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Amendment No. 5 to Fourth Amended and Restated

Receivables Purchase Agreement
and
Reaffirmation of Performance Undertakings

                    This Amendment No. 5 to Fourth Amended and Restated
Receivables Purchase Agreement and Reaffirmation of Performance Undertakings
(this “Amendment”) is entered into as of January 3, 2005, among Dairy Group
Receivables, L.P. (“Dairy I”), Dairy Group Receivables II, L.P. (“Dairy II”),
Specialty Group Receivables, L.P. (“Specialty”), Dean National Brand Group, L.P.
(“National Brand” and together with Dairy I, Dairy II and Specialty, the
“Sellers” and each a “Seller”), each entity signatory hereto as an Additional
Servicer (each an “Additional Servicer” and collectively, the “Additional
Servicers”), each entity signatory hereto as a Financial Institution (each a
“Financial Institution” and collectively, the “Financial Institutions”), each
entity signatory hereto as a Company (each a “Company” and collectively, the
“Companies”), JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA
(Main Office Chicago)), as Agent (the “Agent”), and Dean Foods Company, as
Provider (“Provider”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Fourth Amended and Restated
Receivables Purchase Agreement, dated as of March 30, 2004, among the Sellers,
the Servicers party thereto, the Financial Institutions, the Companies and the
Agent (as amended by Amendment No. 1 thereto, dated as of April 5, 2004, as
further amended by Amendment No. 2 thereto, dated as of June 3, 2004, and as
further amended by Amendment No. 3 thereto, dated as of August 13, 2004, and as
further amended by Amendment No. 4 thereto, dated as of November 18, 2004, the
“Receivables Purchase Agreement”).

R E C I T A L S:

                    The Sellers, the Financial Institutions, the Companies, the
Servicers and the Agent are parties to the Receivables Purchase Agreement.

                    In connection with the Receivables Purchase Agreement,
Provider entered into each of (i) that certain Third Amended and Restated
Performance Undertaking, dated as of March 30, 2004, by Provider in favor of
Dairy I, (ii) that certain Second Amended and Restated Performance Undertaking,
dated as of March 30, 2004, by Provider in favor of Dairy II, (iii) that certain
Specialty Performance Undertaking, dated as of November 20, 2003, by Provider in
favor of Specialty and (iv) that certain National Brand Performance Undertaking,
dated as of March 30, 2004, by Provider in favor of National Brand
(collectively, the “Performance Undertakings”).

                    The Sellers, the Companies, the Financial Institutions and
the Agent desire to amend the Receivables Purchase Agreement to, among other
things, add each Additional Servicer as a “Servicer” thereunder, effective as of
the date hereof, and Provider desires to

 

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Annex A Annex B Annex C Annex D Annex E

reaffirm its obligations under the Performance Undertakings, all as more fully
described herein.

                    NOW, THEREFORE, in consideration of the premises, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

                    Section 1. Additional Servicers to be Party to the
Receivables Purchase Agreement. Subject to the terms and conditions set forth
herein, upon satisfaction of the conditions precedent set forth in Section 4
hereof and effective as of the date hereof (the “Effective Date”), the
Receivables Purchase Agreement is hereby amended to add each Additional Servicer
as a “Servicer” party to the Receivables Purchase Agreement. As of the Effective
Date, each Additional Servicer hereby agrees to be a “Servicer” party to the
Receivables Purchase Agreement, as amended hereby, and hereby assumes all of the
obligations and liabilities of, and hereby agrees to be bound by all of the
terms, covenants and conditions with respect to a “Servicer” under the
Receivables Purchase Agreement, as amended hereby, and under any other
Transaction Document to which it is a party.

                    Section 2. Amendments. Immediately upon the satisfaction of
each of the conditions precedent set forth in Section 4 of this Amendment, the
Receivables Purchase Agreement is hereby amended as follows:

                         (a) Section 5.1(m) of the Receivables Purchase
Agreement is hereby amended by inserting the phrase “and each of the New
National Brand Entities represents and warrants that since September 30, 2004,”
immediately following the phrase “and each of the New Entities represents and
warrants that since December 31, 2002,” where such phrase appears therein.

                         (b) Section 7.1(e)(ii) of the Receivables Purchase
Agreement is hereby amended by (i) inserting the phrase “each New National Brand
Entity,” immediately following the phrase “each Additional Entity,” where such
phrase appears therein, and (ii) inserting the phrase “on or prior to January 3,
2005 with respect to any Originator that is a New National Brand Entity,”
immediately following the phrase “on or prior to November 20, 2003 with respect
to Specialty Group and any Originator that is an Additional Entity,” where such
phrase appears therein.

                         (c) Article VIII of the Receivables Purchase Agreement
is hereby amended by (i) inserting the phrase “, each New National Brand Entity”
immediately following each occurrence of the phrase “each Additional Entity” in
such Article, and (ii) inserting the phrase “, each New National Brand
Entity’s,” immediately following the phrase “each Additional Entity’s” where
such phrase appears in Section 8.6 thereof.

                         (d) Exhibit I to the Receivables Purchase Agreement is
hereby

 

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amended by amending and restating the definition of the term “DHR” where it
appears in the definition of “Dilution Reserve” in its entirety to read as
follows: “DHR = the result of dividing the aggregate amount of all sales by all
Originators during the prior one and a half calendar months by the Net
Receivables Balance”.

                         (e) Exhibit I to the Receivables Purchase Agreement is
hereby amended by amending and restating the definitions of “Credit and
Collection Policy”, “Facility Termination Date”, “Purchase Limit” and “Yield and
Servicer Reserve” in their entirety to read as follows:

     “Credit and Collection Policy” means each Originator’s credit and
collection policies and practices relating to Writings, Contracts and
Receivables existing on the date hereof with respect to each New Entity, on
November 20, 2003 with respect to each Additional Entity, on the Original
Closing Date with respect to each other Originator, and on January 3, 2005 with
respect to each New National Brand Entity and summarized in Exhibit VIII hereto,
as modified from time to time in accordance with this Agreement.

     “Facility Termination Date” means the earliest of (i) the Liquidity
Termination Date, (ii) the Amortization Date and (iii) November 17, 2007.

     “Purchase Limit” means $600,000,000, as such amount may be modified in
accordance with the terms of Section 4.6(b).

     “Yield and Servicer Reserve” means, on any date, an amount equal to 2.0% of
the Net Receivables Balance as of the close of business of the Servicers on such
date.

Notwithstanding anything to the contrary contained herein, the parties hereto
hereby agree that the amendment and restatement of the definition “Facility
Termination Date” shall have been effective as of December 31, 2004.

                         (f) Exhibit I to the Receivables Purchase Agreement is
hereby amended by adding thereto the following new defined term in proper
alphabetical order:

     “New National Brand Entity” means each of Horizon Organic Holding
Corporation, a Delaware corporation, and White Wave, Inc., a Colorado
corporation.

                         (g) Exhibit III to the Receivables Purchase Agreement
is hereby supplemented by the information contained on Annex A hereto.

                         (h) Exhibit IV to the Receivables Purchase Agreement is
hereby

 

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supplemented by the Collection Banks, Collection Accounts and Lock-Boxes listed
on Annex B hereto.

                         (i) Exhibit X to the Receivables Purchase Agreement is
hereby amended and restated in its entirety to read as set forth on Annex C
hereto.

                         (j) Schedule A to the Receivables Purchase Agreement is
hereby amended and restated in its entirety to read as set forth on Annex D
hereto.

                         (k) Schedule D to the Receivables Purchase Agreement is
hereby amended by inserting references to the following Originators in the list
of Originators on such schedule in the appropriate alphabetical order: “Horizon
Organic Holding Corporation” and “White Wave, Inc.”.

                    Section 3. Reaffirmation of Performance Guaranty. Provider
acknowledges the amendments to the Receivables Purchase Agreement effected
hereby and reaffirms that its obligations under each of the Performance
Undertakings and each other Transaction Document to which it is a party continue
in full force and effect with respect to the Receivables Purchase Agreement.

                    Section 4. Conditions to Effectiveness of Amendment. This
Amendment shall become effective as of the date hereof upon the satisfaction of
the following conditions precedent:

                         (a) Documentation. The Agent shall have received each
of the documents listed on Annex E hereto, each in form and substance
satisfactory to the Agent.

                         (b) Representations and Warranties. As of the date
hereof, both before and after giving effect to this Amendment, all of the
representations and warranties contained in the Receivables Purchase Agreement
and in each other Transaction Document shall be true and correct as though made
on and as of the date hereof (and by its execution hereof, each Seller shall be
deemed to have represented and warranted such).

                         (c) No Amortization Event or Potential Amortization
Event. As of the date hereof, both before and after giving effect to this
Amendment, no Amortization Event or Potential Amortization Event shall have
occurred and be continuing (and by its execution hereof, each Seller shall be
deemed to have represented and warranted such).

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                    Section 5. Miscellaneous.

                         (a) Effect; Ratification. The amendments set forth
herein are effective solely for the purposes set forth herein and shall be
limited precisely as written, and shall not be deemed to (i) be a consent to any
amendment, waiver or modification of any other term or condition of the
Receivables Purchase Agreement or of any other instrument or agreement referred
to therein; or (ii) prejudice any right or remedy which the Companies, the
Financial Institutions or the Agent may now have or may have in the future under
or in connection with the Receivables Purchase Agreement or any other instrument
or agreement referred to therein. Each reference in the Receivables Purchase
Agreement to “this Agreement,” “herein,” “hereof” and words of like import and
each reference in the other Transaction Documents to the “Receivables Purchase
Agreement” or to the “Purchase Agreement” or to the Receivables Purchase
Agreement shall mean the Receivables Purchase Agreement, as amended hereby. This
Amendment shall be construed in connection with and as part of the Receivables
Purchase Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Receivables Purchase Agreement and
each other instrument or agreement referred to therein, except as herein
amended, are hereby ratified and confirmed and shall remain in full force and
effect.

                         (b) Transaction Documents. This Amendment is a
Transaction Document executed pursuant to the Receivables Purchase Agreement and
shall be construed, administered and applied in accordance with the terms and
provisions thereof.

                         (c) Costs, Fees and Expenses. Each Seller agrees to
reimburse the Agent and the Purchasers upon demand for all costs, fees and
expenses (including the reasonable fees and expenses of counsels to the Agent
and the Purchasers) incurred in connection with the preparation, execution and
delivery of this Amendment.

                         (d) Counterparts. This Amendment may be executed in any
number of counterparts, each such counterpart constituting an original and all
of which when taken together shall constitute one and the same instrument.

                         (e) Severability. Any provision contained in this
Amendment which is held to be inoperative, unenforceable or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable or
invalid without affecting the remaining

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provisions of this Amendment in that jurisdiction or the operation,
enforceability or validity of such provision in any other jurisdiction.

                         (f) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
ILLINOIS.

                         (g) Confirmation of Ownership and/or Security Interest.
National Brand hereby confirms (i) the sale and assignment of Purchaser
Interests pursuant to Section 1.1 of the Receivables Purchase Agreement and
(ii) the grant of security interest pursuant to Section 14.14(b) of the
Receivables Purchase Agreement to the Agent for the ratable benefit of the
Purchasers in all of National Brand’s right, title and interest in, to and under
all Receivables now existing or hereafter arising, all Collections, each
Lock-Box, each Collection Account, all Related Security, all other rights and
payments relating to such Receivables, and all proceeds of any thereof.

(Signature Pages Follow)

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

     

  DAIRY GROUP RECEIVABLES, L.P.,
as a Seller
 
   

  By: Dairy Group Receivables GP, LLC,
Its: General Partner
 
   

  DAIRY GROUP RECEIVABLES II, L.P.,
as a Seller
 
   

  By: Dairy Group Receivables GP II, LLC,
Its: General Partner
 
   

  SPECIALTY GROUP RECEIVABLES, L.P.,
as a Seller
 
   

  By: Specialty Group Receivables GP, LLC,
Its: General Partner
 
   

  DEAN NATIONAL BRAND GROUP, L.P.,
as a Seller
 
   
I
  By: Dean National Brand Group GP, LLC,
ts: General Partner

             

  By:  

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        Name: Cory Olson

  Title:   Authorized Signatory    

 

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                  FALCON ASSET SECURITIZATION
CORPORATION, as a Company
 
           

  By:  

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        Name: Sherri Gerner

  Title:   Authorized Signer    

                  JPMORGAN CHASE BANK, N.A. (successor by merger
to BANK ONE, NA (MAIN OFFICE CHICAGO)),
as a Financial Institution and as Agent
 
           

  By:  

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        Name: Sherri Gerner     Title: Vice President

 

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                  ATLANTIC ASSET SECURITIZATION CORP.,
as a Company
 
           

  By:   Calyon New York Branch (successor to Credit
Lyonnais New York Branch)    

  Its:   Attorney-In-Fact    
 
           

  By:  

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  Name:        

  Title:        
 
           

  By:  

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  Name:      

  Title:        
 
                CALYON NEW YORK BRANCH (successor to Credit
Lyonnais New York Branch), as a Financial Institution
 
           

  By:  

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  Name:        

  Title:        
 
           

  By:  

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  Name:        

  Title:        

 

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                  NIEUW AMSTERDAM RECEIVABLES CORPORATION,
as a Company
 
           

  By:  

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  Name:        

  Title:        
 
                COOPERATIEVE CENTRALE RAIFFEISEN -
BOERENLEENBANK B.A. “Rabobank International”,
New York Branch,
as a Financial Institution
 
           

  By:  

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  Name:        

  Title:        
 
           

  By:  

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  Name:        

  Title:        

 

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                  BLUE RIDGE ASSET FUNDING CORPORATION,
as a Company
 
           

  By:
Its:   Wachovia Capital Markets, LLC
Attorney-In-Fact    
 
           

  By:  

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  Name:        

  Title:        
 
                WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Financial Institution
 
           

  By:  

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  Name:        

  Title:        

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                  DEAN FOODS COMPANY,
as Provider
 
           

  By:  

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        Name: Cory Olson     Title: Authorized Signatory
 
                HORIZON ORGANIC HOLDING CORPORATION, as
an Additional Servicer
WHITE WAVE, INC., as an Additional Servicer
 
           

  By:  

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        Name: Cory Olson     Title: Authorized Signatory

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Annex A

EXHIBIT III

JURISDICTION OF ORGANIZATION; PRINCIPAL PLACE OF BUSINESS;
LOCATION(S) OF RECORDS;
ORGANIZATIONAL IDENTIFICATION NUMBER; OTHER NAMES

Horizon Organic Holding Corporation

      Jurisdiction of organization: Delaware
 
    Principal place of business: 2515 McKinney Avenue

  Suite 1200
Dallas, TX 75201

      Location of records: 6311 Horizon Lane

  Longmont, CO 80503

Organization Identification Number:   2730444

     
Other names:
  Capricorn Acquisition Sub, Inc. (merged into Horizon Organic
Holding
  Corporation on January 2, 2004)     Horizon Organic Dairy, Inc. (merged into
Horizon Organic Holding
    Corporation on January 3,2005)

White Wave, Inc.

      Jurisdiction of organization: Colorado
 
    Principal place of business: 2515 McKinney Avenue

  Suite 1200
Dallas, TX 75201

      Location of records: 1990 N. 57th Court
                     Boulder, CO 80301

Organization Identification Number:     19871384593

 

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Annex B

EXHIBIT IV

NAMES OF COLLECTION BANKS; COLLECTION ACCOUNTS

Bank/Account    
Originator    
Lock-Box
U.S. Bank, National
    Horizon Organic     Horizon Organic
Association
    Holding Corporation     Dairy, Inc.
Boulder, CO 80526
    (successor by merger     Dept. 0306
Account: 194310714119
    to Horizon Organic     Denver, CO 80256-0306

    Dairy, Inc.)      
 
           
Wells Fargo Bank
    White Wave, Inc.     White Wave, Inc.
Account: 4945018034
          Dept. 1458

          Denver, CO 80291

 

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Annex C

EXHIBIT X

FORM OF MONTHLY REPORT

[See attached]

 

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Annex D

SCHEDULE A

COMMITMENTS, COMPANY PURCHASE LIMITS,
PAYMENT ADDRESSES AND RELATED FINANCIAL INSTITUTIONS

Commitments and Payment Addresses of Financial Institutions

                  Financial Institution     Commitment     Payment Address
JPMorgan Chase Bank, National Association (successor by merger to Bank One, NA
(Main Office Chicago))
    $ 244,800,000       JPMorgan Chase Bank, National Association Asset Backed
Finance Mail Code IL1-0594 1 Bank One Plaza Chicago, Illinois 60670-0594 Fax:
(312) 732-1844
 
               
Calyon New York Branch (successor to Credit Lyonnais New York Branch)
    $ 122,400,000       1301 Avenue of the Americas 17th Floor New York, New
York 10019
 
               
Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A. “Rabobank International”,
New York Branch
    $ 122,400,000       245 Park Avenue
New York, NY 10167
 
               
Wachovia Bank,
National Association
    $ 122,400,000       191 Peachtree Street, N.E. Mail Code GA 8088, 22nd Fl.
Atlanta, GA 30303

 

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SCHEDULE A (CONT’D)

Company Purchase Limits, Payment Addresses and
Related Financial Institutions of Companies

                              Company           Related       Purchase          
Financial Company     Limit     Payment Address     Institution(s)              
     
Falcon Asset
Securitization
Corporation
    $ 240,000,000       c/o JPMorgan Chase Bank, National Association, as Agent
Asset Backed Finance Mail Code IL1-0594 1 Bank One Plaza Chicago, Illinois
60670- 0594
Fax: (312) 732-1844     JPMorgan Chase Bank, National Association (successor by
merger to Bank One, NA (Main Office Chicago))
 
                     
Atlantic Asset Securitization Corp.
    $ 120,000,000       c/o Calyon New York Branch
1301 Avenue of the Americas 17th Floor
New York, New York 10019     Calyon New York Branch (successor to Credit
Lyonnais New York Branch)
 
                     
Nieuw Amsterdam
Receivables
Corporation
    $ 120,000,000       c/o Global Securitization
Services 445 Broadhollow Road Suite 239 Melville, NY 11747     Cooperatieve
Centrale Raiffeisen - Boerenleenbank B.A. “Rabobank International”, New York
Branch

 

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Blue Ridge Asset
Funding
Corporation
    $ 120,000,00       0 c/o Wachovia Capital
Markets, LLC
301 S. College Stree FLR TRW 16 NC0171 Charlotte, NC 28288     Wachovia Bank,
National
Association

 

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Annex E

Documents to be Delivered to the Agent on or Prior to the Date Hereof

1.   Executed copies of Amendment No. 1 to National Brand Receivables Sale
Agreement.   2.   Compliance Certificates for Horizon Organic Holding
Corporation and White Wave, Inc. (collectively, the “New Originators”).   3.  
Pre-filing state and federal tax lien, judgment lien and UCC lien searches
against each of the entities listed below from the following jurisdictions:

  a)   Horizon Organic Holding Corporation: DE, TX, CO     b)   Horizon Organic
Dairy, Inc.: CO, TX     c)   White Wave, Inc.: CO, TX     d)   Capricorn
Acquisition Sub, Inc.: DE, TX     e)   w Dean National Brand Group, L.P.: DE

4.   Time stamped receipt copies of proper UCC termination statements necessary
to release all security interests and other rights of any Person in the
Receivables, Contracts or Related Security previously granted by each New
Originator.

5.   UCC Financing Statements (i) naming Horizon Organic Holding Corporation as
Debtor, National Brand as Assignor Secured Party and the Agent as Secured Party
filed with the Delaware Secretary of State, (ii) naming White Wave, Inc. as
Debtor, National Brand as Assignor Secured Party and the Agent as Secured Party
filed with the Colorado Secretary of State, and (iii) naming Dean National Brand
Group, Inc. as Debtor, National Brand as Assignor Secured Party and the Agent as
Security Party filed with the Delaware Secretary of State.

6.   Secretary’s Certificate of each New Originator certifying as to its
(i) organizational documents, duly certified within 30 days prior to the date
hereof by the applicable Secretary of State, (ii) By-laws or other operating
documents, (iii)resolutions and (iv) incumbency.   7.   Secretary’s Certificate
of each of each Seller, Provider and Dean National Brand Group, Inc. certifying
as to its (i) organization documents, duly certified within 30

 

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      days prior to the date hereof by the applicable Secretary of State if such
entity’s organizational documents have changed since March 30, 2004 or, if such
entity’s organizational documents have not changed since March 30, 2004, that
there have been no changes to its organizational documents since March 30, 2004,
(ii) operating documents if such entity’s operating documents have changed since
March 30, 2004 or, if such entity’s operating documents have not changed since
March 30, 2004, that there have been no changes to its operating documents since
March 30, 2004, (iii) resolutions and (iv) incumbency.

8.   Good Standing Certificate for each of the following entities issued by the
Secretaries of State of its state of incorporation and each jurisdiction where
it has material operations, including:

  a)   Horizon Organic Holding Corporation: DE, CO   b)   Horizon Organic
Holding Corporation: DE, CO White Wave, Inc.: CO   c)   Dairy Group Receivables,
L.P.: DE   d)   Dairy Group Receivables II, L.P.: DE   e)   Specialty Group
Receivables, L.P.: DE   f)   Dean National Brand Group, L.P.: DE   f)   Dean
National Brand Group, L.P.: DE   g)   Dean Foods Company: DE

9.   Executed copies of a Subordinated Note (as defined in the National Brand
Receivables Sale Agreement) by National Brand in favor of each New Originator.

10.   Opinion of counsel to each New Originator, each Seller, Provider and Dean
National Brand Group, Inc. regarding corporate, UCC and enforceability issues.

11.   Opinion of counsel to each party to the National Brand Receivables Sale
Agreement, as amended, regarding true sale and substantive consolidation issues.

12.   Executed copy of a Collection Account Agreement among Horizon Organic
Holding Corporation, the Agent and U.S. Bank National Association, as Collection
Bank.

13.   Executed copy of an amendment to Collection Account Agreement among White
Wave, Inc., the Agent and Wells Fargo Bank, N.A.

14.   If applicable:

 

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a) Executed copies of (i) all consents from and authorizations by any Persons
and (ii) all waivers and amendments to existing credit facilities that are
necessary in connection with Amendment No. 1 to the National Brand Receivables
Sale Agreement or this Amendment.

b) A direction letter executed by each New Originator authorizing National Brand
(and its assigns) and directing warehouseman to allow National Brand (and its
assigns) to inspect and make copies from each New Originator’s books and records
maintained at off-site date processing or storage facilities.