Document:

Receivables Sale and Contribution Agreement

 Exhibit 10.5 
 RECEIVABLES SALE AND CONTRIBUTION AGREEMENT 
 DATED AS OF MARCH 13, 2008 
 BETWEEN 
 INTERNATIONAL PAPER
COMPANY, 
 AS ORIGINATOR 
 AND 
 RED BIRD RECEIVABLES, LLC, 
 AS BUYER 

					
	 ARTICLE I AMOUNTS AND TERMS OF THE PURCHASE
	  	1
			
	Section 1.1	  	[Intentionally Deleted]	  	1
			
	Section 1.2	  	Purchase of Receivables.	  	1
			
	Section 1.3	  	Payment for the Purchase	  	3
			
	Section 1.4	  	Purchase Price Credit Adjustments	  	4
			
	Section 1.5	  	Payments and Computations, Etc.	  	5
			
	Section 1.6	  	Transfer of Records	  	5
			
	Section 1.7	  	Characterization	  	5
		
	ARTICLE II REPRESENTATIONS AND WARRANTIES	  	6
			
	Section 2.1	  	Representations and Warranties of IPCO	  	6
		
	ARTICLE III CONDITIONS OF PURCHASE	  	10
			
	Section 3.1	  	Conditions Precedent to Purchase	  	10
			
	Section 3.2	  	Conditions Precedent to Subsequent Payments	  	10
		
	ARTICLE IV COVENANTS	  	10
			
	Section 4.1	  	Affirmative Covenants of IPCO	  	10
			
	Section 4.2	  	Negative Covenants of IPCO.	  	14
		
	ARTICLE V TERMINATION EVENTS	  	15
			
	Section 5.1	  	Termination Events	  	15
			
	Section 5.2	  	Remedies	  	16
		
	ARTICLE VI INDEMNIFICATION	  	17
			
	Section 6.1	  	Indemnities by IPCO	  	17
			
	Section 6.2	  	Other Costs and Expenses	  	19

  

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	ARTICLE VII MISCELLANEOUS	  	20
			
	Section 7.1	  	Waivers and Amendments.	  	20
			
	Section 7.2	  	Notices	  	20
			
	Section 7.3	  	Protection of Ownership Interests of Buyer.	  	20
			
	Section 7.4	  	Confidentiality	  	21
			
	Section 7.5	  	Bankruptcy Petition.	  	22
			
	Section 7.6	  	Limitation of Liability	  	23
			
	Section 7.7	  	CHOICE OF LAW	  	23
			
	Section 7.8	  	CONSENT TO JURISDICTION	  	23
			
	Section 7.9	  	WAIVER OF JURY TRIAL	  	23
			
	Section 7.10	  	Integration; Binding Effect; Survival of Terms.	  	24
			
	Section 7.11	  	Counterparts; Severability; Section References	  	24
			
	Section 7.12	  	Payment Recission	  	25

  

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 EXHIBITS AND SCHEDULES 
  

					
	Exhibit I	  	-	    	Definitions
			
	Exhibit II	  	-	    	Principal Place of Business; Location(s) of Records; Federal Employer Identification Number; Other Names
			
	Exhibit III	  	-	    	Lock Boxes; Collection Accounts; Collection Banks
			
	Exhibit IV	  	-	    	Form of Compliance Certificate
			
	Exhibit V	  	-	    	Copy of Credit and Collection Policy
			
	Exhibit VI	  	-	    	Form of Subordinated Note
			
	Exhibit VII	  		    	Form of Purchase Report
			
	Schedule A	  		    	List of Documents to Be Delivered to Buyer Prior to the Purchase
			
	Schedule B	  		    	Receivables Created by Domestic Sales of Certain Businesses

  

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 RECEIVABLES SALE AND CONTRIBUTION AGREEMENT 
 THIS RECEIVABLES SALE AND CONTRIBUTION AGREEMENT, dated as of March 13, 2008, is by and between INTERNATIONAL PAPER COMPANY, a New
York corporation (“IPCO”), and RED BIRD RECEIVABLES, LLC, a Delaware limited liability company formerly known as Red Bird Receivables, Inc. (“Buyer”). Unless defined elsewhere herein, capitalized
terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto (or, if not defined in Exhibit I hereto, the meaning assigned to such term in Exhibit I to the Credit and Security Agreement). 

PRELIMINARY STATEMENTS 
 IPCO now owns, and from time to time hereafter will own, Receivables. IPCO wishes to sell and assign to Buyer, and Buyer wishes to purchase from IPCO, all of IPCO’s right, title and interest in and to such Receivables, together with
the Related Security and Collections with respect thereto. 
 IPCO and Buyer intend the transactions contemplated hereby to be
true sales of the Receivables from IPCO to Buyer, providing Buyer with the full benefits of ownership of the Receivables, and IPCO and Buyer do not intend these transactions to be, or for any purpose to be characterized as, loans from Buyer to IPCO.

 Buyer may finance its purchases hereunder by borrowing and pledging its assets pursuant to that certain Second Amended and
Restated Credit and Security Agreement dated as of March 13, 2008 (as the same may from time to time hereafter be amended, supplemented, restated or otherwise modified, the “Credit and Security Agreement”) among the
Buyer, as Borrower, IPCO, as Servicer, various lenders (“Lenders”) and co-agents (“Co-Agents”) from time to time party thereto, and Citicorp North America, Inc., as administrative agent or any
successor administrative agent appointed pursuant to the terms of the Credit and Security Agreement (in such capacity, the “Administrative Agent,” and together with the Co-Agents, the “Agents”).

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 AMOUNTS AND TERMS OF THE PURCHASE 
 Section 1.1 [Intentionally Deleted]. 
 Section 1.2 Purchase of Receivables. 
 (a) Effective on the date hereof, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth herein, IPCO does
hereby sell, assign, 

  

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transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer does hereby purchase from
IPCO, all of IPCO’s right, title and interest in and to all Receivables existing as of the close of business on the date hereof and all Receivables thereafter arising through and including the Termination Date, together, in each case, with all
Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the date hereof Buyer shall acquire all of IPCO’s right, title and interest in and to all Receivables existing as of the date hereof
and thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased hereunder in
accordance with Section 1.3. 
 (b) On the 12th day of each month hereafter (or if any such day is not a Business Day, on the next succeeding Business Day thereafter, IPCO shall deliver to Buyer a report in
substantially the form of Exhibit VII hereto (each such report being herein called a “Purchase Report”) with respect to the Receivables sold by IPCO to Buyer during the Settlement Period then most recently ended. In addition
to, and not in limitation of, the foregoing, in connection with the payment of the Purchase Price for any Receivables purchased hereunder, Buyer may request that IPCO deliver, and IPCO shall deliver, such approvals, opinions, information or
documents as Buyer may reasonably request. 
 (c) It is the intention of the parties hereto that the Purchase of Receivables made hereunder
shall constitute a sale, which sale is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to Section 1.4, the sale of Receivables
hereunder is made without recourse to IPCO; provided, however, that (i) IPCO shall be liable to Buyer for all representations, warranties, covenants and indemnities made by IPCO pursuant to the terms of the Transaction Documents
to which IPCO is a party, and (ii) such sale does not constitute and is not intended to result in an assumption by Buyer or any assignee thereof of any obligation of IPCO or any other Person arising in connection with the Receivables, the
related Contracts and/or other Related Security or any other obligations of IPCO. In view of the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of such Receivables rather than loans secured
thereby, IPCO agrees that it will, on or prior to the date hereof and in accordance with Section 4.1(e)(ii), mark its master data processing records relating to the Receivables with a legend acceptable to Buyer and to the Administrative
Agent (as Buyer’s assignee), evidencing that Buyer has purchased such Receivables as provided in this Agreement and to note in its financial statements that its Receivables have been sold to Buyer. Upon the request of Buyer or the
Administrative Agent (as Buyer’s assignee), IPCO will execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect
and maintain the perfection of Buyer’s ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Administrative Agent (as Buyer’s assignee) may reasonably request. 

 

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 Section 1.3 Payment for the Purchase. 
 (a) The Purchase Price for the Purchase of Receivables in existence as of the close of business on the date hereof shall be payable in full by Buyer to
IPCO on the date hereof, and shall be paid to IPCO in the following manner: 
 (i) by delivery of immediately available funds,
to the extent of funds made available to Buyer from its borrowings under the Credit and Security Agreement, and 
 (ii) the
balance, by delivery of the proceeds of a subordinated revolving loan from IPCO to Buyer (a “Subordinated Loan”) in an amount not to exceed the least of (A) the remaining unpaid portion of such Purchase Price,
(B) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net Worth less than the Required Capital Amount, and (C) fifteen percent (15%) of such Purchase Price. IPCO is hereby authorized by Buyer to
endorse on the schedule attached to the Subordinated Note an appropriate notation evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make
such notation shall not affect any obligation of Buyer thereunder. 
 The Purchase Price for each Receivable coming into existence after the date hereof
shall be due and owing in full by Buyer to IPCO or its designee on the date each such Receivable came into existence (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any amounts owed by IPCO to
Buyer hereunder and which have become due but remain unpaid) and shall be paid to IPCO in the manner provided in the following paragraphs (b), (c) and (d). 
 (b) With respect to any Receivables coming into existence after the date hereof, on each Settlement Date, Buyer shall pay the Purchase Price therefor in accordance with Section 1.3(d) and in the following
manner: 
 first, by delivery of immediately available funds, to the extent of funds available to Buyer from its
borrowing, and pledge, of an interest in the Receivables to, the Administrative Agent for the benefit of the Lenders under the Credit and Security Agreement or other cash on hand; 
 second, by delivery of the proceeds of a Subordinated Loan, provided that the making of any such Subordinated
Loan shall be subject to the provisions set forth in Section 1.3(a)(ii); and 
 third, unless IPCO
or Buyer has declared the Termination Date to have occurred pursuant to this Agreement, by accepting a contribution to its capital in an amount equal to the remaining unpaid balance of such Purchase Price. 
 Subject to the limitations set forth in Section 1.3(a)(ii), IPCO irrevocably agrees to advance each Subordinated Loan requested by Buyer on or prior to the
Termination Date. The Subordinated Loans shall be evidenced by, and shall be payable in accordance with the terms and provisions of 

  

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the Subordinated Note and shall be payable solely from funds which Buyer is not required under the Credit and Security Agreement to set aside for the benefit
of, or otherwise pay over to, the Lenders. 
 (c) From and after the Termination Date, IPCO shall not be obligated to (but may, at its
option): (i) sell Receivables to Buyer, or (ii) contribute Receivables to Buyer’s capital pursuant to clause third of Section 1.3(b) unless IPCO reasonably determines that the Purchase Price therefor will be
satisfied with funds available to Buyer from sales of interests in the Receivables pursuant to the Credit and Security Agreement, Collections, proceeds of Subordinated Loans, other cash on hand or otherwise. 
 (d) Although the Purchase Price for each Receivable coming into existence after the date hereof shall be due and payable in full by Buyer to IPCO on the
date such Receivable came into existence, settlement of the Purchase Price between Buyer and IPCO shall be effected on a monthly basis on Settlement Dates with respect to all Receivables coming into existence during the same Calculation Period and
based on the information contained in the Purchase Report delivered by IPCO for the Calculation Period then most recently ended. Although settlement shall be effected on Settlement Dates, increases or decreases in the amount owing under the
Subordinated Note made pursuant to Section 1.3 and any contribution of capital by IPCO to Buyer made pursuant to Section 1.3(b) shall be deemed to have occurred and shall be effective as of the last Business Day of the
Calculation Period to which such settlement relates. 
 Section 1.4 Purchase Price Credit Adjustments. If on any day: 

(a) the Outstanding Balance of a Receivable is: 
 (i) reduced as a result of any defective or rejected or returned goods or services, any discount or any adjustment or otherwise by IPCO (other than as a result of such Receivable becoming a Defaulted Receivable or to
reflect cash Collections on account of such Receivable), 
 (ii) reduced or canceled as a result of a setoff in respect of any
claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), or 
 (b) any of the
representations and warranties set forth in Sections 2.1(i), (j), (l), (q)(ii), (r), (s) or (t) hereof are not true when made or deemed made with respect to any Receivable,

 then, in such event, Buyer shall be entitled to a credit (each, a “Purchase Price Credit”) against the Purchase Price otherwise
payable hereunder equal to the Outstanding Balance of such Receivable (calculated before giving effect to the applicable reduction or cancellation). If such Purchase Price Credit exceeds the Original Balance of the Receivables coming into existence
on any day, then IPCO shall pay the remaining amount of such Purchase Price Credit in cash immediately, provided that if the Termination Date has not occurred, IPCO shall be allowed to deduct the remaining amount of such Purchase Price
Credit from any indebtedness owed to it under the Subordinated Note. 
  

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 Section 1.5 Payments and Computations, Etc. All amounts to be paid or deposited by Buyer
hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account of IPCO designated from time to time by IPCO or as otherwise directed by IPCO. In the event that any payment
owed by any Person hereunder becomes due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. If any Person fails to pay any amount hereunder when due, such Person agrees to pay, on demand, the
Default Fee in respect thereof until paid in full; provided, however, that such Default Fee shall not at any time exceed the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be made on the
basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. 
 Section 1.6
Transfer of Records. 
 (a) In connection with the Purchase of Receivables hereunder, IPCO hereby sells, transfers, assigns and
otherwise conveys to Buyer all of IPCO’s right and title to and interest in the Records relating to all Receivables sold or contributed hereunder, without the need for any further documentation in connection with the Purchase. In connection
with such transfer, IPCO hereby grants to each of Buyer, the Administrative Agent and each Person who succeeds IPCO as Servicer an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all software used by IPCO to
account for the Receivables, to the extent necessary to administer the Receivables, whether such software is owned by IPCO or is owned by others and used by IPCO under license agreements with respect thereto, provided that should the
consent of any licensor of such software be required for the grant of the license described herein, to be effective, IPCO hereby agrees that upon the request of Buyer (or Buyer’s assignee), IPCO will use its reasonable efforts to obtain the
consent of such third-party licensor. The license granted hereby shall be irrevocable until the indefeasible payment in full of the Obligations, and shall terminate on the date this Agreement terminates in accordance with its terms. 
 (b) IPCO (i) shall take such action requested by Buyer and/or the Administrative Agent (as Buyer’s assignee), from time to time hereafter, that
may be necessary or appropriate to ensure that Buyer and its assigns under the Credit and Security Agreement have an enforceable ownership interest in the Records relating to the Receivables purchased from IPCO hereunder, and (ii) shall use its
reasonable efforts to ensure that Buyer, the Administrative Agent and the Servicer (if other than IPCO) each has an enforceable right (whether by license or sublicense or otherwise) to use all of the computer software used to account for the
Receivables and/or to recreate such Records. 
 Section 1.7 Characterization. If, notwithstanding the intention of the parties
expressed in Section 1.2(c), any sale or contribution by IPCO to Buyer of Receivables hereunder shall be characterized as a secured loan and not a sale or such sale shall for any reason be ineffective or unenforceable, then this
Agreement shall be deemed to constitute a security agreement under the UCC and other applicable law. For this purpose and without being in derogation of the parties’ intention that the sale of Receivables hereunder shall constitute a true sale
thereof, IPCO hereby grants to Buyer a duly perfected security interest in all of IPCO’s right, title and interest in, to and under all Receivables now existing and hereafter arising, all Collections and Related 

  

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Security with respect thereto, each Lock Box and Collection Account, all other rights and payments relating to the Receivables and all proceeds of the
foregoing to secure the prompt and complete payment of a loan deemed to have been made in an amount equal to the Purchase Price of the Receivables together with all other obligations of IPCO hereunder (collectively, the “IPCO
Collateral”), which security interest shall be prior to all other Adverse Claims thereto. Buyer and its assigns shall have, in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies
provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative. 
 ARTICLE II

 REPRESENTATIONS AND WARRANTIES 
 Section 2.1 Representations and Warranties of IPCO. IPCO hereby represents and warrants to Buyer on the date hereof, on the date of the Purchase and on each date that any Receivable comes into existence that: 
 (a) Existence and Power. IPCO is a corporation duly organized under the laws of New York, and no other state or jurisdiction. IPCO is validly
existing and in good standing under the laws of New York and is duly qualified to do business and is in good standing as a foreign entity, and has and holds all corporate power and all governmental licenses, authorizations, consents and approvals
required to carry on its business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not reasonably be expected to have a Material Adverse Effect. 
 (b) Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by IPCO of this Agreement and each other
Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, IPCO’s use of the proceeds of the Purchase made hereunder, are within its corporate powers and authority and have been duly
authorized by all necessary corporate action on its part. This Agreement and each other Transaction Document to which IPCO is a party has been duly executed and delivered by IPCO. 
 (c) No Conflict. The execution and delivery by IPCO of this Agreement and each other Transaction Document to which it is a party, and the
performance of its obligations hereunder and thereunder (i) do not contravene or violate (A) its Organizational Documents, (B) any law, rule or regulation applicable to it, (C) any restrictions under any agreement, contract or
instrument to which it is a party or by which it or any of its property is bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and (ii) do not result in the creation or
imposition of any Adverse Claim on assets of IPCO or its Material Subsidiaries (except as created hereunder) except, in the case of clauses (i)(B), (i)(C) and (i)(D) above where such contravention or violation could not reasonably be expected to
have a Material Adverse Effect; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
 (d)
Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization or approval or other action by, and no notice to 

  

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or filing with, any governmental authority or regulatory body is required for the due execution and delivery by IPCO of this Agreement or any other
Transaction Document to which it is a party and the performance of its obligations hereunder and thereunder. 
 (e) Actions, Suits.
Except as set forth in IPCO’s filings with the Securities and Exchange Commission, there are no actions, suits or proceedings pending, or to the best of IPCO’s knowledge, threatened, against or affecting IPCO, or any of its properties, in
or before any court, arbitrator or other body, that could reasonably be expected to have a Material Adverse Effect. IPCO is not in default with respect to any order of any court, arbitrator or governmental body that could reasonably be expected to
have a Material Adverse Effect. 
 (f) Binding Effect. This Agreement and each other Transaction Document to which IPCO is a party
constitute the legal, valid and binding obligations of IPCO enforceable against IPCO in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (g) Accuracy of Information. 
 (i) Pre-Closing Information. All information regarding the Receivables and Related Security or IPCO furnished by IPCO or any of its Affiliates to the Buyer (or its assigns) prior to the date of this Agreement was true and accurate in
every material respect on the date such information was so furnished except as otherwise disclosed to the Buyer (or its assigns) prior to the date hereof and, when taken as a whole together with such subsequent disclosures, did not contain any
material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading. 
 (ii) Ongoing Information. All other information regarding the Receivables and Related Security not covered by clause (i) above which is hereafter furnished by IPCO to the Buyer (or its assigns) will be
true and accurate in every material respect on the date such information is so furnished and, when taken as a whole, will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein not misleading as of the date when so furnished. 
 (iii) Other Information. All other information
regarding IPCO, its business, operations, financial condition or prospects furnished by IPCO to the Buyer (or its assigns) in connection with the Transaction Documents after the date of this Agreement that is not covered by clauses (i) or
(ii) above, will be true and accurate in every material respect on the date such information is so furnished and, when taken as a whole together with any subsequent updates to such information, will not contain any material misstatement of fact
or omit to state a material fact or any fact necessary to make the statements contained therein not misleading as of the date when furnished or updated. 
  

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 (h) Use of Proceeds. No portion of any Purchase Price payment hereunder will be used to acquire
any security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended; provided, however, that Originator may use Purchase Price payments hereunder to repurchase shares of its
capital stock in accordance with applicable laws and regulations. 
 (i) Good Title. Immediately prior to the Purchase hereunder and
upon the creation of each Receivable coming into existence after the date hereof, IPCO (i) is the legal and beneficial owner of the Receivables and (ii) is the legal and beneficial owner of the Related Security with respect thereto or
possesses a valid and perfected security interest therein, in each case, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or
documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect IPCO’s ownership interest in each Receivable, its Collections and the Related Security. 
 (j) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is effective to transfer to Buyer (and
Buyer shall acquire from IPCO) (i) legal and equitable title to, with the right to sell and encumber each Receivable existing and hereafter arising, together with the Collections with respect thereto, and (ii) all of IPCO’s right,
title and interest in the Related Security associated with each Receivable, in each case, free and clear of any Adverse Claim, except as created by the Transactions Documents. There have been duly filed all financing statements or other similar
instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s ownership interest in the Receivables, the Related Security and the Collections. 
 (k) Places of Business and Locations of Records. The principal places of business and chief executive office of IPCO and the offices where it
keeps all of its Records are located at the address(es) listed on Exhibit II or such other locations of which Buyer has been notified in accordance with Section 4.2(a) in jurisdictions where all action required by
Section 4.2(a) has been taken and completed. IPCO’s Federal Employer Identification Number is correctly set forth on Exhibit II. 
 (l) Collections. The conditions and requirements set forth in Section 4.1(j) have at all times been satisfied and duly performed. The names and addresses of all Collection Banks, together with the
account numbers of the Collection Accounts at each Collection Bank and the post office box number of each Lock Box, are listed on Exhibit III. IPCO has not granted any Person, other than Buyer (and its assigns) dominion and control of any
Lock Box or Collection Account, or the right to take dominion and control of any such Lock Box or Collection Account at a future time or upon the occurrence of a future event. 
 (m) Material Adverse Effect. Since December 31, 2006, and, for any date this representation and warranty is made or deemed made after
delivery of annual audited financing statements pursuant to 4.1(a) hereof, the date of the most recently delivered annual audited financial statements delivered thereunder, no event has occurred that would have a Material Adverse Effect. 

 

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 (n) Names. The name in which IPCO has executed this Agreement is identical to the name of IPCO as
indicated on the public record of its state of organization which shows IPCO to have been organized. In the past five (5) years, IPCO has not used any corporate names, trade names or assumed names other than the name in which it has executed
this Agreement and as listed on Exhibit II. 
 (o) Ownership of Buyer. IPCO owns, directly or indirectly, 100% of the issued
and outstanding equity interests of Buyer, free and clear of any Adverse Claim. Such equity interests are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of Buyer. 
 (p) Not an Investment Company. IPCO is not an “investment company” within the meaning of the Investment Company Act of 1940, as
amended, or any successor statute. 
 (q) Compliance with Law. (i) IPCO has complied in all respects with all applicable laws,
rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it is subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect, and (ii) each Receivable, together
with any Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair
credit reporting, equal credit opportunity, fair debt collection practices and privacy), except where such contravention or violation could not reasonably be expected to have a Material Adverse Effect. 
 (r) Compliance with Credit and Collection Policy. IPCO has complied in all material respects with the Credit and Collection Policy with regard to
each Receivable and the related Contract, and has not made any change to such Credit and Collection Policy, except such material change as to which Buyer (or its assigns) has been notified in accordance with Section 4.1(a)(vii).

 (s) Payments to IPCO. With respect to each Receivable transferred to Buyer hereunder, the Purchase Price received by IPCO
constitutes reasonably equivalent value in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by IPCO of any Receivable hereunder is or may be voidable under any section of the Bankruptcy
Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
 (t) Eligible Receivables. Each Receivable
reflected in any Purchase Report as an Eligible Receivable was an Eligible Receivable on the date of its acquisition by Buyer hereunder. 
 (u) Accounting. The manner in which IPCO accounts for the transactions contemplated by this Agreement does not jeopardize the characterization of the transactions contemplated herein as being true sales. 
  

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 ARTICLE III 
 CONDITIONS OF PURCHASE 
 Section 3.1 Conditions Precedent to Purchase. The Purchase under this
Agreement is subject to the conditions precedent that (a) Buyer shall have converted from a Delaware corporation to a Delaware limited liability company, (b) 100% of Buyer’s equity interests shall be owned directly by IPCO,
(c) Buyer shall have received on or before the date of such purchase those documents listed on Schedule A and (d) all of the conditions to Amendment No. 4 to the Credit and Security Agreement shall have been satisfied or waived
in accordance with the terms thereof. 
 Section 3.2 Conditions Precedent to Subsequent Payments. Buyer’s obligation to pay
for Receivables coming into existence after the date hereof shall be subject to the further conditions precedent that: (a) the Facility Termination Date shall not have occurred under the Credit and Security Agreement; (b) Buyer (or its
assigns) shall have received such other approvals, opinions or documents as it may reasonably request and (c) on the date such Receivable came into existence, the following statements shall be true (and acceptance of the proceeds of any payment
for such Receivable shall be deemed a representation and warranty by IPCO that such statements are then true): 
 (i) the
representations and warranties set forth in Article II are true and correct on and as of the date such Receivable came into existence as though made on and as of such date; and 
 (ii) no event has occurred and is continuing that will constitute a Termination Event or an Unmatured Termination Event. 
 Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Receivable (whether by payment of cash, through an increase in the amounts
outstanding under the Subordinated Note, by offset of amounts owed to Buyer and/or by offset of capital contributions), title to such Receivable and the Related Security and Collections with respect thereto shall vest in Buyer, whether or not the
conditions precedent to Buyer’s obligation to pay for such Receivable were in fact satisfied. The failure of IPCO to satisfy any of the foregoing conditions precedent, however, shall give rise to a right of Buyer to rescind the related purchase
and direct IPCO to pay to Buyer an amount equal to the Purchase Price payment that shall have been made with respect to any Receivables related thereto. 
 ARTICLE IV 
 COVENANTS 
 Section 4.1 Affirmative Covenants of IPCO. Until the date on which this Agreement terminates in accordance with its terms, IPCO hereby covenants as set forth below: 
 (a) Financial Reporting. IPCO will maintain, for itself and each of its domestic Subsidiaries, a system of accounting established and administered
in accordance with GAAP, and furnish to Buyer (or its assigns): 
 (i) Annual Reporting. Within 100 days after the close of each of
its respective fiscal years, unaudited, unqualified financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for IPCO for such fiscal year certified by a senior financial
officer. 
  

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 (ii) Quarterly Reporting. Within 55 days after the close of the first three (3) quarterly
periods of each of its respective fiscal years, balance sheets of IPCO as at the close of each such period and statements of income and retained earnings and a statement of cash flows for IPCO for the period from the beginning of such fiscal year to
the end of such quarter, all certified by a senior financial officer. 
 (iii) Compliance Certificate. Together with the financial
statements required hereunder, a compliance certificate in substantially the form of Exhibit IV signed by IPCO’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case
may be. 
 (iv) S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements and reports on form 10-K,
10-Q, 8-K or successor forms, which IPCO or any of its Subsidiaries files with the Securities and Exchange Commission. 
 (v) Copies of
Notices. Promptly upon its receipt of any notice, request for consent, financial statements, certification, report or other material communication under or in connection with any Transaction Document from any Person other than Buyer or the
Administrative Agent, copies of the same. 
 (vi) Change in Credit and Collection Policy. At least thirty (30) days prior to the
effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such proposed change or amendment, and (B) if such
proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting Buyer’s (and the Administrative Agent’s, as
Buyer’s assignee) consent thereto. 
 (vii) Other Information. Promptly, from time to time, (A) such other information,
documents, records or data relating to the Receivables or (B) such other information, documents, records or data relating to the condition or operations, financial or otherwise, of IPCO each as Buyer (or its assigns) may from time to time
reasonably request in order to protect the interests of Buyer (and its assigns) under or as contemplated by this Agreement. 
 (b)
Notices. IPCO will notify Buyer (or its assigns) in writing of any of the following as soon as possible upon learning of the occurrence thereof with respect to IPCO, describing the same and, if applicable, the steps being taken with respect
thereto: 
 (i) Termination Events or Unmatured Termination Events. The occurrence of each Termination Event and each Unmatured
Termination Event, by a statement of an Authorized Officer of IPCO. 
  

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 (ii) Judgment and Proceedings. (1) The entry of any judgment or decree against IPCO or any
of its Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against IPCO and its Subsidiaries exceeds $200,000,000 after deducting (a) the amount with respect to which IPCO or any such Subsidiary is insured and
with respect to which the insurer has not denied coverage, and (b) the amount for which IPCO or any such Subsidiary is otherwise indemnified if the terms of such indemnification are satisfactory to Buyer (or its assigns), and (2) the
institution of any litigation, arbitration proceeding or governmental proceeding against IPCO which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (iii) Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected to have, a Material Adverse
Effect. 
 (iv) Defaults Under Other Agreements. The occurrence of a default or an event of default under any other financing
arrangement pursuant to which IPCO is a debtor or an obligor. 
 (c) Compliance with Laws and Preservation of Existence. IPCO will
comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it is subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse
Effect. IPCO will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign entity in each jurisdiction where its business
is conducted, except where the failure to so qualify or remain in good standing could not reasonably be expected to have a Material Adverse Effect. 
 (d) Audits. IPCO will, from time to time during regular business hours as requested by Buyer (or its assigns), upon reasonable notice and at the sole cost of IPCO, permit Buyer (or its assigns) or their respective agents or
representatives, (i) to examine and make copies of and abstracts from all Records in the possession or under the control of IPCO relating to the Receivables and the Related Security, including, without limitation, the related Contracts other
than those Contracts that are subject to confidentiality agreements for which IPCO has been unable, after diligent efforts, to obtain consent to disclosure, and (ii) to visit the offices and properties of IPCO for the purpose of examining such
materials described in clause (i) above, and to discuss matters relating to IPCO’s financial condition or the Receivables and the Related Security or IPCO’s performance under any of the Transaction Documents or IPCO’s performance
under the Contracts and, in each case, with any of the officers or employees of IPCO having knowledge of such matters (each of the forgoing examination and visits, a “Review”); provided, however,
that, so long as no Termination Event has occurred and is continuing, (A) IPCO shall only be responsible for the costs and expenses of one (1) Review in any one calendar year, and (B) the Buyer (or its assigns) will not request more
than two (2) Reviews in any one calendar year. 
  

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 (e) Keeping and Marking of Records and Books. 
 (i) IPCO will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate
records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including,
without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). IPCO will give Buyer (or its assigns) notice of any material change in the
administrative and operating procedures referred to in the previous sentence. 
 (ii) IPCO will (A) on or prior to the
date hereof, mark its master data processing records and other books and records relating to the Receivables with a legend, acceptable to Buyer (or its assigns), describing Buyer’s ownership interests in the Receivables and further describing
the Loans of the Lenders under the Credit and Security Agreement and (B) upon the request of Buyer (or its assigns) following the occurrence and continuation of a Termination Event: (x) mark each Contract constituting an instrument,
chattel paper or a certificated security (each as defined in the UCC) with a legend describing Buyer’s ownership interests in the Receivables and further describing the Loans of the Lenders and (y) deliver to Buyer (or its assigns) all
Contracts (including, without limitation, all multiple originals of any such Contract constituting an instrument, chattel paper or a certificated security) relating to the Receivables. 
 (f) Compliance with Contracts and Credit and Collection Policy. IPCO will timely and fully (i) perform and comply with all provisions,
covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. 

(g) [Intentionally Deleted]. 
 (h)
Ownership. IPCO will take all necessary action to establish and maintain, irrevocably in Buyer, (A) legal and equitable title to the Receivables and the Collections and (B) all of IPCO’s right, title and interest in the Related
Security associated with the Receivables, in each case, free and clear of any Adverse Claims other than Adverse Claims in favor of Buyer (and its assigns) (including, without limitation, the filing of all financing
statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s interest in such Receivables, Related Security and Collections and such other necessary
action to perfect, protect or more fully evidence the interest of Buyer as Buyer (or its assigns) may reasonably request). 
 (i)
Lenders’ Reliance. IPCO acknowledges that the Agents and the Lenders are entering into the transactions contemplated by the Credit and Security Agreement in reliance upon Buyer’s identity as a legal entity that is separate from IPCO
and any Affiliates thereof. Therefore, from and after the date of execution and delivery of this Agreement, IPCO will take 

  

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all necessary and reasonable steps including, without limitation, all steps that Buyer or any assignee of Buyer may from time to time reasonably request to
maintain Buyer’s identity as a separate legal entity and to make it manifest to third parties that Buyer is an entity with assets and liabilities distinct from those of IPCO and any Affiliates thereof and not just a division of IPCO or any such
Affiliate. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, IPCO (i) will not hold itself out to third parties as liable for the debts of Buyer nor purport to own the Receivables and
other assets acquired by Buyer, (ii) will take all other actions necessary on its part to ensure that Buyer is at all times in compliance with the “separateness covenants” (including any applicable grace periods) set forth in
Section 7.1(i) of the Credit and Security Agreement and (iii) will cause all tax liabilities arising in connection with the transactions contemplated herein or otherwise to be allocated between IPCO and Buyer on an arm’s-length
basis and in a manner consistent with the procedures set forth in U.S. Treasury Regulations §§1.1502-33(d) and 1.1552-1. 
 (j)
Collections. IPCO will cause (1) all proceeds from all Lock Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock Box and Collection Account to be subject at all times to a Collection
Account Agreement that is in full force and effect. In the event any payments relating to Receivables are remitted directly to IPCO or any Affiliate of IPCO, IPCO will remit (or will cause all such payments to be remitted) directly to a Collection
Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof and, at all times prior to such remittance, IPCO will itself hold or, if applicable, will cause such payments to be held in trust for the
exclusive benefit of Buyer and its assigns. IPCO will transfer exclusive ownership, dominion and control of each Lock Box and Collection Account to Buyer and, will not grant the right to take dominion and control of any Lock Box or Collection
Account at a future time or upon the occurrence of a future event to any Person, except to Buyer (or its assigns) as contemplated by this Agreement and the Credit and Security Agreement. 
 (k) Taxes. IPCO will file all tax returns and reports required by law to be filed by it and promptly pay all taxes and governmental charges at any
time owing, except any such taxes which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. IPCO will pay
when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or gross receipts of Buyer and its assigns. 
 Section 4.2 Negative Covenants of IPCO. Until the date on which this Agreement terminates in accordance with its terms, IPCO hereby covenants that: 
 (a) Name Change, Offices and Records. IPCO will not change its (i) state of organization, (ii) name, (iii) identity or structure
(within the meaning of Article 9 of any applicable enactment of the UCC) or any office where Records are kept unless it shall have: (i) given Buyer (or its assigns) at least thirty (30) days’ prior written notice thereof and
(ii) delivered to Buyer (or its assigns) all financing statements, instruments and other documents reasonably and promptly requested by Buyer (or its assigns) in connection with such change or relocation. 
  

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 (b) Change in Payment Instructions to Obligors. IPCO will not add or terminate any bank as a
Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock Box or Collection Account, unless Buyer (or its assigns) shall have received, at least ten (10) days before the proposed effective
date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or Lock Box, an executed Collection Account Agreement with respect to the new
Collection Account or Lock Box; provided, however, that IPCO may make changes in instructions to Obligors without any prior notice regarding payments if such new instructions require such Obligor to make payments to another existing
Collection Account. 
 (c) Modifications to Contracts and Credit and Collection Policy. IPCO will not make any change to the Credit
and Collection Policy that could adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables. Except as otherwise permitted in its capacity as Servicer pursuant to the Credit and Security
Agreement, IPCO will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy. 
 (d) Sales, Liens. Except as otherwise contemplated by the Transaction Documents, IPCO will not sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or
Collections, or upon or with respect to any Contract under which any Receivable arises, or any Lock Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests
therein in favor of Buyer provided for herein), and IPCO will defend the right, title and interest of Buyer in, to and under any of the foregoing property, against all claims of third parties claiming through or under IPCO. IPCO shall not create or
suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory. 
 (e) Accounting for Purchase. IPCO will not, and will not permit any Affiliate to, account for or treat (whether in financial statements or otherwise) the transactions contemplated hereby in any manner other than the sale of the
Receivables and the Related Security by IPCO to Buyer or in any other respect account for or treat the transactions contemplated hereby in any manner other than as a sale of the Receivables and the Related Security by IPCO to Buyer except to the
extent that such transactions are not recognized on account of consolidated financial reporting in accordance with generally accepted accounting principles. 
 ARTICLE V 
 TERMINATION EVENTS 
 Section 5.1 Termination Events. The occurrence of any one or more of the following events shall constitute a Termination Event: 
 (a) IPCO shall fail (i) to make any payment or deposit (A) of principal when required to be made by it hereunder or (B) any other obligation or amount not covered by clause (A) when required
hereunder and such failure shall continue for three (3) consecutive Business Days, or (ii) to perform or observe any term, covenant or agreement contained in Section 4.1(a)(i), (ii), (iii), (iv), (v) or (vii)(B),
Section 4.1(f)(i), or Section 4.1(j) and such failure shall continue for thirty (30) consecutive days, or (iii) to perform or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) or
(ii) of this paragraph (a)) or any other Transaction Document to which it is a party and such failure shall continue for ten (10) consecutive Business Days. 
  

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 (b) Any representation, warranty, certification or statement made by IPCO in this Agreement, any other
Transaction Document or in any other document delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made or deemed made; provided that the materiality threshold in the preceding clause
shall not be applicable with respect to any representation or warranty which itself contains a materiality threshold. 
 (c) Failure of IPCO
to pay any Indebtedness when due in excess of $200,000,000 (“Material Indebtedness”); or the default by IPCO in the performance of any term, provision or condition contained in any agreement under which any Material Indebtedness was
created or is governed, the effect of which is to cause such Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of IPCO shall be declared to be due and payable or required to be prepaid (other than by a regularly
scheduled payment) prior to the date of maturity thereof. 
 (d) An Event of Bankruptcy shall occur with respect to IPCO or any Subsidiary of
IPCO which meets the definition of “Material Subsidiary” defined in the Credit and Security Agreement. 
 (e) A Change of Control
shall occur. 
 (f) One or more final judgments for the payment of money in an amount in excess of $200,000,000, individually or in the
aggregate, shall be entered against IPCO on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for thirty (30) consecutive days without
a stay of execution. 
 (g) An Amortization Event specified in Section 9.1(p) of the Credit and Security Agreement shall have occurred.

 Section 5.2 Remedies. Upon the occurrence and during the continuation of a Termination Event, Buyer may take any of the
following actions: (i) declare the Termination Date to have occurred, whereupon the Termination Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by IPCO; provided,
however, that upon the occurrence of a Termination Event described in Section 5.1(d), the Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by
IPCO and (ii) to the fullest extent permitted by 

  

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applicable law, declare that the Default Fee shall accrue with respect to any amounts then due and owing by IPCO to Buyer. The aforementioned rights and
remedies shall be without limitation and shall be in addition to all other rights and remedies of Buyer and its assigns otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are
hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 
 ARTICLE VI 
 INDEMNIFICATION 
 Section 6.1 Indemnities by IPCO. Without limiting any other rights that Buyer may have hereunder or under applicable law and subject to the last sentence of this Section 6.1, IPCO hereby agrees to indemnify (and pay upon
demand to) Buyer and its assigns, officers, directors, agents and employees (each an “Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, penalties, costs, expenses and for all other
amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of Buyer or any such assign) and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”)
awarded against or incurred by any of them, directly or indirectly, arising out of or as a result of the execution, delivery, performance, non-performance, enforcement, non-enforcement of, or other condition or circumstance whatsoever with respect
to, this Agreement or any of the Transaction Documents (including without limitation (i) any fees and expenses of attorneys and other advisers and (ii) any Taxes (other than Excluded Taxes): (I) which may be asserted or imposed in
respect of the Receivables or the receipt of Collections or other proceeds with respect to the Receivables or any Related Security, (II) which may arise by reason of the Receivables or ownership or the sale or other disposition thereof, or any other
interest in the Receivables or in any Related Security or (III) which may arise otherwise by reason of the execution, delivery, performance, non-performance, enforcement or non-enforcement of, or other condition or circumstance whatsoever with
respect to the Receivables, the Related Security, this Agreement or any Transaction Document; except that, notwithstanding the foregoing parenthetical exclusion relating to Excluded Taxes, in the event that the Obligations of IPCO hereunder are for
any reason determined not to be treated as indebtedness of IPCO for income or franchise tax purposes, IPCO shall indemnify each Indemnified Party in respect of such additional amounts in respect of such Taxes as may be described in clauses (I), (II)
or (III), with such amounts being calculated on an after-tax basis, as are imposed on or incurred by an Indemnified Party to the extent that such Taxes would not have been imposed or incurred (or would not have been imposed or incurred at the same
time) had the obligations of IPCO hereunder or the acquisition, either directly or indirectly, by Buyer of an interest in the Receivables, been treated as indebtedness for such income or franchise tax purposes, as applicable, excluding,
however: Indemnified Amounts to the extent such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification 
 Without limiting the generality of the foregoing indemnification, but subject in each case to clauses (a), (b) and (c) above, IPCO shall indemnify Buyer for
Indemnified Amounts relating to or resulting from: 
 (i) any representation or warranty made by IPCO (or any officers of
IPCO) under or in connection with any Purchase Report, this Agreement, any other Transaction Document or any other information or report delivered by IPCO pursuant hereto or thereto for which Buyer has not received a Purchase Price Credit that shall
have been false or incorrect when made or deemed made; 
  

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 (ii) the failure by IPCO, to comply with any applicable law, rule or regulation with
respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of any Transferor to keep or perform any of its obligations,
express or implied, with respect to any Contract; 
 (iii) any failure of IPCO to perform its duties, covenants or other
obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) any products
liability, personal injury or damage, suit or other similar claim arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable; 
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any
Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting
from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
 (vi) the commingling of Collections of Receivables at any time with other funds; 
 (vii) any
investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby, the use of the proceeds of the Purchase hereunder, the ownership of the Receivables or any
other investigation, litigation or proceeding relating to IPCO in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
 (viii) any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from
civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
 (ix) any Termination Event described in Section 5.1(d); 
 (x) [intentionally deleted]; 
  

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 (xi) any failure to vest and maintain vested in Buyer, or to transfer to Buyer, legal and
equitable title to, and ownership of, the Receivables and the Collections, and all of IPCO’s right, title and interest in the Related Security associated with the Receivables, in each case, free and clear of any Adverse Claim (other than as
created hereunder); 
 (xii) the failure to have filed, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of the
Purchase or at any subsequent time; 
 (xiii) any action or omission by IPCO which reduces or impairs the rights of Buyer with
respect to any Receivable or the value of any such Receivable; 
 (xiv) any attempt by any Person to void the Purchase
hereunder under statutory provisions or common law or equitable action; and 
 (xv) the failure of any Receivable reflected as
an Eligible Receivable on any Purchase Report to be an Eligible Receivable at the time acquired by Buyer. 
 Notwithstanding the foregoing,
(1) the foregoing indemnification is not intended to, and shall not, constitute a guarantee of the collectibility or payment of the Receivables conveyed hereunder; and (2) nothing in this Section 6.1 shall require IPCO to indemnify
any Indemnified Party for Receivables which are not collected, not paid or otherwise uncollectible on account of the insolvency, bankruptcy, creditworthiness or financial inability to pay of the applicable Obligor. The agreements in this subsection
shall survive the collection of all Receivables, the termination of this Agreement and the payment of all amounts payable hereunder. 
 If
any Indemnified Party shall have notice of any attempt to impose or collect any tax or governmental fee or charge for which indemnification will be sought from IPCO under Section 6.1(iv), such Indemnified Party shall give prompt and timely
notice of such attempt to IPCO, and IPCO shall have the right, at its expense, to participate in any proceedings resisting or objecting to the imposition or collection of any such tax, governmental fee or charge. Indemnification hereunder shall be
in an amount necessary to make each Indemnified Party whole after taking into account any tax consequences to the Indemnified Party of the payment of any of the aforesaid taxes (including any deduction) and the receipt of the indemnity provided
hereunder or of any refund of any such tax previously indemnified hereunder, including the effect of such tax, deduction or refund on the amount of tax measured by net income or profits which is or was payable by the Indemnified Party. If for any
reason the indemnification provided above in this Section 6.1 is unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party harmless, then IPCO shall contribute to the amount paid or payable by such Indemnified Party
to the maximum extent permitted under applicable law. 
 Section 6.2 Other Costs and Expenses. IPCO shall pay to Buyer on demand
all reasonable costs and out-of-pocket expenses actually incurred in connection with the preparation, 

  

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execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder. IPCO shall
pay to Buyer on demand any and all costs and expenses of Buyer, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection with any
restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Termination Event. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Waivers and Amendments. 
 (a) No failure or delay on the part of Buyer (or its assigns) in
exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power,
right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for
which given. 
 (b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing signed
by IPCO and Buyer and, to the extent required under the Credit and Security Agreement, the Agents and the Lenders. Any material amendment, supplement, modification of waiver will require satisfaction of the Rating Agency Condition to the extent
applicable to any Lender. 
 Section 7.2 Notices. All communications and notices provided for hereunder shall be in writing
(including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages hereof or at such other address
or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (a) if given by telecopy, upon the receipt thereof, (b) if
given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (c) if given by any other means, when received at the address specified in this Section 7.2.

 Section 7.3 Protection of Ownership Interests of Buyer. 
 (a) IPCO agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may
be necessary or desirable, or that Buyer (or its assigns) may request, to perfect, protect or more fully evidence the interest of Buyer hereunder and the Receivable Interests, or to enable Buyer (or its assigns) to exercise and enforce their rights
and remedies hereunder. At any time, Buyer (or its assigns) may, at IPCO’s sole cost and expense, direct IPCO to notify the Obligors of Receivables of the 

  

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ownership interests of Buyer under this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be
made directly to Buyer or its designee. 
 (b) If IPCO fails to perform any of its obligations hereunder, Buyer (or its assigns) may (but
shall not be required to) perform, or cause performance of, such obligations, and Buyer’s (or such assigns’) costs and expenses incurred in connection therewith shall be payable by IPCO as provided in Section 6.2. IPCO
irrevocably authorizes Buyer (and its assigns) at any time and from time to time in the sole discretion of Buyer (or its assigns), and appoints Buyer (and its assigns) as its attorney(ies)-in-fact, to act on behalf of IPCO (i) to execute on
behalf of IPCO as debtor and to file financing statements necessary or desirable in Buyer’s (or its assigns’) sole discretion to perfect and to maintain the perfection and priority of the interest of Buyer in the Receivables and associated
Related Security and Collections and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as Buyer (or its assigns) in
their sole discretion deem necessary or desirable to perfect and to maintain the perfection and priority of Buyer’s interests in the Receivables. This appointment is coupled with an interest and is irrevocable. IPCO hereby authorizes Buyer (or
its assigns) to file financing statements and other filing or recording documents with respect to the Receivables and Related Security (including any amendments thereto, or continuation or termination statements thereof), without the signature or
other authorization of IPCO, in such form and in such offices as Buyer (or any of its assigns) reasonably determines appropriate to perfect or maintain the perfection of the ownership or security interests of Buyer (or its assigns) hereunder. IPCO
acknowledges and agrees that it is not authorized to, and will not, file financing statements or other filing or recording documents with respect to the Receivables or Related Security (including any amendments thereto, or continuation or
termination statements thereof), without the express prior written approval by the Agent (as Buyer’s assignee), consenting to the form and substance of such filing or recording document. IPCO approves, authorizes and ratifies any filings or
recordings made by or on behalf of the Administrative Agent (as Buyer’s ultimate assign) in connection with the perfection of the ownership or security interests in favor of Buyer or the Administrative Agent (as Buyer’s ultimate assign).

 Section 7.4 Confidentiality. 
 (a) IPCO shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the other confidential or proprietary information that is clearly marked as being
confidential and/or proprietary with respect to the Agents, the Conduits and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that IPCO
and its officers and employees may disclose such information to IPCO’s external accountants and attorneys and as required by any applicable law or order of any judicial or administrative proceeding. 
 (b) Anything herein to the contrary notwithstanding, IPCO hereby consents to the disclosure of any nonpublic information with respect to
it (i) to Buyer, the Agents and the Lenders by each other, (ii) by Buyer, the Agents or the Lenders to any prospective or 

  

 21 

 
actual assignee or participant of any of them and (iii) by the Co-Agents to any rating agency, Promissory Note dealer or provider of a surety, guaranty
or credit or liquidity enhancement to any Conduit or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which any Co-Agent or one of its affiliates acts as the administrative agent or administrator
and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In addition, the Lenders and the Agents may
disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c) Buyer shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the
other confidential or proprietary information with respect to IPCO, the Obligors and their respective businesses obtained by it in connection with the due diligence evaluations, structuring, negotiating and execution of the Transaction Documents,
and the consummation of the transactions contemplated herein and any other activities of Buyer arising from or related to the transactions contemplated herein provided, however, that each of Buyer and its employees and officers shall
be permitted to disclose such confidential or proprietary information: (i) to the Agents and the Lenders, (ii) to any prospective or actual assignee or participant of the Agents or the Lenders who executes a confidentiality agreement for
the benefit of IPCO and Buyer on terms comparable to those required of Buyer hereunder with respect to such disclosed information, (iii) to any rating agency, provider of a surety, guaranty or credit or liquidity enhancement to any Conduit,
(iv) to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, and (v) to the extent required pursuant to any applicable law, rule, regulation, direction, request or order of any judicial,
administrative or regulatory authority or proceedings with competent jurisdiction (whether or not having the force or effect of law) so long as such required disclosure is made under seal to the extent permitted by applicable law or by rule of court
or other applicable body. 
 (d) Notwithstanding any other provision in this Agreement, Buyer does not object to IPCO and its
representatives from disclosing the U.S. tax treatment or U.S. tax structure of the transactions evidenced hereby. 
 Section 7.5
Bankruptcy Petition. 
 (a) To the fullest extent permitted by law, IPCO and Buyer each hereby covenants and agrees that, prior to the
date that is one year and one day after the payment in full of all outstanding senior indebtedness of any Conduit, it will not institute against, or join any other Person in instituting against, any Conduit any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
 (b) To the fullest extent permitted by law, IPCO each hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all 

  

 22 

 
outstanding obligations of the Buyer under the Credit and Security Agreement, it will not institute against, or join any other Person in instituting against,
Buyer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
 Section 7.6 Limitation of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of any Lender
or any Agent, no claim may be made by IPCO or any other Person against any Lender or any Agent or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in
respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and IPCO hereby waives,
releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 Section 7.7 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW (EXCEPT IN THE CASE OF THE OTHER TRANSACTION DOCUMENTS, TO THE EXTENT OTHERWISE EXPRESSLY STATED THEREIN) AND EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE OWNERSHIP INTEREST OR THE SECURITY INTEREST
OF THE BUYER OR ANY OF ITS ASSIGNS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 Section 7.8 CONSENT
TO JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY DOCUMENT EXECUTED BY IPCO PURSUANT TO THIS AGREEMENT AND IPCO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT
MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS ASSIGNS) TO BRING PROCEEDINGS AGAINST IPCO IN
THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY IPCO AGAINST BUYER (OR ITS ASSIGNS) OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR
ANY DOCUMENT EXECUTED BY IPCO PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 Section 7.9
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY 

  

 23 

 
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY
DOCUMENT EXECUTED BY IPCO PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 Section 7.10
Integration; Binding Effect; Survival of Terms. 
 (a) This Agreement and each other Transaction Document contain the final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or
written understandings. 
 (b) This Agreement shall be binding upon and inure to the benefit of IPCO, Buyer and their respective successors
and permitted assigns (including any trustee in bankruptcy). IPCO may not assign any of its rights and obligations hereunder or any interest herein without the prior written consent of Buyer. Buyer may assign at any time its rights and obligations
hereunder and interests herein to any other Person without the consent of IPCO. Without limiting the foregoing, IPCO acknowledges that Buyer, pursuant to one Credit and Security Agreement, may assign to the Administrative Agent, for the benefit of
the Lenders, its rights, remedies, powers and privileges hereunder and that the Administrative Agent may further assign such rights, remedies, powers and privileges to the extent permitted in the Credit and Security Agreement. IPCO agrees that the
Administrative Agent, as the ultimate assignee hereof, shall, subject to the terms of the Credit and Security Agreement, have the right to enforce this Agreement and to exercise directly all of Buyer’s rights and remedies under this Agreement
(including, without limitation, the right to give or withhold any consents or approvals of Buyer to be given or withheld hereunder) and IPCO agrees to cooperate fully with the Administrative Agent in the exercise of such rights and remedies. This
Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the
rights and remedies with respect to (i) any breach of any representation and warranty made by IPCO pursuant to Article II; (ii) the indemnification and payment provisions of Article VI; and
(iii) Section 7.5 shall be continuing and shall survive any termination of this Agreement. 
 Section 7.11
Counterparts; Severability; Section References. This Agreement 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 counterpart of a signature page to this Agreement by telecopier shall be as effective as delivery of a manually executed counterpart of a signature page
to this Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to
“Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this
Agreement. 
  

 24 

 Section 7.12 Payment Rescission. No payment of any amount hereunder shall be considered paid
or applied to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The payor shall remain obligated for
the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the payee who suffered such rescission, return or refund the full amount thereof, plus the Default Fee from the date of any such rescission,
return or refunding. 
  

 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

							
	INTERNATIONAL PAPER COMPANY
		
	 By:
	 	 /s/ Errol A. Harris

	 Name:
	 	Errol A. Harris
	 Title:
	 	Vice President & Treasurer
			
		 	Address:	 	6400 Poplar Avenue
		 		 	Memphis, Tennessee 38197
		 		 	 Attn:
	 	 Errol A. Harris
 V.P. &
Treasurer

		 		 	 Phone:
	 	901/419-4740
		 		 	 Fax:
	 	901/419-4539
	
	RED BIRD RECEIVABLES, LLC
		
	 By:
	 	 /s/ David E. Arick

	 Name:
	 	David E. Arick
	 Title:
	 	President
			
		 	Address:	 	6400 Poplar Avenue
		 		 	Memphis, Tennessee 38197
		 		 	 Attn:
	 	 David E. Arick
 President

		 		 	 Phone:
	 	901/419-3977
		 		 	 Fax:
	 	901/419-4539

  

 26 

 Exhibit I 
 Definitions 
 This is Exhibit I to the Agreement (as hereinafter defined). As used in the Agreement
and the Exhibits and Schedules thereto, capitalized terms have the meanings set forth in this Exhibit I (such meanings to be equally applicable to the singular and plural forms thereof). If a capitalized term is used in the Agreement, or any
Exhibit or Schedule thereto, and is not otherwise defined therein or in this Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to the Credit and Security Agreement (hereinafter defined). 
 “Administrative Agent” has the meaning set forth in the Preliminary Statements to the Agreement. 
 “Agreement” means the Receivables Sale and Contributing Agreement, dated as of March 13, 2008, between IPCO and Buyer, as
the same may be amended, restated or otherwise modified. 
 “Buyer” has the meaning set forth in the preamble to the
Agreement. 
 “Calculation Period” means each calendar month or portion thereof which elapses during the term of the
Agreement. The first Calculation Period shall commence on the date of the Purchases hereunder and the final Calculation Period shall terminate on the Termination Date. 
 “Change of Control” means the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Securities Exchange Act of 1934) of 20% or more of the outstanding shares of voting stock of IPCO. 
 “Credit
and Collection Policy” means IPCO’s credit and collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit V, as modified from time to time in
accordance with the Agreement. 
 “Credit and Security Agreement” has the meaning set forth in the Preliminary
Statements to the Agreement. 
 “Default Fee” means a per annum rate of interest equal to the sum of
(i) the Prime Rate, plus (ii) 2% per annum. 
 “Discount Factor” means a percentage
calculated to provide Buyer with a reasonable return on its investment in the Receivables after taking account of (i) the time value of money based upon the anticipated dates of collection of the Receivables and the cost to Buyer of financing
its investment in the Receivables during such period and (ii) the risk of nonpayment by the Obligors. IPCO and Buyer may agree from time to time to change the Discount Factor based on changes in one or more of the items affecting the
calculation thereof, provided that any change to the Discount Factor shall take effect as of the commencement of a Calculation Period, 

  

 27 

 
shall apply only prospectively and shall not affect the Purchase Price payment made prior to the Calculation Period during which IPCO and Buyer agree to make
such change. As of the date hereof, the Discount Factor is as follows: 1.45% for Receivables arising from sales or services by Originator’s U.S. printing papers and U.S. pulp divisions, 1.49% for Receivables arising from sales or services by
Originator’s consumer packaging and industrial packaging divisions, and 1.44% for Receivables arising from sales or services by Originator’s xpedx division. 
 “Excluded Taxes” means, with respect to a Indemnified Party, Taxes which are (a) both (i) imposed by the jurisdiction in which such Indemnified Party is organized or by any other
taxing authority of a United States jurisdiction as a result of such Indemnified Party doing business or maintaining an office in such jurisdiction (other than any such taxes that the Indemnified Party establishes would not have been imposed but for
(A) such Indemnified Party having executed, or enforced, a Transaction Document or (B) any of the transactions contemplated herein or in the other Transaction Documents) and also (ii) imposed on, based on or measured by net pre-tax
income, capital or net worth of such Indemnified Party (other than Taxes that are, or are in the nature of, sales, use, rental, property or value added or similar taxes) or (b) any Tax, assignment or other governmental charge attributable to
and which would not have been imposed but for the failure of a Indemnified Party to deliver to IPCO the Prescribed Forms properly completed and duly executed by such Indemnified Party establishing such party’s exemption from, or eligibility
for, a reduced rate of any such tax or assessment. 
 “IPCO” has the meaning set forth in the preamble to the
Agreement. 
 “Material Adverse Effect” means a material adverse effect on (i) the financial condition or
operations of IPCO and its Material Subsidiaries, taken as a whole, (ii) the ability of IPCO to perform its obligations under the Agreement or any other Transaction Document, (iii) the legality, validity or enforceability of the Agreement
or any other Transaction Document, (iv) IPCO’s, Buyer’s, the Administrative Agent’s or any Lender’s interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or Collections
with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Worth” means as of
the last Business Day of each Calculation Period preceding any date of determination, the excess, if any, of (a) the aggregate Outstanding Balance of the Receivables at such time, over (b) the sum of (i) the Aggregate
Principal outstanding at such time, plus (ii) the aggregate outstanding principal balance of the Subordinated Loans (including any Subordinated Loan proposed to be made on the date of determination). 
 “Organizational Documents” means, for any Person, the documents for its formation and organization, which, for example,
(a) for a corporation are its corporate charter and bylaws, (b) for a partnership are its certificate of partnership (if applicable) and partnership agreement, (c) for a limited liability company are its certificate of formation or
organization and its operating agreement, regulations or the like and (d) for a trust is the trust agreement, declaration of trust, indenture or bylaws under which it is created. 
  

 28 

 “Original Balance” means, with respect to any Receivable coming into existence
after the date of this Agreement, the invoice amount of such Receivable on the date it was created. 
 “PBGC” means
the Pension Benefit Guaranty Corporation, or any successor thereto. 
 “Pension Plan” means a pension plan (as
defined in Section 3(2) of ERISA) subject to Title IV of ERISA which IPCO sponsors or maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as described in
Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan years. 
 “Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) which IPCO or any of its ERISA Affiliates sponsors or maintains or to which IPCO or any of its ERISA Affiliates makes, is making, or is
obligated to make contributions and includes any Pension Plan, other than a Plan maintained outside the United States primarily for the benefit of Persons who are not U.S. residents. 
 “Purchase” means the purchase pursuant to Section 1.2(a) of the Agreement by Buyer from IPCO of the Receivables and
the Related Security and Collections related thereto, together with all related rights in connection therewith. 
 “Purchase
Price” means, with respect to the Purchase, the aggregate price to be paid by Buyer to IPCO for such Purchase in accordance with Section 1.3 of the Agreement for the Receivables, Collections and Related Security being sold
to Buyer, which price shall equal on any date (i) the product of (x) the Outstanding Balance of such Receivables on such date, multiplied by (y) one minus the Discount Factor in effect on such date, minus (ii) any
Purchase Price Credits to be credited against the Purchase Price otherwise payable in accordance with Section 1.4 of the Agreement. 
 “Purchase Price Credit” has the meaning set forth in Section 1.4 of the Agreement. 
 “Purchase Report” has the meaning set forth in Section 1.2(b) of the Agreement. 
 “Receivable” means all indebtedness and other obligations owed to IPCO (at the times it arises, and before giving effect to any transfer or conveyance under this Agreement) or Buyer (after giving effect to the
transfers under this Agreement) or in which IPCO or Buyer has a security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible, to
the extent arising in connection with the domestic sale of goods or the rendering of services by one of IPCO’s businesses listed on Schedule B attached hereto (which Schedule B may be amended, modified or supplemented from time to time) and
further includes, without limitation, the obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and 

  

 29 

 
other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness
and other rights and obligations arising from any other transaction; provided, further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable regardless or
whether the account debtor or IPCO treats such indebtedness, rights or obligations as a separate payment obligation. 
 “Related
Security” means, with respect to any Receivable: 
 (i) all of IPCO’s right, title and interest in the
inventory and goods (including returned or repossessed inventory or goods), if any, the sale of which by any business of IPCO identified by location on Schedule B attached hereto as such Schedule may be amended, modified or supplemented from time to
time gave rise to such Receivable, and all insurance contracts with respect thereto, 
 (ii) all other security interests or
liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements
describing any collateral securing such Receivable, 
 (iii) all guaranties, letters of credit, insurance and other agreements
or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise, 
 (iv) all service contracts and other contracts and agreements associated with such Receivable, 
 (v) all Records related to such Receivable, 
 (vi) all of IPCO’s right, title and interest in each Lock Box and each Collection Account, and 
 (vii) all proceeds of any of the foregoing. 
 “Required Capital Amount” means, as of any date of
determination, an amount equal to the greater of (a) 3% of the Aggregate Commitment under the Credit and Security Agreement, and (b) the product of (i) 1.5 times the product of the Default Ratio times the Default Horizon Ratio,
each as determined from the most recent Monthly Report received from the Servicer under the Credit and Security Agreement, and (ii) the Outstanding Balance of all Receivables as of such date, as determined from the most recent Monthly Report
received from the Servicer under the Credit and Security Agreement. 
 “S&P” means Standard and Poor’s
Ratings Services, a division of The McGraw Hill Companies, Inc. 
  

 30 

 “Settlement Date” means,
with respect to each Calculation Period, the date that is the 14th calendar day of the month following such Calculation Period. 
 “Subordinated Loan” has the meaning set forth in Section 1.3(a) of the Agreement. 
 “Subordinated Note” means a promissory note in substantially the form of Exhibit VI hereto as more fully described in
Section 1.3 of the Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Tax Code” means the Internal Revenue Code of 1986, as the same may be amended from time to time. 
 “Tax or Taxes” means all license and registration fees and all income, gross receipts, rental, franchise, excise, occupational, capital, value added, sales, use, ad valorem (real and personal), property (real and
personal) and excise taxes, fees, levies, imposts, charges or withholdings of any nature whatsoever, together with any assessments, penalties, fines, additions to tax and interest thereon, by and federal, state or local government or taxing
authority in the United States or by any foreign government, foreign governmental subdivision or other foreign or international taxing authority. 
 “Termination Date” means the earliest to occur of (i) the Facility Termination Date (as defined in the Credit and Security Agreement), (ii) the Business Day immediately prior to the occurrence of a
Termination Event set forth in Section 5.1(d), (iii) the Business Day specified in a written notice from Buyer to IPCO following the occurrence of any other Termination Event, and (iv) the date which is 10 Business Days after
Buyer’s receipt of written notice from IPCO that it wishes to terminate the facility evidenced by this Agreement. 
 “Termination Event” has the meaning set forth in Section 5.1 of the Agreement. 
 “Transaction Documents” means, collectively, this Agreement, each Collection Account Agreement, the Subordinated Note, and all other instruments, documents and agreements executed and delivered in connection
herewith. 
 “Unmatured Termination Event” means an event which, with the passage of time or the giving of notice, or
both, would constitute a Termination Event. 
 All accounting terms not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
  

 31 

 Exhibit II 
 Places of Business; Locations of Records; 
 Federal Employer Identification Number(s); Other Names

  

			
	Places of Business:	  	6400 Poplar Avenue, Memphis, TN 38197
		
	Locations of Records:	  	6400 Poplar Avenue, Memphis, TN 38197
	
	Federal Employer Identification Number: 13-0872805

 Legal, Trade and Assumed Names in the Past Five Years: International Paper; Hammermill Papers; xpedx;
Evergreen Packaging Equipment; Strathmore Paper Company (a/n); The Beckett Paper Company; AKROSIL CORPORATION; Thilmany Pulp & Paper Company; Transo Envelope Company; Palmer Paper Company (assumed name); Dillard Paper Company; WAYNE PAPER
COMPANY; Hammermill Papers-Kentucky; HPC Redistribution; Bulkley Dunton Publishing Group; International Blending; Beacon Paper Company; BEACON PACKAGING; WAYNE – PAPER SUPPLY; Carter Rice; Slaughter Industries; Carpenter’s Corner; McKinney
Coated Products; American Supply Company; Crown Supply, Inc.; Lee Markey Equipment; THILMANY PULP & PAPER COMPANY; Resourcenet International; PAPERLAND; HAMMERMILL PAPERS; RESOURCENET INTERNATIONAL; Seaman-Patrick Paper Company;
PAPER & GRAPHIC SUPPLY CENTERS; Ibrands; Ibrands; Zellerbach; Nationwide Papers; Saalfeld Redistribution; Saalfeld Paper Company; XPEDX; Hammermill Papers Kentucky; IBRANDS; Evegreen Packaging Equipment; Dixon Paper Company; Dekalb –
SRC; SRC; New Hanover – SRC; Chatham – SRC; Fulton - Saalfeld Redistribution; Forsyth – SRC; Guilford – SRC; Wake – SRC; Fulton – SRC; Fulton - Saalfeld Paper Company; Saalfeld Redistribution Company; Western Paper
Company; Xpedx; xpedx Printing Technologies; Global Custom Services 
  

 32 

 Exhibit III 
 Lock boxes; Collection Accounts; Collection Banks 
 DOMESTIC 
 [Text omitted but will be supplementally furnished to the Securities and Exchange Commission upon request] 
  

 33 

 Exhibit IV 
 Form of Compliance Certificate 
 This Compliance Certificate is furnished pursuant to that certain
Receivables Sale and Contribution Agreement dated as of March 13, 2008, between International Paper Company (“IPCO”) and Red Bird Receivables, LLC (the “Agreement”). Capitalized terms used and not
otherwise defined herein are used with the meanings attributed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES
THAT: 
 1. I am the duly elected
                                        
of IPCO. 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review
of the transactions and conditions of IPCO and its Subsidiaries during the accounting period covered by the attached financial statements. 
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Termination Event or an Unmatured Termination Event, as each such term is defined under
the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[, except as set forth below]. 
 [4. Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which IPCO has taken, is taking, or proposes to take with respect to each such condition or event:
                                       
 ]. 
 The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial
statements delivered with this Certificate in support hereof, are made and delivered this      day of
                        , 200_. 
  

	
	  

	 [Name]

  

 Exh I-34 

 Exhibit V 
 Credit and Collection Policy 
 [Text omitted but will be supplementally furnished to the Securities
and Exchange Commission upon request] 
  

 35 

 Exhibit VI 
 Form of Subordinated Note 
 SUBORDINATED NOTE 
 March 13, 2008 
 1. Note. FOR VALUE RECEIVED, the undersigned, Red Bird
Receivables, LLC, a Delaware limited liability company (“SPV”), hereby unconditionally promises to pay to the order of International Paper Company, a New York corporation (“IPCO”), in lawful money of
the United States of America and in immediately available funds, on or before the date following the Termination Date which is one year and one day after the date on which (i) the Outstanding Balance of all Receivables sold under the
“Receivables Contribution and Sale Agreement” referred to below has been reduced to zero and (ii) IPCO has paid to Buyer all indemnities, adjustments and other amounts which may be owed thereunder in
connection with the Purchase thereunder (the “Collection Date”), the aggregate unpaid principal sum outstanding of all “Subordinated Loans” made from time to time by IPCO to SPV pursuant
to and in accordance with the terms of that certain Receivables Sale and Contribution Agreement dated as of March 13, 2008 between IPCO and SPV (as amended, restated, supplemented or otherwise modified from time to time, the
“Receivables Contribution and Sale Agreement”). Reference to Section 1.3 of the Receivables Contribution and Sale Agreement is hereby made for a statement of the terms and conditions under which the loans
evidenced hereby have been and will be made. All terms which are capitalized and used herein and which are not otherwise specifically defined herein shall have the meanings ascribed to such terms in the Receivables Contribution and Sale Agreement.

 2. Interest. SPV further promises to pay interest on the outstanding unpaid principal amount hereof from the date hereof until
payment in full hereof at a rate equal to the 1-month LIBOR rate published in The Wall Street Journal on the first Business Day of each month (or portion thereof) during the term of this Subordinated Note, computed for actual days
elapsed on the basis of a year consisting of 360 days and changing on the first business day of each month hereafter (“LIBOR”); provided, however, that if SPV shall default in the payment of any principal
hereof, SPV promises to pay, on demand, interest at the rate equal to LIBOR plus 2.00% per annum on any such unpaid amounts, from the date such payment is due to the date of actual payment. Interest shall be payable on the first Business
Day of each month in arrears; provided, however, that SPV may elect on the date any interest payment is due hereunder to defer such payment and upon such election the amount of interest due but unpaid on such date shall constitute
principal under this Subordinated Note. The outstanding principal of any loan made under this Subordinated Note shall be due and payable on the Collection Date and may be repaid or prepaid at any time without premium or penalty. 
 3. Principal Payments. IPCO is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its books and records,
the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie 

  

 36 

 
evidence of the accuracy of the information so entered; provided that neither the failure of IPCO to make any such entry or any error therein
shall expand, limit or affect the obligations of SPV hereunder. 
 4. Subordination. IPCO shall have the right to receive, and SPV
shall make, any and all payments and prepayments relating to the loans made under this Subordinated Note, provided that, after giving effect to any such payment or prepayment, the aggregate Outstanding Balance of Receivables (as each
such term is defined in the Credit and Security Agreement hereinafter referred to) owned by SPV at such time exceeds the sum of (a) the Obligations (as defined in the Credit and Security Agreement) outstanding at such time under the Credit and
Security Agreement, plus (b) the aggregate outstanding principal balance of all loans made under this Subordinated Note. IPCO hereby agrees that at any time during which the conditions set forth in the proviso of the immediately preceding
sentence shall not be satisfied, IPCO shall be subordinate in right of payment to the prior payment of any indebtedness or obligation of SPV owing to the Administrative Agent or any Lender under that certain Second Amended and Restated Credit and
Security Agreement, dated as of March 13, 2008 by and among SPV, IPCO, as Servicer, various “Lenders” and “Co-Agents” from time to time party thereto and Citicorp North America, Inc., as “Administrative Agent” for
such Lenders and Co-Agents (as amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”). The subordination provisions contained herein are for the direct benefit of, and
may be enforced by, the Administrative Agent and the Lenders and/or any of their respective assignees (collectively, the “Senior Claimants”) under the Credit and Security Agreement. Until the date on which the “Aggregate
Principal” outstanding under the Credit and Security Agreement has been repaid in full and all other obligations of SPV and/or the Servicer thereunder and under the “Fee Letter” referenced therein (all such
obligations, collectively, the “Senior Claim”) have been indefeasibly paid and satisfied in full, IPCO shall not institute against SPV any proceeding of the type described in Section 5.1(d) of the Receivables
Contribution and Sale Agreement unless and until the Collection Date has occurred. Should any payment, distribution or security or proceeds thereof be received by IPCO in violation of this Section 4, IPCO agrees that such payment shall be
segregated, received and held in trust for the benefit of, and deemed to be the property of, and shall be immediately paid over and delivered to the Administrative Agent for the benefit of the Senior Claimants. 
 5. Bankruptcy; Insolvency. Upon the occurrence of any proceeding of the type described in Section 5.1(d) of the Receivables
Contribution and Sale Agreement involving SPV as debtor, then and in any such event the Senior Claimants shall receive payment in full of all amounts due or to become due on or in respect of the Aggregate Principal and the Senior Claim (including
“Interest” as defined and as accruing under the Credit and Security Agreement after the commencement of any such proceeding, whether or not any or all of such Interest is an allowable claim in any such
proceeding) before IPCO is entitled to receive payment on account of this Subordinated Note, and to that end, any payment or distribution of assets of SPV of any kind or character, whether in cash, securities or other property, in any applicable
insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all indebtedness under this Subordinated Note, is hereby assigned to and shall be paid or delivered by the Person making such payment or
delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Administrative Agent for application to, or as collateral for the payment of, the Senior Claim until such Senior Claim shall have
been paid in full and satisfied. 
  

 37 

 6. Amendments. This Subordinated Note shall not be amended or modified except in accordance with
Section 7.1 of the Receivables Contribution and Sale Agreement. The terms of this Subordinated Note may not be amended or otherwise modified without the prior written consent of the Agent for the benefit of the Lenders. 
 7. GOVERNING LAW. THIS SUBORDINATED NOTE SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW (EXCEPT IN THE CASE OF THE OTHER TRANSACTION DOCUMENTS, TO THE EXTENT OTHERWISE EXPRESSLY STATED THEREIN). WHEREVER POSSIBLE EACH PROVISION OF
THIS SUBORDINATED NOTE SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH PROVISION SHALL BE INEFFECTIVE
TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS SUBORDINATED NOTE. 
 8. Waivers. All parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. IPCO additionally expressly waives all notice of the
acceptance by any Senior Claimant of the subordination and other provisions of this Subordinated Note and expressly waives reliance by any Senior Claimant upon the subordination and other provisions herein provided. 
 9. Assignment. This Subordinated Note may not be assigned, pledged or otherwise transferred to any party other than IPCO without the prior written
consent of the Agent, and any such attempted transfer shall be void. 
  

			
	RED BIRD RECEIVABLES, LLC
		
	By:	 	  

		 	David E. Arick, President

  

 38 

 Schedule 
 to 
 SUBORDINATED NOTE 
 SUBORDINATED LOANS AND PAYMENTS OF PRINCIPAL 
  

									
	 DATE
	 	 AMOUNT OF
 SUBORDINATED
 LOAN
	 	 AMOUNT OF
PRINCIPAL

 PAID
	 	 UNPAID
 PRINCIPAL
 BALANCE
	 	 NOTATION MADE
BY
(INITIALS)

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 39 

 Exhibit VII 
 [Form of] Purchase Report 
 For the Calculation Period beginning [date] and ending [date] 

TO: BUYER AND THE AGENT (AS BUYER’S ASSIGNEE) 
  

										
	 Aggregate Outstanding Balance of all Receivables sold during the period:
	 	$	                        	 	 			 	A
	Less: Aggregate Outstanding Balance of all Receivables sold during such period which were not Eligible Receivables on the date when sold:	 	$	(                        	)	 			 	(B)
	Equals: Aggregate Outstanding Balance of all Eligible Receivables sold during the period (A– B):	 				 	$	                        	 	=C
	Less: Purchase Price discount during the Period:	 	$	(                        	)	 			 	(D)
	Equals: Gross Purchase Price Payable during the period (C – D)	 				 	$	                        	 	=E
	Less: Total Purchase Price Credits arising during the Period:	 	$	(                        	)	 			 	(F)
	Equals: Net Purchase Price payable during the Period (E – F):	 				 	$	                        	 	=G
				
	Cash Purchase Price Paid to IPCO during the Period:	 	$	                        	 	 			 	H
	Subordinated Loans made during the Period:	 	$	                        	 	 			 	I
	Less: Repayments of Subordinated Loans received during the Period:	 	$	(                        	)	 			 	(J)
	 Equals: Purchase Price paid in Cash or Subordinated Loans during the period
 (H + I – J):
	 				 	$	                        	 	=K
	Aggregate Outstanding Balance of Receivables contributed during the Period:	 	$	                        	 	 			 	L

  

 40 

 Schedule A 
 DOCUMENTS TO BE DELIVERED TO BUYER 
 ON OR PRIOR TO THE PURCHASE 
  

	1.	Executed copies of the Receivables Sale and Contribution Agreement, duly executed by the parties thereto. 

  

	2.	Copy of the Credit and Collection Policy to attach to the Receivables Sale and Contribution Agreement as an Exhibit. 

  

	3.	A certificate of IPCO’s [Assistant] Secretary certifying: 

 (a) A copy of the Resolutions of the Board of Directors of IPCO, authorizing IPCO’s execution, delivery and performance of the Receivables Sale and Contribution Agreement and the other documents to be delivered
by it thereunder; 
 (b) A copy of the Organizational Documents of IPCO (also certified, to the extent that such documents are
filed with any governmental authority, by the Secretary of State of the jurisdiction of organization of IPCO on or within thirty (30) days prior to closing); 
 (c) Good Standing Certificates for IPCO issued by the Secretaries of State of its state of incorporation and each jurisdiction where it
has material operations; and 
 (d) The names and signatures of the officers authorized on its behalf to execute the
Receivables Sale and Contribution Agreement and any other documents to be delivered by it thereunder. 
  

	4.	Pre-filing state and federal tax lien, judgment lien and UCC lien searches against IPCO from the State of New York. 

  

	5.	Time stamped receipt copies of proper financing statements, duly filed under the UCC on or before the date of the initial Purchase (as defined in the Receivables Sale and
Contribution Agreement) in all jurisdictions as may be necessary or, in the opinion of Buyer (or its assigns), desirable, under the UCC of all appropriate jurisdictions or any comparable law in order to perfect the ownership interests contemplated
by the Receivables Sale and Contribution Agreement. 

  

	6.	Time stamped receipt copies of proper UCC termination statements, if any, necessary to release all security interests and other rights of any Person in the Receivables, Contracts or
Related Security previously granted by IPCO in favor of anyone other than the Administrative Agent (or the administrative agent under the Existing Agreement under and as defined in the Credit and Security Agreement). 

  

 41 

	7.	Executed [Amendments to/Amendments and Restatements of] Collection Account Agreements for each Lock Box and Collection Account. 

  

	8.	A favorable opinion of legal counsel for IPCO licensed to give opinions under New York law reasonably acceptable to Buyer (and the Administrative Agent, as Buyer’s assignee) as
to the following: 

 (a) IPCO is a corporation duly organized, validly existing, and in good standing under the laws of the
state of New York. 
 (b) IPCO has all requisite authority to conduct its business in each jurisdiction where failure to be so qualified
would have a material adverse effect on IPCO’s business. 
 (c) The execution and delivery by IPCO of the Receivables Contribution and
Sale Agreement and each other Transaction Document to which it is a party and its performance of its obligations thereunder have been duly authorized by all necessary organizational action and proceedings on the part of IPCO and will not:

 (i) require any action by or in respect of, or filing with, any governmental body, agency or official (other than the
filing of UCC financing statements); 
 (ii) contravene, or constitute a default under, any provision of applicable law or
regulation or of its articles or certificate of incorporation or bylaws or of any material agreement, judgment, injunction, order, decree or other instrument binding upon IPCO; or 
 (iii) result in the creation or imposition of any Adverse Claim on assets of IPCO or any of its Subsidiaries (except as contemplated by
the Receivables Sale and Contribution Agreement). 
 (d) The Receivables Sale and Contribution Agreement and each other Transaction Document
to which it is a party has been duly executed and delivered by IPCO and constitutes the legally valid, and binding obligation of IPCO enforceable in accordance with its terms, except to the extent the enforcement thereof may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and subject also to the availability of equitable remedies if equitable remedies are sought. 
 (e) In the event that the Receivables Sale and Contribution Agreement is held to create a transfer for security purposes rather than a true sale or other
outright assignment, the provisions of the Receivables Sale and Contribution Agreement are effective to create valid security interests in favor of Buyer in all of IPCO’s right, title and interest in and to the Receivables and Related Security
described therein which constitute “accounts,” “chattel paper” or “general intangibles” (each as defined in the UCC) (collectively, the “Opinion Collateral”), as security for the payment of a
loan deemed to have been made by Buyer to IPCO in an amount equal to the Purchase Price (as defined therein) of the Receivables (as defined therein), together with all other obligations of Buyer thereunder. 
  

 42 

 (f) Each of the UCC-1 Financing Statements naming IPCO as debtor, Buyer, as secured party, and
Administrative Agent, as assignee of secured party to be filed in the Secretary of State of the State of New York’s office, is in appropriate form for filing therein. Upon filing of such UCC-1 Financing Statements in such filing offices and
payment of the required filing fees, the security interest in favor of Buyer in the Opinion Collateral will be perfected and assigned of record to the Administrative Agent. 
 (g) Based solely on our review of the [describe UCC Search Reports], and assuming (i) the filing of the Financing Statements and payment of the
required filing fees in accordance with paragraph (f) and (ii) the absence of any intervening filings between the date and time of the Search Reports and the date and time of the filing of the Financing Statements, the security interest of
Buyer in the Opinion Collateral is prior to any security interest granted in the Opinion Collateral by IPCO, the priority of which is determined solely by the filing of a financing statement in the Secretary of State of the State of New York’s
office. 
 (h) To the best of the opinion giver’s knowledge, there is no action, suit or other proceeding against IPCO or any Affiliate
of IPCO, which would materially adversely affect the business or financial condition of IPCO and its Affiliates taken as a whole or which would materially adversely affect the ability of IPCO to perform its obligations under the Receivables Sale and
Contribution Agreement. 
 (i) IPCO is not an “investment company” as such term is defined in the Investment Company Act of 1940,
as amended. 
  

	9.	A “true sale” opinion and “substantive consolidation” opinion of counsel for IPCO with respect to the transactions contemplated by
the Receivables Contribution and Sale Agreement. 

  

	10.	A Certificate of IPCO’s financial officer certifying that, as of the closing date, no Termination Event or Unmatured Termination Event exists and is continuing.

  

	11.	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 the Receivables Sale and Contribution Agreement. 

  

	12.	Executed Subordinated Note by Buyer in favor of IPCO. 

  

	13.	If applicable, a direction letter executed by IPCO authorizing Buyer (and the Administrative Agent, as its assignee) and directing warehousemen to allow Buyer (and the
Administrative Agent, as its assignee) to inspect and make copies from IPCO’s books and records maintained at off-site data processing or storage facilities. 

  

 43 

 SCHEDULE B 
 Receivables created by domestic sales of the following businesses: 
  

	•	 	 U.S. Printing Papers 

  

	•	 	 Consumer Packaging 

  

	•	 	 Industrial Packaging 

  

	•	 	 xpedx – Excluding the following: 

  

	 	(i)	Stores Division; 

  

	 	(ii)	Cincinnati Reading Road Division, location #679; 

  

	 	(iii)	Saalfeld Re-Distribution Business, location #680; and 

  

	 	(iv)	Honeywell International, Inc. 

  

	•	 	 U.S. Pulp 

  

 442008 Management Incentive Plan

 Exhibit 10.6 
 INTERNATIONAL PAPER COMPANY 
 MANAGEMENT INCENTIVE PLAN (MIP) 
 Amended and Restated as of January 1, 2008 
  

	I.	Purposes of the Plan and Plan Description 

 The purposes of this Management Incentive Plan, amended and restated as of January 1, 2008 (the “Plan”) are to: (a) provide an incentive for Participants to exert their best efforts to improve the financial
performance of the Company; (b) attract and retain the best talent available; and (c) further align the interests of the Participants and International Paper’s shareowners. 
 The Plan is an annual cash incentive plan developed around the achievement of pre-established Performance Objectives and funded based on the
Company’s achievement level against those Performance Objectives. 
  

	II.	Definitions 

  

	 	•	 	 Award Scale 

 “Award Scale”
means the conversion of the Performance Objective Rating to a percent of Target Award earned. 
  

	 	•	 	 Business 

 “Business” means
a business segment that reports to a senior vice president of the Company. 
  

	 	•	 	 Cause 

 “Cause” includes
but is not limited to misconduct or other activity detrimental to the business interest or reputation of the Company or continued unsatisfactory job performance without making reasonable efforts to improve. Examples include insubordination,
protracted or repeated absence from work without permission, illegal activity, disorderly conduct, etc. 
  

	 	•	 	 Committee 

 “Committee”
means the Management Development and Compensation Committee of the Company’s Board of Directors. 
  

	 	•	 	 Company 

 “Company” means
International Paper Company, a New York corporation, together with its Subsidiaries. 
  

	 	•	 	 Cost of Capital 

 “Cost of
Capital” is the weighted average of the cost of equity and the cost of debt of the Company. 
  

	 	•	 	 Employee 

 “Employee” means
a regular, full-time employee of the Company. 
  

	 	•	 	 Free Cash Flow 

 “Free Cash
Flow” means cash flow from operations less (i) capital spending and (ii) cash dividends. 
  

 1 

	 	•	 	 Industry Peer Group 

 “Industry
Peer Group” means those companies in comparable industry or business segments, as determined from time to time by the Company and approved by the Committee. The Industry Peer Group will be recorded in Appendix A to the Plan, as amended
from time to time as appropriate. 
  

	 	•	 	 Participant 

 “Participant”
means a person who has been designated as a participant in the Plan, according to Section V. 
  

	 	•	 	 Performance Objective Rating 

 “Performance Objective Rating” means the percentage amount assigned to a Performance Objective for a level of achievement that translates to a percentage of the Target Award. 
  

	 	•	 	 Performance Objectives 

 “Performance Objectives” mean the measures identified by the Company and approved by the Committee identified in Section VI of this Plan. 
  

	 	•	 	 Plan or MIP 

 “Plan” or
“MIP” means this Management Incentive Plan, amended and restated as of January 1, 2008. 
  

	 	•	 	 Plan Year 

 “Plan Year”
means the twelve month period corresponding to the Company’s fiscal year (January 1 through December 31). 
  

	 	•	 	 Return on Investment or ROI 

 “Return on Investment” or “ROI” means after-tax operating earnings, including both earnings from continuing and discontinued operations (up through the date of sale), and before the impact of special items divided by
average capital employed. Capital employed is total assets, less short-term, non-interest-bearing liabilities. The Company’s ROI metric excludes the impact of special items, such as gains or losses associated with asset sales, restructuring
costs, changes in pension funding, and significant out-of-period or “one-off” items. 
  

	 	•	 	 Subsidiary 

 “Subsidiary”
means any company that is owned (50% or more) or controlled by the Company, directly or indirectly. 
  

	 	•	 	 Target Award 

 “Target
Award” means an amount equal to the percentage of salary range midpoint applicable to the actual position level of each Participant, shown in Appendix B. 
  

	III.	Chief Executive Officer Special Awards 

 The
Chief Executive Officer may designate a portion of the MIP award pool to fund special awards for extraordinary individual performance to award to Employees regardless of whether such Employees are otherwise eligible to participate in the Plan.

  

 2 

	IV.	Administration of the Plan 

 The Plan
operates at the discretion of the Committee. The Committee may exercise considerable discretion and judgment in interpreting the Plan, and adopting, from time to time, rules and regulations that govern the administration of the Plan. 
 The Committee has delegated authority to the Chairman and Chief Executive Officer or his designee for the day-to-day administration of the Plan, except
with respect to a Participant designated as senior vice president of the Company or higher. 
 Decisions of the Committee are final,
conclusive and binding on all parties, including the Company, its shareowners, and employees. 
  

	V.	Participation in the Plan 

 Participation in
the Plan is generally limited to Employees of the Company whose position level is 14 or higher. Except as set forth in Section VII(C), Participants must be actively employed on a full-time basis during the Plan Year and on the date of the award
payout in order to receive a payout. 
 Employees who are eligible for participation in any other short-term, cash-based incentive
compensation plan of the Company are not eligible for participation in this Plan. 
 An Employee who becomes eligible to participate in the
Plan during the Plan Year or who moves from one eligible position level to another will be eligible for a prorated award. 
 Participation in
this Plan, or receipt of an award under this Plan, does not give a Participant or Employee any right to a subsequent award, nor any right to continued employment by the Company for any period. 
  

	VI.	Award Pool and Award Scale  

 A.
Performance Objectives – Funding the MIP Award Pool 
 The Company must achieve at least a minimum level of performance in
order to fund the MIP award pool. 
 The total MIP award pool will be determined based on achievement of the following Performance Objectives
during the Plan Year. If the Company achieves its Cost of Capital goal during the Plan Year, an additional 30% will be added to the award as set forth below. 
  

	 	•	 	 40% Weight: Improvement of Return on Investment (ROI) against Plan 

  

			
	 Achievement of Objective
	  	 % of Target Award

	 111 to 160%
	  	1.67% award for every 1% performance above target (100%)
		
	 50 to 110%
	  	50 to 110%
		
	 Below 50%
	  	0%

  

 3 

	 	•	 	 60% Weight: Return on Investment as compared to Industry Peer Group 

  

			
	 Rank
	  	% of Target Award
	 1
	  	175%
	 2
	  	150%
	 3
	  	130%
	 4
	  	115%
	 5
	  	100%
	 6
	  	  50%
	 7 – 11
	  	    0%

  

	 	•	 	 Cost of Capital: An additional amount equal to 30% of the award pool is added to the MIP Award Pool if the Company’s cost of capital goal is achieved.

 B. Business Objectives 
 Business objectives should be in alignment with the financial and non-financial objectives of the Company. Business objectives are established by the Business unit and approved by the Chief Executive Officer, and are
weighted 50% for Business unit awards. 
 The Business performance achievement percentage may be modified by the Chief Executive Officer to
ensure that the overall MIP award pool is not exceeded. 
 C. Performance Objective Rating 
 Each Performance Objective will be evaluated at the end of the Plan Year to determine the level at which the Performance Objective was achieved. The
Company’s determination of performance achievement is presented to the Committee for its review and approval. 
 Business unit
performance achievement will be assigned by appropriate Business unit management for final review and approval by the Chief Executive Officer. 
 D. Approval by the Committee of the Total MIP Award Pool 
 The Committee approves the total MIP award pool based on
the Company’s performance achievement against the Performance Objectives unless the Committee determines in its sole discretion to reduce or eliminate the MIP award pool based upon any objective or subjective criteria it deems appropriate.

 The Committee may not increase the MIP award pool above the calculated amount. 
 The amount allocated for payment under the Plan and for special awards may not exceed the total approved MIP award pool. 
 In the discretion of the Committee, the MIP award pool may be reduced in the event the Company’s ROI is negative. 
 No MIP award pool will be funded in the event the Company’s Free Cash Flow for the Plan Year is negative. 
  

 4 

	VII.	Award Recommendations 

 A.
Recommendations 
 At the end of each Plan Year, the Chief Executive Officer will submit to the Committee the individual award
recommendations for Participants who are senior vice presidents of the Company and above, and an aggregate award amount for all other Participants. 
 The Committee will recommend to the independent members of the Board the amount of the award for the Chief Executive Officer and any other employee-director. 
 B. Payout of Awards 
 The Committee, in its sole discretion, may approve, revise or disapprove
any recommended award to a senior vice president of the Company or above. Any award to the Chief Executive Officer or any other employee-director will be subject to approval by the independent members of the Board of Directors of the Company.

 Participants each have an MIP target award expressed as a percentage of the midpoint of a defined salary range based on position level as
set forth on the attached Appendix B. Individual awards for all Participants except for (i) officers and (ii) certain members of a Senior Vice President’s lead team selected by the Senior Vice President (see below) are
based on Business and Company performance as well as individual performance. 
 Note: For officers of the Company (vice presidents and
above) and certain members of a Senior Vice President’s lead team selected by the Senior Vice President, the individual award is calculated as follows: 30% is based on individual performance, and 70% is based on Business or Company performance.

 C. Termination of Employment or Leave of Absence 
 A Participant whose employment terminates during a Plan Year because of death, disability, or retirement, or who has been granted an approved leave of
absence, will be eligible for a pro rata award based on the period of active employment with the Company during the Plan Year. 
 Senior Vice Presidents of the Company and above are required to provide notice to the Company of their retirement no less than one year in advance in order to receive an award upon retirement under this Plan. 
 The award, if any, of a Participant whose employment is terminated under a severance agreement will be determined under the applicable severance
documents. 
 If a Participant’s employment with the Company is terminated for any reason other than death, disability, retirement,
signed severance agreement, or the grant of a leave of absence, prior to actual payment of an award, such award will be canceled and the Participant will have no right under the Plan to receive payment. 
  

 5 

	VIII.	Allocation of MIP Award Pool Among Business Units and Corporate Staff Organizations 

 The MIP award pool is allocated by the Chief Executive Officer to Business Units and Corporate Staff Organizations based upon the following: 

A. Corporate Staff Organizations 
 Corporate staff organizations are allocated an MIP award pool equal to the performance percentage achieved by the Company as a whole. 
 B. Business Units 
 Business units are allocated an MIP award pool based 50% on Business performance and 50% on
Company performance. 
  

	IX.	Payment of Awards 

 A. Type of
Payment 
 MIP awards are paid in cash unless deferred by the Participant. 
 B. Time of Payment 
 Awards may be paid at such time(s) as determined by the Committee but in all events except as
provided in Section IX(D), below, will be paid no later than the later of: (i) March 15 following the end of the applicable Plan Year, or (ii) two and one-half (2 1/2) months after the expiration of the fiscal year in which the performance period with respect to which the awards are earned has ended. 
 C. Payment to Beneficiaries 
 If a Participant dies prior to receipt of an approved award under the Plan, the award will be paid in a lump sum to the Participant’s estate. 
 D. Deferral of Payment 
 Any Participant who has a position level of 18 or higher who has
elected to participate in the Company’s Deferred Compensation Savings Plan (“DCSP”) may elect to defer payment, not to exceed 85%, of any award under this Plan by filing an irrevocable Election to Defer Payment under the DCSP by the
last business day in December of the year prior to the year in which such award would be earned. Awards or portions elected to be deferred will be credited with investment earnings or losses in accordance with provisions of, and the
Participant’s elections under, the DCSP. MIP awards that are deferred will be paid in accordance with the payment terms of the DCSP. 
  

	X.	Recoupment or Forfeiture of Awards 

 If the
Company reasonably believes that a Participant has committed an act of misconduct as described in this Section X either during employment with the Company or after such employment terminates, the Company may terminate the Participant’s
participation in the Plan or seek recoupment of an award paid under this Plan. Recoupment may be effectuated by a notice of recapture (“Recapture Notice”) to such Participant in respect of any Award, including Awards previously paid to the
Participant. The Participant will be required to deliver to the Company an amount in cash equal to the gross cash payment or payments to which such Recapture Notice relates within ten days after receiving such Recapture Notice from the Company.

  

 6 

 For purposes of this Section X, “misconduct” includes but is not limited to, an act detrimental
to the business interest or reputation of the Company or continued unsatisfactory job performance without making reasonable efforts to improve as determined by the Senior Vice President, Human Resources. “Misconduct” shall also include for
purposes of this Section X, any act determined by the Senior Vice President, Human Resources, to be a deliberate disregard of the Company’s rules, an unauthorized disclosure of any Company trade secret or confidential information, any conduct
constituting unfair competition, inducing any customer to breach a contract with the Company, or violation of the Employee’s Non-Competition or Non-Solicitation Agreement. 
 The Company has sole and absolute discretion to take action or not to take action pursuant to this Section X upon discovery of misconduct, and its
determination not to take action in any particular instance does not in any way limit its authority to terminate the participation of a Participant in the Plan and/or send a Recapture Notice in any other instance. 
 If any provision of this Section X is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum
extent permitted by applicable law, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law. 
  

	XI.	Modification, Suspension or Termination of Plan 

 The Committee may at any time suspend, terminate, modify or amend any or all of the provisions of this Plan. 
  

	XII.	Governing Law 

 The Plan is governed by the
laws of the State of New York. 
  

	XIII.	Tax Withholding 

 The Company has the right
to make such provisions as it deems necessary or appropriate to satisfy any obligations it may have under law to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to the Plan. 
  

	XIV.	Section 409A 

 The Plan is intended to comply
with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and will be limited, construed and interpreted in accordance with such intent. 
  

	XV.	Non-Transferability of Award 

 No award under
this Plan, and no rights or interests therein, will be assignable or transferable by a Participant (or legal representative). 
  

	XVI.	Effective Date 

 This Plan is effective as of
January 1, 2008, and continues until terminated, suspended, modified, or amended by the Committee. 
  

 7 

 Appendix A 
 2008 Industry Peer Group 

	•	 	 Domtar 

  

	•	 	 MeadWestvaco 

  

	•	 	 M-Real 

  

	•	 	 Mondi 

  

	•	 	 Packaging Corporation of America 

  

	•	 	 Smurfit Kappa 

  

	•	 	 Smurfit Stone 

  

	•	 	 Stora Enso 

  

	•	 	 Temple-Inland 

  

	•	 	 UPM-Kymmene 

  

 8 

 Appendix B 
 Management Incentive Plan (MIP) 
 2008 Target Awards 
  

			
	 Position Level
	  	Target Award
(% of Midpoint)
	 43
	  	125%
	 42
	  	  90%
	 41
	  	  85%
	 40
	  	  85%
	 39
	  	  80%
	 38
	  	  80%
	 37
	  	  75%
	 36
	  	  75%
	 35
	  	  70%
	 34
	  	  70%
	 33
	  	  65%
	 32
	  	  65%
	 31
	  	  60%
	 30
	  	  55%
	 29
	  	  50%
	 28
	  	  50%
	 27
	  	  45%
	 26
	  	  45%
	 25
	  	  40%
	 24
	  	  40%
	 23
	  	  35%
	 22
	  	  30%
	 21
	  	  30%
	 20
	  	  25%
	 19
	  	  25%
	 18
	  	  20%
	 17
	  	  20%
	 16
	  	  20%
	 15
	  	  15%
	 14
	  	  15%

  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]