EXHIBIT 10.32

FIRST AMENDMENT TO CREDIT AGREEMENT AND LIMITED WAIVER
THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND LIMITED WAIVER (this “Amendment”),
dated as of November 23, 2015 (the “Effective Date”), is entered into by and
among Dean Foods Company, a Delaware corporation (the “Borrower”), each Lender
party hereto and Bank of America, N.A., as Administrative Agent (in such
capacity, the “Administrative Agent”).
PRELIMINARY STATEMENTS

WHEREAS, the Borrower, the Lenders from time to time party thereto and the
Administrative Agent entered into that certain Credit Agreement, dated as of
March 26, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement;” the terms defined
therein being used herein as therein defined);
WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders agree to amend the Credit Agreement to make certain changes as provided
herein;
WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders agree to waive certain post-closing deliveries required under Section
5.11 of the Credit Agreement as provided herein; and
WHEREAS, the Borrower, the Required Lenders and the Administrative Agent have
agreed that the Credit Agreement be amended, upon the terms and subject to the
conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and further valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
Section 1.    Amendment to the Credit Agreement. Schedule 1.01(b) of the Credit
Agreement is hereby replaced in its entirety with the schedule attached hereto
as Exhibit A.
Section 2.    Limited Waiver of Certain Post-Closing Deliveries. The requirement
under Section 5.11 and Schedule 5.11 of the Credit Agreement to deliver those
Post-Closing Deliveries set forth on Exhibit B hereto shall be waived, but only
to the extent set forth on such Exhibit B.
Section 3.    Representations and Warranties of the Borrower. The Borrower
represents to the Administrative Agent and the Lenders that:
(a)    No Default or Event of Default has occurred and is continuing on and as
of the Effective Date. The representations and warranties of the Borrower set
forth in Article III of the Credit Agreement or in any other Loan Document are
true and correct in all material respects (or in all respects if the applicable
representation or warranty is qualified by Material Adverse Effect or
materiality) on and as of the Effective Date (except where such representations
and warranties expressly relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material
respects as of such earlier date).
(b)    This Amendment and the transactions contemplated hereby (a) do not
require any Loan Party or any of its Subsidiaries to obtain or make any material
consent or approval of, registration or

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EXHIBIT 10.32

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 or such as will be
timely made, (b) will not result in the violation by any Loan Party or any of
its Subsidiaries of any applicable law or regulation or the Organizational
Documents of such Loan Party or any of its Subsidiaries or any order of any
Governmental Authority, (c) will not violate or result in a default under any
material indenture, agreement or other instrument binding upon any Loan Party or
any of its Subsidiaries or any of their respective assets, or give rise to a
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; and
(c)    This Amendment and the transactions contemplated hereby, as applicable,
are within the Borrower’s corporate powers and have been duly authorized by all
necessary corporate and, if required, shareholder action. This Amendment has
been duly executed and delivered by the Borrower and constitutes a legal, valid
and binding obligation of the Borrower, enforceable in accordance with its
terms, subject to applicable Debtor Relief Laws and subject to general
principles of equity, regardless of whether considered in a proceeding in equity
or at law;
Section 4.     Reference to and Effect on Loan Documents.
(a)    On and after the Effective Date, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
the Credit Agreement and each reference in each of the other Loan Documents to
“the Credit Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended by this Amendment. This Amendment is an amendment as
referred to in the definition of Loan Documents and shall for all purposes
constitute a Loan Document.
(b)    The Credit Agreement and each of the other Loan Documents, as
specifically amended by this Amendment, are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed. The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
any Lender or the Administrative Agent under any of the Loan Documents.
Section 5.    Execution in Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement. Delivery
of an executed counterpart of a signature page to this Amendment by telecopier
shall be effective as delivery of a manually executed counterpart of this
Amendment.
Section 6.    Conditions to Effectiveness. This Amendment (including without
limitation, the amendments, waivers and extensions set forth therein) shall
become effective at the time that all of the following conditions precedent have
been met or waived:
(a)    Agreement. The Administrative Agent shall have received duly executed
signature pages for this Amendment signed by the Administrative Agent, the
Required Lenders and the Borrower.
(b)    Payment of Expenses. The Borrower shall have paid or reimbursed the
Administrative Agent for all reasonable out-of-pocket expenses (including,
without limitation, the reasonable fees and out-of-pocket expenses and
disbursements of Shearman & Sterling LLP, counsel to the Administrative Agent),
which shall have been incurred by the Administrative Agent in connection with

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EXHIBIT 10.32

the preparation, negotiation, execution and delivery of this Amendment and for
which invoices have been presented at least two Business Days prior to the
Effective Date.
(c)    Representations and Warranties. The representations and warranties of the
Borrower contained in Section 3 of this Amendment are true and correct in all
material respects on and as of the date of the Effective Date as if made on and
as of such date (except where such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties
shall have been true and correct in all material respects as of such earlier
date).
Section 7.    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[The remainder of this page intentionally left blank.]

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EXHIBIT 10.32

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized as of the date first
above written.

DEAN FOODS COMPANY,
as the Borrower

By: /s/ James V. Kenwood            
Name:     James V. Kenwood
Title:    Vice President & Corporate Treasurer

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EXHIBIT 10.32

BANK OF AMERICA, N.A.,
as Administrative Agent

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

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BANK OF AMERICA, N.A.,
as a Lender

By: /s/ Nicholas Cheng                
Name:    Nicholas Cheng
Title:    Vice President

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JPMORGAN CHASE BANK, N.A.,
as a Lender

By: /s/ Lisa Whatley                
Name:    Lisa Whatley
Title:    Managing Director

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COBANK, ACB,
as a Lender

By: /s/ Zachary Carpenter            
Name:    Zachary Carpenter
Title:    Vice President

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EXHIBIT 10.32

MORGAN STANLEY BANK, N.A.,
as a Lender

By: /s/ John Durland                
Name:    John Durland
Title:    Authorized Signatory

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EXHIBIT 10.32

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
as a Lender

By: /s/ Gordon Yip                    By: /s/ Jaime Frontera            
Name:    Gordon Yip                 Name: Jaime Frontera
Title:    Director                  Title: Managing Director

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EXHIBIT 10.32

PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Christian S. Brown            
Name:    Christian S. Brown
Title:    Managing Director

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EXHIBIT 10.32

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A. “RABOBANK NEDERLAND”, NEW
YORK BRANCH

as a Lender

By: /s/ Lina A. Garcia            
Name:    Lina A. Garcia
Title:    Executive Director

By: /s/ Pamela Beal                
Name:    Pamela Beal
Title:    Executive Director

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EXHIBIT 10.32

SUNTRUST BANK,
as a Lender

By: /s/ Tesha Winslow            
Name:    Tesha Winslow
Title:    Director

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BANK OF THE WEST,
as a Lender

By: /s/ Temple H. Abney            
Name:    Temple H. Abney
Title:    Vice President

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BRANCH BANKING AND TRUST COMPANY,
as a Lender

By: /s/ Bradford F. Scott            
Name:    Bradford F. Scott
Title:    Senior Vice President

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EXHIBIT 10.32

FIFTH THIRD BANK,
as a Lender

By: /s/ Francisco Gonzalez            
Name:    Francisco Gonzalez
Title:    Assistant Vice President

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EXHIBIT 10.32

AMERICAN AGCREDIT, PCA,
as a Lender

By: /s/ Bradley K. Leafgren            
Name:    Bradley K. Leafgren
Title:    Vice President

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EXHIBIT 10.32

AGSTAR FINANCIAL SERVICES, PCA
as a Lender

By: /s/ Timothy F. McNamara        
Name:    Timothy F. McNamara
Title:    Associate Vice President-Capital Markets

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EXHIBIT 10.32

FARM CREIT BANK OF TEXAS,
as a Lender

By: /s/ Ria Estrada                
Name:    Ria Estrada
Title:    Manager, Captial Markets Credit Analysis

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EXHIBIT 10.32

UNITED FCS, PCA
DBA FCS COMMERICAL FINANCE GROUP,
as a Lender

By: /s/ Warren Shoen                
Name:    Warren Shoen
Title:    Senior Vice President

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REGIONS BANK,
as a Lender

By: /s/ Claire Harrison            
Name:    Claire Harrison
Title:    Vice President

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FARM CREDIT MID-AMERICA, PCA
F/K/A FARM CREDIT SERVICES OF MID-AMERICA, PCA,
as a Lender

By: /s/ Ralph M. Bowman            
Name:    Ralph M. Bowman
Title:    Vice President

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EXHIBIT 10.32

THE NORTHERN TRUST COMPANY,
as a Lender

By: /s/ Wicks Barkhausen            
Name:    Wicks Barkhausen
Title:    Second Vice President

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EXHIBIT 10.32

Exhibit A
Schedule 1.01(b) – Mortgaged Property
Top Tier Properties
 
Location Name
Common Physical Address
Oak Farms – Houston Plant
3417 Leeland Street, Houston, TX
Heartland – City of Industry Plant
17851 East Railroad Street, City of Industry, CA
Alta-Dena – City of Industry Plant
17637 East Valley Boulevard, City of Industry, CA
Land-O-Sun/PET – Mfg Plant - Spartanburg
1291 New Cut Road, Spartanburg, SC
Schepp’s Dairy – Dallas Plant
3114 S. Haskell Avenue, Dallas, TX
LeHigh Dairies – Lansdale Plant
880 Allentown Road, Lansdale, PA
McArthur – Miami Plant
6851 NE 2nd Avenue, Miami, FL
Garelick Farms – NJ Plant
117 Cumberland Boulevard, Florence, NJ
Meadow Gold – Las Vegas Plant
6350 East Centennial Pkwy., North Las Vegas, NV
 
 
Mid-Tier Properties
 
Location Name
Common Physical Address
Berkeley Farms – Hayward, CA Milk Plant
25500 Clawiter Road, Hayward, CA
Mayfield – Braselton, GA Plant
1160 Broadway Avenue, Braselton, GA
Dean Dairy – Sharpsville Plant
1858 Oneida Lane, Sharpsville, PA
Meadow Gold - Hawaii – Honolulu Plant
1302 Elm Street, Honolulu, HI
Meadow Gold – Englewood - Englewood Plant
1325 W. Oxford Avenue, Englewood, CO
Land-O-Sun/PET – Mfg Plant – Richmond
1505 Robin Hood Road, Richmond, VA
Dairy Fresh – Winston-Salem Plant
2221 Patterson Avenue, Winston-Salem, NC
T.G. Lee – Orlando Plant
315 N. Bumby Avenue, Orlando, FL
Reiter Dairy – Springfield Plant
1961 Commerce Circle, Springfield, OH
Country Fresh – Livonia Plant
31770 Enterprise Drive, Livonia, MI
Pet O’Fallon – Plant
610 East State Street, O’Fallon, IL
Dean Foods of Decatur – Plant
400 South Chamber Drive, Decatur, IN
Meadow Gold – Salt Lake City Plant
3730 W. 1820 S., Salt Lake City, UT
Dean Foods North Central (DFNCI) – Woodbury Plant
1930 Wooddale Drive, Woodbury, MN
Mayfield – Birmingham, AL Ice Cream Plant
126 Barber Court, Homewood, AL
Gandy’s – Plant
201 University Avenue, Lubbock, TX
Schenkel’s Dairy – Huntington Plant
1019 Flaxmill Road, Huntington, IN
Land-O-Sun/Frostbite Mfg Plant – Toledo
4117 Fitch Road, Toledo, OH
Meadow Gold – Orem Plant
845 S. State Street, Orem, UT
 
 

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EXHIBIT 10.32

Exhibit B
Property
Item Waived
Permitted Exception To Title Policy or Ownership and Encumbrance Report
Top-Tier Properties
 
All Top-Tier Properties
Schedule 5.11 Section 1(b)(a)(E)
“Any claim that the Title is subject to a trust or lien created under The
Perishable Agricultural Commodities Act, 1930 (7 U.S.C. §§499a, et seq.) or the
Packers and Stockyards Act (7 U.S.C. §§181 et seq.) or under similar state
laws.”

6851 NE 2nd Avenue, Miami, FL
Schedule 5.11 Section 1(b)(a)(E)
Exception for mechanics’ liens due to Notice of Commencement filed October 16,
2014, recorded in Book 29352, Page 1136 (Schedule B-1, Requirement 7):

“Any and all liens arising by reason of unpaid bills or claims for work
performed or materials furnished in connection with improvements placed, or to
be placed, upon the subject land.”
3114 South Haskell Avenue, Dallas, TX
Schedule 5.11 Section 1(b)(a)(E)
Exception for mechanics’ liens due to ongoing construction at site.

“Any and all liens arising by reason of unpaid bills or claims for work
performed or materials furnished in connection with improvements placed, or to
be placed, upon the subject land.”
Mid-Tier Properties
 
315 N. Bumby Avenue, Orlando, FL
Schedule 5.11 Section 1(b)(b)
Exception for mechanics’ liens due to Notice of Commencement filed October 16,
2014, recorded in Book 29352, Page 1136.

“Any and all liens arising by reason of unpaid bills or claims for work
performed or materials furnished in connection with improvements placed, or to
be placed, upon the subject land associated with the Notice of Commencement
filed October 16, 2014, recorded in Book 29352, Page 1136.”
4117 Fitch Road, Toledo, OH
Schedule 5.11 Section 1(b)(b)
1.    Notice of Lien by Ohio Department of Job and Family Services against
Weatherly Frozen Foods Group I, case filed August 31, 2005, recorded as Lucas
County Recorder’s Document No. 20050831-0064339, amounting to $145.76.
1.    Bureau of Workers’ Compensation, Plaintiff, vs Weatherly Frozen Food Group
Inc., Defendant, case filed May 6, 1994, as Lucas County Lien No. 456025, in the
amount of $207,247.22 of Lucas County Clerk of Courts.
a.    Renewal of lien, as Lucas County Lien No. 503683, amounting to $303,847.06
of Lucas County Clerk of Courts.
2.    Bureau of Workers’ Compensation, Plaintiff, vs Weatherly Frozen Food Group
Inc., Defendant, case filed May 6, 1994, as Lucas County Recorder’s Document No.
94 1180 D03, in the amount of $207,247.22.
Renewal of lien, as Lucas County Recorder’s Document No. 00 0685 C10, in the
amount of $303,847.06.
845 South State Street, Orem, UT
Schedule 5.11 Section 1(b)(b)
Exception for mechanics’ liens due to Notice of Commencement of Construction
recorded March 31, 1998 as Entry No. 30517 in Book 4581 at Page 156 and Notice
of Commencement of Project recorded June 16, 2004 as Entry No. 69064.

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