Document

EXECUTION COPY


AMENDMENT NO. 2
to
THIRD AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT


This AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT (this “Amendment”), dated as of February 10, 2021, is entered into by and among Greif Receivables Funding LLC, a Delaware limited liability company, as seller (the “SPV”), Greif Packaging LLC (“GP”), a Delaware limited liability company, Delta Petroleum Company, Inc., a Louisiana corporation, American Flange & Manufacturing Co. Inc., a Delaware corporation, Caraustar Mill Group, Inc., an Ohio corporation, Caraustar Industrial and Consumer Products Group, Inc., a Delaware corporation, Caraustar Recovered Fiber Group, Inc., a Delaware corporation, The Newark Group, Inc., a New Jersey corporation, Caraustar Consumer Products Group, LLC, a Delaware limited liability company, Tama Paperboard, LLC, a Delaware limited liability company and Cascade Paper Converters Co., a Michigan corporation, as originators (each, an “Originator” and collectively, the “Originators”), GP, as servicer (in such capacity, the “Servicer”), Bank of America, N.A. (“BANA”), as the agent (in such capacity, the “Agent”), a Committed Investor, a Managing Agent and an Administrator, MUFG Bank, Ltd. (“MUFG”), as a Committed Investor, a Managing Agent and an Administrator, The Toronto Dominion Bank (“TDB”), as a Committed Investor, a Managing Agent and an Administrator and Computershare Trust Company of Canada (“CTCC”), in its capacity as trustee of Reliant Trust, by its U.S. Financial Services Agent, The Toronto Dominion Bank, as a Conduit Investor, and solely with respect to Section 4.10, Greif, Inc.


RECITALS


WHEREAS, the SPV, the Servicer, the Originators, BANA, MUFG, TDB and CTCC have entered into that certain Third Amended and Restated Transfer and Administration Agreement, dated as of September 24, 2019 (as amended by that certain Amendment No. 1 to Third Amended and Restated Transfer and Administration Agreement, dated as of September 24, 2020, and as further amended, supplemented, amended and restated or otherwise modified through the date hereof, the “TAA”); and


WHEREAS, the parties hereto wish to make certain amendments to the TAA as set forth herein.


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












SECTION 1. Definitions. All capitalized terms used but not defined herein have the meanings provided in the TAA.


SECTION 2. Amendments to the TAA. The TAA is hereby amended as follows:


2.1The definition of “Aggregate Unpaid Balance” in Section 1.1 of the TAA is hereby amended and restated in its entirety to read as follows:


““Aggregate Unpaid Balance” means, as of any date of determination, (a) the sum of the Unpaid Balances of all Receivables which constitute Eligible Receivables as of such date of determination minus (b) solely if a Committed Investor has so elected pursuant to clause (g)(ii)(y) of the definition of “Eligible Receviable”, Offset Payables as of such date of determination.”.


2.2Clause (g) of the definition of “Eligible Receivable” in Section 1.1 of the TAA is hereby amended and restated in its entirety to read as follows:


“(g) which (i) together with the related Contract, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms and (ii) is not subject to any asserted litigation, dispute, offset, holdback, counterclaim or other defense; provided that, with respect to offsets and holdbacks included in the calculation of Offset Payable, (x) at any time Greif, Inc.’s corporate family rating is greater than or equal to “BB-” by S&P and “Ba3” by Moody’s, such holdbacks and offsets shall not render all or any portion of such Receivable ineligible pursuant to this clause (g)(ii) and (y) at any time Greif, Inc.’s corporate family rating is below “BB-” by S&P or “Ba3” by Moody’s, any Committed Investor may elect, in its sole discretion, which election shall be binding on each other Investor, to deem the portion of such Receivable that is the subject of such offset or holdback as ineligible pursuant to the terms of this clause (g)(ii);”.


2.3The definition of “Net Pool Balance” in Section 1.1 of the TAA is hereby amended and restated in its entirety to read as follows:


““Net Pool Balance” means, at any time, (a) the Aggregate Unpaid Balance at such time, minus (b) the Excess Concentration.”.


SECTION 3. Conditions Precedent. This Amendment shall become effective (the “Effective Date”) upon receipt by the Agent of a counterpart (or counterparts) of this Amendment, duly executed by each of the parties hereto or other evidence satisfactory to the Agent of execution and delivery by such parties.


SECTION 4. Miscellaneous.












4.1Representations and Warranties. (i) Each of the SPV, each Originator and the Servicer hereby represents and warrants that this Amendment constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally (whether at law or equity), (ii) the SPV hereby represents and warrants that upon the effectiveness of this Amendment, no Termination Event or Potential Termination Event shall exist and (iii) each of the SPV, each Originator and the Servicer hereby represents and warrants that the representations and warranties of such Person set forth in the TAA and any other Transaction Document are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) as of the date hereof as though made on and as of such day (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day).


4.2References to TAA. Upon the effectiveness of this Amendment, each reference in the TAA to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the TAA as amended hereby, and each reference to the TAA in any other document, instrument or agreement executed and/or delivered in connection with the TAA shall mean and be a reference to the TAA as amended hereby.


4.3Effect on TAA. Except as specifically amended above, the TAA and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.


4.4No Waiver. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Agent or any Investor under the TAA or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.


4.5Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York (without reference to the conflicts of law principles thereof other than section 5-1401 of the New York General Obligations Law).


4.6Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.


4.7Headings. The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.












4.8Counterparts. 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 when taken together shall constitute one and the same agreement. Delivery by facsimile or other electronic means of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof.


4.9Transaction Document. This Amendment shall be a Transaction Document under the TAA for all purposes.


4.10Reaffirmation of Guaranty. Greif, Inc. hereby consents to the terms of this Amendment, confirms that its obligations under the Guaranty remain unaltered and in full force and effect and hereby reaffirms, ratifies and confirms the terms and conditions of the Guaranty.


[SIGNATURE PAGES FOLLOW]













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


GREIF RECEIVABLES FUNDING LLC


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


GREIF PACKAGING LLC,
individually, as an Originator and as the Servicer


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President, Corporate Financial Controller  and Treasurer


DELTA PETROLEUM COMPANY, INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


AMERICAN FLANGE & MANUFACTURING CO. INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


CARAUSTAR MILL GROUP, INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


CARAUSTAR INDUSTRIAL AND CONSUMER PRODUCTS GROUP, INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer




Amendment No. 2 to Third A&R TAA








CARAUSTAR RECOVERED FIBER GROUP, INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


THE NEWARK GROUP, INC.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


CARAUSTAR CONSUMER PRODUCTS GROUP, LLC,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


CASCADE PAPER CONVERTERS CO.,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer


TAMA PAPERBOARD, LLC,
as an Originator


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President and Treasurer




Amendment No. 2 to Third A&R TAA








BANK OF AMERICA, N.A.,
as a Committed Investor, a Managing Agent and an Administrator for the BANA Investor Group and the Agent


/s/    SCOTT BELL    
Name:  Scott Bell
                        Title:    Senior Vice President




Amendment No. 2 to Third A&R TAA








MUFG BANK, LTD.,
as a Committed Investor, a Managing Agent and an Administrator


/s/    ERIC WILLIAMS    
Name:  Eric Williams
                        Title:    Managing Director




Amendment No. 2 to Third A&R TAA








THE TORONTO DOMINION BANK,
as a Committed Investor, a Managing Agent and an Administrator for the TD Bank Investor Group


/s/    LUNA MILLS    
Name:  Luna Mills
                        Title:    Managing Director


COMPUTERSHARE TRUST COMPANY OF CANADA, in its capacity as trustee of RELIANT TRUST, by its U.S. Financial Services Agent, THE TORONTO DOMINION BANK, as a Conduit Investor for the TD Bank Investor Group


/s/    LUNA MILLS    
Name:  Luna Mills
                        Title:    Managing Director




Amendment No. 2 to Third A&R TAA








Solely with respect to Section 4.10:


GREIF, INC.


/s/    DAVID C. LLOYD    
Name:  David C. Lloyd
                        Title:    Vice President, Corporate Financial Controller and Treasurer
Amendment No. 2 to Third A&R TAA