidiary or between Wholly–Owned Subsidiaries, (vi) transactions effected as part of a Qualified Receivables Transaction,
(vii) any issuance by the Borrower of Capital Stock (other than Disqualified Stock) or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership
plans to the extent reasonable, as determined in good faith by the Board of Directors in the ordinary course of business, and loans or advances to employees in the ordinary course of business of the Borrower or its Restricted Subsidiaries consistent
with past practices, (viii) transactions with customers, suppliers, or purchasers or sellers of goods or services, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Agreement which are fair to
the Borrower or the Restricted Subsidiaries or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated third party, in the reasonable determination of the Board of Directors or the Senior
Management thereof, (ix) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Borrower and its Restricted Subsidiaries and otherwise in
compliance with the terms of this Agreement; provided that in the reasonable determination of the members of the Board of Directors or Senior Management, such transactions are on terms that are no less favorable to the Borrower or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with an unrelated Person, and (x) any agreement as in effect on the Effective Date or any amendment thereto
(so long as any such amendment is not disadvantageous to the Lenders in any material respect). 
 Section 6.06 Change of Control.

 (a) Require Repayment. Upon the occurrence of a Change of Control, each Lender shall have the right to require the Borrower to repay
all or any part of such Lender’s Loans in cash, plus accrued and unpaid interest on the amount repaid, to the date of repayment, any Prepayment Fee then due and any amount due under Section 2.12, if any; provided, however, that the
Borrower shall not be obligated to repay the Loans pursuant to this Section 6.06 to the extent that the Borrower has exercised its right to repay the Loans pursuant to the terms of Section 2.07(a). 
 (b) Repayment of Other Indebtedness. In the event that at the time of such Change of Control the terms of any Indebtedness restrict or prohibit
the repayment of the Loans, then prior to the mailing of the notice to Lenders provided for in Section 6.06(c) but in any event within 30 days following any Change of Control, the Borrower shall either (i) repay in full all such
Indebtedness or offer to repay in full all such Indebtedness and repay the Indebtedness of each lender who has accepted such offer or 

  

 TERM LOAN AGREEMENT, Page 63 

 
(ii) obtain the requisite consent under the agreements governing such Indebtedness to permit the repayment of the Loans as provided for in
Section 6.06(c). The Borrower will first comply with the preceding sentence of this Section 6.06(b) before the Borrower will be required to make the Change of Control Offer or to repay the Loans pursuant to this Section 6.06;
provided, that compliance with this clause (b) will not extend the time periods set forth in Section 6.06(c) for the Borrower to make an offer to repay the Loans in connection with a Change of Control. 
 (c) Change of Control Offer. Subject to the provisions of Section 6.06(b), within 30 days following any Change of Control, the Borrower shall
mail a notice (the “Change of Control Offer”) to each Lender with a copy to the Administrative Agent stating: 
 (i) that a
Change of Control has occurred and that such Lender has the right to require the Borrower to repay such Lender’s Loans in cash with accrued and unpaid interest, if any, to the date of repayment on the principal amount repaid, together with any
Prepayment Fee due with respect thereto and other amounts due under Section 2.12; 
 (ii) the circumstances and relevant facts and
financial information regarding such Change of Control; and 
 (iii) the repayment date (which shall be no earlier than 30 days nor later
than 60 days from the date such notice is mailed) (the “Change of Control Payment Date”). 
 (d) Withdrawal of
Acceptance. Each Lender will be entitled to withdraw its election if the Borrower receives, not later than one Business Day prior to the repayment date, a telegram, telex, facsimile transmission or letter from such Lender setting forth the name
of such Lender and a statement that such Lender is withdrawing his election to have its Loans repaid. The Borrower will advise the Administrative Agent of the results of the Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date. 
 (e) Payment. On or before the Change of Control Payment Date, the Borrower shall: (i) accept for
repayment the Loans or portions thereof offered pursuant to the Change of Control Offer, and (ii) deposit with the Administrative Agent money sufficient to pay the amount of the Loans to be repaid together with the accrued and unpaid interest,
if any, to the date of repayment on the principal amount repaid, any Prepayment Fee due with respect thereto and other amounts due under Section 2.09. 
 (f) Securities Law Compliance. The Borrower will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with
the repayment of Loans pursuant to this Section 6.06. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 6.06, the Borrower will comply with the applicable securities laws and
regulations and will not be deemed to have breached obligations of the Borrower described under this Agreement by virtue thereof. 
 Section 6.07 Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries. The Borrower (i) will not, and will not permit any Restricted Subsidiary to, transfer, convey, lease, sell or otherwise dispose of
any shares of Capital Stock of a Restricted Subsidiary to any Person (other than to the Borrower or a Wholly–Owned Subsidiary) and (ii) will not permit any Restricted Subsidiary, directly or indirectly, to issue or sell any shares of its
Capital Stock (other than directors’ qualifying shares) to any Person (other than to the Borrower or a Wholly–Owned Subsidiary); provided, however, that (x) the Borrower is permitted to sell all the Capital Stock of a
Restricted Subsidiary as long as the Borrower is in compliance with the terms of Section 6.04 and (y) the Borrower is permitted to sell less than all of the Capital Stock of a Restricted Subsidiary if (A) immediately after giving
effect to such sale such Restricted Subsidiary either continues to be a Restricted Subsidiary or if such Restricted Subsidiary would no longer 

  

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constitute a Restricted Subsidiary then the Investment in such Person remaining after giving effect to such sale would have been permitted to be made under
Section 6.01 if made on the date of such issuance or sale and (B) the Borrower is in compliance with the terms of Section 6.04. In the case of clause (x), such Restricted Subsidiary, if a Subsidiary Guarantor, will be automatically
released from all its obligations under this Agreement, its Subsidiary Guarantee, the Collateral Documents, and the Liens (if any) on the Collateral pledged by such Subsidiary Guarantor pursuant to the Collateral Documents shall be released with
respect to the Loans if all the obligations of such Subsidiary Guarantor under its Guarantee under all other Debt Facilities and related documentation and any other agreements relating to any other Indebtedness of the Borrower or its Restricted
Subsidiaries terminate upon consummation of such sale. 
 Section 6.08 Limitation on Liens. The Borrower will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien (other than Permitted Liens) that secures obligations under any Indebtedness on any asset or property of the Borrower or such
Restricted Subsidiary, including any Guarantee of such Restricted Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom. 
 Section 6.09 Limitation on Lines of Business. The Borrower will not, and will not permit any Restricted Subsidiary to, engage in any business
other than a Related Business. 
 Section 6.10 Effectiveness of Covenants. The covenants described in Sections 5.01, 5.10, 6.01,
6.03, 6.04, 6.05, 6.07, 6.09 and 6.13 will no longer be in effect upon the Borrower reaching Investment Grade Status. 
 Section 6.11
Merger and Consolidation. 
 (a) Borrower Merger and Consolidation. The Borrower will not, in a single transaction or series of
related transactions, consolidate with or merge with or into, or convey, transfer, lease or otherwise dispose of all or substantially all its assets to, any Person nor permit any Person to merge with or into the Borrower, unless: 
 (i) the resulting, surviving or transferee Person (the “Successor Borrower”) will be a Person organized and existing under the laws of
the United States of America, any State thereof or the District of Columbia and the Successor Borrower (if not the Borrower) will expressly assume, by a written instrument, executed and delivered to the Administrative Agent, in form satisfactory to
the Administrative Agent, all the obligations of the Borrower under the Loans Documents and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law
to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Borrower, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may
be perfected by the filing of a financing statement or a similar document under the UCC or other similar statute or regulation of the relevant states or jurisdictions; 
 (ii) immediately before and after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Borrower or any Restricted Subsidiary as a result of such transaction as
having been Incurred by the Successor Borrower or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default will have occurred and be continuing; 
 (iii) immediately after giving effect to such transaction, the Successor Borrower would be able to Incur an additional $1.00 of Indebtedness under
paragraph (a) of Section 6.13; 
  

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 (iv) each Subsidiary Guarantor (unless it is the other party to the transactions above, in which case
clause (i) shall apply) shall have confirmed in writing that its Subsidiary Guarantee shall apply to the Successor Borrower’s obligations in respect of the Loan Documents and its obligations under the Collateral Documents shall continue to
be in effect, and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such
Subsidiary Guarantor, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under
the UCC or other similar statute or regulation of the relevant states or jurisdictions; and 
 (v) the Borrower will have delivered to the
Administrative Agent an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer complies with this Agreement and the other Loan Documents (as applicable). 
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of
the properties and assets of one or more Subsidiaries of the Borrower, which properties and assets, if held by the Borrower instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Borrower on a
consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Borrower. The Successor Borrower will succeed to, and be substituted for, and may exercise every right and power of, the Borrower
under the Loan Documents, but the predecessor Borrower in the case of a conveyance, transfer or lease of all or substantially all of its assets will not be released from the obligation to pay the principal of and interest on the Loans or any of the
other Obligations. Solely for the purpose of computing amounts described in Section 6.01(a)(iv)(C)(II), (III) and (V), the Successor Borrower shall only be deemed to have succeeded and be substituted for the Borrower with respect to periods
subsequent to the effective time of such merger, consolidation, combination or transfer of assets. Notwithstanding Section 6.11(a)(ii) and (iii) and Section 6.11(b)(ii), the Borrower may merge with an Affiliate incorporated
exclusively for the purpose of reincorporating the Borrower in another jurisdiction to realize tax or other benefits. 
 (b) Subsidiary
Guarantors. Each Subsidiary Guarantor will not, in a single transaction or series of related transactions, consolidate with or merge with or into, or convey, transfer, lease or otherwise dispose of all or substantially all its assets to, any
Person nor permit any Person to merge with or into such Subsidiary Guarantor, unless the transaction is made in compliance with Section 6.04 and 6.07, or 
 (i) the resulting, surviving or transferee Person (the “Successor Guarantor”) will be a Person organized and existing under the laws of the United States of America, any State thereof or the District
of Columbia and the Successor Guarantor (if not the Subsidiary Guarantor) will expressly assume in writing all the obligations of such Subsidiary Guarantor under the Loan Documents and shall cause such amendments, supplements or other instruments to
be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements or comparable
documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the UCC or other similar statute or regulation of the relevant states or
jurisdictions; 
 (ii) immediately before and after giving effect to such transaction (and treating any Indebtedness which becomes an
obligation of the Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default will
have occurred and be continuing; 
  

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 (iii) each other Subsidiary Guarantor shall have delivered a written instrument in form and substance
satisfactory to the Administrative Agent confirming its Subsidiary Guarantee and that its obligations under the Loan Documents shall continue to be in effect and shall cause such amendments, supplements or other instruments to be executed, filed,
and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such Subsidiary Guarantor, together with such financing statements or comparable documents as may be required to
perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the UCC or other similar statute or regulation of the relevant states or jurisdictions; and 
 (iv) the Borrower will have delivered to the Administrative Agent an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such assumption of the Subsidiary Guarantee, if applicable, comply with this Agreement. 
 For purposes of the
foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties and assets of one or more Subsidiaries of such Subsidiary Guarantor, which properties
and assets if held by such Subsidiary Guarantor instead of its Subsidiaries, would constitute all or substantially all of the properties and assets of such Subsidiary Guarantor on a consolidated basis, shall be deemed to be the transfer of all or
substantially all of the properties and assets of such Subsidiary Guarantor. Notwithstanding Section 6.11(a)(ii) and (iii) and Section 6.11(b)(ii), any Restricted Subsidiary may consolidate with, merge into or transfer all or part of
its properties and assets to the Borrower. 
 Section 6.12 Fiscal Periods. If the Borrower changes the manner of determining the
last day of its Fiscal Year or the last days of the first three fiscal quarters in each of its Fiscal Years, the parties hereto shall negotiate in good faith to agree to modify any financial calculations and determinations hereunder to reflect their
original intent in light of such changes, and if they fail so to agree all such financial calculations determinations hereunder shall continue to be made as if such change had not occurred. 
 Section 6.13 Limitation on Indebtedness. 
 (a) Incurrence Test. The Borrower will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Borrower and the Subsidiary Guarantors may Incur
Indebtedness if on the date of the Incurrence of such Indebtedness the Consolidated Coverage Ratio for the Borrower and its Restricted Subsidiaries would be equal to or greater than 2.00:1.00. 
 (b) Additional Permitted Indebtedness. Notwithstanding the foregoing paragraph (a), the Borrower and the Restricted Subsidiaries, as set forth
below, may Incur the following Indebtedness: 
 (i) (A) Indebtedness Incurred pursuant to the Debt Facilities and (B) the Incurrence by
a Receivables Entity of Indebtedness in a Qualified Receivables Transaction that is nonrecourse to the Borrower or any of its Subsidiaries (except for Standard Securitization Undertakings) in an aggregate principal amount for Indebtedness Incurred
under clauses (A) and (B) not to exceed the greater of (x) $2,375,000,000, less the aggregate amount of all repayments of principal actually made under the ABL Credit Facility since the Effective Date with Net Available Cash from
Asset Dispositions pursuant to clause (c)(iii)(A) of Section 6.04 and all repayments of principal under Indebtedness actually made since the Effective Date with Net Available Cash from Asset Dispositions of Collateral pursuant to Collateral
Disposition Offers and (y) the Borrowing Base; 
  

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 (ii) Indebtedness of the Borrower owing to and held by any Wholly Owned Subsidiary or Indebtedness of a
Restricted Subsidiary owing to and held by the Borrower or any Wholly Owned Subsidiary; provided, however, 
 (A) if the Borrower is the
obligor on such Indebtedness, such Indebtedness and a Subsidiary Guarantor is not the obligee, such Indebtedness is expressly subordinated to the prior payment in full in cash of all Obligations; 
 (B) if a Subsidiary Guarantor is the obligor on such Indebtedness and the Borrower or a Subsidiary Guarantor is not the obligee, such Indebtedness is
subordinated in right of payment to the Subsidiary Guarantees of such Subsidiary Guarantor; and 
 (C) (x) any subsequent issuance or
transfer of Capital Stock or any other event which results in any such Indebtedness ceasing to be held by the Borrower or a Wholly Owned Subsidiary of the Borrower and (y) any sale or other transfer of any such Indebtedness to a Person other
than the Borrower or a Wholly Owned Subsidiary of the Borrower, 
 shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the
Borrower or such Subsidiary, as the case may be. 
 (iii) any Indebtedness (other than the Indebtedness described in clauses (i),
(ii) (iv), (v), (vi) or (viii) of this clause (b)) outstanding on the Effective Date, including the Convertible Notes, the Senior Secured Notes, the Senior Notes due 2009, the Senior Notes due 2011, the Senior Notes due 2013 and the
Senior Notes due 2017 then in existence, and any Guarantees related thereto, and any Refinancing Indebtedness Incurred in respect of any Indebtedness described in this clause (iii) or paragraph (a) of this Section 6.13; 
 (iv) Guarantees by (x) the Borrower or Subsidiary Guarantors of Indebtedness Incurred by the Borrower or a Subsidiary Guarantor in accordance with
the provisions of the Agreement, provided that in the event such Indebtedness that is being Guaranteed is a Subordinated Indebtedness or a Guarantor Subordinated Indebtedness, then the related Guarantee shall be subordinated in right of payment to
the Obligations or the Subsidiary Guarantee, as the case may be, and (y) the Borrower (solely with respect to Indebtedness of Foreign Subsidiaries) and Non-Guarantor Restricted Subsidiaries of Indebtedness Incurred by Non-Guarantor Restricted
Subsidiaries in accordance with the provisions of this Agreement; 
 (v) Indebtedness in respect of performance, surety or appeal bonds
provided in the ordinary course of business; 
 (vi) Indebtedness under Hedging Obligations; provided, however, that such Hedging
Obligations are entered into for bona fide hedging purposes of the Borrower or any Restricted Subsidiary in the ordinary course of business; 
 (vii) Indebtedness (in addition to Indebtedness described in clauses (i) and (iii)) of the Borrower or any Restricted Subsidiary attributable to Capitalized Lease Obligations, or Incurred to finance the acquisition, construction or
improvement of fixed or capital assets, or constituting Attributable Debt in respect of Sale/Leaseback Transactions, in an aggregate principal amount at any time outstanding, since the Effective Date, together with any Refinancing Indebtedness with
respect to any such Indebtedness Incurred under this clause (vii), not in excess of $75,000,000; 
  

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 (viii) Indebtedness of a Restricted Subsidiary issued and outstanding on or prior to the date on which
such Restricted Subsidiary was acquired by the Borrower or any Restricted Subsidiary (other than Indebtedness Incurred (A) as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the
transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Borrower or a Restricted Subsidiary or (B) otherwise in connection with, or in contemplation of,
such acquisition) and any Refinancing Indebtedness with respect thereto; provided, however, that on the date of any such acquisition of a Restricted Subsidiary, the Borrower shall have been able to Incur at least an additional $1.00 of Indebtedness
under paragraph (a) of this Section 6.13 after giving effect to such acquisition and the Incurrence of such Indebtedness pursuant to this clause (viii); 
 (ix) Indebtedness of Foreign Subsidiaries in an aggregate principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (ix) since the Effective
Date and then outstanding, together with any Refinancing Indebtedness with respect to any such Indebtedness Incurred under this clause (ix), will not in the aggregate exceed $200,000,000; and 
 (x) Indebtedness (in addition to Indebtedness described in clauses (i)-(ix)) in an aggregate principal amount which, when taken together with the
principal amount of all other Indebtedness Incurred pursuant to this clause (x) since the Effective Date and then outstanding, together with any Refinancing Indebtedness with respect to any such Indebtedness Incurred under this clause (x), will
not in the aggregate exceed $75,000,000. 
 (c) Limitation of Refinancing by Borrower of Subordinated Indebtedness. Notwithstanding
the foregoing, the Borrower will not Incur any Indebtedness pursuant to the foregoing paragraph (b) if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Indebtedness unless such Indebtedness (i) will be
subordinated to the Obligations to at least the same extent as such Subordinated Indebtedness and (ii) will not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness
is at least equal to the remaining Average Life of the Indebtedness to be refinanced or refunded. 
 (d) Limitation of Refinancing by a
Subsidiary Guarantor of Subordinated Indebtedness and Indebtedness of Non-Guarantor Restricted Subsidiaries. No Subsidiary Guarantor will Incur any Indebtedness if the proceeds thereof are used, directly or indirectly, to refinance any Guarantor
Subordinated Indebtedness of such Subsidiary Guarantor unless such Indebtedness will be subordinated to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee to at least the same extent as such Guarantor Subordinated
Indebtedness. No Restricted Subsidiary (other than a Subsidiary Guarantor) may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Borrower or a Subsidiary Guarantor, except to the extent that the Indebtedness of the
Borrower so refinanced consists of the Guarantee of Indebtedness of a Non-Guarantor Restricted Subsidiary. 
 (e) Limitation on
Unrestricted Subsidiaries. The Borrower will not permit any Unrestricted Subsidiary to Incur any Indebtedness other than Non-Recourse Indebtedness; provided, however, if any such Indebtedness ceases to be Non-Recourse Indebtedness, such event
shall be deemed to constitute an Incurrence of Indebtedness by the Borrower or a Restricted Subsidiary. 
 (f) Determining Compliance with
this Section 6.13. For purposes of determining compliance with this Section, in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in this Section, the Borrower, in its sole
discretion, shall classify such item of Indebtedness on the Effective Date or on the date of Incurrence and may later reclassify such item of Indebtedness in any manner that complies with this covenant and only be required to include the amount and
type of such Indebtedness in one of such clauses. The incurrence of Indebtedness represented 

  

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by the Loans and the Subsidiary Guarantees issued on the Effective Date and all Indebtedness outstanding on the Effective Date under the ABL Credit Facility,
the European Credit Facility and the Senior Secured Notes shall be deemed initially Incurred on the Effective Date under clause (i) of the paragraph (b) of this Section 6.13. 
 (g) Dollar Equivalents. For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the
U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or
first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Borrower may Incur pursuant to this covenant shall
not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being
refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 
 Section 6.14 Impairment of Liens. Neither the Borrower nor any of its Restricted Subsidiaries shall take or omit to take any action which
would materially adversely affect or impair the Liens in favor of the Term Collateral Agent and the Secured Parties with respect to the Collateral. Neither the Borrower nor any of its Restricted Subsidiaries shall grant to any Person, or permit any
Person to retain (other than the Term Collateral Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Borrower nor any of its Restricted Subsidiaries shall enter into any agreement that requires the proceeds
received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Agreement and the Intercreditor Agreement. The Borrower shall, and shall
cause each Subsidiary Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Administrative Agent reasonably requests, to more fully or accurately describe the assets and property
intended to be Collateral or the obligations intended to be secured by the Collateral Documents. 
 ARTICLE VII 
 SUBSIDIARY GUARANTEE 
 Section 7.01
Guaranty. Each Subsidiary Guarantor (other than those that have delivered a separate Subsidiary Guarantee) hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, absolutely and
unconditionally guarantees to the Lenders the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Obligations and all costs and expenses including all court costs and
attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) (which obligation in respect of counsel shall be limited to one counsel for the Administrative Agent and one counsel for the Lenders, unless
there is an actual or perceived conflict of interest, in which case each Lender shall be entitled to its own counsel, as well as, in each case, other special and local counsel) and expenses paid or incurred by the Administrative Agent and the
Lenders in endeavoring to collect all or any part of the Obligations from, or in prosecuting any action against, the Borrower, any Subsidiary Guarantor or any other guarantor of all or any part of the Obligations (such costs and expenses, together
with the Obligations, collectively the “Guaranteed Obligations”). Each Subsidiary Guarantor further 

  

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agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound
upon its guarantee notwithstanding any such extension or renewal. All terms of this Subsidiary Guarantee apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of the
Guaranteed Obligations. 
 Section 7.02 Guaranty of Payment. This Subsidiary Guarantee is a guaranty of payment and not of
collection. Each Subsidiary Guarantor waives any right to require the Administrative Agent or any Lender to sue the Borrower, any Subsidiary Guarantor, or any other Obligor, or otherwise to enforce its payment against any collateral securing all or
any part of the Guaranteed Obligations. 
 Section 7.03 No Discharge or Diminishment of Subsidiary Guarantee. Except as otherwise
provided for herein, the obligations of each Subsidiary Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of
the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the
corporate existence, structure or ownership of the Borrower or any other guarantor of or other person liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any
Obligor, or their assets or any resulting release or discharge of any obligation of any Obligor; or (iv) the existence of any claim, setoff or other rights which any Subsidiary Guarantor may have at any time against any Obligor, the
Administrative Agent, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions. 
 Section 7.04
No Setoff or Counterclaim. The obligations of each Subsidiary Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of
any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligor, of the Guaranteed Obligations or any part thereof. 
 Section 7.05 No Impairment. Further, the obligations of any Subsidiary Guarantor hereunder are not discharged or impaired or otherwise
affected by: (i) the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement
to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part of the Guaranteed Obligations
or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent or any Lender with respect to any collateral securing any part of the
Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent
vary the risk of such Subsidiary Guarantor or that would otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of the Guaranteed Obligations). 
 Section 7.06 Defenses Waived. To the fullest extent permitted by applicable law, each Subsidiary Guarantor hereby waives any defense based on
or arising out of any defense of the Borrower or any Subsidiary Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of the Borrower or any Subsidiary
Guarantor, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Subsidiary Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the
fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any person against any Obligor, or any other person. The Administrative Agent may, at its election, foreclose on
any Collateral held by it by one or more judicial or nonjudicial sales, accept an 

  

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assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the
Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligor or exercise any other right or remedy available to it against any Obligor, without affecting or impairing in any way
the liability of such Subsidiary Guarantor under this Subsidiary Guarantee except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each Subsidiary Guarantor
waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Subsidiary Guarantor against any
Obligor or any security. 
 Section 7.07 Rights of Subrogation. No Subsidiary Guarantor will assert any right, claim or cause of
action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligor, or any Collateral, until the Obligors and the Subsidiary Guarantors have fully performed all their obligations to the
Administrative Agent and the Lenders. 
 Section 7.08 Reinstatement; Stay of Acceleration. If at any time any payment of any
portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Subsidiary Guarantor’s obligations under this Subsidiary
Guarantee with respect to that payment shall be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent and the Lenders are in possession of this Subsidiary Guarantee. If acceleration of the time
for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations
shall nonetheless be payable by the Subsidiary Guarantors forthwith on demand by the Lender. 
 Section 7.09 Information. Each
Subsidiary Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the
nature, scope and extent of the risks that each Subsidiary Guarantor assumes and incurs under this Subsidiary Guarantee, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise any Subsidiary Guarantor of
information known to it regarding those circumstances or risks. 
 Section 7.10 Taxes. All payments of the Guaranteed Obligations
will be made by each Subsidiary Guarantor free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes; provided that if any Subsidiary Guarantor shall be required to deduct or withhold 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 or
Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Subsidiary Guarantor shall make such deductions and (iii) such Subsidiary Guarantor shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 Section 7.11 Maximum Liability. The
provisions of this Subsidiary Guarantee are severable, and in any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors
generally, if the obligations of any Subsidiary Guarantor under this Subsidiary Guarantee would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Subsidiary Guarantor’s liability under
this Subsidiary Guarantee, then, notwithstanding any other provision of this Subsidiary Guarantee to the contrary, the amount of such liability shall, without any further action by the Subsidiary Guarantors or the Lenders, be automatically limited
and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Subsidiary Guarantor’s “Maximum  

  

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Liability”). This Section with respect to the Maximum Liability of each Subsidiary Guarantor is intended solely to preserve the rights of the
Lenders to the maximum extent not subject to avoidance under applicable law, and no Subsidiary Guarantor nor any other Person shall have any right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so
that the obligations of any Subsidiary Guarantor hereunder shall not be rendered voidable under applicable law. Each Subsidiary Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of
each Subsidiary Guarantor without impairing this Subsidiary Guarantee or affecting the rights and remedies of the Lenders hereunder, provided that, nothing in this sentence shall be construed to increase any Subsidiary Guarantor’s obligations
hereunder beyond its Maximum Liability. 
 Section 7.12 Contribution. In the event any Subsidiary Guarantor (a “Paying
Subsidiary Guarantor”) shall make any payment or payments under this Subsidiary Guarantee or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Subsidiary Guarantee,
each other Subsidiary Guarantor (each a “Non-Paying Subsidiary Guarantor”) shall contribute to such Paying Subsidiary Guarantor an amount equal to such Non-Paying Subsidiary Guarantor’s “Applicable Percentage” of such
payment or payments made, or losses suffered, by such Paying Subsidiary Guarantor. For purposes of this Article VII, each Non-Paying Subsidiary Guarantor’s “Applicable Percentage” with respect to any such payment or loss by a
Paying Subsidiary Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio of (i) such Non-Paying Subsidiary Guarantor’s Maximum Liability as of such date (without giving effect to any
right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Subsidiary Guarantor’s Maximum Liability has not been determined, the aggregate amount of all monies received by such Non-Paying Subsidiary Guarantor
from the Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Subsidiary Guarantors hereunder (including such Paying Subsidiary Guarantor) as of such date (without
giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Subsidiary Guarantor, the aggregate amount of all monies received by such Subsidiary
Guarantors from the Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Subsidiary Guarantor’s several liability for the entire amount of the Guaranteed Obligations
(up to such Subsidiary Guarantor’s Maximum Liability). Each of the Subsidiary Guarantors covenant and agree that its right to receive any contribution under this Subsidiary Guarantee from a Non-Paying Subsidiary Guarantor shall be subordinate
and junior in right of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of both the Administrative Agent, the Lenders and the Subsidiary Guarantors and may be enforced by any one, or more, or
all of them in accordance with the terms hereof. 
 Section 7.13 Liability Cumulative. The liability of each Obligor as a
Subsidiary Guarantor under this Article VII is in addition to and shall be cumulative with all liabilities of each Obligor to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents to which such Obligor is a party
or in respect of any obligations or liabilities of the other Obligors, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
 Section 7.14 Release. A Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee and the other Loan
Documents to which it is a party if all the Obligations are indefeasibly paid in full. Upon the sale or disposition of a Subsidiary Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its
assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving corporation in such transaction, to a Person which is not the Borrower or a Restricted Subsidiary, such Subsidiary Guarantor will be automatically and
unconditionally released from all its obligations under this Agreement and its Subsidiary Guarantee and the Collateral Documents to which it is a party, such Subsidiary Guarantee will terminate and the Liens, if any, on the Collateral pledged by
such Subsidiary Guarantor pursuant to the Collateral Documents shall be released with respect to the Obligations if (x) the sale or other disposition is in compliance with this Agreement, including Section 6.04 (it being 

  

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understood that only such portion of the Net Available Cash as is required to be applied on or before the date of such release in accordance with the terms
of this Agreement needs to be applied in accordance therewith at such time), Section 6.07 and Section 6.11 and (y) all the obligations of such Subsidiary Guarantor under all Debt Facilities and related documentation and any other
agreements relating to any other Indebtedness of the Borrower or its Restricted Subsidiaries terminate upon consummation of such transaction. Each Subsidiary Guarantor will be released from its obligations under this Agreement, its Subsidiary
Guarantee and the Collateral Documents to which it is a party if the Borrower designated such Subsidiary Guarantor as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of this Agreement. Without the
consent or other agreement of any Lender, the Administrative Agent is authorized to release a Subsidiary Guarantor, and shall release such Subsidiary Guarantor, upon the delivery of an Officers’ Certificate certifying in writing to the
Administrative Agent that the conditions for such release described in Sections 5.10(b), 6.07 or this Section 7.14 have been satisfied. To the extent the Administrative Agent is required to execute any release documents in accordance with the
immediately preceding sentence, the Administrative Agent shall do so promptly upon requests of the Borrower without the consent or further agreement of any Lender. 
 ARTICLE VIII 
 EVENTS OF DEFAULT 
 If any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower defaults in any payment of interest on any Loan when the same becomes due and payable, and such default continues for a period of 30
days; 
 (b) the Borrower defaults in the payment of the principal of any Loan when the same becomes due and payable at its Stated Maturity,
upon required repurchase, upon declaration or otherwise; 
 (c) any representation, warranty or certification made or deemed made by or on
behalf of any Obligor 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 hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or
deemed made; 
 (d) the Borrower or any Subsidiary Guarantor fails to comply with Section 6.11; 
 (e) the Borrower or any Restricted Subsidiary fails to comply with Sections 5.01, 5.10, 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07, 6.08, 6.09 or 6.13 (in
each case other than a failure to repay the Loans when required pursuant to Section 6.04 or 6.06, which failure shall constitute an Event of Default under clause (b)) and such failure continues for 30 days after the Borrower receives written
notice thereof from the Administrative Agent (which notice will be given at the request of any Lender); 
 (f) the Borrower or any Subsidiary
Guarantor defaults in the performance of or a breach by the Borrower of any other covenant or agreement in this Agreement or any other Loan Document (other than those referred to in clauses (a), (b), (c), (d) or (e) above), and such
default continues for a period of 60 days after the Borrower receives written notice thereof from the Administrative Agent (which notice will be given at the request of any Lender); provided, however, that in no event shall a failure to
observe or perform any covenant set forth in Section 5.11 or 6.14 with respect to the filing and recording of Mortgages, the description of the Collateral or the Obligations, or the perfection of any Lien over after-acquired property constitute
a Default or an Event of Default hereunder until the receipt by the Borrower of any notice from the trustee under the Indenture (or any required percentage of holders entitled to deliver such notice under the Indenture) of a default under the
Indenture with respect to the failure to comply with the corresponding obligations under the Indenture; 
  

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 (g) the failure by any Subsidiary Guarantor that is a Significant Subsidiary (if any) to comply with its
obligations under any Subsidiary Guarantee or Collateral Document to which such Subsidiary Guarantor is a party, after any applicable grace period; provided, however, that in no event shall a failure to observe or perform any covenant set
forth in Section 5.11 or 6.14 with respect to the filing and recording of Mortgages, the description of the Collateral or the Obligations, or the perfection of any Lien over after-acquired property constitute a Default or an Event of Default
hereunder until the receipt by the Borrower of any notice from the trustee under the Indenture (or any required percentage of holders entitled to deliver such notice under the Indenture) of a default under the Indenture with respect to the failure
to comply with the corresponding obligations under the Indenture; 
 (h) Indebtedness of the Borrower or any Significant Subsidiary is not
paid within any applicable grace period after final maturity or is accelerated by the holders thereof if the total amount of such unpaid or accelerated Indebtedness exceeds $25,000,000 or its foreign currency equivalent at the time; 
 (i) the Borrower or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 
 (ii)
consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a Custodian of it or
for any substantial part of its property; or 
 (iv) makes a general assignment for the benefit of its creditors; or 
 (v) takes any comparable action under any foreign laws relating to insolvency; 
 (j) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against the Borrower or any Significant Subsidiary in an involuntary case; 
 (ii) appoints a Custodian of the Borrower or any Significant Subsidiary or for any substantial part of its property; or 
 (iii) orders the winding up or liquidation of the Borrower or any Significant Subsidiary; or 
 (iv) any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60 days; 
 (k) any judgment or decree for the payment of money in excess of $25,000,000 or its foreign currency equivalent at the time in the aggregate for all such
final judgments or orders against the Borrower or a Significant Subsidiary if (i) an enforcement proceeding thereon is commenced and not discharged within ten days or (ii) such judgment or decree remains outstanding for a period of 60 days
following such judgment or decree and is not discharged, waived, stayed or bonded; 
 (l) the failure of any Subsidiary Guarantee or
Collateral Document entered into by a Subsidiary Guarantor (if any) which is a Significant Subsidiary to be in full force and effect (except as contemplated by the terms thereof) or the denial or disaffirmation by any such Subsidiary Guarantor of
its obligations under any Subsidiary Guarantee or Collateral Document if such Default continues for 30 days; and 
  

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 (m) with respect to any Collateral having a fair market value in excess of $25,000,000, individually or
in the aggregate, (i) the failure of the Lien with respect to such Collateral under the Collateral Documents, at any time, to be in full force and effect for any reason other than in accordance with their terms and the terms of the Loan
Documents and other than the satisfaction in full of all Obligations if such Default continues for 60 days after notice from the Administrative Agent, (ii) the declaration that the Lien with respect to such Collateral created under the
Collateral Documents or under the Loan Documents is invalid or unenforceable, if such Default continues for 60 days after notice from the Administrative Agent or (iii) the assertion by the Borrower or any Subsidiary Guarantor, in any pleading
in any court of competent jurisdiction, that any such Lien is invalid or unenforceable 
 then, and in every such event (other than an event with respect to
the Borrower described in clause (i) or (j) 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 Borrower, 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 and
all other fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any
event with respect to the Borrower described in clause (i) or (j) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all other fees and
other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon such a declaration, such
principal and interest will be due and payable immediately. In the event of a declaration of acceleration because an Event of Default set forth in clause (h) above has occurred and is continuing, such declaration of acceleration shall be
automatically rescinded and annulled if the event triggering such Event of Default pursuant to clause (h) shall be remedied or cured by the Borrower and/or the relevant Significant Subsidiaries or waived by the holders of the relevant
Indebtedness within 60 days after the declaration of acceleration with respect thereto. In addition, if any Event of Default shall exist, the Administrative Agent may direct the Term Collateral Agent to foreclose or otherwise enforce any Lien
granted to for the benefit of the Secured Parties to secure payment and performance of the Obligations to the extent permitted by and in accordance with the terms of the Intercreditor Agreement, the Term Loan Intercreditor Agreement and the other
Loan Documents and exercise any and all rights and remedies afforded by applicable law, by any of the Loan Documents, by equity, or otherwise. 
 ARTICLE IX 
 THE ADMINISTRATIVE AGENT 
 Section 9.01 Appointment. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Each Lender specifically authorizes the Administrative Agent to enter into the Term Loan
Intercreditor Agreement on its behalf and to bind such Lender to the terms thereof. 
 Section 9.02 Rights as a Lender. 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 the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  

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 Section 9.03 Limitation of Duties and Immunities. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein. 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 or Event
of 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 hereby that the
Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set
forth herein, 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 Borrower 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 10.02) 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 or Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower 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 this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 9.04 Event of Default; Direction of the Required Lenders. The Administrative Agent shall take such action (subject to
Section 10.02(b) hereof and subject to the right of the Administrative Agent to receive further assurances to its satisfaction from the Lenders of their indemnification obligations under Section 10.03(c) hereof against any and all
liability and expense that may be incurred by it by reason of taking or continuing to take such action) with respect to the notice of a Default or Event of Default referred to in the preceding section as shall be directed by the Required Lenders;
provided, that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such notice of
Default or Event of Default as it shall deem advisable in the best interest of the Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the
Required Lenders or all of the Lenders. 
 Section 9.05 Reliance on Third Parties. 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 Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 Section 9.06 Sub-Agents. 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. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and 

  

 TERM LOAN AGREEMENT, Page 77 

 
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. 
 Section 9.07 Successor 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 and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, 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 the Borrower to a
successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and
Section 10.03 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. 
 Section 9.08 Independent Credit Decisions. 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 related agreement or any document furnished hereunder or thereunder. 
 Section 9.09
Release of Liens on the Collateral. The Liens on the Collateral will be released with respect to the Obligations: 
 (a) in whole,
upon payment in full of the Obligations; 
 (b) in part, as to any property constituting Collateral (i) that is sold or otherwise
disposed of by the Borrower or any of its Restricted Subsidiaries in a transaction permitted by Section 6.04 and by the Collateral Documents, to the extent of the interest sold or disposed of, or otherwise not prohibited by this Agreement and
the Collateral Documents; (ii) that is cash or Net Available Cash withdrawn from the Collateral Accounts for any one or more purposes permitted by subsection (a) of Section 6.04 or for any other expenditures not prohibited by this
Agreement; (iii) with respect to ABL Collateral, upon any release, sale or disposition (other than in connection with a cancellation or termination of the ABL Credit Facility) of any ABL Collateral pursuant to the terms of the ABL Credit
Facility resulting in the release of the Lien on such Collateral securing the ABL Credit Facility; or (D) otherwise in accordance with, and as expressly provided for under, this Agreement or any Collateral Document; 
 (c) that is owned by a Subsidiary Guarantor that is released from its Subsidiary Guarantee in accordance with this Agreement; and 
 (d) with the consent of Lenders of sixty six and two-thirds percent (66- 2/3%) in aggregate principal amount of the Loans, 
  

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 (e) in whole if the holders of the Senior Secured Notes agree to release the Liens covering all of the
Collateral; 
 provided, that, in the case of any release in whole pursuant to this Section 9.09(a), all amounts owing to the Administrative
Agent under this Agreement and the other Loan Documents in its capacity as such have been paid. For the release of real properties that have a fair market value of $10,000,000 or more and that constitute Non-ABL Collateral, the Borrower and each
Subsidiary Guarantor will furnish to the Administrative Agent, upon request, prior to each proposed release of such Non-ABL Collateral pursuant to the Collateral Documents and this Agreement an Officers’ Certificate (i) requesting such
release and (ii) to the effect that all conditions precedent provided for in this Agreement and the Collateral Documents to such release have been complied with. Upon compliance by the Borrower or the Subsidiary Guarantors, as the case may be,
with the conditions precedent set forth above, the Administrative Agent shall direct the Term Collateral Agent to promptly released and reconveyed to the Borrower, or its Subsidiary Guarantors, as the case may be, the released Non-ABL Collateral.

 Section 9.10 Deletion of Excluded Property. Notwithstanding any provision to the contrary herein, as and when requested by the
Borrower, the Administrative Agent shall instruct the Term Collateral Agent to execute and deliver UCC financing statement amendments or releases that delete Excluded Property from any previously filed financing statements that included such
Excluded Property in the description of the assets covered thereby. If requested in writing by the Borrower, the Administrative Agent shall instruct the Term Collateral Agent to execute and deliver such documents, instruments or statements and to
take such other action as the Borrower may request to evidence or confirm that the Collateral falling under the release provisions of Section 9.09 has been released from the Liens of each of the Collateral Documents. 
 ARTICLE X 
 MISCELLANEOUS 

Section 10.01 Notices. 
 (a)
Notice Address. 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 Obligor, to it at Smithfield Foods, Inc. at 200 Commerce Street, Smithfield, VA 23430, Attention: Carey J. Dubois (Telecopy No. 757-365-3025) and Carey Dubois (Telecopy No. 757-365-3073); 
 (ii) if to the Administrative Agent or Rabobank individually, to it at c/o Corporate Services, Manjur Ahmed, 10 Exchange Place, 16th Floor, Jersey City,
New Jersey 07302; Phone: 201-499-5432; Fax: 201-499-5326; with a copy to Rabobank Nederland, 13355 Noel Road, Suite 1000, Dallas, TX 75240-6645, United States of America, Attention James V. Kenwood; Telecopy (972) 419-6315; Telephone:
(972) 419-5282; and 
 (iii) if to any other Lender (other than Rabobank) to it at its address (or telecopy number) set forth in its
Administrative Questionnaire. 
 (b) Electronic Notification. 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 Borrower may, in its 

  

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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) Change of Notice
Address. 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. 
 (d) Electronic Transmission System. The
Obligors and the Lenders agree that the Administrative Agent may make the Communications available to the Lenders and the Obligors by posting the Communications on Intralinks or a substantially similar electronic transmission system (the
“Platform”). THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT RELATED 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 RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO THE 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 THE BORROWER’S OR THE ADMINISTRATIVE
AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE
RESULTED PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 (e) Communications Through the Platform. Each
Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes hereof. Each Lender agrees
(i) to provide to the Administrative Agent in writing (including by electronic communication), promptly after the date of this Agreement, an e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that
the foregoing notice may be sent to such e-mail address. 
 Section 10.02 Waivers; Amendments. 
 (a) Waivers. No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder 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 and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by
any Obligor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 10.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. 
 (b) Amendment to Loan Documents. Neither any Loan Document nor any provision thereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Obligors and the Required Lenders (and if applicable, the other parties thereto); provided, that no such agreement shall: 
 (i) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby, 
  

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 (ii) postpone the scheduled date of payment of the principal amount of any Loan or any interest thereon,
or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, without the written consent of each Lender affected thereby, 
 (iii) change Section 2.14 in a manner that would alter the pro rata treatment of Lenders required thereby, without the written consent of each Lender, 
 (iv) change any of the provisions of this Section 10.02 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, 
 (v) release any Subsidiary Guarantor from any Subsidiary Guarantee without the written consent of each Lender except as specifically permitted hereby or
by the Term Loan Intercreditor Agreement, or 
 (vi) except in connection with the exercise of its rights and remedies in therein after an
Event of Default or as specifically permitted hereby or by the Collateral Documents, release all or any substantial portion of the Collateral 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 hereunder without the prior written consent of the Administrative Agent.

 Section 10.03 Expenses; Indemnity: Damage Waiver. 
 (a) Expenses. The Borrower 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 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), including the fees, charges, disbursements and any other amounts paid to or on behalf of the Collateral Agent under the Term Loan Intercreditor
Agreement and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender and the fees, charges and disbursements of
the Term Collateral Agent and its counsel in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.03, or in connection with the
Loans made, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 
 (b) Indemnification by Borrower. The Borrower shall indemnify the Administrative Agent 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 this Agreement or the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any 

  

 TERM LOAN AGREEMENT, Page 81 

 
property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower 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 resulted from the gross negligence or willful misconduct of such Indemnitee.

 (c) Indemnification by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent under paragraph (a) or (b) of this Section 10.03, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent in its capacity as such. 
 (d) No Consequential Damages, etc. To the extent permitted by applicable law,
no Obligor shall assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
 (e) Payment Due Dates. All amounts due under this Section 10.03 shall be payable promptly after written demand therefor. 
 Section 10.04 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, except that (i) no Obligor 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 an Obligor 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 10.04. 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 and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignment by Lenders. 
 (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of
its Commitments) and the Loans at the time owing to it) with the prior written consent of: 
 (A) the Borrower (such consent not to be
unreasonably withheld); provided, that no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under clause (a), (b), (h) or
(i) of Article VIII has occurred and is continuing, any other Person; and 
 (B) the Administrative Agent (such consent not to be
unreasonably withheld). 
  

 TERM LOAN AGREEMENT, Page 82 

 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the
assigning Lender’s Commitments or Loans, the amount of the Commitments 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 Borrower and the Administrative Agent otherwise consent; provided, that no such consent of the Borrower shall be required if an Event of Default under clause (a),
(b), (h) or (i) of Article VIII has occurred and is continuing, if any; 
 (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; 
 (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; 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 10.04, “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) below, 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 Section 2.11, Section 2.12, Section 2.13, and Section 10.03). Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this Section 10.04 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 10.04. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the 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 principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent 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 Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 10.04 and any written consent
to such assignment required by paragraph (b) of this Section 10.04, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  

 TERM LOAN AGREEMENT, Page 83 

 (c) Participations. (i) Any Lender may, without the consent of the Borrower or the
Administrative Agent, 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 Commitments
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 Obligors, the Administrative Agent 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant
to the first proviso to Section 10.02(b) and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section 10.04, the Borrower agrees that each Participant shall be entitled to the benefits of Section 2.11,
Section 2.12 and Section 2.13 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.08 as though it were a Lender; provided, such Participant shall be subject to Section 2.14(f) as though it were a Lender. Notwithstanding anything in this paragraph to the contrary, any bank or
other lending institution that is a member of the Farm Credit System that (A) has purchased a participation or sub-participation in the minimum amount of $10,000,000 on or after the Effective Date, (B) is, by written notice to the Borrower
and the Administrative Agent (“Voting Participant Notification”), designated by the selling Lender as being entitled to be accorded the rights of a Voting Participant hereunder (any bank or other lending institution that is a member
of the Farm Credit System so designated being called a “Voting Participant”) and (C) receives the prior written consent of the Borrower and the Administrative Agent to become a Voting Participant, shall be entitled to vote (and
the voting rights of the selling Lender shall be correspondingly reduced), on a dollar for dollar basis, as if such participant or sub-participant were a Lender, on any matter requiring or allowing a Lender to provide or withhold its consent, or to
otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with respect to any Voting Participant, (1) state the full name, as well as all contact information required of an Assignee in any
Administrative Questionnaire and (2) state the dollar amount of the participation or sub-participation purchased. The Borrower and the Administrative Agent shall be entitled to conclusively rely on information contained in notices delivered
pursuant to this paragraph. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.11 or
Section 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. Any Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.13 unless such Participant complies with Section 2.13(e) as though it were a Lender. 
 (d) Pledges by Lenders. 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 the Farm Credit Funding Corp. or to any other entity organized under the Farm Credit Act, as amended, and this
Section 10.04 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. 
 (e) No Assignments to Borrower and Affiliates. Anything in this
Section 10.04 to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower or any Affiliates or Subsidiaries of the Borrower without the prior consent of each Lender.

  

 TERM LOAN AGREEMENT, Page 84 

 Section 10.05 Survival. All covenants, agreements, representations and warranties made by any
Obligor herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement and 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 making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of
any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other
amount payable under this Agreement is outstanding and unpaid. The provisions of Section 2.11, Section 2.12, Section 2.13 and Section 10.03 and Article IX shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision hereof. 
 Section 10.06 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 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. Subject to 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 shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 10.07 Severability. Any provision of this Agreement 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. 
 Section 10.08 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) 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 Obligor against any of and all the obligations of the applicable Obligor
now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this
Section 10.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Governing Law. This Agreement and
the other Loan Documents 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 Obligations Law of the State of New York, as amended (as and to the extent applicable), and other applicable law. 
  

 TERM LOAN AGREEMENT, Page 85 

 (b) Submission to Jurisdiction. EACH OBLIGOR 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 THIS AGREEMENT, 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 shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against any Obligor the or its properties in the courts of any jurisdiction. 
 (c)
Waiver of Forum Matters. Each Obligor 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 10.09. 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) Service of
Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any
other manner permitted by law. 
 Section 10.10 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 OR THE TRANSACTIONS CONTEMPLATED HEREBY (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 10.10. 
 Section 10.11 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 10.12 Confidentiality. Each of the Administrative Agent 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
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 or the other Loan Documents, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this 

  

 TERM LOAN AGREEMENT, Page 86 

 
Agreement or the other Loan Documents or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section 10.12, (i) to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or the other Loan Documents or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Obligor, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section 10.12 or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than an Obligor. For the purposes of this
Section 10.12, “Information” means all information received from any Obligor relating to any Obligor’s business, other than any such information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower; provided, that, in the case of information received from an Obligor 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 10.12 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. 
 Section 10.13 Acknowledgments. Each Obligor
acknowledges that: 
 (a) neither the Administrative Agent nor any Lender has any fiduciary relationship with or fiduciary duty to any
Obligor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Administrative Agent and the Lenders on the one hand, and each Obligor, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and 
 (b) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among any party or parties hereto. 
 Section 10.14 Construction. The
Obligors, the 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 10.15 Independence of Covenants. All
covenants under the Loan Documents shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the
limitations of, another covenant shall not avoid the occurrence of a Default or Event of Default if such action is taken or such condition exists. 
 Section 10.16 USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Obligors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of each Obligor and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify each Obligor in accordance with the Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide, to the extent commercially reasonable,
such information and take such actions as are reasonably requested by each Lender and the Administrative Agent to maintain compliance with the Act. 
  

 TERM LOAN AGREEMENT, Page 87 

 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. 
  

			
	BORROWER:
	
	SMITHFIELD FOODS, INC.
		
	By:	 	 /s/ Carey J. Dubois

		 	Carey J. Dubois, Vice President Finance
	
	SUBSIDIARY GUARANTORS:
	
	 BROWN’S REALTY PARTNERSHIP, a North Carolina general partnership

	 CARROLL’S REALTY PARTNERSHIP, a North Carolina general partnership

	 SMITHFIELD-CARROLL’S FARMS, a Virginia general partnership

		
	By:	 	 MURPHY-BROWN, LLC, as a general partner of each partnership

		
	By:	 	 /s/ Carey J. Dubois

		 	Carey J. Dubois, Vice President

  

 TERM LOAN AGREEMENT, Page 88 

			
	SUBSIDIARY GUARANTORS (continued):
	
	 814 AMERICAS, INC., a Delaware corporation

	 ARMOUR-ECKRICH MEATS LLC, a Delaware limited liability company

	 FARMLAND DISTRIBUTION INC., a Delaware corporation

	 FARMLAND FOODS, INC., a Delaware corporation

	 GWALTNEY TRANSPORTATION CO., INC., a Delaware corporation

	 JOHN MORRELL & CO., a Delaware corporation

	 LPC TRANSPORT, INC., a Delaware corporation

	 MURPHY FARMS OF TEXHOMA, INC., an Oklahoma corporation

	 MURPHY-BROWN LLC, a Delaware limited liability company

	 NORTH SIDE FOODS CORP., a Delaware corporation

	 PATRICK CUDAHY INCORPORATED, a Delaware corporation

	 PC EXPRESS, INC., a Delaware corporation

	 PREMIUM STANDARD FARMS, LLC, a Delaware limited liability company

	 RMH FOODS, INC., a Delaware corporation

	 THE SMITHFIELD PACKING COMPANY, INCORPORATED, a Delaware corporation

	 SMITHFIELD PURCHASE CORPORATION, a North Carolina corporation

	 SMITHFIELD TRANSPORTATION CO., INC., a Delaware corporation

	 STEFANO FOODS, INC., a North Carolina corporation

	 VALLEYDALE TRANSPORTATION COMPANY, INC., a Delaware corporation

		
	By:	 	 /s/ Carey J. Dubois

		 	Carey J. Dubois, Vice President

  

 TERM LOAN AGREEMENT, Page 89 

			
	SUBSIDIARY GUARANTORS (continued):
	
	 JONMOR INVESTMENTS, INC., a Delaware corporation

	 PATCUD INVESTMENTS, INC., a Delaware corporation

	 SFFC, INC., a Delaware corporation

	 SF INVESTMENTS, INC., a Delaware corporation

		
	By:	 	 /s/ Charles McCarrick

		 	Charles McCarrick, President/Assistant Secretary/ Assistant Treasurer

  

 TERM LOAN AGREEMENT, Page 90 

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	COÖPERATIEVE CENTRALE
	RAIFFEISEN-BOERENLEENBANK B.A.,
	“RABOBANK NEDERLAND”, NEW YORK BRANCH, as Administrative Agent and sole Lender
		
	By:	 	 /s/ James V. Kenwood

		 	James V. Kenwood, Executive Director
		
	By:	 	 /s/ Rebecca Morrow

		 	Rebecca Morrow, Executive Director

  

 TERM LOAN AGREEMENT, Page 91 

 INDEX TO EXHIBITS 
  

					
	 Exhibit
	 	 	  	 Description of Exhibit

	 A
	 	–	  	Form of Assignment and Assumption
			
	 B
	 	–	  	Form of Compliance Certificate
			
	 C
	 	–	  	Form of Borrowing Request
			
	 D
	 	–	  	Form of Interest Election Request
			
	 E
	 		  	Form of Joinder Agreement

 INDEX TO SCHEDULES 
  

					
	 Schedule
	  	 	  	 Description of Schedule

	Schedule 2.01	  	–	  	Commitments
			
	Schedule 3.05	  	–	  	Real Properties; Intellectual Property
			
	Schedule 3.06	  	–	  	Disclosed Matters
			
	Schedule 3.13	  	–	  	Material Agreements and Liens
			
	Schedule 3.14	  	–	  	Subsidiaries and Investments

  

 INDEX TO EXHIBITS AND SCHEDULES, Solo Page 

 SCHEDULE 2.01 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 COMMITMENTS 
  

				
	 Lender
	  	Commitment
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH
	  	$	200,000,000
	 TOTAL
	  	$	200,000,000

  

 SCHEDULE 2.01, Solo Page 

 EXHIBIT A 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 FORM OF ASSIGNMENT AND ASSUMPTION 
  

 EXHIBIT A, Cover Page 

 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the “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 Term Loan Agreement identified below (as amended, the
“Term Loan 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 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 Term Loan 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 Term Loan 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 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 Term Loan 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 contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity 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:
	 	  
	  	
			
	 2.      Assignee:
	 	  
	  	
		 	[and is an Affiliate/Approved Fund of [identify Lender]1]
		
	 3.      Borrower(s):
	 	SMITHFIELD FOODS, INC.
		
	 4.      Administrative Agent:
	 	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK
NEDERLAND”, NEW YORK BRANCH, as the administrative agent under the Term Loan Agreement
		
	 5.      Term Loan Agreement:
	 	The $200,000,000 Term Loan Agreement dated as of July 2, 2009 among Smithfield Foods, Inc., the Lenders parties thereto, and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
“Rabobank Nederland”, New York Branch, as Administrative Agent.

  

	1
	Select as applicable. 

  

 ASSIGNMENT AND ASSUMPTION, Page 1 

					
	 6.      Assigned Interest:
	  		  	

  

						
	 Aggregate Amount of Commitment/Loans for all Lenders
	  	Amount of
Commitment/Loans
Assigned	  	Percentage Assigned of
Commitment/Loans2

	 $200,000,000
	  	$	 	  	%

 Effective Date:             ,
20            [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	  

	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	  

  

	2
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

  

 ASSIGNMENT AND ASSUMPTION, Page 2 

			
	[Consented to and]3 Accepted:
	
	COÖPERATIEVE CENTRALE
	RAIFFEISEN-BOERENLEENBANK B.A.
	“RABOBANK NEDERLAND”,
	NEW YORK BRANCH, as Administrative Agent
		
	By:	 	  

	Title:	 	  

	
	[Consented to:]4
	
	SMITHFIELD FOODS, INC.
		
	By:	 	  

	Title:	 	  

  

	3
	To be added only if the consent of the Administrative Agent is required by the terms of the Term Loan Agreement. 

	4
	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Term Loan Agreement. 

  

 ASSIGNMENT AND ASSUMPTION, Page 3 

 ANNEX 1 
 SMITHFIELD FOODS, INC. 
 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 and (iii) 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 (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Term Loan Agreement or any other Loan Document5, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of the Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
the Borrower, any of the 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 Term Loan Agreement, (ii) it satisfies the requirements, if any, specified in the Term Loan Agreement that are required to be satisfied by it in order to acquire
the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of
a Lender thereunder, (iv) it has received a copy of the Term Loan Agreement, together with copies of the most recent financial statements delivered pursuant to Sections 3.04 or 5.01 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 (v) if it is a Foreign Lender6, attached to the Assignment and Assumption is any
documentation required to be delivered by it pursuant to the terms of the Term Loan 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 the 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. 
 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 the 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 other electronic communications shall be effective as delivery of a manually
executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by and construed in accordance with the applicable law pertaining in 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 Obligations Law of the State of New York, as amended (as
and to the extent applicable), and other applicable law. 
  

	6
	 The concept of “Foreign Lender” should be conformed to the section in the Term Loan Agreement governing withholding taxes and gross-up.

  

 STANDARD TERMS AND CONDITIONS TO THE ASSIGNMENT AND ASSUMPTION, Solo Page 

 EXHIBIT B 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 COMPLIANCE CERTIFICATE 
  

 EXHIBIT B, Cover Page 

 COMPLIANCE CERTIFICATE 
 This Compliance Certificate is delivered pursuant to Section 5.01(c) of the Term Loan Agreement, (dated as of July 2, 2009 (as amended, supplemented or otherwise modified from time to time (the “Term
Loan Agreement”), among Smithfield Foods, Inc. (the “Borrower”), the Lenders party thereto and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, as administrative
agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term Loan Agreement. 
 1. I am the duly elected, qualified and acting Chief Financial Officer of the Borrower. 
 2. I have reviewed and am familiar with the contents of this Certificate. 
 3. I have reviewed the terms of the Term Loan Agreement and the Loan Documents and have made or caused to be made under my supervision, a review in reasonable detail of the transactions and condition of the Borrower
during the accounting period covered by the financial statements attached hereto as Attachment I (the “Financial Statements”). Such review did not disclose the existence during or at the end of the accounting period covered
by the Financial Statements, and I have no knowledge of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or Event of Default, except as set forth below. 
 5. The financial statements attached hereto were prepared in accordance with GAAP and fairly present in all material respects (subject to year end audit
adjustments and absence of footnotes) the financial conditions and the results of the operations of the Persons reflected thereon, at the date and for the periods indicated therein. 
 IN WITNESS WHEREOF, I have executed this Certificate this day of             ,
200    . 
  

			
	  

	Name:	 	  

	Title:	 	  

  

 Compliance Certificate, Solo Page 

 EXHIBIT C 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 BORROWING REQUEST 
  

 EXHIBIT C, Cover Page 

 BORROWING REQUEST 
                     ,     ,
             
 Coöperatieve Centrale 
 Raiffeisen-Boerenleenbank B.A. 
 “Rabobank Nederland”, 

New York Branch, as agent 
 Corporate Services 
 Manjur Ahmed 
 10 Exchange Place, 16th Floor 
 Jersey City, New Jersey 07302 
 Phone: 201-499-5432 
 Fax: 201-499-5326 
 With a copy to: 
 Rabobank Nederland 
 13355 Noel Road, Suite 1000 
 Dallas, TX 75240-6645 
 United States of America 

			
	Phone No.	 	(972) 419-5282
	Fax No.	 	(972) 419-6315
	Attention:	 	James V. Kenwood

 And each Lender 
 Ladies and Gentlemen: 
 This Borrowing Request (the “Request”) is being delivered pursuant to that certain Term
Loan Agreement (as amended, the “Agreement”) dated as of July 2, 2009 among Smithfield Foods, Inc. (the “Borrower”), certain of its subsidiaries party thereto as Subsidiary Guarantors, Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, as Administrative Agent and the lenders named therein. All capitalized terms, unless otherwise defined herein, shall have the same meanings as in the Agreement.

 The Borrower hereby gives the Administrative Agent and the Lenders notice pursuant to the Term Loan Agreement that the Borrower requests
the Borrowing under the Term Loan Agreement, and in connection therewith sets forth below the information relating to such Borrowing (the “Requested Borrowing”). 
  

	 	(i)	The date of the Requested Borrowing is             ; 

  

	 	(ii)	The principal amount of the Requested Borrowing is $            ; 

  

 BORROWING REQUEST, Page 1 

	 	(iii)	The Type or Types of the Borrowing requested (i.e., ABR Borrowing or Eurodollar Borrowing) and, if applicable the Interest Periods applicable thereto are set forth in the
table below: 

  

					
	 Amount
	  	Type	  	Interest Period
(if applicable)
	 1.
	  		  	             Month(s)
	 2.
	  		  	             Month(s)
	 3.
	  		  	             Month(s)
	 4.
	  		  	             Month(s)
	 5.
	  		  	             Month(s)
	 6.
	  		  	             Month(s)

  

	 	(iv)	The proceeds of the Requested Borrowing should be disbursed directly to the entities in the amounts and in accordance with the transfer instructions set forth in the table below:

  

					
	 Dollar Amount
	  	Recipient	  	Instructions
	 $
	  		  	
	 $
	  		  	
	 $
	  		  	
	 $
	  		  	

 By its execution below, the Borrower represents and warrants to the Administrative Agent and the
Lenders: 
 (i) At the time of and immediately after giving effect to the Requested Borrowing, no Default nor any Event of
Default exists; and 
 (ii) The representations and warranties of the Borrower set forth in the Loan Documents are true and
correct on and as of the date of the Requested Borrowing with the same force and effect as if such representations and warranties had been made on and as of such date except to the extent that such representations and warranties relate specifically
to another date. 
 The instructions set forth herein are irrevocable. A telecopy of these instructions shall be deemed valid and may be
accepted and relied upon by the Administrative Agent and the Lenders as an original. 
  

			
	SMITHFIELD FOODS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 BORROWING REQUEST, Page 2 

 EXHIBIT D 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 INTEREST ELECTION REQUEST 
  

 EXHIBIT D, Cover Page 

 INTEREST ELECTION REQUEST 
 Coöperatieve Centrale 
 Raiffeisen-Boerenleenbank B.A. 
 “Rabobank Nederland”, 
 New York Branch, as agent 
 Corporate Services 
 Manjur Ahmed 
 10 Exchange Place, 16th Floor 
 Jersey City, New Jersey 07302 
  

			
	Phone:	 	201-499-5432
	Fax:	 	201-499-5326

 With a copy to: 
 Rabobank Nederland 
 13355 Noel Road, Suite 1000 
 Dallas, TX 75240-6645 
 United States of America 

			
	Phone No.	 	(972) 419-5282
	Fax No.	 	(972) 419-6315
	Attention:	 	James V. Kenwood

 And each Lender 
 Ladies and Gentlemen: 
 This Interest Election Request (the “Request”) is being delivered pursuant to that certain
Term Loan Agreement (as amended, the “Agreement”) dated as of July 2, 2009 among Smithfield Foods, Inc. (the “Borrower”), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank
Nederland”, New York Branch, as Administrative Agent and the lenders named therein. All capitalized terms, unless otherwise defined herein, shall have the same meanings as in the Agreement. 
 The Borrower hereby gives the Administrative Agent and the Lenders notice pursuant to Section 2.05 of the Term Loan Agreement that the
Borrower requests a conversion or continuation (a “Change”) of the Borrowing or Borrowings specified on Schedule 1. 
 By
its execution below, the Borrower represents and warrants to the Administrative Agent and the Lenders: 
 (i) At the time of and immediately
after giving effect to the Requested Borrowing, no Default nor any Event of Default exists; and 
 (ii) The representations and warranties of
the Borrower set forth in the Loan Documents are true and correct on and as of the date of the Requested Borrowing with the same force and effect as if such representations and warranties had been made on and as of such date except to the extent
that such representations and warranties relate specifically to another date. 
 The instructions set forth herein are irrevocable. A
telecopy of these instructions shall be deemed valid and may be accepted and relied upon by the Administrative Agent and the Lenders as an original. 
  

			
	SMITHFIELD FOODS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 INTEREST ELECTION REQUEST, Solo Page 

 SCHEDULE 1 
 TO 
 INTEREST ELECTION REQUEST 
  

											
	 Current Type
 (ABR or Eurodollar)
	  	Current
Principal Amount	  	Current Interest
Period Expiration Date	  	Continue as (Type)	  	Convert to (Type)	  	New Interest
Period Length
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

 SCHEDULE 1 to Interest Election Request, Solo Page 

 EXHIBIT E 
 TO 
 SMITHFIELD FOODS, INC. 
 TERM LOAN AGREEMENT 
 Joinder Agreement 
  

 EXHIBIT E, Cover Page 

 JOINDER AGREEMENT 
 This JOINDER AGREEMENT (the “Agreement”) dated as of             ,
            is executed by the undersigned (the “Guarantor”) for the benefit of COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”,
NEW YORK BRANCH (in its capacity as administrative agent for the lenders party to the hereafter identified Term Loan Agreement (in such capacity herein, the “Agent”) and the other secured parties and for the benefit of such lenders
and other secured parties in connection with that certain Term Loan Agreement dated as of July 2, 2009 among the Agent, Smithfield Foods, Inc. (the “Borrower), the subsidiary guarantors party thereto and the lenders party thereto
(as modified, the “Term Loan Agreement”, and capitalized terms not otherwise defined herein being used herein as defined in the Term Loan Agreement). 
 The Guarantor is a newly formed or newly acquired Domestic Subsidiary or is otherwise required to execute this Agreement pursuant to the Term Loan Agreement. 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Guarantor hereby agrees as follows: 
 1. The Guarantor hereby assumes all the obligations of a “Guarantor” under the
Subsidiary Guarantee and agrees that it is a “Guarantor” and bound as a “Guarantor” under the terms of the Subsidiary Guarantee as if it had been an original signatory thereto. In accordance with the forgoing and for valuable
consideration, the receipt and adequacy of which are hereby acknowledged, Guarantor irrevocably and unconditionally guarantees to the Agent and the Lenders the full and prompt payment and performance of the Guaranteed Obligations upon the terms and
conditions set forth in the Subsidiary Guarantee. The Guarantor confirms that the representations and warranties set forth in Article III of the Term Loan Agreement applicable to it on and as of the date hereof, as if made on and as of such date.

 5. This Agreement shall be deemed to be part of, and a modification to, the Term Loan Agreement and shall be governed by all the terms and
provisions of the Term Loan Agreement, which terms are incorporated herein by reference, are ratified and confirmed and shall continue in full force and effect as valid and binding agreements of Guarantor enforceable against Guarantor. The Guarantor
hereby waives notice of Agent’s or any Lender’s acceptance of this Agreement. 
 IN WITNESS WHEREOF, the Guarantor has executed
this Agreement as of the day and year first written above. 
  

			
	Guarantor:
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 Joinder Agreement, Solo Page

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