Document:

Exhibit

EXECUTION COPY

SECOND AMENDMENT TO
RECEIVABLES PURCHASE AGREEMENT
SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT, dated as of November 25, 2016 (this “Amendment”), among KELLOGG FUNDING COMPANY, LLC, a Delaware limited liability company (the “Seller”), KELLOGG BUSINESS SERVICES COMPANY, a Delaware corporation (the “Servicer”), COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Purchaser, each of the other PURCHASERS party hereto from time to time, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as administrative agent (the “Administrative Agent”) for each of the Purchasers.
RECITALS
WHEREAS, the parties refer to that certain Receivables Purchase Agreement dated as of July 13, 2016, as amended by First Amendment to Receivables Purchase Agreement dated as of September 29, 2016 (as so amended, the “Existing Receivables Purchase Agreement” and, as further amended, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”) among the parties to this Amendment.  Unless otherwise provided elsewhere herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Receivables Purchase Agreement, and, in addition, this Amendment is to be interpreted and construed in accordance with the provisions set forth in Section 1.02 of the Receivables Purchase Agreement; and
WHEREAS, the parties to this Amendment have agreed to amend the Existing Receivables Purchase Agreement on the terms and conditions set forth in this Amendment;
NOW, THEREFORE, the parties to this Amendment hereby agree as follows:
SECTION 1.Amendments to Existing Receivables Purchase Agreement.  Effective as of the Effective Date (as defined below), subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Existing Receivables Purchase Agreement is hereby amended as follows: 

(a)The first sentence of Section 2.02(b) of the Existing Receivables Purchase Agreement is hereby amended by deleting such sentence and substituting, in lieu thereof, the following:

A Cash Outlay Notice shall be delivered to the Administrative Agent not later than 11:00 a.m. (New York City time) on the second (2nd) Funding Notice Business Day prior to the Cash Outlay Date on which Cash Outlays are requested. 
(b)Annex I to the Existing Receivables Purchase Agreement is hereby amended by adding the following definition in the appropriate alphabetical order:

“Funding Notice Business Day” means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions located in New York, New York or Luxembourg, Luxembourg are permitted or required by applicable law or regulation to remain closed.
(c)Annex I to the Existing Receivables Purchase Agreement is hereby amended by deleting the definition of “Reporting Date” and substituting, in lieu thereof, the following:

“Reporting Date” means (a) before the Facility Termination Date, with respect to each Monthly Period, the second Funding Notice Business Day prior to the Settlement Date with respect to such Monthly Period and (b) from and after the Facility Termination Date, with respect to such periods (each not to be shorter than a week) as Administrative Agent, in its sole discretion, may select, the number of Business Day(s) after the last day of the applicable period as the Administrative Agent, in its sole discretion, may select, but in no event less than two Business Days.
SECTION 2.Conditions Precedent.  The amendments set forth in Section 1 above shall become effective as of the date (the “Effective Date”) upon which the following conditions precedent shall have been satisfied: 

(a)Amendment.  The Administrative Agent shall have received, on or before the date hereof, counterpart signature pages to this Amendment executed by each of the parties to this Agreement.

(b)Performance Undertaking. The Administrative Agent shall have received, on or before the date hereof, counterpart signature pages to the Reaffirmation of Performance Undertaking Agreement dated as of the date hereof made by the Parent in favor of the Administrative Agent.

SECTION 3.Representations and Warranties of the Borrower.  Each of the Seller and the Servicer hereby represents and warrants to each Purchaser and the Administrative Agent that, on and as of the date hereof: 

(a)this Amendment has been duly executed and delivered by it, and this Amendment and the Existing Receivables Purchase Agreement as amended hereby constitute, its legal, valid and binding obligations, enforceable in accordance with their respective terms subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law); and

(b)its representations and warranties contained in the Receivables Purchase Agreement or in the other Transaction Documents to which it is a party are true and correct in all material respects as of the date hereof, with the same effect as though made on such date (after giving effect to this Amendment), except to the extent such representation or warranty expressly relates only to a prior date. 

SECTION 4.Miscellaneous. 

(a)This Amendment may be amended, modified, terminated or waived only as provided in Section 10.06 of the Receivables Purchase Agreement.  

(b)Except as expressly modified as contemplated hereby, the Receivables Purchase Agreement is hereby confirmed to be in full force and effect in accordance with its terms and is hereby ratified and confirmed.  This Amendment is intended by the parties to constitute an amendment and modification to, and otherwise to constitute a continuation of, the Receivables Purchase Agreement, and is not intended by any party and shall not be construed to constitute a novation thereof or of any obligation of any party thereunder.  This Amendment shall constitute a Transaction Document. 

(c)This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns under the Receivables Purchase Agreement. 

(d)This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic image scan transmission shall be effective as delivery of a manually signed counterpart of this Amendment. 

(e)The provisions of this Amendment are intended to be severable.  If any provision of this Amendment shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without in any manner affecting the validity, legality or enforceability of such provision in any other jurisdiction or the remaining provisions hereof in any jurisdiction.  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

(f)THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to this Amendment, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(g)EACH OF THE SELLER, THE SERVICER, THE ADMINISTRATIVE AGENT AND EACH PURCHASER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER TRANSACTION DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4(g). 

(h)The parties to this Amendment agree that in connection with the next amendment, if any, to the Receivables Purchase Agreement, they will discuss potential changes to Section 2.12 of the Receivables Purchase Agreement and related provisions to provide for the ability of individual Purchasers to terminate their purchases thereunder (while other Purchasers continue to make purchases).

[Signature pages follow]
    

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

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

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

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
as a Purchaser

By:    _______    /s/Eric Williams        
Name: Eric Williams
Title: Managing Director

KELLOGG BUSINESS SERVICES COMPANY,
as Servicer

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

KELLOGG FUNDING COMPANY, LLC,
as Seller
		
	By:
	___/s/Joel Vanderkooi        

Name: Joel Vanderkooi
Title: TreasurerExhibit

[ING Luxembourg S.A.]                                   EXECUTION COPY

JOINDER AGREEMENT
JOINDER AGREEMENT (this “Joinder Agreement”), dated as of the date set forth in Item 1 of Schedule I hereto, among the Additional Purchaser set forth in Item 2 of Schedule I hereto (the “Additional Purchaser”), the Seller referred to below, the Servicer referred to below, the Purchasers currently party to the Agreement referred to below (the “Selling Purchasers”) and the Administrative Agent referred to below.
W I T N E S S E T H:
WHEREAS, this Joinder Agreement is being executed and delivered in accordance with Section 2.03(c) of the Receivables Purchase Agreement, dated as of July 13, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”; unless otherwise defined herein, terms defined in the Receivables Purchase Agreement are used herein as therein defined), among Kellogg Funding Company, LLC (the “Seller”), Kellogg Business Services Company, as Servicer (the “Servicer”), the Purchasers from time to time party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (the “Administrative Agent”);
WHEREAS, the Additional Purchaser wishes to become a Purchaser party to the Receivables Purchase Agreement; and
WHEREAS, the Additional Purchaser wishes to acquire from the Selling Purchasers certain of the outstanding Cash Outlays under the Receivables Purchase Agreement.
NOW, THEREFORE, the parties hereto hereby agree as follows:
(a)Upon receipt by the Administrative Agent of one or more counterparts of this Joinder Agreement, executed by each of the Existing Purchasers, the Seller, the Servicer and the Purchasing Purchaser and the Administrative Agent, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Additional Purchaser, the Administrative Agent will register the joinder effected hereby in the register described in Section 10.07(f) of the Receivables Purchase Agreement and transmit to the Servicer, the Seller, the Existing Purchasers and the Additional Purchaser a Joinder Effective Notice, substantially in the form of Schedule III to this Joinder Agreement (a “Joinder Effective Notice”).  Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, inter alia, the date on which the joinder effected hereby shall become effective (the “Joinder Effective Date”).  From and after the Joinder Effective Date the Additional Purchaser shall be a Purchaser party to the Receivables Purchase Agreement for all purposes thereof, as more particularly specified on Schedule II to this Joinder Agreement.

(b)Upon and after the Joinder Effective Date (until further modified in accordance with the Receivables Purchase Agreement), the Funding Percentage of the Additional Purchaser and the Purchaser Facility Amount of the Additional Purchaser shall be as set forth in Schedule II to this Joinder Agreement.

(c)At or before 12:00 Noon, New York time (or when otherwise agreed between an Existing Purchaser and the Additional Purchaser) on the Joinder Effective Date, the Additional Purchaser shall pay to each Existing Purchaser, in immediately available funds, an amount (the “Assigned Amount”) equal to portion of the Funded Purchase Price being purchased by the Additional Purchaser of such Existing Purchaser’s Funded Purchase Price (together with the accrued and unpaid Yield on the Assigned Amount) and, subject to the provisions of Section 2.04(c) of the Receivables Purchase Agreement, assume obligations 

for a portion of the Deferred Purchase Price so that, after giving effect to each such purchase and sale on the Joinder Effective Date, the Funded Purchase Price and Deferred Purchase Price obligation of each Purchaser shall be proportionate to the Purchaser Facility Amount of such Purchaser.

Effective upon receipt by an Existing Purchaser of the Assigned Amount from the Additional Purchaser, such Existing Purchaser hereby irrevocably sells, assigns and transfers to the Additional Purchaser, without recourse, representation or warranty, and the Additional Purchaser hereby irrevocably purchases, takes and assumes from the Existing Purchaser, (i) the Assigned Amount of the Existing Purchaser’s Funded Purchase Price and interest in the Receivables Assets, (ii) the accrued and unpaid Yield on the Assigned Amount of the Existing Purchaser’s Funded Purchase Price, and (iii) subject to the provisions of Section 2.04(c) of the Receivables Purchase Agreement, a portion of the Deferred Purchase Price so that, after giving effect to such assumption, the Deferred Purchase Price obligation of each Purchaser shall be proportionate to the Purchaser Facility Amount of such Purchaser, in each case together with all instruments, documents and collateral security pertaining thereto. Unless otherwise agreed between the Additional Purchaser and an Existing Purchaser, the Additional Purchaser is not hereby purchasing and shall not be entitled to receive any other amounts due and payable to such Existing Purchaser under or in respect of the Receivables Purchase Agreement, or the other Transaction Documents (including any amounts payable to an Existing Purchaser pursuant to Section 2.08, 2.09, 2.10, 10.01 or 10.02 of the Receivables Purchase Agreement or Section 7.02 of the Receivables Sale Agreement).
This Joinder Agreement is intended by the parties hereto to effect a purchase by the Additional Purchaser and sale by each Existing Purchaser of interests in the Receivables Assets and the Receivables Purchase Agreement and the other Transaction Documents and amounts payable thereunder, and it is not to be construed as a loan or a commitment to make a loan by the Additional Purchaser to any Existing Purchaser.
(d)(i) All reductions of the Aggregate Funded Purchase Price that would otherwise be payable from and after the Joinder Effective Date to or for the account of each Existing Purchaser in respect of such Existing Purchaser’s Funded Purchase Price shall, instead, be payable to or for the account of such Existing Purchaser and the Additional Purchaser, as the case may be, in accordance with their respective interests as reflected in this Joinder Agreement.

(ii) All Yield and other amounts that would otherwise accrue for the account of an Existing Purchaser from and after the Joinder Effective Date pursuant to the Receivables Purchase Agreement, or the other Transaction Documents shall, instead, accrue for the account of, and be payable to or for the account of, such Existing Purchaser and the Additional Purchaser, as the case may be, in accordance with their respective interests as reflected in this Joinder Agreement.  In the event that any amount of Yield or other amounts accruing before the Transfer Effective Date was included in the Assigned Amount paid by the Additional Purchaser, such Existing Purchaser and the Additional Purchaser will make appropriate arrangements for payment by the Existing Purchaser to the Additional Purchaser of such amount upon receipt thereof.
(e)Each of the parties to this Joinder Agreement agrees and acknowledges that (i) at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder Agreement, and (ii) the Administrative Agent shall apply each payment made to it under the Receivables Purchase Agreement in accordance with the provisions of the Receivables Purchase Agreement, as appropriate.

(f)By executing and delivering this Joinder Agreement, each Existing Purchaser and the Additional Purchaser confirm to and agree with each other and with the Administrative Agent as follows:  (i) other than the representation and warranty that such Existing Purchaser is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim, such Existing Purchaser makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Receivables Purchase Agreement or the other Transaction Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Receivables Purchase Agreement or any other instrument or document furnished pursuant thereto; (ii) such Existing Purchaser makes no representation or warranty and assumes no responsibility with respect to the business, operations, property, financial and other condition and creditworthiness of any Company Party (including with respect to the Receivables Assets) or with respect to the performance or observance by any Company Party of any of their respective obligations under the Receivables Purchase Agreement or any other Transaction Document or any other instrument or document furnished pursuant hereto; (iii) the Additional Purchaser confirms that it has received a copy of the Receivables Purchase Agreement, the other Transaction Documents and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (iv) the Additional Purchaser has, independently and without reliance upon any Existing Purchaser or the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Joinder Agreement; (v) the Additional Purchaser will, independently and without reliance upon any Existing Purchaser or the Administrative Agent, and based on such documents and information as it has deemed appropriate, continue to inform itself as to the business, operations, property, financial and other condition and creditworthiness of each Company Party and the Receivables and to make its own decisions in taking or not taking action under or based upon this Agreement or any other Transaction Document, any related agreement or any document furnished hereunder or thereunder; (vi) the Additional Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Receivables Purchase Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (vii) the Additional Purchaser agrees (for the benefit of each Existing Purchaser, the Administrative Agent and the Seller) that it will perform in accordance with their terms all of the obligations which by the terms of the Receivables Purchase Agreement are required to be performed by it as a Purchaser.

(g)Schedule II hereto sets forth administrative information with respect to the Additional Purchaser.

(h)THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto.

SCHEDULE I TO
JOINDER AGREEMENT
COMPLETION OF INFORMATION AND
SIGNATURES FOR JOINDER AGREEMENT
		
	Re:
	Receivables Purchase Agreement, dated as of July 13, 2016, among Kellogg Funding Company, LLC, as Seller, Kellogg Business Services Company, as Servicer, the Purchasers from time to time party thereto and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent

Item 1:    Date of Joinder Agreement:  November 25, 2016
		
	Item 2:
	Additional Purchaser: ING Luxembourg S.A.

Item 3:    Signatures of Parties to Joinder Agreement:
ING LUXEMBOURG S.A.,
as Additional Purchaser
By: _____ /s/Damien Degros ___________
Name:Damien Degros
Title: Head of Corporate and Institutional Banking

By: _____/s/ Stephane Renette ___________
Name: Stephane Renette
Title: Head of Transaction Services

CONSENTED TO AND ACCEPTED BY:
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,
as Administrative Agent
By: ______/s/Raymond Dizon___________
Name: Raymond Dizon
Title: Executive Director

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

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

SCHEDULE II TO
JOINDER AGREEMENT
LIST OF ADDRESSES FOR NOTICES,
PURCHASER FACILITY AMOUNTS AND FUNDING PERCENTAGES
ING LUXEMBOURG S.A.
A.    Funding Percentage                                          33-1/3%

B.    Purchaser Facility Amount                                $200,000,000

C.    Address for Notices:             ING Luxembourg S.A.
52, route d'Esch, 
L-2965 Luxembourg

 Front Office 
Attn: Julien Bouchat / Rob Stroomer / Matthieu Rivera 
Tel: +352.44.99.6948 / +352.44.99.6540 / +352.44.99.3762 
Email: julien.bouchat@ing.lu / rob.stroomer@ing.lu / general.lending@ing.lu 

Operational Matters 
Attn: Cédric Mine / Stéphanie Hultaj 
Tel: +352.44.99.4230 / +352.44.9.6810
Fax: +352.44.99.4970 
Email:cedric.mine@ing.lu / stephanie.hultaj@ing.lu / loan.admin@ing.lu

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

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Investment Banking Division for the Americas,
as Purchaser
1251 Avenue of the Americas
10th Floor
NY, NY 10020

ING Luxembourg S.A.,
as Purchaser
52, route d'Esch, 
L-2965 Luxembourg
	Coöperatieve Rabobank U.A., New York Branch,
as Purchaser 
245 Park Avenue, 37th floor
New York, New York 10167
Attention:  Transaction Management Team

     The undersigned, as Administrative Agent under the Receivables Purchase Agreement, dated as of July 13, 2016 among Kellogg Funding Company, LLC, as Seller, Kellogg Business Services Company, as Servicer, the Purchasers from time to time party thereto and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, and acknowledges receipt of executed counterparts of a completed Joinder Agreement.  [Note: attach copies of Schedules I and II from such Agreement.]  Terms defined in such Joinder Agreement are used herein as therein defined.

Pursuant to such Joinder Agreement, you are advised that the Joinder Effective Date will be November 25, 2016.
Very truly yours,
COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent
By: _____________________________
Name:
Title:

By: _____________________________
Name:
Title:

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