Document:

Exhibit

EXHIBIT 10.1

    
EXECUTION COPY
FIRST AMENDMENT TO
RECEIVABLES PURCHASE AGREEMENT
FIRST AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT, dated as of September 29, 2016 (this “Amendment”), among KELLOGG FUNDING COMPANY, LLC, a Delaware limited liability company (the “Seller”), KELLOGG BUSINESS SERVICES COMPANY, a Delaware corporation (the “Servicer”), COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Purchaser, each of the other PURCHASERS party hereto from time to time, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as administrative agent (the “Administrative Agent”) for each of the Purchasers.
RECITALS
WHEREAS, the parties refer to that certain Receivables Purchase Agreement dated as of July 13, 2016 (the “Existing Receivables Purchase Agreement” and, as amended, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”) among the parties to this Amendment.  Unless otherwise provided elsewhere herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Receivables Purchase Agreement, and, in addition, this Amendment is to be interpreted and construed in accordance with the provisions set forth in Section 1.02 of the Receivables Purchase Agreement; and
WHEREAS, the parties to this Amendment have agreed to amend the Existing Receivables Purchase Agreement on the terms and conditions set forth in this Amendment;
NOW, THEREFORE, the parties to this Amendment hereby agree as follows:
SECTION 1.Amendments to Existing Receivables Purchase Agreement.  Effective as of the Effective Date (as defined below), subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Existing Receivables Purchase Agreement is hereby amended as follows: 
(a)Section 2.02(b) of the Existing Receivables Purchase Agreement is hereby amended by deleting the last sentence of such Section and substituting, in lieu thereof, the following:
The Administrative Agent shall promptly provide a copy of each Cash Outlay Notice to each Purchaser. 
(b)Section 2.03(a) of the Existing Receivables Purchase Agreement is hereby amended by deleting the last sentence of such Section and substituting, in lieu thereof, the following:
Notwithstanding any other provision hereof, in the event a Purchaser (i) shall fail to fund any Cash Outlay requested pursuant to Section 2.02 that otherwise meets the applicable conditions set forth in Article III, (ii) shall make any claim for material amount of reimbursement pursuant to Sections 2.09 or 2.10, or (iii) the Yield for such Purchaser is being calculated pursuant to clause (ii) or (iii) of the definition of Yield Rate, any reduction requested by the Seller may be applied disproportionally to such Purchaser as directed by the Seller in its sole discretion.
(c)Section 2.13 of the Existing Receivables Purchase Agreement is hereby amended by adding the following at the end thereof:

EXHIBIT 10.1

(c)    Within 10 days after the end of each quarterly fiscal period of the Parent, the Servicer shall prepare and forward to the Seller, the Administrative Agent and each Purchaser a report certifying the aggregate Outstanding Balances of the Receivables which have been transferred by the Seller to the Purchasers as of the close of business on the last day of the immediately preceding quarterly fiscal period.
(d)Section 5.02(a) of the Existing Receivables Purchase Agreement is hereby amended by adding the following at the end thereof:
The Administrative Agent will promptly deliver to each Purchaser a copy of each notice of any change in the Credit and Collection Policy which it receives. 
(e)Section 7.07(c) of the Existing Receivables Purchase Agreement is hereby amended by deleting such Section and substituting, in lieu thereof, the following:
(c)  Changes in Accounts.  Neither the Seller nor the Servicer shall, or permit the Parent to, close the Lockbox Account. Neither the Seller nor the Servicer shall terminate the use of a Lockbox or close the Lockbox Account or the Collection Account unless (i) the Administrative Agent and each Purchaser shall have received at least 10 days’ prior notice of such closure, (ii) the Seller or the Servicer shall have directed the payment of Collections to another Lockbox or the Collection Account maintained in accordance with this Section 7.07 with respect to which there is a Control Agreement in effect, and (iii) the Administrative Agent shall have consented thereto.  Neither the Seller nor the Servicer shall add a bank as a Lockbox Bank or as a bank maintaining the Lockbox Account or the Collection Account or add any Lockbox or any deposit account as the Lockbox Account or the Collection Account into which Collections are deposited, other than those listed in Schedule I, unless the Administrative Agent shall have consented thereto and the Administrative Agent shall have received a Control Agreement executed by such bank and the Seller, the Parent or the Originator, as applicable. 
(f)Section 7.07(e)(iv) of the Existing Receivables Purchase Agreement is hereby amended by deleting such Section and substituting, in lieu thereof, the following:
(iv)  not change any instructions given to any bank with respect to the transfer of funds in the Lockbox Account or change any instructions to Obligors regarding payments to be made to any Lockbox or the Lockbox Account without the prior consent of the Administrative Agent and compliance with Section 7.07(c), provided that such consent shall not be required if the effect thereof is to direct the payment of Collections to another Lockbox or the Collection Account maintained in accordance with this Section 7.07; 
(g)Section 7.09(a) of the Existing Receivables Purchase Agreement is hereby amended by deleting the first sentence of such Section and substituting, in lieu thereof, the following:
If at any time a Servicer Default shall have occurred and be continuing, the Administrative Agent may or, upon written direction from the Required Purchasers, shall, by notice to the Seller, each Purchaser, the Originator and the Servicer terminate the then current Servicer’s capacity as Servicer hereunder (any such termination referred to herein as a “Complete Servicing Transfer”).
(h)Section 10.06(b) of the Existing Receivables Purchase Agreement is hereby amended by deleting such Section and substituting, in lieu thereof, the following:
(b)  Notwithstanding the foregoing, without the consent of each Purchaser that would be affected thereby, no amendment, modification, supplement, waiver or consent shall be effective if 

EXHIBIT 10.1

the effect thereof would (i) waive, reduce or postpone any scheduled payment to such Purchaser; (ii) reduce the Yield Rate on any portion of the Aggregate Funded Purchase Price or any fee payable hereunder; (iii) extend the time for payment of any such Yield or fees; (iv) reduce the Aggregate Funded Purchase Price or any Purchaser’s Funded Purchase Price; (v) reduce the percentage contained in the definition of “Required Purchasers;” (vi) extend the Scheduled Facility Termination Date or change the definition of  “Default Ratio,” “Dilution Ratio,” “Dilution Reserve Percentage,” Eligible Receivable,” “Insured Receivable,” “Yield and Fee Reserve Percentage”, “Loss Reserve Percentage,” “Maximum Aggregate Funded Purchase Price,” “Net Receivables Balance,” “Required Reserve Percentage” or “Servicing Fee Rate;” (vii) release all or any material portion of the Receivables Assets or other Collateral or any Credit Insurance Policy (except as expressly provided herein); (viii) change the pro rata sharing of payments for the account of the Purchasers or the pro rata sharing of funding commitments required hereby; (ix) change the Priority of Payments; (x) consent to or permit the assignment or transfer by the Seller of its rights or obligations under this Agreement; (xi) modify the limitations on recourse applicable to any Purchaser contained in Section 2.04(c) or 10.23, (xii) amend, or waive any breach of, Section 8.01(u), (v) or (w), (xiii) amend any Credit Insurance Policy to (A) add, remove or replace a Credit Insurer or (B) change the Maximum Credit Insurance Liability Amount with respect thereto, or (xiv) change this Section 10.06
(i)Article X of the Existing Receivables Purchase Agreement is hereby amended by adding the following as Section 10.25:
SECTION 10.25 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)the effects of any Bail-in Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
(j)The definitions of “Credit Insurer”, “Facility Termination Date”, “QBE”,  “Required Purchasers” and “Statutory Reserve Rate” in Annex I to the Existing Receivables Purchase Agreement are hereby amended by deleting such definitions and substituting, in lieu thereof, respectively, the following:

EXHIBIT 10.1

“Credit Insurer” means (i) Coface, (ii) QBE and (iii) from time to time, any other credit insurers which have been approved by the Administrative Agent and each Purchaser in its sole discretion.
“Facility Termination Date” means the earliest to occur of (a) the Scheduled Facility Termination Date, (b) the Business Day immediately prior to the occurrence of an Insolvency Event with respect to any Company Party, (c) the date on which the Originator becomes unable to transfer additional Receivables under the Receivables Sale Agreement to the Buyer for any reason other than the Originator’s failure to originate Receivables or pursuant to the terms of the Transaction Documents, (d) the Business Day specified in a notice declaring the Facility Termination Date to have occurred delivered by the Administrative Agent pursuant to Section 8.02(a), (e) the Business Day specified by 100 days’ prior written notice of termination to the Seller from the Administrative Agent upon the direction of any Purchaser, (f) the Business Day specified by 10 days’ prior written notice of termination by the Seller to the Administrative Agent and (g) the date on which the Administrative Agent and each Purchaser  receive written notice from the Seller pursuant to Section 2.02(c) terminating sale of Receivables hereunder.
“QBE” means QBE Insurance Corporation.
 “Required Purchasers” means, at any time, two or more Purchasers holding in the aggregate Exposures in excess of 50% of the Facility Amount at such time, provided that if there are only two Purchasers at such time, “Required Purchasers” means both such Purchasers. 
“Statutory Reserve Rate” means, for any date of determination, 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 of Governors of the Federal Reserve System of the United States to which Rabobank or any other Purchaser is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of such Board).  Such reserve percentages shall include those imposed pursuant to such Regulation D.  Applicable portions of the Aggregate Funded Purchase Price 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 Purchaser under such Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the opening of business on the effective date of any change in any such reserve percentage.
(k)Annex I to the Existing Receivables Purchase Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical order:
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, 

EXHIBIT 10.1

(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.   
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
(l)Exhibits A, B and C-1 to the Existing Receivables Purchase Agreement is hereby amended by deleting such Exhibit and substituting, in lieu thereof, respectively, Exhibit A, B and C-1 hereto.
SECTION 2.Conditions Precedent.  The amendments set forth in Section 1 above shall become effective as of the date (the “Effective Date”) upon which the following conditions precedent shall have been satisfied: 
(a)Amendment.  The Administrative Agent shall have received, on or before the date hereof, counterpart signature pages to this Amendment executed by each of the parties to this Agreement.
(b)Performance Undertaking. The Administrative Agent shall have received, on or before the date hereof, counterpart signature pages to the Reaffirmation of Performance Undertaking Agreement dated as of the date hereof made by the Parent in favor of the Administrative Agent.
SECTION 3.Representations and Warranties of the Borrower.  Each of the Seller and the Servicer hereby represents and warrants to each Purchaser and the Administrative Agent that, on and as of the date hereof: 
(a)this Amendment has been duly executed and delivered by it, and this Amendment and the Existing Receivables Purchase Agreement as amended hereby constitute, its legal, valid and binding obligations, enforceable in accordance with their respective terms subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law); and
(b)its representations and warranties contained in the Receivables Purchase Agreement or in the other Transaction Documents to which it is a party are true and correct in all material respects as of the date hereof, with the same effect as though made on such date (after giving effect to this Amendment), except to the extent such representation or warranty expressly relates only to a prior date. 

EXHIBIT 10.1

SECTION 4.Miscellaneous. 
(a)This Amendment may be amended, modified, terminated or waived only as provided in Section 10.06 of the Receivables Purchase Agreement.  
(b)Except as expressly modified as contemplated hereby, the Receivables Purchase Agreement is hereby confirmed to be in full force and effect in accordance with its terms and is hereby ratified and confirmed.  This Amendment is intended by the parties to constitute an amendment and modification to, and otherwise to constitute a continuation of, the Receivables Purchase Agreement, and is not intended by any party and shall not be construed to constitute a novation thereof or of any obligation of any party thereunder.  This Amendment shall constitute a Transaction Document. 
(c)This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns under the Receivables Purchase Agreement. 
(d)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 of an executed signature page to this Amendment by facsimile transmission or other electronic image scan transmission shall be effective as delivery of a manually signed counterpart of this Amendment. 
(e)The provisions of this Amendment are intended to be severable.  If any provision of this Amendment shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without in any manner affecting the validity, legality or enforceability of such provision in any other jurisdiction or the remaining provisions hereof in any jurisdiction.  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
(f)THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to this Amendment, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  The parties hereto agree 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. 
(g)EACH OF THE SELLER, THE SERVICER, THE ADMINISTRATIVE AGENT AND EACH PURCHASER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.  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 

EXHIBIT 10.1

IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER TRANSACTION DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4(g). 
(h)The parties to this Amendment agree that in connection with the next amendment, if any, to the Receivables Purchase Agreement, they will discuss potential changes to Section 2.12 of the Receivables Purchase Agreement and related provisions to provide for the ability of individual Purchasers to terminate their purchases thereunder (while other Purchasers continue to make purchases).
[Signature pages follow]

EXHIBIT 10.1

IN WITNESS WHEREOF, the parties hereto, by their duly authorized signatories, have executed and delivered this Amendment as of the date first above written.
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent and Purchaser

By:      /s/ Raymond Dizon                
Name:  Raymond Dizon    
Title:  Executive Director

By:      /s/ Thomas Giuntini                
Name:  Thomas Giuntini
Title:  Executive Director

EXHIBIT 10.1

KELLOGG BUSINESS SERVICES COMPANY,
as Servicer

By:      /s/  Joel Vanderkooi            
Name:  Joel Vanderkooi    
Title:  VP-Treasurer

EXHIBIT 10.1

KELLOGG FUNDING COMPANY, LLC,
as Seller
By:      /s/  Joel Vanderkooi            
Name:  Joel Vanderkooi    
Title:  VP-Treasurer

EXHIBIT 10.1

EXHIBIT A

FORM OF CASH OUTLAY NOTICE
Coöperatieve Rabobank U.A., New York Branch,
as Administrative Agent 
245 Park Avenue, 37th floor
New York, New York 10167
Attention:  Transaction Management Team
Tel: (212) 916-3713
Fax: (914) 287-2254
Email:  TMTeam@rabobank.com
Re:  Cash Outlay Notice
Ladies and Gentlemen:
Reference is made to the Receivables Purchase Agreement, dated as of July 13, 2016 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Receivables Purchase Agreement”), among Kellogg Funding Company, LLC, as Seller (the “Seller”), Kellogg Business Services Company, as Servicer (the “Servicer”), the Purchasers from time to time party thereto, and Coöperatieve Rabobank U.A., New York Branch, as administrative agent (the “Administrative Agent”).  Capitalized terms defined in the Receivables Purchase Agreement are used herein with the same meanings.
(a)    The Seller hereby requests that the Purchasers make Cash Outlays on the following Business Day in the following aggregate amount:
Amount:                ________________________
Business Day:                ________________________
The amount of each Purchaser’s Cash Outlay is as follows:
[Name of Purchaser]:                ________________________
[Name of Purchaser]:                ________________________
[Name of Purchaser]:                ________________________
 (b)    Each of Seller and the Servicer hereby certifies, represents and warrants to the Purchasers and the Administrative Agent that on and as of the Business Day set forth below:
(i)    all applicable conditions precedent set forth in Article III of the Receivables Purchase Agreement have been satisfied;
(ii)    each of the representations and warranties of the Seller and the Servicer contained in Article IV of the Receivables Purchase Agreement will be true and correct, in all material 

EXHIBIT 10.1

respects, as if made on and as of such Business Day, except to the extent such representation or warranty expressly relates only to a prior date;
(iii)    no event will have occurred and is continuing, or would result from the requested Cash Outlays, that constitutes a Termination Event;
(iv)    after giving effect to the requested Cash Outlays, the Aggregate Funded Purchase Price will not exceed the Maximum Aggregate Funded Purchase Price; and
(v)    the Facility Termination Date shall not have occurred.
(c)    The requested Cash Outlays are to be disbursed by wire transfer of funds to the following account:
Bank:
[Wiring address]:
Account Name:
Account No.
[For further credit to account:]
Reference:
Telephone Notice to:
IN WITNESS WHEREOF, each of the Seller and the Servicer has caused this Cash Outlay Notice to be executed and delivered as of this ____ day of ___________, 20__.
KELLOGG FUNDING COMPANY, LLC,
as Seller
By:                                
Name:
Title:
KELLOGG BUSINESS SERVICES COMPANY,
as Servicer
By:                                
Name:
Title:

EXHIBIT 10.1

EXHIBIT B

FORM OF REDUCTION NOTICE
Coöperatieve Rabobank U.A., New York Branch,
as Administrative Agent 
245 Park Avenue, 37th floor
New York, New York 10167
Attention:  Transaction Management Team
Tel: (212) 916-3713
Fax: (914) 287-2254
Email:  TMTeam@rabobank.com
Re:  Reduction Notice
Ladies and Gentlemen:
Reference is made to the Receivables Purchase Agreement, dated as of July 13, 2016 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Receivables Purchase Agreement”), among Kellogg Funding Company, LLC, as Seller (the “Seller”), Kellogg Business Services Company, as Servicer, the Purchasers from time to time party thereto, and Coöperatieve Rabobank U.A., New York Branch, as administrative agent.  Capitalized terms defined in the Receivables Purchase Agreement are used herein with the same meanings.
(a)The Seller hereby provides notice pursuant to Section 2.03(b) of the Receivables Purchase Agreement of its reduction of the Aggregate Funded Purchase Price on the following Business Day in the amounts set forth in the following chart and certifies that the information set forth in the chart is correct:
Business Day:            _______________________

	
		
	 
	Total

	Aggregate Funded Purchase Price before giving effect to the requested reduction
	 

	Portion of the Aggregate Funded Purchase Price being reduced
	 

	Aggregate Funded Purchase Price after giving effect to requested reduction
	 

EXHIBIT 10.1

The amount of the reduction allocable to each Purchaser is as follows:
[Name of Purchaser]:                ________________________
[Name of Purchaser]:                ________________________
[Name of Purchaser]:                ________________________
(b)The aggregate amount of the Aggregate Funded Purchase Price being reduced is in an amount equal to $1,000,000 or an integral multiple of $100,000 in excess of such amount.
(c)On such date of reduction, the Seller shall reduce the Aggregate Funded Purchase Price in the amount set forth above and pay all amounts required to be paid in connection with such reduction as set forth in the Transaction Documents.

IN WITNESS WHEREOF, the Seller has caused this Reduction Notice to be executed and delivered as of this ____ day of ___________, 20__.
KELLOGG FUNDING COMPANY, LLC,
as Seller
By:                                
Name:
Title:Exhibit

EXHIBIT 10.2

JOINDER AGREEMENT

JOINDER AGREEMENT (this “Joinder Agreement”), dated as of the date set forth in Item 1 of Schedule I hereto, among the Additional Purchaser set forth in Item 2 of Schedule I hereto (the “Additional Purchaser”), the Seller referred to below, the Servicer referred to below, the Purchasers currently party to the Agreement referred to below (the “Selling Purchasers”) and the Administrative Agent referred to below.
W I T N E S S E T H:
WHEREAS, this Joinder Agreement is being executed and delivered in accordance with Section 2.03(c) of the Receivables Purchase Agreement, dated as of July 13, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”; unless otherwise defined herein, terms defined in the Receivables Purchase Agreement are used herein as therein defined), among Kellogg Funding Company, LLC (the “Seller”), Kellogg Business Services Company, as Servicer (the “Servicer”), the Purchasers from time to time party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (the “Administrative Agent”);
WHEREAS, the Additional Purchaser wishes to become a Purchaser party to the Receivables Purchase Agreement; and
WHEREAS, the Additional Purchaser wishes to acquire from the Selling Purchasers certain of the outstanding Cash Outlays under the Receivables Purchase Agreement.
NOW, THEREFORE, the parties hereto hereby agree as follows:
(a)Upon receipt by the Administrative Agent of one or more counterparts of this Joinder Agreement, executed by each of the Existing Purchasers, the Seller, the Servicer and the Purchasing Purchaser and the Administrative Agent, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Additional Purchaser, the Administrative Agent will register the joinder effected hereby in the register described in Section 10.07(f) of the Receivables Purchase Agreement and transmit to the Servicer, the Seller, the Existing Purchasers and the Additional Purchaser a Joinder Effective Notice, substantially in the form of Schedule III to this Joinder Agreement (a “Joinder Effective Notice”).  Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, inter alia, the date on which the joinder effected hereby shall become effective (the “Joinder Effective Date”).  From and after the Joinder Effective Date the Additional Purchaser shall be a Purchaser party to the Receivables Purchase Agreement for all purposes thereof, as more particularly specified on Schedule II to this Joinder Agreement.
(b)Upon and after the Joinder Effective Date (until further modified in accordance with the Receivables Purchase Agreement), the Funding Percentage of the Additional Purchaser and the Purchaser Facility Amount of the Additional Purchaser shall be as set forth in Schedule II to this Joinder Agreement.
(c)At or before 12:00 Noon, New York time (or when otherwise agreed between an Existing Purchaser and the Additional Purchaser) on the Joinder Effective Date, the Additional Purchaser shall pay to each Existing Purchaser, in immediately available funds, an amount (the “Assigned Amount”) equal to portion of the Funded Purchase Price being purchased by the Additional Purchaser of such Existing Purchaser’s Funded Purchase Price (together with the accrued and unpaid Yield on the Assigned Amount) and, subject to the provisions of Section 2.04(c) of the Receivables Purchase Agreement, assume obligations 

EXHIBIT 10.2

for a portion of the Deferred Purchase Price so that, after giving effect to each such purchase and sale on the Joinder Effective Date, the Funded Purchase Price and Deferred Purchase Price obligation of each Purchaser shall be proportionate to the Purchaser Facility Amount of such Purchaser.
Effective upon receipt by an Existing Purchaser of the Assigned Amount from the Additional Purchaser, such Existing Purchaser hereby irrevocably sells, assigns and transfers to the Additional Purchaser, without recourse, representation or warranty, and the Additional Purchaser hereby irrevocably purchases, takes and assumes from the Existing Purchaser, (i) the Assigned Amount of the Existing Purchaser’s Funded Purchase Price and interest in the Receivables Assets, (ii) the accrued and unpaid Yield on the Assigned Amount of the Existing Purchaser’s Funded Purchase Price, and (iii) subject to the provisions of Section 2.04(c) of the Receivables Purchase Agreement, a portion of the Deferred Purchase Price so that, after giving effect to such assumption, the Deferred Purchase Price obligation of each Purchaser shall be proportionate to the Purchaser Facility Amount of such Purchaser, in each case together with all instruments, documents and collateral security pertaining thereto. Unless otherwise agreed between the Additional Purchaser and an Existing Purchaser, the Additional Purchaser is not hereby purchasing and shall not be entitled to receive any other amounts due and payable to such Existing Purchaser under or in respect of the Receivables Purchase Agreement, or the other Transaction Documents (including any amounts payable to an Existing Purchaser pursuant to Section 2.08, 2.09, 2.10, 10.01 or 10.02 of the Receivables Purchase Agreement or Section 7.02 of the Receivables Sale Agreement).
This Joinder Agreement is intended by the parties hereto to effect a purchase by the Additional Purchaser and sale by each Existing Purchaser of interests in the Receivables Assets and the Receivables Purchase Agreement and the other Transaction Documents and amounts payable thereunder, and it is not to be construed as a loan or a commitment to make a loan by the Additional Purchaser to any Existing Purchaser.
(d)(i) All reductions of the Aggregate Funded Purchase Price that would otherwise be payable from and after the Joinder Effective Date to or for the account of each Existing Purchaser in respect of such Existing Purchaser’s Funded Purchase Price shall, instead, be payable to or for the account of such Existing Purchaser and the Additional Purchaser, as the case may be, in accordance with their respective interests as reflected in this Joinder Agreement.
(ii) All Yield and other amounts that would otherwise accrue for the account of an Existing Purchaser from and after the Joinder Effective Date pursuant to the Receivables Purchase Agreement, or the other Transaction Documents shall, instead, accrue for the account of, and be payable to or for the account of, such Existing Purchaser and the Additional Purchaser, as the case may be, in accordance with their respective interests as reflected in this Joinder Agreement.  In the event that any amount of Yield or other amounts accruing before the Transfer Effective Date was included in the Assigned Amount paid by the Additional Purchaser, such Existing Purchaser and the Additional Purchaser will make appropriate arrangements for payment by the Existing Purchaser to the Additional Purchaser of such amount upon receipt thereof.
(e)Each of the parties to this Joinder Agreement agrees and acknowledges that (i) at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder Agreement, and (ii) the Administrative Agent shall apply each payment made to it under the Receivables Purchase Agreement in accordance with the provisions of the Receivables Purchase Agreement, as appropriate.
(f)By executing and delivering this Joinder Agreement, each Existing Purchaser and the Additional Purchaser confirm to and agree with each other and with the Administrative Agent as follows:  

EXHIBIT 10.2

(i) other than the representation and warranty that such Existing Purchaser is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, such Existing Purchaser makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Receivables Purchase Agreement or the other Transaction Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Receivables Purchase Agreement or any other instrument or document furnished pursuant thereto; (ii) such Existing Purchaser makes no representation or warranty and assumes no responsibility with respect to the business, operations, property, financial and other condition and creditworthiness of any Company Party (including with respect to the Receivables Assets) or with respect to the performance or observance by any Company Party of any of their respective obligations under the Receivables Purchase Agreement or any other Transaction Document or any other instrument or document furnished pursuant hereto; (iii) the Additional Purchaser confirms that it has received a copy of the Receivables Purchase Agreement, the other Transaction Documents and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (iv) the Additional Purchaser has, independently and without reliance upon any Existing Purchaser or the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Joinder Agreement; (v) the Additional Purchaser will, independently and without reliance upon any Existing Purchaser or the Administrative Agent, and based on such documents and information as it has deemed appropriate, continue to inform itself as to the business, operations, property, financial and other condition and creditworthiness of each Company Party and the Receivables and to make its own decisions in taking or not taking action under or based upon this Agreement or any other Transaction Document, any related agreement or any document furnished hereunder or thereunder; (vi) the Additional Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Receivables Purchase Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (vii) the Additional Purchaser agrees (for the benefit of each Existing Purchaser, the Administrative Agent and the Seller) that it will perform in accordance with their terms all of the obligations which by the terms of the Receivables Purchase Agreement are required to be performed by it as a Purchaser.
(g)Schedule II hereto sets forth administrative information with respect to the Additional Purchaser.
(h)THIS JOINDER AGREEMENT 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 Joinder Agreement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto.
SCHEDULE I TO
JOINDER AGREEMENT
COMPLETION OF INFORMATION AND
SIGNATURES FOR JOINDER AGREEMENT
		
	Re:
	Receivables Purchase Agreement, dated as of July 13, 2016, among Kellogg Funding Company, LLC, as Seller, Kellogg Business Services Company, as Servicer, the Purchasers from time to time party thereto and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent

EXHIBIT 10.2

Item 1:    Date of Joinder Agreement:  September 30, 2016
		
	Item 2:
	Additional Purchaser: The Bank Of Tokyo-Mitsubishi UFJ, Ltd., New York Branch

Item 3:    Signatures of Parties to Joinder Agreement:
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
as Additional Purchaser
By:       /s/ Eric Williams        
Name:  Eric Williams
Title:    Managing Director
CONSENTED TO AND ACCEPTED BY:
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,
as Administrative Agent
By:  /s/ Raymond Dizon    
Name:  Raymond Dizon
Title:  Executive Director
By:   /s/ Thomas Guintini    
Name:  Thomas Guintini
Title:   Executive Director

EXHIBIT 10.2

KELLOGG FUNDING COMPANY, LLC
By:   /s/ Joel Vanderkooi    
Name:  Joel Vanderkooi
Title:  Treasurer

EXHIBIT 10.2

SCHEDULE II TO
JOINDER AGREEMENT
LIST OF ADDRESSES FOR NOTICES,
PURCHASER FACILITY AMOUNTS AND FUNDING PERCENTAGES
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
A.    Funding Percentage                                        50%

B.    Purchaser Facility Amount    $200,000,000

C.    Address for Notices:             The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking Division for the Americas
1251 Avenue of the Americas
10th Floor
NY, NY 10020
Attention:  Eric Williams
Tel: (212) 782-4910
Email: ewilliams@us.mufg.jp

with copies to:

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking & Markets
1221 Avenue of the Americas
NY, NY 10020
Attention:  Alexander Jurecky
Tel: (212) 782-4724
Email: ajurecky@us.mufg.jp 

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking & Markets
1221 Avenue of the Americas
NY, NY 10020
Attention:  Christina Trentacoste
Tel: (212) 782-4642
Email: ctrentacoste@us.mufg.jp

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking & Markets
1221 Avenue of the Americas
NY, NY 10020
Email: securitiazation_reporting@us.mufg.jp
SCHEDULE III TO
JOINDER AGREEMENT
Form of

EXHIBIT 10.2

Joinder Effective Notice
To:    
	
		
	Kellogg Business Services Company
One Kellogg Square
Battle Creek, MI 49014
Attention: Office of Treasurer
	Kellogg Funding Company, LLC
c/o Kellogg Business Services Company
One Kellogg Square
Battle Creek, MI 49014
Attention: Office of Treasurer

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking Division for the Americas,
as Purchaser
1251 Avenue of the Americas
10th Floor
NY, NY 10020
Attention:
	Coöperatieve Rabobank U.A., New York Branch,
as Purchaser 
245 Park Avenue, 37th floor
New York, New York 10167
Attention:  Transaction Management Team

     The undersigned, as Administrative Agent under the Receivables Purchase Agreement, dated as of July 13, 2016 among Kellogg Funding Company, LLC, as Seller, Kellogg Business Services Company, as Servicer, the Purchasers from time to time party thereto and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, and acknowledges receipt of executed counterparts of a completed Joinder Agreement.  [Note: attach copies of Schedules I and II from such Agreement.]  Terms defined in such Joinder Agreement are used herein as therein defined.
Pursuant to such Joinder Agreement, you are advised that the Joinder Effective Date will be September 30, 2016.
Very truly yours,
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent
By: _____________________________
Name:
Title:
By: _____________________________
Name:
Title:

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