Document:

Exhibit 10.2

 

 

EXECUTION VERSION

AMENDMENT
NO. 4 TO NINTH AMENDED AND RESTATED 

RECEIVABLES PURCHASE
AGREEMENT

 

This Amendment No. 4
to Ninth Amended and Restated Receivables Purchase Agreement (this “Amendment”) is entered into as of May 1,
2020 among Dairy Group Receivables, L.P., a Delaware limited partnership (“Dairy Group”), Dairy Group Receivables
II, L.P., a Delaware limited partnership (“Dairy Group II” and, together with Dairy Group, the “Sellers”
and each a “Seller”), each of the parties listed on the signature pages hereof as a “Company” (the
“Companies” and each a “Company”), each of the parties listed on the signature pages hereof
as a “Financial Institution” (the “Financial Institutions” and each a “Financial Institution”)
and Coöperatieve Rabobank U.A., New York Branch, as agent for the Purchasers (the “Agent”). Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in, or by reference in, the Ninth Amended
and Restated Receivables Purchase Agreement, dated as of November 14, 2019, among the Seller Parties, Financial Institutions, Companies,
the Agent and the Co-Agent (as amended by the Amendment No. 1 to Ninth Amended and Restated Receivables Purchase Agreement, dated
as of December 16, 2019, the Amendment No. 2 to Ninth Amended and Restated Receivables Purchase Agreement, dated as of February
10, 2020, the Amendment No. 3 to Ninth Amended and Restated Receivables Purchase Agreement, dated as of March 27, 2020, the Final
Order (as defined in the Dean Credit Agreement), and the Amended Bid Procedures Order (as defined in the Dean Credit Agreement),
the “Existing Agreement,” and as amended by this Amendment and as further amended, restated, supplemented or
otherwise modified from time to time, the “Receivables Purchase Agreement”).

 

R E C I T A L S:

 

WHEREAS, the Provider
and certain Subsidiaries thereof have entered into an Asset Purchase Agreement, dated as of April 6, 2020, by and among the Provider,
as the seller, each of the subsidiaries of the Provider party thereto, and Dairy Farmers of America, Inc., as the buyer (the “DFA
Asset Purchase Agreement”) and certain other asset purchase agreements governing the Specified Asset Sales (together
with the DFA Asset Purchase Agreement, each a “Specified Asset Purchase Agreement”);

 

WHEREAS, one or more
Potential Amortization Events and/or Amortization Events and the Amortization Date will occur under the Receivables Purchase Agreement
as a result of the occurrence of the “Closing Date” under and as defined in any Specified Asset Purchase Agreement
and/or the performance by the Provider and/or any of its Subsidiaries or Affiliates of their respective obligations under any Specified
Asset Purchase Agreement (collectively, the “Specified Amortization Events”);

 

WHEREAS, the Purchasers
have agreed to enter into this Amendment to forbear

 

    1 

     

    

from
exercising certain rights and remedies arising under the Receivables Purchase Agreement as a result of one or more Specified Amortization
Events, subject to the terms set forth herein;

 

WHEREAS, in order to
facilitate the orderly wind down of the Existing Agreement following the Specified Asset Sales, the Sellers wish to amend the Existing
Agreement in certain respects, upon and subject to the terms and conditions set forth in this Amendment; and

 

WHEREAS, pursuant to
Section 14.1(b) of the Existing Agreement, each Company, each Seller and the Agent, at the direction of the Required Purchasers,
may amend the Existing Agreement upon and subject to the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration
of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

Section 1. Amendment
to Existing Agreement.

 

The Existing Agreement
is hereby amended in accordance with Exhibit A hereto by (i) deleting the text thereof which is lined out in Exhibit A hereto
(indicated textually in the same manner as the following example: stricken text)
and (ii) inserting the text therein which is double underlined (indicated textually in the same manner as the following example:
double underlined text), in each case, in the place where
such text appears in Exhibit A hereto. Notwithstanding anything to the contrary contained in any prior amendment or amendments
to the Existing Agreement, Exhibit A hereto reflects the current agreement of the parties hereto as to all of the terms and provisions
of the Receivables Purchase Agreement reflected in Exhibit A as of the date Amendment Effective Date.

 

Section 2. Forbearance.
(a) Subject to the terms of this Amendment, during the Forbearance Period the Purchasers, the LC Bank and each of the other Secured
Parties hereby agree to forbear, and direct the Agent to forbear, from exercising the following rights and remedies (whether individual,
collective or otherwise) under the Receivables Purchase Agreement, in each case with respect to the Specified Amortization Events:

 

		(i)	declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids outstanding
at such time; and

 

		(ii)	notify Provider of the Purchaser’s interest in the Demand Notes, make demand for any and
all payments due thereunder and direct that such payments be made directly to the Agent or its designee.

 

(b)       The
parties hereto hereby acknowledge and agree that none of the Agent, the LC Bank, the Purchasers or any Secured Party hereby forbears
with respect to any of their rights or remedies under the Receivables Purchase Agreement, at equity or at law, in connection with
breaches of representations, warranties or covenants that are, in any such case, not related to the Specified Amortization Events
or in connection with any Amortization Event (other than the Specified Amortization Events during the Forbearance Period as set
forth herein), and neither

 

    2 

     

    

this
Amendment nor any actions taken in accordance with this Amendment shall be construed as a waiver of or consent to the Specified
Amortization Events or any other existing or future Amortization Events under the Receivables Purchase Agreement.

 

As used in this Amendment,
the following terms shall have the following meanings:

 

“Forbearance
Period” means the period (a) from and including the occurrence of the first “Closing Date” under and as defined
in any Specified Asset Purchase Agreement until (b) the earlier of (i) any Amortization Event under the Receivables Purchase Agreement
(other than the Specified Amortization Events) and (ii) June 30, 2020.

 

“Specified
Asset Sales” means one or more sales or other dispositions of certain assets of the Provider and its subsidiaries (other
than the Sellers), which may constitute, individually or in the aggregate, a sale or other disposition of all or substantially
all of the assets of the Provider and its subsidiaries (other than the Sellers), pursuant to one or more of (a) the DFA Asset Purchase
Agreement, (b) that certain Asset Purchase Agreement, dated as of April 8, 2020, by and among Dean Foods Company (“DFC”),
Uncle Matt’s Organic, Inc., a Subsidiary of DFC, as the seller, and Harmoni Inc., as the buyer, (c) those two certain Asset
Purchase Agreements, each dated as of April 7, 2020, and each by and among DFC, as the seller, each of the Subsidiaries of DFC
listed on the signature pages thereto, as the other selling entities, and Producers Dairy Foods, Inc., as the buyer, (d) that certain
Asset Purchase Agreement, dated as of April 7, 2020, by and among DFC, as the seller, each of the Subsidiaries of DFC listed on
the signature pages thereto, as the other selling entities, and Mana Saves McArthur, LLC, as the buyer and (e) that certain Asset
Purchase Agreement, dated as of April 8, 2020, by and among DFC, as the seller, each of the Subsidiaries of DFC listed on the signature
pages thereto, as the other selling entities, and Prairie Farms Dairy, Inc., as the buyer.

 

Section 3. Covenants.
Each of the Servicers hereby agrees that from the first “Closing Date” under and as defined in any Specified Asset
Purchase Agreement until the Final Payout Date such Servicers shall:

 

		(a)	deliver an Interim Report to the Agent on each Business Day; and

 

		(b)	include in each Interim Report, with respect to all cash received into a Collection Account as
of the Business Day preceding the date of such Interim Report, an accounting of (i) all amounts constituting Collections and (ii)
any amounts not constituting Collections (whether such amounts were mistakenly received in to a Collection Account or otherwise).

 

Section 4. Conditions
to Effectiveness of Amendment. This Amendment shall become effective as of the first date (the “Amendment Effective
Date”) on which each of the following conditions precedent have been satisfied:

 

(a)       Amendment.
The Agent shall have received executed counterparts of this Amendment duly executed by each Company, each Financial Institution,
the LC Bank, each LC

 

    3 

     

    

Participant,
the Agent, the Provider, each Servicer and each Seller.

 

(b)       Representations
and Warranties. Other than as a result of the occurrence of the “Closing Date” under and as defined in any Specified
Asset Purchase Agreement and/or the performance by the Provider and/or any of its Subsidiaries or Affiliates of their respective
obligations under any Specified Asset Sale Agreement, as of the Amendment Effective Date, both before and after giving effect to
this Amendment, all of the representations and warranties contained in the Receivables Purchase Agreement and in each other Transaction
Document shall be true and correct as though made on and as of the Amendment Effective Date (except any representations and warranties
which relate to a specific earlier date, which representations and warranties shall be true and correct as of such earlier date)
(and by its execution hereof, each Seller shall be deemed to have represented and warranted such).

 

(c)       No
Amortization Event or Potential Amortization Event. Other than as a result of the occurrence of the “Closing Date”
under and as defined in any Specified Asset Purchase Agreement and/or the performance by the Provider and/or any of its Subsidiaries
or Affiliates of their respective obligations under any Specified Asset Sale Agreement, as of the Amendment Effective Date, both
before and after giving effect to this Amendment, no Amortization Event or Potential Amortization Event shall have occurred and
be continuing (and by its execution hereof, each Seller shall be deemed to have represented and warranted as such).

 

(d)       Officer’s
Certificate. The Agent shall have received a certificate signed by a Responsible Officer of each Seller, dated the Amendment Effective
Date, certifying compliance with the conditions set forth in clauses (b) and (c) of this Section 4.

 

The
Agent shall notify the Sellers, the Servicers, the Provider, each Company, each Financial Institution, the LC Bank and each LC
Participant of the Amendment Effective Date upon the occurrence thereof, and such notice and the effectiveness of this Amendment,
the consents provided herein and the Receivables Purchase Agreement shall be conclusive and binding upon all parties to the Receivables
Purchase Agreement and the other Transaction Documents and each of their successors and assigns; provided that, failure to give
any such notice shall not affect the effectiveness, validity or enforceability of this Amendment, such consents and the Receivables
Purchase Agreement.

 

Section
5.Declaration of Amortization Date. Subject to Section 2 hereof, each of the undersigned Purchasers hereby directs
the Agent to declare, and the Agent hereby declares, the Amortization Date to have occurred effective as of the Amendment Effective
Date. Each Seller and each Servicer hereby acknowledges that, upon the occurrence of the Amendment Effective Date, the Amortization
Date will occur.

 

Section
6.Release; Covenant not to Sue.

 

(a)       In
consideration of this Amendment and the agreements and waivers of the Secured Parties set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Seller Party, the Provider and each of
their respective successors and assigns (collectively, as the “Releasing Parties” and each, individually, as a “Releasing
Party”), hereby absolutely, unconditionally and irrevocably

 

    4 

     

    

releases,
remises and forever discharges each Secured Party and their respective successors and assigns, and their respective present and
former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and
other representatives (the Secured Parties and all such other Persons being hereinafter referred to collectively as the “Releasees”
and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set off, demands and liabilities whatsoever of every name and nature now known or unknown, suspected or unsuspected,
both at law and in equity, which any Releasing Party may hold, have or claim to have against the Releasees or any of them for,
upon, or by reason of any circumstance, action, cause or thing whatsoever, for or on account of, or in relation to, or in any
way in connection with this Amendment or the transactions hereunder, in each case which has arisen at any time on or prior to
the Amendment Effective Date; provided that for the avoidance of doubt, nothing in this Section 6 shall affect the continuing
obligations of the Releasees under this Amendment, the Existing Agreement, the Receivables Purchase Agreement and the other Transaction
Documents until the Final Payout Date has occurred, the LC Participation Amount has been reduced to zero ($0) and no Letters of
Credit issued hereunder remain outstanding and undrawn, it being agreed that the Releasees shall have no obligations thereunder
after the Final Payout Date has occurred, the LC Participation Amount has been reduced to zero ($0) and no Letters of Credit issued
hereunder remain outstanding and undrawn.

 

(b)       Each
Seller Party and the Provider confirms, on behalf of itself and each other Releasing Party, that it and they (i) understand, acknowledge
and agree that the releases set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction
against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such
release and (ii) agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter
be discovered will affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

(c)       Each
Seller Party and the Provider, on behalf of itself and each other Releasing Party, hereby absolutely, unconditionally and irrevocably
covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or
otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Releasing Party pursuant to this Section
6.

 

Section
7.Miscellaneous.

 

(a)       Effect;
Ratification. Except as set forth in Section 2 hereof, the amendments set forth herein are effective solely for the purposes set
forth herein and shall be limited precisely as written, and shall not be deemed to (i) be a consent to any amendment, waiver or
modification of any other term or condition of the Existing Agreement or of any other instrument or agreement referred to therein;
or (ii) prejudice any right or remedy which any Purchaser, the LC Bank or the Agent may now have or may have in the future under
or in connection with the Existing Agreement or any other instrument or agreement referred to therein. From and after the Amendment
Effective Date, each reference in the Existing

 

    5 

     

    

Agreement
to “this Agreement,” “herein,” “hereof” and words of like import and each reference in the
other Transaction Documents to the “Receivables Purchase Agreement” shall mean the Existing Agreement, as amended
hereby. This Amendment shall be construed in connection with and as part of the Receivables Purchase Agreement and all terms,
conditions, representations, warranties, covenants and agreements set forth in the Existing Agreement and each other instrument
or agreement referred to therein, except as herein amended, are hereby ratified and confirmed and shall remain in full force and
effect.

 

(b)       Transaction
Documents. This Amendment is a Transaction Document executed pursuant to the Existing Agreement and shall be construed, administered
and applied in accordance with the terms and provisions thereof.

 

(c)       Counterparts.
This Amendment may be executed in any number of counterparts, each such counterpart constituting an original and all of which when
taken together shall constitute one and the same instrument.

 

(d)       Severability.
Any provision contained in this Amendment which is held to be inoperative, unenforceable or invalid in any jurisdiction shall,
as to that jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment
in that jurisdiction or the operation, enforceability or validity of such provision in any other jurisdiction.

 

(e)       GOVERNING
LAW. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON,
ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.

 

(f)       Direction
of Required Purchasers. By its execution of a signature page hereto, each Company and each Financial Institution represents to
the Agent that, together with the other Companies and Financial Institutions executing a signature page hereto, all such Companies
and Financial Institutions comprise the “Required Purchasers” and hereby directs the Agent to execute this Amendment.

 

(g)       Consent
to Amendment of the Receivables Sale Agreements. By its execution of a signature page hetero, the Agent and the Required Purchasers
hereby consent to (i) an amendment dated as of the date hereof to (x) the Suiza Receivables Sale Agreement, pursuant to Section
7.1(b) of that agreement and (y) the Dean Receivables Sale Agreement, pursuant to Section 7.1(b) of that agreement and (ii) each
Seller amending the Receivables Sale Agreement to which it is a party, pursuant to Section 7.1(i)(N) of the Existing Agreement.

 

(Signature Pages Follow)

 

    6 

     

    

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

 

	 	DAIRY GROUP RECEIVABLES, L.P., as a Seller	 
	 	 	 
	 	By: Dairy Group Receivables GP, LLC	 
	 	 	 
	 	Its: General Partner	 
	 	 	 	 	 
	 	By:	/s/ Kristy N. Waterman	 
	 	 	Name:  	Kristy N. Waterman	 
	 	 	Title:  	Senior Vice President, General Counsel and Corporate Secretary	 
	 	 	 	 	 
	 	 	 	 	 
	 	DAIRY GROUP RECEIVABLES II, L.P., as a Seller	 
	 	 	 
	 	By: Dairy Group Receivables GP II, LLC	 
	 	 	 
	 	Its: General Partner	 
	 	 	 	 	 
	 	By:	/s/ Kristy N. Waterman	 
	 	 	Name:  	Kristy N. Waterman	 
	 	 	Title:  	Senior
Vice President, General Counsel and Corporate Secretary 
	 

                                                               

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

 

	 	ALTA-DENA CERTIFIED DAIRY, LLC, as a Servicer	 
	 	BERKELEY FARMS, LLC, as a Servicer	 
	 	COUNTRY FRESH, LLC, as a Servicer	 
	 	DEAN DAIRY HOLDINGS, LLC, as a Servicer	 
	 	DEAN EAST, LLC as a Servicer	 
	 	DEAN EAST II, LLC as a Servicer	 
	 	DEAN FOODS NORTH CENTRAL, LLC, as a Servicer	 
	 	DEAN FOODS OF WISCONSIN, LLC, as a Servicer	 
	 	DEAN WEST, LLC, as a Servicer	 
	 	DEAN WEST II, LLC, as a Servicer	 
	 	FRIENDLY’S ICE CREAM HOLDINGS CORP., as a Servicer	 
	 	FRIENDLY’S MANUFACTURING AND RETAIL, LLC, as
    a Servicer	 
	 	GARELICK FARMS, LLC, as a Servicer	 
	 	MAYFIELD DAIRY FARMS, LLC, as a Servicer	 
	 	MIDWEST ICE CREAM COMPANY, LLC, as a Servicer	 
	 	MODEL DAIRY, LLC, as a Servicer	 
	 	REITER DAIRY, LLC, as a Servicer	 
	 	SHENANDOAH’S PRIDE, LLC, as a Servicer	 
	 	SOUTHERN FOODS GROUP, LLC, as a Servicer	 
	 	SUIZA DAIRY GROUP, LLC, as a Servicer	 
	 	TUSCAN/LEHIGH DAIRIES, INC., as a Servicer VERIFINE
    DAIRY PRODUCTS OF SHEBOYGAN, LLC, as a Servicer	 
	 	 	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Kristy
    N. Waterman	 
	 	 	Name: 	 Kristy N. Waterman	 
	 	 	Title:  	Senior Vice President,
    General Counsel and Corporate Secretary	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	DEAN FOODS COMPANY, 	 
	 	as a Provider	 
	 	 	 
	 	By:	/s/ Kristy N. Waterman	 
	 	 	Name:  	Kristy N. Waterman	 
	 	 	Title:  	Senior Vice President, 	 
	 	 	 	General Counsel and Corporate Secretary	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Agent	 
	 	 	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Jinyang Wang	 
	 	Name:  	Jinyang Wang	 
	 	Title:  	Vice President	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Christopher Lew	 
	 	Name:  	Christopher Lew	 
	 	Title:  	Managing Director	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	COÖPERATIEVE RABOBANK U.A., as a Financial Institution	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jinyang Wang	 
	 	Name:  	Jinyang Wang	 
	 	Title:  	Attorney-in-Fact	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Christopher Lew	 
	 	Name:  	Christopher Lew	 
	 	Title:  	Attorney-in-Fact	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	NIEUW AMERSTERDAM RECEIVABLES CORPORATION B.V., as a Company 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ M.W. Knol	 
	 	Name:  	M.W. Knol	 
	 	Title:  	Proxyholder	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ P.C. van der Linden	 
	 	Name: 	 P.C. van der Linden	 
	 	Title:  	Proxyholder	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	ACF FINCO I LP, as a Company, a Financial Institution and LC Participant	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Oleh Szczupak	 
	 	 	Name:  	Oleh Szczupak	 
	 	 	Title:  	Authorized Signor	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    

	 	CAPITAL ONE, NATIONAL ASSOCIATION, as a Company, a Financial Institution and LC Participant	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Julianne Low	 
	 	 	Name:  	Julianne Low	 
	 	 	Title:  	Senior Director	 

 

    
Signature Page to Amendment No 4 to Ninth Amended and Restated Receivables Purchase Agreement
 

     

    
 

EXHIBIT
A TO THE FOURTH AMENDMENT TO THE NINTH AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

 

NINTH AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

 

dated as of November 14, 2019

 

Among

 

DAIRY GROUP RECEIVABLES, L.P.,

as a Seller,

 

DAIRY GROUP RECEIVABLES II, L.P.,

as a Seller,

 

THE SERVICERS,

 

each as a debtor and debtor-in-possession
under Chapter 11 of the Bankruptcy Code,

 

THE COMPANIES,

 

THE FINANCIAL INSTITUTIONS,

 

and

 

COÖPERATIEVE RABOBANK U.A., NEW YORK
BRANCH,

as Agent

 

 

 

     

     

    
 

Table
of Contents

 

Page

 

	ARTICLE I PURCHASE ARRANGEMENTS	2
	 	 
	Section 1.1	Purchase Facility	2
	Section 1.2	Increases	3
	Section 1.3	Decreases	4
	Section 1.4	Payment Requirements	4
	Section 1.5	Obligations Several	4
	Section 1.6	Letters of Credit	5
	Section 1.7	Issuance of Letters
    of Credit; Participations	5
	Section 1.8	Requirements for
    Issuance of Letters of Credit	7
	Section 1.9	Disbursements, Reimbursement	7
	Section 1.10	LC Collateral Account	8
	Section 1.11	Repayment of Participation
    Advances	8
	Section 1.12	Documentation	8
	Section 1.13	Determination to
    Honor Drawing Request	9
	Section 1.14	Nature of Participation
    and Reimbursement Obligations	9
	Section 1.15	Indemnity	10
	Section 1.16	Liability for Acts
    and Omissions	10
	Section 1.17	Intended Tax Treatment	11
	 	 	 
	ARTICLE II PAYMENTS AND COLLECTIONS	12
	 	 
	Section 2.1	Payments	12
	Section 2.2	Collections Prior
    to Amortization	12
	Section 2.3	Collections Following
    Amortization	13
	Section 2.4	Application of Collections	14
	Section 2.5	Payment Rescission	14
	Section 2.6	Maximum Purchaser
    Interests	14
	Section 2.7	Clean Up Call	15
	 	 	 
	ARTICLE III COMPANY FUNDING	15
	 	 
	Section 3.1	CP Costs	15
	Section 3.2	CP Costs Payments	15
	Section 3.3	Calculation of Pool
    Company Costs	15
	Section 3.4	Selection and Calculation
    of CP (Tranche) Accrual Periods	15
	 	 	 
	ARTICLE IV FINANCIAL INSTITUTION FUNDING	16
	 	 
	Section 4.1	Financial Institution
    Funding	16
	Section 4.2	Yield Payments	16
	Section 4.3	Selection and Continuation
    of Tranche Periods	16
	Section 4.4	Financial Institution
    Discount Rates	17
	Section 4.5	Suspension of the
    LIBO Rate; LIBO Successor Rate	17
	Section 4.6	Term-out Period
    Accounts	18
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	20
	 	 
	Section 5.1	Representations
    and Warranties of the Seller Parties	20
	Section 5.2	Representations
    and Warranties of the Financial Institutions	25
	Section 5.3	Reaffirmation of
    Representations and Warranties	26
	 	 	 
	ARTICLE VI CONDITIONS OF PURCHASES	26
	 	 
	Section 6.1	Conditions Precedent
    to Effectiveness	26

 

    (i)

     

    

 

	Section 6.2	Conditions Precedent
    to All Purchases, Issuances of Letters of Credit and Reinvestments	27
	 	 	 
	ARTICLE VII COVENANTS	28
	 	 
	Section 7.1	Affirmative Covenants
    of the Seller Parties	28
	Section 7.2	Negative Covenants
    of the Seller Parties	34
	 	 	 
	ARTICLE VIII ADMINISTRATION AND COLLECTION	36
	 	 
	Section 8.1	Designation of Servicers	36
	Section 8.2	Duties of Servicer	36
	Section 8.3	Collection Notices	38
	Section 8.4	Account Dominion
    and Control	38
	Section 8.5	Reports	39
	Section 8.6	Servicing Fees	40
	Section 8.7	Responsibilities
    of the Sellers	40
	 	 	 
	ARTICLE IX AMORTIZATION EVENTS	40
	 	 
	Section 9.1	Amortization Events	40
	Section 9.2	Remedies	44
	 	 	 
	ARTICLE X INDEMNIFICATION	45
	 	 
	Section 10.1	Indemnities by the
    Seller Parties	45
	Section 10.2	Increased Cost and
    Reduced Return	47
	Section 10.3	Other Costs and
    Expenses	48
	Section 10.4	Allocations	49
	Section 10.5	Accounting Based
    Consolidation Event	49
	Section 10.6	Required Ratings	49
	Section 10.7	Taxes	50
	 	 	 
	ARTICLE XI THE AGENT	53
	 	 
	Section 11.1	Authorization and
    Action	53
	Section 11.2	Delegation of Duties	54
	Section 11.3	Exculpatory Provisions	54
	Section 11.4	Reliance by Agent	54
	Section 11.5	Non-Reliance on
    Agent and Other Purchasers	55
	Section 11.6	Reimbursement and
    Indemnification	55
	Section 11.7	Agent in Its Individual
    Capacity	55
	Section 11.8	Successor Agent	55
	Section 11.9	No Other Duties,
    etc	56
	 	 	 
	ARTICLE XII ASSIGNMENTS; PARTICIPATIONS	56
	 	 
	Section 12.1	Assignments	56
	Section 12.2	Participations	57
	Section 12.3	Federal Reserve	57
	Section 12.4	Replacement of Purchaser
    Groups	57
	 	 	 
	ARTICLE XIII INTENTIONALLY OMITTED	58
	 	 
	ARTICLE XIV MISCELLANEOUS	58

 

    (ii)

     

    

 

	Section 14.1	Waivers and Amendments	58
	Section 14.2	Notices	59
	Section 14.3	Ratable Payments	59
	Section 14.4	Protection of Ownership
    Interests of the Purchasers	59
	Section 14.5	Confidentiality	60
	Section 14.6	Bankruptcy Petition	61
	Section 14.7	Limitation of Liability	61
	Section 14.8	CHOICE OF LAW	61
	Section 14.9	CONSENT TO JURISDICTION	61
	Section 14.10	WAIVER OF JURY TRIAL	62
	Section 14.11	Integration; Binding
    Effect; Survival of Terms	62
	Section 14.12	Counterparts; Severability;
    Section References; Mutual Negotiations	62
	Section 14.13	Rabobank Roles	62
	Section 14.14	Characterization	63
	Section 14.15	USA PATRIOT Act	63
	Section 14.16	[Intentionally Omitted]	64
	Section 14.17	Confirmation and
    Ratification of Terms	64
	Section 14.18	Excess Funds	64
	Section 14.19	Administrative Seller	64
	Section 14.20	Joint and Several	65
	Section 14.21	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	66
	Section 14.22	Orders	67

 

 

    (iii)

     

    

 

Exhibits
and Schedules

 

	Exhibit I	Definitions
	Exhibit II	Form of Purchase Notice
	Exhibit III	Places of Business of the Seller Parties; Locations of Records;
    Federal Employer Identification Number(s)
	Exhibit IV	Names of Collection Banks; Collection Accounts
	Exhibit V	Form of Compliance Certificate
	Exhibit VI	Form of Collection Account Agreement
	Exhibit VII	Form of Assignment Agreement
	Exhibit VIII	Credit and Collection Policies
	Exhibit IX	Form of Letter of Credit Application
	Exhibit
X
	Form
of Monthly Report

	Exhibit
        X-A	Form
        of Interim Report
	Exhibit XI	Form of Performance Undertaking
	Exhibit XII	Forms of U.S. Tax Compliance Certificates
	Exhibit
XIII

        

    	Interim
Order

	Schedule
        A	Commitments
	Schedule B	Closing Documents
	Schedule C	Servicers
	Schedule D	Originators
	Schedule E	Notice Addresses
	Schedule
F
	Top
Twenty-Five Obligors

	Schedule
        G	Existing
        Letters of Credit

 

     

     

    

 

NINTH AMENDED
AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

 

This
Ninth Amended and Restated Receivables Purchase Agreement, dated as of November 14, 2019, is among Dairy Group Receivables, L.P.,
a Delaware limited partnership (“Dairy Group”), Dairy Group Receivables II, L.P., a Delaware limited partnership
(“Dairy Group II” and, together with Dairy Group, the “Sellers” and each a “Seller”),
each of the parties listed on the signature pages hereof as a Servicer and each a debtor and debtor-in-possession under Chapter
11 of the Bankruptcy Code (the Servicers, together with the Sellers, the “Seller Parties,” and each a “Seller
Party”), the entities listed on Schedule A to this Agreement under the heading “Financial Institution”
(together with any of their respective successors and assigns hereunder, the “Financial Institutions” including
any such Financial Institution that is designated by the Agent as a co-agent with the prior agreement of the Sellers, in such
capacity, the “Co-Agent”)), the entities listed on Schedule A to this Agreement under the heading “Company”
(together with any of their respective successors and assigns hereunder, the “Companies”), and Coöperatieve
Rabobank U.A., New York Branch, as issuer of Letters of Credit (together with its successors and assigns hereunder, the “LC
Bank”) and as agent for the Purchasers hereunder or any successor agent hereunder (together with its successors and
assigns hereunder, the “Agent”). Unless defined elsewhere herein, capitalized terms used in this Agreement
shall have the meanings assigned to such terms in Exhibit I.

 

PRELIMINARY
STATEMENTS

 

WHEREAS,
the Seller Parties, Financial Institutions, PNC, Companies and Agent are parties to that certain Eighth Amended and Restated Receivables
Purchase Agreement, dated as of February 22, 2019, as amended (such agreement, as so amended, the “Existing Agreement”).

 

WHEREAS,
Dairy Group and Dairy Group II desire to continue to transfer and assign Purchaser Interests to the Purchasers from time to time.

 

WHEREAS,
each Company may, in its absolute and sole discretion, purchase the Purchaser Interests from the Sellers from time to time.

 

WHEREAS,
in the event that any Company declines to make any Purchase, such Company’s Related Financial Institutions shall, at the
request of the Administrative Seller, purchase Purchaser Interests that such Company declined to purchase from time to time.

 

WHEREAS,
on November 14, 2019, Provider, the Originators and the Servicers and certain of their affiliates (the “Filing Debtors”)
each commenced cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of
Texas, Houston Division.

 

WHEREAS,
PNC wishes to cease to be a party to the Existing Agreement upon and subject to the terms and conditions thereof.

 

WHEREAS,
Coöperatieve Rabobank U.A., New York Branch has been requested and is willing to continue to act as Agent on behalf of the
Companies and the Financial Institutions in accordance with the terms hereof.

 

WHEREAS,
the parties hereto now desire to amend and restate the Existing Agreement in its entirety to read as set forth herein.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree that, subject to

 

     

     

    

satisfaction
of the conditions precedent set forth in Section 6.1 hereof, the Existing Agreement is hereby amended and restated in its
entirety to read as follows:

 

Article
I

PURCHASE ARRANGEMENTS

 

Section
1.1  
Purchase Facility.

 

(a)  
Upon the terms and subject to the conditions hereof, each Seller may, at its option, sell and assign Purchaser Interests
to the Agent for the benefit of one or more of the Purchasers. In accordance with the terms and conditions set forth herein, each
Company may, at its option, instruct the Agent to purchase on behalf of such Company, or if any Company shall decline to purchase,
the Agent shall purchase (together with each Company purchase, each a “Purchase”), on behalf of such declining
Company’s Related Financial Institutions, Purchaser Interests from time to time in an amount not to exceed in the aggregate
for all Sellers at such time (i) in the case of each Company and its Related Financial Institutions, the Company’s Company
Purchase Limit and (ii) in the aggregate, the lesser of (A) the Purchase Limit and (B) the aggregate amount of the Commitments
during the period from the date hereof to but not including the Facility Termination Date.

 

(b)  
Upon the terms and subject to the conditions hereof, each Seller may, at its option, request that the LC Bank issue or
cause the issuance of Letters of Credit, in each case subject to the terms hereof. In accordance with the terms and conditions
set forth herein, the LC Bank hereby agrees to issue Letters of Credit in return for (and each LC Participant hereby severally
agrees to make Participation Advances in connection with any draws under such Letters of Credit equal to such LC Participant’s
LC Share of such draws), undivided percentage ownership interests with regard to the Purchaser Interests from the Sellers from
time to time from the date hereof to but not including the Facility Termination Date.

 

(c)  
Notwithstanding anything set forth in this Agreement to the contrary, under no circumstances shall any Purchaser be obligated
to make any Purchase or Reinvestment (including, without limitation, any Purchases deemed to have been requested by the Sellers
pursuant to Section 1.1(d)) or issue any Letters of Credit hereunder, as applicable, if after giving effect to such Purchase:

 

(i)  
Any event has occurred and is continuing, or would result from such Purchase, issuance or Reinvestment, that constitutes
an Amortization Event or a Potential Amortization Event;

 

(ii)  
The Group Capital of such Purchaser’s Purchaser Group would exceed such Purchaser Group’s Group Capital Limit;

 

(iii)  
The Aggregate Capital plus the LC Participation Amount would exceed the Purchase Limit;

 

(iv)  
The LC Participation Amount would exceed the lesser of (A) the aggregate of the Maximum Available LC Commitments of the
LC Participants and (B) the Maximum LC Amount; or

 

(v)  
The Purchaser Interests would exceed the Maximum Purchaser Interest Percentage.

 

The
Sellers may, subject to this Section 1.1(c) and the other requirements and conditions herein, use the proceeds of any Purchase
by the Purchasers hereunder to satisfy its Reimbursement Obligation to the LC Bank and the LC Participants (ratably, based on
the outstanding amounts funded by the LC Bank and each such LC Participant) pursuant to Section 1.9 below.

 

    2 

     

    

(d)  
In the event any Seller fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit on
the applicable Drawing Date (out of its own funds available therefor) pursuant to Section 1.9, then such Seller shall,
automatically (and without the requirement of any further action on the part of any Person hereunder), be deemed to have requested
an Incremental Purchase from the Purchasers, on the terms and subject to the conditions hereof, in an amount equal to the amount
of such Reimbursement Obligation at such time. Subject to the limitations on funding set forth in Section 1.1(c) above
and the other requirements and conditions herein, the Companies may, or if any Company shall decline to purchase, its Related
Financial Institutions shall, fund such deemed purchase request and deliver the proceeds thereof directly to the Agent to be immediately
distributed (ratably) to the LC Bank and the applicable LC Participants in satisfaction of such Seller’s Reimbursement Obligation
pursuant to Section 1.9 and Section 1.11 below, to the extent of amounts permitted to be funded by such Companies
or Related Financial Institutions, as applicable, at such time, hereunder.

 

(e)  
The Administrative Seller may, upon at least 10 Business Days’ notice to the Agent, each Company and each Financial
Institution, terminate in whole or reduce in part, ratably among the Financial Institutions, the unused portion of the Purchase
Limit (but not below the amount that would cause the Aggregate Capital plus the LC Participation Amount to exceed the Purchase
Limit or would cause the Group Capital of any Purchaser Group to exceed its Group Capital Limit, in each case after giving effect
to such reduction); provided that (i) any such notice shall be irrevocable, (ii) each partial reduction of the Purchase
Limit shall be in an amount equal to $5,000,000 or an integral multiple thereof and (iii) the aggregate of the Company Purchase
Limits for all of the Companies shall also be terminated in whole or reduced in part, ratably among the Companies, by an amount
equal to such termination or reduction in the Purchase Limit. In addition to and without limiting any other requirements for termination,
prepayment and/or the funding of the LC Collateral Account hereunder, in the case of a termination of this Agreement or the Purchase
Limit in whole, no such termination or reduction shall be effective unless and until the amount on deposit in the LC Collateral
Account is at least equal to the then outstanding LC Participation Amount.

 

Section
1.2  
Increases. The Administrative Seller shall provide the Agent with at least two Business Days’ prior notice
in a form set forth as Exhibit II hereto of each Incremental Purchase (a “Purchase Notice”) to be made
by a Seller. Each Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth below, (i) shall be irrevocable
and shall specify the requested Purchase Price (which, in the case of the initial Incremental Purchase
hereunder shall not be less than $10,000,000 and in the case of subsequent Incremental Purchases shall not be less than $1,000,000),
(ii) the date of purchase (which, in the case of Incremental Purchases after the initial Incremental Purchase hereunder, shall
not exceed four per calendar month), (iii) in the case of an Incremental Purchase to be funded by any of the Financial Institutions,
the requested Discount Rate and Tranche Period and (iv) in the case of an Incremental Purchase to be funded by any Pool Company
(other than an Incremental Purchase funded by such Pool Company substantially with Pooled Commercial Paper), the requested CP
(Tranche) Accrual Period. Following receipt of a Purchase Notice, the Agent will promptly notify each Company of such Purchase
Notice and the Agent will identify the Companies that agree to make the Purchase. If any Company
declines to make a proposed Purchase, the Administrative Seller may cancel the Purchase Notice
as to all Purchasers no later than 3:00 p.m. (New York time) on the Business Day immediately prior to the date of Purchase
specified in the Purchase Notice or, in the absence of such a cancellation, the Incremental Purchase
of the Purchaser Interest, which such Company has declined to purchase, will be made by such declining Company’s Related
Financial Institutions in accordance with the rest of this Section 1.2. If the proposed Incremental Purchase or any portion
thereof is to be made by any of the Financial Institutions, the Agent shall send notice of the proposed Incremental Purchase to
the applicable Financial Institutions concurrently by telecopier, telex or cable specifying (i) the date of such Incremental Purchase,
which date must be at least one Business Day after such notice is received by the applicable Financial Institutions, (ii) each
Financial Institution’s Pro Rata Share of the aggregate Purchase Price of the Purchaser Interests the 

 

    3 

     

    

Financial
Institutions in such Financial Institution’s Purchaser Group are then purchasing and (iii) the requested Discount Rate and
Tranche Period. On the date of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set forth in
Article VI and the conditions set forth in this Section 1.2, the Companies and/or the Financial Institutions, as
applicable, shall use their reasonable best efforts to deposit to the Facility Account, in immediately available funds, no later
than 1:00 p.m. (New York time), and in any event no later than 3:00 pm (New York time), an amount equal to (i) in the case of
a Company that has agreed to make such Incremental Purchase, such Company’s Pro Rata Share of the aggregate Purchase Price
of the Purchaser Interests of such Incremental Purchase or (ii) in the case of a Financial Institution, such Financial Institution’s
Pro Rata Share of the aggregate Purchase Price of the Purchaser Interests the Financial Institutions in such Financial Institution’s
Purchaser Group are then purchasing. Each Financial Institution’s Commitment hereunder shall be limited to purchasing Purchaser
Interests that the Company in such Financial Institution’ s Purchaser Group has declined to purchase.

 

Section
1.3  
Decreases. The Administrative Seller shall provide the Agent with an irrevocable prior written notice within one
(1) Business Day of any proposed reduction of Aggregate Capital from Collections and the Agent will promptly notify each Purchaser
of such Reduction Notice after Agent’s receipt thereof. Such Reduction Notice shall designate (i) the date (the “Proposed
Reduction Date”) upon which any such reduction of Aggregate Capital shall occur, and (ii) the amount of Aggregate Capital
to be reduced that shall be applied ratably to the Purchaser Interests of the Companies and the Financial Institutions in accordance
with the amount of Capital (if any) owing to the Companies (ratably to each Company, based on the ratio of such Company’s
Capital at such time to the Aggregate Capital of all the Companies at such time), on the one hand, and the amount of Capital (if
any) owing to the Financial Institutions (ratably to each Financial Institution, based on the ratio
of such Financial Institution’s Capital at such time to the Aggregate Capital of all of the Financial Institutions at such
time), on the other hand (the “Aggregate Reduction”). Only one (1) Reduction Notice shall be outstanding at
any time. Concurrently with any reduction of Aggregate Capital pursuant to this Section, the Sellers shall pay to the Agent, for
distribution to the applicable Purchasers, all Broken Funding Costs arising as a result of such reduction and any and all fees
payable by the Sellers to the Agent in connection with such reduction. Without the prior written consent of the Agent, no Aggregate
Reduction will be made (x) following the occurrence of the Amortization Date or (y) at any time any Reimbursement Obligations
remain outstanding on any Letters of Credit.

 

Section
1.4  
Payment Requirements. All amounts to be paid or deposited by any Seller Party pursuant to any provision of this
Agreement or any other Transaction Documents shall be paid or deposited in immediately available funds in accordance with the
terms hereof. Such Seller Party shall use its reasonable best efforts to pay or deposit all such amounts no later than 1:00 p.m.
(New York time) on the day when due. Any such payment or deposit not received by 2:00 pm (New York time) shall be deemed to be
received on the next succeeding Business Day. If such amounts are payable to a Purchaser, they shall be paid to the Agent for
distribution to such Purchaser at the “Payment Address” specified for such Purchaser on Schedule A or such
other address specified in writing to the Agent. If such amounts are payable to the Agent, they shall be paid to the Agent at
245 Park Avenue, 36th Floor, New York, NY 10167 until otherwise notified by the Agent. Upon notice to the Administrative
Seller and the applicable Servicers, the Agent may debit the applicable Collection Accounts for all amounts due and payable hereunder.
All computations of Yield, per annum fees or discount calculated as part of any CP Costs, per annum fees hereunder and per annum
fees under any Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed. If any amount
hereunder or under any other Transaction Document shall be payable on a day that is not a Business Day, such amount shall be payable
on the next succeeding Business Day.

 

Section
1.5  
Obligations Several. Each Financial Institution’s and LC Participant’s obligation shall be several,
such that the failure of any Financial Institution or LC Participant to make available to any Seller any funds in connection with
any Purchase hereunder or drawing under any Letter of Credit

 

    4 

     

    

hereunder,
as the case may be, shall not relieve any other Financial Institution or LC Participant of its obligation, if any, hereunder to
make funds available on the date of such Purchase, but no Financial Institution or LC Participant shall be responsible for the
failure of any other Financial Institution or LC Participant to make funds available in connection with any Purchase.

 

Section
1.6  
Letters of Credit. Subject to the terms and conditions hereof, the LC Bank shall issue or cause the issuance of
Letters of Credit on behalf of the Sellers (and, if applicable, on behalf of, or for the account of, related Originators or Affiliates
thereof in favor of such beneficiaries as such Originators or Affiliates may elect with the consent of the applicable Seller);
provided, however, that the LC Bank will not be required to issue or cause to be issued any Letters of Credit to the extent that
after giving effect thereto the issuance of such Letters of Credit would then cause (A) the sum of (i) the Aggregate Capital plus
(ii) the LC Participation Amount to exceed the Purchase Limit or (B) the LC Participation Amount to exceed the aggregate of the
LC Amounts of the LC Participants (other than LC Participants who are defaulting Purchasers). Each of the parties hereto acknowledges
and agrees that (i) each outstanding and uncancelled letter of credit issued by PNC on behalf of any such Seller (and, if applicable,
on behalf of, or for the account of, such related Originators or Affiliates thereof in favor of such beneficiaries as such Originators
or Affiliates may elect with the consent of the applicable Seller) prior to the date hereof (“Existing Letters of Credit”),
which such letters of credit are listed on Schedule G hereto, shall be deemed for all purposes of this Agreement and the other
Transaction Documents to not be a Letter of Credit issued hereunder, (ii) the letter of credit issued by the LC Bank in favor
of PNC pursuant to the Letter of Credit Backstop Agreement in the aggregate face amount set forth therein (the “Replacement
Letter of Credit”) shall be deemed for all purposes of this Agreement and the other Transaction Documents to be a Letter
of Credit issued hereunder and (iii) each Purchaser’s LC Participation Amount in respect of the Existing Letters of Credit
shall instead be deemed to be an LC Participation Amount in the Replacement Letter of Credit. All amounts drawn upon Letters of
Credit shall accrue Yield for each day such drawn amounts shall have not been reimbursed in the same manner that Yield accrues
for Financial Institutions in accordance with Article IV.

 

Notwithstanding
anything herein to the contrary, including any formulas or component definitions set forth therein, if in connection with any
replacement of an Existing Letter of Credit, a new Letter of Credit shall be required to be issued hereunder, causing duplicates
of such Existing Letter of Credit and/or the Replacement Letter of Credit, for a period of 12 Business Days, to facilitate the
Issuance of such Letter of Credit and/or the corresponding adjustments to the Existing Letters of Credit and/or Replacement Letter
of Credit, the LC Participation Amount for such newly issued Letter of Credit shall be deemed to be $0 (other than for purposes
of calculating fees in respect of such Letters of Credit).

 

Section
1.7  
Issuance of Letters of Credit; Participations.

 

(a)  
Each Seller may request the LC Bank, upon two Business Days’ prior written notice submitted on or before 12:00 noon
(New York time), to issue a Letter of Credit by delivering to the LC Bank (with a copy to the Agent), the LC Bank’s form
of Letter of Credit Application (the “Letter of Credit Application”), substantially in the form of Exhibit
IX attached hereto and a Purchase Notice, substantially in the form of Exhibit II hereto, in each case completed to
the satisfaction of the LC Bank; and, such other certificates, documents and other papers and information as the LC Bank may reasonably
request. Each Seller also has the right to give instructions and make agreements with respect to any Letter of Credit Application
and the disposition of documents, and to agree with the LC Bank upon any amendment or extension of any Letter of Credit.

 

(b)  
Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for
payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described
therein and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension
or renewal, as the

 

    5 

     

    

case
may be, and in no event later than twelve (12) months after the Liquidity Termination Date unless such Letter of Credit will be
105% cash collateralized as of the Liquidity Termination Date (for the avoidance of doubt, giving effect to any extensions thereof
provided hereunder). The terms of each Letter of Credit may include customary “evergreen” provisions providing that
such Letter of Credit’s expiry date shall automatically be extended for additional periods not to exceed twelve (12) months
unless, not less than thirty (30) days (or such longer period as may be specified in such Letter of Credit) (the “Notice
Date”) prior to the applicable expiry date, the LC Bank delivers written notice to the beneficiary thereof declining
such extension; provided, however, that if (x) any such extension would cause the expiry date of such Letter of
Credit to occur after the date that is twelve (12) months after the Liquidity Termination Date or (y) the LC Bank determines that
any condition precedent (including, without limitation, those set forth in Section 1.1(c), Article VI or Schedule
B) to issuing such Letter of Credit hereunder (as if such Letter of Credit were then being first issued) are not satisfied
(other than any such condition requiring the Administrative Seller or the related Seller to submit a Purchase Notice or Letter
of Credit Application in respect thereof), then the LC Bank, in the case of clause (x) above, may (or, at the written direction
of any LC Participant, shall) or, in the case of clause (y) above, shall, use reasonable efforts in accordance with (and
to the extent permitted by) the terms of such Letter of Credit to prevent the extension of such expiry date (including notifying
the related Seller and the beneficiary of such Letter of Credit in writing prior to the Notice Date that such expiry date will
not be so extended). Each Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits
(2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments or revisions thereof adhered to by
the LC Bank or the International Standby Practices (ISP98-International Chamber of Commerce Publication Number 590), and any amendments
or revisions thereof adhered to by the LC Bank, as determined by the LC Bank; provided that each Letter of Credit issued by LC
Bank shall be governed and construed in accordance with the laws of the State of New York and the terms of the issuance thereof
are further subject to the policies of LC Bank then in effect.

 

(c)  
The LC Bank shall promptly notify the Agent and each LC Participant, at such Person’s
address for notices hereunder, of the request by a Seller for a Letter of Credit hereunder, and shall provide the Agent and the
LC Participants with the Letter of Credit Application and Purchase Notice delivered by such Seller
pursuant to paragraph (a), above, by the close of business on the day received or if received on a day that is not
a Business Day or on any Business Day after 12:00 noon (New York time) on such day, on the next Business Day.

 

(d)  
Immediately upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing
the amount thereof), the LC Bank shall be deemed to have sold and transferred to each LC Participant, and each LC Participant
shall be deemed irrevocably and unconditionally to have purchased and received from the LC Bank, without recourse or warranty,
an undivided interest and participation, to the extent of such LC Participant’s LC Share, in such Letter of Credit, each
drawing made thereunder and the obligations of the related Seller hereunder with respect thereto, and any security therefor or
guaranty pertaining thereto. Upon any change in the Commitments or LC Shares of the LC Participants pursuant to this Agreement,
it is hereby agreed that, with respect to all outstanding Letters of Credit and unreimbursed drawings thereunder, there shall
be an automatic adjustment to the participations pursuant to this clause (d) to reflect the new LC Shares of the assignor
and assignee LC Participant or of all LC Participants with Commitments, as the case may be. In the event that the LC Bank makes
any payment under any Letter of Credit and the related Seller shall not have reimbursed such amount in full to the LC Bank pursuant
to Section 1.9(b), each LC Participant shall be obligated to make Participation Advances with respect to such Letter of
Credit in accordance with Section 1.9(c).

 

(e)  
With respect to each Letter of Credit, the applicable Sellers shall pay to the LC Bank all fronting fees or similar fees
as and when due and owing with respect to such Letter of Credit in accordance with the Fee Letter (the “Fronting Fees”).
The applicable Sellers shall pay to the LC Bank, in addition to all other amounts due hereunder, all customary expenses incurred
by the LC Bank in connection

 

    6 

     

    

with
each Letter of Credit issued by it or the maintenance thereof and its customary drawing, amendment, renewal, extension, processing,
transfer and other applicable customary fees (collectively, “Other LC Fees”).

 

Section
1.8  
Requirements for Issuance of Letters of Credit. Each Seller shall authorize and direct the LC Bank to name such
Seller, a related Originator or an Affiliate thereof as the “Applicant” or “Account Party” of each Letter
of Credit issued on its behalf.

 

Section
1.9  
Disbursements, Reimbursement.

 

(a)  
Immediately upon the issuance of each Letter of Credit, each LC Participant shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the LC Bank a participation in such Letter of Credit and each drawing thereunder
in an amount equal to such LC Participant’s LC Share of the face amount of such Letter of Credit and the amount of such
drawing, respectively.

 

(b)  
In the event of any request for a drawing under a Letter of Credit by the beneficiary
or transferee thereof, the LC Bank will promptly notify the Agent and the related Seller of such request. Provided that
it shall have received such notice, the related Seller shall reimburse the LC Bank for the full amount of any such drawing (each
such obligation, a “Reimbursement Obligation”) prior to (i) 3:00 p.m. (New York time) on each date that an
amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”), if Seller
shall have received notice of such drawing prior to 12:00 noon (New York time) on such Drawing Date or (ii) 12:00 noon (New York
time) on the Business Day immediately following the Drawing Date (or the date on which Seller shall have received such notice),
if Seller shall have received notice of such drawing after 12:00 noon (New York time) on the Drawing Date (or such other date).
In the event the related Seller fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit as
and when required in accordance with the foregoing sentence (including because the conditions precedent to a purchase deemed to
have been requested by such Seller pursuant to Section 1.1(d) to reimburse the LC Bank shall not have been satisfied),
the LC Bank will promptly notify each LC Participant thereof. Any notice given by the LC Bank pursuant to this Section may be
oral if immediately confirmed in writing; provided that the lack of such an immediate written confirmation shall not affect
the conclusiveness or binding effect of such oral notice.

 

(c)  
Each LC Participant shall upon any notice pursuant to Section 1.9(b) above make available to the LC Bank an amount
in immediately available funds equal to its LC Share of the amount of the drawing (a “Participation Advance”),
whereupon the LC Participants shall each be deemed to have purchased additional Purchaser Interests in that amount. If any LC
Participant so notified fails to make available to the LC Bank the amount of such LC Participant’s LC Share of such amount
by no later than 2:00 p.m. (New York time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation
to make such payment, from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum
equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum
equal to the rate applicable to Capital on and after the fourth day following the Drawing Date. The LC Bank will promptly give
notice of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient
time to enable any LC Participant to effect such payment on such date shall not relieve such LC Participant from its obligation
under this Section 1.9(c), provided that such LC Participant shall not be obligated to pay interest as provided
in subclauses (i) and (ii) above until and commencing from the date of receipt of notice from the LC Bank or
the Agent of a drawing. Each LC Participant’s Commitment to make Participation Advances shall continue until terminated
in accordance with Section 4.6 or the last to occur of any of the following events: (A) the LC Bank ceases to be obligated
to issue or cause to be issued Letters of Credit hereunder; (B) no Letter of Credit issued hereunder remains outstanding and uncancelled
or (C) all Persons (other than a Seller) have been fully reimbursed for all payments made under or relating to Letters of Credit.

 

    7 

     

    

Section
1.10   LC Collateral
Account.

 

(a)  
The related Sellers or Administrative Seller, as applicable, shall deposit in such LC Collateral Account:

 

(i)  
pursuant to, but without duplication of, Sections 2.3 and 2.4 from and after the Facility Termination
Date, the amount necessary to cash collateralize the LC Participation Amount with respect to all outstanding Letters of Credit
until the amount of cash collateral held in the LC Collateral Account equals 100% of the LC Participation Amount
plus the amount of all LC Fees and all “LC Participant Fees” (as defined in the Fee Letter) to accrue thereon through
the scheduled expiration of the related Letters of Credit, in each case, as reasonably estimated by the LC Bank;

 

(ii)  
on or before the date of the related reduction of the Purchase Limit, the amounts required to be deposited into the LC
Collateral Account in connection with a termination or reduction pursuant to Section 1.1(e); and

 

(iii)  
on or before the related Termination Date, the amounts required to be deposited into the LC Collateral Account in connection
with Terminating Financial Institutions pursuant to Section 4.6.

 

(b)  
Amounts on deposit in the LC Collateral Account shall be applied by the Agent to reimburse the LC Bank for Reimbursement
Obligations for which it has not been reimbursed or, if the Amortization Date has occurred and all Letters of Credit have been
terminated, shall be applied to satisfy other Aggregate Unpaids (if any) in accordance with and subject to the order of priority
set forth in Section 2.4. If on any Settlement Date, the balance in the LC Collateral Account exceeds the amount required
hereunder to be held therein as of such Settlement Date, then, the Agent shall release such excess to the applicable Servicers
to satisfy Aggregate Unpaids (if any) in accordance with and subject to the order of priority in Section 2.4.

 

Section
1.11   Repayment
of Participation Advances.

 

(a)  
Upon (and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the
related Seller (i) in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any LC Participant
has made a Participation Advance to the LC Bank, or (ii) in payment of Yield on the additional Purchaser Interests purchased or
deemed to have been purchased in connection with any such draw, the LC Bank will pay to each LC Participant, ratably (based on
the outstanding drawn amounts funded by each such LC Participant in respect of such Letter of Credit), in the same funds as those
received by the LC Bank; it being understood, that the LC Bank shall retain a ratable amount of such funds that were not
the subject of any payment in respect of such Letter of Credit by any LC Participant.

 

(b)  
If the LC Bank is required at any time to return to any Seller, or to a trustee, receiver, liquidator, custodian, or any
official in any Insolvency Proceeding, any portion of the payments made by such Seller to the LC Bank pursuant to this Agreement
in reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each LC Participant shall, on demand
of the LC Bank, forthwith return to the LC Bank the amount of its LC Share of any amounts so returned by the LC Bank plus interest
at the Federal Funds Effective Rate, from the date the payment was first made to such LC Participant through, but not including,
the date the payment is returned by such LC Participant.

 

Section
1.12   Documentation.
Each Seller agrees to be bound by the terms of the Letter of Credit Application and by the LC Bank’s interpretations of
any Letter of Credit issued for such Seller and by the LC Bank’s written regulations and customary practices relating to
letters of credit, though the LC Bank’s

 

    8 

     

    

interpretation
of such regulations and practices may be different from the Seller’s own. In the event of a conflict between the Letter
of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of
gross negligence or willful misconduct by the LC Bank, the LC Bank shall not be liable for any error, negligence and/or mistakes,
whether of omission or commission, in following any Seller’s instructions or those contained in the Letters of Credit or
any modifications, amendments or supplements thereto.

 

Section
1.13   Determination
to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary
thereof, the LC Bank shall be responsible only to determine that the documents and certificates delivered under such Letter of
Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other
drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

Section
1.14   Nature
of Participation and Reimbursement Obligations. Each LC Participant’s obligation in accordance with this Agreement to
make Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of the Seller to reimburse
the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly
in accordance with the terms of this Article I under all circumstances, including the following circumstances:

 

(a)  
any set-off, counterclaim, recoupment, defense or other right which such LC Participant may have against the LC Bank, the
Agent, the Purchasers, the Seller Parties or any other Person for any reason whatsoever;

 

(b)  
the failure of the related Seller or any other Person to comply with the conditions set forth in this Agreement for the
making of a Purchase, Reinvestments, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are
not required for the making of Participation Advances hereunder;

 

(c)  
any lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other
right which a Seller, an Originator or any Affiliate thereof on behalf of which a Letter of Credit has been issued may have against
the LC Bank, the Agent, any Purchaser or any other Person for any reason whatsoever;

 

(d)  
any claim of breach of warranty that might be made by any Seller Party, the LC Bank or any LC Participant against the beneficiary
of a Letter of Credit, or the existence of any claim, set-off, defense or other right which any Seller Party, the LC Bank or any
LC Participant may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit
or the proceeds thereof (or any Persons for whom any such transferee may be acting), the LC Bank, any LC Participant, the Agent,
any Purchaser or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated
transaction (including any underlying transaction between any Seller Party or any Affiliate of any Seller Party and the beneficiary
for which any Letter of Credit was procured);

 

(e)  
the lack of power or authority of any signer of, or lack of validity, sufficiency,
accuracy, enforceability or genuineness of, any draft, demand, instrument, certificate or other document
presented under any Letter of Credit, or any such draft, demand, instrument, certificate or other document proving to be forged,
fraudulent, invalid, defective or insufficient in any respect or any statement therein being untrue or inaccurate in any respect,
even if the Agent or the LC Bank has been notified thereof;

 

(f)  
payment by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document
which does not comply with the terms of such Letter of Credit other than as a result of the gross negligence or willful misconduct
of the LC Bank;

 

    9 

     

    

(g)  
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role
in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value
or other characteristic of any property or services relating to a Letter of Credit;

 

(h)  
any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested
by the related Seller, unless the LC Bank has received written notice from such Seller of such failure within three Business Days
after the LC Bank shall have furnished such Seller a copy of such Letter of Credit and such error is material and no drawing has
been made thereon prior to receipt of such notice and the beneficiary of such Letter of Credit has returned the same to the LC
Bank;

 

(i)  
any Material Adverse Effect on any Seller, any Originator or any Affiliates thereof;

 

(j)  
any breach of this Agreement or any Transaction Document by any party thereto;

 

(k)  
the occurrence or continuance of any bankruptcy, insolvency, reorganization or similar proceeding with respect to any Seller,
any Originator or any Affiliate thereof;

 

(l)  
the fact that an Amortization Event or a Potential Amortization Event shall have occurred and be continuing;

 

(m)  
the fact that this Agreement or the obligations of any Seller Party hereunder shall have been terminated; and

 

(n)  
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

Section
1.15   Indemnity.
In addition to other amounts payable hereunder, each Seller Party hereby agrees to protect, indemnify, pay and save harmless the
Agent, the LC Bank, each LC Participant and any of the LC Bank’s Affiliates that have issued a Letter of Credit from and
against any and all claims, demands, liabilities, damages, penalties, interest, judgments, losses, costs, charges and expenses
(including reasonable attorneys’ fees) which the Agent, the LC Bank, any LC Participant or any of their respective Affiliates
may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, except to the extent
resulting from (a) the gross negligence or willful misconduct of the party to be indemnified as determined
by a final judgment of a court of competent jurisdiction or (b) the wrongful dishonor by the LC Bank of a proper demand for payment
made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any
present or future de jure or de facto Governmental Authority (all such acts or omissions herein called “Governmental
Acts”), and provided that no Servicer shall have any reimbursement obligation with respect to any drawing under
any Letter of Credit. This Section 1.15 shall not apply with respect to Taxes other than any Taxes that represent claims,
demands, liabilities, damages, losses, costs, charges or other expenses arising from any non-Tax claim.

 

Section
1.16   Liability
for Acts and Omissions.

 

(a)  
As between the Seller Parties, on the one hand, and the Agent, the LC Bank, the LC Participants and the Purchasers, on
the other, the Seller Parties assume all risks of the acts and omissions of, or misuse of any Letter of Credit by, the respective
beneficiaries of such Letter of Credit. In furtherance and not in limitation of the respective foregoing, none of the Agent, the
LC Bank, the LC Participants or the Purchasers shall be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness
or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of
Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even
if the LC Bank or any LC Participant shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring
or assigning or purporting to transfer

 

    10 

     

    

or
assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove
to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party
to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter
of Credit or any other claim of any Seller Party against any beneficiary of such Letter of Credit, or any such transferee, or
any dispute between or among any Seller Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, electronic mail, cable, telegraph, telex,
facsimile or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay
in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the
proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under
such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent, the LC Bank, the LC Participants
and the Purchasers, including any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of,
any of the LC Bank’s rights or powers hereunder. Nothing in the preceding sentence shall relieve the LC Bank from liability
for its gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction,
in connection with actions or omissions described in such clauses (i) through (viii) of such sentence. In no event shall the Agent,
the LC Bank, the LC Participants or the Purchasers or their respective Affiliates, be liable to any Seller Party or any other
Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation
attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.

 

(b)  
Without limiting the generality of the foregoing, the Agent, the LC Bank, the LC Participants and the Purchasers and each
of its Affiliates (i) may rely on any written communication believed in good faith by such Person to have been authorized or given
by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear on
their face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation
under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor,
or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together
with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement
advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document
is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform
in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored
under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on
the Agent, the LC Bank, the LC Participants or the Purchasers or their respective Affiliates, in any way related to any order
issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar
document (each an “Order”) and may honor any drawing in connection with any Letter of Credit that is the subject
of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform
in any way with such Letter of Credit.

 

(c)  
In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted
by the LC Bank under or in connection with any Letter of Credit issued by it or any documents and certificates delivered thereunder,
if taken or omitted in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable
judgment of a court of competent jurisdiction, shall not put the LC Bank under any resulting liability to any Seller Party, any
LC Participant or any other Person.

 

Section
1.17   Intended
Tax Treatment. All parties to this Agreement covenant and agree to treat any purchase of Purchaser Interests and any drawing
on a Letter of Credit under this Agreement as debt

 

    11 

     

    

for all
federal income tax purposes. All parties to this Agreement agree not to take any position on any tax return inconsistent with
the foregoing.

 

Article
II

PAYMENTS AND COLLECTIONS

 

Section
2.1  
Payments. Notwithstanding any limitation on recourse contained in this Agreement, the Sellers shall immediately
pay to the Agent or the LC Bank, as applicable, when due, for the account of the Secured Parties on a full recourse basis, (i)
such fees as set forth in each Fee Letter (which fees collectively shall be sufficient to pay all fees owing to the Financial
Institutions and other Funding Sources), (ii) all CP Costs, (iii) all amounts payable as Yield, (iv) all amounts payable as Deemed
Collections (which shall be immediately due and payable by the Sellers and applied to reduce outstanding Aggregate Capital hereunder
in accordance with Sections 2.2 and 2.3 hereof), (v) all amounts required pursuant to Section 2.6, (vi)
all amounts payable pursuant to Article X, if any, (vii) all Servicer costs and expenses, including the Servicing Fee,
in connection with servicing, administering and collecting the Receivables, (viii) all Broken Funding
Costs (any request for reimbursement of which shall be accompanied by a certificate in reasonable detail demonstrating the reasonable
calculation of any such amount), (ix) all Default Fees and (x) all Reimbursement Obligations (collectively, the “Obligations”).
If any Person fails to pay any of the Obligations (other than the Default Fee) when due, such Person agrees to pay, on demand,
the Default Fee in respect thereof until paid. Notwithstanding the foregoing, no provision of this Agreement or any Fee Letter
shall require the payment or permit the collection of any amounts hereunder in excess of the maximum permitted by Applicable Law.
If at any time any Seller receives any Collections or is deemed to receive any Collections, such Seller shall immediately pay
such Collections or Deemed Collections to the applicable Servicer for application in accordance with the terms and conditions
hereof and, at all times prior to such payment, such Collections or Deemed Collections shall be held in trust by such Seller for
the exclusive benefit of the Purchasers and the Agent.

 

Section
2.2  
Collections Prior to Amortization. Prior to the Amortization Date, any Collections and/or Deemed Collections received
by each Servicer shall be set aside and held in trust by such Servicer for the benefit of the Secured Parties for the payment
of any accrued and unpaid Aggregate Unpaids, for deposit into the LC Collateral Account or for a Reinvestment as provided in this
Section 2.2. If at any time any Collections and/or Deemed Collections are received by any Servicer prior to the Amortization
Date, (i) such Servicer shall deposit any amounts required to be deposited by its related Seller or Sellers to the LC Collateral
Account pursuant to Section 1.10, shall set aside the Termination Percentage (hereinafter defined) of Collections and/or
Deemed Collections evidenced by the Purchaser Interests of each Terminating Financial Institution and of each Company in a Terminating
Financial Institution’s Purchaser Group, shall set aside Collections to be used to effect any Aggregate Reduction in accordance
with Section 1.3 and shall set aside amounts necessary to pay Obligations due on the next succeeding Settlement Date and
(ii) subject to Sections 8.4 and 8.5(b), each Seller hereby requests and the Purchasers (other than any Terminating Financial
Institutions and, to the extent applicable, any Company in a Terminating Financial Institution’s Purchaser Group) hereby
agree to make, simultaneously with such receipt, a reinvestment (each a “Reinvestment”) with that portion of
the balance of each and every Collection and Deemed Collection received by any Servicer that is part of any Purchaser Interest
(other than any Purchaser Interests of Terminating Financial Institutions and, to the extent applicable, of any Company in a Terminating
Financial Institution’s Purchaser Group), such that after giving effect to such Reinvestment, the amount of Capital of such
Purchaser Interest immediately after such receipt and corresponding Reinvestment shall be equal to the amount of Capital immediately
prior to such receipt (but giving effect to any ratable reduction thereof pursuant to application of an Aggregate Reduction);
provided, however, that if, after giving effect to any such Reinvestment, the Aggregate Capital plus the Adjusted
LC Participation Amount would exceed the Purchase Limit then in effect, then the Servicers shall instead set aside and hold in
trust for the Agent (for the benefit of the Purchasers), and shall, at the request of the Agent, segregate in a separate account
approved by the Agent, a portion of such Collections

 

    12 

     

    

and Deemed
Collections that, together with the other Collections and Deemed Collections set aside pursuant to this paragraph, shall equal
the amount necessary to cause the Aggregate Capital plus the Adjusted LC Participation Amount to not exceed such Purchase Limit
(determined as if such Collections and Deemed Collections set aside had been applied to reduce the Aggregate Capital at such time),
which amount shall be applied in accordance with Section 1.3 as an Aggregate Reduction in respect of Aggregate Capital
on the following Settlement Date. Subject to Sections 8.4 and 8.5(b), on each Settlement Date prior to the occurrence of
the Amortization Date, the Servicers shall remit to the Agent’s or applicable Purchaser’s account the amounts set
aside during the preceding Settlement Period that have not been subject to a Reinvestment or applied in respect of an Aggregate
Reduction and apply such amounts (if not previously paid in accordance with Section 2.1) first, to reduce unpaid CP Costs,
Yield and other Obligations and second, to reduce the Capital of all Purchaser Interests of Terminating Financial Institutions
and, to the extent applicable, of each Company in a Terminating Financial Institution’s Purchaser Group, applied ratably
to such Terminating Financial Institution and each such Company according to its respective Termination Percentage. If such Capital,
CP Costs, Yield and other Obligations shall be reduced to zero, any additional Collections received by any Servicer (i) if applicable,
shall be remitted to the Agent’s or applicable Purchaser’s account to the extent required to fund any Aggregate Reduction
on such Settlement Date, (ii) shall be deposited into the LC Collateral Account until all amounts required to be deposited to
the LC Collateral Account in accordance with Section 1.10 have been deposited therein, (iii) to pay any accrued and unpaid
Servicing Fee, and (iv) any balance remaining thereafter shall be retained by such Servicer for application in accordance with
the Receivables Sale Agreements on such Settlement Date. Such Servicer shall use its reasonable best efforts to remit all such
amounts to the Agent’s or applicable Purchaser’s account no later than 1:00 p.m. (New York time) on such Settlement
Date. Any such amounts not received by Agent or the applicable Purchaser by 2:00 pm (New York time) shall be deemed to be received
on the next succeeding Business Day. The Terminating Financial Institution and the Company in such Terminating Financial Institution’s
Purchaser Group shall be collectively allocated a ratable portion of Collections from its Termination Date until, with respect
to a Terminating Financial Institution, such Terminating Financial Institution’s Capital, if any, shall be paid in full
and, with respect to a related Company (i) if any Related Financial Institution with respect to such Company continues to exist,
the Capital of such Company is equal to the Company Purchase Limit (as reduced pursuant to Section 4.6(a)) of such Company
or (ii) if there are no Related Financial Institutions with respect to such Company, the Capital of such Company shall be paid
in full. The applicable ratable portion shall be calculated, with respect to any Terminating Financial Institution or applicable
Company, on the Termination Date of each Terminating Financial Institution or applicable Company as a percentage equal to (i)
the Capital of such Terminating Financial Institution or applicable Company outstanding on its Termination Date, divided by (ii)
the Aggregate Capital outstanding on such Termination Date (the “Termination Percentage”). Each Terminating
Financial Institution’s and applicable Company’s Termination Percentage shall remain constant prior to the Amortization
Date. On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Financial Institution’s
and each applicable Company’s Capital shall be reduced ratably with all Financial Institutions and Companies in accordance
with Section 2.3.

 

Section
2.3  
Collections Following Amortization. On the Amortization Date and on each day thereafter, the Servicers shall set
aside and hold in trust, for the Secured Parties and the Servicers, all Collections and/or Deemed Collections received on such
day and an additional amount for the payment of any accrued and unpaid Aggregate Unpaids owed by the Sellers and not previously
paid by the Sellers in accordance with Section 2.1. On and after the Amortization Date, the Servicers shall, at any time
upon the request from time to time by (or pursuant to standing instructions delivered thereafter from) the Agent (i) remit to
the Agent’s, the applicable Servicer’s or applicable Purchaser’s account the amounts set aside pursuant to the
preceding sentence, (ii) apply such amounts to reduce the Capital associated with each such Purchaser Interest and any
other Aggregate Unpaids and to pay any accrued and unpaid Servicing Fee and (iii) deposit any amounts required to be deposited
by its related Seller or Sellers to the LC Collateral Account pursuant to Section 1.10. After all amounts are paid in accordance
with this Section 2.3 and the 

 

    13 

     

    

Final Payout
Date has occurred, any remaining Collections and/or Deemed Collections shall be retained by the Servicers and applied in accordance
with the Receivables Sale Agreements.

 

Section
2.4  
Application of Collections. If there shall be insufficient Collections on deposit for the Servicers to distribute
funds in payment in full of the aforementioned amounts pursuant to Section 2.2 or 2.3 (as applicable), the Servicers
shall distribute such Collections to the applicable payee:

 

first,
to the payment of each Servicer’s reasonable actual out-of-pocket costs and expenses in connection with servicing, administering
and collecting the Receivables, including the Servicing Fee, provided no Seller nor any of its Affiliates is then acting
as a Servicer,

 

second,
to the reimbursement of the Agent’s and the Purchasers’ costs of collection and enforcement of this Agreement,

 

third,
ratably to the payment of all accrued and unpaid fees under the Fee Letter, CP Costs and Yield,

 

fourth,
(to the extent applicable) to the ratable reduction of the Aggregate Capital,

 

fifth,
for the ratable payment of all other unpaid Obligations, provided that to the extent such Obligations relate to the payment
of Servicer costs and expenses, including the Servicing Fee, when any Seller or any of its Affiliates is acting as a Servicer,
such costs and expenses will not be paid until clause seventh hereof,

 

sixth,
to the LC Collateral Account any amounts required to be deposited therein pursuant to Section 1.10,

 

seventh,
to pay all Servicer costs and expenses, including the Servicing Fee, to the extent not paid under clause first or fifth
hereof, and

 

eighth,
after the Aggregate Unpaids have been indefeasibly reduced to zero and the Final Payout Date has occurred, any excess funds shall
be retained by the Servicers for application in accordance with the Receivables Sale Agreements.

 

Collections
applied to the payment of Aggregate Unpaids pursuant to this Section 2.4 shall be distributed in accordance with the aforementioned
provisions, and, giving effect to each of the priorities set forth in this Section 2.4 above, shall be shared ratably (within
each priority) among the Agent, the LC Bank and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to
each of them in respect of each such priority.

 

Section
2.5  
Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder 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. Each Seller shall remain obligated for the amount of any
payment or application so rescinded, returned or refunded, and shall promptly pay to the Agent (for application to the Person
or Persons 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.

 

Section
2.6  
Maximum Purchaser Interests. Each Seller shall ensure that the Purchaser Interests of the Purchasers shall at no
time exceed in the aggregate a percentage equal to (x) 100%, multiplied by (y) the LC Adjustment Percentage (the “Maximum
Purchaser Interest Percentage”). If the aggregate of the Purchaser Interests of the Purchasers exceeds the Maximum Purchaser
Interest Percentage, the Sellers shall pay to the Purchasers (ratably based on the ratio of each Purchaser’s Capital at
such time to the Aggregate Capital at such time) within one (1) Business Day an amount to be applied to reduce the

 

    14 

     

    

Aggregate
Capital, such that after giving effect to such payment the aggregate of the Purchaser Interests equals or is less than the Maximum
Purchaser Interest Percentage; provided that no amount will be required to be applied pursuant to this Section 2.6 to reduce
the Aggregate Capital if (i) as of the date on which such instance of excess exists, cash available to pay such excess is on deposit
(in an amount not less than such excess) in a Collection Account that is subject to the dominion and control of the Agent in accordance
with Sections 8.4 and 8.5(b), and (ii) in such instance, such excess exists for no more than two (2) consecutive
Business Days prior to the making of any applicable payment (including by application of amounts in the Collection Accounts).

 

Section
2.7  
Clean Up Call. In addition to the Sellers’ rights pursuant to Section 1.3, the Sellers shall have the
right, upon two Business Days’ prior written notice to the Agent and the Purchasers, at any time following the reduction
of the Aggregate Capital to a level that is less than 20.0% of the Purchase Limit hereunder, to repurchase from the Purchasers
all, but not less than all, of the then outstanding Purchaser Interests. The purchase price in respect thereof shall be an amount
equal to the Aggregate Unpaids (including any Broken Funding Costs arising as a result of such repurchase) through the date of
such repurchase, payable in immediately available funds. Such repurchase shall be without representation, warranty or recourse
of any kind by, on the part of, or against any Purchaser or the Agent.

 

Article
III

COMPANY FUNDING

 

Section
3.1  
CP Costs. The Sellers shall pay CP Costs with respect to the Capital associated with each Purchaser Interest of
the Companies for each day that any Capital in respect of any such Purchaser Interest is outstanding. Each Purchaser Interest
of any Pool Company funded substantially with Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based
upon the percentage share the Capital in respect of such Purchaser Interest represents in relation to all assets held by the applicable
Pool Company and funded substantially with Pooled Commercial Paper. Each Purchaser Interest of any Pool Company not funded substantially
with Pooled Commercial Paper shall accrue CP Costs for each day during its CP (Tranche) Accrual Period at the rate determined
in accordance with the definition of “Company Costs” set forth in Exhibit I.

 

Section
3.2  
CP Costs Payments. On the applicable Settlement Date for each Purchaser Interest of the Companies, the Sellers shall
pay to the applicable Company an aggregate amount equal to all accrued and unpaid CP Costs in respect of the Capital associated
with all Purchaser Interests of such Company with CP (Pool) Accrual Periods or CP (Tranche) Accrual Periods which end on such
Settlement Date.

 

Section
3.3  
Calculation of Pool Company Costs. On the third Business Day immediately preceding each Settlement Date, each Pool
Company shall calculate the aggregate amount of its Company Costs with respect to all Purchaser Interests funded substantially
with Pooled Commercial Paper for the applicable CP (Pool) Accrual Period or CP (Tranche) Accrual Period and shall notify the Administrative
Seller of such aggregate amount of such Company Costs due and payable on such Settlement Date.

 

Section
3.4  
Selection and Calculation of CP (Tranche) Accrual Periods.

 

(a)  
In the case of Purchaser Interests of each Pool Company, the Administrative Seller may (and following the occurrence and
during the continuance of a Potential Amortization Event or an Amortization Event but prior to the Amortization Date, shall with
consultation from, and approval by, each Pool Company), from time to time request CP (Tranche) Accrual Periods for the Purchaser
Interests of each Pool Company other than those funded substantially with Pooled Commercial Paper, provided, that (i) the
consent of the Agent and each Purchaser shall be required, (ii) the Administrative Seller must elect CP (Tranche) Accrual Periods
for all Purchaser Interests of each Pool Company, such that after giving effect

 

    15 

     

    

to
such election, no Purchaser Interest of any Pool Company is funded with Pooled Commercial Paper and (iii) the Administrative Seller
may only make such election once hereunder.

 

(b)  
The Administrative Seller or the applicable Company, upon notice to and consent by the other received at least three (3)
Business Days prior to the end of a CP (Tranche) Accrual Period (the “Terminating CP Tranche”) for any Purchaser
Interest, may, effective on the last day of the Terminating CP Tranche: (i) divide any such Purchaser Interest into multiple Purchaser
Interests, (ii) combine any such Purchaser Interest with one or more other Purchaser Interests that have a Terminating CP Tranche
ending on the same day as such Terminating CP Tranche or (iii) combine any such Purchaser Interest with a new Purchaser Interest
(other than a Purchaser Interest funded substantially with Pooled Commercial Paper) to be purchased on the day such Terminating
CP Tranche ends, provided, that in no event may a Purchaser Interest of any Purchasers be combined with a Purchaser Interest
of any other Purchaser.

 

(c)  
The Administrative Seller shall, at least three (3) Business Days prior to the expiration of any Terminating CP Tranche
occurring prior to the Amortization Date, give the applicable Company (or its agent) irrevocable notice of the new CP (Tranche)
Accrual Period associated with such Terminating CP Tranche and the amount of Capital to be allocated to such new CP (Tranche)
Accrual Period. The Administrative Seller shall use its reasonable best efforts to give such notice such that the applicable Company
(or its agent) receives it no later than 1:00 p.m. (New York time) on the day such request is being made. Any such request not
received by the applicable Company by 2:00 p.m. (New York time) shall be deemed to be received on the next succeeding Business
Day.

 

Article
IV

FINANCIAL INSTITUTION FUNDING

 

Section
4.1  
Financial Institution Funding. Each Purchaser Interest of the Financial Institutions shall accrue Yield for each
day during its Tranche Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms and conditions hereof.
Until the Administrative Seller gives notice to the Agent of another Discount Rate in accordance with Section 4.4, the
initial Discount Rate for any Purchaser Interest transferred to the Financial Institutions pursuant to the terms and conditions
hereof shall be the Alternate Base Rate. If any Purchaser Interest of any Company is assigned or transferred to, or funded by,
any Funding Source of such Company pursuant to any Funding Agreement or to or by any other Person, each such Purchaser Interest
so assigned, transferred or funded shall each be deemed to have a new Tranche Period commencing on the date of any such transfer
or funding and shall accrue Yield for each day during its Tranche Period at either the LIBO Rate or
the Alternate Base Rate in accordance with the terms and conditions hereof as if each such Purchaser Interest was held by a Financial
Institution, and with respect to each such Purchaser Interest, the transferee thereof or lender with respect thereto shall be
deemed to be a Financial Institution in the transferring Company’s Purchaser Group for purposes hereof; provided
that until the Administrative Seller gives notice to the Agent of another Discount Rate in accordance with Section 4.4,
the initial Discount Rate for any Purchaser Interest so transferred shall be the Alternate Base Rate.

 

Section
4.2  
Yield Payments. On the Settlement Date for each Purchaser Interest of the Financial Institutions, the Sellers shall
pay to the applicable Financial Institution an aggregate amount equal to the accrued and unpaid Yield in respect of the Capital
associated with all Purchaser Interests of such Financial Institution for the entire Tranche Period of each such Purchaser Interest.

 

Section
4.3  
Selection and Continuation of Tranche Periods.

 

(a)  
In the case of Purchaser Interests of any Financial Institution in a Purchaser Group, the Administrative Seller shall,
with consultation from, and approval by, the applicable Financial Institution (such approval not to be unreasonably withheld),
from time to time prior to the Amortization Date request Tranche Periods for the Purchaser Interests of such Financial Institution.
Notwithstanding the foregoing

 

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provisions
of this Section 4.3(a), if at any time any Financial Institution shall have a Purchaser Interest, the Administrative Seller
shall always request Tranche Periods such that at least one Tranche Period shall end on the date specified in clause (A) of the
definition of Settlement Date.

 

(b)  
Except as otherwise set forth in Section 4.3(a), the Administrative Seller or the applicable Financial Institution,
upon notice to and consent by the other received at least three (3) Business Days prior to the end of a Tranche Period (the “Terminating
Tranche”) for any Purchaser Interest, may, effective on the last day of the Terminating Tranche: (i) divide any such
Purchaser Interest into multiple Purchaser Interests, (ii) combine any such Purchaser Interest with one or more other Purchaser
Interests that have a Terminating Tranche ending on the same day as such Terminating Tranche or (iii) combine any such Purchaser
Interest with a new Purchaser Interest to be purchased on the day such Terminating Tranche ends, provided, that in no event
may a Purchaser Interest of any Purchasers be combined with a Purchaser Interest of any other Purchaser.

 

Section
4.4  
Financial Institution Discount Rates. The Administrative Seller may select the LIBO Rate or the Alternate Base Rate
for each Purchaser Interest of the Financial Institutions. The Administrative Seller shall: (i) at least three (3) Business Days
prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is being requested as a new Discount Rate
and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Alternate
Base Rate is being requested as a new Discount Rate, give the applicable Financial Institution irrevocable notice of the new Discount
Rate for the Purchaser Interest associated with such Terminating Tranche. (If the Administrative Seller
fails to request a new Discount Rate with respect to a Terminating Tranche pursuant to the preceding sentence, then the Discount
Rate for the Purchaser Interest associated with such Terminating Tranche shall be the Alternate Base Rate.) The Administrative
Seller shall use its reasonable best efforts to give such notice such that the applicable Financial Institution receives it no
later than 1:00 p.m. (New York time) on the day such request is being made. Any such request not received by the applicable Financial
Institution by 2:00 pm (New York time) shall be deemed to be received on the next succeeding Business Day. Until the Administrative
Seller gives notice to the applicable Financial Institution of another Discount Rate, the initial Discount Rate for any Purchaser
Interest transferred to the Financial Institutions pursuant to the terms and conditions hereof (or transferred to, or funded by,
any Funding Source pursuant to any Funding Agreement or to or by any other Person) shall be the Alternate Base Rate.

 

Section
4.5  
Suspension of the LIBO Rate; LIBO Successor Rate.

 

(a)  
If any Financial Institution notifies the Agent that it has determined that funding its Pro Rata Share of the Purchaser
Interests of the Financial Institutions in such Financial Institution’s Purchaser Group at the LIBO Rate would violate any
applicable law, rule, regulation or directive of any governmental or regulatory authority, whether or not having the force of
law, or that (i) deposits of a type and maturity appropriate to match fund its Purchaser Interests at the LIBO Rate are not available
or (ii) the LIBO Rate does not accurately reflect the cost of acquiring or maintaining a Purchaser Interest at the LIBO Rate,
then the Agent shall suspend the availability of the LIBO Rate for the Financial Institutions in such Financial Institution’s
Purchaser Group and require Seller to select the Alternate Base Rate for any Purchaser Interest funded by the Financial Institutions
in such Financial Institution’s Purchaser Group accruing Yield at the LIBO Rate.

 

(b)  
If less than all of the Financial Institutions in such Financial Institution’s Purchaser Group give a notice to the
Agent pursuant to Section 4.5(a), each Financial Institution which gave such a notice shall be obliged, at the request
of the Administrative Seller, the Company in such Financial Institution’s Purchaser Group or the Agent, to assign all of
its rights and obligations hereunder to (i) another Financial Institution in such Financial Institution’s Purchaser Group
or (ii) another funding entity nominated by the Administrative Seller or the Agent, in either case that is acceptable to the Company
in

 

    17 

     

    

such
Financial Institution’s Purchaser Group and willing to participate in this Agreement through the Liquidity Termination Date
in the place of such notifying Financial Institution; provided that (i) the notifying Financial Institution receives payment
in full, pursuant to an Assignment Agreement, of an amount equal to such notifying Financial Institution’s Pro Rata Share
of the Capital and Yield owing to all of the Financial Institutions in such Financial Institution’s Purchaser Group and
all other accrued but unpaid Aggregate Unpaids owing to such notifying Financial Institution, and (ii) the replacement Financial
Institution otherwise satisfies the requirements of Section 12.1(b).

 

(c)  
Notwithstanding anything to the contrary in this Agreement or any other Transaction Document:

 

(i)  
if the Agent reasonably determines (which determination shall be conclusive absent manifest error), or the Sellers or Required
Purchasers notify the Agent (with, in the case of the Required Purchasers, a copy to the Sellers) that
the Sellers or Required Purchasers (as applicable) have determined, that:

 

(A)  
adequate and reasonable means do not exist for ascertaining the LIBO Rate for any requested Tranche Period, including,
without limitation, because LIBO is not available or published on a current basis and such circumstances are unlikely to be temporary;
or

 

(B)  
the administrator of LIBO or a Governmental Authority having jurisdiction over the Agent has made a public statement identifying
a specific date after which LIBO shall no longer be made available, or used for determining the interest rate applicable to loans
(such specific date, the “Scheduled Unavailability Date”); or

 

(ii)  
if the Agent and the Sellers determine that syndicated loans currently being executed, or that include language similar
to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest
rate to replace LIBO,

 

then, reasonably
promptly after such determination by the Agent or receipt by the Agent of such notice, as applicable, the Agent and the Sellers
may amend this Agreement to replace LIBO with an alternate benchmark rate (including any mathematical or other adjustments to
the benchmark (if any) incorporated therein), giving due consideration to any evolving or then prevailing market convention for
determining interest rates for loans for similar Dollar denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a “LIBO Successor Rate”), together with any proposed LIBO Successor Rate Conforming
Changes and notwithstanding anything in Section 14.1 to the contrary, any such amendment (which shall be in form and substance
reasonably satisfactory to the Sellers) shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the
Agent shall have posted such proposed amendment to all Purchasers and the Sellers unless, prior to such time, Purchasers comprising
the Required Purchasers have delivered to the Agent written notice that such Required Purchasers do not accept such amendment.
If no LIBO Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Agent will promptly so notify the Sellers and each Purchaser. Thereafter, (x) the obligation
of the Purchasers to make or maintain a Purchaser Interest at the LIBO Rate shall be suspended (to the extent of the affected
Purchaser Interests or Tranche Periods), and (y) the LIBO Rate component shall no longer be utilized in determining the Alternate
Base Rate. Upon receipt of such notice, Sellers may revoke any pending request for any Purchaser Interest accruing Yield at the
LIBO Rate (to the extent of the affected Purchaser Interests or Tranche Periods) or, failing that, will be deemed to have converted
such request into a request for a for a Purchaser Interest accruing Yield at the Alternate Base Rate (subject to the foregoing
clause (y)). Notwithstanding anything else herein, any definition of LIBO Successor Rate shall provide that in no event shall
such LIBO Successor Rate be less than zero for purposes of this Agreement.

 

    18 

     

    

Section
4.6  
Term-out Period Accounts.

 

(a)  
The Administrative Seller may request one or more 364-day extensions of the Liquidity
Termination Date then in effect by giving written notice of such request to the Agent (each such notice an “Extension
Notice”) at least 90 days prior to the Liquidity Termination Date then in effect. After the Agent’s receipt of
any Extension Notice, the Agent shall promptly advise each Financial Institution of such Extension Notice. Each Financial Institution
may, in its sole discretion, by a written irrevocable notice (a “Consent Notice”) given to the Agent on or
prior to the 30th day prior to the Liquidity Termination Date then in effect (such period from the date of the Extension Notice
to such 30th day being referred to herein as the “Consent Period”), consent to such extension of such Liquidity
Termination Date; provided, however, that such extension shall not be effective with respect to a Financial Institution
if such Financial Institution: (i) notifies the Agent during the Consent Period that such Financial Institution does not wish
to consent to such extension or (ii) fails to respond to the Agent within the Consent Period (each Financial Institution that
does not wish to consent to such extension or fails to respond to the Agent within the Consent Period is herein referred to as
a “Nonrenewing Financial Institution”). If at the end of the Consent Period, there is no Nonrenewing Financial
Institution then, the Liquidity Termination Date shall be irrevocably extended until the date that is 364 days after the Liquidity
Termination Date then in effect. If at the end of the Consent Period there is a Nonrenewing Financial Institution, then unless
such Nonrenewing Financial Institution assigns its rights and obligations hereunder pursuant to Section 4.6(b) (each such
Nonrenewing Financial Institution whose rights and obligations under this Agreement and the other applicable Transaction Documents
are not so assigned is herein referred to as a “Terminating Financial Institution”), the then existing Liquidity
Termination Date shall be extended for an additional 364 days with respect to all Financial Institutions other than the Terminating
Financial Institution; provided, however, that (i) the Purchase Limit shall be reduced on the Termination Date applicable
to each Terminating Financial Institution by an aggregate amount equal to the Terminating Commitment Availability of each Terminating
Financial Institution and shall thereafter continue to be reduced by amounts equal to any reduction in the Capital of any Terminating
Financial Institution (after application of Collections pursuant to Sections 2.2 and 2.3), (ii) the Company
Purchase Limit of each Company shall be reduced by the aggregate amount of the Terminating Commitment Amount of each Terminating
Financial Institution in such Company’s Purchaser Group, (iii) the Commitment of each Terminating Financial Institution
shall be reduced to zero on the Termination Date applicable to such Terminating Financial Institution and (iv) no such extension
shall be effective unless, on or before the related Termination Date for any LC Participant, the Seller Parties shall deposit
into the LC Collateral Account an amount equal to such LC Participant’s LC Share of the LC Participation Amount. Upon reduction
to zero of the Capital of all of the Purchaser Interests of a Terminating Financial Institution (after application of Collections
thereto pursuant to Sections 2.2 and 2.3) and payment of all Aggregate Unpaids owed to such Terminating Financial
Institution, all rights and obligations of such Terminating Financial Institution hereunder shall be terminated and such Terminating
Financial Institution shall no longer be a “Financial Institution”; provided, however, that the provisions
of Article X shall continue in effect for its benefit with respect to Purchaser Interests held by such Terminating Financial
Institution prior to its termination as a Financial Institution. Notwithstanding the foregoing, any Terminating Financial Institution
that was an LC Participant shall (A) remain obligated to make Participation Advances in respect of any Letters of Credit that
were outstanding as of immediately before its Termination Date (other than any such Letters of Credit
that have expired or have subsequently been terminated, increased or extended), until the date on which its LC Share of the LC
Participation Amount has been deposited into the LC Collateral Account in accordance with this Section 4.6(a), up to an
amount not to exceed, in the aggregate, (x) its LC Share of the LC Participation Amount as of its Termination Date minus
(y) any amounts deposited into the LC Collateral Account in respect of such Terminating Financial Institution in accordance with
Section 1.10(a)(iii), and (B) remain entitled to all rights inuring to its benefit with respect to such Participation Advances
(including without limitation all rights to indemnification, reimbursement and Yield with respect to such Participation Advances).

 

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(b)  
Upon receipt of notice from the Agent pursuant to Section 4.6(a) of any Nonrenewing Financial Institution, one or
more of the Financial Institutions (including any Nonrenewing Financial Institution) may proffer to the Agent and the Company
in such Nonrenewing Financial Institution’s Purchaser Group the names of one or more institutions meeting the criteria set
forth in Section 12.1(b)(i) that are willing to accept assignments of and assume the rights and obligations under this
Agreement and the other applicable Transaction Documents of the Nonrenewing Financial Institution. Provided the proffered name(s)
are acceptable to the Agent and the Company in such Nonrenewing Financial Institution’s Purchaser Group, the Agent shall
notify the remaining Financial Institutions of such fact, and the then existing Liquidity Termination Date shall be extended for
an additional 364 days upon satisfaction of the conditions for an assignment in accordance with Section 12.1, and the Commitment
of such Nonrenewing Financial Institution shall be reduced to zero.

 

(c)  
Any requested extension may be approved or disapproved by a Financial Institution in its sole discretion. In the event
that the Commitments are not extended in accordance with the provisions of this Section 4.6, the Commitment of each Financial
Institution shall be reduced to zero on the Liquidity Termination Date. Upon reduction to zero of the Commitment of a Financial
Institution and upon reduction to zero of the Capital of all of the Purchaser Interests of such Financial Institution all rights
and obligations of such Financial Institution hereunder shall be terminated and such Financial Institution shall no longer be
a “Financial Institution”; provided, however, that the provisions of Article X shall continue
in effect for its benefit with respect to Purchaser Interests held by such Financial Institution prior to its termination as a
Financial Institution. Notwithstanding the foregoing, each Financial Institution that was an LC Participant shall (A) remain obligated
to make Participation Advances in respect of any Letters of Credit that were outstanding as of immediately before the Liquidity
Termination Date (other than any such Letters of Credit that have expired or have subsequently been terminated, increased or extended),
until there has been deposited into the LC Collateral Account in accordance with Section 1.10(a)(i), an amount equal to
(x) the LC Participation Amount minus (y) any amounts held in the LC Collateral Account, and (B) remain entitled to all
rights inuring to its benefit with respect to such Participation Advances (including without limitation all rights to indemnification,
reimbursement and Yield with respect to such Participation Advances).

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

Section
5.1  
Representations and Warranties of the Seller Parties. Each Seller Party hereby represents and warrants to the Agent,
the LC Bank and the Purchasers, as to itself, as of the date hereof and as of the date of each Incremental Purchase, the date
of issuance of each Letter of Credit and the date of each Reinvestment that:

 

(a)  
Corporate Existence and Power. Such Seller Party is a corporation, limited liability company or limited partnership
duly organized and validly existing in good standing under the laws of its state of organization. Each such Seller Party is duly
qualified to do business and is in good standing as a foreign corporation or entity, and, subject to the entry by the Bankruptcy
Court of (x) the Interim Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each
case, subject to the terms thereof) has and holds all corporate or other 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 to the
extent that the failure to so qualify or hold could not reasonably be expected to have a Material Adverse Effect.

 

(b)  
Power and Authority; Due Authorization, Execution and Delivery. Subject to the entry by the Bankruptcy Court of
(x) the Interim Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case,
subject to the terms thereof), the execution and delivery by such Seller Party of this Agreement and each other Transaction Document
to which it is a party, and the

 

    20 

     

    

performance
of its obligations hereunder and thereunder and, in the case of each Seller, such Seller’s use of the proceeds of Purchases
made hereunder, are within its corporate or other powers and authority, and have been duly authorized by all necessary corporate
or other action on its part. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry
of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), this Agreement and each
other Transaction Document to which such Seller Party is a party has been duly executed and delivered by such Seller Party.

 

(c)  
No Conflict. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry
of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), the execution and delivery
by such Seller Party of this Agreement and each other Transaction Document to which it is a party, and the performance of its
obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or by-laws
(or equivalent organizational documents) or any shareholder agreements, voting trusts or similar arrangements applicable to any
of its authorized shares or other equity interests, (ii) any law, rule or regulation applicable to it, (iii) any restrictions
under any material agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or
(iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the
creation or imposition of any Adverse Claim on assets of such Seller Party or its Subsidiaries (except as created hereunder).
No transaction contemplated hereby requires compliance with any bulk sales act or similar law.

 

(d)  
Authorization. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry
of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), other than the filing
of the financing statements required hereunder, no authorization or approval or other action by, and no notice to or filing with,
any Governmental Authority or regulatory body and no third-party approval is required for the due execution and delivery by such
Seller Party of this Agreement and each other Transaction Document to which it is a party and the performance of its obligations
hereunder and thereunder.

 

(e)  
Actions or Suits. Except the Chapter 11 Cases, there are no actions, suits,
litigation, investigation, claim, arbitration or other proceedings pending, or to the best of such Seller Party’s knowledge,
threatened, against or affecting such Seller Party, 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 and that do not remain stayed by
the pendency of the Chapter 11 Cases. Such Seller Party is not in default with respect to any order of any court, arbitrator or
governmental body.

 

(f)  
Binding Effect. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry
of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), this Agreement and each
other Transaction Document to which such Seller Party is a party constitute the legal, valid and binding obligations of such Seller
Party enforceable against such Seller Party 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. All information furnished since February 22, 2019 by or on behalf of such Seller Party
or any of its Affiliates to the Agent or the Purchasers for purposes of or in connection with this Agreement, any of the other
Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by or
on behalf of such Seller Party or any of its Affiliates to the Agent or the Purchasers will be, true and accurate in every material
respect on the date such information is stated or certified and does not and 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 in light of the
circumstances made or presented.

 

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(h)  
Use of Proceeds. No proceeds of any purchase payment to such Seller or any issuance of any Letter of Credit hereunder
will be used (i) for a purpose that violates, or would be inconsistent with (x) Regulation T, U or X promulgated by the Board
of Governors of the Federal Reserve System from time to time or (y) any Applicable Law, or (ii) 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.

 

(i)  
Good Title. Immediately prior to each Purchase hereunder, each Seller (i) shall be the legal and beneficial owner
of the Receivables to be sold by such Seller hereunder, and (ii) shall be 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 each Seller’s ownership
interest in each Receivable, its Collections and the Related Security.

 

(j)  
Perfection. Subject, in the case of the Servicers, to the entry by the Bankruptcy Court of (x) the Interim Order
at any time prior to the entry of the Final Order and (y) the Final Order thereafter, this Agreement, together with the filing
of the financing statements contemplated hereby, is effective to, and shall, upon each Purchase hereunder, transfer to the Agent
for the benefit of the relevant Purchaser or Purchasers (and the Agent for the benefit of such Purchaser or Purchasers shall acquire
from each Seller) (i) legal and equitable title to, with the right to sell and encumber each Receivable existing or hereafter
arising, together with the Collections with respect thereto, and (ii) all of such Seller Party’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 under Applicable Law and/or (solely with respect to Related
Security) obtained orders of the Bankruptcy Court to perfect the Agent’s (on behalf of the Purchasers) ownership or security
interest in the Receivables, the Related Security and the Collections.

 

(k)  
Jurisdiction of Organization; Places of Business, etc. Exhibit III correctly
sets forth such Seller Party’s legal name and jurisdiction of organization. Such Seller Party’s principal
places of business and chief executive office and the offices where such Seller Party keeps all of its Records are located at
the address(es) listed on Exhibit III, or such other locations of which the Agent has
been notified in accordance with Section 7.2(a) in jurisdictions where all action required by Section 14.4(a) has
been taken and completed. Such Seller Party has not within the period of six months prior to the date hereof, (i) changed its
location (as defined in Section 9-307 of the UCC), except as set forth on Exhibit III or
(ii) changed its legal name (except as set forth on Exhibit III), corporate structure
or become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC) with respect to a currently effective security
agreement previously entered into by any other Person. Each Seller is a Delaware limited partnership and is a “registered
organization” (within the meaning of Section 9-102 of the UCC as in effect in the State of Delaware).

 

(l)  
Collections. The conditions and requirements set forth in Section 7.1(j) and Section 8.2 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 of each Seller at each Collection Bank and the post office box number of each Lock-Box, are listed on
Exhibit IV. No Seller has granted any Person, other than the Agent as contemplated by this Agreement, dominion and control
or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any Lock-Box
or Collection Account, or the right to take dominion and control or “control” (within the meaning of Section 9-104
of the UCC of all applicable jurisdictions) of any such Lock-Box or Collection Account at a future time or upon the occurrence
of a future event.

 

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(m)  
Material Adverse Effect. (i) Each Servicer represents and warrants that, since the Filing Date, no event other than
the Chapter 11 Cases has occurred that would have a material adverse effect on the financial condition or operations of such Servicer
and its Subsidiaries taken as a whole ((i) other than (x) the filing of the Chapter 11 Cases, (y) those events, conditions and
circumstances related and/or leading up to and customarily resulting from the commencement of the Chapter 11 Cases (including
defaults under agreements that have no effect under the terms of the Bankruptcy Code as a result of the commencement of the Chapter
11 Cases) and (z) any reduction in payment terms by suppliers and vendors relating to or resulting from the commencement of the
Chapter 11 Cases and (ii) taking into account the effect of the automatic stay under the Bankruptcy Code), or the ability of such
Servicer to perform its obligations under this Agreement, and (ii) Dairy Group represents and warrants that since the Filing Date,
and Dairy Group II represents and warrants that since the Filing Date, and each of Dean Dairy Holdings and Suiza Dairy represents
and warrants that since the Filing Date, and each other Seller that becomes party to this Agreement after the Filing Date represents
and warrants that since the quarter end preceding the date it became party to this Agreement, no event other than the Chapter
11 Cases has occurred that would have a material adverse effect on (A) the financial condition or operations of such Seller ((i)
other than (x) the filing of the Chapter 11 Cases, (y) those events, conditions and circumstances related and/or leading up to
and customarily resulting from the commencement of the Chapter 11 Cases (including defaults under agreements that have no effect
under the terms of the Bankruptcy Code as a result of the commencement of the Chapter 11 Cases) and (z) any reduction in payment
terms by suppliers and vendors relating to or resulting from the commencement of the Chapter 11 Cases and (ii) taking into account
the effect of the automatic stay under the Bankruptcy Code), (B) the ability of such Seller to perform its obligations under the
Transaction Documents or (C) the collectability of the Receivables generally or of any material portion of the Receivables.

 

(n)  
Names. In the past five (5) years, no Seller has used any corporate names, trade names or assumed names other than
the name in which it has executed this Agreement and, in the case of Dairy Group, other than Suiza Receivables, L.P.

 

(o)  
Ownership of Sellers. (i)  Suiza Dairy Group, LLC and Provider own, directly or indirectly, 100% of the
limited partnership interests and 99.9% of the partnership interests of Dairy Group, free and clear of any Adverse Claim (except
any Adverse Claim in favor of the Collateral Agent in accordance with the Dean Credit Agreement). Dairy Group Receivables GP,
LLC (f/k/a Suiza Receivables GP, LLC) is the general partner of Dairy Group and owns, directly or indirectly, 100% of the general
partnership interests and 0.1% of the partnership interests of Dairy Group, free and clear of any Adverse Claim (except any Adverse
Claim in favor of the Collateral Agent in accordance with the Dean Credit Agreement). There are no options or other rights to
acquire any partnership interest of Dairy Group. 100% of the membership interests of Dairy Group Receivables GP, LLC are owned,
directly or indirectly by Provider.

 

(ii)  
Dean Dairy Holdings, LLC and Provider own, directly or indirectly, 100% of the limited partnership interests and 99.9%
of the partnership interests of Dairy Group II, free and clear of any Adverse Claim (except any Adverse Claim in favor of the
Collateral Agent in accordance with the Dean Credit Agreement). Dairy Group Receivables GP II, LLC is the general partner of Dairy
Group II and owns, directly or indirectly, 100% of the general partnership interests and 0.1% of the partnership interests of
Dairy Group II, free and clear of any Adverse Claim (except any Adverse Claim in favor of the Collateral Agent in accordance with
the Dean Credit Agreement). There are no options or other rights to acquire any partnership interest of Dairy Group II. 100% of
the membership interests of Dairy Group Receivables GP II, LLC are owned, directly or indirectly by Provider.

 

(p)  
Not an Investment Company or Covered Fund. Such Seller Party is not an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, or any

 

    23 

     

    

successor
statute. Such Seller Party is not a “covered fund” under the Volker Rule and in determining that such Seller Party
is not a covered fund, such Seller Party, among other things, does not rely solely on the exemption from the definition of “investment
company” set forth in Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act of 1940, as amended.

 

(q)  
Compliance with Law. Such Seller Party has complied in all respects with all applicable laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could
not reasonably be expected to have a Material Adverse Effect. Each Receivable, together with any Writing or 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), and no part of such Writing or Contract is in violation of any such law, rule or regulation.

 

(r)  
Compliance with Credit and Collection Policies. Such Seller Party has complied
in all material respects with its Credit and Collection Policy with regard to each Receivable and any
related Writing or Contract, and has not made any material change to such Credit and Collection Policy, except such material change
as to which the Agent has been notified in accordance with Section 7.1(a)(vii).

 

(s)  
Payments to Originators. With respect to each Receivable transferred to the applicable Seller by each Originator
under the Receivables Sale Agreement to which such Seller is a party, the Purchase Price (as defined in such Receivables Sale
Agreement) received by such Originator constitutes reasonably equivalent value in consideration therefor and such transfer of
Receivables was not made for or on account of an antecedent debt. No transfer by any Originator of any Receivable under any Receivables
Sale Agreement 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)  
Enforceability of Contracts. Each Contract, if any, with respect to each Receivable is effective to create, and
has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created
thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its 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).

 

(u)  
Eligible Receivables. Each Receivable included at any time in the Net Receivables Balance as an Eligible Receivable
was, on the date of its purchase under the applicable Receivables Sale Agreement, an Eligible Receivable on such purchase date.

 

(v)  
Net Receivables Balance. Each Seller has determined that, immediately after giving effect to each Purchase hereunder,
the Net Receivables Balance is at least equal to the sum of (i) the Aggregate Capital, plus (ii) the Aggregate Reserves,
plus (iii) the Adjusted LC Participation Amount.

 

(w)  
Accounting. The manner in which such Seller Party accounts for the transactions contemplated by this Agreement and
each Receivables Sale Agreement does not jeopardize the true sale analysis.

 

(x)  
Sanctions and Anti-Corruption Laws.

 

(i)  
Such Seller Party and its Subsidiaries have instituted and maintained policies and procedures reasonably designed to promote
and achieve compliance by such Seller Party, the Subsidiaries and their respective directors, officers and employees (in each
case solely to the extent of their course of employment) with the United States Foreign Corrupt Practices Act

 

    24 

     

    

of
1977 and other similar anti-bribery, anti-corruption and anti-money laundering legislation, rules or regulations, including those
of any other jurisdictions applicable to such Seller Party or any of its Subsidiaries (collectively, “Anti-Corruption
Laws”). Each Seller Party, its Subsidiaries and, to the knowledge of such Seller Party and its Subsidiaries, their respective
directors, officers and employees (in each case solely to the extent of their course of employment by such Seller Party and its
Subsidiaries), are in compliance with all applicable Sanctions and Anti-Corruption Laws in all material respects.

 

(ii)  
Neither the Seller Party nor any of its Subsidiaries, nor, to such Seller Party’s and its Subsidiaries’ knowledge,
any director, officer or employee thereof, is an individual or entity that is, or is owned or controlled by any Persons that are,
the subject or target of any Sanctions, or located, organized or resident in a Designated Jurisdiction.

 

(iii)  
No Seller Party will, nor, to such Seller Party’s knowledge, will any of its Subsidiaries or any Person acting on
behalf of or at the direction of such Seller Party, use the Purchases or Letters of Credits, or use the proceeds from any Purchase
or Letter of Credit, to lend, contribute, provide or otherwise make available to fund any activity or business of any Person who
is the target of any Sanctions, or in any other manner that will result in any material violation by any Purchaser, any LC Participant,
the LC Bank, or the Agent.

 

(y)  
Effectiveness of Orders. The Interim Order at any time prior to the entry of the Final Order and, to the extent
then entered, the Final Order, is in full force and effect and has not been vacated or reversed, is not subject to a stay, and
has not been modified or amended (other than any amendment or modification approved in writing by the Agent and the LC Bank in
their sole discretion).

 

(z)  
Compliance with Orders. Such Seller Party is in compliance in all material respects with the Interim Order at any
time prior the entry of the Final Order and, to the extent then entered, the Final Order.

 

(aa)  
Taxes. Such Seller Party has filed, in accordance with the Bankruptcy Code and subject to any required approvals
of the Bankruptcy Court, all material tax returns required to be filed by it (taking into account any applicable extensions) and
has paid all Taxes shown to be due thereon except such as are being contested in good faith by appropriate proceedings.

 

(bb)  
Full Disclosure. The information, reports, financial statements, exhibits and schedules furnished from time to time
in writing by (or on behalf of) such Seller Party to the Agent, LC Bank or any Purchaser in connection with the Transaction Documents
or included therein or delivered pursuant thereto when taken as a whole do not and will not contain any untrue statement of material
fact or, taken as a whole, omit to state any material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not materially misleading on the date as of which such information is stated or certified, it being
understood for purposes of this paragraph that any projections as to future events are not to be viewed as statements of fact.

 

(cc)  
Compliance. Such Seller Party is in compliance with its certificate or articles of incorporation or by-laws (or
equivalent organizational documents) and all Applicable Laws, Governmental Approvals and contractual obligations applicable to
it.

 

(dd)  
ERISA. Neither any Seller Party nor any ERISA Affiliate maintains, contributes to, has an obligation to contribute
to, or has any liability with respect to, any Benefit Plan.

 

    25 

     

    

Section
5.2  
Representations and Warranties of the Financial Institutions. The LC Bank and each Financial Institution hereby
represents and warrants to the Agent and the Company in such Financial Institution’s Purchaser Group that:

 

(a)  
Existence and Power. It is a corporation or a banking association duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation or organization, and has all corporate power to perform its obligations hereunder.

 

(b)  
No Conflict. Its execution and delivery of this Agreement and the performance of its obligations hereunder are within
its corporate powers, have been duly authorized by all necessary corporate action, do not contravene or violate (i) its certificate
or articles of incorporation or association or by-laws, (ii) any law, rule or regulation applicable to it, (iii) any restrictions
under any material agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or
(iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the
creation or imposition of any Adverse Claim on its assets, except, in any case, where such contravention or violation could not
reasonably be expected to have a material adverse effect on (i) its financial condition or operations, (ii) its ability to perform
its obligations under this Agreement or (iii) the legality, validity or enforceability of this Agreement. This Agreement has been
duly authorized, executed and delivered by it.

 

(c)  
Governmental Authorization. No authorization or approval or other action by, and no notice to or filing with, any
Governmental Authority is required for its due execution and delivery of this Agreement and the performance of its obligations
hereunder, except that has already been received.

 

(d)  
Binding Effect. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry
of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof) this Agreement constitutes
its legal, valid and binding obligation enforceable against it in accordance with its 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 such enforcement is sought in a proceeding in equity or at
law).

 

Section
5.3  
Reaffirmation of Representations and Warranties. On the date of each Purchase hereunder, and on the date each Interim
Report is delivered to the Agent or any Purchaser hereunder, each Seller and each Servicer (other than any Servicer the assets
of which were sold pursuant to a Specified Asset Purchase Agreement as defined under the Fourth Amendment), by accepting the proceeds
of such Purchase and/or the provision of such Interim Report, shall each be deemed to have certified that all representations
and warranties of the Seller and the Servicers, as applicable, described in Section 5.1 above, as from time to time amended
in accordance with the terms hereof, are correct on and as of such day as though made on and as of such day, except for representations
and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct
as of such date), and (ii) no event has occurred and is continuing, or would result from any such Purchase, which constitutes
an Amortization Event or a Potential Amortization Event.

 

Article
VI

CONDITIONS OF PURCHASES

 

Section
6.1  
Conditions Precedent to Effectiveness. The effectiveness of this Agreement is subject to the conditions precedent
that, unless otherwise waived by the Agent in its sole discretion, (a) the Agent shall (x) be reasonably satisfied that the Agent
and each of the other Secured Parties will have protections provided for in the Interim Order and, to the extent then entered,
the Final Order, including the protections of Section 364(e) of the Bankruptcy Code with respect to any priority or lien
granted or debt incurred pursuant to said Interim Order or Final Order and (y) have received on or before the date hereof

 

    26 

     

    

each of
the following, each in form and substance (including the date thereof) reasonably satisfactory to the Agent:

 

(i)  
those documents listed on Schedule B;

 

(ii)  
a copy of the Interim Order entered by the Bankruptcy Court that is in full force and effect and has not been vacated or
reversed, is not subject to a stay, and has not been modified or amended (except for modifications or amendments approved in writing
by the Agent, in each case, acting in its reasonable discretion);

 

(iii)  
evidence that all “first day orders” and all related pleadings intended to be entered on or prior to the entry
of the Interim Order (including “a cash management order”) shall have been entered by the Bankruptcy Court and shall
be reasonably satisfactory in form and substance to the Agent in all respects, and shall not have been (i) stayed, vacated, reversed
or rescinded or (ii) without the prior written consent of the Agent, revised, amended or modified (not to be unreasonably withheld);
and

 

(iv)  
a copy of the DIP Order (as defined in the Financing Orders) entered by the Bankruptcy Court that is in full force and
effect and has not been vacated or reversed, is not subject to a stay, and has not been modified or amended (except for modifications
or amendments approved in writing by the Agent, in each case, acting in its reasonable discretion) and evidence that the effectiveness
of the DIP Facility (as defined in the Financing Orders) shall occur substantially simultaneously with the effectiveness hereof;
and

 

(b)  
the Agent, the LC Bank and the Purchasers shall have received all fees and expenses required to be paid on or prior to
the date hereof, including pursuant to the terms of this Agreement and the Fee Letter; and

 

(c)  
the Agent shall receive evidence that PNC has released its claims against the Sellers for all reimbursement and other obligations
in respect of the Existing Letters of Credit (which evidence may be in the form of the Letter of Credit Backstop Agreement, if
so provided therein).

 

Section
6.2  
Conditions Precedent to All Purchases, Issuances of Letters of Credit and Reinvestments. Each Purchase of a Purchaser
Interest, issuance of a Letter of Credit (other than any Letters of Credit issued or deemed issued under the Existing Agreement)
and each Reinvestment shall be subject to the further conditions precedent that (a) in the case of each such Purchase, issuance
or Reinvestment: (i) the Servicers shall have delivered to the Agent on or prior to the date of such Purchase, in form and substance
satisfactory to the Agent, all Periodic Reports, including, without limitation, the most recent Periodic Report as and when due
under Section 8.5, and (ii) upon the Agent’s request, the Servicers shall have delivered to the Agent at least three
(3) days prior to such Purchase or Reinvestment an interim Monthly Report, Weekly Report, or Interim Report, showing the amount
of Eligible Receivables; (b) the Facility Termination Date shall not have occurred; (c) the Agent shall have received such other
approvals, opinions or documents as it may reasonably request and (d) on the date of each such Incremental Purchase, issuance
of a Letter of Credit or Reinvestment, the following statements shall be true (and acceptance of the proceeds of any of the foregoing
shall be deemed a representation and warranty by Seller that such statements are then true):

 

(i)  
the representations and warranties set forth in Section 5.1 are true and correct on and as of the date of such Incremental
Purchase, issuance of such Letter of Credit or Reinvestment as though made on and as of such date;

 

(ii)  
no event has occurred and is continuing, or would result from such Incremental Purchase, issuance of such Letter of Credit
or Reinvestment, that will constitute an

 

    27 

     

    

Amortization
Event, and no event has occurred and is continuing, or would result from such Incremental Purchase, issuance of such Letter of
Credit or Reinvestment, that would constitute a Potential Amortization Event; and

 

(iii)  
the sum of Aggregate Capital plus the Adjusted LC Participation Amount does not exceed the Purchase Limit and the aggregate
Purchaser Interests do not exceed the Maximum Purchaser Interest Percentage.

 

It is expressly
understood that each Reinvestment shall, unless otherwise directed by the Agent or any Purchaser, occur automatically on each
day that any Servicer shall receive any Collections without the requirement that any further action be taken on the part of any
Person and notwithstanding the failure of any Seller to satisfy any of the foregoing conditions precedent in respect of such Reinvestment.
The failure of any Seller to satisfy any of the foregoing conditions precedent in respect of any Reinvestment shall give rise
to a right of the Agent, which right may be exercised at any time on demand of the Agent, to rescind the related Purchase and
direct the Sellers to pay to the Agent for the benefit of the Purchasers an amount equal to the Collections prior to the Amortization
Date that shall have been applied to the affected Reinvestment.

 

Article
VII

COVENANTS

 

Section
7.1  
Affirmative Covenants of the Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly
paid in full, no Letter of Credit remains outstanding and this Agreement terminates in accordance with its terms, each Seller
Party hereby covenants, as to itself, as set forth below:

 

(a)  
Financial Reporting. Such Seller Party will maintain, for itself and each of its Subsidiaries, a system of accounting
established and administered in accordance with GAAP, and furnish or cause to be furnished to the Agent and each Financial Institution:

 

(i)  
Annual Reporting. Within 90 days after the close of each of its respective fiscal years, audited, unqualified consolidated
financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows)
for Provider for such fiscal year certified in a manner acceptable to the Agent by independent public accountants acceptable to
the Agent.

 

(ii)  
Quarterly Reporting. Solely to the extent that the same shall have been filed with the Securities Exchange Commission,
within 45 days after the close of the first three (3) quarterly periods of each of its respective fiscal years (or, if later,
promptly upon the filing thereof with the Securities and Exchange Commission), (A) consolidated balance sheets of Provider and
its Subsidiaries as at the close of each such period, (B) consolidated statements of income and retained earnings and a statement
of cash flows for Provider for the period from the beginning of such fiscal year to the end of such quarter, (C) the balance sheet
of each Seller as at the close of each such period and (D) statements of income and retained earnings and a statement of cash
flows for each Seller, all certified by its respective chief financial officer or treasurer.

 

(iii)  
Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate in substantially
the form of Exhibit V signed by an Authorized Officer of the Seller Parties and dated the date of such annual financial
statement or such quarterly financial statement, as the case may be.

 

(iv)  
Shareholders Statements and Reports. Promptly upon the furnishing thereof to the shareholders of such Seller Party,
to the extent not available electronically, copies of all financial statements, reports and proxy statements so furnished.

 

    28 

     

    

(v)  
S.E.C. Filings. Promptly upon the filing thereof, to the extent not available electronically, copies of all annual,
quarterly, monthly or other regular reports that Provider or any of its Subsidiaries files with the Securities and Exchange Commission.

 

(vi)  
Copies of Notices. Promptly upon its receipt of any notice, request for consent, financial statements, certification,
report or other communication under or in connection with any Transaction Document from any Person other than the Agent, copies
of the same.

 

(vii)  
Change in Credit and Collection Policies. At least fifteen (15) days prior to the effectiveness of any material
change in or material amendment to any Credit and Collection Policy, a copy of such Credit and Collection Policy then in effect
and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely
to adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables, requesting
the Agent’s and the Required Purchasers’ consent thereto.

 

(viii)  
Copies of Dean Credit Agreement Amendments. Promptly after execution thereof, copies of each amendment to the Dean
Credit Agreement as in effect from time to time notwithstanding any language to the contrary contained
in the definition of “Dean Credit Agreement.”

 

(ix)  
Other Information. Promptly, from time to time, such other information, documents, records or reports relating to
the Receivables or the condition or operations, financial or otherwise, of such Seller Party as the Agent may from time to time
reasonably request in order to protect the interests of the Agent and the Purchasers under or as contemplated by this Agreement.

 

(x)  
Credit Agreement Reporting. Copies of the (A) information required under Sections 5.01(i) and 5.12 of the Dean Credit
Agreement, (B) documentation required under and relating to each Milestone (as defined in the Dean Credit Agreement) under Section
5.14 of the Dean Credit Agreement and (C) any other reports, forecasts and information required to be furnished or delivered under
the Dean Credit Agreement; provided, however, that, other than in the case of clause (B) above, the foregoing shall
only be delivered hereunder to the extent the same has been delivered to the administrative agent under the Dean Credit Agreement
(after giving effect to any waivers or extensions of the requirements thereof).

 

(b)  
Notices. Such Seller Party will notify the Agent and each Financial Institution in writing of any of the following
promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto:

 

(i)  
Amortization Events or Potential Amortization Events. The occurrence of each Amortization Event and each Potential
Amortization Event, by a statement of an Authorized Officer of such Seller Party.

 

(ii)  
Judgment and Proceedings. (A) (1) The entry of any judgment or decree against Provider or any Servicer or any of
its respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Provider or such Servicer
and its respective Subsidiaries could reasonably be expected to have a Material Adverse Effect, and (2) the institution of any
litigation, arbitration proceeding or governmental proceeding against Provider that, if adversely determined, could reasonably
be expected to have a Material Adverse Effect, or against any Servicer; and (B) the entry of any judgment or decree or the institution
of any litigation, arbitration proceeding or governmental proceeding against any Seller.

 

(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.

 

    29 

     

    

(iv)  
Termination Date. The occurrence of the “Termination Date” under and as defined in each Receivables
Sale Agreement.

 

(v)  
Defaults Under Other Agreements. The occurrence of a default or an event of default under any other financing arrangement
pursuant to which such Seller Party is a debtor or an obligor that could reasonably be expected to have a Material Adverse Effect.

 

(vi)  
Certain Dean Credit Agreement Covenants. From and after the first date upon which any Authorized Officer of any
Seller Party becomes aware that the Provider has not complied with the covenants set forth in Section 5.01(i), Section 5.12(b),
and Section 5.14 under the Dean Credit Agreement (other than in the case of any non-compliance with Section 5.14 under the Dean
Credit Agreement, after giving effect to any waivers, extensions or grace periods thereunder).

 

(vii)  
Appointment of Independent Manager. The decision to appoint a new manager of such Seller as an “Independent
Manager” for purposes of this Agreement, such notice to be issued not less than ten (10) days prior to the effective date
of such appointment and to certify that the designated Person satisfies the criteria set forth in the definition herein of “Independent
Manager.”

 

(c)  
Compliance with Laws and Preservation of Corporate Existence. Such Seller Party will comply in all respects with
all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject if
noncompliance with any such law, rule, regulation, order, writ, judgment, injunction, decree or award could reasonably be expected
to have a Material Adverse Effect. Such Seller Party will preserve and maintain its legal 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 qualified could not reasonably be expected,
either individually or in the aggregate, to have a Material Adverse Effect.

 

(d)  
Audits. Such Seller Party will furnish to the Agent (with the Agent providing copies thereof to each Financial Institution,
subject to the Agent receiving any necessary consents to disclosure) from time to time such information with respect to it and
the Receivables as the Agent or the Required Purchasers may reasonably request. Such Seller Party will, from time to time during
regular business hours as requested by the Agent upon reasonable notice, permit the Agent, or its agents or representatives (and
shall cause each Originator to permit the Agent or its agents or representatives), (i) to examine and make copies of and abstracts
from all Records in the possession or under the control of such Person relating to the Receivables and the Related Security, including,
without limitation, the related Writings or Contracts, and (ii) to visit the offices and properties of such Person for the purpose
of examining such materials described in clause (i) above, and to discuss matters relating to such Person’s financial condition
or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s
performance under the Writings or Contracts and, in each case, with any of the officers or employees of any Seller Party having
knowledge of such matters. All such examinations and visits shall be at the sole cost of such Seller Party; provided that
if the Agent or its agents or representatives fails to make any such examination and/or visit during any calendar year period,
any Financial Institution or its agent or representatives may make such examination and/or visit in the Agent’s stead; further
provided, that such audit shall be conducted at the number of offices and properties selected in the Agent’s commercially
reasonable judgment and after consultation with the Provider.

 

(e)  
Keeping and Marking of Records and Books.

 

(i)  
The Servicers will (and will cause each Originator to) 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), 

 

    30 

     

    

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). The Servicers will (and will cause each Originator to) give
the Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence. The
Agent hereby acknowledges that the Servicers have, on or prior to the Fourth Amendment Effective Date, given notice to the Agent
of the changes in the administrative and operating procedures expected to occur in connection with each Specified Asset Sale (as
defined in the Fourth Amendment) and the wind down of operations of and by the Provider Group and the Servicers.

 

(ii)  
Such Seller Party will (and will cause each Originator to) (A) mark its master data processing records and other books
and records relating to the Purchaser Interests with a legend, acceptable to the Agent, describing the Purchaser Interests and
(B) upon the request of the Agent following the occurrence and during the continuance of an Amortization Event (x) mark each Writing
or Contract with a legend describing the Purchaser Interests and (y) deliver to the Agent all Writings and Contracts (including,
without limitation, all multiple originals of any such Writing or Contract) relating to the Receivables.

 

(f)  
Compliance with Contracts and Credit and Collection Policies. Such Seller Party 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 material respects with its respective Credit and Collection Policy in regard to each Receivable
and any related Contract.

 

(g)  
Performance and Enforcement of Receivables Sale Agreements. Each Seller will, and will require each Originator party
thereto to, subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final
Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), perform each of their respective obligations
and undertakings under and pursuant to the Receivables Sale Agreement to which it is a party, will purchase Receivables thereunder
in strict compliance with the terms thereof and will vigorously enforce the rights and remedies accorded to such Seller under
such Receivables Sale Agreement. Each Seller will take all actions to perfect and enforce its rights and interests (and the rights
and interests of the Agent and the Purchasers as assignees of Seller) under the Receivables Sale Agreement to which it is a party
as the Agent may from time to time reasonably request, including, without limitation, making claims to which it
may be entitled under any indemnity, reimbursement or similar provision contained in such Receivables Sale Agreement.

 

(h)  
Ownership. Each Seller will (or will cause each Originator to) take all necessary
action to (i) vest legal and equitable title to the Receivables, the Related Security and the Collections purchased under the
Receivables Sale Agreement to which it is a party irrevocably in such Seller, free and clear of any Adverse Claims other than
Adverse Claims in favor of the Agent and the Purchasers (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 such Seller’s interest in such Receivables, Related Security and Collections and such other action to perfect,
protect or more fully evidence the interest of such Seller therein as the Agent may reasonably request), and (ii) establish and
maintain, in favor of the Agent, for the benefit of the Purchasers, a valid and perfected first priority undivided percentage
ownership interest (and/or a valid and perfected first priority security interest) in all Receivables, Related Security and Collections
to the full extent contemplated herein, free and clear of any Adverse Claims other than Adverse Claims
in favor of the Agent for the benefit of the Purchasers (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 the Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related Security and Collections

 

    31 

     

    

and
such other action to perfect, protect or more fully evidence the interest of the Agent for the benefit of the Purchasers as the
Agent may reasonably request).

 

(i)  
Purchasers’ Reliance. Each Seller acknowledges that the Purchasers are entering into the transactions contemplated
by this Agreement in reliance upon such Seller’s identity as a legal entity that is separate from the Originators. Therefore,
from and after June 30, 2000 (or, May 15, 2002, in the case of Dairy Group II), each Seller shall take all reasonable steps, including,
without limitation, all steps that the Agent or any Purchaser may from time to time reasonably request, to maintain such Seller’s
identity as a separate legal entity and to make it manifest to third parties that such Seller is an entity with assets and liabilities
distinct from those of the Originators and any Affiliates thereof and not just a division of an Originator or any such Affiliate.
Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, each Seller will:

 

(A)  
conduct its own business in its own name and require that all fulltime employees of such Seller, if any, identify themselves
as such and not as employees of any Originator or any Affiliate thereof (including, without limitation, by means of providing
appropriate employees with business or identification cards identifying such employees as such Seller’s employees);

 

(B)  
compensate all employees, consultants and agents directly, from such Seller’s own funds, for services provided to
such Seller by such employees, consultants and agents and, to the extent any employee, consultant or agent of such Seller is also
an employee, consultant or agent of any Originator or any Affiliate thereof, allocate the compensation of such employee, consultant
or agent between such Seller and Originator or such Affiliate, as applicable, on a basis that reflects the services rendered to
such Seller and such Originator or such Affiliate, as applicable;

 

(C)  
clearly identify its offices (by signage or otherwise) as its offices and, if such office is located in the offices of
any Originator or any Affiliate thereof, allocate fairly any overhead for shared office space;

 

(D)  
have a separate telephone number or extension, which will be answered only in its name and separate stationery, invoices
and checks in its own name;

 

(E)  
conduct all transactions with the Originators and the Servicers (including, without limitation, any delegation of its obligations
hereunder as Servicers) strictly on an arm’s-length basis, allocate all overhead expenses (including, without limitation,
telephone and other utility charges) for items shared between such Seller and each Originator (or any Affiliate thereof) on the
basis of actual use to the extent practicable and, to the extent such allocation is not practicable,
on a basis reasonably related to actual use;

 

(F)  
at all times have as its general partner a limited liability company having at least one Independent Manager;

 

(G)  
observe all corporate and/or limited partnership formalities as a distinct entity, and ensure that all corporate and/or
limited partnership actions relating to (A) the selection, maintenance or replacement of the general partner, (B) the dissolution
or liquidation of such Seller or (C) the initiation of, participation in, acquiescence in or consent to any bankruptcy, insolvency,
reorganization or similar proceeding involving Seller, are duly authorized by the Independent Manager of the general partner;

 

    32 

     

    

(H)  
maintain such Seller’s books and records separate from those of each Originator and any Affiliate thereof and otherwise
readily identifiable as its own assets rather than assets of such Originator and any Affiliate thereof;

 

(I)  
prepare its financial statements separately from those of each Originator and insure that any consolidated financial statements
of such Originator or any Affiliate thereof that include such Seller and that are filed with the Securities and Exchange Commission
or any other governmental agency have notes clearly stating that such Seller is a separate corporate entity and that its assets
will be available first and foremost to satisfy the claims of the creditors of such Seller;

 

(J)  
except as herein specifically otherwise provided, maintain the funds or other assets of such Seller separate from, and
not commingled with, those of any Originator or any Affiliate thereof and only maintain bank accounts or other depository accounts
to which such Seller alone is the account party and from which such Seller alone (or the Agent hereunder) has the sole power to
make withdrawals;

 

(K)  
pay all of such Seller’s operating expenses from such Seller’s own assets (except for certain payments by the
Originators or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i));

 

(L)  
operate its business and activities such that: it does not engage in any business or activity of any kind, or enter into
any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than the transactions
contemplated and authorized by this Agreement and the Receivables Sale Agreement to which it is a party (it being understood that
Dairy Group and Dairy Group II may enter into the transactions contemplated by the respective Demand Notes); and does not create,
incur, guarantee, assume or suffer to exist any indebtedness or other liabilities, whether direct or contingent, other than (1)
as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of business, (2) the incurrence of obligations under this Agreement, (3) the incurrence of obligations,
as expressly contemplated in the Receivables Sale Agreement to which it is a party, to make payment to each Originator thereunder
for the purchase of Receivables from any Originator under such Receivables Sale Agreement, and (4) the incurrence of operating
expenses in the ordinary course of business of the type otherwise contemplated by this Agreement;

 

(M)  
maintain its limited partnership agreement in conformity with this Agreement, such that (1) it does not amend, restate,
supplement or otherwise modify its limited partnership agreement in any respect that would impair its ability to comply with the
terms or provisions of any of the Transaction Documents, including, without limitation, Section 7.1(i) of this Agreement;
and (2) its limited partnership agreement, at all times that this Agreement is in effect, provides for not less than ten (10)
days’ prior written notice to the Agent of the replacement or appointment of any director that is to serve as an Independent
Manager for purposes of this Agreement and the condition precedent to giving effect to such replacement or appointment that the
applicable Seller certify that the designated Person satisfied the criteria set forth in the definition herein of “Independent
Manager” and the Agent’s written acknowledgement that in its reasonable judgment the designated Person satisfies the
criteria set forth in the definition herein of “Independent Manager;”

 

(N)  
maintain the effectiveness of, and continue to perform under the Receivables Sale Agreement to which it is a party (and,
in the case of Dairy Group and

 

    33 

     

    

Dairy
Group II, the respective Demand Notes), such that it does not amend, restate, supplement, cancel, terminate or otherwise modify
such Receivables Sale Agreement or the Demand Notes, or give any consent, waiver, directive or approval under such Receivables
Sale Agreement or the Demand Notes, or waive any default, action, omission or breach under such Receivables Sale Agreement or
under the Demand Notes, or otherwise grant any indulgence under such Receivables Sale Agreement or the Demand Notes, without (in
each case) the prior written consent of the Agent and the Required Purchasers;

 

(O)  
maintain its limited partnership separateness such that it does not merge or consolidate with or into, or convey, transfer,
lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated
herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all
of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary;

 

(P)  
maintain at all times the Required Capital Amount (as defined in the Receivables Sale Agreement to which it is a party)
and refrain from making any dividend, distribution, redemption of capital stock or partnership interest or payment of any subordinated
indebtedness that would cause such Required Capital Amount to cease to be so maintained;

 

(Q)  
take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion
issued by Gibson, Dunn & Crutcher LLP, as counsel for such Seller, in connection with this Agreement, dated as of the date
February 19, 2019, and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain
true and correct in all material respects at all times.

 

(j)  
Collections. Such Seller Party 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 any Seller
or any Affiliate of any Seller, such Seller will (except as otherwise specified in Section 8.2(b)) 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, such Seller will itself hold or, if applicable, will
cause such payments to be held in trust for the exclusive benefit of the Agent and the Purchasers. Each Seller or Servicer, as
the case may be, will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each applicable
Lock-Box and Collection Account and shall not grant the right to take dominion and control or grant “control” (within
the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any such Lock-Box or Collection Account at a
future time prior to the Final Payout Date or upon the occurrence of a future event prior to the Final Payout Date to any Person,
except to the Agent as contemplated by this Agreement.

 

(k)  
Taxes. Such Seller Party will file all Tax returns and reports required by law to be filed by it and promptly, in
accordance with the Bankruptcy Code and subject to any required approvals of the Bankruptcy Court, pay all taxes and governmental
charges at any time owing except for taxes not yet due or that are being diligently contested in good faith by appropriate proceedings
and that have been adequately reserved against in accordance with GAAP.

 

(l)  
Payment to Originators. With respect to any Receivable purchased by any Seller from any Originator, such sale shall
be effected under, and in strict compliance with the terms of, the Receivables Sale Agreement to which such Seller is a party,
including, without limitation, the terms relating

 

    34 

     

    

to
the amount and timing of payments to be made to such Originator in respect of the purchase price for such Receivable.

 

(m)  
Compliance with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions. Such Seller Party will maintain in effect
and enforce policies and procedures reasonably designed to achieve material compliance by such Seller Party, its Subsidiaries
and its directors, officers and employees (in each case solely to the extent of their course of employment) with Anti-Corruption
Laws and applicable Anti-Terrorism Laws and Sanctions.

 

Section
7.2  
Negative Covenants of the Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly paid
in full, no Letter of Credit remains outstanding and this Agreement terminates in accordance with its terms, each Seller Party
hereby covenants, as to itself, that:

 

(a)  
Name Change, Jurisdiction of Organization, Offices, Records and Books of Accounts. Such Seller Party will not change
its name, identity, corporate or other organizational structure or jurisdiction of organization (within the meaning of Sections 9-503
and/or 9-507 of the UCC of all applicable jurisdictions) or relocate its chief executive office, principal place of business or
any office where Records are kept unless it shall have: (i) given the Agent at least thirty (30) days’ prior written notice
thereof and (ii) delivered to the Agent all financing statements, instruments and other documents requested by the Agent in connection
with such change or relocation; provided that the commencement and continuation of the Chapter 11 Cases in and of itself
shall not be deemed a violation of this paragraph (a).

 

(b)  
Change in Payment Instructions to Obligors. Except as may be required by Section 7.1(j) or by the Agent pursuant
to Section 8.2(b), such Seller Party 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 the Agent 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 acceptable to the Agent with respect to the new Collection Account or Lock-Box; provided, however, that
the Servicers may make changes in instructions to Obligors regarding payments (and need not give the Agent ten (10) days prior
notice thereof) if such new instructions require such Obligor to make payments to another existing Collection Account; provided,
further, however, that the Servicers may from time to time terminate a Collection Account Agreement with respect
to a Collection Account and/or a Lock-Box if Obligors are instructed to make payments previously made to such Collection Account
and/or Lock-Box to another existing Collection Account and/or Lock-Box. At least quarterly on the first Settlement Date of each
calendar quarter, the Seller Parties will give written notice to the Agent of all changes in the instructions to the Obligors
regarding payments made pursuant to the proviso in the preceding sentence since the prior such notice the Seller Parties delivered
to the Agent (or, in the case of the first such notice, since the date hereof).

 

(c)  
Modifications to Writings, Contracts and Credit and Collection Policies. Such Seller Party will not, and will not
permit any Originator to, make any change to such Originator’s Credit and Collection Policy that could materially (either
individually or in the aggregate) adversely affect the collectability of the Receivables or materially (either individually or
in the aggregate) decrease the credit quality of any newly created Receivables. Except as provided in Section 8.2(d), the
Servicers will not, and will not permit any Originator to, extend, amend or otherwise modify the terms of any Receivable or the
Writing or Contract related thereto other than in accordance with such Originator’s Credit and Collection Policy.

 

(d)  
Sales, Liens. No Seller will 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

 

    35 

     

    

Receivable,
Related Security or Collections, or upon or with respect to the Writing or 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, (i) the
creation of the interests therein in favor of the Agent and the Purchasers provided for herein and (ii) as contemplated under
the Receivables Sale Agreements), and each Seller will defend the right, title and interest of the Agent and the Purchasers in,
to and under any of the foregoing property, against all claims of third parties claiming through or under such Seller
or any Originator. No Seller will create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge
or other similar arrangement on any of its inventory, the financing or lease of which gives rise to any Receivable (other than,
in each case, as contemplated under the Receivables Sale Agreements).

 

(e)  
Net Receivables Balance. At no time prior to the Amortization Date shall any Seller permit the Net Receivables Balance
to be less than an amount equal to the sum of (i) the Aggregate Capital plus (ii) the Aggregate Reserves plus (iii) the Adjusted
LC Participation Amount.

 

(f)  
Termination Date Determination. No Seller will designate the Termination Date (as defined in each Receivables Sale
Agreement) under the Receivables Sale Agreement to which it is a party, or send any written notice to any Originator in respect
thereof, without the prior written consent of the Agent and the Required Purchasers, except with respect to the occurrence of
such Termination Date arising pursuant to Section 5.1(d) of such Receivables Sale Agreement.

 

(g)  
Restricted Junior Payments. From and after the occurrence of any Amortization Event, no Seller will make any Restricted
Junior Payment if, after giving effect thereto, such Seller would fail to meet its obligations set forth in Section 7.2(e).

 

(h)  
Demand Notes. At no time shall (i) Dairy Group cause or permit the aggregate outstanding principal balance of its
Demand Note to exceed $21,325,653 or (ii) Dairy Group II cause or permit the aggregate outstanding principal balance of its Demand
Note to exceed $13,181,876.

 

(i)  
Sanctions. Each Seller Party will not, directly or indirectly, use the proceeds from any Purchase or Letter of Credit,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (a) to
fund any activity or business of or with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is
the target of any Sanctions, unless otherwise authorized by Applicable Laws; or (b) in any other manner that will result in any
violation by any Person participating in the Purchases or Letters of Credit, whether as the Agent, LC Bank, or Purchaser, of any
Sanctions.

 

(j)  
Anti-Corruption Laws. The Seller Parties will not, directly or indirectly, use the proceeds of any Incremental Purchase
or Letter of Credit for any purpose which would breach, in any material respect, any Anti-Corruption Law.

 

Article
VIII

ADMINISTRATION AND COLLECTION

 

Section
8.1  
Designation of Servicers. (a)  The servicing, administration and collection of the Receivables shall be
conducted by such Person or Persons (each such Person, a “Servicer”) so designated from time to time in accordance
with this Section 8.1. Each of the Persons identified on Schedule C hereto is hereby designated as, and hereby agrees
to perform the duties and obligations of, Servicer pursuant to the terms of this Agreement with respect to the Receivables originated
by such entity. The Agent may, and at the direction of the Required Purchasers shall, at any time following
an Amortization Event, designate as Servicer any Person to succeed any existing Servicer or any successor Servicer.

 

(b)  
Without the prior written consent of the Agent and the Required Purchasers, no Servicer shall be permitted to delegate
any of its duties or responsibilities as Servicer to any Person other

 

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than
(i) a Seller and (ii) with respect to certain Charged-Off Receivables, outside collection agencies in accordance with its customary
practices. No Seller shall be permitted to further delegate to any other Person any of the duties or responsibilities of a Servicer
delegated to it by any Servicer. If at any time following an Amortization Event the Agent shall designate as Servicer any Person
other than the Persons identified on Schedule C hereto, all duties and responsibilities theretofore delegated by any Servicer
to any Seller may, at the discretion of the Agent, be terminated forthwith on notice given by the Agent to the Servicers and to
the Administrative Seller.

 

(c)  
Notwithstanding the foregoing paragraph (b), (i) each of the Servicers shall be and remain primarily liable
to the Agent and the Purchasers for the full and prompt performance of all of its duties and responsibilities as a Servicer hereunder
and (ii) the Agent and the Purchasers shall be entitled to deal exclusively with the applicable Servicer in matters relating to
the discharge by such Servicer of its duties and responsibilities hereunder. The Agent and the Purchasers shall not be required
to give notice, demand or other communication to any Person other than the applicable Servicer in order for communication to such
Servicer and its subservicer or other delegate with respect thereto to be accomplished. Each Servicer shall be responsible for
providing any subservicer or other delegate of such Servicer with any notice given to such Servicer under this Agreement.

 

Section
8.2  
Duties of Servicer. (a) Each Servicer shall take or cause to be taken all such actions as may be necessary or advisable
to collect each Receivable originated by such entity from time to time, all in accordance in all material respects with applicable
laws, rules and regulations, with reasonable care and diligence, and in accordance in all material respects with the applicable
Originator’s Credit and Collection Policy.

 

(b)  
Each Servicer will instruct all Obligors to pay all Collections with respect to the
Receivables originated by such entity directly to a Lock-Box or Collection Account; provided, however, that to the
extent that the Originator (other than a Local Originator) of the Receivable giving rise to such Collections, as applicable, currently
permits the Obligor of such Receivable to pay such Collections to a local employee of such Originator, as applicable, such Servicer
will insure that such local employees remit such Collections to a local depository account no less frequently than weekly, and
within two (2) Business Days of such local employee’s deposit of such Collections, such Servicer will cause such Collections
to be deposited directly to a Lock-Box or Collection Account. With respect to payments relating to Receivables that are remitted
directly to any Servicer, such Servicer will remit such payments (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, such Servicer will itself hold or, if applicable, will cause such payments to be held in trust
for the exclusive benefit of the Agent and the Purchasers. Each Servicer shall effect a Collection Account Agreement substantially
in the form of Exhibit VI with each bank party to a Collection Account at any time; provided that the Agent may
in its sole discretion grant each Servicer additional time to effect a Collection Agreement in respect of a Collection Account.
Prior to the delivery of any Collection Notice to any Collection Bank, in the case of any remittances
received in any Lock-Box or Collection Account that shall have been identified, to the satisfaction of the applicable Servicer,
to not constitute Collections or other proceeds of the Receivables or the Related Security (which identification shall occur no
later than two (2) Business Days after such amounts are received therein), such Servicer shall promptly (and, in any event, no
later than one (1) Business Day after such identification) remit such items to the Person identified to it as being the owner
of such remittances and cause such amounts to be removed from such Lock-Box or Collection Account. From and after the date the
Agent delivers to any Collection Bank a Collection Notice pursuant to Section 8.3, (i) the Agent may request that the Servicers,
and the Servicers thereupon promptly shall instruct all Obligors with respect to the Receivables, to remit all payments thereon
to a new depositary account specified by the Agent and, at all times thereafter, each Seller and the Servicers shall not deposit
or otherwise credit, and shall not permit any other Person to deposit or otherwise credit to such new depositary account any cash
or payment item other than Collections and (ii) in the case of any remittances received in any Lock-Box or 

 

    37 

     

    

Collection
Account that shall have been identified by any Servicer to the Agent, to the satisfaction of the Agent, to not constitute Collections
the applicable Servicer, the applicable Seller shall (A) promptly (and, in any event, no later than one (1) Business Day after
such identification) remit such amounts to the Person identified to the Agent as being the owner of such remittances and cause
such amounts to be removed from such Lock-Box or Collection Account and (B) at all times prior to remitting such amounts to such
Person, set aside and hold in trust such amounts for the benefit of such Person provided that any remittances received
in any Lock-Box or Collection Account that have not been identified, to the satisfaction of the Agent, to not constitute Collections,
in accordance with the above, shall be deemed to be Collections.

 

(c)  
The Servicers shall administer the Collections with respect to the Receivables originated by each such entity in accordance
with the procedures described herein and in Article II. The Servicers shall set aside and hold in trust for the account
of the Purchasers their respective shares of the Collections in accordance with Article II. The Servicers shall, upon the
request of the Agent, segregate, in a manner acceptable to the Agent, all cash, checks and other instruments received by it from
time to time constituting Collections from the general funds of each of the Servicers or the Sellers prior to the remittance thereof
in accordance with Article II. If the Servicers shall be required to segregate Collections pursuant to the preceding sentence,
the Servicers shall segregate and deposit with a bank designated by the Agent such allocable share of Collections of Receivables
set aside for the Purchasers on the second Business Day following receipt by any Servicer of such Collections, duly endorsed or
with duly executed instruments of transfer.

 

(d)  
The Servicers may, in accordance with the applicable Originator’s Credit and Collection Policy, extend the maturity
of any Receivable or adjust the Outstanding Balance of any Receivable as the Servicers determine to be appropriate to maximize
Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable
as a Delinquent Receivable or Charged-Off Receivable or limit the rights of the Agent or the Purchasers under this Agreement.
Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an Amortization Event
and until such time as the Aggregate Unpaids have been indefeasibly paid in full, the Agent shall have the absolute and unlimited
right to direct the Servicers to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess
any Related Security.

 

(e)  
The Servicers shall hold in trust for the Servicers and the Purchasers all Records
that (i) evidence or relate to the Receivables, the related Writings and Contracts and Related Security or (ii) are otherwise
necessary or desirable to collect the Receivables and shall, as soon as reasonably practicable upon demand of the Agent, deliver
or make available to the Agent all such Records, at a place selected by the Agent. The Servicers shall, from time to time at the
request of any Purchaser, furnish to the Purchasers (promptly after any such request) a calculation
of the amounts set aside for the Purchasers pursuant to Article II.

 

(f)  
Any payment by an Obligor in respect of any indebtedness owed by it to any Originator or any Seller shall, except as otherwise
specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Agent, be applied as
a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due
and payable thereunder before being applied to any other receivable or other obligation of such Obligor.

 

(g)  
Each Servicer shall direct all Obligors to pay all amounts due with respect to the Receivables originated by such Originator
directly to a Collection Account that is subject to the dominion and control of the Agent, and to use commercially reasonable
efforts to procure that all such payments are paid into the Collection Account notified to such Obligors; provided that
if, notwithstanding the use of commercially reasonable efforts by such Originator to procure the same, any such payment is paid
by an Obligor into an account that is not a Collection Account subject to the dominion and control of the Agent,

 

    38 

     

    

such
Originator shall promptly (and in any event within two (2) Business Days (or such later date as the Agent may reasonably agree)),
transfer such payment into a Collection Account subject to the dominion and control of the Agent.

 

Section
8.3  
Collection Notices. (a) The Agent as of the Effective Date has delivered (pursuant to Section 8.3 of the Existing
Agreement permitting such Agent to take such action at any time) to the Collection Banks the Collection Notices. Each Seller agrees
that the Agent (for the benefit of the Purchasers) has “control” (within the meaning of Section 9-104 of the
UCC of all applicable jurisdictions) of each Lock-Box, the Collection Accounts and the amounts on deposit therein. Each Seller
agrees that the Agent is entitled to (i) endorse such Seller’s name on checks and other instruments representing Collections,
(ii) enforce the Receivables, the related Writings and Contracts and the Related Security and (iii) take such action as shall
be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into
the possession of the Agent rather than the Sellers or any Servicer.

 

Section
8.4  
Account Dominion and Control. (a) The Agent acknowledges that the Sellers prior to the Effective Date entered into
Collection Account Agreements with all of the Collection Banks and delivered original counterparts thereof to the Agent. At all
times on and after the Effective Date, the Agent shall exercise exclusive dominion and control (for the benefit of the Secured
Parties) over each of the Collection Accounts and all funds on deposit therein. The Seller and the Servicers each hereby agree
that, subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final Order
and (y) the Final Order thereafter (and in each case, subject to the terms thereof), the Agent shall have exclusive control (for
the benefit of the Secured Parties) of the proceeds (including Collections) of all Receivables and the Seller and the Servicers
hereby further agree to take any other action that the Agent may reasonably request to ensure that the Agent maintains such control.
Prior to the Final Payout Date, neither the Sellers nor any member of the Provider Group shall have any control over any Collection
Account or any right to withdraw or direct the Agent, any Collection Bank or any other Person to withdraw any Collections on deposit
in any Collection Account.

 

(b)  
Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final Order
and (y) the Final Order thereafter (and in each case, subject to the terms thereof), the Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over the LC Collateral Account and the Seller hereby grants the Agent a
security interest in the LC Collateral Account and all money or other assets on deposit therein or credited thereto. Other than
any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Agent and at the Seller’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in the LC Collateral Account. Amounts, if any, on deposit in the LC Collateral Account prior to the
Final Payout Date shall be applied by the Agent pursuant to and in accordance with Section 1.10(b).

 

Section
8.5  
Reports. (a) The Servicers shall prepare and forward to the Agent and each Financial Institution (i) on the 20th
calendar day of each month (or, if such day is not a Business Day, the next succeeding Business Day) and at such times as
the Agent or the Required Purchasers shall request, a Monthly Report and (ii) at such times as the Agent or the Required Purchasers
shall request, a Weekly Report and/or a listing by Obligor of all Receivables together with an aging of such Receivables.

 

(b)  
Each Servicer may, in its sole discretion, and shall at the direction of the Agent (which direction may be given no more
than once per week unless an Amortization Event has occurred and is continuing), deliver an Interim Report to the Agent on any
Business Day. Upon receipt of such Interim Report, the Agent shall promptly review such Interim Report to determine if such Interim
Report constitutes a Qualifying Interim Report. In the event that the Agent reasonably determines that such Interim Report constitutes
a Qualifying Interim Report, so long as no Amortization Event or Potential Amortization Event

 

    39 

     

    

has
occurred and is continuing, the Agent shall promptly remit to the Servicers from the Collection Accounts (or the LC Collateral
Account, if applicable) the lesser of (i) the amount identified on such Qualifying Interim Report as Collections on deposit in
the Collection Accounts and/or LC Collateral Account in excess of the amount necessary to ensure that the Purchaser Interest does
not exceed 100% and (ii) the aggregate amount of available Collections then on deposit in the Collection Accounts and the LC Collateral
Account. For purposes of this clause (g), “Qualifying Interim Report” shall mean any Interim Report that satisfies
each of the following conditions: (A) the Purchaser Interest as set forth in such Interim Report shall not exceed 100%; (B) such
Interim Report is calculated as of the immediately prior Business Day and (C) the Agent does not in good faith reasonably believe
that any of the information or calculations set forth in such Interim Report are false or incorrect in any material respect (and
notice of any such determination shall be provided promptly to the applicable Servicer). Notwithstanding anything to the contrary
herein, no amounts shall be withdrawn from the Collection Accounts (or the LC Collateral Account, if applicable) except in accordance
with this Section 8.5(b).

 

Section
8.6  
Servicing Fees. In consideration of the agreement by each of the Persons listed on Schedule C to act as a
Servicer hereunder, the Purchasers hereby agree that, so long as any of the Persons listed on Schedule C shall continue
to serve in the capacity of a Servicer hereunder, Seller shall pay over to such Persons collectively, a fee (the “Servicing
Fee”) (a) in respect of each Settlement Period occurring prior to the Amortization Date, on each Settlement Date for
the immediately preceding Settlement Period and (b) in respect of the period (i) commencing on the Amortization Date and (ii)
ending on the Final Payout Date, on such Final Payout Date, equal to 1% (one percent) per annum (the “Servicing Fee Rate”)
of the average Net Receivables Balance during such period, as compensation for their servicing activities. Such Servicing Fee
shall be allocated among the Persons listed on Schedule C as such parties shall mutually determine.

 

Section
8.7  
Responsibilities of the Sellers. Anything herein to the contrary notwithstanding, the exercise by the Agent and
the Purchasers of their rights hereunder shall not release the Servicers, the Originators or any Seller from any of their duties
or obligations with respect to any Receivables or under the related Writings or Contracts. The Purchasers shall have no obligation
or liability with respect to any Receivables or related Writings or Contracts, nor shall any of them be obligated to perform the
obligations of any Seller.

 

Article
IX

AMORTIZATION EVENTS

 

Section
9.1  
Amortization Events. The occurrence of any one or more of the following events shall constitute an Amortization
Event:

 

(a)  
Any Seller Party shall fail (i) to make any payment or deposit of any amount consisting of Capital required hereunder when
due, or (ii) to make any payment or deposit of any other amount required hereunder when due (including without limitation any
Reimbursement Obligations or deposits required to be made to the LC Collateral Account) and such failure shall continue for two
(2) consecutive Business Days, or (iii) to perform or observe any term, covenant or agreement set forth in Section 7.2
hereof, or (iv) to perform or observe any term, covenant or agreement set forth in Section 7.1(a)(iv), (a)(v), (a)(viii)
or (c) (second sentence only), and such failure shall continue for thirty (30) consecutive days or (v) to perform
or observe any other term, covenant or agreement hereunder (other than as referred to in clauses (i), (ii),
(iii) or (iv) of this paragraph (a)) and such failure shall continue for five (5) consecutive Business
Days.

 

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(b)  
Any representation, warranty, certification or statement made by any Seller Party in this Agreement, any Periodic Report,
any other Transaction Document or in any other document delivered pursuant hereto or thereto shall prove to have been incorrect
when made or deemed made.

 

(c)  
Failure of any Seller or Provider or any of its Subsidiaries to pay any Indebtedness when due or the failure of any other
Seller Party or Provider or any of its Subsidiaries to pay any principal of or premium or interest under (x) any Eligible DIP
Facility, or (y) any other Indebtedness when due in excess of $50,000,000 or the default by any Seller Party or Provider in the
performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is
governed (other than (i) any required prepayment of Indebtedness secured by a Permitted Lien (as defined in the Dean Credit Agreement)
that becomes due as the result of the disposition of the assets subject to such Lien (as defined in the Dean Credit Agreement)
so long as such disposition is permitted by this Agreement and permitted or not prohibited by the Financing Orders or (ii) any
such defaults that occur solely as a result of the commencement of the Chapter 11 Cases), the effect of which is to cause,
or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity
or any such Indebtedness of any Seller Party or Provider or any of its Subsidiaries 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; provided, for
the avoidance of doubt, that this clause (c) shall not be caused by any Indebtedness of any Filing Debtor that was incurred
prior to the Filing Date (or, if later, the date on which such Person became a Filing Debtor) to the extent the remedies under
such Indebtedness relating to the event or condition that would otherwise cause this clause (c) are subject to the automatic
stay under section 362 of the Bankruptcy Code.

 

(d)  
 (i) Any Seller shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay
its debts generally or shall make a general assignment for the benefit of creditors, or (ii) any proceeding shall be instituted
by or against any Seller seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official
for it or any substantial part of its property or (iii) any Seller shall take any corporate action to authorize any of the actions
set forth in clauses (i) or (ii) above in this paragraph (d).

 

(e)  
Any Seller shall fail to comply with the terms of Section 2.6 hereof and such failure shall not have been remedied
within one Business Day.

 

(f)  
(i) As at the end of any calendar month, the average of the Default Ratios for the three most recently-ended calendar months
shall exceed 4.50%, or (ii) as at the end of any calendar month, the average of the Dilution Ratios for the three most recently-ended
calendar months shall exceed 2.25%, or (iii) as at the end of any calendar month, the average of the Delinquency Ratios for the
three most recently-ended calendar months shall exceed 2.50%.

 

(g)  
A Change of Control shall occur.

 

(h)  
(i) One or more final judgments for the payment of money shall be entered against any Seller or (ii) one or more final
judgments for the payment of money in an amount in excess of $50,000,000, individually or in the aggregate, shall be entered against
any Servicer 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.

 

(i)  
The “Termination Date” under and as defined in any Receivables Sale Agreement shall occur under any such Receivables
Sale Agreement or any Seller or any Originator shall fail to observe any term or condition of any Receivables Sale Agreement or
shall waive its right to enforce the terms and conditions of any Receivables Sale Agreement, or any Originator shall for any reason
cease to transfer, or

 

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cease
to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables to any Seller under any Receivables
Sale Agreement (other than an Immaterial Originator which ceases to transfer Receivables subject to and in accordance with Section
1.7 of any Receivables Sale Agreement).

 

(j)  
This Agreement shall terminate in whole or in part (except in accordance with its terms), or shall cease to be effective
or to be the legally valid, binding and enforceable obligation of any Seller, or any Obligor shall directly or indirectly contest
in any manner such effectiveness, validity, binding nature or enforceability, or the Agent for the benefit of the Purchasers shall
cease to have a valid and perfected first priority security interest in the Receivables, the Related Security and the Collections
with respect thereto and the Collection Accounts.

 

(k)  
Provider shall fail to perform or observe any term, covenant or agreement required to be performed by it under any Performance
Undertaking, or any Performance Undertaking shall cease to be effective or to be the legally valid, binding and enforceable obligation
of Provider, or Provider shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability.

 

(l)  
Any Person shall be appointed as an Independent Manager of a Seller without prior notice thereof having been given to the
Agent in accordance with Section 7.1(b)(vii) or without the written acknowledgement by the Agent that such Person conforms,
to the satisfaction of the Agent, with the criteria set forth in the definition herein of “Independent Manager”

 

(m)  
(i)  Provider shall fail to own, free and clear of any Adverse Claims (except
any Adverse Claim in favor of the Collateral Agent in accordance with the Dean Credit Agreement), in the aggregate, either directly
or indirectly, 100% of the limited partnership interests of Dairy Group and 99.9% of the partnership
interests of Dairy Group, or Dairy Group Receivables GP, LLC (f/k/a Suiza Receivables GP, LLC) shall fail to own, free and clear
of any Adverse Claims (except any Adverse Claim in favor of the Collateral Agent in accordance with the Dean Credit Agreement),
100% of the general partnership interests of Dairy Group and 0.1% of the partnership interests of Dairy Group, or Provider and
Suiza Dairy Group, LLC shall fail to own, free and clear of any Adverse Claims (except any Adverse Claim in favor of the Collateral
Agent in accordance with the Dean Credit Agreement), in the aggregate, either directly or indirectly, 100% of the membership interests
of Dairy Group Receivables GP, LLC.

 

(ii)  
Provider shall fail to own, free and clear of any Adverse Claims (except any Adverse Claim in favor of the Collateral Agent
in accordance with the Dean Credit Agreement), in the aggregate, either directly or indirectly, 100% of the limited partnership
interests of Dairy Group II and 99.9% of the partnership interests of Dairy Group II, or Dairy Group Receivables GP II, LLC shall
fail to own, free and clear of any Adverse Claims (except any Adverse Claim in favor of the Collateral Agent in accordance with
the Dean Credit Agreement), 100% of the general partnership interests of Dairy Group II and 0.1% of the partnership interests
of Dairy Group II, or Provider and Dean Dairy Holdings, LLC shall fail to own, free and clear of any Adverse Claims (except any
Adverse Claim in favor of the Collateral Agent in accordance with the Dean Credit Agreement), in the aggregate, either directly
or indirectly, 100% of the membership interests of Dairy Group Receivables GP II, LLC.

 

(n)  
(x) An Event of Default (as defined in the Dean Credit Agreement) resulting from the failure to observe or perform any
covenant, condition or agreement contained in Section 5.14 of the Dean Credit Agreement occurs or shall be deemed to have occurred
and be continuing thereunder (without giving effect to any waiver by the lenders under the Dean Credit Agreement) or (y) any other
Event of Default (as defined in the Dean Credit Agreement) (other than an Event of Default resulting from the failure to observe
or perform any covenant, condition or agreement contained in Section 5.14 of the Dean Credit Agreement) shall have occurred and
be continuing thereunder and such Event of Default (as defined in the Dean Credit Agreement) has not been waived by the lenders
under the Dean Credit Agreement;

 

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(o)  
Any Seller or any member of the Provider Group shall voluntarily or involuntarily dissolve or be dissolved, liquidate,
or be liquidated, or file a motion with the Bankruptcy Court seeking (or support or consent to any person seeking) authorization
to so dissolve or liquidate (including, without limitation, in any Insolvency Proceeding);

 

(p)  
Any Letter of Credit is drawn upon and is not fully reimbursed by the applicable Seller (whether by a Participation Advance
or otherwise) within two (2) Business Days from the date it is required to be reimbursed by the Seller pursuant to Section
1.9(b);

 

(q)  
An order with respect to any of the Chapter 11 Cases shall be entered by the Bankruptcy Court (or any member of the Provider
Group shall file an application or motion or pleading for entry of or in support of an order) (i) dismissing or converting to
a case under section 1112 of the Bankruptcy Code or otherwise to a case under Chapter 7 of the Bankruptcy Code or (ii) appointing
a trustee under Chapter 7 or Chapter 11 of the Bankruptcy Code, a responsible officer under section 1104 of the Bankruptcy Code,
or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in Sections 1106(a)(3)
and (4) of the Bankruptcy Code) relating to the operation of the business under section 1106(b) of the Bankruptcy Code;

 

(r)  
An order of the Bankruptcy Court shall be entered in any of the Chapter 11 Cases (i) staying, reversing, vacating, amending,
supplementing or otherwise modifying any of the Financing Orders or any member of the Provider Group shall apply for authority
to do so or (ii) permitting any administrative expense or any claim (now existing or hereafter arising, of any kind or nature
whatsoever) to have administrative priority as to any member of the Provider Group, equal to or superior to the priority of the
Superpriority Claims granted to the Agent or any other Secured Party other than the “Carve Out” (as defined in the
Financing Orders) and the pari passu administrative expense claim granted pursuant to the DIP Order (as defined in the Financing
Orders) to the DIP Agent and the other DIP Secured Parties (in each case, as defined in the DIP Order), in each case, without
the prior written consent of the Agent;

 

(s)  
Any member of the Provider Group shall file a pleading seeking or consenting to the matters described in clauses (q)
or (r) above;

 

(t)  
Any member of the Provider Group shall oppose, or support (in any such case by way of any motion or other pleading filed
with the Bankruptcy Court) any other Person’s opposition of, any motion made in the Bankruptcy Court by the Agent or any
other Secured Party seeking confirmation of the validity, priority or extent of the liens or other interests of the Agent granted
pursuant to the Transaction Documents;

 

(u)  
The filing by any member of the Provider Group of any motion or proceeding to approve a DIP Facility or provide for any
other relief that grants a lien on any Pool Assets without the prior written consent of the Agent;

 

(v)  
The entry of an order authorizing recovery by any Person from the Pool Assets for any costs of preservation or disposition
thereof under Section 506(c) of the Bankruptcy Code or the filing by any member of the Provider Group of a motion seeking
such an order;

 

(w)  
The filing by any member of the Provider Group of any motion or proceeding that could reasonably be expected to result
in material impairment of the Agent’s or any Secured Party’s rights under the Transaction Documents; or a final determination
by the Bankruptcy Court (or any other court of competent jurisdiction) with respect to any motion or proceeding brought by any
other party that results in any material impairment of the Agent’s or any Secured Party’s rights under the Transaction
Documents, unless such suit or other proceeding is in connection with the enforcement of the Transaction Documents against the
Agent or such Secured Party;

 

    43 

     

    

(x)  
The entry of one or more orders granting relief from the automatic stay with respect to any proceeding involving any member
of the Provider Group (excluding each Seller), so as to allow any third party to proceed against (i) the assets of any member
of the Provider Group (excluding each Seller) constituting Pool Assets, which have a value in excess of $5,000,000 in the aggregate
or (ii) the equity of any Seller;

 

(y)  
The existence of any Adverse Claim on any Pool Assets;

 

(z)  
Any member of the Provider Group makes any payment on any Indebtedness of any member of the Provider Group arising before
the Filing Date, other than as permitted by order of the Bankruptcy Court or as otherwise agreed to by the Agent;

 

(aa)  
A Final Order shall not have been entered within 45 days following the Filing Date (or such later date as consented to
in writing by the Agent in its sole and absolute discretion); or from and after the date of entry thereof, the Final Order shall
cease to be in full force and effect (or shall have been vacated, stayed, reversed, modified or amended), in each case without
the prior written consent of the Agent and each Purchaser;

 

(bb)  
Provider or any of its Affiliates shall fail to comply with any provision of the applicable Financing Order;

 

(cc)  
Any member of the Provider Group filing, proposing, supporting, or failing to contest in good faith the filing or confirmation
of a plan or a motion seeking approval of a sale of all or substantially all of the Purchaser Group’s assets that, in either
case, does not provide for indefeasible payment in full in cash of all obligations owed by any member of the Provider Group (excluding
each Seller) to the Purchasers (other than Contingent Obligations not yet due and payable as of the effective date of such plan)
upon effectiveness; except pursuant to a transaction permitted or not prohibited under this Agreement (including, for the avoidance
of doubt, pursuant to the “Sale Process” as defined in the Dean Credit Agreement) or otherwise permitted by the Financing
Orders; unless otherwise agreed by the Agent (including any applicable agreements by the Agent set forth in this Agreement or
the Financing Orders);

 

(dd)  
Either (i) an order of the Bankruptcy Court shall be entered in any of the Chapter 11 Cases, after the entry of an order
approving the Transaction Documents, approving a DIP Facility that is not an Eligible DIP Facility or (ii) any member of the Provider
Group (excluding each Seller) enters into a DIP Facility that is not an Eligible DIP Facility;

 

(ee)  
The Bankruptcy Court shall enter an order denying or terminating the Provider Group’s use of prepetition cash collateral,
and the Provider Group has not obtained the use of cash collateral (consensually or non-consensually);

 

(ff)  
If any Seller or any member of the Provider Group is enjoined, restrained or in any way prevented by an order of a court
of competent jurisdiction (other than an order of the Bankruptcy Court approved by the Agent) from continuing to conduct all or
any material part of its business or affairs; or

 

(gg)  
If any Seller is determined by the Bankruptcy Court (or other court of competent jurisdiction) to be substantively consolidated
with any other member of the Provider Group.

 

Notwithstanding
the foregoing, for the avoidance of doubt, the commencement and continuation of the Chapter 11 Cases, or any action taken to approve
the commencement of the Chapter 11 Cases shall not constitute an Amortization Event or a Potential Amortization Event.

 

Section
9.2  
Remedies. Subject in all respects to the terms of the Financing Orders (including any notice periods therein), upon
the occurrence and during the continuation of an Amortization Event, the Agent may, or upon the direction of the Required Purchasers
shall, take any of the following actions:

 

    44 

     

    

(i) replace
any Person then acting as Servicer, (ii) declare the Amortization Date to have occurred, whereupon the Amortization Date shall
forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller
Party; provided, however, that (A) upon the occurrence of an Amortization Event described in Section 9.1(d)(ii), or of
an actual or deemed entry of an order for relief with respect to any Seller Party under the Bankruptcy Code, the Amortization
Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by
each Seller Party and (B) upon the occurrence of an Amortization Event described in Section 9.1(a), 9.1(d) or 9.1(e),
by three (3) Business Days’ notice to the Agent, each other Purchaser and the Administrative Seller, the affected Financial
Institution in the case of a Section 9.1(a) Amortization Event and any Financial Institution in the case of a Section
9.1(d) or 9.1(e) Amortization Event may terminate its Commitment hereunder whereupon such Financial Institution shall
be deemed to be a “Terminating Financial Institution” for the purposes hereof, (iii) to the fullest extent permitted
by Applicable Law, declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids outstanding at such
time, (iv) deliver the Collection Notices to the Collection Banks, (v) notify Obligors of the Purchasers’ interest in the
Receivables, and (vi) notify Provider of the Purchaser’s interest in the Demand Notes, make demand for any and all payments
due thereunder and direct that such payments be made directly to the Agent or its designee. The aforementioned rights and remedies
shall be without limitation, and shall be in addition to all other rights and remedies of the Agent and the Purchasers 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
X

INDEMNIFICATION

 

Section
10.1   Indemnities
by the Seller Parties. Without limiting any other rights that the Agent, the LC Bank, any Purchaser, any Funding Source or
any of their respective Affiliates may have hereunder or under Applicable Law, (A) each Seller hereby agrees to indemnify (and
pay upon demand to) the Agent, the LC Bank, each Purchaser, each Funding Source and their respective Affiliates, assigns, officers,
directors and employees (each an “Indemnified Party”) from and against any and all damages, losses, claims,
liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may
be employees of any Indemnified Party) and disbursements (all of the foregoing being collectively referred to as “Indemnified
Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement, or the use of
the proceeds of any Purchase hereunder, or the acquisition, funding or ownership, either directly or indirectly, by a Purchaser
or a Funding Source of a Purchaser Interest or of an interest in the Receivables, or any Receivable or any Contract or any Writing,
or the issuance of any Letters of Credit in connection with this Agreement or the making of any Participation Advances in connection
therewith, or any action of any Seller Party, any Originator or any Affiliate of any of the foregoing and (B) the Servicers hereby
agree to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any
of them arising out of any Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing instances
under the preceding clauses (A) and (B):

 

(i)  
Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts
resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; or

 

(ii)  
Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account
of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor;

 

    45 

     

    

provided,
however, that nothing contained in this sentence shall limit the liability of any Seller Party or limit the recourse of
the Purchasers to any Seller Party for amounts otherwise specifically provided to be paid by such Seller Party under the terms
of this Agreement. Without limiting the generality of the foregoing indemnification, each Seller Party shall indemnify each Indemnified
Party for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether
reimbursement therefor would constitute recourse to any Seller or any Servicer) relating to or resulting from:

 

(i)  
any representation or warranty made by any Seller Party or any Originator in its capacity as a seller under any Receivables
Sale Agreement (or any officers of any such Person) under or in connection with this Agreement, any other Transaction Document
or any other information or report delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect
when made or deemed made;

 

(ii)  
the failure by any Seller, any Servicer, any Originator to comply with any applicable law, rule or regulation with respect
to any Receivable or Writing or Contract related thereto, or the nonconformity of any Receivable or Writing or Contract included
therein with any such applicable law, rule or regulation or any failure of any Originator to keep or perform any of its obligations,
express or implied, with respect to the Writing or Contract;

 

(iii)  
any failure of any Seller, any Servicer, any Originator 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 Writing or 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 Writing or 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 an Incremental Purchase, a Reinvestment or drawings under any
Letter of Credit, the ownership of the Purchaser Interests, the issuance of any Letters of Credit or any other investigation,
litigation or proceeding relating to any Seller, any Servicer, any Originator 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 Amortization Event described in Section 9.1(d);

 

(x)  
any failure of any Seller to acquire and maintain legal and equitable title to, and ownership of any Receivable and the
Related Security and Collections with respect thereto from the applicable Originator, free and clear of any Adverse Claim (other
than as created

 

    46 

     

    

hereunder);
or any failure of any Seller to give reasonably equivalent value to applicable Originator under the Receivables Sale Agreement
to which it is a party in consideration of the transfer thereunder by such Originator of any Receivable
or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action;

 

(xi)  
any failure to vest and maintain vested in the Agent for the benefit of the Purchasers, or to transfer to the Agent for
the benefit of the Purchasers, legal and equitable title to, and ownership of, a first priority perfected undivided percentage
ownership interest (to the extent of the Purchaser Interests contemplated hereunder) or security interest in the Receivables,
the Related Security and the Collections, free and clear of any Adverse Claim (except as created by the Transaction Documents);

 

(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 any Incremental Purchase or Reinvestment or at any
subsequent time;

 

(xiii)  
any action or omission by any Seller Party that reduces or impairs the rights of the Agent or the Purchasers with respect
to any Receivable or the value of any such Receivable;

 

(xiv)  
any attempt by any Person to void any Incremental Purchase or Reinvestment hereunder under statutory provisions or common
law or equitable action; and

 

(xv)  
the failure of any Receivable included in the calculation of the Net Receivables Balance as an Eligible Receivable to be
an Eligible Receivable at the time so included.

 

This Section
10.1 shall not apply with respect to Taxes other than any Taxes that represent damages, losses, claims, liabilities, costs,
or expenses arising from any non-Tax claim.

 

Section
10.2   Increased
Cost and Reduced Return.

 

(a)  
If any Regulatory Requirement (i) subjects the LC Bank, any Purchaser or any Funding
Source (in such capacity, each, an “Affected Person”) to any Taxes on or with respect to any Funding Agreement
or this Agreement or the LC Bank’s, a Purchaser’s or Funding Source’s commitment or other obligations under
a Funding Agreement or this Agreement, or on or with respect to the Receivables, any Purchaser Interest, any Letter of Credit
or any Participation Advances, or changes the basis of taxation of payments to any Purchaser or any Funding Source of any amounts
payable under any Funding Agreement or this Agreement (in each case, other than the following Taxes or changes in the rate of
the following Taxes: (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax,
insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities
of the LC Bank, a Funding Source or a Purchaser, or credit extended by the LC Bank, a Funding Source or a Purchaser pursuant to
a Funding Agreement or this Agreement or (iii) imposes any other condition (other than Taxes) the result of which is to increase
the cost to the LC Bank, a Funding Source or a Purchaser of maintaining its commitment or performing its other obligations under
a Funding Agreement or this Agreement, or to reduce the rate of return on the LC Bank’s, a Funding Source’s or Purchaser’s
capital or assets as a consequence of its commitment or other obligations under a Funding Agreement or this Agreement, or to reduce
the amount of any sum received or receivable by the LC Bank, a Funding Source or a Purchaser under a Funding Agreement or this
Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by
it, then, upon demand by the Agent, the Sellers shall pay to the Agent, for the benefit of the LC Bank, the relevant 

 

    47 

     

    

Funding
Source or the Purchaser, as applicable, such amounts charged to such LC Bank, Funding Source or Purchaser or such amounts to otherwise
compensate such LC Bank, Funding Source or such Purchaser for such increased cost or such reduction. The term “Regulatory
Requirement” shall mean (i) the adoption after the date hereof of any applicable law, rule or regulation (including
any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or any change therein after the date
hereof or (ii) any change after the date hereof in the interpretation or administration thereof by any Governmental Authority,
or compliance with any request or directive (whether or not having the force of law) of any such Governmental Authority; provided
that for purposes of this definition, (x) the United States bank regulatory rule titled Risk-Based Capital Guidelines;
Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modification to Generally Accepted Accounting
Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted on December 15, 2009,
(y) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations
or directives thereunder, issued in connection therewith or in implementation thereof (whether or not having the force of law),
and (z) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities (whether or not having the force of law), shall in each case be deemed to be a “Regulatory Requirement”
adopted after the date hereof, regardless of the date enacted, adopted, issued, promulgated or implemented. The Sellers acknowledge
that any LC Bank, Funding Source or Purchaser may institute measures in anticipation of a final or proposed Regulatory Requirement
(including, without limitation, the imposition of internal charges on such LC Bank’s, Funding Source’s or Purchaser’s
interests or obligations under this Agreement), and may commence allocating charges to or seeking compensation from the Sellers
under this Section 10.2 in connection with such measures, in advance of the effective date of such final or proposed Regulatory
Requirement, and the Sellers agree to pay such charges or compensation to the Agent, for the benefit of such LC Bank, Funding
Source or Purchaser, following demand therefor without regard to whether such proposed Regulatory Requirement has been adopted
or whether such effective date has occurred. The Sellers further acknowledge that any charge or compensation demanded hereunder
may take the form of a monthly charge to be assessed by such LC Bank, Purchaser or Funding Source.

 

(b)  
A certificate of the applicable LC Bank, Purchaser or Funding Source setting forth the amount or amounts necessary to compensate
such LC Bank, Purchaser or Funding Source pursuant to paragraph (a) of this Section
10.2 shall be delivered to the Sellers and shall be conclusive absent manifest error. The Sellers shall pay the Agent,
for distribution to such LC Bank, Purchaser or Funding Source, the amount as due on any such certificate on the next Settlement
Date following receipt of such notice.

 

(c)  
If any Purchaser or any Funding Source has or anticipates having any claim for compensation from the Seller pursuant to
clause (iii) of the definition of Regulatory Requirement appearing in paragraph (a) of this Section
10.2, and such Purchaser or Funding Source believes that having the facility publicly rated by one credit rating agency
would reduce the amount of such compensation by an amount deemed by such Purchaser or Funding Source to be material, such Purchaser
or Funding Source shall provide written notice to the Sellers and the Servicers (a “Ratings Request”) that
such Purchaser or Funding Source intends to request a public rating of the facility from one credit rating agency selected by
such Purchaser or Funding Source and reasonably acceptable to the Sellers, of at least “A” or its equivalent (the
“Required Rating”). The Sellers and the Servicers agree that they shall cooperate with such Purchaser’s
or Funding Source’s efforts to obtain the Required Rating, and shall provide the applicable credit rating agency (either
directly or through distribution to the Agent, Purchaser or Funding Source), any information requested by such credit rating agency
for purposes of providing and monitoring the Required Rating. The Purchasers shall pay the initial fees payable to the credit
rating agency for providing the rating and the Sellers shall pay all ongoing fees payable to the credit rating agency for their
continued monitoring of the rating. Nothing in this Section 10.2(c) shall preclude any Purchaser or Funding Source from
demanding compensation from the Seller pursuant to Section 10.2(a) hereof at any time and without regard to whether

 

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the
Required Rating shall have been obtained, or shall require any Purchaser or Funding Source to obtain any rating on the facility
prior to demanding any such compensation from the Sellers.

 

(d)  
Notwithstanding anything to the contrary, for purposes of this Section 10.2, (i)
the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines and directives promulgated
thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or any Governmental Authority, any central bank of any
jurisdiction, comparable agency or other Person, in each case pursuant to, or implementing, the accord known as Basel III, are,
in the case of each of clause (i) and clause (ii) above, deemed to have been introduced or adopted after the date hereof,
regardless of the date enacted, adopted, issued, promulgated or implemented.

 

Section
10.3   Other
Costs and Expenses. Each Seller Party shall reimburse the Agent, the LC Bank and each Purchaser on demand for all costs and
out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the transactions
contemplated hereby and the other documents to be delivered hereunder, including without limitation, the cost of any auditors
auditing the books, records and procedures of any Seller Party on behalf of the Agent, the LC Bank or the Purchasers (subject
to the limitations set forth in Section 7.1(d) with respect to annual audits), reasonable fees and out-of-pocket expenses
of legal counsel for each Purchaser, the LC Bank and the Agent (which such counsel may be employees of any Purchaser, the LC Bank
or the Agent) with respect thereto and with respect to advising any Purchaser, the LC Bank or the Agent as to their respective
rights and remedies under this Agreement. Each Seller Party shall reimburse the Agent on demand for any and all costs and expenses
of the Agent, the LC Bank and the Purchasers, 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 an Amortization Event. Each Seller Party shall reimburse
each Company on demand for all other costs and expenses incurred by such Company (“Other Costs”), including,
without limitation, the cost of auditing such Company’s books by certified public accountants, the cost of rating the Commercial
Paper by independent financial rating agencies, and the reasonable fees and out-of-pocket expenses of counsel for such Company
or any counsel for any shareholder of such Company with respect to advising such Company or such shareholder as to matters relating
to such Company’s operations. This Section 10.3 shall not apply with respect to Taxes, which shall be governed exclusively
by Section 10.7.

 

Section
10.4   Allocations.
Each Company shall allocate the liability for Other Costs among the Sellers and other Persons with whom such Company has entered
into agreements to purchase interests in receivables (“Other Sellers”). If any Other
Costs are attributable to the Sellers and not attributable to any Other Seller, the Sellers shall be solely liable for such Other
Costs. However, if Other Costs are attributable to Other Sellers and not attributable to the Sellers, such Other Sellers shall
be solely liable for such Other Costs. All allocations to be made pursuant to the foregoing provisions of this Article X
shall be made by the applicable Company in its sole discretion and shall be binding on the Sellers and the Servicers.

 

Section
10.5   Accounting
Based Consolidation Event. Upon demand by the Agent, the Sellers shall pay to the Agent, for the benefit of the relevant Funding
Source, such amounts as such Funding Source reasonably determines will compensate or reimburse such Funding Source for any (i)
fee, expense or increased cost charged to, incurred or otherwise suffered by such Funding Source, (ii) reduction in the rate of
return on such Funding Source’s capital or reduction in the amount of any sum received or receivable by such Funding Source
or (iii) internal capital charge or other imputed cost determined by such Funding Source to be allocable to the Sellers or the
transactions contemplated in this Agreement, in each case resulting from or in connection with the consolidation, for financial
and/or regulatory accounting purposes, of all or any portion of the assets and liabilities of Company or, if applicable, its related

 

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commercial
paper issuer, that are subject to this Agreement or any other Transaction Document with all or any portion of the assets and liabilities
of a Funding Source. Amounts under this Section 10.5 may be demanded at any time without regard to the timing of issuance
of any financial statement by the Conduit or by any Funding Source. A certificate of the Funding Source setting forth the amount
or amounts necessary to compensate such Funding Source pursuant to this Section 10.5 shall be delivered to the Sellers
and shall be conclusive absent manifest error. The Sellers shall pay such Funding Source the amount as due on any such certificate
on the next Settlement Date following receipt of such notice.

 

Section
10.6   Required
Ratings. The Agent shall have the right at any time to request that a public rating of the Purchaser Interests of at least
“AA” or its equivalent (the “Agent Required Rating”) be obtained from one credit rating agency
acceptable to the Agent. Each of the Sellers and the Servicers agree that they shall cooperate with the Agent’s efforts
to obtain the Agent Required Rating, and shall provide the Agent, for distribution to the applicable credit rating agency, any
information requested by such credit rating agency for purposes of providing the Agent Required Rating. Any such request (a “Agent
Ratings Request”) shall be in writing, and if the Agent Required Rating is not obtained within 60 days following the
date of such Agent Ratings Request (unless the failure to obtain the Agent Required Rating is solely the result of the Agent’s
failure to provide the credit rating agency with sufficient information to permit the credit rating agency to perform its analysis,
and is not the result of the Sellers’ or the Servicer’s failure to cooperate or provide sufficient information to
the Agent), (i) upon written notice by the Agent to the Sellers, which notice shall be given no less than 60 days following such
failure to obtain the Agent Required Rating, the Amortization Date shall occur, and (ii) outstanding Capital shall thereafter
incur the Default Fee. The Purchasers shall pay the initial fees payable to the credit rating agency for providing the Agent Required
Rating, and the Sellers shall pay all ongoing fees payable to the credit rating agency for its continued monitoring of the Agent
Required Rating.

 

Section
10.7   Taxes.

 

(a)  
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Seller under any Transaction
Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable
Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Seller shall be increased as
necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section 10.7) the applicable Recipient receives an amount equal to the sum it would
have received had no such deduction or withholding for Indemnified Taxes been made.

 

(b)  
Payment of Other Taxes by the Seller. The Seller shall timely pay to the relevant Governmental Authority in accordance
with Applicable Law, or at the option of the Agent timely reimburse it for, Other Taxes.

 

(c)  
Evidence of Payments. As soon as practicable after any payment of Taxes by any Seller to a Governmental Authority
pursuant to this Section 10.7, such Seller shall deliver to the Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Agent.

 

(d)  
Indemnification by the Sellers. The Sellers shall indemnify each Recipient, within 10 days after written demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by

 

    50 

     

    

such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate setting forth in reasonable detail the amount of such payment or liability delivered to the Sellers by
a Purchaser (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Purchaser, shall be conclusive absent
manifest error.

 

(e)  
Indemnification by the Financial Institutions. Each Financial Institution shall
severally indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Financial
Institution or any Company in its Purchaser Group (but only to the extent that any Seller has not already indemnified the Agent
for such Indemnified Taxes and without limiting the obligation of the Sellers to do so), (ii) any Taxes attributable to such Purchaser’s
failure to comply with the provisions of Section 12.2 relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Financial Institution or any Company in its Purchaser Group, in each case, that are payable
or paid by the Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Financial Institution by the Agent shall be conclusive absent manifest
error. Each Financial Institution hereby authorizes the Agent to set off and apply any and all amounts
at any time owing to such Financial Institution under any Transaction Document or otherwise payable by the Agent to the Financial
Institution from any other source against any amount due to the Agent under this paragraph (e).

 

(f)  
Status of Purchasers. (i) Any Purchaser that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Transaction Document shall deliver to the Sellers and the Agent, at the time or times reasonably
requested by a Seller or the Agent, such properly completed and executed documentation prescribed by Applicable Law or reasonably
requested by a Seller or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Purchaser, if reasonably requested by a Seller or the Agent, shall deliver such other documentation prescribed
by Applicable Law or reasonably requested by such Seller or the Agent as will enable such Seller or the Agent to determine whether
or not such Purchaser is subject to backup withholding or information reporting requirements. Notwithstanding anything to the
contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 10.7(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Purchaser’s
reasonable judgment such completion, execution or submission would subject such Purchaser to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Purchaser.

 

(ii)  
Without limiting the generality of the foregoing, in the event that the Seller is a U.S. Person:

 

(A)  
any Purchaser that is a U.S. Person shall deliver to the Sellers and the Agent on or prior to the date on which such Purchaser
becomes a Purchaser under this Agreement (and from time to time thereafter upon the reasonable request of a Seller or the Agent),
executed originals of IRS Form W-9 certifying that such Purchaser is exempt from U.S. Federal backup withholding tax;

 

(B)  
any Foreign Purchaser shall, to the extent it is legally entitled to do so, deliver to the Sellers and the Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Purchaser becomes a

 

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Purchaser
under this Agreement (and from time to time thereafter upon the reasonable request of a Seller or the Agent), whichever of the
following is applicable;

 

(1)  
in the case of a Foreign Purchaser claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Transaction Document, executed originals of IRS Form W-8BEN, W-8BEN-E or any
successor form establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN,
W-8BEN-E or any successor form establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty;

 

(2)  
executed originals of IRS Form W-8ECI;

 

(3)  
in the case of a Foreign Purchaser claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit XII-1 to the effect that such
Foreign Purchaser is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of either Seller within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (y) executed originals of IRS Form W-8BEN, W-8BEN-E or any successor form; or

 

(4)  
to the extent a Foreign Purchaser is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, W-8BEN-E or any successor form, a U.S. Tax Compliance Certificate substantially
in the form of Exhibit XII-2 or Exhibit XII-3, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Purchaser is a partnership and one or more direct or indirect partners
of such Foreign Purchaser are claiming the portfolio interest exemption, such Foreign Purchaser may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit XII-4 on behalf of each such direct and indirect partner;

 

(C)  
any Foreign Purchaser shall, to the extent it is legally entitled to do so, deliver to the Sellers and the Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Purchaser becomes a Purchaser
under this Agreement (and from time to time thereafter upon the reasonable request of the Seller or the Agent), executed originals
of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. Federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Seller
or the Agent to determine the withholding or deduction required to be made; and

 

(D)  
if a payment made to a Purchaser under any Transaction Document would be subject to U.S. Federal withholding Tax imposed
by FATCA if such Purchaser were to fail to comply with the applicable reporting requirements of FATCA (including those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), such Purchaser shall deliver to the Seller and the Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Seller or the Agent such documentation prescribed
by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably

 

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requested
by the Seller or the Agent as may be necessary for the Seller and the Agent to comply with their obligations under FATCA and to
determine that such Purchaser has complied with such Purchaser’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

 

Each Purchaser
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Sellers and the Agent in writing of its legal inability to do so.

 

(g)  
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 10.7 (including by the payment
of additional amounts pursuant to this Section 10.7), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 10.7 with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in
no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its
Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h)  
Status of the Agent. Upon reasonable request by the Seller, Agent shall deliver to the Seller, on or before the
date on which it becomes the Agent hereunder, either (i) a duly executed original IRS Form W-9 (or any applicable successor form)
certifying that the Agent is not subject to backup withholding, or (ii) (A) a duly completed executed original IRS Form W-8ECI
to establish that the Agent is not subject to withholding Taxes under the Internal Revenue Code with respect to any amounts payable
for the account of the Agent under any of the Transaction Documents and (B) a duly executed original IRS Form W-8IMY (or applicable
successor form) certifying that it is a U.S. branch that has agreed to be treated as a U.S. person for United States federal withholding
Tax purposes with respect to payments received by it from the Seller for the account of others under the Transaction Documents.
The Agent shall promptly notify the Seller at any time it determines that it is no longer in a position to provide the certification
described in the preceding sentence. The Agent shall also, at the time or times prescribed by law and at such time or times reasonably
requested by the Seller, provide the Seller such documentation as prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Seller as may be necessary for the
Seller to comply with its FATCA obligations, to determine whether the Agent has or has not complied with its FATCA obligations,
and to determine the amount, if any, to deduct and withhold from a payment to the Agent.

 

(i)  
Survival. Each party’s obligations under this Section 10.7 shall survive the resignation or replacement
of the Agent or any assignment of rights by, or the replacement of, a Purchaser, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Transaction Document.

 

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(j)  
Defined Terms. For purposes of this Section 10.7, the term “Purchaser” includes the LC
Bank and the term “Applicable Law” includes FATCA.

 

Article
XI

THE AGENT

 

Section
11.1   Authorization
and Action. Each Purchaser hereby designates and appoints Coöperatieve Rabobank U.A., New York Branch to act as its agent
hereunder and under each other Transaction Document, and authorizes the Agent to take such actions as agent on its behalf and
to exercise such powers as are delegated to the Agent by the terms of this Agreement and the other Transaction Documents together
with such powers as are reasonably incidental thereto. Each Purchaser hereby consents to the terms of the Fee Letter and directs
and authorizes the Agent to enter into the Fee Letter on its behalf. The LC Bank hereby designates and appoints Coöperatieve
Rabobank U.A., New York Branch to act as its agent hereunder and under each other Transaction Document in respect of protecting
and maintaining the security interest granted under Section 14.14(a), and authorizes the Agent to take such actions as
agent on its behalf and to exercise such powers as are delegated to the Agent by the terms of this Agreement and the other Transaction
Documents together with such powers as are reasonably incidental thereto. The Agent shall not have
any duties or responsibilities, except those expressly set forth herein or in any other Transaction Document, or any fiduciary
relationship with any Purchaser or the LC Bank, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities on the part of the Agent shall be read into this Agreement or any other Transaction Document or otherwise exist for
the Agent. In performing its functions and duties hereunder and under the other Transaction Documents, the Agent shall act solely
as agent for the Purchasers and the LC Bank to the extent set forth herein, and does not assume nor shall be deemed to have assumed
any obligation or relationship of trust or agency with or for any Seller Party or any of such Seller Party’s successors
or assigns. The Agent shall not be required to take any action that exposes the Agent to personal liability or that is contrary
to this Agreement, any other Transaction Document or Applicable Law. The appointment and authority of the Agent hereunder shall
terminate upon the date on which the Commitments have terminated, no Letters of Credit are outstanding and all Aggregate Unpaids
have been indefeasibly paid in full. The LC Bank and each Purchaser hereby authorizes the Agent to file such Uniform Commercial
Code financing statements against the Seller Parties as it may deem necessary or desirable in its sole discretion.

 

Section
11.2   Delegation
of Duties. The Agent may execute any of its duties under this Agreement and each other Transaction Document by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent
shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

Section
11.3   Exculpatory
Provisions. Neither the Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully
taken or omitted to be taken by it or them under or in connection with this Agreement or any other Transaction Document (except
for its, their or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to the LC
Bank or any of the Purchasers for any recitals, statements, representations or warranties made by any Seller Party contained in
this Agreement, any other Transaction Document or any certificate, report, statement or other document referred to or provided
for in, or received under or in connection with, this Agreement, or any other Transaction Document or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other Transaction Document or any other document
furnished in connection herewith or therewith, or for any failure of any Seller Party to perform its obligations hereunder or
thereunder, or for the satisfaction of any condition specified in Article VI, or for the perfection, priority, condition,
value or sufficiency of any collateral pledged in connection herewith. The Agent shall not be under any obligation to the LC Bank
or any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained
in, or conditions of, this Agreement or any

 

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other Transaction
Document, or to inspect the properties, books or records of the Seller Parties. The Agent shall not be deemed to have knowledge
of any Amortization Event or Potential Amortization Event unless the Agent has received notice from a Seller, the LC Bank or a
Purchaser.

 

Section
11.4   Reliance
by Agent. The Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and
upon advice and statements of legal counsel (including, without limitation, counsel to the Sellers),
independent accountants and other experts selected by the Agent. The Agent shall in all cases be fully justified in failing or
refusing to take any action under this Agreement or any other Transaction Document unless it shall first receive such advice or
concurrence of the LC Bank, the Required Purchasers or all of the Purchasers, as applicable, as it deems appropriate and it shall
first be indemnified to its satisfaction by the Financial Institutions, provided that unless and until the Agent shall
have received such advice, the Agent may take or refrain from taking any action, as the Agent shall deem advisable and in the
best interests of the LC Bank and the Purchasers. The Agent shall in all cases be fully protected in acting, or in refraining
from acting, in accordance with a request of the LC Bank, the Required Purchasers or all of the Purchasers, as applicable, and
such request and any action taken or failure to act pursuant thereto shall be binding upon the LC Bank and all the Purchasers.

 

Section
11.5   Non-Reliance
on Agent and Other Purchasers. Each Purchaser expressly acknowledges that neither the Agent, nor any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Agent
hereafter taken, including, without limitation, any review of the affairs of any Seller Party, shall be deemed to constitute any
representation or warranty by the Agent. The LC Bank and each Purchaser represents and warrants to the Agent that it has and will,
independently and without reliance upon the Agent or any other Purchaser and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial
and other conditions and creditworthiness of any Seller and made its own decision to enter into this Agreement, the other Transaction
Documents and all other documents related hereto or thereto.

 

Section
11.6   Reimbursement
and Indemnification. The Financial Institutions agree to reimburse and indemnify the Agent and its officers, directors, employees,
representatives and agents, ratably based on the ratio of each Financial Institution’s Commitment to the aggregate Commitment
(or, following the termination of the Commitments, the ratio of Capital of the Purchaser Interests of the Purchaser Group of which
such Financial Institution is a part to the Aggregate Capital of all Purchaser Interests), to the extent not paid or reimbursed
by the Seller Parties (i) for any amounts for which the Agent, acting in its capacity as Agent, is entitled to reimbursement by
the Seller Parties hereunder and (ii) for any other expenses incurred by the Agent, in its capacity as Agent and acting on behalf
of the Purchasers, in connection with the administration and enforcement of this Agreement and the other Transaction Documents;
provided that the Agent shall not be entitled to any indemnity or reimbursement under this Section 11.6 for any
expenses resulting from the gross negligence or willful misconduct of the Agent, as determined by a final and non-appealable judgment
rendered by a court of competent jurisdiction. Without limiting the generality of the foregoing, each Financial Institution agrees
to reimburse the Agent and the LC Bank, ratably according to their Pro Rata Shares, promptly upon demand, for any out-of-pocket
expenses (including reasonable counsel fees) incurred by the Agent or the LC Bank in connection with the administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of its
rights or responsibilities under, this Agreement.

 

Section
11.7   Agent
in Its Individual Capacity. The Agent and its Affiliates may make loans to, accept deposits from and generally engage in any
kind of business with any Seller or any Affiliate of any Seller as though the Agent were not the Agent hereunder. With respect
to the acquisition of Purchaser

 

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Interests
or the making of Participation Advances pursuant to this Agreement, the Agent shall have the same rights and powers under this
Agreement in its individual capacity as any Purchaser (including any Purchaser that is an LC Participant) and may exercise the
same as though it were not the Agent, and the terms “Financial Institution,” “Related Financial Institution,”
“Purchaser,” “Financial Institutions,” “Related Financial Institutions,”
“LC Participant” and “Purchasers” shall include the Agent in its individual capacity.

 

Section
11.8   Successor
Agent. The Agent may, upon five days’ notice to the Administrative Seller, the LC Bank and the Purchasers, and the Agent
will, upon the direction of all of the Purchasers (other than the Agent, in its individual capacity) resign as Agent. If the Agent
shall resign, then the Required Purchasers during such five-day period shall appoint, with the consent of the Administrative Seller,
such consent not to be unreasonably withheld or delayed, from among the Purchasers a successor agent. If for any reason no successor
Agent is appointed by the Required Purchasers during such five-day period, then effective upon the termination of such five day
period, the Purchasers shall perform all of the duties of the Agent hereunder and under the other Transaction Documents and the
Sellers and the Servicers (as applicable) shall make all payments in respect of the Aggregate Unpaids directly to the applicable
Purchasers and for all purposes shall deal directly with the Purchasers. After the effectiveness of any retiring Agent’s
resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations hereunder and under the
other Transaction Documents and the provisions of this Article XI and Article X shall continue in effect for its
benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other
Transaction Documents.

 

Section
11.9   No Other
Duties, etc. Anything herein to the contrary notwithstanding, the co-agent listed on the cover page or signature pages hereof
shall not have any powers, duties or responsibilities under this Agreement or any of the other Transaction Documents, except in
its capacity, as applicable, as a Company, Financial Institution, LC Participant or LC Bank hereunder.

 

Article
XII

ASSIGNMENTS; PARTICIPATIONS

 

Section
12.1   Assignments.
(a)  Each Seller Party, the LC Bank, the Agent and each Purchaser hereby agree and consent to the complete or partial
assignment by any Company of all or any portion of its rights under, interest in, title to and obligations under this Agreement
to any Funding Source pursuant to any Funding Agreement or to any other Person, and upon such assignment, such Company shall be
released from its obligations so assigned. Further, each Seller Party, the LC Bank, the Agent and each Purchaser hereby agree
that any assignee of any Company of this Agreement or of all or any of the Purchaser Interests of any Company shall have all of
the rights and benefits under this Agreement as if the term “Company” explicitly referred to and included such
party (provided that (i) the Purchaser Interests of any such assignee that is a Company or a commercial paper conduit shall
accrue CP Costs based on such Company’s Company Costs or on such commercial paper conduit’s cost of funds, respectively,
and (ii) the Purchaser Interests of any other such assignee shall accrue Yield pursuant to Section 4.1), and no such assignment
shall in any way impair the rights and benefits of any Company hereunder. Neither any Seller nor any Servicer shall have the right
to assign its rights or obligations under this Agreement.

 

(b)  
Any Financial Institution may at any time and from time to time assign to one or more
Persons (“Purchasing Financial Institutions”) all or any part of its rights and obligations
under this Agreement (including in its capacity as an LC Participant, if applicable) pursuant to an assignment agreement, substantially
in the form set forth in Exhibit VII hereto (the “Assignment Agreement”) executed by such Purchasing
Financial Institution and such selling Financial Institution. The consent of the Company in such selling Financial Institution’s
Purchaser Group and the consent of the Agent and the LC Bank shall be required prior to the effectiveness of any such assignment.
Each assignee of a Financial Institution must (i) have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s
and (ii) agree to deliver to 

 

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the
Agent, promptly following any request therefor by the Agent or the Company in such selling Financial Institution’s Purchaser
Group, an enforceability opinion in form and substance satisfactory to the Agent and such Company (such opinion may be delivered
by in-house counsel of such assignee). Upon delivery of the executed Assignment Agreement to the Agent, such selling Financial
Institution shall be released from its obligations hereunder to the extent of such assignment. Thereafter the Purchasing Financial
Institution shall for all purposes be a Financial Institution party to this Agreement and shall have all the rights and obligations
of a Financial Institution (including, without limitation, the applicable obligations of a Related Financial Institution) under
this Agreement to the same extent as if it were an original party hereto and no further consent or action by any Seller, the Purchasers,
the LC Bank or the Agent shall be required.

 

(c)  
Each of the Financial Institutions agrees that in the event that its short-term debt rating is below A-1 by S&P and
below P-1 by Moody’s (an “Affected Financial Institution”), such Affected Financial Institution shall
be obliged, at the request of the Company in such Affected Financial Institution’s Purchaser Group or the Agent, to assign
all of its rights and obligations hereunder to (x) another Financial Institution in such Affected Financial Institution’s
Purchaser Group or (y) another funding entity nominated by the Agent and acceptable to the Company in such Affected Financial
Institution’s Purchaser Group, and willing to participate in this Agreement through the Liquidity Termination Date in the
place of such Affected Financial Institution; provided that the Affected Financial Institution receives payment in full,
pursuant to an Assignment Agreement, of an amount equal to such Financial Institution’s Pro Rata Share of the Aggregate
Capital owing to the Financial Institutions in such Affected Financial Institution’s Purchaser Group and all accrued but
unpaid Yield, fees and other costs and expenses owing to such Affected Financial Institution.

 

Section
12.2   Participations.
Any Financial Institution may, in the ordinary course of its business at any time sell to one or more Persons (each a “Participant”)
participating interests in its Pro Rata Share of the Purchaser Interests and Participation Advances of the Financial Institutions
in such Financial Institution’s Purchaser Group or any other interest of such Financial Institution hereunder. Notwithstanding
any such sale by a Financial Institution of a participating interest to a Participant, such Financial Institution’s rights
and obligations under this Agreement shall remain unchanged, such Financial Institution shall remain solely responsible for the
performance of its obligations hereunder, and each Seller, the LC Bank, each Company and the Agent shall continue to deal solely
and directly with such Financial Institution in connection with such Financial Institution’s rights and obligations under
this Agreement. Each Financial Institution agrees that any agreement between such Financial Institution
and any such Participant in respect of such participating interest shall not restrict such Financial Institution’s right
to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver
or modification described in Section 14.1(b)(i). Each Purchaser that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Sellers, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Purchaser Interests or other obligations
under the Transaction Documents (the “Participant Register”). The entries in the Participant Register shall
be conclusive absent manifest error, and such Purchaser shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

 

Section
12.3   Federal
Reserve. Any Financial Institution may at any time pledge or grant a security interest in all or any portion of its rights
(including, without limitation, any Purchaser Interest and any rights to payment of Capital and Yield) under this Agreement to
secure obligations of such Financial Institution to a Federal Reserve Bank, and this Section shall not apply to any such pledge
or grant of a security interest; provided that no such pledge or grant of a security interest shall release a Financial
Institution from any of its obligations hereunder, or substitute any such pledgee or grantee for such Financial Institution as
a party hereto.

 

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Section
12.4   Replacement
of Purchaser Groups. If any Purchaser or Funding Source requests compensation under Section 14.1(b)(i) or if any Seller
is required to pay any Indemnified Taxes or additional amounts to any Purchaser or LC Bank or any Governmental Authority for the
account of any Purchaser or LC Bank pursuant to Section 10.7, then the Sellers may, at their sole expense and effort (including
payment of any applicable processing and recordation fees), upon notice to such Purchaser or Funding Source and the Agent, require
each Purchaser in the related Purchaser Group to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Section 12.1), all of its respective interests, rights (other than its existing rights to payments
pursuant to Section 10.7) and obligations under this Agreement to an assignee that shall assume such obligations (which
assignee may be another Company or Financial Institution, as applicable, if a Company or Financial Institution accepts such assignment);
provided, that (i) the Sellers shall have received the prior written consent of the Agent with respect to any assignee
that is not already a member of a Purchaser Group hereunder, which consent shall not unreasonably be withheld, conditioned or
delayed, (ii) each member of such assigning Purchaser Group shall have received payment of an amount equal to all outstanding
Capital, accrued CP Costs and Yield in respect thereof, accrued fees and all other Aggregate Unpaids payable to it hereunder,
from the assignee (to the extent of such outstanding Capital) or the Sellers (in the case of all other amounts) and (iii) such
assignment will result in a reduction in such compensation or payments under Section 10.2(a) or Section 10.7. A
Purchaser shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such
Purchaser or otherwise, the circumstances entitling the Sellers to require such assignment and delegation cease to exist.

 

Article
XIII

INTENTIONALLY OMITTED

 

Article
XIV

MISCELLANEOUS

 

Section
14.1   Waivers
and Amendments. (a)  No failure or delay on the part of the Agent or any Purchaser 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 in accordance with the
provisions of this Section 14.1(b). Each Company, each Seller and the Agent, at the direction of the Required Purchasers,
may enter into written modifications or waivers of any provisions of this Agreement, provided, however, that with respect
to any modification or waiver, the Rating Agencies then rating the commercial paper notes issued by any Company shall have confirmed
that the ratings of the commercial paper notes of such Company will not be downgraded or withdrawn as a result of such modification
or waiver; and provided, further, that no such modification or waiver shall:

 

(i)  
without the consent of each affected Purchaser, (A) extend the Liquidity Termination Date or the date of any payment or
deposit of Collections by any Seller or any Servicer, (B) reduce the rate or extend the time of payment of Yield, any fees or
any CP Costs (or any component of Yield or CP Costs), (C) reduce any fee payable to the Agent for the benefit of the Purchasers,
(D) except pursuant to Article XII hereof, change the amount of the Capital of any Purchaser, any Financial Institution’s
Pro Rata Share, any Company’s Pro Rata Share, any LC Participant’s LC Share, any Financial Institution’s Commitment
or LC Amount or any Company’s Company Purchase Limit (other than, to the extent applicable, pursuant to Section 4.6),
(E) amend, modify or waive any provision of the definition of Required Purchasers or this Section 14.1(b), (F)

 

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consent
to or permit the assignment or transfer by any Seller of any of its rights and obligations under this Agreement, (G) change the
definition of “Eligible Receivable,” “Loss Reserve,” “Yield and Servicer Reserve,”
“Default Ratio,” “Delinquency Ratio,” “Dilution Reserve,” or “Dilution
Ratio” or amend or modify Section 9.1(f) or (H) amend or modify any defined term (or any defined term used directly
or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention
of the restrictions set forth in such clauses; or

 

(ii)  
without the written consent of the then Agent, amend, modify or waive any provision of this Agreement if the effect thereof
is to affect the rights or duties of such Agent.

 

Notwithstanding
the foregoing, (i) without the consent of the Financial Institutions, but with the consent of the Administrative Seller, the Agent
may amend this Agreement solely to add additional Persons as Financial Institutions hereunder and (ii) the Agent, the Required
Purchasers and each Company may enter into amendments to modify any of the terms or provisions of Article XI, Section
14.13 or any other provision of this Agreement without the consent of any Seller Party, provided that such amendment
has no negative impact upon such Seller Party and provided further that the Rating Agencies then rating the commercial
paper notes issued by any Company shall have confirmed that the ratings of the commercial paper notes of such Company will not
be downgraded or withdrawn as a result of such amendments. Any modification or waiver made in accordance with this Section
14.1 shall apply to each of the Purchasers equally and shall be binding upon each Seller Party, the Purchasers and the Agent.

 

Section
14.2   Notices.
Except as provided in this Section 14.2, all communications and notices provided for hereunder shall be in writing (including
bank wire, telecopy, electronic facsimile transmission, e-mail or similar writing) and shall be given to the other parties hereto
at their respective addresses, telecopy numbers or e-mail addresses set forth on Schedule E hereto or at such other address,
telecopy number or e-mail address 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 (i) if given by telecopy, upon the receipt thereof, (ii) if
given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid
or (iii) if given by any other means, when received at the address specified in this Section 14.2. Each Seller hereby authorizes
the Agent and the Purchasers to effect purchases and, selections of CP (Tranche) Accrual Periods, Tranche Periods and Discount
Rates based on telephonic notices made by any Person whom the Agent or applicable Purchaser in good faith believes to be acting
on behalf of such Seller. Each Seller agrees to deliver promptly to the Agent and each applicable Purchaser a written confirmation
of each telephonic notice signed by an authorized officer of such Seller; provided, however, the absence of such
confirmation shall not affect the validity of such notice. If the written confirmation differs from the action taken by the Agent
or applicable Purchaser, the records of the Agent or applicable Purchaser shall govern absent manifest error.

 

Section
14.3   Ratable
Payments. If any Purchaser, whether by setoff or otherwise, has payment made to it with respect to any portion of the Aggregate
Unpaids owing to such Purchaser (other than payments received pursuant to Section 10.2 or 10.3) in a greater proportion
than that received by any other Purchaser entitled to receive a ratable share of such Aggregate Unpaids, such Purchaser agrees,
promptly upon demand, to purchase for cash without recourse or warranty a portion of such Aggregate Unpaids held by the other
Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such Aggregate Unpaids; provided
that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such purchase shall be rescinded
and the purchase price restored to the extent of such recovery, but without interest.

 

Section
14.4   Protection
of Ownership Interests of the Purchasers. (a)  Each Seller 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 reasonably desirable,
or that the Agent may request, to perfect, protect or more fully evidence the Purchaser Interests, or to enable the Agent or the
Purchasers to exercise

 

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and enforce
their rights and remedies hereunder. Without limiting the foregoing, each Seller will, upon the request of the Agent or the Required
Purchasers, execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such
other instruments and documents, that may be necessary or desirable, or that the Agent may reasonably request, to perfect, protect
or evidence such Purchaser Interests. At any time after the occurrence and during the continuation of an Amortization Event, the
Agent may, or the Agent may direct any Seller or any Servicer to, notify the Obligors of Receivables, at the Sellers’ expense,
of the ownership or security interests of the Purchasers 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 the Agent or its designee. The Sellers or the Servicers
(as applicable) shall, at any Purchaser’s request, withhold the identity of such Purchaser in any such notification.

 

(b)  
If any Seller Party fails to perform any of its obligations hereunder, the Agent or any Purchaser may (but shall not be
required to) perform, or cause performance of, such obligations, and the Agent’s or such Purchaser’s costs and expenses
incurred in connection therewith shall be payable by the Sellers as provided in Section 10.3. Each Seller Party irrevocably
authorizes the Agent at any time and from time to time in the sole discretion of the Agent, and appoints the Agent as its attorney-in-fact,
to act on behalf of such Seller Party (i) to execute on behalf of any Seller as debtor and to file financing or continuation statements
(and amendments thereto and assignments thereof) necessary or desirable in the Agent’s sole discretion to perfect and to
maintain the perfection and priority of the interest of the Purchasers and the LC Bank in the Receivables 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 the Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection
and priority of the interests of the Purchasers in the Receivables. The financing statements described in this Section 14.4(b)
may describe the collateral in the same manner as described herein or may contain an indication or description of collateral
that describes such property in any other manner as the Agent may determine, in its sole and absolute discretion, is necessary,
advisable or prudent to ensure the perfection and priority of the interests of the Purchasers in the Receivables, the Related
Security and the Collections, and of the security interest granted hereunder, including, without limitation, describing such property
as “all assets” or “all personal property” or “all assets, whether now owned or hereafter acquired”
or “all personal property of the debtor, whether now owned or hereafter acquired”. This appointment is coupled with
an interest and is irrevocable. The authorization set forth in the second sentence of this Section 14.4(b) is intended
to meet all requirements for authorization by a debtor under Article 9 of any applicable enactment of the UCC, including,
without limitation, Section 9-509 thereof.

 

Section
14.5   Confidentiality.
(a)  Each Seller Party, the LC Bank and each Purchaser 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 the Agent,
the LC Bank and each Purchaser and their respective businesses obtained by it or them in connection with the structuring, negotiating
and execution of the transactions contemplated herein, except that such LC Bank, such Seller Party and such Purchaser and its
officers and employees may disclose such information to such LC Bank’s, such Seller Party’s and such Purchaser’s
external accountants and attorneys and as required by any Applicable Law or order of any judicial or administrative proceeding
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information
and instructed to keep such information confidential; provided that this Agreement may be filed with the Bankruptcy Court
in connection with seeking entry of the Financing Orders).

 

(b)  
Anything herein to the contrary notwithstanding, each Seller Party hereby consents to the disclosure of any nonpublic information
with respect to it (i) to the Agent, the Financial Institutions or the Companies by each other, (ii) subject to an agreement containing
provisions substantially the same as those of this Section 14.5(b), by the Agent, the LC Bank or the Purchasers to any
prospective or actual assignee or participant of any of them, (iii) subject to an agreement containing provisions substantially
the same as those of this Section 14.5(b), by the Agent or any Purchaser to any Funding Source, Commercial

 

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Paper
dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Company or any entity organized for the purpose
of purchasing, or making loans secured by, financial assets for which Rabobank acts as the administrative agent, (iv) to any officers,
directors, employees, outside accountants, advisors and attorneys of any of the foregoing (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information
confidential) and (v) by the Agent or any Purchaser to any rating agency,. In addition, the Purchasers (and credit enhancers and
other Funding Sources to the Purchasers), the LC Bank and the Agent 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). Notwithstanding any other express or implied agreement to the contrary, the parties
agree and acknowledge that each of them and each of their employees, representatives, and other agents may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure,
except to the extent that confidentiality is reasonably necessary to comply with U.S. federal or state securities laws. For purposes
of this paragraph, the terms “tax treatment” and “tax structure” have the meanings specified in Treasury
Regulation Section 1.6011-4(c).

 

Section
14.6   Bankruptcy
Petition.

 

(a)  
Each Seller, the Servicers, the LC Bank, the Agent, each Financial Institution and each Company (except with respect to
itself) 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 Funding Source that is a special purpose bankruptcy remote entity or of any Company, it will not institute
against, or join any other Person in instituting against, any such entity or any Company 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)  
Each Seller (except with respect to itself), the Servicers, the LC Bank, the Agent, each Financial Institution and each
Company 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 Seller, it will not institute against, or join any other Person in instituting against, any such entity
or any Seller 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
14.7   Limitation
of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of any Company, the
LC Bank, the Agent or any Financial Institution, no claim may be made by any Seller Party or any other
Person against any Company, the LC Bank, the Agent or any Financial Institution 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 each Seller Party 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
14.8   CHOICE
OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section
14.9   CONSENT
TO JURISDICTION. EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL
OR NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS

 

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AGREEMENT
OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY 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; PROVIDED THAT WITH RESPECT TO ANY LEGAL ACTION OR PROCEEDING RELATING TO ANY SERVICER OR ANY ORIGINATOR,
EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY TO THE EXCLUSIVE JURISDICTION OF THE BANKRUPTCY
COURT. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE
COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE AGENT OR ANY PURCHASER OR ANY AFFILIATE
OF THE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT
IN THE COUNTY OF NEW YORK, NEW YORK.

 

Section
14.10     WAIVER OF JURY TRIAL. EACH
PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY 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 ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

 

Section
14.11     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 the parties hereto and their respective successors and
permitted assigns (including any trustee in bankruptcy). 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 any Seller Party pursuant to Article V, (ii) the indemnification and payment provisions of Article
X, and Sections 14.5, 14.6, 14.7 and 14.18 shall be continuing and shall survive any termination
of this Agreement.

 

Section
14.12     Counterparts; Severability; Section
References; Mutual Negotiations. 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 electronic
transmission (including via e-mail or other facsimile transmission) shall be as effective as delivery of an original executed
counterpart of this Agreement. Any provisions of this Agreement that 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

 

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sections
of, and schedules and exhibits to, this Agreement. This Agreement and the other Transaction Documents are the product of mutual
negotiations by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any
other Transaction Document or any provision hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency
or ambiguity of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be
interpreted against any party because of such party’s involvement in the drafting thereof.

 

Section
14.13     Rabobank Roles. The LC Bank
and each of the Purchasers acknowledges that Coöperatieve Rabobank U.A., New York Branch acts as Agent hereunder and that
Rabobank acts, or may in the future act, (i) as administrative agent for the Rabobank Company or any Financial Institution in
the Rabobank Company’s Purchaser Group, (ii) as issuing and paying agent for certain Commercial Paper, (iii) to provide
credit or liquidity enhancement for the timely payment for certain Commercial Paper and (iv) to provide other services from time
to time for the Rabobank Company or any Financial Institution in the Rabobank Company’s Purchaser Group (collectively, the
“Rabobank Roles”). Without limiting the generality of this Section 14.13, the LC Bank and each Purchaser
hereby acknowledges and consents to any and all Rabobank Roles and agrees that in connection with any Rabobank Role, Rabobank
and Coöperatieve Rabobank U.A., New York Branch may take, or refrain from taking, any action that it, in its discretion,
deems appropriate, including, without limitation, in its role as administrative agent for the Rabobank Company.

 

Section
14.14     Characterization. (a)  It
is the intention of the parties hereto that each Purchase hereunder shall constitute and be treated as an absolute and irrevocable
sale, which Purchase shall provide the applicable Purchaser (or the LC Bank, if applicable) with the full benefits of ownership
of the applicable Purchaser Interest. Except as specifically provided in this Agreement, each sale of a Purchaser Interest hereunder
is made without recourse to any Seller; provided, however, that (i) each Seller shall be liable to each Purchaser,
the LC Bank and the Agent for all representations, warranties, covenants and indemnities made by such Seller pursuant
to the terms of this Agreement, and (ii) such sale does not constitute and is not intended to result in an assumption by any Purchaser,
the LC Bank or the Agent or any assignee thereof of any obligation of any Seller or any Originator or any other Person arising
in connection with the Receivables, the Related Security, or the related Writings or Contracts, or any other obligations of any
Seller or any Originator.

 

(b)  
In addition to any ownership interest that the Agent may from time to time acquire pursuant hereto, each Seller hereby
grants to the Agent for the ratable benefit of the Purchasers (including in their capacities as LC Participants) and the LC Bank
a valid and perfected security interest in all of such Seller’s right, title and interest in, to and under all Receivables
now existing or hereafter arising, the Collections, each Lock-Box, each Collection Account, the LC Collateral Account, all Related
Security, all other rights and payments relating to such Receivables, and all proceeds of any thereof prior to all other liens
on and security interests therein to secure the prompt and complete payment of the Aggregate Unpaids (collectively, the “Pool
Assets”). The Agent, the LC Bank and the Purchasers shall have, in addition to the rights and remedies that 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. Each Seller hereby acknowledges and agrees that pursuant to the Existing Agreement,
each such Seller granted to the Agent a security interest in all of such Seller’s right, title and interest in, to and under
all Receivables then existing or thereafter arising, the Collections, each Lock-Box, each Collection Account, the LC Collateral
Account, all Related Security, all other rights and payments relating to such Receivables, and all proceeds of any thereof prior
to all other liens on and security interests therein to secure the prompt and complete payment of the Aggregate Unpaids (each
such term as defined in the Existing Agreement). Each such Seller hereby confirms such security interest and acknowledges and
agrees that such security interest is continuing and is supplemented and restated by the security interest granted by each such
Seller pursuant to this Section 14.14(b).

 

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Section
14.15     USA PATRIOT Act. Each Purchaser,
the Agent and the LC Bank that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107 56 (signed into
law October 26, 2001)) (the “Act”) hereby notifies each Seller Party that pursuant to the requirements of the
Act, it is required to obtain, verify and record information that identifies such Seller Party, which information includes the
name and address of such Seller Party and other information that will allow such Purchaser to identify such Seller Party in accordance
with the Act. Each Seller Party hereby agrees to provide, and cause each other Seller Party to provide, such information promptly
upon the reasonable request of the Agent or any Purchaser. Each Purchaser subject to the Act acknowledges and agrees that neither
such Purchaser, nor any of its Affiliates, participants or assignees, may rely on the Agent to carry out such Purchaser’s,
Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed
under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121
(as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs
involving any of the following items relating to or in connection with any Seller Party, its Affiliates or its agents, this Agreement,
the Transaction Documents or the transactions hereunder or contemplated hereby: (a) any identity verification procedures, (b)
any record-keeping, (c) comparisons with government lists, (d) customer notices, or (e) other procedures required under the CIP
Regulations or such other law.

 

Section
14.16     [Intentionally Omitted] 

 

Section
14.17     Confirmation and Ratification
of Terms.

 

(a)  
Upon the effectiveness of this Agreement, each reference to the Existing Agreement in any other Transaction Document, and
any document, instrument or agreement executed and/or delivered in connection with the Existing Agreement or any other Transaction
Document, shall mean and be a reference to this Agreement.

 

(b)  
The other Transaction Documents and all agreements, instruments and documents executed or delivered in connection with
the Existing Agreement or any other Transaction Document shall each be deemed to be amended to the extent necessary, if any, to
give effect to the provisions of this Agreement, as the same may be amended, modified, supplemented or restated from time to time.

 

(c)  
The effect of this Agreement is to amend and restate the Existing Agreement in its entirety, and to the extent that any
rights, benefits or provisions in favor of the Agent or any Purchaser existed in the Existing Agreement and continue to exist
in this Agreement without any written waiver of any such rights, benefits or provisions prior to the date hereof, then such rights,
benefits or provisions are acknowledged to be and to continue to be effective from and after June 30, 2000. This Agreement is
not a novation.

 

(d)  
The parties hereto agree and acknowledge that any and all rights, remedies and payment provisions under the Existing Agreement,
including, without limitation, any and all rights, remedies and payment provisions with respect to (i) any representation and
warranty made or deemed to be made pursuant to the Existing Agreement, or (ii) any indemnification provision, shall continue and
survive the execution and delivery of this Agreement.

 

(e)  
The parties hereto agree and acknowledge that any and all amounts owing as or for Capital, Yield, CP Costs, fees, expenses
or otherwise under or pursuant to the Existing Agreement, immediately prior to the effectiveness of this Agreement shall be owing
as or for Capital, Yield, CP Costs, fees, expenses or otherwise, respectively, under or pursuant to this Agreement.

 

Section
14.18     Excess Funds. Each of the
Sellers, each Servicer, each Purchaser, the LC Bank and the Agent agrees that any Company shall be liable for any claims that
such party may have against such Company only to the extent that such Company has funds in excess of those funds necessary to
pay

 

    64 

     

    

matured
and maturing Commercial Paper of such Company and to the extent such excess funds are insufficient to satisfy the obligations
of such Company hereunder, such Company shall have no liability with respect to any amount of such obligations remaining unpaid
and such unpaid amount shall not constitute a claim against such Company. Any and all claims against any Company shall be subordinate
to the claims against such Company of the holders of such Company’s Commercial Paper and any Person providing liquidity
support to such Company.

 

Section
14.19     Administrative Seller. Each
Seller hereby irrevocably appoints Dairy Group as its agent and attorney-in-fact (the “Administrative Seller”)
which appointment shall remain in full force and effect unless and until the Agent shall have received prior written notice signed
by each of the Sellers that such appointment has been revoked and that another Seller has been appointed the Administrative Seller.
Each Seller hereby irrevocably appoints and authorizes the Administrative Seller (i) to provide the Agent with all Purchase Notices
and Letter of Credit Applications for the benefit of any Seller and all other notices and instructions under this Agreement or
any Letter of Credit, (ii) to receive all notices and instructions from the Agent or any Purchaser hereunder or pursuant to any
Letter of Credit and (iii) to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this
Agreement or any Letter of Credit.

 

Section
14.20     Joint and Several.

 

(a)  
Each of the Sellers is accepting joint and several liability hereunder and under the other Transaction Documents in consideration
of the financial accommodations to be provided by the Purchasers under this Agreement, for the mutual benefit, directly and indirectly,
of each of the Sellers and in consideration of the undertakings of the other Seller to accept joint and several liability for
the Aggregate Unpaids and all other obligations of the Sellers under this Agreement and the other Transaction Documents.

 

(b)  
Each of the Sellers, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but
also as a co-debtor, joint and several liability with the other Seller, with respect to the payment and performance of all of
the Aggregate Unpaids, it being the intention of the parties hereto that all the Aggregate Unpaids shall be the joint and several
obligations of each of the Sellers without preferences or distinction between them.

 

(c)  
Except as otherwise expressly provided in this Agreement, each Seller hereby waives notice of acceptance of its joint and
several liability, notice of the occurrence of any Amortization Event or Potential Amortization Event, or of any demand for any
payment under this Agreement, notice of any action at any time taken or omitted by the Agent or any Purchaser under or in respect
of the Aggregate Unpaids, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by Applicable
Law, all demands, notices and other formalities of every kind in connection with this Agreement (except as otherwise provided
in this Agreement). Each Seller hereby assents to, and waives notice of, any extension or postponement of the time for the payment
of any of the Aggregate Unpaids, the acceptance of any payment of any of the Aggregate Unpaids, the acceptance of any partial
payment thereon, any waiver, consent or other action or acquiescence by the Agent or any Purchaser at any time or times in respect
of any default by any Seller in the performance or satisfaction of any term, covenant, condition or provision of this Agreement,
any and all other indulgences whatsoever by the Agent or any Purchaser in respect of any of the Aggregate Unpaids, and the taking,
addition, substitution or release, in whole or in part, at any time or times, of any security for any of the Aggregate Unpaids
or the addition, substitution or release, in whole or in part, of any Seller. Without limiting the generality of the foregoing,
each Seller assents to any other action or delay in acting or failure to act on the part of the Agent or any Purchaser with respect
to the failure by any Seller to comply with any of its respective obligations, it being the intention of each Seller that, so
long as any of the Aggregate Unpaids hereunder remain unsatisfied, the obligations of such Seller under this Section 14.19
shall not be discharged except by performance and then only to the extent of such performance. The obligations of each Seller
under this Section 14.19 shall not be diminished or rendered

 

    65 

     

    

unenforceable
by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any Seller or
the Agent or any Purchaser.

 

(d)  
Each Seller represents and warrants to the Agent and the Purchasers that such Seller
is currently informed of the financial condition of the other Seller and of all other circumstances which a diligent inquiry would
reveal and which bear upon the risk of nonpayment of the Aggregate Unpaids. Each Seller hereby covenants that such Seller will
continue to keep informed of the other Seller’s financial condition, the financial condition of other
guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Aggregate Unpaids.

 

(e)  
Each Seller agrees that the Agent and the Purchasers may, in their sole and absolute discretion, select the Receivables
of any one of the Sellers for sale or application to the Aggregate Unpaids, without regard to the ownership of such Receivables,
and shall not be required to make such selection ratably from the Receivables owned by any of the Sellers.

 

(f)  
The provisions of this Section 14.19 are made for the benefit of the Agent, the Purchasers and their respective
successors and assigns, and may be enforced by it or them from time to time against any or all of the Sellers as often as occasion
therefor may arise and without requirement on the part of the Agent, any Purchasers or any such successor or assign first to marshal
any of its or their claims or to exercise any of its or their rights against any of the other Sellers or to exhaust any remedies
available to it or them against any of the other Sellers or to resort to any other source or means of obtaining payment of any
of the Aggregate Unpaids hereunder or to elect any other remedy. The provisions of this Section 14.19 shall remain in effect
until all of the Aggregate Unpaids shall have been paid in full or otherwise fully satisfied, the Commitments have terminated
and no Letters of Credit shall be outstanding. If at any time, any payment, or any part thereof, made in respect of any of the
Aggregate Unpaids, is rescinded or must otherwise be restored or returned by the Agent or any Purchaser upon the insolvency, bankruptcy
or reorganization of any of the Sellers, or otherwise, the provisions of this Section 14.19 will forthwith be reinstated
in effect, as though such payment had not been made.

 

(g)  
Each Seller hereby agrees that it will not enforce any of its rights of contribution or subrogation against the other Seller
with respect to any liability incurred by it hereunder or under any of the other Transaction Documents, any payments made by it
to the Agent or any Purchaser with respect to any of the Aggregate Unpaids or any collateral security therefor until such time
as all of the Aggregate Unpaids have been paid in full in cash, the Commitments have terminated and no Letters of Credit shall
be outstanding. Any claim which any Seller may have against any other Seller with respect to any payments to the Agent or any
Purchaser hereunder or under any other Transaction Documents are hereby expressly made subordinate and junior in right of payment,
without limitation as to any increases in the Aggregate Unpaids arising hereunder or thereunder, to the prior payment in full
in cash of the Aggregate Unpaids and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or
other similar proceeding under the laws of any jurisdiction relating to any Seller, its debts or its assets, whether voluntary
or involuntary, all such Aggregate Unpaids shall be paid in full in cash before any payment or distribution of any character,
whether in cash, securities or other property, shall be made to any other Seller therefor.

 

(h)  
Each of the Sellers hereby agrees that, after the occurrence and during the continuance
of any Amortization Event or Potential Amortization Event, the payment of any amounts due with respect to the indebtedness owing
by any Seller to any other Seller is hereby subordinated to the prior payment in full in cash of the Aggregate Unpaids. Each Seller
hereby agrees that after the occurrence and during the continuance of any Amortization Event or Potential Amortization Event,
such Seller will not demand, sue for or otherwise attempt to collect any indebtedness of any other Seller owing to such Seller
until the Aggregate Unpaids shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Seller shall
collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected,
enforced and received by such Seller as trustee for the Agent and the Purchasers, and 

 

    66 

     

    

such
Seller shall deliver any such amounts to the Agent for application to the Aggregate Unpaids in accordance with Article
II.

 

Section
14.21     Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Solely to the extent that any Financial Institution that is an EEA Financial Institution
is a party to this Agreement and notwithstanding anything to the contrary in any Transaction Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)  
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)  
the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)  
a reduction in full or in part or cancellation of any such liability;

 

(ii)  
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Transaction Document; or

 

(iii)  
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEA Resolution Authority.

 

Section
14.22     Orders. Each Seller Party,
each Financial Institution, each Company, the LC Bank, and the Agent hereby expressly agree that in the event of any conflict
between this Agreement and the Financing Orders, the Financing Orders shall control.

 

(SIGNATURE
PAGES FOLLOW)

 

    67 

     

    

Exhibit
I

DEFINITIONS

 

As
used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined):

 

“Adjusted
LC Participation Amount” means, at any time, the excess, if any, of the LC Participation Amount over the amount of cash
collateral held in the LC Collateral Account at such time. For the avoidance of doubt, the Adjusted LC Participation Amount shall
never be less than zero.

 

“Administrative
Seller” has the meaning set forth in Section 14.19.

 

“Adverse
Claim” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation,
charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including,
but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended
as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not
a lien or other encumbrance is created or exists at the time of the filing); it being understood that any thereof in favor of
the Agent (for the benefit of the Purchasers) or any Seller or Originator contemplated by the applicable Receivables Sale Agreement
shall not constitute an Adverse Claim.

 

“Affected
Financial Institution” has the meaning set forth in Section 12.1(c).

 

“Affected
Person” has the meaning set forth in Section 10.2(a).

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling
Person owns 10% or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by
contract or otherwise.

 

“Agent”
has the meaning set forth in the preamble to this Agreement.

 

“Agent
Ratings Request” has the meaning set forth in Section 10.6.

 

“Agent
Required Rating” has the meaning set forth in Section 10.6.

 

“Aggregate
Capital” means, on any date of determination, the aggregate amount of Capital of all Purchaser Interests outstanding
on such date.

 

“Aggregate
Reduction” has the meaning set forth in Section 1.3.

 

“Aggregate
Reserves” means, on any date of determination, the sum of (a) the greater of (i) the sum of the Loss Reserve and the
Dilution Reserve and (ii) the Floor Reserve and (b) the Yield and Servicer Reserve.

 

“Aggregate
Unpaids” means, at any time, an amount equal to the sum of all Aggregate Capital and all other unpaid Obligations (whether
due or accrued) at such time.

 

“Agreement”
means this Ninth Amended and Restated Receivables Purchase Agreement, as it may be amended, restated, supplemented or otherwise
modified and in effect from time to time.

 

    Exh. I-1

     

    

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b)
the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the LIBO Rate for a one month period or, if
a Weekly Settlement Notice shall have been delivered, a one week period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt, the LIBO Rate for any day shall
be based on the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page)
at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate,
the Federal Funds Effective Rate or the LIBO Rate shall be effective from and including the effective date of such change in the
Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively.

 

“Amortization
Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth in Section 6.2
are not satisfied, (ii) the Business Day immediately prior to the occurrence of an Amortization Event set forth in Section
9.1(d)(ii), (iii) the Business Day specified in a written notice from the Agent following the occurrence of any other Amortization
Event, (iv) the Business Day specified in a written notice from the Agent following the failure to obtain the Agent Required Rating
within 60 days following delivery of an Agent Ratings Request to the Sellers and the Servicers in accordance with Section 10.6,
which date shall not be less than 60 days following the failure to obtain such Required Rating and (v) the date which is 15 Business
Days after the Agent’s receipt of written notice from Administrative Seller that it wishes to terminate the facility evidenced
by this Agreement.

 

“Amortization
Event” means any event specified in Section 9.1.

 

“Anti-Corruption
Laws” has the meaning set forth in Section 5.1(x).

 

“Anti-Terrorism
Laws” means any laws, regulations, or orders of any Governmental Authority of the United States, the United Nations,
European Union or the Netherlands relating to terrorism financing or money laundering, including, but not limited to, the International
Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the Enemy Act (50 U.S.C. § 5 et seq.), the
International Security Development and Cooperation Act (22 U.S.C. § 2349aa-9 et seq.), the Act, and any applicable rules
or regulations promulgated pursuant to or under the authority of any of the foregoing.

 

“Applicable
Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation,
ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority
applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all
courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.

 

“Assignment
Agreement” has the meaning set forth in Section 12.1(b).

 

“Authorized
Officer” means, with respect to any Person, its president, corporate controller, treasurer or chief financial officer.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as amended and any successor statute
thereto.

 

    Exh. I-2

     

    

“Bankruptcy
Court” means the United States Bankruptcy Court for the Southern District of Texas, Houston Division or such other court
as shall have jurisdiction over the Chapter 11 Cases.

 

“Benefit
Plan” means any employee benefit pension plan as defined in Section 3(2) of ERISA including a multi-employer plan
as defined in Section 3(37) of ERISA.

 

“Broken
Funding Costs” means for any Purchaser Interest that: (i) has its Capital reduced (A) without compliance by the Administrative
Seller with the notice requirements hereunder or (B) in the case of any Purchaser Interest of any Pool Company other than any
Purchaser Interest funded substantially with Pooled Commercial Paper, on any date other than a Settlement Date hereunder or (ii)
does not become subject to an Aggregate Reduction in the amount and on the date proposed in the related Reduction Notice or (iii)
is assigned or funded pursuant to a Funding Agreement or otherwise transferred or terminated prior to the date on which the related
Tranche Period, CP (Pool) Accrual Period or CP(Tranche) Accrual Period was originally scheduled to end; an amount equal to the
excess, if any, of (A) the CP Costs or Yield (as applicable) that would have accrued during the remainder of the Tranche Periods
or the tranche periods for Commercial Paper determined by the applicable Purchaser to relate to such Purchaser Interest (as applicable)
subsequent to the date of such reduction, assignment or termination (or in respect of clause (ii) above, the date such Aggregate
Reduction was designated to occur pursuant to the Reduction Notice) of the Capital of such Purchaser Interest if such reduction,
assignment or termination had not occurred or such Reduction Notice had not been delivered, over (B) the sum of (x) to the extent
all or a portion of such Capital is allocated to another Purchaser Interest, the amount of CP Costs or Yield actually accrued
during the remainder of such period on such Capital for the new Purchaser Interest, and (y) to the extent such Capital is not
allocated to another Purchaser Interest of the same Purchaser, the income, if any, actually received net of any costs of redeployment
of funds during the remainder of such period by the holder of such Purchaser Interest from investing the portion of such Capital
not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in clause (A), the relevant
Purchaser or Purchasers agree to pay to the Sellers the amount of such excess. All Broken Funding Costs shall be due and payable
hereunder upon demand.

 

“Business
Day” means any day on which banks are not authorized or required to close in New York, New York, Atlanta, Georgia, Pittsburgh,
Pennsylvania, or Cincinnati, Ohio or any other city specified in writing by a Purchaser to the Agent, each other Purchaser and
the Administrative Seller, and The Depository Trust Company of New York and the commercial paper markets are open for business,
and, if the applicable Business Day relates to any computation or payment to be made with respect to the LIBO Rate, any day on
which dealings in dollar deposits are carried on in the London interbank market.

 

“Buyer”
has the meaning set forth in the applicable Receivables Sale Agreement.

 

“Capital”
of any Purchaser Interest means, at any time, (A) without duplication, (i) the Purchase Price of such Purchaser Interest, plus
(ii) with respect to any Purchaser that is an LC Participant, any amounts paid by such LC Participant to the LC Bank in respect
of a Participation Advance made by such LC Participant to the LC Bank pursuant to Section 1.9 of this Agreement, plus
(iii) with respect to the Purchaser that is the LC Bank, any amounts paid by the LC Bank with respect to all drawings under
the Letter of Credit to the extent such drawings have not been reimbursed by the Seller or funded by Participation Advances, minus
(B) the sum of the aggregate amount of Collections and other payments received by the Agent or the applicable Purchaser that in
each case are applied to reduce such Capital in accordance with the terms and conditions of this Agreement; provided that
such Capital shall be restored (in accordance with Section 2.5) in the amount of any Collections or other payments so received
and applied if at any time the distribution of such Collections or payments are rescinded, returned or refunded for any reason.

 

    Exh. I-3

     

    

“Capital
Requirements” means the EU Securitization Regulation which comprises Regulations (EU) No 2017/2401 and 2017/2402 of
the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitization and creating
a specific framework for simple, transparent and standardized securitization, and amending Directives 2009/138/EC and 2011/61/EU
and Regulations (EC) No 1060/2009 and (EU) No 648/2012 on prudential requirements. References herein to the EU Securitization
Regulation or to any Article or other provision thereof include the regulatory or implementing technical standards published by
the European Commission in relation thereto from time to time in effect, any guidance published by the European Banking Authority
or by the European Securities and Markets Authority in relation thereto and any corresponding law or rule in effect in any country
in the European Economic Area and applicable (directly or indirectly) to any Purchaser (and, for the avoidance of doubt, references
thereto shall also include any related directive given by an applicable Governmental Authority to any Purchaser or any Affiliate
of such Purchaser or in relation to such Purchaser’s share of Purchaser Interests or Reinvestments).

 

“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 35% or more
of the outstanding shares of voting stock or other equity interest of any Seller Party; provided that the foregoing shall not
prohibit the disposition of equity interests in any Immaterial Originator to the extent (x) after giving effect to such disposition,
the Person so sold is no longer party to any Receivables Sale Agreement and (y) such disposition is expressly permitted pursuant
to Section 1.7 of the applicable Receivables Sale Agreement and otherwise pursuant to the Transaction Documents.

 

“Chapter
11 Cases” means the Chapter 11 cases of Provider and certain of its Subsidiaries jointly administered under the same
case number in the Bankruptcy Court.

 

“Charged-Off
Receivable” means a Receivable: (i) as to which the Obligor thereof has taken any action, or suffered any event to occur,
of the type described in Section 9.1(d) (as if references to Seller Party therein refer to such Obligor); (ii) as to which
the Obligor thereof, if a natural person, is deceased, (iii) that has been written off a Seller’s books as uncollectible,
(iv) that, consistent with the applicable Originator’s Credit and Collection Policy, would be written off a Seller’s
books as uncollectible, (v) that has been identified by a Seller or Servicer as uncollectible or (vi) as to which any payment,
or part thereof, remains unpaid for 90 days or more from the original invoice date for such payment.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral
Agent” means Coöperatieve Rabobank U.A., New York Branch, in its capacity as administrative agent under the Dean
Credit Agreement.

 

“Collection
Account” means each concentration account, depositary account, lock-box account or similar account in which any Collections
are collected or deposited and that is listed on Exhibit IV.

 

“Collection
Account Agreement” means each agreement substantially in the form of Exhibit VI, or such other form as may be
acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated,
supplemented or otherwise modified and in effect from time to time.

 

“Collection
Bank” means, at any time, any of the banks holding one or more Collection Accounts.

 

    Exh. I-4

     

    

“Collection
Notice” means a notice, in substantially the form of Annex A to Exhibit VI, from the Agent to a Collection Bank
or any similar or analogous notice from the Agent to a Collection Bank.

 

“Collections”
means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such Receivable, including,
without limitation, all yield, Finance Charges or other related amounts accruing in respect thereof and all cash proceeds of Related
Security with respect to such Receivable.

 

“Commercial
Paper” means promissory notes of any Company issued by such Company in the commercial paper market.

 

“Commitment”
means, for each Financial Institution, the commitment of such Financial Institution to purchase Purchaser Interests from the Sellers
to the extent that the Company in such Financial Institution’s Purchaser Group declines to purchase such Purchaser Interest,
in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Financial Institution’s name on Schedule
A to this Agreement, as such amount may be modified in accordance with the terms hereof (including, without limitation, any
termination of Commitments pursuant to Section 4.6 hereof) and (ii) with respect to any individual Purchase hereunder,
its Pro Rata Share of the Purchase Price therefor. If the context so requires, “Commitment” also refers to a Purchaser’s
obligation to make Participation Advances and/or issue Letters of Credit hereunder.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company
Costs” means:

 

(i)  
for any Purchaser Interest purchased by any Pool Company and funded by such Pool Company through the issuance of Commercial
Paper other than Pooled Commercial Paper, an amount equal to the Capital of such Purchaser Interest multiplied by a per annum
rate equivalent to the “weighted average cost” (as defined below) related to the issuance of Commercial Paper of such
Pool Company that is allocated, in whole or in part, to fund such Pool Company’s Pro Rata Share of Aggregate Capital (and
which may also be allocated in part to the funding of other assets of such Pool Company); provided, however, that
if any component of such rate is a Discount Rate, in calculating such rate for such Pool Company’s Pro Rata Share of the
Aggregate Capital for such date, the rate used to calculate such component of such rate shall be a rate resulting from converting
such Discount Rate to an interest bearing equivalent rate per annum. As used in this definition, the “weighted average cost”
shall consist of (x) the actual interest rate paid to purchasers of Commercial Paper issued by such Pool Company, (y) the costs
associated with the issuance of such Commercial Paper (including dealer fees and commissions to placement agents), and (z) interest
on other borrowing or funding sources by such Pool Company, including to fund small or odd dollar amounts that are not easily
accommodated in the commercial paper market;

 

(ii)  
for any Purchaser Interest purchased by the Rabo Company and funded substantially with Pooled Commercial Paper, for any
day, an amount equal to the Capital of such Purchaser Interest multiplied by a rate per annum equal to the weighted average of
the per annum rates paid or payable by the Rabo Company from time to time as interest on Commercial Paper (by means of interest
rate hedges or otherwise and taking into consideration any incremental carrying costs associated with Commercial Paper issued
by the Rabo Company maturing on dates other than those certain dates on which the Rabo Company is to receive funds) in respect
of Commercial Paper issued by the Rabo Company that are allocated, in whole or in part, by Rabobank (or other agent of the Rabo
Company) on behalf of the Rabo Company to fund or maintain the Capital of the Rabo Company during such period, as determined by
Rabobank (or other agent of the Rabo Company) on behalf of the Rabo Company, which rates shall reflect and give effect to (i)
the commissions of placement agents and dealers in respect of such Commercial Paper, to the extent such commissions are reasonably
allocated, in whole or in part, to such Commercial Paper by

 

    Exh. I-5

     

    

Rabobank
(or other agent of the Rabo Company) on behalf of the Rabo Company and (ii) other borrowings by the Rabo Company, including, without
limitation, borrowings to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market; provided
that if any component of such rate is a Discount Rate, in calculating the Company Costs, Rabobank (or other agent of the Rabo
Company) shall for such component use the rate resulting from converting such Discount Rate to an interest bearing equivalent
rate per annum. In addition to the foregoing costs, if the Administrative Seller shall request any Purchaser Interest during any
period of time determined by the Rabo Company in its sole discretion to result in incrementally higher Company Costs with respect
to the Rabo Company applicable to such Purchaser Interest, the Capital associated with any such Purchaser Interest shall, during
such period, be deemed to be funded by the Rabo Company in a special pool (which may include capital associated with other receivable
purchase or financing facilities) for purposes of determining such additional Company Costs applicable only to such special pool
and charged each day during such period against such Capital. Each Purchaser Interest funded substantially with Pooled Commercial
Paper will accrue Company Costs with respect to the Rabo Company each day on a pro rata basis, based upon the percentage share
the Capital in respect of such Purchaser Interest represents in relation to all assets held by the Rabo Company and funded substantially
with Pooled Commercial Paper. For each Settlement Period, the Rabo Company shall calculate its aggregate Company Costs for such
Settlement Period and report such Company Costs to the Administrative Seller pursuant to Section 3.3 of this Agreement;
and

 

(iii)  
in all other cases, for any Purchaser Interest purchased by any Pool Company, the applicable Discount Rate for each Purchaser
Interest.

 

“Company
Purchase Limit” means, for each Company, the Purchase Limit of such Company with respect to the purchase of Purchaser
Interests from the Sellers, in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Company’s
name on Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof (including Section
4.6(a)) and (ii) with respect to any individual Purchase hereunder, its Pro Rata Share of the Purchase Price therefor.

 

“Concentration
Limit” means, at any time, (a) for any Level 1 Rated Obligor, 9%, (b) for any Level 2 Rated Obligor, 7%, (c) for any
Level 3 Rated Obligor, 5%, (d) for any Unrated Obligor, the Unrated Obligor Concentration Limit, (e) for Saputo Inc., 7.50%, (f)
for Wal-Mart Stores, Inc., 17.5%, for so long as its short-term credit rating is at least “A-1” from S&P and at
least “P1” from Moody’s and its long-term credit rating is at least “A” from S&P and at least
“A2” from Moody’s, and otherwise in accordance with the other Concentration Limits set forth herein (including
clauses (a) through (d) of this definition), (g) for Dollar General Corporation, 5.0%, (h) for C&S Wholesale Grocers, Inc.,
2.0%, (i) for any other Obligor designated by Agent, such other percentage as Agent may designate (each of (e), (f), (g), (h)
and (i), a “Special Concentration Limit”), (j) for all Obligors which are local municipalities, 10% in the
aggregate, and (k) for all Obligors which are federal or state governments or federal or state governmental subdivisions or agencies,
3.0% in the aggregate; provided, that in the case of an Obligor and any Affiliate of such Obligor, the Concentration Limit
shall be calculated as if such Obligor and such Affiliate are one Obligor; and provided, further, that the Required
Purchasers may, upon not less than five Business Days’ notice to Seller, cancel any Special Concentration Limit.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consent
Notice” has the meaning set forth in Section 4.6(a).

 

“Consent
Period” has the meaning set forth in Section 4.6(a).

 

“Contingent
Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses,
contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the
obligation or liability of any other

 

    Exh. I-6

     

    

Person,
or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures
any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay
contract or application for a letter of credit.

 

“Contract”
means, with respect to any Receivable, any and all written or oral agreements pursuant to which such Receivable arises or that
evidences such Receivable.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” have meanings correlative thereto.

 

“CP
(Pool) Accrual Period” means, with respect to any Purchaser Interest held by any Pool Company and funded substantially
with Pooled Commercial Paper, each calendar month or, if a Weekly Settlement Notice shall have been delivered, each calendar week.

 

“CP
(Tranche) Accrual Period” means with respect to any Purchaser Interest held by any Pool Company other than any Purchaser
Interest funded substantially with Pooled Commercial Paper, a period of at least 1 day and not to exceed 90 days as selected by
Seller pursuant to Section 3.4 and approved by the Agent; provided, however, that (i) any CP (Tranche) Accrual
Period (other than of one day) that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day, (ii) in the case of CP (Tranche) Accrual Periods of one day, (A) the initial CP (Tranche) Accrual Period shall be
the day of the related Incremental Purchase; and (B) any subsequently occurring CP (Tranche) Accrual Period that is one day shall,
if the immediately preceding CP (Tranche) Accrual Period is more than one day, be the last day of such immediately preceding CP
(Tranche) Accrual Period, and if the immediately preceding CP (Tranche) Accrual Period is one day, be the day next following such
immediately preceding CP (Tranche) Accrual Period; and (iii) in the case of any CP (Tranche) Accrual Period that commences before
the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such CP (Tranche) Accrual Period
shall end on the Amortization Date. The duration of each CP (Tranche) Accrual Period that commences after the Amortization Date
shall be of such duration as selected by the applicable Pool Company.

 

“CP
Costs” means, for each day, the aggregate discount or yield accrued with respect to the Purchaser Interests of each
respective Company as determined in accordance with the definition of “Company Costs.”

 

“Credit
and Collection Policy” means each Originator’s credit and collection policies and practices relating to Writings,
Contracts and Receivables existing on the date such Originator became party to the related Receivables Sale Agreement and summarized
in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement.

 

“Dairy
Group” has the meaning set forth in the preamble in this Agreement.

 

“Dairy
Group II” has the meaning set forth in the preamble in this Agreement.

 

“Days
Sales Outstanding” means for each month an amount equal to the product of (a) the quotient of (i) the Outstanding Balance
of all Receivables calculated on the first day of such month as the beginning balance for such month divided by (ii) the aggregate
amount of Collections of all Receivables received during such month, multiplied by (b) 30.

 

“Dean
Credit Agreement” means that certain Senior Secured Superpriority Debtor-In-Possession Credit Agreement, dated as of
the Effective Date (as amended by the Final Order (as defined in the Dean Credit Agreement), the Amended Bid Procedures Order
(as defined in the Dean Credit Agreement), the First Amendment to Senior Secured Superpriority Debtor-In-Possession Credit Agreement,
dated as of February 10, 2020, the Second Amendment to Senior Secured Superpriority Debtor-

 

    Exh. I-7

     

    

In-Possession
Credit Agreement, dated as of March 27, 2020 and the Third Amendment to Senior Secured Superpriority Debtor-In-Possession Credit
Agreement, dated as of May 1, 2020), by and among Provider, the lenders from time to time party thereto, and Coöperatieve
Rabobank U.A., New York Branch., as administrative agent, lead arranger and bookrunner, without giving effect to any amendment,
restatement, modification, waiver, refinancing or replacement thereof.

 

“Dean
Dairy Holdings” means Dean Dairy Holdings, LLC, a Delaware limited liability company and a debtor and debtor-in-possession
under Chapter 11 of the Bankruptcy Code.

 

“Dean
Receivables Sale Agreement” means the Second Amended and Restated Dean Receivables Sale Agreement, dated as of the Effective
Date, and effective for all purposes as of March 31, 2002, by and among Alta-Dena Certified Dairy, LLC, Berkeley Farms, Inc.,
Dean Dairy Holdings, LLC, Dean East II, LLC, Dean Foods North Central, LLC, Dean West II, LLC, Mayfield Dairy Farms, LLC, Midwest
Ice Cream Company, LLC, Reiter Dairy, LLC, Verifine Dairy Products Corporation of Sheboygan, LLC and Dairy Group II, as the same
may be amended, restated, supplemented or otherwise modified from time to time.

 

“Deemed
Collections” means the aggregate of all amounts the Sellers shall have been deemed to have received as a Collection
of a Receivable. The Sellers shall be deemed to have received a Collection of a Receivable at any time (i) to the extent that
the Outstanding Balance of any such Receivable is either (x) reduced as a result of any defective or rejected goods or services,
any discount, rebate or any adjustment or otherwise by any Seller Party (other than cash Collections on account of the Receivables
and other than Receivables that, consistent with the applicable Originator’s Credit and Collection Policy, have been written
off a Seller’s books as uncollectible other than as a result of any of the other conditions or events set forth in this
definition) or (y) 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 (ii) any of the representations or warranties in Article
V are no longer true with respect to such Receivable or (iii) the failure of any Contract with respect to such Receivable
to create a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created
thereunder and any accrued interest thereon or (iv) the failure of any Writing to give rise to a valid and enforceable Receivable
in the amount of the Outstanding Balance thereof.

 

“Default
Fee” means with respect to any amount due and payable by any Seller in respect of any Aggregate Unpaids, an amount equal
to interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 4% above the Alternate Base Rate.

 

“Default
Ratio” means, as at the end of any calendar month, a percentage equal to (A) the sum of (i) the Outstanding Balance
of all Receivables as to which any payment, or part thereof, remains unpaid for 90 days or more from the original invoice date
for such payment plus, without duplication, (ii) the Outstanding Balance of all Receivables that were written off each
Seller’s books as uncollectible during such calendar month, divided by (B) the aggregate Outstanding Balance of all
Receivables as at the end of such calendar month.

 

“Defaulted
Receivable” means a Receivable

 

(i)  
as to which any payment, or part thereof, remains unpaid for 90 days or more from the original invoice date for such payment;
or

 

(ii)  
without duplication (i) as to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or
any other Person obligated thereon or owning any Related Security with respect thereto, (ii) that has been written off the applicable
Originator’s or Seller’s books as uncollectible or (iii) that, consistent with the Credit and Collection Policy, should
be written off the applicable Originator’s or Seller’s books as uncollectible;

 

    Exh. I-8

     

    

provided,
however, that for purposes of calculating the Default Ratio, no Receivable will be deemed to have become a Defaulted Receivable
more than once.

 

“Delinquency
Ratio” means, for a calendar month, a percentage equal to (a) the Outstanding Balance of all Delinquent Receivables
as at the end of such calendar month divided by (b) the Outstanding Balance of all Receivables as at the end of such calendar
month.

 

“Delinquent
Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for at least 60 days but not
more than 90 days from the original invoice date for such payment.

 

“Demand
Notes” means each of (i) that certain promissory note, dated as of December 21, 2001, by Dean Foods Company (as successor-in-interest
to Suiza Foods Corporation) in favor of Dairy Group, in the maximum principal sum of $21,325,653, as amended, renewed, supplemented
or otherwise modified from time to time and (ii) that certain promissory note, dated as of May 15, 2002 and effective for all
purposes as of March 31, 2002, by Dean Foods Company in favor of Dairy Group II, in the maximum principal sum of $13,181,876,
as amended, renewed, supplemented or otherwise modified from time to time.

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory that is the subject of any
Sanctions, including, without limitation, currently the Region of Crimea, Cuba, Iran, North Korea and Syria.

 

“Dilution
Ratio” means, for any calendar month, a percentage equal to (i) the aggregate amount of all Dilutions arising during
such calendar month (other than Rebate/Billbacks) with respect to all Receivables divided by (ii) the aggregate amount of sales
by all Originators for the calendar month ending two months prior to such calendar month.

 

“Dilution
Reserve” means, for any date of determination, an amount equal to the result of multiplying the Net Receivables Balance
as of such date by the following:

 

((Stress
Factor x ED + ((DS-ED) x (DS/ED))) x DHR) + MRA

 

Where:

 

	ED	=	the average of the Dilution Ratios
    for the twelve most recently completed calendar months
	DS	=	the highest of the average Dilution Ratios
    for any two-calendar month period occurring during the twelve most recently completed calendar months
	DHR	=	the ratio, expressed as a percentage, of (A)
    the aggregate amount of all sales by all Originators during the one and a half calendar months immediately preceding the most
    recently completed calendar month, to (B) the Net Receivables Balance as of the last day of the most recently completed calendar
    month.
	MRA	=	3.00%, at any time when the Servicers shall
    have failed to deliver a consolidating Monthly Report pursuant to Section 8.5 that is in form and substance satisfactory to
    the Agent in its sole discretion and, at all other times and at any time when the Agent in its sole discretion shall otherwise
    determine, 0.00%.

    Exh. I-9

     

    

“Dilutions”
means, for each calendar month, the aggregate amount of reductions or cancellations described in clause (i) of the definition
of “Deemed Collections” during such month (other than Rebate/Billbacks).

 

“DIP
Facility” means a secured superpriority debtor-in-possession credit facility entered into by one or more members of
the Provider Group (excluding each Seller), it being understood and agreed that this Agreement together with the other Transaction
Documents shall not constitute a DIP Facility.

 

“Discount
Rate” means the LIBO Rate or the Alternate Base Rate, as applicable, with respect to each Purchaser Interest of the
Financial Institutions or the Pool Company, as applicable.

 

“Drawing
Date” shall have the meaning set forth in Section 1.9.

 

“Drawn
Liquidity Spread” means 3.50%.

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent;

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Date” means November 14, 2019.

 

“Eligible
DIP Facility” means a DIP Facility that satisfies each of the following criteria: (a) the DIP Facility is not secured
by Adverse Claims on any Pool Assets, (b) the superpriority administrative expense claims arising under or in connection with
the DIP Facility shall rank pari passu with or, solely in the case of the “Carve Out” (as defined in the Financing
Orders), senior to, the Superpriority Claims granted to the Purchasers under the Transaction Documents and (c) the Agent (in its
sole discretion) has confirmed in writing that such DIP Facility (including the interim order and, to the extent then entered,
the final order, approving such DIP Facility) is otherwise in form and substance reasonably satisfactory to the Agent (it being
understood and agreed that the “DIP Facility” as defined in the Financing Orders constitutes an “Eligible DIP
Facility”).

 

“Eligible
Receivable” means, at any time, a Receivable:

 

(i)  
the Obligor of which (a) if a natural person, is a resident of the United States or, if a corporation or other business
organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive
office in the United States; (b) is not an Affiliate of any of the parties hereto; and (c) is not a federal or state government
or a federal or state governmental subdivision or agency, except as permitted by clause (xxi) of this definition,

 

(ii)  
in the case of any Receivable the Obligor of which is a Top Twenty-Five Obligor, such Obligor is not the Obligor of Defaulted
Receivables the aggregate Outstanding Balance of which constitutes more than 25% of the aggregate Outstanding Balance of all Receivables
of such Obligor,

 

(iii)  
that is not a Charged-Off Receivable,

 

    Exh. I-10

     

    

(iv)  
that (a) by its terms is due and payable within 30 days of the original billing date therefor and has not had its payment
terms extended or (B) that by its terms is due and payable within 90 days of the original billing date therefor and has not had
its payment terms extended, the Outstanding Balance of which, when combined with all other Eligible Receivables that are due and
payable within 90 days of the original billing date therefor, does not exceed an amount equal to 5% of the Outstanding Balance
of all Receivables; provided, however, that in the case of the foregoing clauses (a) and (b), no such Receivable
shall be considered an Eligible Receivable to the extent of the Outstanding Balance relating to any goods giving rise to such
Receivable that are provided on a “bill and hold” basis (i.e., are billed but held or stored at a warehouse prior
to shipment to the Obligor of such Receivable) for so long as such goods are so held are stored;

 

(v)  
that is an “account” or “chattel paper” within the meaning of the UCC of all applicable jurisdictions,

 

(vi)  
that is denominated and payable only in United States dollars in the United States,

 

(vii)  
that arises either (A) under a Contract that, together with such Receivable, is in full force and effect and constitutes
the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms or
(B) under a Writing to the extent that such Receivable is the legal, valid and binding obligation of the related Obligor,

 

(viii)  
that arises under a Writing or Contract that (A) does not require the Obligor under such Writing or Contract to consent
to the transfer, sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Writing
or Contract and (B) does not contain a confidentiality provision that purports to restrict the ability of any Purchaser to exercise
its rights under this Agreement, including, without limitation, its right to review the Writing or Contract,

 

(ix)  
that arises under a Contract that contains an obligation to pay a specified sum of money, contingent only upon the sale
of goods or the provision of services by the applicable Originator or pursuant to a Writing that evidences the amount to be paid,

 

(x)  
that, together with the Writing or Contract related thereto, does not contravene any law, rule or regulation applicable
thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect to which no part of the Writing
or Contract related thereto is in violation of any such law, rule or regulation,

 

(xi)  
that satisfies all applicable requirements of the applicable Credit and Collection Policy,

 

(xii)  
that was generated in the ordinary course of the applicable Originator’s business,

 

(xiii)  
that arises solely from the sale of goods or the provision of services to the related Obligor by the applicable Originator,
and not by any other Person (in whole or in part),

 

(xiv)  
as to which the Agent has not notified the Administrative Seller that the Agent has determined that such Receivable or
class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises
under a Writing or Contract that is not acceptable to the Agent,

 

(xv)  
that is not subject to any right of rescission, setoff, counterclaim, any other defense (including defenses arising out
of violations of usury laws) of the applicable Obligor against the applicable Originator or any other Adverse Claim, and the Obligor
thereon holds no right as against such Originator to cause such Originator to repurchase the goods or merchandise the sale of
which shall have given rise to

 

    Exh. I-11

     

    

such
Receivable (except with respect to sale discounts effected pursuant to the Writing or Contract, or defective goods returned in
accordance with the terms of the Writing or Contract); provided, however, that only that portion of such Receivable
that is subject to any such right of rescission, set-off, counterclaim, other defense or Adverse Claim shall be considered to
be ineligible pursuant to this clause (xv),

 

(xvi)  
that is not the subject of a Rebate/Billback; provided, however, that only that portion of such Receivable
that is subject to such Rebate/Billback shall be considered to be ineligible pursuant to this clause (xvi),

 

(xvii)  
as to which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such
Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto
other than payment thereon by the applicable Obligor,

 

(xviii)  
all right, title and interest to and in which has been validly transferred by the applicable Originators directly to a
Seller under and in accordance with a Receivables Sale Agreement, and such Seller has good and marketable title thereto free and
clear of any Adverse Claim,

 

(xix)  
that represents all or part of the sales price of merchandise, insurance and services within the meaning of Section 3(c)(5)
of the Investment Company Act of 1940, as amended, and

 

(xx)  
which is an “ eligible asset” under and as defined in Rule 3a-7 under the United States Investment Company
Act of 1940, as amended (17 CFR 270.3a-7).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Affiliate” means: (a) any corporation that is a member of the same controlled group of corporations (within the meaning
of Section 414(b) of the Code) as the Seller, any Servicer, Originator or Provider, (b) a trade or business (whether or not
incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Seller, any Servicer, Originator
or Provider, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the
Seller, any Servicer, Originator or Provider, any corporation described in clause (a) or any trade or business described
in clause (b).

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Purchaser, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Purchaser, U.S. Federal withholding
Taxes imposed on amounts payable to or for the account of such Purchaser with respect to an applicable interest in a Purchaser
Interest or Commitment pursuant to a law in effect on the date on which (i) such Purchaser acquires such interest in the Purchaser
Interest or Commitment (other than pursuant to an assignment request by the Sellers under Section 12.4) or (ii) such Purchaser
changes its lending office, except in each case to the extent that, pursuant to Section 10.7, amounts with respect to such
Taxes were payable either to such Purchaser’s assignor immediately before such Purchaser acquired the applicable interest
in a Purchaser Interest or Commitment or to such Purchaser immediately before it changed its lending office, (c) Taxes attributable
to such Recipient’s failure to comply with Section 10.7(f) and (d) any U.S. Federal withholding Taxes imposed under
FATCA.

 

    Exh. I-12

     

    

“Existing
Agreement” has the meaning set forth in the Preliminary Statements to this Agreement.

 

“Existing
Letters of Credit” has the meaning set forth in Section 1.6.

 

“Extension
Notice” has the meaning set forth in Section 4.6(a).

 

“Facility
Account” means Dairy Group’s Account No. 2000013850892 at Wachovia Bank, National Association (formerly known
as First Union National Bank), ABA No. 053000219.

 

“Facility
Termination Date” means the earlier of (i) the Liquidity Termination Date, (ii) the Amortization Date, (iii) the substantial
consummation of a plan of reorganization filed in the Chapter 11 Cases that is confirmed pursuant to an order entered by the Bankruptcy
Court or the consummation of a sale of all or substantially all of Provider Group’s assets, (iv) the consummation of a sale
of any Originator or all or substantially all of the assets of any Originator and (v) the Maturity Date (as defined under the
Dean Credit Agreement).

 

“FATCA”
means (a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, (b) any treaty, law, regulation or other
official guidance enacted in any jurisdiction, or relating to an intergovernmental agreement between the United States and any
other jurisdiction, with the purpose (in either case) of facilitating the implementation of clause (a) above, or (c) any
agreement pursuant to the implementation of clauses (a) or (b) above with the United States Internal Revenue Service, the United
States government or any governmental or taxation authority.

 

“Federal
Funds Effective Rate” means for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for
such day for such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. Notwithstanding
the foregoing, if any Financial Institution is borrowing overnight funds on any day from a Federal Reserve Bank to make or maintain
such Financial Institution’s funding of all or any portion of a Purchaser Interest hereunder, the Federal Funds Effective
Rate, at the option of such Financial Institution, for such Financial Institution shall be the average rate per annum at which
such overnight borrowings are made on any such day. Each determination of the Federal Funds Effective Rate shall be conclusive
and binding on the Administrative Seller and the Seller Parties, except in the case of manifest error.

 

“Fee
Letter” means, collectively, (i) the Eighth Amended and Restated Master Fee Letter, dated as of the Effective Date,
by and among each Seller, the Agent and the LC Bank, as the same may be amended, restated, supplemented or otherwise modified
and in effect from time to time and (ii) any other fee letter or agreement that may be entered into among Sellers, or Provider,
and Agent from time to time in connection with this Agreement.

 

“Filing
Date” means November 12, 2019.

 

“Filing
Debtor” has the meaning set forth in the Preliminary Statements to this Agreement.

 

“Final
Order” means a final order of the Bankruptcy Court authorizing and approving this Agreement and each of the other Transaction
Documents pursuant to Sections 105, 362(d), 363(b)(1), 363(f), 363(m), 364(c), 364(d), 364(e) and 365 of the Bankruptcy Code and
Bankruptcy Rule 4001 and

 

    Exh. I-13

     

    

providing
other relief, in substantially the form of the Interim Order (with only such modifications thereto as are necessary to convert
the Interim Order to a final order and such other modifications as are reasonably satisfactory to the Agent) providing for, among
other things, (i) assumption of the Receivables Sale Agreements and continued sale and contribution of Receivables to the Buyer
pursuant thereto and (ii) superpriority administrative status for all claims of the Seller and the Secured Parties against each
member of the Provider Group (excluding each Seller) under the Transaction Documents, which order shall not have been (a) vacated,
reversed, or stayed, or (b) amended or modified, except as otherwise agreed to in writing by the Agent in its respective sole
and absolute discretion.

 

“Final
Payout Date” means the latest of (i) the Facility Termination Date and (ii) the date on which (A) no Capital of or Discount
Rate in respect of the Purchaser Interest shall be outstanding, (B) the LC Participation Amount has been reduced to zero ($0)
and no Letters of Credit issued hereunder remain outstanding and undrawn (unless cash collateralized in accordance with this Agreement
or backstopped in a manner agreed to in writing by the LC Bank and each LC Participant (except to the extent the LC Participants
shall have no further obligations with respect to such Letter of Credit) in its sole and absolute discretion), (C) the date all
other Obligations owing to the Purchasers, the Agent and the other Indemnified Parties and Affected Person under this Agreement
and each of the other Transaction Documents have been paid in full (other than indemnification or other contingent obligations
not yet due and owing) and (D) all accrued Servicing Fees have been paid in full; provided that, any or all of the members
of the Provider Group, the Persons identified on Schedule C hereto as Servicers and/or their respective Affiliates may waive any
accrued and unpaid Servicing Fees and, once waived, such Servicing Fees shall be excluded from the calculation of the Aggregate
Unpaids.

 

“Finance
Charges” means, with respect to a Writing or Contract, any finance, interest, late payment charges or similar charges
owing by an Obligor pursuant to such Writing or Contract.

 

“Financial
Institutions” has the meaning set forth in the preamble in this Agreement.

 

“Financing
Orders” means the Interim Order and the Final Order.

 

“Floor
Reserve” means, for any date, an amount equal to the result of multiplying the Net Receivables Balance on such date
by the Floor Reserve Percentage for the most recently completed calendar month.

 

“Floor
Reserve Percentage” means, for any calendar month, a percentage calculated as of the last day of such calendar month,
an amount equal to:

 

LOSS
FLOOR + (ED x DHR)

 

where:

 

	LOSS FLOOR	=	10.5 %.
	ED	=	the average of the Dilution Ratios during
    the preceding 12 calendar months ending on the last day of the calendar month for which such Floor Reserve Percentage is established.
	DHR	=	the ratio, expressed as a percentage, computed
    as of such day by dividing (A) the aggregate amount of all sales by all Originators during the one and a half calendar months
    ending on the last day of the calendar month for which such Floor Reserve Percentage is established, by (B) the Net Receivables
    Balance as of the last day of the calendar month for which such Floor Reserve Percentage is established.

    Exh. I-14

     

    

“Foreign
Purchaser” means any Purchaser that is organized under the laws of a jurisdiction other than that in which the Sellers
are located and any other Purchaser that is not a United States person within the meaning of Section 7701(a)(30) of the Code.
For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

 

“Fourth
Amendment” means that certain Amendment No. 4 to this Agreement, dated as of May 1, 2020, by and among Dairy Group,
Dairy Group II, each of the Companies listed on the signature pages thereto, each of the Financial Institutions listed on the
signature pages thereto and the Agent.

 

“Fourth
Amendment Effective Date” means the effective date of the Fourth Amendment.

 

“Fronting
Fees” has the meaning set forth in Section 1.7(e).

 

“Funding
Agreement” means this Agreement and any agreement or instrument executed by any Funding Source with or for the benefit
of a Company.

 

“Funding
Source” means with respect to any Company (i) such Company’s Related Financial Institution(s) or (ii) any insurance
company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to such
Company.

 

“GAAP”
means generally accepted accounting principles in effect in the United States of America as of the date of this Agreement.

 

“Governmental
Acts” shall have the meaning set forth in Section 1.15.

 

“Governmental
Approval” means any action, order, authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification,
exemption, filing or registration from, by or with any Governmental Authority.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting
regulatory capital rules or standards (including, without limitation, the Basel Committee on Banking Supervision or any successor
or similar authority thereto).

 

“Group
Capital” means, with respect to any Purchaser Group at any time, the aggregate outstanding Capital of all Purchasers
within such Purchaser Group.

 

“Group
Capital Limit” means, with respect to any Purchaser Group at any time, an amount equal to (a) the sum of the Company
Purchase Limits of the Companies in such Purchaser Group minus (b) the sum of the LC Shares of the LC Participation Amounts of
the LC Participants in such Purchaser Group.

 

“Immaterial
Originator” means any Originator as to which the aggregate Outstanding Balance of all Receivables sold by such Originator
to the applicable Seller under the applicable Receivables Sale Agreement as of any date of determination is less than 10% of the
aggregate Outstanding Balance of all Receivables sold by all Originators during the twelve (12) calendar months preceding such
date of determination.

 

“Incremental
Purchase” means a purchase of one or more Purchaser Interests that increases the total outstanding Aggregate Capital
hereunder.

 

    Exh. I-15

     

    

“Indebtedness”
of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase
price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable
on terms customary in the trade), (iii) obligations, whether or not assumed, secured by Adverse Claims or payable out of the proceeds
or production from property now or hereafter owned or acquired by such Person, (iv) obligations that are evidenced by bonds, debentures,
notes, acceptances, or other instruments or facilities, (v) capitalized lease obligations, (vi) net liabilities under interest
rate swap, exchange or cap agreements, (vii) Contingent Obligations and (viii) liabilities in respect of unfunded vested benefits
under plans covered by Title IV of ERISA.

 

“Indemnified
Party” has the meaning set forth in Section 10.1.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Seller Party under any Transaction Document and (b) to the extent not otherwise described in clause (a),
Other Taxes.

 

“Independent
Manager” shall mean a manager of the limited liability company that is the general partner of any Seller who (i) shall
not have been at the time of such Person’s appointment or at any time during the preceding five years, and shall not be
as long as such Person is a manager of the Seller or a limited liability company that is the general partner of such Seller, (A)
a director, officer, employee, partner, shareholder, member, manager or Affiliate of any of the following Persons (collectively,
the “Independent Parties”): any Servicer, any Seller, any Originator, or any of their respective Subsidiaries
or Affiliates (other than an independent manager of a special purpose bankruptcy remote entity organized for the purpose of providing
financing to either Seller through the securitization or other similar transfer, pledge or conveyance of accounts receivable),
(B) the beneficial owner (at the time of such Person’s appointment as an Independent Manager or at any time thereafter while
serving as an Independent Manager) of any partnership interest, membership interest or capital stock of either Seller, any Originator,
or any of their respective Subsidiaries or Affiliates, having general voting rights, (C) a supplier to any of the Independent
Parties, (D) a Person controlled by, controlling or under common control with any partner, shareholder, member, manager, Affiliate
or supplier of any of the Independent Parties, or (E) a member of the immediate family of any director, officer, employee, partner,
shareholder, member, manager, Affiliate or supplier of any of the Independent Parties; (ii) has prior experience as an independent
director or independent manager for a corporation or limited liability company whose charter documents required the unanimous
consent of all independent directors or independent managers thereof before such corporation or limited liability company could
consent to the institution of bankruptcy or Insolvency Proceeding against it or could file a petition seeking relief under any
applicable federal or state law relating to bankruptcy and (iii) has at least three years of employment experience with one or
more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services
to issuers of securitization or structured finance instruments, agreements or securities.

 

“Insolvency
Proceeding” means: (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment
for the benefit of creditors of a Person or any composition, marshalling of assets for creditors of a Person, or other similar
arrangement in respect of its creditors generally or any substantial portion of its creditors, in each case, undertaken under
U.S. Federal, state or foreign law, including the Bankruptcy Code.

 

“Intercreditor
Agreement” means the Amended and Restated Intercreditor Agreement, dated as of the Effective Date, by and between the
Agent and Coöperatieve Rabobank U.A., New York Branch, as administrative agent under the Dean Credit Agreement, as amended,
restated, supplemented or otherwise modified from time to time.

 

    Exh. I-16

     

    

“Interim
Order” means an order of the Bankruptcy Court in substantially the form of Exhibit XIII, with changes to such
form as are reasonably satisfactory to the Agent authorizing and approving this Agreement and each of the other Transaction Documents
pursuant to Sections 105, 362(d), 363(b)(1), 363(f), 363(m), 364(c), 364(d), 364(e) and 365 of the Bankruptcy Code and Bankruptcy
Rule 4001 providing other relief, in form and substance satisfactory to the Agent in their sole and absolute discretion, providing
for, among other things, (i) assumption of the Receivables Sale Agreements and continued sale and contribution of Receivables
to the Buyer pursuant thereto and (ii) superpriority administrative status for all claims of the Seller and the Secured Parties
against each member of the Provider Group (excluding each Seller) under the Transaction Documents.

 

“Interim
Report” means a report, in substantially the form of Exhibit X-A hereto (appropriately completed), furnished by the
Servicers to the Agent pursuant to Section 8.5(b) on any Business Day as of the date that is one Business Day prior to
such date.

 

“LC
Adjustment Percentage” means, as of any date of determination, the percentage equal to (i) Aggregate Capital, divided
by (ii) the sum of Aggregate Capital and the Adjusted LC Participation Amount.

 

“LC
Amount” means the dollar amount set forth next to each LC Participant’s name on Schedule A to this Agreement.

 

“LC
Bank” has the meaning set forth in the preamble in this Agreement.

 

“LC
Collateral Account” means the account designated as the LC Collateral Account by the Agent, which account shall (x)
have the wiring instructions notified by the LC Bank to the Seller from to time and (y) be maintained for the benefit of the Agent,
the LC Bank and the LC Participants.

 

“LC
Fees” means, collectively, Fronting Fees and Other LC Fees.

 

“LC
Participant” means each Financial Institution and its permitted successors and assigns in such capacity.

 

“LC
Participation Amount” means at any time, the sum of the amounts then available to be drawn under all outstanding Letters
of Credit.

 

“Letter
of Credit Backstop Agreement” means that certain Letter of Credit Backstop Agreement dated as of the Effective Date
by and among the Provider, Sellers, the Servicers party thereto, and PNC, and acknowledged by Agent, Nieuw Amsterdam, and Rabobank.

 

“LC
Share” means for each LC Participant, a percentage equal to (i) the Commitment of such LC Participant at such time,
divided by (ii) the aggregate of the Commitments of all LC Participants at such time.

 

“Letter
of Credit” means any stand-by letter of credit issued by the LC Bank for the account of any Seller or Originator or
Originator’s designee (which designee shall be an Affiliate of the Sellers and the Originators) pursuant to this Agreement.
For the avoidance of doubt, the Replacement Letter of Credit issued in connection with the Letter of Credit Backstop Agreement
shall be deemed to be a Letter of Credit issued under this Agreement.

 

“Letter
of Credit Application” shall have the meaning set forth in Section 1.7(a).

 

“Level
1 Rated Obligor” shall mean each Obligor rated by either S&P or Moody’s that is rated at least A+ by S&P,
if rated by S&P, and at least A1 by Moody’s, if rated by Moody’s.

 

    Exh. I-17

     

    

“Level
2 Rated Obligor” shall mean each Obligor rated by either S&P or Moody’s, other than a Level 1 Rated Obligor,
that is rated at least A by S&P, if rated by S&P, and at least A2 by Moody’s, if rated by Moody’s.

 

“Level
3 Rated Obligor” shall mean each Obligor rated by either S&P or Moody’s, other than a Level 1 Rated Obligor
or a Level 2 Rated Obligor, that (x) is rated at least BBB- by S&P, if rated by S&P, and at least Baa3 by Moody’s,
if rated by Moody’s, or (y) if such Obligor is not rated by S&P, is rated at least Baa2 by Moody’s.

 

“LIBO”
means, for any Tranche Period, the greater of (a) 0.00% and (b) the rate appearing on Reuters Page LIBOR01 (or on any successor
or substitute page of such page providing rate quotations comparable to those currently provided on such page), as determined
by the Agent; provided, that in the event that such rate is not available at such time for any reason, then the “LIBO”
with respect to such Tranche Period shall be the rate, rounded upwards, if necessary, to the next 1/16 of 1%, at which dollar
deposits of $5,000,000 and for a maturity comparable to such Tranche Period are offered by the principal London office of the
Agent.

 

“LIBO
Rate” means for any Tranche Period an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%)
equal to (a) applicable LIBO multiplied by (b) the Statutory Reserve Rate.

 

“LIBO
Successor Rate” has the meaning assigned to such term in Section 4.5(c).

 

“LIBO
Successor Rate Conforming Changes” shall mean, with respect to any proposed LIBO Successor Rate, any conforming changes
to the definition of LIBO, LIBO Rate, Alternate Base Rate, Tranche Period, timing and frequency of determining rates and making
payments of interest and other administrative matters in each case as may be appropriate, in the reasonable discretion of the
Agent, to reflect the adoption of such LIBO Successor Rate and to permit the administration thereof by the Agent in a manner substantially
consistent with market practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively
feasible or that no market practice for the administration of such LIBO Successor Rate exists, in such other manner of administration
as the Agent reasonably determines in consultation with the Sellers).

 

“Liquidity
Termination Date” means the earliest to occur of:

 

(i)  
the effective date of a plan of reorganization filed in the Chapter 11 Cases that is confirmed pursuant to an order of
the Bankruptcy Court;

 

(ii)  
the date of consummation of a sale, pursuant to section 363 of the Bankruptcy Code or otherwise, of all or substantially
all of the Provider Group’s assets;

 

(iii)  
the date that is thirty-five (35) days after the Filing Date if a Final Order has not been entered by the Bankruptcy Court
by such date;

 

(iv)  
the Interim Order or the Final Order, as applicable, ceasing to be in full force and effect for any reason;

 

(v)  
the termination of the Commitments or the repayment, satisfaction or discharge of all obligations under any Transaction
Document including, without limitation, as the result of the occurrence of an Amortization Event; and

 

(vi)  
the Scheduled Liquidity Termination Date.

 

“Liquidity
Termination Date Extension Conditions” shall mean:

 

    Exh. I-18

     

    

(i)  
any Seller shall provide written notice (an “Extension Election Notice”) to the Agent and the Purchasers
of the exercise of such Extension Election not more than thirty (30) days and not fewer than fifteen (15) days prior to the Scheduled
Liquidity Termination Date of the Extended Liquidity Termination Date, which notice shall be irrevocable when delivered and shall
be confirmed promptly by telephonic notice to the Agent and shall certify, represent and warrant that on the date of delivery
of such Extension Election Notice, both immediately before and after such delivery:

 

(a)  
the representations and warranties of each Seller Party set forth in this Agreement shall be true and correct; and

 

(b)  
no Amortization Event or Potential Amortization Event shall have occurred and be continuing or result therefrom;

 

(ii)  
the applicable Seller shall have paid to the Agent for the account of each Purchaser a fee equal to 0.50% of the Aggregate
Capital at the time of delivery of the applicable Extension Election Notice; and

 

(iii)  
on the original Scheduled Liquidity Termination Date:

 

(a)  
the representations and warranties of each Seller Party set forth in this Agreement shall be true and correct; and

 

(b)  
no Amortization Event or Potential Amortization Event shall have occurred and be continuing or result from the extension
of the Scheduled Liquidity Termination Date; and

 

(iv)  
the Provider shall have filed a disclosure statement and plan of reorganization (but not liquidation) in the Chapter 11
Cases and/or a motion for the disposition of all or substantially all of the Provider Group’s assets either through a sale
under section 363 of the Bankruptcy Code (with proposed bidding procedures), in each case, in form and substance satisfactory
to the Agent and the Required Purchasers.

 

“Local
Originator” means each of Mayfield Dairy Farms, LLC, Reiter Dairy, LLC and Verifine Dairy Products of Sheboygan, LLC.

 

“Lock-Box”
means each locked postal box with respect to which a bank who has executed a Collection Account Agreement has been granted exclusive
access for the purpose of retrieving and processing payments made on the Receivables and that is listed on Exhibit IV.

 

“Loss
Reserve” means, for any date, the product of (i) the Net Receivables Balance on such date and (ii) the greater of (a)
the Loss Reserve Percentage for the most recently completed calendar month and (b) 10.5%.

 

“Loss
Reserve Percentage” means, for any calendar month, an amount equal to the Stress Factor multiplied by the Loss Ratio
for such calendar month multiplied by the Loss Horizon Ratio for such calendar month,

 

where:

 

	Loss Ratio	=

        

        For
        any calendar month, the highest three month rolling average Loss Proxy Ratio in the most recent twelve months prior to
        such month.

        

    Exh. I-19

     

    

	Loss Proxy Ratio	=

        

        For
        any calendar month, (x) the sum of (i) the Outstanding Balance of all Receivables originated by Loss Proxy Reporting Originators
        as to which any payment, or part thereof, remains unpaid for more than 90 but less than 121 days from the original invoice
        date for such payment as of the last day of such calendar month, (ii) the Outstanding Balance of all Receivables originated
        by Non-Loss Proxy Reporting Originators as to which any payment, or part thereof, remains unpaid for more than 90 days
        from the original invoice date for such payment as of the last day of such calendar month, and (iii) the Outstanding Balance
        of all Receivables that have been written off a Seller’s book as uncollectible during such month that were less
        than 91 days from the original invoice date, divided by (y) the aggregate sales for the calendar month occurring three
        months immediately prior to such month.

        

	Loss
    Proxy Reporting Originators	= 

        All
        Originators for which any Monthly Report lists the Outstanding Balance of all Receivables of such Originators as to which
        any payment, or part thereof, remains unpaid for more than 90 but less than 121 days from the original invoice date for
        such payment as of the last day of such calendar month.

        

	Loss
    Horizon Ratio	=

        

        For
        any calendar month, (x) the aggregate amount of sales for all of the Originators for the three calendar months most recently
        ended, divided by (y) the Net Receivables Balance as of the last day of such calendar month.

        

	Non-Loss
    Proxy Reporting Originators	=

        

        All
        Originators other than the Loss Proxy Reporting Originators.

        

 

“Material
Adverse Effect” means a material adverse change in, or a material adverse effect on (i) the operations, business, assets,
properties, liabilities (actual or contingent) or financial condition of any Seller Party and its Subsidiaries taken as a whole
((i) other than (x) the filing of the Chapter 11 Cases, (y) those events, conditions and circumstances related and/or leading
up to and customarily resulting from the commencement of the Chapter 11 Cases (including defaults under agreements that have no
effect under the terms of the Bankruptcy Code as a result of the commencement of the Chapter 11 Cases) and (z) any reduction in
payment terms by suppliers and vendors relating to or resulting from the commencement of the Chapter 11 Cases and (ii) taking
into account the effect of the automatic stay under the Bankruptcy Code), (ii) the ability of any Seller Party to perform its
obligations under this Agreement or Provider to

 

    Exh. I-20

     

    

perform
its obligations under any Performance Undertaking, (iii) the legality, validity or enforceability of this Agreement or any other
Transaction Document, (iv) Agent’s or any Secured Party’s interest in the Receivables generally or in any significant
portion of the Receivables, the Related Security or the Collections with respect thereto, (v) the validity, enforceability, value
or collectability of the Receivables generally or of any material portion of the Receivables, or (vi) the rights and remedies
of any Secured Party under the Transaction Documents.

 

“Maximum
Available LC Commitment” means, with respect to any LC Participant at any time, an amount equal to (a) the sum of the
Company Purchase Limits of the Companies in such LC Participant’s Purchaser Group minus (b) the Group Capital of such LC
Participant’s Purchaser Group.

 

“Maximum
LC Amount” means the aggregate of each LC Amount in an amount not to exceed $450 million.

 

“Maximum
Purchaser Interest Percentage” has the meaning set forth in Section 2.6.

 

“Monthly
Report” means a report, in substantially the form of Exhibit X hereto (appropriately completed), furnished by
the Servicers to the Agent pursuant to Section 8.5.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereof.

 

“Net
Receivables Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time
reduced by the sum of (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and
its Affiliates exceeds the Concentration Limit for such Obligor and (ii) any Raw Milk Accounts Payable Overdue Amount; provided
that upon notification by the Agent, such deduction in this clause (ii) may be the aggregate outstanding accrued balance (including
amounts already billed but unpaid, without duplication) of Raw Milk Accounts Payable Amount (or such lesser amount as the Agent
may determine in its sole discretion). For the avoidance of doubt and notwithstanding any other provision hereof, the failure
of any Seller Party to make any payments owed by such Seller Party on account of raw milk purchased by such Seller Party at any
of its plants outside of the State of Texas shall not reduce the Net Receivables Balance or otherwise have the effect of reducing
the availability of Commitments hereunder nor shall result in, or be deemed to result in, an Amortization Event or a Potential
Amortization Event hereunder.

 

“Nonrenewing
Financial Institution” has the meaning set forth in Section 4.6(a).

 

“Notice
Date” shall have the meaning set forth in Section 1.7(b).

 

“Obligations”
shall have the meaning set forth in Section 2.1.

 

“Obligor”
means a Person obligated to make payments pursuant to a Writing or Contract.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Order”
shall have the meaning set forth in Section 1.16.

 

“Originator”
means each of the entities listed on Schedule D hereto, in their respective capacities as sellers under the Receivables
Sale Agreements.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any

 

    Exh. I-21

     

    

other
transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Purchaser Interest or Transaction
Document).

 

“Other
LC Fees” has the meaning set forth in Section 1.7(e).

 

“Other
Taxes” means all present or future stamp, court or documentary, recording, filing or similar Taxes that arise from any
payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 12.4), grant of a participation,
or transfer or designation of a new applicable lending office for receiving payments under any Transaction Document and Excluded
Taxes.

 

“Outstanding
Balance” of any Receivable at any time means the then outstanding principal balance thereof.

 

“Participant”
has the meaning set forth in Section 12.2.

 

“Participant
Register” has the meaning set forth in Section 12.2.

 

“Participation
Advance” shall have the meaning set forth in Section 1.9(c).

 

“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Public Law 107-56.

 

“Performance
Undertaking” means each of (i) that certain Fifth Amended and Restated Performance Undertaking, dated as of the Effective
Date, by Provider in favor of Dairy Group and (ii) that certain Fourth Amended and Restated Dean Performance Undertaking, dated
as of the Effective Date, by Provider in favor of Dairy Group II, each substantially in the form of Exhibit XI and as each
may be further amended, restated or otherwise modified from time to time.

 

“Periodic
Report” means each Monthly Report and Weekly Report.

 

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

“PNC”
means PNC Bank, National Association, a national banking association.

 

“Pool
Assets” has the meaning set forth in Section 14.14(b).

 

“Pool
Company” means the Rabo Company.

 

“Pooled
Commercial Paper” means Commercial Paper notes of any Pool Company subject to any particular pooling arrangement by
such Pool Company, but excluding Commercial Paper issued by such Pool Company for a tenor and in an amount specifically requested
by any Person in connection with any agreement effected by such Pool Company.

 

“Potential
Amortization Event” means an event that, with the passage of time or the giving of notice, or both, would constitute
an Amortization Event.

 

“Prime
Rate” means a fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall
be equal to the rate of interest published in The Wall Street Journal as the “Prime Rate” on such day or, if
such day is not a day on which The Wall Street Journal is published, subject to the following sentence, the immediately
preceding day on which The Wall Street Journal was published.

 

    Exh. I-22

     

    

In
the event that The Wall Street Journal should cease or temporarily interrupt publication, then the rate to be used for
purposes of the preceding sentence shall be the daily average prime rate published in another business newspaper, or business
section of a newspaper, of national standing chosen by Coöperatieve Rabobank U.A., New York Branch, and if The Wall Street
Journal thereafter resumes publication, the substitute index will immediately be replaced by the “Prime Rate”
published in The Wall Street Journal. Coöperatieve Rabobank U.A., New York Branch shall deliver notice of any such
substitution of indices to the Sellers and the Purchasers.

 

“Pro
Rata Share” means, (a) for each Financial Institution, a percentage equal to (i) the Commitment of such Financial Institution,
divided by (ii) the aggregate amount of all Commitments of all Financial Institutions in such Financial Institution’s
Purchaser Group adjusted as necessary to give effect to the application of the terms of Section 4.6, and (b) for each Company,
a percentage equal to (i) the Company Purchase Limit of such Company, divided by (ii) the aggregate amount of all Company
Purchase Limits of all Companies hereunder.

 

“Proposed
Reduction Date” has the meaning set forth in Section 1.3.

 

“Provider”
means Dean Foods Company, a Delaware corporation and a debtor and debtor-in-possession under Chapter 11 of the Bankruptcy Code,
together with its successors and assigns.

 

“Provider
Group” means Provider, any Seller, any Originator that is a Subsidiary of Provider or any of their respective Subsidiaries.

 

“Provider’s
Rating” means the long-term senior unsecured debt rating of the Provider from each of Moody’s and S&P, as
applicable.

 

“Purchase”
has the meaning set forth in Section 1.1.

 

“Purchase
Limit” means $425,000,000, as such amount may be modified in accordance with the terms of Section 4.6(a).

 

“Purchase
Notice” has the meaning set forth in Section 1.2.

 

“Purchase
Price” means, with respect to any Incremental Purchase of a Purchaser Interest, the amount paid to the applicable Seller
for such Purchaser Interest that shall not exceed the least of (i) the amount requested by the Administrative Seller in the applicable
Purchase Notice, (ii) the unused portion of the Purchase Limit on the applicable purchase date and (iii) the excess, if any, of
the Net Receivables Balance (less the Aggregate Reserves) on the applicable purchase date over the aggregate outstanding amount
of Aggregate Capital and LC Participation Amount on the applicable purchase date, immediately prior to such proposed Incremental
Purchase.

 

“Purchaser
Group” means with respect to (i) each Company, a group consisting of such Company and its Related Financial Institutions
and (ii) each Financial Institution, a group consisting of such Financial Institution, the Company, if any, for which such Financial
Institution is a Related Financial Institution and each other Financial Institution that is a Related Financial Institution for
such Company.

 

“Purchaser
Interest” means, at any time, an undivided percentage ownership interest (computed as set forth below) associated with
a designated amount of Capital, selected pursuant to the terms and conditions hereof in (i) each Receivable arising prior to the
time of the most recent computation or recomputation of such undivided interest, (ii) all Related Security with respect to each
such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such Receivable. Each such undivided percentage
interest shall equal:

 

    Exh. I-23

     

    

 

where:

 

C=the
Capital of such Purchaser Interest.

 

AR=the
Aggregate Reserves.

 

NRB=the
Net Receivables Balance.

 

Such
undivided percentage ownership interest shall be initially computed on its date of purchase. Thereafter, until the Amortization
Date, each Purchaser Interest shall be automatically recomputed (or deemed to be recomputed) on each day prior to the Amortization
Date. From and after the Amortization Date, the sum of all Purchaser Interests shall equal 100%, and shall remain constant at
all times thereafter until all Aggregate Unpaids shall have been paid and all Letters of Credit shall have terminated or expired.

 

“Purchasers”
means each Company and each Financial Institution.

 

“Purchasing
Financial Institution” has the meaning set forth in Section 12.1(b).

 

“Qualifying
Interim Report” has the meaning set forth in Section 8.5(b).

 

“Rabo
Company” means Nieuw Amsterdam Receivables Corporation B.V., together with its successors and assigns.

 

“Rabobank”
means Coöperatieve Rabobank U.A.

 

“Rating
Agency” means, collectively, the nationally recognized rating agency or agencies chosen by any Company to rate its respective
Commercial Paper notes at any time, including, as of the date hereof, Moody’s, Fitch Ratings and S&P.

 

“Ratings
Request” has the meaning set forth in Section 10.2.

 

“Raw
Milk Accounts Payable Amount” means, at any time, the aggregate amount due and payable at such time by the Originators
for raw milk purchased by the Originators at any of their plants located in the State of Texas. The Servicers shall report the
Raw Milk Accounts Payable Amount in each Interim Report, Monthly Report, and Weekly Report, as applicable. For the avoidance of
doubt, for purposes of calculating the Net Receivables Balance, the Raw Milk Accounts Payable Amount shall be adjusted on a daily
basis while the Servicers are required to provide, or actually provide, Interim Reports on a daily basis, on a weekly basis while
the Servicers are required to provide Weekly Reports, and on a monthly basis while the Servicers are required to provide Monthly
Reports, as applicable.

 

“Raw
Milk Accounts Payable Overdue Amount” means, at any time, the aggregate amount overdue and payable at such time by the
Originators for raw milk purchased by the Originators at any of their plants located in the State of Texas.  The Servicers
shall report the Raw Milk Accounts Payable Overdue Amount in each Interim Report, Monthly Report, and Weekly Report, as applicable. 
For the avoidance of doubt, for purposes of calculating the Net Receivables Balance, the Raw Milk Accounts Payable Overdue Amount
shall be adjusted on a daily basis while the Servicers are required to provide, or actually provide, Interim Reports on a daily
basis, on a weekly basis while the Servicers are required to provide Weekly Reports, and on a monthly basis while the Servicers
are required to provide Monthly Reports, as applicable.

 

    Exh. I-24

     

    

“Rebate/Billback”
means, with respect to any Receivable, any incentives provided to the Obligor thereof related to volume rebates or price incentives,
the dollar amount of which is known at the time of invoice of such Receivable.

 

“Receivable”
means all indebtedness and other obligations owed to the applicable Originator (at the time it arises, and before giving effect
to any transfer or conveyance under any Receivables Sale Agreement or hereunder) or owed to any Seller (after giving effect to
any transfer or conveyance under any Receivables Sale Agreement or hereunder) or in which any Seller or such Originator has a
security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account,
chattel paper, instrument or general intangible, arising in connection with the sale of goods or the rendering of services by
such Originator 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 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 that any indebtedness, rights
or obligations referred to in the immediately preceding sentence shall be a Receivable regardless of whether the account debtor
or any Seller treats such indebtedness, rights or obligations as a separate payment obligation.

 

“Receivables
Sale Agreement” means each of the Suiza Receivables Sale Agreement and the Dean Receivables Sale Agreement.

 

“Recipient”
means (a) the Agent, (b) any Purchaser and (c) the LC Bank, as applicable.

 

“Records”
means, with respect to any Receivable, all Writings or Contracts and other documents, books, records and other information (including,
without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating
to such Receivable, any Related Security therefor and the related Obligor.

 

“Reduction
Notice” has the meaning set forth in Section 1.3.

 

“Regulatory
Requirement” has the meaning set forth in Section 10.2(a).

 

“Reimbursement
Obligation” shall have the meaning set forth in Section 1.9.

 

“Reinvestment”
has the meaning set forth in Section 2.2.

 

“Related
Financial Institution” means with respect to each Company, each Financial Institution set forth opposite such Company’s
name in Schedule A to this Agreement and/or, in the case of an assignment pursuant to Section 12.1, set forth in
the applicable Assignment Agreement.

 

“Related
Security” means, with respect to any Receivable:

 

(i)  
all 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 Writing or Contract related to such Receivable or otherwise, together with all financing
statements and security agreements describing any collateral securing such Receivable,

 

(ii)  
all guaranties, letters of credit, insurance, “supporting obligations” (within the meaning of Section 9-102(a)
of the UCC of all applicable jurisdictions) and other agreements or arrangements of whatever character from time to time supporting
or securing payment of such Receivable whether pursuant to the Writing or Contract related to such Receivable or otherwise,

 

    Exh. I-25

     

    

(iii)  
all service contracts and other contracts and agreements associated with such Receivable,

 

(iv)  
all Records related to such Receivable,

 

(v)  
all of the applicable Seller’s right, title and interest in, to and under the Receivables Sale Agreement to which
it is a party in respect of such Receivable and all of the applicable Seller’s right, title and interest in, to and under
the applicable Performance Undertaking,

 

(vi)  
all of the applicable Seller’s right, title and interest in, to and under each Demand Note, and

 

(vii)  
all proceeds of any of the foregoing.

 

“Replacement
Letter of Credit” has the meaning set forth in Section 1.6.

 

“Required
Purchasers” means, at any time, collectively, the Financial Institutions with Commitments under this Agreement, in excess
of 66-2/3% of the aggregate Commitments and the Companies with Company Purchase Limits in excess of 66-2/3%
of the aggregate amount of all Company Purchase Limits of all Companies hereunder; provided that at any time that there
are exactly two Financial Institutions party to this Agreement, the Required Purchasers shall be, collectively, the Financial
Institutions with Commitments under this Agreement in excess of 75% of the aggregate Commitments and the Companies with Company
Purchase Limits in excess of 75% of the aggregate amount of all Company Purchase Limits of all Companies hereunder.

 

“Required
Rating” has the meaning set forth in Section 10.2.

 

“Restricted
Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class
of capital stock or other equity interest of any Seller now or hereafter outstanding, except a dividend or distribution payable
solely in shares of that class of stock or equity interest or in any junior class of stock or other junior equity interest of
such Seller, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct
or indirect, of any shares of any class of capital stock or other equity interest of any Seller now or hereafter outstanding,
(iii) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and
any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to
the Subordinated Loans (as defined in the Receivables Sale Agreements), (iv) any payment made to redeem, purchase, repurchase
or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of
capital stock or other equity interest of any Seller now or hereafter outstanding, and (v) any payment of management fees by any
Seller (except for reasonable management fees to the Originators or their respective Affiliates in reimbursement of actual management
services performed).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. or any successor thereof.

 

“Sanctions”
means sanctions or trade embargoes imposed, administered or enforced by OFAC, the United States Department of State, the United
Nations Security Council, the European Union, the Netherlands, or to the extent applicable to any Seller Party, any other sanctions
authority.

 

“Scheduled
Liquidity Termination Date” means the date that is 9 months after the Effective Date; provided that, at the election
of any Seller (an “Extension Election”), and subject to compliance by such Seller with each of the Liquidity
Termination Date Extension Conditions, such date shall be extended (on not more than one occasion) to a date not later than the
date that is 12 months after the Effective Date (such date, the “Extended Liquidity Termination Date”).

 

    Exh. I-26

     

    

“Secured
Parties” means the Agent, each Purchaser, each Indemnified Party and each Affected Person.

 

“Seller”
has the meaning set forth in the preamble to this Agreement.

 

“Seller
Parties” has the meaning set forth in the preamble to this Agreement.

 

“Servicer”
means at any time any Person or Persons (which may be the Agent) then authorized pursuant to Article VIII to service, administer
and collect Receivables.

 

“Servicing
Fee” has the meaning set forth in Section 8.6.

 

“Servicing
Fee Rate” has the meaning set forth in Section 8.6.

 

“Settlement
Date” means (A) the 5th Business Day of each month or, if a Weekly Settlement Notice shall have been delivered, each
Weekly Settlement Date, (B) the last day of the relevant CP (Tranche) Accrual Period in respect of each Purchaser Interest held
by the any Pool Company (other than any Purchaser Interest funded substantially with Pooled Commercial Paper) and (C) the last
day of the relevant Tranche Period in respect of each Purchaser Interest of the Financial Institutions.

 

“Settlement
Period” means, with respect to any Settlement Date, (A) in respect of each Purchaser Interest of each Pool Company that
is funded substantially with Pooled Commercial Paper, the CP (Pool) Accrual Period ending on such Settlement Date, (B) in respect
of each other Purchaser Interest of any Pool Company, the CP (Tranche) Accrual Period of such Purchaser Interest ending on such
Settlement Date and (C) in respect of each Purchaser Interest of the Financial Institutions, the Tranche Period of such Purchaser
Interest ending on or immediately prior to such Settlement Date.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve System to which
the Agent is subject with respect to the LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities”
in Regulation D of the Board of Governors of the Federal Reserve System). Such reserve percentages shall include those imposed
pursuant to such Regulation D. Any Tranche Period funded based upon the LIBO Rate shall be deemed to constitute eurocurrency funding
and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available
from time to time for any Financial Institution or its assignee under such Regulation D or any comparable regulation. The Statutory
Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Stress
Factor” means a factor of 2.25 times.

 

“Subsidiary”
of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall
at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person
and one or more of its Subsidiaries, or (ii) any partnership, association, limited liability company, joint venture or similar
business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned
or controlled.

 

“Suiza
Dairy” means Suiza Dairy Group, LLC, a Delaware limited liability company and a debtor and debtor-in-possession under
Chapter 11 of the Bankruptcy Code.

 

“Suiza
Receivables Sale Agreement” means that certain Third Amended and Restated Receivables Sale Agreement, dated as of the
Effective Date, among Country Fresh, LLC, Dean East, LLC,

 

    Exh. I-27

     

    

Dean
Foods of Wisconsin, LLC, Dean West, LLC, Friendly’s Ice Cream Holdings Corp., Friendly’s Manufacturing and Retail,
LLC, Garelick Farms, LLC, Model Dairy, LLC, Shenandoah’s Pride, LLC, Southern Foods Group, LLC, Suiza Dairy Group, LLC,
Tuscan/Lehigh Dairies, Inc. and Dairy Group, as the same may be amended, restated, supplemented or otherwise modified from time
to time.

 

“Superpriority
Claim” means a claim against any member of the Provider Group (excluding each Seller) in any of the Chapter 11 Cases,
which is an administrative expense claim having priority over any or all administrative expenses of the kind specified in Section
503(b) or 507(b) of the Bankruptcy Code.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Terminating
Commitment Amount” means, with respect to any Terminating Financial Institution, an amount equal to the Commitment (without
giving effect to any reduction to such Commitment pursuant to Section 4.6(a)) of such Terminating Financial Institution.

 

“Terminating
Commitment Availability” means, with respect to any Terminating Financial Institution, the positive difference (if any)
between (a) an amount equal to the Commitment (without giving effect to any reduction to such Commitment pursuant to Section
4.6(a)) of such Terminating Financial Institution, minus (b) the sum of the Capital of the Purchaser Interests funded by such
Terminating Financial Institution and such Terminating Financial Institution’s LC Share of the LC Participation Amount.

 

“Terminating
CP Tranche” has the meaning set forth in Section 3.4(b).

 

“Terminating
Financial Institution” has the meaning set forth in Section 4.6(a).

 

“Terminating
Tranche” has the meaning set forth in Section 4.3(b).

 

“Termination
Date” means, with respect to a Terminating Financial Institution and, if applicable, each Company in such Terminating
Financial Institution’s Purchaser Group, the date on which such Terminating Financial Institution became a NonRenewing Financial
Institution or, in the case of Section 9.2, the date such Financial Institution terminates its Commitment in accordance
therewith.

 

“Termination
Percentage” has the meaning set forth in Section 2.2.

 

“Top
Twenty-Five Obligors” means, of all Obligors of Receivables, the twenty-five Obligors having the highest aggregate outstanding
balances of all Receivables as of April 2 and October 2 of each calendar year, provided that until the first occurrence
of such date after the date hereof, the Top Twenty-Five Obligors shall be those Obligors listed on Schedule F.

 

“Tranche
Period” means:

 

(i)  
if Yield for such Purchaser Interest is calculated on the basis of the LIBO Rate, a period of one week, one, two, three
or six months, or such other period as may be mutually agreeable to the applicable Financial Institution and the Administrative
Seller, commencing on a Business Day selected by the Administrative Seller or the applicable Financial Institution pursuant to
this Agreement. If such Tranche Period is one month or longer, then such Tranche Period shall end on the day in the applicable
succeeding calendar month that corresponds numerically to the beginning day of such Tranche Period, provided, however,
that if there is no such numerically corresponding day in such succeeding month, such Tranche Period shall end on the last Business
Day of such succeeding month; or

 

    Exh. I-28

     

    

(ii)  
if Yield for such Purchaser Interest or is calculated on the basis of the Alternate Base Rate, a period commencing on a
Business Day selected by the Administrative Seller and agreed to by the applicable Financial Institution, provided no such
period shall exceed one month.

 

If any Tranche
Period would end on a day that is not a Business Day, such Tranche Period shall end on the next succeeding Business Day, provided,
however, that in the case of Tranche Periods corresponding to the LIBO Rate and which is or are one month or longer, if
such next succeeding Business Day falls in a new month, such Tranche Period shall end on the immediately preceding Business Day.
In the case of any Tranche Period for any Purchaser Interest that commences before the Amortization Date and would otherwise end
on a date occurring after the Amortization Date, such Tranche Period shall end on the Amortization Date. The duration of each
Tranche Period that commences after the Amortization Date shall be of such duration as selected by the applicable Financial Institution.

 

“Transaction
Documents” means, collectively, this Agreement, each Purchase Notice, each Receivables Sale Agreement, each Collection
Account Agreement, each Performance Undertaking, the Intercreditor Agreement, the Fee Letter, the Demand Notes, the Periodic Reports,
the Interim Reports, the Subordinated Notes (as defined in each Receivables Sale Agreement), each Letter of Credit and all other
instruments, documents and agreements executed and delivered in connection herewith.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction.

 

“Unrated
Obligor” means each Obligor other than a Level 1 Rated Obligor, Level 2 Rated Obligor or a Level 3 Rated Obligor.

 

“Unrated
Obligor Concentration Limit” means 2%.

 

“U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 10.7(f)(ii)(B)(3).

 

“Weekly
Report” means (i) prior to delivery of a Weekly Settlement Notice, an abbreviated servicing report, containing only
weekly aging information and Raw Milk Accounts Payable Amount information, in a form reasonably acceptable to the Agent with respect
to and as of the end of the immediately preceding calendar week, and (ii) thereafter, a servicing report in form reasonably acceptable
to the Agent.

 

“Weekly
Settlement Date” means the 3rd Business Day of each calendar week.

 

“Weekly
Settlement Notice” means a notice delivered by the Agent or the Required Purchasers to the Sellers requiring settlements
under this Agreement on Weekly Settlement Dates.

 

“Withholding
Agent” means any Seller and the Agent.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

“Writing”
means, with respect to any Receivable, any and all instruments, invoices, purchase orders or other writings (which may be electronic)
(other than Contracts) pursuant to which such Receivable arises or that evidences such Receivable.

 

    Exh. I-29

     

    

“Yield”
means for each respective Tranche Period relating to Purchaser Interests of the Financial Institutions, an amount equal to the
product of (a) the sum of (i) the applicable Discount Rate for each Purchaser Interest and (ii) the Drawn Liquidity Spread, multiplied
by (B) the Capital of such Purchaser Interest for each day elapsed during such Tranche Period, annualized on a 360 day basis.

 

“Yield
and Servicer Reserve” means, on any date of determination, an amount equal to the product of (i) the Net Receivables
Balance as of such date and (ii) the sum of (x) (LIBO plus the Drawn Liquidity Spread on such date multiplied by the ADSO Reserve
on such date) divided by 360 and (y) (the Servicing Fee Rate multiplied by ADSO Reserve) divided by 360

 

Where:

 

	ADSO	=	As of any date, the highest three
    consecutive month average Days Sales Outstanding during the most recent twelve calendar months preceding such date
	ADSO Reserve	=	For any date of determination, ADSO as of
    such date multiplied by the Stress Factor

 

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.

 

    Exh. I-30

     

    

Exhibit
II

FORM OF PURCHASE NOTICE

 

[Date]

 

COÖPERATIEVE
RABOBANK U.A.,

NEW YORK
BRANCH 

245 Park
Avenue, 36th Floor

New York,
NY 10167 

Attention:
Transaction Management

Email: tmteam@rabobank.com 

Facsimile:
(914) 304-9324

 

Re: PURCHASE
NOTICE

 

Ladies and
Gentlemen:

 

Reference
is hereby made to the Ninth Amended and Restated Receivables Purchase Agreement, dated as of November ___, 2019, as amended or
modified from time to time, by and among Dairy Group Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers
party thereto, the Financial Institutions party thereto, the Companies party thereto, Coöperatieve Rabobank U.A., New York
Branch, as Issuer of Letters of Credit and Agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Receivables Purchase Agreement”). Capitalized terms used herein shall have the meanings assigned to such
terms in the Receivables Purchase Agreement.

 

[This
letter constitutes a Purchase Notice pursuant to Section 1.2 of the Receivables Purchase Agreement. The Purchasers are
hereby requested to make the following Incremental Purchase:

 

Purchase
Price:

$

 

Date
of Purchase:

 

Requested
Discount Rate:

[LIBO Rate] [Alternate Base Rate]

[Commercial Paper rate]

 

Please
credit the Purchase Price in immediately available funds to our Facility Account on the above-specified date of purchase as set
forth below:

 

[Account
Name]

[Account
No.] 

[Bank Name
& Address]

[ABA #] 

Reference:

Telephone
advice to: [Name] @ tel. No. (  )

 

Please
advise [Name] at telephone no (  ) ______________ if any Company will not be making this purchase.]1

 

 

 

	 	1	Include for receivables purchases pursuant to Section 1.2.

    Exh. II-1

     

    

[This
letter constitutes a notice pursuant to Section 1.7 of the Receivables Purchase Agreement. The LC Bank is hereby requested
to issue a Letter of Credit with a face amount of $_____.]2

 

In
connection with the foregoing request, the Administrative Seller hereby certifies that the following statements are true on the
date hereof, and will be true on the Purchase Date (before and after giving effect to the proposed Incremental Purchase or proposed
issuance of a Letter of Credit, as applicable):

 

(i)  
the representations and warranties of each Seller set forth in Section 5.1 of the Receivables Purchase Agreement
are true and correct on and as of the Purchase Date as though made on and as of such date;

 

(ii)  
no event has occurred and is continuing, or would result from the proposed Incremental Purchase or issuance of Letter of
Credit, as applicable, that will constitute an Amortization Event or a Potential Amortization Event;

 

(iii)  
the Facility Termination Date has not occurred, the sum of Aggregate Capital plus the LC Participation Amount does not
exceed the Purchase Limit and the aggregate Purchaser Interests do not exceed the Maximum Purchaser Interest Percentage; and

 

(iv)  
after giving effect to the Incremental Purchase or the issuance of the Letter of Credit, as applicable, on the Purchase
Date, the amount of Aggregate Capital will be $______ and the LC Participation Amount will be $______.

 

	 	Very truly yours,
	 	 
	 	DAIRY GROUP RECEIVABLES, L.P.,
	 	as Administrative Seller
	 	 
	 	   
	 	By:  	               	 
	 	Name:	 	 
	 	Title:	 	 

 

 

 

		2	Include for issuances of
letters of credit pursuant to Section 1.7.

    Exh. II-2

     

    

Exhibit
III

JURISDICTION OF ORGANIZATION; PRINCIPAL PLACES OF BUSINESS;

LOCATIONS OF RECORDS; FEIN; STATE ORG. NO.; OTHER NAMES

 

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	1.	Alta-Dena Certified Dairy, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	36-4261347	2964500	d/b/a Heartland Farms (in CA)
 d/b/a Swiss Dairy (in CA)

                                                
  Prior Corporate Names/Companies Merged (non-survivors): 
 Alta-Dena Certified Dairy, Inc. (04/27/2006)
 Alta-Dena Holdings, Inc. (12/31/2002)
 Dean Foods Company of California, LLC (12/31/2010)
 Dean Foods of Southern California, LLC (12/31/2012)
 Dean SoCal, LLC (12/31/2010)
 Swiss II, LLC (12/31/2010)
 f/k/a DEA, Inc. (04/27/1999)

	 	 	 	 	 	 	 	 
	2.	Berkeley Farms, LLC	CA	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	94-3308965	200612510201	d/b/a
Bud’s Ice Cream of San Francisco (in CA)

                                    

        Prior Corporate Names/Companies
        Merged (non-survivors):
        

        

        Berkeley Farms, Inc.
(04/27/2006) 

        f/k/a BFD Acquisition
        Co. (11/05/1998)

        

	 	 	 	 	 	 	 	 
	3.	Country Fresh, LLC	MI	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	38-1256303	B58-237	d/b/a Country Fresh Wesley
        (MI)

        

        d/b/a Dairy Products
of Michigan (MI) 

        d/b/a East Coast Ice
        Cream (MI)

        

        d/b/a Embest Dairy (MI) 

    Exh. III-1

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	d/b/a Frostbite Brands
        (MI)

        

        d/b/a Jilbert Dairy (MI) 

        d/b/a Jilbert Dairy,
        Inc. (MI)

        

        d/b/a Melody Farms, LLC
(MI) 

        d/b/a McDonald Dairy
        (MI)

        

        d/b/a Mooney Creamery
(MI) 

        d/b/a Mootown (MI)

        

        d/b/a Mootown Distributors
(MI) 

        d/b/a Nafziger Ice Cream
        (MI)

        

        d/b/a Nafziger (MI) 

        d/b/a Northern Falls
        Water Company (MI - terminated 06/17/04)

        

        d/b/a Southeastern Juice
Packers, Inc. (MI) 

        d/b/a Stroh's Ice Cream
        (MI)

        

        d/b/a The Stroh Ice Cream
Company (MI) 

        d/b/a
        Country Fresh (Jilbert)
        d/b/a Country Fresh, LLC - Grand Rapids

         

        Prior Corporate Names/Companies
        Merged (non-survivors):

        

        CFI/TMP, Inc. (12/16/1999) 

        Country Fresh, Inc. (01/04/2000)

        

        Country Fresh Wesley,
Inc. (12/21/1999) 

        Dairy Products of Michigan,
        Inc. (12/18/1999)

        

        East Coast Ice Cream
L.L.C. (12/22/1999) 

        Frostbite Brands, Inc.
        (12/20/1999)

        

        Golden Valley Dairy,
LLC (12/22/2006) 

        Grocer’s Dairy
        Co. (12/14/1999)

        

        London's Farm Dairy,
LLC (12/31/2002) 

    Exh. III-2

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	Melody Farms, LLC (12/31/2007)

        

        Northern Falls Water
Company, Inc. (12/17/1999) 

        Southeastern Juice Packers,
        Inc. (12/19/1999)

        

        f/k/a Country Fresh I,
LLC (12/15/1999)  

	 	 	 	 	 	 	 	 
	4.	Dean Dairy Holdings, LLC	DE	2711 North Haskell Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2969188	3469364	d/b/a Barber's Dairy
        (in AL, FL, GA, KY)

        

        d/b/a Barber's Milk,
LLC (in FL, GA) 

        d/b/a Creamland Dairies,
        LLC (in NM, TX)

        

        d/b/a Dean Dairy Products
Company (in NY) 

        d/b/a Dean Dairy Products
        Company, LLC (in OH, PA, WV)

        

        d/b/a Dean Foods Company
of Indiana, LLC (in IN) 

        d/b/a Dean Illiniois
        Dairies, LLC (in IL)

        

        d/b/a Dean Milk Company
(in KY) 

        d/b/a Dean Milk Company
        - Louisville (in KY)

        

        d/b/a Liberty Dairy Company
(in MI, OH) 

        d/b/a McArthur Dairy,
        LLC (in FL)

        

        d/b/a Meadow Brook Dairy
(in PA) 

        d/b/a Meadow Brook Dairy
        Company (in NY, OH)

        

        d/b/a Price's Creameries
(in TX) 

        d/b/a Purity Dairies
        (in TN)

        

        d/b/a Purity Dairies,
LLC (in KY) 

        d/b/a Swiss Premium Dairy,
        LLC (in DE, PA)

        

    Exh. III-3

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	d/b/a T.G. Lee Dairy
        (FL)

        

        d/b/a T.G. Lee Foods,
        LLC (FL)

         

        Prior Corporate Names/Companies
Merged (non-survivors):  

        31 Logistics, LLC (12/23/2009)

        

        Barber Milk, LLC (12/23/2009) 

        Barber Ice Cream, LLC
        (12/23/2009)

        

        Creamland Dairies, LLC
(12/23/2009) 

        Dean Dairy Products Company,
        LLC (12/31/2008)

        

        Dean Foods Company of
Indiana, LLC (12/31/2008) 

        Dean Illinois Dairies,
        LLC (12/31/2008)

        

        Dean Milk Company, LLC
(12/23/2009) 

        Fairmont Dairy, LLC (12/23/2009)

        

        Gandy's Dairies, LLC
(12/31/2016) 

        Liberty Dairy Company
        (12/23/09)

        

        McArthur Dairy, LLC (12/23/2009) 

        Meadow Brook Dairy Company
        (12/23/2009)

        

        Purity Dairies, LLC (12/23/2009) 

        T.G. Lee Foods, LLC (12/31/2009)

        

	 	 	 	 	 	 	 	 
	5.	Dean East, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	74-2938751	3139100	Prior Corporate Names/Companies Merged (non-survivors): 

    Dean Midwest Holding, Ltd. (11/30/2008)

    Dean Midwest II, LLC (04/27/2006)

    

    Exh. III-4

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	f/k/a Dean Southeast, LLC (04/27/06)

    f/k/a Suiza Southeast, LLC (12/21/01)
	 	 	 	 	 	 	 	 
	6.	Dean East II, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2969192	3470598	Prior Corporate Names/Companies
        Merged (non-survivors):

        

        Dean Midwest,LLC (04/27/2006) 

        Dean Northeast II, LLC
        (04/27/2006)

        

        RDPC, Inc. (0 1/01/2004) 

        f/k/a Dean Southeast
        II, LLC (12/21/2001)

        

	 	 	 	 	 	 	 	 
	7.	Dean Foods Company	DE	2711 North Haskell Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2559681	2434587	d/b/a Dairymen's (HI)

        d/b/a Hawaii's Dairy (HI)

        d/b/a IS-IMMUNO STIMULATION (HI)

        d/b/a Lani Moo (HI)

        d/b/a Meadow Gold (HI)

                                   

        
        Prior Corporate Names/Companies Merged (non-survivors): 

        Project Puck Corp. (12/21/2001)

        Suiza Holdings, Inc. (03/28/1995)

        Suiza Holdings, L.P. (03/28/1995)

        Velda Holdings, L.P. (03/28/1995)

        f/k/a Suiza Foods Corporation (12/21/2001)

        

	 	 	 	 	 	 	 	 
	8.	Dean Foods of Wisconsin, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	26-4552504	4670171	Prior Corporate Names/Companies
        Merged (non-survivors): 

        f/k/a GG Acquisition, LLC (03/27/09)

        

    Exh. III-5

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	9.	Dean Foods North Central, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	36-4277858	2996385	d/b/a Dean Foods - LeMars
        (in IA, NE)

        d/b/a Land O’Lakes

        

        Prior Corporate Names/Companies Merged (non-survivors): 

        Dean Foods North Central, Inc. (04/27/2006)

        f/k/a Dean Foods Lakes, Inc. (06/09/2000)

        f/k/a DFC Acquisition Co. (06/08/2000)

        

	 	 	 	 	 	 	 	 
	10.	Dean West, LLC	DE	2711 North Haskell Avenue Suite 3400 Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2938753	3122616	Prior Corporate Names/Companies
        Merged (non-survivors): 

        SFG Management Limited Liability Company (07/19/2007)

        Southern Foods Holdings (07/19/2007)

        f/k/a Dean Southwest, LLC (12/21/2001)

        f/k/a Suiza Southwest, LLC (02/24/2000)

        f/k/a Suiza West, LLC (12/09/1999)

        

	 	 	 	 	 	 	 	 
	11.	Dean West II, LLC	DE	2711 North Haskell Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2969190	3469371	Prior Corporate Names/Companies
        Merged (non-survivors): 

        International Milk Sales, Inc. (01/09/2004)

        f/k/a Dean Southwest II, LLC (12/21/2001)

        

	 	 	 	 	 	 	 	 
	12.	Friendly’s Ice Cream Holdings Corp.	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	46-4527609	5452880	None

    Exh. III-6

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	13.	Friendly’s Manufacturing and Retail, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	36-4719828	5089571	None
	14.	Garelick Farms, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	52-2133221	2972968	d/b/a Fairdale Farms
        – New York (in NY)

        

        d/b/a Garelick Farms
(in MA) 

        d/b/a Garelick Farms
        – Lynn (in NH, NJ, NY, PA, RI, VT, MA)

        

        d/b/a Garelick Farms
– Lynn LLC (in ME) d/b/a Garelick Farms – Massachusetts (in MA) 

        d/b/a Garelick Farms
        – New Jersey (in NJ)
        d/b/a Garelick Farms – New York (in NY)

        

        d/b/a Garelick Farms
of Maine (in MA, NH, VT) 

        d/b/a Garelick Farms
        of Maine, LLC (in ME)

        

        d/b/a Garelick Farms
of Massachusetts (in RI) 

        d/b/a Garelick Farms
        of New Jersey (in NY, PA)

        

        d/b/a Garelick Farms
of New York (in MA, NH, NJ, NY, PA, VT) 

        d/b/a Garelick Farms
        of Rhode Island (in Ma, PA, RI)

        

        d/b/a Garelick Farms
of Vermont (in MA, NH, NJ, NY, PA, VT) 

        d/b/a Garelick Farms
        of Vermont, LLC (in ME)

        

        d/b/a Ideal Dairy Farms
(03/23/06) (NJ, NY) 

        d/b/a Miscoe Springs
        – Massachusetts (in MA)

        

        d/b/a Nature’s
Best (in RI) 

        d/b/a Scangas Bros. Holdings
        – Massachusetts (in MA)

        

    Exh. III-7

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	d/b/a West Lynn Creamery
        – Massachusetts (in MA)

        

        d/b/a West Lynn Creamery
– New Hampshire (in NH) 

        d/b/a West Lynn Creamery
        – New Jersey (in NJ)

        

        d/b/a West Lynn Creamery
– New York (in NY) 

        d/b/a West Lynn Creamery
        – Vermont (in VT)

        

        d/b/a West Lynn Creamery
Realty – Massachusetts (in MA)  

        d/b/a
        Garelick Farms Franklin
        d/b/a Garelick Farms of Lynn

        

        d/b/a
        Ideal Dairy 
        

         

        Prior Corporate Names/Companies
        Merged (non-survivors): 

        

        Cumberland Farms, Inc.
(12/09/1998) 

        Dean Northeast, LLC (04/27/2006)

        

        Fairdale Farms, Inc.
(12/21/2001) 

        Garelick Farms, Inc.
        (12/06/1998)

        

        Grant’s Dairy,
Inc. (12/04/1998) 

        Miscoe Springs, Inc.
        (12/08/1998)

        

        New England Dairies,
LLC (12/23/2009) 

        Scangas Bros. Holdings,
        Inc. (12/07/1998)

        

        Suiza GTL, LLC (12/03/1998) 

        Terrace Dairy, LLC (12/23/2009)

        

        West Lynn Creamery, Inc.
(12/10/1998) 

        West Lynn Creamery Realty
        Corp. (12/05/1998)

        

        

    Exh. III-8

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	15.	Mayfield Dairy Farms, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	62-0583008	3469476	d/b/a Atlanta Dairy (GA)

        

        Prior Corporate Names/Companies Merged (non-survivors): 

        Mayfield Dairy Farms, Inc. (TN) (12/21/2001)

        Mayfield Dairy Farms, Inc. (04/27/2006)

        

	 	 	 	 	 	 	 	 
	16.	Midwest Ice Cream Company, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	36-4400130	3300351	Prior Corporate Names/Companies
        Merged (non-survivors): 

        Dean Foods Regional Business Services, Inc. 01/01/2004)

        The Meadows Distributing Company (01/01/2004)

        Midwest Ice Cream Company (04/27/2006)

        f/k/a Dean Foods Ice Cream Company (05/31/2002)

        

	 	 	 	 	 	 	 	 
	17.	Model Dairy, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2677981	3140213	Prior Corporate Names/Companies
        Merged (non-survivors):
        

        

        Model Dairy, Inc. (01/01/00) 

	 	 	 	 	 	 	 	 
	18.	Reiter Dairy, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	04-3673675	3528456	d/b/a Reiter Dairy, LLC (Akron)

    d/b/a Reiter Dairy, LLC (Springfield)

    

    Prior Corporate Names/Companies Merged (non-survivors): 

    RDI Purchase Corporation (05/01/02)

    Reiter Akron, Inc. (06/24/03)

    Reiter Dairy, Inc. (12/02/86)

    Reiter Dairy of Akron, Inc. (04/27/06)

    Reiter Dairy of Springfield, 

    Exh. III-9

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	LLC (04/27/06)

    Reiter Springfield, LLC (06/24/03)

    
	 	 	 	 	 	 	 	 
	19.	Shenandoah’s Pride, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	74-2952858	3203661	None
	20.	Southern Foods Group, LLC	DE	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	75-2571364	4380273	d/b/a Barbe’s Dairy
        (in LA)

        

        d/b/a Borden (MO) (07/31/07) 

        d/b/a Borden Dairy Products
        (in OK)

        

        d/b/a Brown’s Dairy
(in LA) 

        d/b/a Excelsior Dairy
        (in HI)

        

        d/b/a Foremost Dairy
(in TX, LA) 

        d/b/a Hygeia Dairy (in
        TX)

        

        d/b/a Meadow Gold (in
MT, ID, OK, CO, OR, NV) 

        d/b/a Meadow Gold Dairies
        (in ID, OK, CO, NE, HI, UT, MO, MT, AZ, OR, NV)

        

        d/b/a Mile High Ice Cream
(in CO, NE, WY) 

        d/b/a Naalehu Dairy (in
        HI)

        

        d/b/a Oak Farms Dairy
(in OK, TX) 

        d/b/a Oak Farms Dairy
        – Waco (in TX)

        

        d/b/a Schepps Dairy (in
OK, TX) 

        d/b/a Southwest Ice Cream
        Specialties (in TX)

        

        d/b/a
Meadow Gold (Billings) 

        d/b/a
        Meadow Gold (Boise)

        

        d/b/a
Meadow Gold (Englewood) 

        d/b/a
        Meadow Gold (Grand Junction)

        

        d/b/a
Meadow Gold (Greeley) 

    Exh. III-10

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	d/b/a
        Meadow Gold (Hawaii)

        

        d/b/a
Meadow Gold (Kalispell) 

        d/b/a
        Meadow Gold (Las Vegas)

        

        d/b/a
Meadow Gold (Salt Lake City) 

        d/b/a
        Meadow Gold (Tulsa)

        

        d/b/a
Oak Farms Dairy (Dallas) 

        d/b/a
        Oak Farms (Houston)

        

        d/b/a
Oak Farms (San Antonio) 

        d/b/a
        Schepp's Dairy (Dallas)

        

        d/b/a
Southwest Ice Cream 

        
        

         

        Prior Corporate Names/Companies
        Merged (non-survivors): 
        Brown’s Velvet Dairy (07/12/2000)

        

        SFG Capital Corporation
(01/01/2004) 

        Southern Foods Group,
        L.P. (06/30/2007)

        

        f/k/a SFG Newco, LLC
(06/29/2007) 

	 	 	 	 	 	 	 	 
	21.	Suiza Dairy Group, LLC	DE	2711 North Haskell Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	04-3742039	3098889	d/b/a
Broughton Foods, LLC (in KY, OH, TN, WV)

d/b/a Country Delite 

d/b/a Country Delite Farms, LLC (in AL, GA, TN)

d/b/a Dairy Fresh, LLC (in NC)

d/b/a Dean Foods Central Ice Cream (in IN)

d/b/a Dean Foods National Warehouse (in CO)

d/b/a Dean Foods of Decatur (in IN)

d/b/a Frostbite Brands (in OH)

d/b/a Land-O-Sun (in FL, GA, IL, IN, KY, NC, NY, OH, TN, VA)

d/b/a Land-O-Sun Dairies (in DE, FL, GA, IL, IN, KY, NC, NY, OH, TN, VA)

    Exh. III-11

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	  	 	 	 	 	 	 	d/b/a Louis Trauth Dairy,
        LLC (in IN, KY, OH)

        d/b/a Pet Dairy (in GA, NC, TN, VA)

        d/b/a PET Dairy Richmond (VA)

        d/b/a Pet O'Fallon, LLC (in IL)

        d/b/a Robinson Dairy, LLC (in CO, IL, WY)

        d/b/a Schenkel's All-Star Dairy, LLC (in IL, IN, KY, MI)

         

        Prior Corporate Names/Companies
        Merged (non-survivors):
        

        

        Broughton Foods, LLC
(12/31/2008) 

        Country Delite, LLC (12/31/2008)

        

        Dairy Fresh, LLC (12/31/2008) 

        Dan Morton, LLC (08/31/2009)

        

        Dean Intellectual Property
Services, Inc. (01/01/2012) 

        DIPS Limited Partner
        (11/30/2008)

        

        DIPS GP, Inc. (11/30/2008) 

        Land-O-Sun Dairies, LLC
        (12/31/2014)

        

        Louis Trauth Dairy, LLC
(12/31/2008) 

        Pet O’Fallon, LLC
        (12/31/2008)

        

        Robinson Dairy, LLC (12/23/2009) 

        Schenkel’s All-Star
        Dairy, LLC (12/31/2008)

        

        Suiza Dairy Group Holdings,
Inc. (4/27/2006) 

        Suiza Dairy Group, Inc.
        (4/27/2006)

        

        Suiza Dairy Group, L.P.
(12/31/2002) f/k/a/ Suiza Fluid Dairy Group, L.P. (09/20/1999) 

    Exh. III-12

     

    

	Company
	Jurisdiction
of Organization
	Place(s)
of Business
	Location
of Records
	Federal
Employer Identification No.
	State
Organizational Number
	Prior
Corporate Names and Companies Merged

	22.	Tuscan/Lehigh Dairies, Inc.	DE	880 Allentown Rd. Lansdale, PA 19446	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	33-1046774	2741400	d/b/a Lehigh Valley Dairy
 d/b/a Tuscan Dairy

                                                
 Prior Corporate Names/Companies Merged (non-survivors): 
 Dellwood Foods, Inc. (04/18/1997)
 Lehigh Valley Dairies, Inc. (04/19/1997)
 Tuscan/Lehigh Dairies, L.P. (12/31/2002)
 Tuscan/Lehigh Management, LLC (01/21/2003)
 Tuscan Dairy Farms, Inc. (04/17/1997)

	 	 	 	 	 	 	 	 
	23.	Verifine Dairy Products of Sheboygan, LLC	WI	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	2711 North Haskell

    Avenue

    Suite 3400

    Dallas, Texas 75204	39-0677200	1V00632	Prior Corporate Names/Companies
        Merged (non-survivors): 

        Verifine Dairy Products Corporation of Sheboygan, Inc. (04/27/06)

        

    Exh. III-13

     

    

Exhibit
IV

NAMES OF COLLECTION BANKS; COLLECTION ACCOUNTS

 

	 	Bank/Account	Originator	Lock-Box
	1.      
     	Regions
    Bank

    315 Deaderick Street

    Nashville, TN 37237-0210

    Account:  201018	Dean
    Dairy Holdings, LLC dba Purity Dairies, LLC	Purity
    Dairies LLC

    MSC# 4106000

    P.O. Box 415000

    Nashville, TN 37241-5000
	2.      
     	JPMorgan
    Chase Bank, N.A. 125 Putnam Street

    Marietta, OH 45750

    Account:  617469028	Suiza
    Dairy Group, LLC dba Broughton Foods, LLC	Broughton
    Foods, LLC

    25854 Network Place

    Chicago, IL 60673-1258
	3.      
     	JPMorgan
    Chase Bank, N.A.

    10 S. Dearborn

    Chicago, IL 60670

    Account:  10-43835	Country
    Fresh, LLC -

    Grand Rapids	Country
    Fresh, LLC

    21999 Network Place

    Chicago, IL 60673-1219
	4.      
     	JPMorgan
    Chase Bank, N.A. 2200 Ross Swiss Avenue -

    Suite 1050

    Dallas, TX 7501

    Account:  1106194	Dean
    Dairy Holdings,

    LLC dba Creamland

    Dairies	Price’s
    Creameries

    P.O. Box 730771

    Dallas, TX 75373
	5.      
     	JPMorgan
    Chase Bank, N.A.

    Account:  10-78823	Midwest
    Ice Cream Company, LLC	Midwest
    Ice Cream Company, LLC 22573 Network Place

    Chicago, IL 60673-1225
	6.      
     	JPMorgan
    Chase Bank, N.A.

    10 S. Dearborn

    Chicago, IL 60670

    Account:  11-34295	Midwest
    Ice Cream Company, LLC	Midwest
    Ice Cream Company, LLC 21810 Network Place

    Chicago, IL 60673-1218

    Exh. IV-1

     

    

	 	Bank/Account	Originator	Lock-Box
	7.      
     	JPMorgan
    Chase Bank, N.A. 2200 Ross Avenue, Suite 1050 Dallas, TX 75201

    Account:  023257037	Southern
    Foods Group,

    LLC. Border	Meadow
    Gold (Tulsa)

    P.O. Box 972384

    Dallas, TX 75397-2384
	8.      
     	JPMorgan
    Chase Bank, N.A. 2200 Ross Avenue - Suite 1050 Dallas, TX 75201

    Account:  1587318807	Southern
    Foods Group, LLC	Oak
    Farms Dairy (Houston)

    P.O. Box 973866

    Dallas, TX 75397-3866
	9.      
     	JPMorgan
    Chase Bank, N.A. 10 S. Dearborn

    Chicago, IL 60670

    Account:  662644665	Suiza
    Dairy Group, LLC dba Schenkel’s All-Star Dairy, LLC	Schenkel’s
    All-Star Dairy, LLC 21438 Network Place Chicago, IL 60673-1217
	10.     
     	First
    Hawaiian Bank 2411 S. King St Honolulu, HI 96826 Account:  48061370	Southern
    Foods Group, LLC	Meadow
    Gold (Hawaii)

    P.O. Box 30390

    Honolulu, HI 96820-0390
	11.     
     	JPMorgan
    Chase Bank

    Account:  727113219	Dean
    Dairy Holdings, LLC dba Dean Illinois Dairies, LLC	Dean
    Illinois Dairies, LLC P.O. Box 23682

    Chicago, IL 60694
	12.     
     	Wells
    Fargo Bank

    Account:  2000028328584	Dean
    Dairy Holdings, LLC dba Meadow Brook Dairy Company	Meadowbrook
    Dairy

    75 Remittance Drive Suite 6443

    Chicago, IL 60675-6443
	13.     
     	Wells
    Fargo Bank

    Account:  2000028328597	Dean
    Dairy Holdings, LLC dba Dean Dairy Products Company, LLC	Dean
    Dairy Products Company, LLC

    75 Remittance Drive Suite 6450

    Chicago, IL 60675-6450
	14.     
     	Wells
    Fargo Bank

    Account:  2000028328649	Garelick
    Farms, LLC - The Lehigh Depository	Lehigh
    Valley Dairy

    Box#3886

    P O Box 8500

    Philadelphia, PA 19178-3886
	15.     
     	Wells
    Fargo Bank

    Account:  2000028328681	Garelick
    Farms, LLC - The Garelick Farms Franklin Depository	Garelick
    Farms Franklin

    Box#3906

    P O Box 8500

    Philadelphia, PA 19178-3906

    Exh. IV-2

     

    

	 	Bank/Account	Originator	Lock-Box
	16.     
     	Wells
    Fargo Bank

    Account:  2000028328694	Garelick
    Farms, LLC dba Garelick Farms of NJ	Garelick
    Farms of New Jersey

    Box#3916

    P O Box 8500

    Philadelphia, PA 19178-3916
	17.     
     	Wells
    Fargo Bank

    Account:  2000028328704	Garelick
    Farms, LLC dba Garelick Farms of NY	Garelick
    Farms of New York

    Box#3921

    P O Box 8500

    Philadelphia, PA 19178-3921
	18.     
     	Wells
    Fargo Bank

    Account:  2000028330187	Garelick
    Farms, LLC dba Garelick Farms of Lynn	Garelick
    Farms of Lynn

    Box # 3926

    P O Box 8500

    Philadelphia, PA 19178-3926
	19.     
     	Wells
    Fargo Bank

    401 S. Tryon St., 3 Wells Fargo Center, 10th floor

    Charlotte, NC 28288

    Account:  2000001211197	Suiza
    Dairy Group, LLC dba Dairy Fresh, LLC	Dairy
    Fresh, LLC

    P.O. Box 60898

    Charlotte, NC 28260
	20.     
     	Wells
    Fargo Bank

    401 S. Tryon St., 3 Wells Fargo Center, 10th floor

    Charlotte, NC 28288

    Account:  2000001211605	Suiza
    Dairy Group, LLC dba Country Delite Farms, LLC	Country
    Delite Farms, LLC

    P.O. Box 932542

    Atlanta, GA 31193-2689
	21.     
     	Wells
    Fargo Bank

    401 S. Tryon St., 3 Wells Fargo Center, 10th floor

    Charlotte, NC 28288

    Account:  2000014790676	Dean
    Dairy Holdings,

    LLC dba McArthur Dairy, LLC	McArthur
    Dairy, LLC

    P.O. Box 932688

    Atlanta, GA 31193-2689

    Exh. IV-3

     

    

	 	Bank/Account	Originator	Lock-Box
	22.     
     	Wells
    Fargo Bank

    401 S. Tryon St., 3 Wells Fargo Center, 10th floor

    Charlotte, NC 28288

    Account:  2000014790647	Dean
    Dairy Holdings, LLC dba T.G. Lee Foods, LLC	T.G.
    Lee Foods, LLC

    P.O. Box 932689

    Atlanta, GA 31193-2689
	23.     
     	Wells
    Fargo Bank

    Account:  2000014790650	Mayfield
    Dairy Farms, LLC	Mayfield
    Dairy Farms, LLC

    P.O. Box 933321

    Atlanta, GA 31193-3321
	24.     
     	Wells
    Fargo Bank

    Account:  4121897490	Dean
    Foods Of WI	Dean
    Foods Of WI

    P.O. Box 1450 NW 8318

    Minneapolis, MN 55485-6068

    Friendly’s Lockbox 842648
	25.     
     	Wells
    Fargo Bank

    1200 W. 7th St., Suite T2-210 Los Angeles, CA 90017

    Account:  4171190465	Alta-Dena
    Certified

    Dairy, LLC	Alta-Dena
    Certified Dairy, LLC

    Dept. 2363

    Los Angeles, CA 90084-2363
	26.     
     	Wells
    Fargo Bank

    42840 Christy St., Suite 100 Fremont, CA 94538

    Account:  4171189186	Berkeley
    Farms, LLC	Berkeley
        Farms, LLC - P.O. Box 39000

         

        San
        Francisco, CA 94139-3405

         

	27.     
     	Wells
    Fargo Bank Alburquerque, NM

    Account:  4171190200	Dean
    Dairy Holdings,

    LLC dba Creamland

    Dairies, LLC	Creamland
    Dairies, LLC

    P.O. Box 27508

    Albuquerque, NM 87125
	28.     
     	Wells
    Fargo Bank

    Account:  4121207872	Dean
    Foods North

    Central, LLC	Dean
    Foods North Central, LLC

    P.O. Box 1450 NW 8318 Minneapolis, MN 55485-8318

    Exh. IV-4

     

    

	 	Bank/Account	Originator	Lock-Box
	29.     
     	Wells
        Fargo Bank

        

        1445
        Ross Avenue

        Dallas, TX 74202

        Account: 4167506609

        
	Gandy’s
    Dairies, LLC	Gandy’s
    Dairies LLC

    P.O. Box 201263

    Dallas, TX 75320-1263
	30.     
     	Wells
    Fargo Bank

    155 5th St, 6th Floor

    San Francisco, CA 94103

    Account:  4185047190	Model
    Dairy, LLC	Model
    Dairy, LLC

    Department 2170

    Los Angeles, CA 90084-2170
	31.     
     	Wells
    Fargo Bank

    Account: 2000002922951	Suiza Dairy Group, LLC

         
	PO Box 60498

        

        Charlotte,
NC 28260-0498 

	32.     
     	Wells
    Fargo Bank

    555 17th Street # 600

    Denver, CO 80202

    Account:  4496806159	Southern
    Foods Group, LLC	Meadow
    Gold (Salt Lake City)

    P.O. Box 959

    Denver, CO 80291
	33.     
     	Wells
        Fargo Bank

        

        1445
        Ross Avenue

        Dallas, TX 75202

        Account: 4496805912

        
	Southern
    Foods Group, LLC	Oak
    Farms Dairy (San Antonio)

    P.O. Box 200349

    Dallas, TX 75320-0349
	34.     
     	Wells
        Fargo Bank

        

        1445
        Ross Avenue

        Dallas, TX 75202

        Account: 4496805821

        
	Southern
    Foods Group, LLC	Schepps
    Dairy (Dallas)

    P.O. Box 200300

    Dallas, TX 75320-0300
	35.     
     	Wells
        Fargo Bank

        

        1445
        Ross Avenue

        Dallas, TX 75202

        Account: 4496805862

        
	Southern
    Foods Group, LLC	Southwest
    Ice Cream

    P.O. Box 201074 Dallas, TX 75320-1074
	36.     
     	Wells
    Payment Express 555 17th Street #600

    Denver, CO 80202

    Account:  4950022608	Southern
    Foods Group, LLC	Meadow
    Gold (Billings)

    Dept. 964

    Denver, CO 80271-0964

    Exh. IV-5

     

    

	 	Bank/Account	Originator	Lock-Box
	37.     
     	Wells
    Payment Express

    555 17th Street #600

    Denver, CO 80202

    Account:  4950022558	Southern
    Foods Group, LLC	Meadow
    Gold (Boise)

    Dept. 960

    Denver, CO 80271
	38.     
     	Wells
    Payment Express

    555 17th Street #600

    Denver, CO 80202

    Account:  4496806118	Southern
    Foods Group, LLC	Meadow
    Gold (Englewood)

    Dept 962

    Denver, CO 80271
	39.     
     	Wells
    Payment Express 555 17th Street #600

    Denver, CO 80202

    Account:  4496806183	Southern
    Foods Group, LLC	Meadow
    Gold (Grand Junction)

    Dept. 275

    Denver, CO 80271-0275
	40.     
     	Wells
    Payment Express

    555 17th Street #600 Denver, CO 80202

    Account:  4950022475	Southern
    Foods Group, LLC	Meadow
    Gold (Great Falls)

    Dept. 966

    Denver, CO 80271
	41.     
     	Wells
    Payment Express 555 17th Street #600

    Denver, CO 80202

    Account:  4496806134	Southern
    Foods Group, LLC	Meadow
    Gold (Greeley)

    Dept. 961

    Denver, CO 80271
	42.     
     	Wells
    Fargo Bank

    P.O. Box 63020

    Account:  4121026124	Southern
    Foods Group, LLC	Meadow
    Gold (Las Vegas)

    Department 9373

    Los Angeles, CA 90084-9373
	43.     
     	Bank
    of America

    Account:  100101176809	Suiza
    Dairy Group, LLC dba Pet O’Fallon	Pet
    O’Fallon

    PO Box 500117

    St. Louis, MO 63150-0117
	44.     
     	JPMorgan
    Chase Bank

    Account:  737302885	Country
    Fresh, LLC	Country
    Fresh, LLC (Jilbert)

    PO Box 24135

    Chicago, IL 60694

    Exh. IV-6

     

    

	 	Bank/Account	Originator	Lock-Box
	45.     
     	Wells
    Fargo Bank

    Account:  2000022999029	Reiter
    Dairy, LLC	Reiter
    Dairy, LLC (Akron)

    75 Remittance Dr., Suite 6469 Chicago, IL 60675-6469
	46.     
     	Wells
    Fargo Bank

    Account:  2000022999016	Reiter
    Dairy, LLC	Reiter
    Dairy, LLC (Springfield) 75 Remittance Dr., Suite 3038 Chicago, IL 60675-3038
	47.     
     	Wells
    Fargo Bank

    Account:  2000028328607	Dean
    Dairy Holdings, LLC dba Swiss Premium Dairy, LLC	Swiss
    Premium Dairy, LLC

    PO Box 8500-3866

    Philadelphia, PA 19178-3866
	48.     
     	JPMorgan
    Chase Bank

    Account:  1000124	Dean
    Dairy Holdings, LLC dba Prices

    Creamries	Electronic
    Receipts
	49.     
     	Wells
    Fargo Bank

    Account:  4496805813	Southern
    Foods Group, LLC	EFT
    Payment Account
	50.     
     	Wells
    Fargo Bank

    Account:  4945645182	Dean
    Dairy Holdings, LLC dba Purity Dairies	PO
    Box 935522 

    Atlanta,GA 31193-5522
	51.     
     	PNC
    Bank, N.A.

    Account:  4252357434

    Saginaw, MI	Country
    Fresh, LLC	Grand
    Rapids Depository/route acct
	52.     
     	Fifth
    Third Bank, N.A.

    Account:  7027701197	Dean
    Foods Company	PO
    Box 1335

    Dept 720057

    Charlotte NC 28201
	53.     
     	BMO
    Harris Bank

    Account: 2379709	Dean Foods Company

         
	Route
    deposits – scan deposits only
	54.     
     	BMO
    Harris Bank

    Account: 2379717	Suiza Dairy Group, LLC

         
	EFT
    Payments only

    Exh. IV-7

     

    

	 	Bank/Account	Originator	Lock-Box
	55.     
     	BMO
    Harris Bank

    Account: 2379725	Suiza Dairy Group, LLC

         
	EFT
    Payments only
	56.     
     	BMO
    Harris Bank

    Account: 2379733	Suiza Dairy Group, LLC

         
	EFT
    Payments only
	57.     
     	BMO
    Harris Bank

    Account: 2379741	Dean Foods Company

         
	EFT
    Payments only
	58.     
     	BMO
    Harris Bank

    Account: 2379758	Suiza Dairy Group,
    LLC	EFT
    Payments only
	59.     
     	BMO
    Harris Bank

    Account: 2379790	Suiza Dairy Group, LLC

         
	EFT
    Payments only
	60.     
     	PNC
    Bank, N.A.

    Account: 1069985711	Dairy Group Receivables,
        L.P.

         
	PO BOX 746496

        

        ATLANTA GA 30374-6496

         

        PO BOX 776911 

        CHICAGO IL 60677-6911

         

        PO BOX 844358

        

        BOSTON MA 02284-4358

         

        PO BOX 676010 

        DALLAS TX 75267-6010

         

        POB 912820

        

        PASADENA,
CA  91110-2820  

	61.     
     	PNC
    Bank, N.A.

    Account: 1069985703	Dairy Group Receivables
    II, L.P.	PO
        BOX 746108

        

        ATLANTA
        GA 30374-6108

         

        PO
BOX 776922 

        CHICAGO
        IL 60677-692

        

    Exh. IV-8

     

    

	 	Bank/Account	Originator	Lock-Box
	62.     
     	 	 	PO
        BOX 844373

        

        BOSTON
        MA 02284-4373

         

        PO
BOX 676024 

        DALLAS
        TX 75267-6024

         

        PO
        BOX 31001-2833

        

        PASADENA
CA 91110-2833 

    Exh. IV-9

     

    

Exhibit
V

FORM OF COMPLIANCE CERTIFICATE

 

To: Coöperatieve
Rabobank U.A., New York Branch, as Agent for the benefit of the Purchasers

 

This
Compliance Certificate is furnished pursuant to that certain Ninth Amended and Restated Receivables Purchase Agreement dated as
of November ___, 2019, as amended or modified from time to time, among Dairy Group Receivables, L.P. and Dairy Group Receivables
II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions party thereto, the Companies party thereto, and
Coöperatieve Rabobank U.A., New York Branch, as Agent (as amended, restated, supplemented, or otherwise modified from time
to time, 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 [Insert name of applicable Seller Party or Originator] (the “Applicable
Party”).

 

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 the Applicable Party 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 that constitutes an Amortization Event or Potential Amortization Event 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 in paragraph 5
below.

 

4.   
[Reserved].

 

5.   
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 that the Applicable Party has taken, is taking, or proposes to
take with respect to each such condition or event:

 

6.   
As of the date hereof, the jurisdiction of organization of each Seller and each Servicer is Delaware, each of the Sellers
and each Servicer is a “registered organization” (within the meaning of Section 9-102 of the UCC in effect in such
applicable jurisdiction) and neither any Seller nor any Servicer has changed its jurisdiction of organization since the date of
the Agreement.

 

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 __________, ______.

 

    Exh. V-1

     

    

	 	[DAIRY GROUP RECEIVABLES, L.P.]
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	             
	 	 	 
	 	 	 
	 	[DAIRY GROUP RECEIVABLES II, L.P.]
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

    Exh. V-2

     

    

SCHEDULE
I TO COMPLIANCE CERTIFICATE

 

A.       Schedule
of Compliance as of ______________, _____ with Section ___ of the Agreement. Unless otherwise defined herein, the terms used in
this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 

This schedule
relates to the month ended: __________

 

    Exh. V-3

     

    

Exhibit
VI

FORM OF COLLECTION ACCOUNT AGREEMENT

 

[On letterhead
of Originator]

 

__________,
____

 

[LockBox
Bank/Concentration Bank/Depositary Bank]

 

Re:[Applicable
Originator]

 

Ladies and
Gentlemen:

 

Reference
is hereby made to P.O. Box #_________ in [city, state, zip code] (the “LockBox”) of which you have exclusive
control for the purpose of receiving mail and processing payments therefrom pursuant to that certain [name of lockbox agreement]
between you and [applicable Originator] (the “Company”) dated _________ (the “Agreement”).
You hereby confirm your agreement to perform the services described therein. Among the services you have agreed to perform therein,
is to endorse all checks and other evidences of payment, and credit such payments to the Company’s checking account no.
________ maintained with you in the name of the Company (the “Lock-Box Account”).

 

The Company
hereby informs you that pursuant to that certain [Third Amended and Restated Receivables Sale Agreement, dated as of November
___, 2019], [Second Amended and Restated Dean Receivables Sale Agreement, dated as of November ___, 2019 and effective for all
purposes as of March 31, 2002], as amended, restated, supplemented or otherwise modified from time to time, among the Company,
the other parties thereto as Originators and [Dairy Group Receivables, L.P.] [Dairy Group Receivables II, L.P.] (“Seller”),
the Company has transferred all of its right, title and interest in and to, and exclusive ownership and control of, the Lock-Box
and the LockBox Account to Seller. The Company and Seller hereby request that the name of the LockBox Account be changed to “[applicable
Servicer], as Servicer.”

 

The Company
and Seller hereby irrevocably instruct you, and you hereby agree, that (i) if at any time you receive any instruction originated
by Coöperatieve Rabobank U.A., New York Branch (“Rabobank”) directing the disposition of funds in the
Lock-Box Account you will comply with such instruction without further consent of the Company, Seller or any other person or entity,
provided, that until you receive notice in the form attached hereto as Annex A (a “Notice”) from Rabobank,
Seller and the Company, as servicer, shall be entitled to give instructions directing the disposition of funds in the Lock-Box
Account; (ii) notwithstanding anything to the contrary contained herein, if at any time you receive conflicting instructions from
Rabobank and Seller or the Company, you shall follow the instructions of Rabobank and not Seller or the Company; and (iii) upon
receiving a Notice, (A) you will take all instructions regarding the Lock-Box Account and the disposition of funds therein solely
from Rabobank, (B) the name of the LockBox Account will be changed to Rabobank for itself and as agent (or any designee of Rabobank)
and Rabobank will have exclusive ownership of and access to and sole control of the Lock-Box and the LockBox Account, and neither
the Company, Seller, nor any of their respective affiliates will have any control of the Lock-Box or the LockBox Account or any
access thereto, (C) you will either continue to send the funds from the LockBox to the LockBox Account, or will redirect the funds
as Rabobank may otherwise request, (D) you will transfer monies on deposit in the LockBox Account, at any time, as directed by
Rabobank and otherwise comply with all instructions received from Rabobank with respect to the Lock-Box and the Lock-Box Account
without further consent by the Company, Seller or any other person or entity, (E) all services to be performed by you under the
Agreement will be performed on behalf of Rabobank, and (F) all correspondence or other mail that you have agreed to send to the
Company or Seller will be sent to Rabobank at the following address:

 

    Exh. VI-1

     

    

Coöperatieve
Rabobank U.A., New York Branch

245
Park Avenue, 36th Floor 

New
York, NY 10167

Attention:
Transaction Management 

Email:
tmteam@rabobank.com

Facsimile:
(914) 304-9324

 

Moreover,
upon such notice, Rabobank for itself and as agent will have all rights and remedies given to the Company (and Seller, as the
Company’s assignee) under the Agreement. Seller agrees, however, to continue to pay all fees and other assessments due thereunder
at any time.

 

You hereby
acknowledge that monies deposited in the LockBox Account or any other account established with you by Rabobank for the purpose
of receiving funds from the LockBox are subject to the liens of Rabobank for itself and as agent, and will not be subject to deduction,
setoff, recoupment, banker’s lien or any other right you or any other party may have against the Company, Seller or any
of their respective affiliates (including, without limitation, any security interest therein arising by operation of law or otherwise,
which security interest is hereby released and terminated).

 

You hereby
acknowledge and agree that (i) you are executing this letter agreement and agree to perform hereunder in your capacity as a “bank”
as defined in Section 9-102 of the UCC; (ii) the Lock-Box Account is, and will be maintained as, a “deposit account”
as defined in Section 9-102 of the UCC and shall be governed by the laws of the State of New York; (iii) regardless of any provision
in any other agreement, for purposes of the UCC, New York shall be deemed to be your jurisdiction (within the meaning of Section 9-304
of the UCC); (iv) there are no agreements entered into between you and/or the Company or Seller with respect to the Lock-Box Account,
except the Agreement; (v) you have not entered into, and until termination of this letter agreement will not enter into, any agreement
with any other party relating to the Lock-Box Account and/or any financial assets or funds credited or deposited thereto pursuant
to which you have agreed to comply with instructions (within the meaning of Section 9-104 of the UCC) of such other party; (vi)
you will not change the name or account number of the Lock-Box Account without the prior written consent of Rabobank; (vii) you
have not entered into, and until termination of this letter agreement will not enter into, any agreement purporting to limit or
condition your obligation to comply with instructions; (viii) except for the claims and interest of Rabobank and Seller in the
Lock-Box Account, you do not know of any lien on or claim to, or interest in the Lock-Box Account or funds deposited or credited
thereto; and (ix) if any party asserts any lien, encumbrance or similar process against the Lock-Box Account or funds deposited
or credited thereto, you will promptly notify Rabobank and Seller thereof. All references herein to the “UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of New York.

 

THIS LETTER
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER WILL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. This letter agreement may be executed in any number of counterparts and all of such counterparts
taken together will be deemed to constitute one and the same instrument.

 

This letter
agreement contains the entire agreement between the parties, and may not be altered, modified, terminated or amended in any respect,
nor may any right, power or privilege of any party hereunder be waived or released or discharged, except upon execution by all
parties hereto of a written instrument so providing. In the event that any provision in this letter agreement is in conflict with,
or inconsistent with, any provision of the Agreement or any other agreement now existing or hereafter entered into, this letter
agreement will exclusively govern and control. Each party agrees to take all actions reasonably requested by any other party to
carry out the purposes of this letter agreement or to preserve and protect the rights of each party hereunder.

 

    Exh. VI-2

     

    

Please indicate
your agreement to the terms of this letter agreement by signing in the space provided below. This letter agreement will become
effective immediately upon execution of a counterpart of this letter agreement by all parties hereto.

 

	 	Very truly yours,
	 	 
	 	[APPLICABLE ORIGINATOR]
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	           
	 	 	 
	 	 	 
	 	[DAIRY GROUP RECEIVABLES, L.P.]
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	[DAIRY GROUP RECEIVABLES II, L.P.]
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Acknowledged
and agreed to this

____ day of ______

 

[COLLECTION
BANK]

 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

Coöperatieve
Rabobank U.A., New York Branch, as Agent

 

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	By:	  	 
	Name:	 	 
	Title:	 	 

    Exh. VI-3

     

    

Annex
A

FORM OF NOTICE

 

[On letterhead
of Rabobank]

 

___________,
______

 

[Collection
Bank/Depositary Bank/Concentration Bank]

 

Re:[Applicable
Originator]

 

Ladies and
Gentlemen:

 

We
hereby notify you that we are exercising our rights pursuant to that certain letter agreement among [applicable Originator], [Dairy
Group Receivables, L.P.] [Dairy Group Receivables II, L.P.], you and us, to have the name of, and to have exclusive ownership
and sole control of, account number __________ (the “LockBox Account”) maintained with you, transferred to
us. You are hereby instructed not to accept any direction, instructions or entitlement orders with respect to the Lock-Box Account
or the funds credited thereto from any person or entity other than us, unless otherwise ordered by a court of competent jurisdiction.
[The LockBox Account will henceforth be a zero balance account, and funds deposited in the LockBox Account should be sent at the
end of each day to ___________.] You have further agreed to perform all other services you are performing under that certain agreement
dated _________ between you and [applicable Originator] on our behalf.

 

We
appreciate your cooperation in this matter.

 

	 	Very truly yours,
	 	 
	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH
    (for itself and as agent)
	 	 
	 	 
	 	By:	  	 
	 	Name:	                  	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

    Exh. VI-4

     

    

Exhibit
VII

FORM OF ASSIGNMENT AGREEMENT

 

THIS
ASSIGNMENT AGREEMENT (this “Assignment Agreement”) is entered into as of the _____ day of _____________, _____,
by and between ___________________ (“Assignor”) and ________________________ (“Assignee”).

 

PRELIMINARY
STATEMENTS

 

A.  This
Assignment Agreement is being executed and delivered in accordance with Section 12.1(b) of that certain Ninth Amended and
Restated Receivables Purchase Agreement, dated as of November ___, 2019, as amended or modified from time to time, by and among
Dairy Group Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions
party thereto, the Companies party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Agent (as amended, restated,
supplemented or otherwise modified from time to time, the “Purchase Agreement”). Capitalized terms used and
not otherwise defined herein are used with the meanings set forth or incorporated by reference in the Purchase Agreement.

 

B.  Assignor
is a Financial Institution party to the Purchase Agreement, and Assignee wishes to become a Financial Institution thereunder;
and

 

C.  Assignor
is selling and assigning to Assignee an undivided ________________% (the “Transferred Percentage”) interest
in all of Assignor’s rights and obligations under the Purchase Agreement and the Transaction Documents, including,
without limitation, Assignor’s Commitment and (if applicable) the Capital of Assignor’s Purchaser Interests as set
forth herein.

 

AGREEMENT

 

The
parties hereto hereby agree as follows:

 

1.  
The sale, transfer and assignment effected by this Assignment Agreement shall become effective (the “Effective
Date”) two (2) Business Days (or such other date selected by the Agent in its sole discretion) following the date on
which a notice substantially in the form of Schedule II to this Assignment Agreement (“Effective Notice”)
is delivered by the Agent to the Company in the Assignor’s and Assignee’s Purchaser Group, Assignor and Assignee.
From and after the Effective Date, Assignee shall be a Financial Institution party to the Purchase Agreement for all purposes
thereof as if Assignee were an original party thereto and Assignee agrees to be bound by all of the terms and provisions contained
therein.

 

2.  
If Assignor has no outstanding Capital under the Purchase Agreement, on the Effective Date, Assignor shall be deemed to
have hereby transferred and assigned to Assignee, without recourse, representation or warranty (except as provided in paragraph 6
below), and the Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the Transferred
Percentage of Assignor’s Commitment and all rights and obligations associated therewith under the terms of the Purchase
Agreement, including, without limitation, the Transferred Percentage of Assignor’s future funding obligations
under Article I of the Purchase Agreement.

 

3.  
If Assignor has any outstanding Capital under the Purchase Agreement, at or before 12:00 noon, local time of Assignor,
on the Effective Date, Assignee shall pay to Assignor, in immediately available funds, an amount equal to the sum of (i) the Transferred
Percentage of the outstanding Capital of Assignor’s Purchaser Interests (such amount, being hereinafter referred to as the
“Assignee’s Capital”); (ii) all accrued but unpaid (whether or not then due) Yield attributable to Assignee’s

 

    Exh. VII-1

     

    

Capital;
and (iii) accruing but unpaid fees and other costs and expenses payable in respect of Assignee’s Capital for the period
commencing upon each date such unpaid amounts commence accruing, to and including the Effective Date; whereupon, Assignor shall
be deemed to have sold, transferred and assigned to Assignee, without recourse, representation or warranty (except as provided
in paragraph 6 below), and Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor,
the Transferred Percentage of Assignor’s Commitment and the Capital of Assignor’s Purchaser Interests (if applicable)
and all related rights and obligations under the Purchase Agreement and the Transaction Documents, including, without
limitation, the Transferred Percentage of Assignor’s future funding obligations under Article I of the Purchase
Agreement.

 

4.  
Concurrently with the execution and delivery hereof, Assignor will provide to Assignee copies of all documents requested
by Assignee that were delivered to Assignor pursuant to the Purchase Agreement.

 

5.  
Each of the parties to this Assignment Agreement agrees that 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 Assignment Agreement.

 

6.  
By executing and delivering this Assignment Agreement, Assignor and Assignee confirm to and agree with each other, the
Agent and the other Financial Institutions in the Assignor’s and Assignee’s Purchaser Group as follows: (a) other
than the representation and warranty that it has not created any Adverse Claim upon any interest being transferred hereunder,
Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made by any other Person in or in connection with the Purchase Agreement or the Transaction Documents or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of Assignee, the Purchase Agreement or any other instrument or document
furnished pursuant thereto or the perfection, priority, condition, value or sufficiency of any collateral; (b) Assignor makes
no representation or warranty and assumes no responsibility with respect to the financial condition of any Seller, any Obligor
or any Affiliate thereof or the performance or observance by any Seller, any Obligor or any Affiliate thereof of any of their
respective obligations under the Transaction Documents or any other instrument or document furnished pursuant thereto or in connection
therewith; (c) Assignee confirms that it has received a copy of the Purchase Agreement and copies of such other Transaction Documents,
and other documents and information as it has requested and deemed appropriate to make its own credit analysis and decision to
enter into this Assignment Agreement; (d) Assignee will, independently and without reliance upon the Agent, any Company, any Seller
or any other Financial Institution or Purchaser and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Purchase Agreement and the Transaction
Documents; (e) Assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers
under the Transaction Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably
incidental thereto; and (f) Assignee agrees that it will perform in accordance with their terms all of the obligations that, by
the terms of the Purchase Agreement and the other Transaction Documents, are required to be performed by it as a Financial Institution
(including, without limitation, as a Related Financial Institution) or, when applicable, as a Purchaser.

 

7.  
Each party hereto represents and warrants to and agrees with the Agent that it is aware of and will comply with the provisions
of the Purchase Agreement, including, without limitation, Article I and Sections 4.1 and 14.6 thereof.

 

8.  
Schedule I hereto sets forth the revised Commitment of Assignor, the Company for which Assignee shall act as a Related
Financial Institution and the Commitment of Assignee, as well as administrative information with respect to Assignee.

 

    Exh. VII-2

     

    

9.  
THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

10.    
Assignee hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of
all senior indebtedness for borrowed money of any Company, it will not institute against, or join any other Person in instituting
against, any Company 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.

 

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

 

	 	[ASSIGNOR]
	 	 	 
	 	 	 
	 	By:	          
	 	Title:	 
	 	 	 
	 	 	 
	 	[ASSIGNEE]
	 	 	 
	 	 	 
	 	By:	 
	 	Title:	 

    Exh. VII-3

     

    

SCHEDULE
I TO ASSIGNMENT AGREEMENT

 

LIST OF LENDING
OFFICES, ADDRESSES

FOR NOTICES AND COMMITMENT AMOUNTS

 

Date: _______________,
____

 

Transferred
Percentage:___________%

 

	 	A-1	A-2	B-1	B-2
	Assignor	Commitment
    (prior to giving effect to the Assignment Agreement)	Commitment
    (after giving effect to the Assignment Agreement)	Outstanding
    Capital (if any)	Ratable

    Share of Outstanding Capital
	 	 	 	 	 

	 	 	A-2	B-1	B-2
	Assignee	 	Commitment
    (after giving effect to the Assignment Agreement)	Outstanding
    Capital (if any)	Ratable

    Share of Outstanding Capital
	 	 	 	 	 

Assignee
is a Related Financial Institution for: ______________________________

 

Address
for Notices

 

__________________

 

__________________

 

Attention:

Phone: 

Fax:

 

    Exh. VII-4

     

    

SCHEDULE
II TO ASSIGNMENT AGREEMENT

 

EFFECTIVE
NOTICE

 

		TO:	_________________________,
                                         Assignor

 

_________________________

 

_________________________

 

_________________________

 

		TO:	_________________________,
                                         Assignee

 

_________________________

 

_________________________

 

_________________________

 

		TO:	_________________________,
                                         Company

 

_________________________

 

_________________________

 

_________________________

 

The undersigned,
as Agent under the Ninth Amended and Restated Receivables Purchase Agreement dated as of November ___, 2019, as amended or modified
from time to time, by and among Dairy Group Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers
party thereto, the Financial Institutions party thereto, the Companies party thereto, and the undersigned, hereby acknowledges
receipt of executed counterparts of a completed Assignment Agreement dated as of _______________, ________ between ______________________,
as Assignor, and _______________________________, as Assignee. Terms defined in such Assignment Agreement are used herein as therein
defined.

 

1.  
Pursuant to such Assignment Agreement, you are advised that the Effective Date will be ____________________, _____.

 

2.  
Each of the Company in the Assignor’s Purchaser Group and the Administrative Seller hereby consent to the Assignment
Agreement as required by Section 12.1(b) of the Purchase Agreement.

 

3.  
[Pursuant to such Assignment Agreement, the Assignee is required to pay $__________________ to Assignor at or before 12:00
noon (local time of Assignor) on the Effective Date in immediately available funds.]

 

	 	Very truly yours,	 
	 	 	 	 
	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,
    as Agent
	 	 
	 	 
	 	By:  	 	 
	 	Name:	                 	 
	 	Title:	 	 

    Exh. VII-5

     

    

	 	[APPLICABLE COMPANY]
	 	 
	 	 
	 	By:  	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	[DAIRY GROUP RECEIVABLES, L.P.]
	 	 
	 	 
	 	By:  	 	 
	 	Name:	                 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	[DAIRY GROUP RECEIVABLES II, L.P.]
	 	 
	 	 
	 	By:  	 	 
	 	Name:	 	 
	 	Title:	 	 

    Exh. VII-6

     

    

Exhibit
VIII

CREDIT AND COLLECTION POLICIES

 

See Exhibit
V to each of the Receivables Sale Agreements

 

    Exh. VIII-1

     

    

Exhibit
IX

FORM OF LETTER OF CREDIT APPLICATION

 

[See Attached]

 

    Exh. IX-1

     

    

Exhibit
X

FORM OF MONTHLY REPORT

 

[See Attached]

 

    Exh. X-1

     

    

EXHIBIT X-A

FORM OF INTERIM REPORT

 

[See Attached]

 

    Exh. X-A-1

     

    

EXHIBIT
XI

 

FORM
OF PERFORMANCE UNDERTAKING

 

This
Fifth Amended and Restated Dean Performance Undertaking (this “Undertaking”), dated as of November [●],
2019, is executed by Dean Foods Company, a Delaware corporation and a debtor and debtor-in-possession under Chapter 11 of the
Bankruptcy Code (the “Provider”), in favor of [Seller]., a Delaware limited partnership (together with its
successors and assigns, “Seller”), and Coöperatieve Rabobank U.A., New York Branch, for itself and as
Agent for the benefit of the Purchasers under the Purchase Agreement (as hereinafter defined) (the “Agent”
and, together with Seller, the “Recipients”).

 

RECITALS

 

1.  
Each of the Originators party thereto (such Originators, each a debtor and debtor-in-possession under Chapter 11 of the
Bankruptcy Code, are the “Originators” hereunder) and Seller have entered into the [Seller’s Receivables
Sale Agreement] (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”),
pursuant to which each Originator, subject to the terms and conditions contained therein, is selling its right, title and interest
in and to its accounts receivable to Seller.

 

2.  
Seller, together with [ ], as Sellers, each of the Originators and certain other Subsidiaries of Provider, each a debtor
and debtor-in-possession under Chapter 11 of the Bankruptcy Code, in their respective capacities as Servicers, collectively the
“Companies” (as defined therein), the financial institutions from time to time party thereto as “Financial Institutions”
(as defined therein) and Coöperatieve Rabobank U.A., New York Branch, as Agent, are parties to the Ninth Amended and Restated
Receivables Purchase Agreement, dated November , 2019 (as amended, restated, supplemented or otherwise modified from time to time,
the “Purchase Agreement” and, together with the Sale Agreement, the “Agreements”), pursuant to
which, among other things, Seller, subject to the terms and conditions contained therein, is selling undivided percentage ownership
interests to the Purchasers thereunder in the accounts receivable purchased from the Originators under the Sale Agreement.

 

3.  
Each Originator is a direct or indirect Subsidiary of Provider and Provider is expected to receive substantial direct and
indirect benefits from the sale of accounts receivable by such Originator pursuant to the Sale Agreement, and the performance
by each Originator of its obligations as a Servicer pursuant to the Purchase Agreement (which benefits are hereby acknowledged).

 

4.  
It is a condition precedent to the willingness of Seller to enter into the Sale Agreement and the willingness of the Agent
and the Purchasers to enter into the Purchase Agreement that Provider execute and deliver this Undertaking, agreeing to guaranty
the due and punctual performance by each Originator of its Obligations (as hereinafter defined) as provided herein.

 

5.  
Provider acknowledges that Seller is entering into the transactions contemplated by the Sale Agreement, and the Purchasers
are entering into the transactions contemplated by the Purchase Agreement in reliance upon Provider’s guaranty of the due
and punctual performance by each Originator of its Obligations as provided herein.

 

6.  
Provider is a party to the [Seller’s Performance Undertaking], dated as of [●] (as amended, the “Existing
Agreement”), by Provider in favor of Seller and Agent.

 

7.  
Provider, Seller and Agent have agreed that the Existing Agreement shall be amended and restated as set forth herein.

 

    Exh. XI-1

     

    

AGREEMENT

 

NOW,
THEREFORE, Provider hereby agrees with the Seller and the Agent that the Existing Agreement is amended and restated as follows:

 

Section
1. Definitions. Capitalized terms used herein and not defined herein shall have the respective meanings assigned thereto in
the Sale Agreement or the Purchase Agreement, as applicable. In addition:

 

“Obligations”
means, collectively, (a) all covenants, agreements, terms, conditions and indemnities to be performed and observed by each Originator
under and pursuant to the Sale Agreement and each other document executed and delivered by such Originator pursuant to the Sale
Agreement, including, without limitation, the due and punctual payment of all sums which are or may become due and owing by such
Originator under the Sale Agreement, whether for fees, expenses (including counsel fees), indemnified amounts or otherwise, whether
upon any termination or for any other reason (including, without limitation, interest accruing following the filing
of a bankruptcy petition by or against any Originator, at the applicable rate specified in the Agreements, whether or not such
interest is allowed or allowable as a claim in bankruptcy) and (b) all obligations of each Originator (i) as a Servicer under
the Purchase Agreement or (ii) that arise pursuant to Sections 8.2 or 14.4(a) of the Purchase Agreement as a result
of its termination as a Servicer.

 

Section
2.  
Guaranty of Performance of Obligations. Provider hereby guarantees to the Recipients the full and punctual payment
and performance by each Originator of its Obligations. This Undertaking is an absolute, unconditional and continuing guaranty
of the full and punctual performance of all of the Obligations of each Originator under the Agreements and each other document
executed and delivered by any such Originator pursuant to the Agreements and is in no way conditioned upon any requirement that
any Recipient first attempt to collect any amounts owing by any Originator to such Recipient (including any Purchaser) from any
other Person or resort to any collateral security, any balance of any deposit account or credit on the books of any Recipient
(including any Purchaser) in favor of any Originator or any other Person or other means of obtaining payment. Should any Originator
default in the payment or performance of any of its Obligations, after giving effect to any applicable grace period, each Recipient
(or its respective assigns) may cause the immediate performance by Provider of such Originator’s Obligations and cause any
payment Obligations of such Originator to become forthwith due and payable to any Recipient (or its respective assigns), without
demand or notice of any nature (other than as expressly provided herein), all of which are hereby expressly waived by Provider.
Notwithstanding the foregoing, this Undertaking is not a guarantee of the collection of any of the Receivables and Provider shall
not be responsible for any Obligations to the extent the failure to perform such Obligations by such Originator results from Receivables
being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness
of the related Obligor; provided, that nothing herein shall relieve such Originator from performing in full its Obligations
under the Agreements or Provider of its undertaking hereunder with respect to the full performance of such duties.

 

Section
3.  
Provider’s Further Agreements to Pay. Provider further agrees, as the principal obligor and not as a guarantor only,
to pay to Recipients (and their respective assigns), forthwith upon demand in funds immediately available to Recipients, all reasonable
costs and expenses (including court costs and legal expenses) incurred or expended by Recipients (or any of them) in connection
with the Obligations, this Undertaking and the enforcement thereof, together with interest on amounts recoverable under this Undertaking
from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed
based on a 360 day year) equal to the Bank One Prime Rate plus 2% per annum, such rate of interest changing when and as the Bank
One Prime Rate changes; provided, however, that in no event shall Provider be required to pay to any Recipient any
interest on interest hereunder.

 

    Exh. XI-2

     

    

Section
4.  
Waivers by Provider. Provider waives notice of acceptance of this Undertaking, notice of any action taken or omitted by
any Recipient (or its assigns) in reliance on this Undertaking, and any requirement that any Recipient (or its assigns) be diligent
or prompt in making demands under this Undertaking, giving notice of any Termination Event, Amortization Event, other default
or omission by any Originator or asserting any other rights of a Recipient under this Undertaking. Provider warrants that it has
adequate means to obtain from such Originator, on a continuing basis, information concerning the financial condition of such Originator,
and that it is not relying on any Recipient to provide such information, now or in the future. Provider also irrevocably waives
all defenses (i) that at any time may be available in respect of the Obligations by virtue of any statute of limitations, valuation,
stay, moratorium law or other similar law now or hereafter in effect or (ii) that arise under the law of suretyship, including
impairment of collateral. Each Recipient (and its assigns) shall be at liberty, without giving notice to or obtaining the assent
of Provider and without relieving Provider of any liability under this Undertaking, to deal with such Originator and with each
other party who now is or after the date hereof becomes liable in any manner for any of the Obligations, in such manner as such
Recipient in its sole discretion deems fit, and to this end Provider agrees that the validity and enforceability of this Undertaking,
including without limitation, the provisions of Section 8 hereof, shall not be impaired or affected by any of the following: (a)
any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Obligations or any part thereof
or any agreement relating thereto at any time; (b) any failure or omission to enforce any right, power or remedy with respect
to the Obligations or any part thereof or any agreement relating thereto, or any collateral securing the Obligations or any part
thereof; (c) any waiver of any right, power or remedy or of any Termination Event, Amortization Event, or default with respect
to the Obligations or any part thereof or any agreement relating thereto; (d) any release, surrender, compromise, settlement,
waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect
to the Obligations or any part thereof; (e) the enforceability or validity of the Obligations or any part thereof or the genuineness,
enforceability or validity of any agreement relating thereto or with respect to the Obligations or any part thereof; (f) the application
of payments received from any source to the payment of any payment Obligations of such Originator or any part thereof or amounts
which are not covered by this Undertaking even though such Recipient (or its assigns) might lawfully have elected
to apply such payments to any part or all of the payment Obligations of such Originator or to amounts which are not covered by
this Undertaking; (g) the existence of any claim, setoff or other rights which Provider may have at any time against such Originator
in connection herewith or any unrelated transaction; (h) any assignment or transfer of the Obligations or any part thereof; or
(i) any failure on the part of such Originator to perform or comply with any term of the Agreements or any other document executed
in connection therewith or delivered thereunder, all whether or not Provider shall have had notice or knowledge of any act or
omission referred to in the foregoing clauses (a) through (i) of this Section 4.

 

Section
5.  
Unenforceability of Obligations Against Any Originator. Subject to the entry by the Bankruptcy Court of (x) the Interim
Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms
thereof), notwithstanding (a) any change of ownership of any Originator or the insolvency, bankruptcy or any other change in the
legal status of any Originator; (b) the change in or the imposition of any law, decree, regulation or other governmental act which
does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Obligations; (c)
the failure of any Originator or Provider to maintain in full force, validity or effect or to obtain or renew when required all
governmental and other approvals, licenses or consents required in connection with the Obligations or this Undertaking, or to
take any other action required in connection with the performance of all obligations pursuant to the Obligations or this Undertaking;
or (d) if any of the moneys included in the Obligations have become irrecoverable from any Originator for any other reason other
than final payment in full of the payment Obligations in accordance with their terms, this Undertaking shall nevertheless be binding
on Provider and shall constitute the primary obligation of Provider. This Undertaking shall be in addition to any other guaranty
or other security for the Obligations, and it shall not be rendered unenforceable by the invalidity of any such other guaranty
or security. Subject

 

    Exh. XI-3

     

    

to the entry
by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter
(and in each case, subject to the terms thereof), in the event that acceleration of the time for payment of any of the Obligations
is stayed upon the insolvency, bankruptcy or reorganization of any Originator or for any other reason with respect to any Originator,
all such amounts then due and owing with respect to the Obligations under the terms of the Agreements, or any other agreement
evidencing, securing or otherwise executed in connection with the Obligations, shall be immediately due and payable by Provider.

 

Section
6.  
Representations and Warranties. Provider hereby represents and warrants to each Recipient that:

 

(a)  
Existence and Standing. Provider is a corporation duly organized and validly existing under the laws of its jurisdiction
of organization. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of the Final
Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), Provider has and holds all 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 to the extent that the failure to so qualify or hold could not reasonably be expected to have
a Material Adverse Effect.

 

(b)  
Authorization, Execution and Delivery; Binding Effect. Subject to the entry by the Bankruptcy Court of (x) the Interim
Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms
thereof), Provider has the corporate power and authority and legal right to execute and deliver this Undertaking, perform its
obligations hereunder and consummate the transactions herein contemplated. Subject to the entry by the Bankruptcy Court of (x)
the Interim Order at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject
to the terms thereof), the execution and delivery by Provider of this Undertaking, the performance of its obligations and consummation
of the transactions contemplated hereunder have been duly authorized by proper corporate proceedings, and Provider has duly executed
and delivered this Undertaking. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the
entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), this Undertaking
constitutes the legal, valid and binding obligation of Provider enforceable against Provider in accordance with its terms, except
as enforceability may be limited by 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).

 

(c)  
No Conflict; Government Consent. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time
prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), the
execution and delivery by Provider of this Undertaking and the performance of its obligations hereunder do not contravene or violate
(i) its certificate or articles of incorporation or bylaws, (ii) any law, rule or regulation applicable to it, (iii) 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 (iv) any
order, writ, judgment, award, injunction or decree binding on or affecting it or its property and, do not result in the creation
or imposition of any Adverse Claim on assets of Provider. Subject to the entry by the Bankruptcy Court of (x) the Interim Order
at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof),
no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the
due execution and delivery by Provider of this Undertaking and the performance of its obligations hereunder.

 

(d)  
Material Adverse Effect. Since the Filing Date, no event has occurred that has had or could reasonably be expected
to have a Material Adverse Effect.

 

    Exh. XI-4

     

    

(e)  
Taxes. Provider and its Subsidiaries have filed all United States federal tax returns and all other tax returns
which are required to be filed, in accordance with the Bankruptcy Code and subject to any required approvals of the Bankruptcy
Court, and have paid all taxes due pursuant to said returns or pursuant to any assessment received by Provider or any of its Subsidiaries,
except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided.

 

(f)  
Litigation and Contingent Obligations. Except the Chapter 11 Cases, there are no actions, suits or proceedings pending
or, to the best of Provider’s knowledge threatened against or affecting Provider, any of its Subsidiaries or any of their
respective properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material
Adverse Effect.

 

(g)  
Accuracy of Information. All information heretofore furnished by or on behalf of Provider to Recipients (or their
respective assigns) for purposes of or in connection with this Undertaking, any of the other Transaction Documents or any transaction
contemplated hereby or thereby is, and all such information hereafter furnished by Provider to Recipients (or their respective
assigns) will be, true and accurate in every material respect on the date such information is stated or certified and does not
and 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 in light of the circumstances made or presented.

 

(h)  
Not a Holding Company or an Investment Company. Provider is not a “holding company” or a “subsidiary
holding company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935,
as amended, or any successor statute. Provider is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, or any successor statute.

 

(i)  
Compliance with Law. Provider and its Subsidiaries have complied in all respects with all applicable laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to
so comply could not reasonably be expected to have a Material Adverse Effect.

 

Section
7.  
Covenants. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Undertaking
terminates in accordance with its terms, Provider hereby covenants, as to itself, as set forth below:

 

(i)  
Financial Reporting. Provider will maintain, for itself and each of its Subsidiaries, a system of accounting established
and administered in accordance with GAAP, and furnish or cause to be furnished to the Recipients (and their respective assigns):

 

(1)  
Annual Reporting. Within 90 days after the close of each of its respective fiscal years, to the extent not furnished
under the Purchase Agreement, audited, unqualified consolidated financial statements (which shall include balance sheets, statements
of income and retained earnings and a statement of cash flows) of Provider for such fiscal year certified in a manner acceptable
to the Agent by independent public accountants acceptable to the Agent.

 

(2)  
Quarterly Reporting. Within 45 days after the close of the first three (3) quarterly periods of each of its respective
fiscal years, to the extent not furnished under the Purchase Agreement, (A) consolidated balance sheets of Provider and its Subsidiaries
as at the close of each such period and (B) consolidated statements of income and retained earnings and a statement of cash flows
for Provider for the period from the beginning of such fiscal year to the end of such quarter, all certified by its respective
chief financial officer or treasurer.

 

    Exh. XI-5

     

    

(3)  
Shareholders Statements and Reports. Promptly upon the furnishing thereof to the shareholders of Provider, to the
extent not electronically available, copies of all financial statements, reports and proxy
statements so furnished.

 

(4)  
S.E.C. Filings. Promptly upon the filing thereof, to the extent not electronically available, copies of all annual,
quarterly, monthly or other regular reports that Provider or any of its Subsidiaries files with the Securities and Exchange Commission.

 

(5)  
Copies of Dean Credit Agreement Amendments. Promptly after execution thereof, copies of each amendment to the Dean
Credit Agreement as in effect from time to time notwithstanding any language to the contrary contained in the definition of “Dean
Credit Agreement” set forth in the Purchase Agreement.

 

(6)  
Other Information. Promptly, from time to time, such other information, documents, records or reports relating to
the condition or operations, financial or otherwise, of Provider as any Recipient (or its assigns) may from time to time reasonably
request.

 

(ii)  
Notices. Provider will notify Recipients in writing of any of the following promptly upon learning of the occurrence
thereof, describing the same and, if applicable, the steps being taken with respect thereto:

 

(1)  
Judgment and Proceedings. (A) The entry of any judgment or decree against Provider or any of its respective Subsidiaries
if the aggregate amount of all judgments and decrees then outstanding against such Provider and its Subsidiaries could reasonably
be expected to have a Material Adverse Effect, and (B) the institution of any litigation, arbitration proceeding or governmental
proceeding against Provider that, if adversely determined, could reasonably be expected to have a Material Adverse Effect.

 

(2)  
Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected
to have, a Material Adverse Effect.

 

(3)  
Defaults Under Other Agreements. The occurrence of a default or an event of default under any other financing arrangement
pursuant to which Provider is a debtor or an obligor that could reasonably be expected to have a Material Adverse Effect.

 

(iii)  
Compliance with Laws and Preservation of Existence. Provider will, and will cause each of its Subsidiaries to, comply
in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which
it may be subject if noncompliance with any such law, rule, regulation, order, writ, judgment, injunction, decree or award could
reasonably be expected to have a Material Adverse Effect. Provider will, and will cause each of its Subsidiaries to, preserve
and maintain its legal 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 qualified could not reasonably be expected, either individually
or in the aggregate, to have a Material Adverse Effect.

 

(iv)  
Credit Agreement Amendment. Provider will not, and will not permit any of its Subsidiaries to, amend or otherwise
modify the Dean Credit Agreement (as in effect from time to time notwithstanding any language to the contrary contained in the
definition of “Dean Credit Agreement” set forth in the Purchase Agreement) or any document executed in connection
therewith in any way that would be materially adverse to the Recipients.

 

(v)  
Credit Agreement Reporting. Unless separately provided pursuant to the Purchase Agreement, Provider will furnish
to the Agent copies of the (A) information required

 

    Exh. XI-6

     

    

under
Sections 5.01(i) and 5.12 of the Dean Credit Agreement, (B) documentation required under and relating to each Milestone under
Section 5.14 of the Dean Credit Agreement and (C) any other reports, forecasts and information required to be furnished or delivered
under the Dean Credit Agreement, but in each case (other than in the case of clause (B) above) only to the extent the same has
been provided to the administrative agent under the Dean Credit Agreement (after giving effect to any extension or waiver provided
thereunder).

 

Section
8.  
Subrogation; SubordinationSection 9.. Notwithstanding anything to the contrary contained herein, until the Obligations
are paid in full, Provider: (A) will not enforce or otherwise exercise any right of subrogation to any of the rights of any Recipient,
the Agent or any Purchaser against any Originator, (B) hereby waives all rights of subrogation (whether contractual, under Section
509 of the United States Bankruptcy Code, at law or in equity or otherwise) to the claims of each Recipient (including each Purchaser)
against any Originator and all contractual, statutory or legal or equitable rights of contribution, reimbursement, indemnification
and similar rights and “claims” (as that term is defined in the United States Bankruptcy Code) which Provider might
now have or hereafter acquire against such Originator that arise from the existence or performance of Provider’s obligations
hereunder, (C) will not claim any setoff, recoupment or counterclaim against any Originator in respect of any liability of Provider
to such Originator and (d) waives any benefit of and any right to participate in any collateral security which may be held by
any Recipient (including any Purchaser). The payment of any amounts due with respect to any indebtedness of any Originator now
or hereafter owed to Provider is hereby subordinated to the prior payment in full of all of the Obligations. Provider agrees that,
after the occurrence of any default in the payment or performance of any of the Obligations, Provider will not demand, sue for
or otherwise attempt to collect any such indebtedness of any Originator to Provider until all of the Obligations shall have been
paid and performed in full. If, notwithstanding the foregoing sentence, Provider shall collect, enforce or receive any amounts
in respect of such indebtedness while any Obligations are still unperformed or outstanding, such amounts shall be collected, enforced
and received by Provider as trustee for Recipients (and their respective assigns) and be paid over to Recipients (or their respective
assigns) on account of the Obligations without affecting in any manner the liability of Provider under the other provisions of
this Undertaking. The provisions of this Section 8 shall be supplemental to and not in derogation of any rights and remedies of
any Recipient under any separate subordination agreement which such Recipient may at any time and from time to time enter into
with Provider.

 

Section
9.  
Termination of Performance Undertaking. Provider’s obligations hereunder shall continue in full force and
effect until all Obligations are finally paid and satisfied in full and the Purchase Agreement is terminated, provided,
that this Undertaking shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other
satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy, insolvency,
or reorganization of any Originator or otherwise, as though such payment had not been made or other satisfaction occurred, whether
or not any Recipient (or its respective assigns) is in possession of this Undertaking. No invalidity, irregularity or unenforceability
by reason of the federal bankruptcy code or any insolvency or other similar law, or any
law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations shall impair,
affect, be a defense to or claim against the obligations of Provider under this Undertaking.

 

Section
10.    
Effect of Bankruptcy. This Undertaking is subject to the entry by the Bankruptcy Court of (x) the Interim Order
at any time prior to the entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof).

 

Section
11.  
Setoff. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the entry of
the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), regardless of the other means
of obtaining payment of any of the Obligations, each Recipient (and its respective assigns) is hereby authorized at any time and
from time to time, without notice

 

    Exh. XI-7

     

    

to Provider (any such notice
being expressly waived by Provider) and to the fullest extent permitted by law, upon the occurrence of any Amortization Event
or Termination Event, to set off and apply any deposits and other sums against the obligations of Provider under this Undertaking,
whether or not such Recipient (or any such assign) shall have made any demand under this Undertaking and although such Obligations
may be contingent or unmatured.

 

Section
12.  
Taxes. All payments to be made by Provider hereunder shall be made free and clear of any deduction or withholding.
If Provider is required by law to make any deduction or withholding on account of tax or otherwise from any such payment, the
sum due from it in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such
deduction or withholding, any Recipient receive a net sum equal to the sum which it would have received had no deduction or withholding
been made.

 

Section
13.  
Further Assurances. Subject to the entry by the Bankruptcy Court of (x) the Interim Order at any time prior to the
entry of the Final Order and (y) the Final Order thereafter (and in each case, subject to the terms thereof), Provider agrees
that it will from time to time, at the request of any Recipient (or its assigns), provide information relating to the business
and affairs of Provider as such Recipient may reasonably request. Provider also agrees to do all such things and execute all such
documents as any Recipient (or its assigns) may reasonably consider necessary or desirable to give full effect to this Undertaking
and to perfect and preserve the rights and powers of such Recipient hereunder.

 

Section
14.  
Successors and Assigns. This Undertaking shall be binding upon Provider, its successors and permitted assigns, and
shall inure to the benefit of and be enforceable by each Recipient and its successors and assigns. Provider may not assign or
transfer any of its obligations hereunder without the prior written consent of each Recipient. Each Recipient may assign or otherwise
transfer the Agreements, any other documents executed in connection therewith or delivered thereunder or any other agreement or
note held by them evidencing, securing or otherwise executed in connection with the Obligations, or sell participations in any
interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to
the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof
granted to the Recipients herein.

 

Section
15.  
Amendments and Waivers. No amendment or waiver of any provision of this Undertaking nor consent to any departure
by Provider therefrom shall be effective unless the same shall be in writing and signed by each Recipient. No failure on the part
of any Recipient to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other
right.

 

Section
16.  
Notices. All notices and other communications provided for hereunder shall be made in writing and shall be addressed
as follows: if to Provider, at the address set forth beneath its signature hereto, and if to any Recipient, at the address set
forth beneath its signature hereto, or at such other addresses as each of Provider or any Recipient may designate in writing to
the other. Each such notice or other communication shall be effective (1) if given by telecopy, upon the receipt thereof, (2)
if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage
prepaid or (3) if given by any other means, when received at the address specified in this Section 16.

 

Section
17.  
Risk Retention. The Provider represents and warrants, as of the Effective Date and each date on which Receivables
are sold to a Seller pursuant to a Receivables Sale Agreement, that:

 

(a)  
the Provider, through one or more of the Seller Parties, was and is directly or indirectly involved in the creation of
the Receivables and has established and is managing the transactions contemplated by the Transaction Documents;

 

    Exh. XI-8

     

    

(b)  
the Provider retains directly or through the Originators and/or the Sellers (which are direct or indirect wholly owned
subsidiaries of the Provider) a net economic interest in the Receivables (the “Retained Interest”) in an amount
at least equal to the percentage required under and in a manner permitted by Paragraph 3(d) of Article 406 of the Capital Requirements;
and

 

(c)  
the Provider is in compliance with its covenants and agreements set forth below in this Section 17.

 

The Provider
covenants and agrees that, until the date on which the Aggregate Unpaids have been paid in full, no Letter of Credit remains outstanding
and the Receivables Purchase Agreement has terminated in accordance with its terms, it shall not directly or indirectly sell the
Retained Interest or subject the Retained Interest to any credit risk mitigation or any short positions or any other hedge in
a manner which would be contrary to the Capital Requirements. The Provider shall promptly furnished to the Agent and to each Purchaser
such notices, information, documents, tapes, data, records or reports and information regarding the Retained Interest, the transactions
contemplated by the Transaction Documents, the Originators, the Sellers, and the credit quality and performance of the Receivables
and the Collections as Agent or such Purchaser may from time to time reasonably request in connection with the Capital Requirements.

 

Section
18.  
GOVERNING LAW. THIS UNDERTAKING SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section
19.  
CONSENT TO JURISDICTION. EACH OF PROVIDER AND EACH RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS UNDERTAKING, THE AGREEMENTS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED
THEREUNDER AND EACH OF PROVIDER AND EACH RECIPIENT 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; PROVIDED THAT WITH
RESPECT TO ANY LEGAL ACTION OR PROCEEDING RELATING TO PROVIDER, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY TO THE EXCLUSIVE JURISDICTION OF THE BANKRUPTCY COURT.

 

Section
20.  
Bankruptcy PetitionSection 21.. Provider 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 each Company it will not institute against, or join
any other Person in instituting against, any such Company 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
21.  
Miscellaneous. This Undertaking constitutes the entire agreement of Provider with respect to the matters set forth
herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other
agreement, and this Undertaking shall be in addition to any other guaranty of or collateral security for any of the Obligations.
The provisions of this Undertaking are severable, and in any action or proceeding involving any state corporate law, or any state
or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations
of Provider hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount
of Provider’s liability under this Undertaking, then, notwithstanding any other provision of this Undertaking to the contrary,
the amount of such liability shall,

 

    Exh. XI-9

     

    

without
any further action by Provider or any Recipient, be automatically limited and reduced to the highest amount that is valid and
enforceable as determined in such action or proceeding. Any provisions of this Undertaking 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 specified, references herein to “Section”
shall mean a reference to sections of this Undertaking. This Undertaking 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 Undertaking. Delivery of an executed counterpart of a signature page
to this Undertaking by electronic transmission (including via e-mail or other facsimile transmission) shall be as effective as
delivery of an original executed counterpart of this Undertaking.

 

Section
22.  
Conflicts. To the extent that any specific provision of this Undertaking is inconsistent with a specific provision
of any of the Orders, the Interim Order (and, when applicable, the Final Order) shall control.

 

[Signature
Page Follows]

 

    Exh. XI-10

     

    

IN
WITNESS WHEREOF, Provider has caused this Undertaking to be executed and delivered as of the date first above written.

 

	 	DEAN FOODS COMPANY
	 	 
	 	 
	 	By:	 
	 	Name:	            
	 	Title:	 
	 	Address:	 
	 	 	 
	 	 	 

	Consented to as of the date
	first written above:
	 
	[SELLER]
	 
	 
	By:	 	    
	Name:	   	 
	Title:	 	 
	 	 	 
	 	 	 
	COÖPERATIEVE RABOBANK U.A., NEW
	YORK BRANCH
	as Agent
	 
	 
	By:  	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:	             	 
	Title:	 	 

    Exh. XI-11

     

    

EXHIBIT XII-1

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign
Purchasers That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Ninth Amended and Restated Receivables Purchase Agreement dated as of November ___, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among Dairy Group
Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions party
thereto, the Companies party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Agent (in such capacity, the “Agent”).

 

Pursuant
to the provisions of Section 10.7 of the Receivables Purchase Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the Purchaser Interest(s) in respect of which it is providing this certificate, (ii) it
is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of either Seller
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Sellers
as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Agent and the Sellers with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Sellers and the Agent, and (2) the undersigned shall have at all times furnished the Sellers and the Agent
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made
to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Receivables Purchase Agreement and used herein shall have the meanings given to
them in the Receivables Purchase Agreement.

 

[NAME OF
PURCHASER]

 

By:

Name: 

Title:

 

Date:   ,
20[  ]

 

    Exh. XII-1

     

    

EXHIBIT XII-2

 

FORM OF U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign
Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Ninth Amended and Restated Receivables Purchase Agreement dated as of November ___, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among Dairy Group
Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions party
thereto, the Companies party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Agent (in such capacity, the “Agent”).

 

Pursuant
to the provisions of Section 10.7 of the Receivables Purchase Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not
a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of either Seller within
the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Seller as
described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished its participating Purchaser with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Purchaser in writing, and (2) the undersigned shall have at all times furnished such Purchaser with
a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Receivables Purchase Agreement and used herein shall have the meanings given to
them in the Receivables Purchase Agreement.

 

[NAME OF
PARTICIPANT]

 

By:

Name: 

Title:

 

Date:   ,
20[ ]

 

    Exh. XII-2

     

    

EXHIBIT XII-3

 

FORM OF U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign
Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Ninth Amended and Restated Receivables Purchase Agreement dated as of November ___, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among Dairy Group
Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions party
thereto, the Companies party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Agent (in such capacity, the “Agent”).

 

Pursuant
to the provisions of Section 10.7 of the Receivables Purchase Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of
its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of either Seller within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Sellers as described in Section 881(c)(3)(C) of
the Code.

 

The
undersigned has furnished its participating Purchaser with IRS Form W-8IMY accompanied by one of the following forms from each
of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Purchaser and (2) the undersigned shall have at all times furnished such Purchaser
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made
to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Receivables Purchase Agreement and used herein shall have the meanings given to
them in the Receivables Purchase Agreement.

 

[NAME OF
PARTICIPANT]

 

By:

Name: 

Title:

 

Date:   ,
20[ ]

 

    Exh. XII-3

     

    

EXHIBIT XII-4

 

FORM OF U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign
Purchasers That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Ninth Amended and Restated Receivables Purchase Agreement dated as of November ___, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among Dairy Group
Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers party thereto, the Financial Institutions party
thereto, the Companies party thereto, and Coöperatieve Rabobank U.A., New York Branch, as Agent (in such capacity, the “Agent”).

 

Pursuant
to the provisions of Section 10.7 of the Receivables Purchase Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the Purchaser Interest(s) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Purchaser Interest(s), (iii) with respect to the extension of credit pursuant
to the Receivables Purchase Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent
shareholder of either Seller within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Sellers as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Agent and the Sellers with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Sellers and the Agent, and (2) the undersigned shall have at all times furnished
the Sellers and the Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Receivables Purchase Agreement and used herein shall have the meanings given to
them in the Receivables Purchase Agreement.

 

[NAME OF
PURCHASER]

 

By:

Name: 

Title:

 

Date:   ,
20[ ]

 

    Exh. XII-4

     

    

Exhibit
XIII

INTERIM ORDER

 

[See Attached]

 

    Exh. XIII-1

     

    

Schedule
A

COMMITMENTS, COMPANY PURCHASE LIMITS, PAYMENT ADDRESSES

AND RELATED FINANCIAL INSTITUTIONS AND LC PARTICIPANTS

 

Commitments
and Payment Addresses of Financial Institutions

 

	Financial
    Institution	Commitment	LC
    Amount	Payment
    Address
	Coöperatieve
    Rabobank U.A.	$212,500,000	$212,500,000	Croeselaan
    18 3521 CB UTRECHT The Netherlands
	Coöperatieve
    Rabobank U.A., New York Branch	$212,500,000	$212,500,000	Coöperatieve Rabobank U.A., New
    York Branch

    245 Park Avenue, 36th Floor

    New York, NY 10167

    Attention:  Transaction Management Team

    Email:  tmteam@rabobank.com

    Facsimile:  (914) 304-9324

    Confirmation No.:  (212) 808-6816

    Sch. A-1

     

    

SCHEDULE
A (CONT’D)

Company Purchase Limits, Payment Addresses and

Related Financial Institutions of Companies

 

	Company	Company
    Purchase Limit	Payment
    Address	Related
    Financial Institution(s)
	Nieuw

    Amsterdam Receivables Corporation B.V.	$212,500,000	Prins
Bernhardplein 200

        1097
JB Amsterdam

        The
Netherlands

Attention: The Directors

        Email:
securitisation@intertrustgroup.com Facsimile No.: +31 (0)20 521 4888 Confirmation No.: +31 (0)20 521 4777
	Coöperatieve

    Rabobank U.A.
	Coöperatieve
    Rabobank U.A., New York Branch	$212,500,000	Coöperatieve
    Rabobank U.A., New York Branch

    245 Park Avenue, 36th Floor

    New York, NY 10167

    Attention:  Transaction Management Team

    Email:  tmteam@rabobank.com

    Facsimile:  (914) 304-9324

    Confirmation No.:  (212) 808-6816	Coöperatieve Rabobank U.A., New
    York Branch

    Sch. A-2

     

    

Schedule
B

LIST OF CLOSING DOCUMENTS

Except as
noted below, each document is dated as of the Effective Date.

 

	 	 
	I.	Principal
    Documents
	 	 
	1.	Ninth
    Amended and Restated Receivables Purchase Agreement among Dairy Group Receivables, L.P., a Delaware limited partnership (“Dairy
    Group”), Dairy Group Receivables II, L.P., a Delaware limited partnership (“Dairy Group II” and,
    together with Dairy Group, the “Sellers”), each of the parties listed on Schedule I as a Servicer (the
    Servicers, together with the Sellers, the “Seller Parties”), Nieuw Amsterdam Receivables Corporation B.V.
    (“Nieuw Amsterdam”), as a Company, Coöperatieve Rabobank U.A. (“Rabobank”), as
    a Financial Institution, other Companies and Financial Institutions (the “Purchasers”), LC Bank, as issuer
    of Letters of Credit (the “LC Bank”), and Coöperatieve Rabobank U.A., New York Branch, as Agent (the
    “Agent”), to which are attached:
	 	Exhibit
    IDefinitions
	 	Exhibit
    IIForm of Purchase Notice
	 	Exhibit
    IIIPlaces of Business of the Seller Parties; Locations of Records
	 	Exhibit
    IVNames of Collection Banks; Collection Accounts
	 	Exhibit
    VForm of Compliance Certificate
	 	Exhibit
    VIForm of Collection Account Agreement
	 	Exhibit
    VIIForm of Assignment Agreement
	 	Exhibit
    VIIICredit and Collection Policies
	 	Exhibit
    IXForm of Letter of Credit Application
	 	Exhibit
    XForm of Monthly Report
	 	Exhibit
    X-AForm of Interim Report
	 	Exhibit
    XIForm of Performance Undertaking
	 	Exhibit
    XIIForms of U.S. Tax Compliance Certificates
	 	Exhibit
    XIIIForm of Interim Order
	 	 
	 	Schedule
    ACommitments
	 	Schedule
    BClosing Documents
	 	Schedule
    CServicers
	 	Schedule
    DOriginators
	 	Schedule
    ENotice Addresses
	 	Schedule
    FTop Twenty-Five Obligors

    Sch. B-1

     

    

	 	 
	 	 
	2.	Eighth
    Amended and Restated Master Fee Letter between each Seller, each Purchaser, the Agent and the LC Bank
	 	 
	3.	Third
    Amended and Restated Receivables Sale Agreement between the Originators party thereto and Dairy Group
	 	 
	4.	Second
    Amended and Restated Receivables Sale Agreement between the Originators party thereto and Dairy Group II
	 	 
	5.	Amended
    and Restated Performance Undertakings by Dean Foods Company (“Provider”)
	 	 
	6.	Amended and Restated Intercreditor
    Agreement
	 	 
	7.	Secretary’s
    Certificate of Dairy Group and Dairy Group II (and Resolutions thereto)
	 	 
	8.	Letter
    of Credit Backstop Agreement among the Provider, Sellers, the Servicers party thereto, and PNC, and acknowledged by Agent,
    Nieuw Amsterdam, and Rabobank

    Sch. B-2

     

    

SCHEDULE
I TO SCHEDULE B

 

SERVICERS

 

	Name	State
    of Organization
	1.   
    Alta-Dena Certified Dairy, LLC	Delaware
	2.   
    Berkeley Farms, LLC	California
	3.   
    Country Fresh, LLC	Michigan
	4.   
    Dean Dairy Holdings, LLC	Delaware
	5.   
    Dean East, LLC	Delaware
	6.   
    Dean East II, LLC	Delaware
	7.   
    Dean Foods North Central, LLC	Delaware
	8.   
    Dean Foods of Wisconsin, LLC	Delaware
	9.   
    Dean West, LLC	Delaware
	10.  
    Dean West II, LLC	Delaware
	11.  
    Friendly’s Ice Cream Holdings Corp.	Delaware
	12.  
    Friendly’s Manufacturing and Retail, LLC	Delaware
	13.  
    Garelick Farms, LLC	Delaware
	14.  
    Mayfield Dairy Farms, LLC	Delaware
	15.  
    Midwest Ice Cream Company, LLC	Delaware
	16.  
    Model Dairy, LLC	Delaware
	17.  
    Reiter Dairy, LLC	Delaware
	18.  
    Shenandoah’s Pride, LLC	Delaware
	19.  
    Southern Foods Group, LLC	Delaware
	20.  
    Suiza Dairy Group, LLC	Delaware
	21.  
    Tuscan/Lehigh Dairies, Inc.	Delaware
	22.  
    Verifine Dairy Products of Sheboygan, LLC	Wisconsin

    Sch. B-3

     

    

Schedule
C

SERVICERS

 

		1.	Alta-Dena
                                         Certified Dairy, LLC

 

		2.	Berkeley
                                         Farms, LLC

 

		3.	Country
                                         Fresh, LLC

 

		4.	Dean
                                         Dairy Holdings, LLC

 

		5.	Dean
                                         East, LLC

 

		6.	Dean
                                         East II, LLC

 

		7.	Dean
                                         Foods North Central, LLC

 

		8.	Dean
                                         Foods of Wisconsin, LLC

 

		9.	Dean
                                         West, LLC

 

		10.	Dean
                                         West II, LLC

 

		11.	Friendly’s
                                         Ice Cream Holdings Corp.

 

		12.	Friendly’s
                                         Manufacturing and Retail, LLC

 

		13.	Garelick
                                         Farms, LLC

 

		14.	Mayfield
                                         Dairy Farms, LLC

 

		15.	Midwest
                                         Ice Cream Company, LLC

 

		16.	Model
                                         Dairy, LLC

 

		17.	Reiter
                                         Dairy, LLC

 

		18.	Shenandoah’s
                                         Pride, LLC

 

		19.	Southern
                                         Foods Group, LLC

 

		20.	Suiza
                                         Dairy Group, LLC

 

		21.	Tuscan/Lehigh
                                         Dairies, Inc.

 

		22.	Verifine
                                         Dairy Products of Sheboygan, LLC

 

    Sch. C-1

     

    

Schedule
D

ORIGINATORS

 

	Originator	Applicable
    Receivables Sale Agreement
	1.   
    Alta-Dena Certified Dairy, LLC	Dean
	2.   
    Berkeley Farms, LLC	Dean
	3.   
    Country Fresh, LLC	Suiza
	4.   
    Dean Dairy Holdings, LLC	Dean
	5.   
    Dean East, LLC	Suiza
	6.   
    Dean East II, LLC	Dean
	7.   
    Dean Foods North Central, LLC	Dean
	8.   
    Dean Foods of Wisconsin, LLC	Suiza
	9.   
    Dean West, LLC	Suiza
	10.  
    Dean West II, LLC	Dean
	11.  
    Garelick Farms, LLC	Suiza
	12.  
    Friendly’s Ice Cream Holdings Corp.	Suiza
	13.  
    Friendly’s Manufacturing and Retail, LLC	Suiza
	14.  
    Mayfield Dairy Farms, LLC	Dean
	15.  
    Midwest Ice Cream Company, LLC	Dean
	16.  
    Model Dairy, LLC	Suiza
	17.  
    Reiter Dairy, LLC	Dean
	18.  
    Shenandoah’s Pride, LLC	Suiza
	19.  
    Southern Foods Group, LLC	Suiza
	20.  
    Suiza Dairy Group, LLC	Suiza
	21.  
    Tuscan/Lehigh Dairies, Inc.	Suiza
	22.  
    Verifine Dairy Products of Sheboygan, LLC	Dean

    Sch. D-1

     

    

Schedule
E

NOTICE ADDRESSES

 

	The
    Agent:	 
	 

                                             Coöperatieve
                                         Rabobank U.A., New 

        York
        Branch

        

        245
        Park Avenue, 36th Floor 

        New
        York, NY 10167

        

        Attention:
        Transaction Management Team 

        Email:
        tmteam@rabobank.com

        

        Facsimile:
        (914) 304-9324 

        Confirmation
        No.: (212) 808-6816

        
	 
	Rabobank:	Rabobank
    Company:
	 

                                             Coöperatieve
                                         Rabobank U.A.

        

        Croeselaan
        18 

        3521
        CB UTRECHT

        

        The
        Netherlands

         
	 

                                                                            Nieuw
                                         Amsterdam Receivables

        

        Corporation
        B.V. 

        Prins
        Bernhardplein 200

        

        1097
        JB Amsterdam 

        The
        Netherlands

        

        Attention:
        The Directors 

        Email:

        

        NL-NARC@intertrustgroup.com 

        Facsimile
        No.: +31 (0)20 521 4888

        

        Confirmation
        No.: +31 (0)20 521 4777 

	Seller
    and each Seller Party:	LC
    Bank:
	

                                                                                 

                                                                                See
                                         Exhibit III under the heading “Principal Place of Business”
	 

                                                                                                            Coöperatieve
                                         Rabobank U.A., New

        

        York
        Branch 

        245
        Park Avenue, 36th Floor

        

        New
        York, NY 10167 

        Attention:
        Transaction Management Team

        

        Email:
        tmteam@rabobank.com 

        Facsimile:
        (914) 304-9324

        

        Confirmation
        No.: (212) 808-6816 

    Sch. E-1

     

    

Schedule
F

TOP TWENTY-FIVE OBLIGORS

 

		1.	7 Eleven
                                         Inc HQ

 

		2.	Ahold/Delhaize
                                         America Inc

 

		3.	Albertsons
                                         LLC/HQ

 

		4.	Aldi Inc/HQ

 

		5.	Baskin
                                         Robbins/Dunkin Donuts

 

		6.	BJs Wholesale
                                         Club Inc HQ

 

		7.	C &
                                         S Wholesale Grocers Inc

 

		8.	CVS/Caremark
                                         Corp

 

		9.	Dollar
                                         General

 

		10.	Family
                                         Dollar Stores Inc

 

		11.	Foodbuy

 

		12.	Giant
                                         Eagle Inc/HQ

 

		13.	Gordon
                                         Foodservice

 

		14.	Kroger
                                         Co/HQ

 

		15.	Morningstar

 

		16.	Organic
                                         Valley

 

		17.	Southeastern
                                         Grocers

 

		18.	Starbucks

 

		19.	Stater
                                         Bros Markets

 

		20.	Supervalu
                                         Inc/HQ

 

		21.	Sysco

 

		22.	Target
                                         Corp

 

		23.	US Foodservice

 

		24.	Wal Mart
                                         Stores/HQ

 

		25.	Winco
                                         Foods inc HQ

 

    Sch. F-1

     

    

Schedule
G 

 

EXISTING
LETTERS OF CREDIT

 

[See Attached]

 

    Sch. G-1Exhibit 4.1

 

GE CAPITAL FUNDING, LLC,

 

as Issuer

 

GENERAL ELECTRIC COMPANY,

 

as Guarantor

 

and

 

THE BANK OF NEW YORK MELLON

 

Trustee

 

INDENTURE

 

Dated as of May 18, 2020

    	 

    	

    

CERTAIN SECTIONS OF THIS INDENTURE RELATING
TO

SECTIONS 310 THROUGH 318,

INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:

 

	TRUST INDENTURE

    ACT SECTION	INDENTURE

    SECTION(S)
	 	 	 
	Section 310	(a)(1)	609
	 	(a)(2)	609
	 	(a)(3)	Not Applicable
	 	(a)(4)	Not Applicable
	 	(b)	608, 610
	Section 311	(a)	613
	 	(b)	613
	Section 312	(a)	701, 702
	 	(b)	702
	 	(c)	702
	Section 313	(a)	703
	 	(b)	703
	 	(c)	703
	 	(d)	703
	Section 314	(a)	704
	 	(a)(4)	101, 1004
	 	(b)	Not Applicable
	 	(c)(1)	102
	 	(c)(2)	102
	 	(c)(3)	Not Applicable
	 	(d)	Not Applicable
	 	(e)	102
	Section 315	(a)	601
	 	(b)	602
	 	(c)	601
	 	(d)	601
	 	(e)	514
	Section 316	(a)	101
	 	(a)(1)(A)	502, 512
	 	(a)(1)(B)	513
	 	(a)(2)	Not Applicable
	 	(b)	508
	 	(c)	104
	Section 317	(a)(1)	503
	 	(a)(2)	504
	 	(b)	1003
	Section 318	(a)	107

 

NOTE: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

    	 

    	

    

TABLE OF CONTENTS

 

	Article One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 101	Definitions	1
	Section 102	Compliance Certificates and Opinions	6
	Section 103	Form of Documents Delivered to Trustee	7
	Section 104	Acts of Holders; Record Dates	7
	Section 105	Notices, Etc., to Trustee, Company and Guarantor	9
	Section 106	Notice to Holders; Waiver	9
	Section 107	Conflict with Trust Indenture Act	10
	Section 108	Effect of Headings and Table of Contents	10
	Section 109	Successors and Assigns	10
	Section 110	Separability Clause	10
	Section 111	Benefits of Indenture	10
	Section 112	Governing Law; Waiver of Trial by Jury; Submission to Jurisdiction	10
	Section 113	Legal Holidays	10
	Section 114	Counterparts	11
	Article Two SECURITY FORMS	11
	Section 201	Forms Generally	11
	Section 202	[Reserved]	12
	Section 203	[Reserved]	12
	Section 204	Form of Legend for Global Securities	12
	Section 205	Form of Trustee’s Certificate of Authentication	12
	Article Three THE SECURITIES	12
	Section 301	Amount Unlimited; Issuable in Series	12
	Section 302	Denominations	15
	Section 303	Execution, Authentication, Delivery and Dating	15
	Section 304	Temporary Securities	17
	Section 305	Registration, Registration of Transfer and Exchange	17
	Section 306	Mutilated, Destroyed, Lost and Stolen Securities	18
	Section 307	Payment of Interest; Interest Rights Preserved; Optional Interest Reset	19
	Section 308	Optional Extension of Maturity	21
	Section 309	Persons Deemed Owners	22
	Section 310	Cancellation	22
	Section 311	Computation of Interest; Usury Not Intended	22
	Section 312	CUSIP or ISIN Numbers	22

    	 

    	

    

	Article Four SATISFACTION AND DISCHARGE	23
	Section 401	Satisfaction and Discharge of Indenture	23
	Section 402	Application of Trust Money	23
	Article Five REMEDIES	24
	Section 501	Events of Default	24
	Section 502	Acceleration of Maturity; Rescission and Annulment	25
	Section 503	Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 504	Trustee May File Proofs of Claim	26
	Section 505	Trustee May Enforce Claims Without Possession of Securities	27
	Section 506	Application of Money Collected	27
	Section 507	Limitation on Suits	27
	Section 508	Unconditional Right of Holders to Receive Principal, Premium and Interest	28
	Section 509	Restoration of Rights and Remedies	28
	Section 510	Rights and Remedies Cumulative	28
	Section 511	Delay or Omission Not Waiver	28
	Section 512	Control by Holders	28
	Section 513	Waiver of Past Defaults	29
	Section 514	Undertaking for Costs	29
	Section 515	Waiver of Usury, Stay or Extension Laws	29
	Article Six THE TRUSTEE	29
	Section 601	Certain Duties and Responsibilities	29
	Section 602	Notice of Defaults	30
	Section 603	Certain Rights of Trustee	30
	Section 604	Not Responsible for Recitals or Issuance of Securities	31
	Section 605	May Hold Securities	32
	Section 606	Money Held in Trust	32
	Section 607	Compensation and Reimbursement	32
	Section 608	Conflicting Interests	32
	Section 609	Corporate Trustee Required; Eligibility	33
	Section 610	Resignation and Removal; Appointment of Successor	33
	Section 611	Acceptance of Appointment by Successor	34
	Section 612	Merger, Conversion, Consolidation or Succession to Business	35
	Section 613	Preferential Collection of Claims Against Company	35
	Section 614	Appointment of Authenticating Agent	35
	Article Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	36
	Section 701	Company to Furnish Trustee Names and Addresses of Holders	36
	Section 702	Preservation of Information; Communications to Holders	37

    	 

    	

    

	Section 703	Reports by Trustee	37
	Section 704	Reports by Company	37
	Article Eight CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	38
	Section 801	Company May Consolidate, Etc., Only on Certain Terms	38
	Section 802	Guarantor May Consolidate, Etc., Only on Certain Terms	38
	Section 803	Successor Substituted for the Company	38
	Section 804	Successor Substituted for the Guarantor	39
	Article Nine SUPPLEMENTAL INDENTURES	39
	Section 901	Supplemental Indentures Without Consent of Holders	39
	Section 902	Supplemental Indentures With Consent of Holders	40
	Section 903	Execution of Supplemental Indentures	41
	Section 904	Effect of Supplemental Indentures	41
	Section 905	Conformity with Trust Indenture Act	42
	Section 906	Reference in Securities to Supplemental Indentures	42
	Article Ten COVENANTS	42
	Section 1001	Payment of Principal, Premium and Interest	42
	Section 1002	Maintenance of Office or Agency	42
	Section 1003	Money for Securities Payments to Be Held in Trust	42
	Section 1004	Statement by Officer as to Default	43
	Section 1005	Existence	43
	Section 1006	Waiver of Certain Covenants	43
	Article Eleven REDEMPTION OF SECURITIES	44
	Section 1101	Applicability of Article	44
	Section 1102	Election to Redeem; Notice to Trustee	44
	Section 1103	Selection by Trustee of Securities to Be Redeemed	44
	Section 1104	Notice of Redemption	44
	Section 1105	Deposit of Redemption Price	45
	Section 1106	Securities Payable on Redemption Date	45
	Section 1107	Securities Redeemed in Part	46
	Article Twelve SINKING FUNDS	46
	Section 1201	Applicability of Article	46
	Section 1202	Satisfaction of Sinking Fund Payments with Securities	46
	Section 1203	Redemption of Securities for Sinking Fund	46
	Article Thirteen REPAYMENT AT THE OPTION OF THE HOLDERS	47
	Section 1301	Applicability of Article	47
	Section 1302	Repayment of Securities	47
	Section 1303	Exercise of Option	47

    	 

    	

    

	Section 1304	When Securities Presented for Repayment Become Due and Payable	47
	Section 1305	Securities Repaid in Part	48
	Article Fourteen DEFEASANCE AND COVENANT DEFEASANCE	48
	Section 1401	Company’s Option to Effect Defeasance or Covenant Defeasance	48
	Section 1402	Defeasance and Discharge	48
	Section 1403	Covenant Defeasance	48
	Section 1404	Conditions to Defeasance or Covenant Defeasance	49
	Section 1405	Acknowledgment of Discharge By Trustee	50
	Section 1406	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	50
	Section 1407	Reinstatement	51
	Section 1408	Qualifying Trustee	51
	Article Fifteen GUARANTEE	51
	Section 1501	Guarantees	51
	Article Sixteen IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES	52
	Section 1601	Exemption from Individual Liability	52

    	 

    	

    

INDENTURE (herein called this “Indenture”),
dated as of May 18, 2020, between GE Capital Funding, LLC, a limited liability company duly organized and existing under the laws
of the State of Delaware (herein called the “Company”), having its principal office at 901 Main Avenue, Norwalk, CT
06801, General Electric Company, a corporation duly organized and existing under the laws of the State of New York (herein called
the “Guarantor”), and The Bank of New York Mellon, a New York corporation having an office in New York, New York, as
Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY AND GUARANTOR

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness
(herein called the “Securities”), to be issued in one or more series as in this Indenture provided.

 

The Guarantor has duly authorized the execution
and delivery of this Indenture as guarantor of the Securities and the Company’s obligations under the Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company and the Guarantor , in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of any series thereof, as follows:

 

Article
One

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section
101     Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1)          the terms defined in this
Article One have the meanings assigned to them in this Article One and include the plural as well as the singular;

 

(2)          all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3)          all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the
United States of America, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
in the United States of America at the date of such computation, provided that when two or more principles are so generally accepted,
it shall mean that set of principles consistent with those in use by the Company;

 

(4)          unless the context otherwise
requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may
be, of this Indenture;

 

(5)          the words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision;

    	1

    	

    

(6)          words importing any gender
include the other genders;

 

(7)          references to statutes are
to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to;

 

(8)          references to “writing”
include printing, typing, lithography and other means of reproducing words in a tangible, visible form;

 

(9)          the words “including,”
“includes” and “include” shall be deemed to be followed by the words “without limitation”;
and

 

(10)        unless otherwise provided,
references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements
and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture.

 

“Act”, when used with respect
to any Holder, has the meaning specified in Section 104.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

“Authorized Person” means, in
the case of the Company, any Person delegated by any of any manager of the Company, the President, a Vice President, the Secretary,
or an Assistant Secretary to act on such Person’s behalf and, in the case of the Guarantor, any Person delegated by any of
the Chairman of its board of directors, its Chief Executive Officer, the Vice Chairman of its board of directors, its Chief Financial
Officer, its President, its Treasurer, or one of its Vice Presidents to act on such Person’s behalf.

 

“Board of Directors” means either
the board of managers of the Company or any duly authorized committee of that board.

 

“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors,
or such committee of the Board of Directors or officers of the Company to which authority to act on behalf of the Board of Directors
has been delegated, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”, when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or regulation to close.

 

“Commission” means the Securities
and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution
of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time.

 

“Company” means the Person named
as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

    	2

    	

    

“Company Request” or “Company
Order” mean, respectively, a written request or order signed in the name of the Company by any manager of the Company, its
President, a Vice President, its Secretary, an Assistant Secretary or an Authorized Person, and delivered to the Trustee.

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which
office at the date hereof is located at 240 Greenwich Street, Floor 7E, New York, New York 10286.

 

“Corporation” means a corporation,
association, company, limited liability company, joint-stock company or business or statutory trust.

 

“Covenant Defeasance” has the
meaning specified in Section 1403.

 

“Defaulted Interest” has the
meaning specified in Section 307(a).

 

“Defeasance” has the meaning
specified in Section 1402.

 

“Depositary” means, with respect
to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered
under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301.

 

“Event of Default” has the meaning
specified in Section 501.

 

“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Exchange Rate” has the meaning
specified in Section 501.

 

“Expiration Date” has the meaning
specified in Section 104.

 

“Extension Notice” has the meaning
specified in Section 308.

 

“Extension Period” has the meaning
specified in Section 308.

 

“Final Maturity” has the meaning
specified in Section 308.

 

“Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 204 (or such legend as may
be specified as contemplated by Section 301 for such Securities).

 

“Guarantee” means the unconditional
guarantee of the payment of the principal of, any premium or interest on, and any additional amounts with respect to the Securities
by the Guarantor, as fully set forth in Section 1501.

 

“Guarantor” means the Person
named as the “Guarantor” in the first paragraph of this instrument until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person.

 

“Holder” means a Person in whose
name a Security is registered in the Security Register.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 301.

    	3

    	

    

“interest”, when used with respect
to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Interest Payment Date”, when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

“Maturity”, when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal or premium, if any, becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption
or otherwise.

 

“Maximum Interest Rate” has the
meaning specified in Section 311.

 

“Notice of Default” means a written
notice of the kind specified in Section 501(4).

 

“Officer’s Certificate”
means a certificate signed by any manager of the Company, the President, a Vice President, the Secretary, or an Assistant Secretary
of the Company and delivered to the Trustee.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for the Company, the Guarantor or any of their respective Affiliates (and who may
be an employee of the Company, the Guarantor or any of their respective Affiliates), and which opinion shall be acceptable to the
Trustee.

 

“Optional Reset Date” has the
meaning specified in Section 307(b).

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502.

 

“Original Stated Maturity” has
the meaning specified in Section 308.

 

“Outstanding”, when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except:

 

(1)          Securities theretofore canceled
by the Trustee or delivered to the Trustee for cancellation;

 

(2)          Securities for whose payment
or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the
Company) in trust or set aside and irrevocably segregated in trust by the Company (if the Company shall act as its own Paying Agent)
for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)          Securities as to which Defeasance
has been effected pursuant to Section 1402; and

 

(4)          Securities which have been
paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant
to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have
given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any
date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount
of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof

    	4

    	

    

to such date pursuant to Section
502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal
amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated
by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall
be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated
by Section 301, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of
the amount determined as provided in such Clause), and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company. The Company
initially authorizes and appoints the Trustee as the Paying Agent for each series of the Securities.

 

“Periodic Offering” means an
offering of Securities of a series from time to time the specific terms of which Securities, including the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Maturities thereof and the redemption
provisions, if any, with respect thereto, are to be determined by the Company upon the issuance of such Securities.

 

“Person” means any individual,
corporation, partnership, joint venture, trust, association, joint stock company, unincorporated organization, limited liability
company, government or any agency or political subdivision thereof or any similar entity.

 

“Place of Payment”, when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on
the Securities of that series are payable as specified as contemplated by Section 301.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Redemption Date”, when used
with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price”, when used
with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 301.

 

“Repayment Date” means, when
used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to
this Indenture.

 

“Reset Notice” has the meaning
specified in Section 307(b).

 

“Responsible Officer,” when used
with respect to The Bank of New York Mellon, as Trustee, means an officer in the Corporate Trust Office thereof having direct responsibility
for administration of this Indenture and, including any vice president, assistant vice president, assistant secretary, senior associate,
associate, trust officer,, or

    	5

    	

    

any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and, in each case, also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities Act” means the Securities
Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307(a).

 

“Stated Maturity”, when used
with respect to any Security or any installment of principal thereof or premium, if any, or interest thereon, means the date specified
in such Security as the fixed date on which the principal of or premium, if any, on such Security or such installment of principal
or interest is due and payable.

 

“Subsequent Interest Period”
has the meaning specified in Section 307(b).

 

“Subsidiary” means a corporation
more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior
class of stock has such voting power by reason of any contingency.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by
any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then
a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities
of any series shall mean the Trustee with respect to Securities of that series.

 

“U.S. Government Obligation”
has the meaning specified in Section 1404.

 

“Vice President”, when used with
respect to the Company, the Guarantor or the Trustee, means any vice president, whether or not designated by a number or a word
or words added before or after the title “vice president”.

 

“Yield to Maturity” means the
yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest
on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.

 

Section
102     Compliance Certificates and Opinions.

 

Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates
and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officer’s Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel,
and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

    	6

    	

    

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture, other than an Officer’s Certificate required by
Section 1004, shall include:

 

(1)          a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(2)          a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion
are based;

 

(3)          a statement that, in the
opinion of each such individual, the individual has made or caused to be made such examination or investigation as is necessary
to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with;
and

 

(4)          a statement as to whether,
in the opinion of each such individual, such condition or covenant has been complied with.

 

Section
103     Form of Documents Delivered to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons may certify or give an opinion
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate
or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

Section
104     Acts of Holders; Record Dates.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company,
if made in the manner provided in this Section 104.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved in any reasonable manner which the Trustee deems sufficient. Where such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

    	7

    	

    

The ownership of Securities shall be proved
by the Security Register.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of
such action is made upon such Security.

 

The Company may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions
of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred
to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant
series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing
in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of
such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to
each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

The Trustee may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings
referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such
series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record
date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

With respect to any record date set pursuant
to this Section 104, the party hereto which sets such record dates may designate any day as the “Expiration Date” and
from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the
relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not
designated with respect to any record date set pursuant to this Section 104, the party hereto which set such record date shall
be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder
entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or

    	8

    	

    

more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount.

 

Section
105     Notices, Etc., to Trustee, Company and Guarantor.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with

 

(1)          the Trustee by any Holder
or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at its Corporate Trust Office, Attention: Corporate Finance, or

 

(2)          the Company by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
delivered, first-class postage prepaid, to the Company addressed to the attention of the President of the Company at the address
of the Company’s principal office specified in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, or

 

(3)          the Guarantor by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
delivered, first-class postage prepaid, to the Guarantor addressed to the attention of the Treasurer of the Guarantor at the address
of the Guarantor’s principal office.

 

The Trustee agrees to
accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, pdf, facsimile transmission
or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate
listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons,
which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If
the Issuer elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the
Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.

 

Notwithstanding any other
provision of the Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication
(including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall
be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or
its designee, including by electronic mail in accordance with accepted practices at the Depositary.

 

Section
106     Notice to Holders; Waiver.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
delivered, first-class postage prepaid or otherwise delivered in accordance with the procedures of DTC, to each Holder affected
by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by delivery,
neither the failure to deliver such notice, nor any defect in any notice so delivered, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either before or after the event, and such

    	9

    	

    

waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

In case by reason of the suspension of regular
delivery service or by reason of any other cause it shall be impracticable to give such notice by delivery, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section
107     Conflict with Trust Indenture Act.

 

If any provision of this Indenture limits,
qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

 

Section
108     Effect of Headings and Table of Contents.

 

The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section
109     Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company or the Guarantor shall bind its respective successors and assigns, whether so expressed or not.

 

Section
110     Separability Clause.

 

In case any provision in this Indenture or
in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

Section
111     Benefits of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
112     Governing Law; Waiver of Trial by Jury; Submission to Jurisdiction.

 

THIS INDENTURE, THE SECURITIES AND THE GUARANTEES,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

 

Each of the Company, the Guarantor, the Trustee
and the Holders by their acceptance of the Notes irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Indenture or the transactions contemplated
hereby.

The Company and the
Guarantor each hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in
the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action
or proceeding arising out of or relating to this Indenture, the Guarantees and the Notes, and irrevocably accepts for itself and
in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts, and each waives any objection
it may have under law to venue in such courts and jurisdiction.

 

Section
113     Legal Holidays.

    	10

    	

    

In any case where any Interest Payment Date,
Redemption Date, Repayment Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that
such provision shall apply in lieu of this Section 113)) payment of interest or principal (and premium, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or at the Stated Maturity, and no additional
interest shall accrue as the result of such delayed payment.

 

Section
114     Counterparts.

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

SECTION 115     Foreign
Account Tax Compliance Act (FATCA).

 

In order to comply with
applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities)
in effect from time to time (“Applicable Law”), the Company agrees (i) to provide to The Bank of New York Mellon sufficient
information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions)
so The Bank of New York Mellon can determine whether it has tax related obligations under Applicable Law, (ii) that The Bank of
New York Mellon shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary
to comply with Applicable Law for which The Bank of New York Mellon shall not have any liability, and (iii) to hold harmless The
Bank of New York Mellon for any losses it may suffer due to the actions it takes to comply with such Applicable Law. The terms
of this section shall survive the termination of this Indenture.

 

SECTION 116     Patriot
Act.

 

The parties hereto acknowledge
that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree
that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.

 

Article
Two

SECURITY FORMS

 

Section
201     Forms Generally.

 

The Securities of each series and the Trustee’s
certificate of authentication shall be in substantially such form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon (including, without limitation, any legends contemplated by Exhibit A hereto where
applicable) as may be required to comply with applicable tax laws or the rules of any securities exchange or automated quotation
system on which the Securities of such series may be listed or traded or the rules of any Depositary therefor or as may, consistently
herewith, be determined to be appropriate by the officers executing such Securities, as evidenced by their execution thereof. If
the form or forms of Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company and delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery
of such Securities.

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The definitive Securities of each series
shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods, or engraved on steel engraved
borders, if required by any securities exchange or automated quotation system on which the Securities of such series may be listed
or traded, or may be produced in any other manner permitted by the rules of any securities exchange or automated quotation system
on which the Securities of such series may be listed or traded, all as determined by the officers executing such Securities, as
evidenced by their execution of such Securities.

 

Section
202     [Reserved]

 

Section
203     [Reserved]

 

Section
204     Form of Legend for Global Securities.

 

Unless otherwise specified as contemplated
by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC” ), to the Company or its agent
for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorized representative of DTC), ANY TRANSFER PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY.

 

Section
205     Form of Trustee’s Certificate of Authentication.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	Date:	The Bank of New York Mellon, 	 
	 	As Trustee	 
	 	 	 
	 	By: 
	 
	 	Authorized Signatory	 
	 	 	 

Article
Three

THE SECURITIES

 

Section
301     Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

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The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in
the manner provided, in an Officer’s Certificate or in a Company Order, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

 

(1)          the title of the Securities
of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)          any limit upon the aggregate
principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906, 1107 or 1305 and except for any Securities which, pursuant to Section 303, are deemed never
to have been authenticated and delivered hereunder); provided, however, that the authorized aggregate principal amount of such
series may from time to time be increased above such amount by a Board Resolution to such effect; provided further, that, if such
additional Securities are not fungible for U.S. federal income tax purposes with the Securities of such series, such additional
Securities shall have a different CUSIP number;

 

(3)          the date or dates on which
the principal of any Securities of the series is payable, or the method by which such date or dates shall be determined or extended;

 

(4)          the rate or rates at which
the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date
or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on any Interest Payment
Date, or the method by which such date or dates shall be determined, and the basis upon which interest shall be calculated if other
than that of a 360-day year of twelve 30-day months, the right, if any, to extend or defer interest payments and the duration of
such extension or deferral;

 

(5)          the place or places where
the principal of and any premium and interest on any Securities of the series shall be payable, the place or places where the Securities
of such series may be presented for registration of transfer or exchange, and the place or places where notices and demands to
or upon the Company in respect of the Securities of such series may be made;

 

(6)          the period or periods within
or the date or dates on which, the price or prices at which and the term and conditions upon which any Securities of the series
may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which
any election by the Company to redeem the Securities shall be evidenced;

 

(7)          the obligation or the right,
if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund, amortization or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which, the currency
or currencies (including currency unit or units) in which and the other terms and conditions upon which any Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(8)          if other than denominations
of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall be issuable;

 

(9)          if the amount of principal
of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula,
the manner in which such amounts shall be determined;

 

(10)        if other than the currency
of the United States of America, the currency, currencies or currency units, including composite currencies, in which the principal
of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof
in the

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currency of the United States of America for any purpose,
including for purposes of the definition of “Outstanding” in Section 101;

 

(11)        if the principal of or any
premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in
one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency,
currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election
is made shall be payable, the period or periods within or the date or dates on which and the terms and conditions upon which such
election is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

(12)        the percentage of the principal
amount at which such Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount
of Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section
502 or the method by which such portion shall be determined;

 

(13)        if the principal amount
payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the
Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the
Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the
manner in which such amount deemed to be the principal amount shall be determined);

 

(14)        if applicable, that the
Securities of the series, in whole or any specified part, shall not be defeasible or shall be defeasible in a manner varying from
Section 1402 and Section 1403 and, if other than by a Board Resolution, the manner in which any election by the Company to defease
such Securities shall be evidenced;

 

(15)        whether the Securities of
the series, or any portion thereof, shall initially be issuable in the form of a temporary Global Security representing all or
such portion of the Securities of such series and provisions for the exchange of such temporary Global Security for one or more
permanent Global Securities or definitive Securities of such series;

 

(16)        if applicable, that any
Securities of the series, or any portion thereof, shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in addition to or
in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged
in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(17)        if applicable, that the
Securities of the series, in whole or any specified part, shall be subject to the optional interest reset provisions of Section
307(b);

 

(18)        if applicable, that the
Securities of the series, in whole or any specified part, shall be subject to the optional extension of maturity provisions of
Section 308;

 

(19)        any deletion or addition
to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502 or
in any other remedies provided in Article Five;

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(20)        any addition to or change
in the covenants set forth in Article Ten which applies to Securities of the series;

 

(21)        the additions or changes,
if any, to this Indenture with respect to the Securities of such series as shall be necessary to permit or facilitate the issuance
of the Securities of such series in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

 

(22)        the appointment of any Paying
Agent or Agents for the Securities of such series, if other than the Trustee;

 

(23)        the terms of any right to
convert or exchange Securities of such series into any other securities or property of the Company or of any other corporation
or Person, and the additions or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate
such conversion or exchange;

 

(24)        the terms and conditions,
if any, pursuant to which the Securities of the series are secured;

 

(25)        whether the Securities of
the series will be subject to the provisions of Exhibit A hereto or any other restriction or condition on the transferability of
the Securities of such series;

 

(26)        the exchanges, if any, on
which the Securities may be listed; and

 

(27)        any other additional, eliminated
or changed terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture,
except as permitted by Section 901).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided herein or in or pursuant to the Board
Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officer’s
Certificate or Company Order referred to above or in any such indenture supplemental hereto.

 

If any of the terms of the Securities of
any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officer’s Certificate or Company Order setting forth the terms or the manner of determining the terms of the series.

 

With respect to Securities of a series offered
in a Periodic Offering, the Board Resolution (or action taken pursuant thereto), Officer’s Certificate, Company Order or
supplemental indenture referred to above may provide general terms or parameters for Securities of such series and provide either
that the specific terms of particular Securities of such series shall be specified in a further Company Order or that such terms
shall be determined by the Company in accordance with other procedures specified in the Company Order contemplated by the third
paragraph of Section 303.

 

Section
302     Denominations.

 

The Securities of each series shall be issuable
only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In
the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section
303     Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by any manager of the Company, its President, one of its Vice Presidents or an Authorized Person. The signature
of any of these officers on the Securities may be manual, facsimile or electronic.

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The Guarantees shall be executed on behalf
of the Guarantor by it Chairman of its board of directors, its Chief Executive Officer, the Vice Chairman of its board of directors,
its Chief Financial Officer, its President, its Treasurer, one of its Vice Presidents or an Authorized Person. The signature of
any of these officers on the Guarantees may be manual, facsimile or electronic.

 

Securities and the Guarantee thereof bearing
the manual, facsimile or electronic signatures of individuals who were at any time the proper officers of the Company or the Guarantor,
as applicable, shall bind the Company or the Guarantor, as applicable, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Securities and the Guarantee thereof or did not hold
such offices at the date of such Securities.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities; provided, however, that in the case of Securities offered
in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other
procedures (including the receipt by the Trustee of oral or electronic instructions from the Company or its duly authorized agents,
promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the
Trustee prior to the time of the first authentication of Securities of such series. In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)          that the form or forms of
such Securities have been established by or pursuant to Board Resolution as permitted by Section 201 in conformity with the provisions
of this Indenture;

 

(2)          if the terms of such Securities
have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to Board
Resolution as permitted by Section 301, that such terms have been, or in the case of Securities of a series offered in a Periodic
Offering, will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series
offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; and

 

(3)          that such Securities and
the Guarantee thereof, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of each of the Company and
the Guarantor enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

If such forms or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions of Section
301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officer’s Certificate or Company Order otherwise required pursuant to Section 301 or the Company
Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued. This paragraph shall not be applicable to Securities of a series that are issued pursuant to the proviso
to Section 301(2).

 

Each Security shall be dated the date of
its authentication.

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With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form or forms
and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other
documents delivered pursuant to Sections 201 and 301 and this Section, as applicable, in connection with the first authentication
of Securities of such series.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by the manual, facsimile or electronic signature of one of
its authorized signatories, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 310, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

Section
304     Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution
of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

 

Section
305     Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office being herein sometimes referred to as
the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar”
for the purpose of registering Securities and transfers of Securities as herein provided. If in accordance with Section 301(5),
the Company designates a transfer agent (in addition to the Security Registrar) with respect to any series of Securities, the Company
may at any time rescind the designation of any such transfer agent or approve a change in the location through which any such transfer
agent acts, provided that the Company maintains a transfer agent in each Place of Payment for such series. The Company may at any
time designate additional transfer agents with respect to any series of Securities.

 

Upon surrender for registration of transfer
of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered
for exchange, the

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Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company and the Security Registrar may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities.

 

If the Securities of any series are to be
redeemed, neither the Trustee nor the Company shall be required, pursuant to the provisions of this Section 305, (A) to issue,
register the transfer of or exchange any Securities of any series (or of any series and specified tenor, as the case may be) during
a period beginning at the opening of business 15 days before the day of the delivering of a notice of redemption of any such Securities
selected for redemption under Section 1103 and ending at the close of business on the day of such delivering, or (B) to register
the transfer of or exchange any Security so selected for redemption, in whole or in part, except, in the case of any Security to
be redeemed in part, any portion not to be redeemed.

 

The provisions of Clauses (1), (2), (3) and
(4) below shall apply only to Global Securities:

 

(1)          (1) Each Global Security
authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee
thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute
a single Security for all purposes of this Indenture.

 

(2)          Notwithstanding any other
provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer
of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security, (ii) defaults in the performance of its duties as Depositary, or (iii) has ceased to be
a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as depositary,
in each case, unless the Company has approved a successor Depositary within 90 days after receipt of such notice or after it has
become aware of such default or cessation, (B) the Company in its sole discretion determines, subject to the procedures of the
Depositary, that such Global Security will be so exchangeable or transferable or (C) there shall exist such circumstances, if any,
in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301.

 

(3)          Subject to Clause (2) above,
any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for
a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 

(4)          Every Security authenticated
and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether
pursuant to this Section 305, Section 304, 306, 906, 1107 or 1305 or otherwise, shall be authenticated and delivered in the form
of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such
Global Security or a nominee thereof.

 

Section
306     Mutilated, Destroyed, Lost and Stolen Securities.

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If any mutilated Security is surrendered
to the Trustee together with such security or indemnity as may be required by the Company or the Trustee to save each of them harmless,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding and shall cancel and dispose of such
mutilated Security in accordance with its customary procedures.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding. If, after the delivery of such new
Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents for payment or
registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered
or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Company and the Trustee in connection therewith and
shall cancel and dispose of such new Security in accordance with its customary procedures.

 

In case any such mutilated, destroyed, lost
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

Upon the issuance of any new Security under
this Section 306, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of counsel to the Company and the fees and
expenses of the Trustee, its agents and counsel) connected therewith.

 

Every new Security of any series issued pursuant
to this Section 306 in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly
issued hereunder.

 

The provisions of this Section 306 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section
307     Payment of Interest; Interest Rights Preserved; Optional Interest Reset.

 

(a)           Except as otherwise provided as contemplated
by Section 301 with respect to any series of Securities, interest on any Security of any series which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest in respect of Securities
of such series, except that, unless otherwise provided in the Securities of such series, interest payable on the Stated Maturity
of the principal of a Security shall be paid to the Person to whom principal is paid. The initial payment of interest on any Security
of any series which is issued between a Regular Record Date and the related Interest Payment Date shall be payable as provided
in such Security or in or pursuant to the Board Resolution, Officer’s Certificate, Company Order or supplemental indenture
pursuant to Section 301 with respect to the related series of Securities. Except in the case of a Global Security, at the option
of the Company, interest on any series of Securities may be paid (i) by check delivered to the address of the Person entitled thereto
as it shall appear on the Security Register of such series or (ii) by wire transfer in immediately available funds at such place
and to such account as designated in writing by the Person entitled thereto as specified in the Security Register of such series
at least fifteen days prior to the relevant Interest Payment Date.

 

Any Paying Agents will be identified in accordance
with Section 301, except for the Trustee, who has been appointed as Paying Agent for the Securities as provided in the definition
of “Paying Agent” contained in Section 101. The Company may at any time designate additional Paying Agents or rescind
the designation of any Paying

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Agent; however, the Company at all times will be required to
maintain a Paying Agent in each Place of Payment for each series of Securities.

 

Unless otherwise provided as contemplated
by Section 301 with respect to any series of Securities, any interest on any Security of any series which is payable, but is not
timely paid or duly provided for, on any Interest Payment Date for Securities of such series (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2)
below:

 

(1)          The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Securities of such series in respect of which interest
is in default (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as provided in this Clause (1). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set
forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so delivered, such Defaulted Interest shall be paid to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the following Clause (2).

 

(2)          The Company may make payment
of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of
any securities exchange or automated quotation system on which such Securities may be listed or traded, and upon such notice as
may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this
Section 307, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

(b)          The provisions of this Section 307(b)
may be made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions
as may be specified pursuant to such Section 301). The interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable) on any Security of such series may be reset by the Company on the date or dates specified on the
face of such Security (each an “Optional Reset Date”). The Company may exercise such option with respect to such Security
by notifying the Trustee of such exercise at least 50 but not more than 60 days prior to an Optional Reset Date for such Security,
such notice to contain the information to be included in the Trustee’s notice referred to in the following sentence. If the
Company exercises such option, not later than 40 days prior to each Optional Reset Date, the Trustee shall transmit, in the manner
provided for in Section 106, to the Holder of any such Security a notice (the “Reset Notice”) indicating that the Company
has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable),
and (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption
during the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date,
to the Stated Maturity of such Security (each such period a “Subsequent Interest Period”), including the date or dates
on which or the period or periods during which and the price or prices at which such redemption may occur during the Subsequent
Interest Period.

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Notwithstanding the foregoing, not later
than 20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish an interest rate
(or a spread or spread multiplier used to calculate such interest rate, if applicable) that is higher than the interest rate (or
the spread or spread multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing
the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest rate (or such higher spread
or spread multiplier, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect
to which the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on
an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment
(or have validly revoked any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such
higher spread or spread multiplier, if applicable).

 

The Holder of any such Security will have
the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to
the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset
Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset
Date.

 

Subject to the foregoing provisions of this
Section 307 and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or
in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

 

Section
308     Optional Extension of Maturity.

 

The provisions of this Section 308 may be
made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions as may
be specified pursuant to such Section 301). The Stated Maturity of any Security of such series may be extended at the option of
the Company for the period or periods specified on the face of such Security (each an “Extension Period”) up to but
not beyond the date (the “Final Maturity”) set forth on the face of such Security. The Company may exercise such option
with respect to any Security by notifying the Trustee of such exercise at least 50 but not more than 60 days prior to the Stated
Maturity of such Security in effect prior to the exercise of such option (the “Original Stated Maturity”), such notice
to contain the information to be included in the Trustee’s notice referred to in the following sentence. If the Company exercises
such option, the Trustee shall transmit, in the manner provided for in Section 106, to the Holder of such Security not later than
40 days prior to the Original Stated Maturity a notice (the “Extension Notice”) indicating (i) the election of the
Company to extend the Maturity, (ii) the new Stated Maturity, (iii) the interest rate applicable to the Extension Period and (iv)
the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s transmittal of the Extension Notice,
the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice and as described
in the next paragraph, such Security will have the same terms as prior to the transmittal of such Extension Notice.

 

Notwithstanding the foregoing, not later
than 20 days before the Original Stated Maturity of such Security, the Company may, at its option, revoke the interest rate provided
for in the Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustee to transmit, in
the manner provided for in Section 106, notice of such higher interest rate to the Holder of such Security. Such notice shall be
irrevocable. All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate.

 

If the Company extends the Maturity of any
Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity at
a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder must follow the procedures set forth in Article
Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at
least 25 but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security
for

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repayment pursuant to an Extension Notice, the Holder may, by
written notice to the Trustee, revoke such tender for repayment until the close of business on the tenth day before the Original
Stated Maturity.

 

Section
309     Persons Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 307) any interest on such Security and (subject to the record date provisions of Section 104) for all other
purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.

 

Section
310     Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section 310, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be treated
in accordance with its document retention policies.

 

Section
311     Computation of Interest; Usury Not Intended.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

The amount of interest (or amounts deemed
to be interest under applicable law) payable or paid on any Security shall be limited to an amount which shall not exceed the maximum
nonusurious rate of interest allowed by the applicable laws of the State of New York, or any applicable law of the United States
permitting a higher maximum nonusurious rate that preempts such applicable New York law, which could lawfully be contracted for,
taken, reserved, charged or received (the “Maximum Interest Rate”). If, as a result of any circumstances whatsoever,
the Company or any other Person is deemed to have paid interest (or amounts deemed to be interest under applicable law) or any
Holder of a Security is deemed to have contracted for, taken, reserved, charged or received interest (or amounts deemed to be interest
under applicable law), in excess of the Maximum Interest Rate, then, ipso facto, the obligation to be fulfilled shall be reduced
to the limit of validity, and if under any such circumstance, the Trustee, acting on behalf of the Holders, or any Holder shall
ever receive interest or anything that might be deemed interest under applicable law that would exceed the Maximum Interest Rate,
such amount that would be excessive interest shall be applied to the reduction of the principal amount owing on the applicable
Security or Securities and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of
any such Security or Securities, such excess shall be refunded to the Company; provided that the Company and not the Trustee shall
be responsible for collecting any such refund from the Holders. In addition, for purposes of determining whether payments in respect
of any Security are usurious, all sums paid or agreed to be paid with respect to such Security for the use, forbearance or detention
of money shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term
of such Security.

 

Section
312     CUSIP or ISIN Numbers.

 

The Company in issuing the Securities may
use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice
of a redemption and that reliance may be placed only on the

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other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee
in writing of any change in “CUSIP” or “ISIN” numbers.

 

Article
Four

SATISFACTION AND DISCHARGE

 

Section
401     Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly
provided for and as otherwise provided in this Section 401), and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

	 	(1)	either

 

(A)      all Securities theretofore
authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003)
have been delivered to the Trustee for cancellation; or

 

	 	(B)	all such Securities not theretofore delivered to the Trustee for cancellation
	 	 	 

		(i)	have become due and payable, or

 

		(ii)	will become due and payable at their Stated Maturity within one year of the date of deposit, or

 

		(iii)	are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose money in an amount sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable)
or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)          the Company has paid or caused
to be paid all other sums payable hereunder by the Company; and

 

(3)          the Company has delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 607 and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of Clause (1) of this Section 401, the obligations of the Trustee under Section 402 and the
last paragraph of Section 1003 shall survive.

 

Section
402     Application of Trust Money.

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Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and
any premium and interest for whose payment such money has been deposited with the Trustee.

 

Article
Five

REMEDIES

 

Section
501     Events of Default.

 

“Event of Default”, wherever
used herein with respect to the Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)          default in the payment of
any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of
30 days; or

 

(2)          default in the payment of
the principal of or any premium on any Security of that series at its Maturity; or

 

(3)          default in the deposit of
any sinking fund payment, when and as due by the terms of a Security of that series, and continuance of such default for a period
of 30 days; or

 

(4)          default in the performance,
or breach, in any material respect, of any covenant or warranty of the Company or of the Guarantor, by the Company or the Guarantor,
in this Indenture with respect to a Security of that series (other than a covenant or warranty a default in the performance of
which or the breach of which is elsewhere in this Section 501 specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for
a period of 90 days after there has been given, by registered or certified delivery, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
under this Indenture; or

 

(5)          the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or Guarantor in an involuntary case
or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company or Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company or Guarantor under any applicable federal or state law,
or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of
the Guarantor or of any substantial part of its respective property, or ordering the winding up or liquidation of its respective
affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for
a period of 90 consecutive days; or

 

(6)          the commencement by the Company
or the Guarantor of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company or the Guarantor in an involuntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy
or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief
under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian,

    	24

    	

    

receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company or the Guarantor or of any substantial part of its property, or the making by it of an
assignment of a substantial part of its property for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company or the Guarantor in furtherance
of any such action; or

 

(7)          any other Event of Default
provided with respect to Securities of that series,

 

provided, however, that no event described in Clause
(4), Clause (5), Clause (6) and Clause (7) above shall constitute an Event of Default hereunder until a Responsible Officer has
received written notice thereof as contemplated in Section 602.

 

Notwithstanding the foregoing provisions
of this Section 501, if the principal or any premium or interest on any Security is payable in a currency other than the currency
of the United States of America and such currency is not available to the Company for making payment thereof due to the imposition
of exchange controls or other circumstances beyond the control of the Company, the Company will be entitled to satisfy its obligations
to Holders of the Securities by making such payment in the currency of the United States of America in an amount equal to the currency
of the United States of America equivalent of the amount payable in such other currency, as determined by the Trustee by reference
to the noon buying rate in The City of New York for cable transfers for such currency (“Exchange Rate”), as such Exchange
Rate is reported or otherwise made available by the Federal Reserve Bank of New York on the date of such payment, or, if such rate
is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this
Section 501, any payment made under such circumstances in the currency of the United States of America where the required payment
is in a currency other than the currency of the United States of America will not constitute an Event of Default under this Indenture.

 

Section
502     Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default (other than an Event
of Default specified in Section 501(7) which is common to all Outstanding series of Securities) with respect to Securities of any
series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately
due and payable. If an Event of Default under Section 501(7) which is common to all Outstanding series of Securities occurs and
is continuing, then in such case, the Trustee or the Holders of not less than 25% in aggregate principal amount of all the Securities
then Outstanding hereunder (treated as one class), by a notice in writing to the Company and the Guarantor (and to the Trustee
if given by Holders) may declare the principal amount (or, if any Securities are Original Issue Discount Securities, such portion
of the principal amount as may be specified by the terms thereof) of all the Securities then Outstanding to be due and payable
immediately, and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

 

At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article Five, the Event of Default giving rise to such declaration of acceleration
shall, without further act, be deemed to have been waived, and such declaration and its consequences shall, without further act,
be deemed to have been rescinded and annulled, if:

 

(1)          the Company or the Guarantor
have paid or deposited with the Trustee a sum sufficient to pay:

 

(A)          all overdue installments
of interest on all Securities of that series,

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(B)          the principal of (and premium,
if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest
thereon at the rate or rates prescribed therefor in such Securities,

 

(C)          to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and

 

(D)          all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;

 

(2)          all Events of Default with
respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 

No such rescission shall affect any subsequent default or impair
any right consequent thereon.

 

Section
503     Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(1)          default is made in the payment
of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days,

 

(2)          default is made in the payment
of the principal of (or premium, if any, on) any Security at the Maturity thereof, or

 

(3)          default is made in the deposit
of any sinking fund payment, when and as due by the terms of any Security and such default continues for a period of 30 days,

 

the Company will, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any
premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto,
all amounts owing the Trustee, its agents and counsel under Section 607.

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section
504     Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company, the Guarantor, or any other obligor upon the Securities, its respective property or its respective creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized
under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular,
the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and
to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it and any predecessor
Trustee under Section 607.

 

No provision of this Indenture shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the

    	26

    	

    

Securities or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may,
on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

Section
505     Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of all amounts owing
the Trustee and any predecessor Trustee under Section 607, its agents and counsel, be for the ratable benefit of the Holders of
the Securities in respect of which such judgment has been recovered.

 

Section
506     Application of Money Collected.

 

Any money or property collected or to be
applied by the Trustee with respect to a series of Securities pursuant to this Article Five shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or
any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due
the Trustee under Section 607;

 

SECOND: To the payment of the amounts then
due and unpaid for principal of and any premium and interest on such series of Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such series of Securities for principal and any premium and interest, respectively; and

 

THIRD: To the payment of the remainder, if
any, to the Company.

 

Section
507     Limitation on Suits.

 

No Holder of any Security of any series shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver, assignee, trustee, liquidator or sequestrator (or other similar official), or for any other remedy hereunder, unless

 

(1)          such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(2)          the Holders of not less than
25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder

 

(3)          such Holder or Holders have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request;

 

(4)          the Trustee for 60 days after
its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and

 

(5)          no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Securities of that series;

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to
affect, disturb or prejudice the rights of any

    	27

    	

    

other Holders of Securities, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all such Holders.

 

Section
508     Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section
509     Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Guarantor, the Trustee and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee, the Guarantor and the Holders shall continue
as though no such proceeding had been instituted.

 

Section
510     Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
511     Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
Five or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Holders, as the case may be.

 

Section
512     Control by Holders.

 

The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such series, provided that

 

(1)          such direction shall not
be in conflict with any rule of law or with this Indenture,

 

(2)          the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3)          subject to the provisions
of Section 601, the Trustee shall have the right to decline to follow such direction if a Responsible Officer or Officers of the
Trustee shall, in good faith, determine that the proceeding so directed would involve the Trustee in personal liability or would
otherwise be contrary to applicable law.

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Section
513     Waiver of Past Defaults.

 

The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its consequences, except a default

 

(1)          in the payment of the principal
of or any premium or interest on any Security of such series or

 

(2)          in respect of a covenant
or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section
514     Undertaking for Costs.

 

All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and such court may in its discretion assess reasonable costs including reasonable attorneys’ fees and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
provided that the provisions of this Section 514 shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the Outstanding Securities, or
to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security, on or
after the respective due dates expressed in such Security.

 

Section
515     Waiver of Usury, Stay or Extension Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Article
Six

THE TRUSTEE

 

Section
601     Certain Duties and Responsibilities.

 

The duties and responsibilities of the Trustee
shall be as provided by the Trust Indenture Act; provided, that (i) notwithstanding Section 315(a)(2) of the Trust Indenture Act,
the Trustee need not confirm or investigate the accuracy of any mathematical calculations or other facts, statements, opinions
or conclusions stated in the certificates or opinions referred to therein, and (ii) except during the continuance of an Event of
Default, no implied covenants or obligations shall be read into this Indenture against the Trustee. Notwithstanding the foregoing,
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section.

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Section
602     Notice of Defaults.

 

If a default occurs hereunder with respect
to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the
extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section
501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section 602, the term “default” means any event which is, or after notice or lapse
of time or both would become, an Event of Default with respect to Securities of such series.

 

The Trustee shall not be required to take
notice or be deemed to have notice or knowledge of any Event of Default with respect to the Securities of a series, except an Event
of Default under Section 501(1), Section 501(2) or Section 501(3) hereof (provided, that the Trustee is the principal Paying Agent
with respect to the Securities of such series), unless a Responsible Officer shall have received written notice of such Event of
Default in accordance with Section 105 from the Company, any Subsidiary or the Holder of any Security, which notice states that
the event referred to therein constitutes an Event of Default.

 

Section
603     Certain Rights of Trustee.

 

Subject to the provisions of Section 601:

 

(1)          the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2)          any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the
Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)          whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officer’s Certificate;

 

(4)          the Trustee may consult with
counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5)          the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6)          the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney;

 

(7)          the Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the
Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;

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(8)          the Trustee is not required
to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture;

 

(9)          in the event the Trustee
receives inconsistent or conflicting requests and indemnity from two or more groups of Holders of Securities of a series, each
representing less than a majority in aggregate principal amount of the Securities of such series Outstanding, the Trustee, in its
sole discretion, may determine what action, if any, shall be taken;

 

(10)        the Trustee’s immunities
and protections from liability and its right to indemnification in connection with the performance of its duties under this Indenture
shall extend to the Trustee’s officers, directors, agents and employees. Such immunities and protections and right to indemnification,
together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal and the satisfaction
and discharge of this Indenture;

 

(11)        except for information provided
by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any information in any offering memorandum
or other disclosure material distributed with respect to the Securities, and the Trustee shall have no responsibility for compliance
with any state or federal securities laws in connection with the Securities;

 

(12)        the Trustee shall not be
liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(13)        the Trustee shall not be
responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused
by, directly or indirectly, forces beyond its control, including without limitation strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software or hardware) services;

 

(14)        the Trustee will not be
liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture;

 

(15)        the rights, privileges,
protections and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed
to act hereunder;

 

(16)        the Trustee may request
that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person
authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded; and

 

(17)        the permissive right of
the Trustee to take or refrain from taking any actions enumerated in this Indenture shall not be construed as a duty.

 

(18)        The Trustee shall not be
liable for any error of judgement made in good faith by a Responsible Officer unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts.

 

Section
604     Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company or the Guarantor,
and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or

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sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds
thereof.

 

Section
605     May Hold Securities.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company or the Guarantor, in its individual or any other capacity,
may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company or the
Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent.

 

Section
606     Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

Section
607     Compensation and Reimbursement.

 

The Company and the Guarantor agree:

 

(1)          to pay to the Trustee from
time to time such compensation for all services rendered by it hereunder in such amounts as the Company and the Trustee shall agree
in writing from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of
a trustee of an express trust);

 

(2)          except as otherwise expressly
provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence
or willful misconduct; and

 

(3)          to jointly and severally
indemnify the Trustee for, and to hold it harmless against, any loss, damage, claims, liability or expense incurred without negligence
or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder, except those attributable to its negligence or willful misconduct, as
determined in a final, non-appealable order of a court of contempt jurisdiction.

 

The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity under this Section 607. The Company shall defend the claim and the Trustee shall cooperate
in the defense. The Trustee may have separate counsel and, in the event the subject matter of the claim involves a conflict of
interest between the Company and the Trustee, the Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular
Securities.

 

Without prejudice to any other rights available
to the Trustee under applicable law, in the event the Trustee incurs expenses or renders services in any proceedings which result
from an Event of Default under Section 501(5) or (6), or from any default which, with the passage of time, would become such Event
of Default, the expenses so incurred and compensation for services so rendered are intended to constitute expenses of administration
under the United States Bankruptcy Code or equivalent law.

 

Section
608     Conflicting Interests.

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If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted
by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with
respect to Securities of more than one series or by virtue of being trustee under the Senior Note Indenture dated as of January
1, 2003, between the Company and The Bank of New York Mellon, as trustee, and the Indenture dated as of December 1, 2005, between
The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.), as trustee.

 

Section
609     Corporate Trustee Required; Eligibility.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law
or to the requirements of its supervising or examining authority, then for the purposes of this Section 609 and to the extent permitted
by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of
any series shall cease to be eligible in accordance with the provisions of this Section 609, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article Six.

 

Section
610     Resignation and Removal; Appointment of Successor.

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article Six shall become effective until the acceptance of appointment
by the successor Trustee in accordance with the applicable requirements of Section 611.

 

The Trustee may resign at any time with respect
to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1)          the Trustee shall fail to
comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security
for at least six months, or

 

(2)          the Trustee shall cease to
be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or

 

(3)          the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,

 

then, in any such case, (A) the Company, acting pursuant to
the authority of a Board Resolution, may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

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If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required
by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

 

The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

Section
611     Acceptance of Appointment by Successor.

 

In case of the appointment hereunder of a
successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and the Guarantor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment hereunder of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Guarantor, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as
shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustee’s co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

    	34

    	

    

Upon request of any such successor Trustee,
the Company and the Guarantor shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article Six.

 

Section
612     Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated,
and in case any Securities shall not have been authenticated, any such successor to the Trustee may authenticate such Securities
either in the name of any predecessor Trustee or in the name of such successor Trustee, and in all cases the certificate of authentication
shall have the full force which it is provided anywhere in the Securities or in this Indenture that the certificate of the Trustee
shall have.

 

Section
613     Preferential Collection of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor). For purposes of Section 311(b)(4)
and (6) of the Trust Indenture Act:

 

(a)          “cash transaction”
means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods
or securities in currency or in checks or other orders drawn upon banks and payable upon demand; and

 

(b)          “self-liquidating
paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company
(or any such obligor) for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods,
wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the
security; provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the
Company (or any such obligor) arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance
or obligation.

 

Section
614     Appointment of Authenticating Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the

 

Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,

    	35

    	

    

having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign immediately in the manner
and with the effect specified in this Section 614.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
of the corporate agency or corporate trust business of an Authenticating Agent shall be the successor Authenticating Agent hereunder,
provided such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 614, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to
the Company and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section 614.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 614.

 

If an appointment with respect to one or
more series is made pursuant to this Section 614, the Securities of such series may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	Date:	The Bank of New York Mellon,	 
	 	As Trustee	 
	 	 	 
	 	By:
	 
	 	as Authenticating Agent	 
	 	 	 
	 	By:
	 
	 	Authorized Officer	 

 

Article
Seven

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section
701     Company to Furnish Trustee Names and Addresses of Holders.

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The Company will furnish or cause to be furnished
to the Trustee

 

(1)          semi-annually, not later
than January 15 and July 15 in each year, a list, in such form as the Trustee may reasonably require, of the names and addresses
of the Holders of Securities of each series as of the preceding January 1 or July 1 as the case may be, and

 

(2)          at such other times as the
Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is furnished;

 

provided, however, that if and so long as the Trustee
shall be Security Registrar for Securities of a series, no such list need be furnished with respect to such series of Securities.

 

Section
702     Preservation of Information; Communications to Holders.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished.

 

The rights of Holders to communicate with
other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided in the Trust Indenture Act.

 

Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

 

Section
703     Reports by Trustee.

 

The Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto.

 

If required by Section 313(a) of the Trust
Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to Holders a brief
report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with
the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

 

Section
704     Reports by Company

 

The Company and the Guarantor shall file
with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or
15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission.

 

Delivery of any reports, information and
documents by the Company and the Guarantor to the Trustee pursuant to the provisions of this Section 704 is for informational purposes
only and the Trustee’s receipt of same shall not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s or the Guarantor’s compliance with any
of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

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Article
Eight

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section
801     Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person unless:

 

(1)           in case the Company shall
consolidate with or merge into another Person, the Person formed by such consolidation or into which the Company is merged shall
be a corporation, partnership, trust or other entity, and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium
and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company
to be performed or observed;

 

(2)          immediately after giving
effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event
of Default, shall have occurred and be continuing; and

 

(3)          the Company has delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such consolidation or merger and such supplemental
indenture comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction have
been complied with.

 

Section
802     Guarantor May Consolidate, Etc., Only on Certain Terms.

 

The Guarantor shall not consolidate with
or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person
unless:

 

(1)          in case the Guarantor shall
consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety
to any Person, the Person formed by such consolidation or into which the Guarantor is merged or the Person which acquires by conveyance
or transfer, or which leases, the properties and assets of the Guarantor substantially as an entirety shall be a corporation, partnership,
trust or other entity, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee,
in form satisfactory to the Trustee, the performance or observance of Guarantor’s guarantees and this Indenture;

 

(2)          immediately after giving
effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event
of Default, shall have occurred and be continuing; and

 

(3)          the Company has delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such consolidation, merger, conveyance, transfer
or lease and such supplemental indenture comply with this Article Eight and that all conditions precedent herein provided for relating
to such transaction have been complied with.

 

Section
803     Successor Substituted for the Company.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person in accordance with Section 801, the successor Person formed by such consolidation
or into which the Company is merged shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been named as the Company herein;

 

Such successor Person may cause to be signed,
and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor Person instead of
the Company and

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subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication pursuant to such provisions and any Securities which
such successor Person thereafter shall cause to be signed and delivered to the Trustee on its behalf for the purpose pursuant to
such provisions. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as
the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

 

In case of any such consolidation or merger,
such changes in phraseology and form may be made in the Securities thereafter to be issued as may be appropriate.

 

Section
804     Successor Substituted for the Guarantor.

 

Upon any consolidation of the Guarantor with,
or merger of the Guarantor into, any other Person or any conveyance, transfer or lease of the properties and assets of the Guarantor
substantially as an entirety in accordance with Section 802, the successor Person formed by such consolidation or into which the
Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Guarantor under this Indenture with the same effect as if such successor Person had been named as
the Guarantor herein; and in the event of any such conveyance or transfer (but not in the case of a lease) the Guarantor shall
be discharged from all obligations and covenants under the Indenture and under its Guarantee.

 

Article
Nine

SUPPLEMENTAL INDENTURES

 

Section
901     Supplemental Indentures Without Consent of Holders.

 

Without the consent of any Holders, the Company,
when authorized by a Board Resolution, the Guarantor and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)          to evidence the succession
of another Person to the Company or the Guarantor, or successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Company or the Guarantor pursuant to Article Eight; or

 

(2)          to add to the covenants of
the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the
benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or

 

(3)          to add any additional Events
of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be
for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included
solely for the benefit of such series), provided, however, that in respect of any such additional Events of Default such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in
the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to
the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those
series of Securities to which such additional Events of Default apply to waive such default; or

 

(4)          to add to or change any of
the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in uncertificated
form; or

 

(5)          to add to, change or eliminate
any of the provisions of this Indenture in respect of one or more series of Securities; provided, however, that if such addition,
change or elimination shall adversely affect the interests of Holders of Securities of any series in any material respect, such
addition, change or

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elimination shall become effective with respect to
such series only when no such Security of such series remains Outstanding; or

 

(6)          to convey, transfer, assign,
mortgage or pledge any property to or with the Trustee or to surrender any right or power herein conferred upon the Company or
the Guarantor; or

 

(7)          to establish the forms or
terms of Securities of any series as permitted by Sections 201 and 301; or

 

(8)          to provide for uncertificated
securities in addition to certificated securities; or

 

(9)          to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or

 

(10)        to cure any ambiguity, or
to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein; or

 

(11)        to make any other provisions
with respect to matters or questions arising under this Indenture, provided that (i) in the case of any such cure, correction,
supplement, matter, question, amendment or modification to (or which results in any change to) the Guarantee, shall not adversely
affect the interests of the holders of any Securities then Outstanding, and (ii) in all other cases, such action shall not adversely
affect the interests of the Holders of Securities of any series in any material respect; or

 

(12)        to supplement any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series
of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of
the Holders of Securities of such series or any other series of Securities in any material respect; or

 

(13)        to comply with the rules
or regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded;
or

 

(14)        to add to, change or eliminate
any of the provisions of this Indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture
Act, provided that such action does not adversely affect the rights or interests of any Holder of Securities in any material respect;
or

 

(15)        to provide for the payment
by the Company of additional amounts in respect of taxes imposed on certain Holders and for the treatment of such additional amounts
as interest and for all matters incidental thereto; or

 

(16)        to add Guarantors with respect
to the Securities or release a Guarantor from its obligations under its Guarantee or this Indenture in accordance with the applicable
provisions of this Indenture.

 

Section
902     Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of all series affected by such supplemental indenture (treated
as one class), by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution,
the Guarantor and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of
the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

    	40

    	

    

(1)          except to the extent permitted
by Section 307(b) or Section 308 or otherwise specified in the form or terms of the Securities of any series as permitted by Sections
201 and 301 with respect to extending the Stated Maturity of any Security of such series, change the Stated Maturity of the principal
of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount
Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date) or make any changes to
any Guarantee that would adversely affect Holders, or

 

(2)          reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)          modify any of the provisions
of this Section 902, Section 513 or Section 1006, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references
to “the Trustee” and concomitant changes in this Section 902 and Section 1006, or the deletion of this proviso, in
accordance with the requirements of Sections 611 and 901(9), or

 

(4)          if the Securities of any
series are convertible or exchangeable into any other securities or property of the Company, make any change that adversely affects
in any material respect the right to convert or exchange any Security of such series (except as permitted by Section 901) or decrease
the conversion or exchange rate or increase the conversion price of any such Security of such series, unless such decrease or increase
is permitted by the terms of such Security, or

 

(5)          if the Securities of any
series are secured, change the terms and conditions pursuant to which the Securities of such series are secured in a manner adverse
to the Holders of the secured Securities of such series in any material respect.

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series.

 

It shall not be necessary for any Act of
Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.

 

Section
903     Execution of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article Nine or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon,
an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section
904     Effect of Supplemental Indentures.

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Upon the execution of any supplemental indenture
under this Article Nine, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

 

Section
905     Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article Nine shall conform to the requirements of the Trust Indenture Act.

 

Section
906     Reference in Securities to Supplemental Indentures.

 

Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article Nine may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

Article
Ten

COVENANTS

 

Section
1001     Payment of Principal, Premium and Interest.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section
1002     Maintenance of Office or Agency.

 

The Company will maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. The Company initially appoints the
Trustee, acting through its Corporate Trust Office, as its agent for said purpose. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

 

Section
1003     Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate to the extent required by law and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or
failure so to act.

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Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided
by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section 1003, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or
any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security
of any series and remaining unclaimed for one year after such principal, premium or interest has become due and payable may be
paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease.

 

Section
1004     Statement by Officer as to Default.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officer’s Certificate,
the signer of which shall be the principal executive, principal accounting or principal financial officer of the Company, stating
whether or not to the best knowledge of the signer thereof, the Company is in default in the performance and observance of any
of the terms, provisions, covenants and conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of
which he or she may have knowledge.

 

Section
1005     Existence.

 

Subject to Article Eight and the Company’s
ability to convert into a limited liability company, limited partnership or limited liability partnership under applicable law,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
On and after any conversion of the Company into a limited liability company, limited partnership or limited liability partnership
under applicable law, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect
its limited liability company, limited partnership or limited liability partnership existence, as applicable.

 

Section
1006     Waiver of Certain Covenants.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 301(20), 901(2)
or 901(7) for the benefit of the Holders of such series or in Section 1005, if the Holders of at least a majority in principal
amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term,

    	43

    	

    

provision or condition except to the extent
so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force and effect.

 

Article
Eleven

REDEMPTION OF SECURITIES

 

Section
1101     Applicability of Article.

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for such Securities) in accordance with this Article Eleven.

 

Section
1102     Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Company Order or in another manner specified as contemplated by Section 301 for such Securities.
In case of any redemption at the election of the Company, the Company shall, not less than 45 nor more than 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities
to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject
to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officer’s Certificate evidencing compliance with such restriction or condition.

 

Section
1103     Selection by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected , from the Outstanding Securities of
such series not previously called for redemption, by such method in accordance with the standard procedures of DTC and which may
provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the
unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor
are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected
from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the
preceding sentence. For book-entry Securities subject to redemption, any redemption will be administered in compliance with the
procedures of DTC or other relevant depositary.

 

The provisions of the preceding paragraph
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
If the Company shall so direct, Securities registered in the name of the Company, any Affiliate or any Subsidiary thereof shall
not be included in the Securities selected for redemption.

 

Section
1104     Notice of Redemption.

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Notice of redemption shall be given by first-class
delivery, postage prepaid, or otherwise delivered in accordance with the procedures of DTC not less than 10 nor more than 60 days
prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register.

 

With respect to Securities of each series
to be redeemed, each notice of redemption shall identify the Securities to be redeemed (including CUSIP or ISIN numbers, if applicable)
and shall state:

 

(1)          the Redemption Date,

 

(2)          the Redemption Price, or
if not then ascertainable, the manner of calculation thereof,

 

(3)          if less than all the Outstanding
Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of
partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than
all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular
Security to be redeemed,

 

(4)          that on the Redemption Date,
the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date,

 

(5)          the place or places where
each such Security is to be surrendered for payment of the Redemption Price, and

 

(6)          that the redemption is for
a sinking fund, if such is the case.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company provided, however, that the Company has delivered to the Trustee, at least 45 days prior
to the redemption date (unless a shorter notice shall be satisfactory to the Trustee), an Officer’s Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.
Any such notice of redemption shall be irrevocable. The notice if delivered in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure to give such notice by
delivery or any defect in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Security.

 

Section
1105     Deposit of Redemption Price.

 

On or before the Redemption Date specified
in the notice of redemption given as provided in Section 1104, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money
sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued and unpaid
interest on, all the Securities which are to be redeemed on that date.

 

Section
1106     Securities Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on
or prior to the Redemption Date will be payable to the Holders of such Securities, or

    	45

    	

    

one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal amount (together with interest, if any, thereon accrued to
the Redemption Date) and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor
in the Security.

 

Section
1107     Securities Redeemed in Part.

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination (which shall not be less than the minimum authorized denomination) as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

Article
Twelve

SINKING FUNDS

 

Section
1201     Applicability of Article.

 

The provisions of this Article Twelve shall
be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated
by Section 301 for such Securities.

 

The minimum amount of any sinking fund payment
provided for by the terms of any Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any sinking fund payment in excess of such minimum amount which is permitted to be made by the terms of such Securities is
herein referred to as an “optional sinking fund payment”. If provided for by the terms of any Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of such Securities.

 

Section
1202     Satisfaction of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Outstanding Securities
of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.

 

Section
1203     Redemption of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying
the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and
crediting Securities pursuant to Section 1202 and stating the basis for any such credit and that such Securities have not previously
been so credited and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days prior to each such
sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be given in the

    	46

    	

    

name of and at the expense of the Company
in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 1106 and 1107.

 

Article
Thirteen

REPAYMENT AT THE OPTION OF THE HOLDERS

 

Section
1301     Applicability of Article.

 

Repayment of Securities of any series before
their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except
as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article Thirteen.

 

Section
1302     Repayment of Securities.

 

Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid
at a price equal to the principal amount thereof and any premium thereon, together with interest thereon accrued to the Repayment
Date specified in or pursuant to the terms of such Securities. The Company covenants that on or before the Repayment Date it will
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust
as provided in Section 1003) an amount of money sufficient to pay the principal (or, if so provided by the terms of the Securities
of any series, a percentage of the principal) of, the premium, if any, and (except if the Repayment Date shall be an Interest Payment
Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.

 

Section
1303     Exercise of Option.

 

Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities.
To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing),
must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place
or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later
than 30 days prior to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance
with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum denomination
for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for
the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified. The principal amount
of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment,
the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series
of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment
at the option of the Holder thereof and as provided in Sections 307(b) and 308, exercise of the repayment option by the Holder
shall be irrevocable unless waived by the Company.

 

Section
1304     When Securities Presented for Repayment Become Due and Payable.

 

If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article Thirteen and as provided
by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment
Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the
same were interest-bearing, cease to bear interest. Upon surrender of any such Security for repayment in accordance with such provisions,
the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest and/or premium,
if any, to (but excluding) the Repayment Date; provided, however, that, unless otherwise specified as contemplated by Section 301,
installments of interest, if any, whose Stated Maturity is on or

    	47

    	

    

prior to the Repayment Date shall be payable (but without interest
thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
of Section 307.

 

If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) and any premium shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield
to Maturity (in the case of Original Issue Discount Securities) set forth in such Security.

 

Section
1305     Securities Repaid in Part.

 

Upon surrender of any Security which is to
be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new Security or Securities of the same series, of any authorized denomination
specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security
so surrendered which is not to be repaid.

 

Article
Fourteen

DEFEASANCE AND COVENANT DEFEASANCE

 

Section
1401     Company’s Option to Effect Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at any
time, to have Section 1402 or Section 1403 applied to any Securities or any series of Securities, as the case may be, (unless designated
pursuant to Section 301 as not being defeasible pursuant to such Section 1402 or 1403), in accordance with any applicable requirements
provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article Fourteen. Any such election
shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

 

Section
1402     Defeasance and Discharge.

 

Upon the Company’s exercise of its
option (if any) to have this Section 1402 applied to any Securities or any series of Securities, as the case may be, the Company
shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section 1402 on
and after the date the conditions set forth in Section 1404 are satisfied (hereinafter called “Defeasance”). For this
purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities
to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section 1406, payments in
respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Company’s obligations
with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and (4) this Article Fourteen. Subject to compliance with this Article Fourteen, the Company may exercise
its option (if any) to have this Section 1402 applied to any Securities notwithstanding the prior exercise of its option (if any)
to have Section 1403 applied to such Securities.

 

Section
1403     Covenant Defeasance.

 

Upon the Company’s exercise of its
option (if any) to have this Section 1403 applied to any Securities or any series of Securities, as the case may be, (1) the Company
shall be released from its obligations under any covenants provided pursuant to Section 301(20), 704 (to the extent of any covenants
in addition to the requirements of the Trust Indenture Act), 901(2) or 901(7) for the benefit of the Holders of such Securities
and (2) the occurrence of any event specified in Sections 501(4) (with respect to any such covenants provided pursuant to Section
301(20), 704 (to the extent of any covenants in addition to the requirements of the Trust Indenture Act), 901(2) or 901(7)),

    	48

    	

    

shall be deemed not to be or result in an Event of Default,
in each case with respect to such Securities as provided in this Section 1403 on and after the date the conditions set forth in
Section 1404 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means
that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(4)), whether
directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such
Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

 

Section
1404     Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to
the application of Section 1402 or Section 1403 to any Securities or any series of Securities, as the case may be:

 

(1)          The Company shall irrevocably
have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by
Section 609 and agrees to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders
of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any
payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any
premium and interest on such Securities on the respective Stated Maturities or upon redemption, in accordance with the terms of
this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i)
a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y)
any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any
U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified
and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of principal or interest evidenced by such depositary receipt.

 

(2)          In the event of an election
to have Section 1402 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable federal income tax
law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities
will not recognize gain or loss for federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same
times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)          In the event of an election
to have Section 1403 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for federal
income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will
be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit
and Covenant Defeasance were not to occur.

    	49

    	

    

(4)          No event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall
have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(5) and
(6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not
be deemed satisfied until after such 90th day).

 

(5)          Such Defeasance or Covenant
Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all
Securities are in default within the meaning of such Act).

 

(6)          Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which
the Company is a party or by which it is bound.

 

(7)          Such Defeasance or Covenant
Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder.

 

(8)          The Company shall have delivered
to the Trustee an agreement whereby the Company irrevocably agrees to forfeit its right, if any, (A) to reset the interest rate
of such Securities pursuant to Section 307(b) and (B) to extend the Stated Maturity of such Securities pursuant to Section 308.

 

(9)          If the Securities are to
be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption
shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made.

 

(10)        The Company shall have delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect
to such Defeasance or Covenant Defeasance have been complied with.

 

Section
1405     Acknowledgment of Discharge By Trustee.

 

Subject to Section 1407 below and after the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent referred to in Section 1404 relating to the Defeasance or Covenant Defeasance, as the case may be, have been complied
with, the Trustee upon request of the Company shall acknowledge in writing the Defeasance or the Covenant Defeasance, as the case
may be.

 

Section
1406     Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions.

 

Subject to the provisions of the last paragraph
of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other
qualifying trustee (solely for purposes of this Section 1406, the Trustee and any such other trustee are referred to collectively
as the “Trustee”) pursuant to Section 1404 in respect of any Securities shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of
all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not
be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section
1404 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of Outstanding Securities.

    	50

    	

    

Anything in this Article Fourteen to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S.
Government Obligations held by it as provided in Section 1404 with respect to any Securities which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the
case may be, with respect to such Securities.

 

Section
1407     Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article Fourteen with respect to any Securities by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under
this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 1402 or 1403 shall
be revived and reinstated as though no deposit had occurred pursuant to this Article Fourteen with respect to such Securities,
until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1406 with respect
to such Securities in accordance with this Article Fourteen; provided, however, that if the Company makes any payment of principal
of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

Section
1408     Qualifying Trustee.

 

Any trustee appointed pursuant to Section
1404 for the purpose of holding trust funds deposited pursuant to that Section shall be appointed under an agreement in form acceptable
to the Trustee and shall provide to the Trustee a certificate of such trustee, upon which certificate the Trustee shall be entitled
to conclusively rely, that all conditions precedent provided for herein to the related Defeasance or Covenant Defeasance have been
complied with. In no event shall the Trustee be liable for any acts or omissions of said trustee.

 

Article
Fifteen

GUARANTEE

 

Section
1501     Guarantees.

 

The Guarantor hereby fully, irrevocably and
unconditionally guarantees (the “Guarantee”) (i) the payment of the principal (including premium, if any) of and any
interest and any additional amounts with respect to each Security, and the payment of the sinking fund payments, if any, provided
for pursuant to the terms of each Security, as the same shall become due and payable after any applicable grace period (whether
at maturity or upon redemption, declaration or otherwise), to each Holder entitled to receive such payments under the Securities
(as determined by this Indenture) and to the Trustee, and (ii) the due and punctual payment and performance of the Company’s
other obligations under the indenture.

 

The Guarantor hereby agrees that its obligations
hereunder shall be irrevocable and unconditional, irrespective of the validity, legality or enforceability of any Security to which
the Guarantees apply, the absence of any action to enforce such Security, the recovery of any judgment against the Company or any
action to enforce the same or any insolvency, bankruptcy, reorganization or similar proceeding of or with respect to the Company
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Guarantor
hereby expressly waives, to the fullest extent permitted by applicable law, all respective rights of setoff, recoupment and counterclaim
(provided that nothing herein shall prevent the assertions of such claims by separate suit or compulsory counterclaim), the benefit
of any statute of limitations affecting such Guarantor’s liability hereunder, diligence, presentment, demand or payment,
filing of claims with a court in the event of merger or insolvency, bankruptcy, reorganization or similar proceeding of or with
respect to the Company, any right to require a proceeding first against the Company, protest or notice with respect to said Security
or the indebtedness evidenced thereby and all demands whatsoever and covenants that its Guarantee will not be discharged except
by complete performance of the obligations contained in its Guarantee. The Guarantor hereby further expressly waives all other
defenses or benefits with respect to its Guarantee that may be afforded by applicable law limiting the liability of or exonerating
guarantors as sureties.

    	51

    	

    

An Event of Default under, non-payment of
or acceleration of any series of the Securities shall entitle the Holder thereof to exercise their rights and remedies against
the Guarantor under its Guarantee in the same manner and to the same extent as they have the right to do so against the Company
under the terms of this Indenture when and as originally executed (as amended pursuant to the terms of this Indenture). If any
principal, interest or other amounts on any Security is rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, reorganization or similar proceeding of or with respect to the Company, the Guarantor’s obligations under its
Guarantee with respect to such payment will be reinstated as though such payment has been due but not made at such time.

 

Until the Holder of said Security has received,
from the Company or out of its assets, or from the Guarantor or out of its assets, moneys which such Holder is entitled to retain
for its own account, equal in the aggregate to the unpaid principal amount of (including premium, if any, on) said Security plus
all accrued and unpaid interest thereon and any additional amounts with respect to each Security, the Guarantor will remain liable
on its Guarantee.

 

The Guarantor shall be subrogated to all
rights of the Holder of the Security to which its Guarantee applies against the Company in respect of any amounts paid by such
Guarantor pursuant to the provisions of such Guarantee; provided that the Guarantor shall not be entitled to enforce or receive
any payment arising out of, or based upon, such right of subrogation until all amounts due on or to become due on or in respect
of all the Securities to which the Guarantees relate shall have been paid in full or duly provided for.

 

Each Guarantee constitutes a guarantee of
payment and not collection and is unsecured and ranks equally and ratably with all other unsecured obligations of the Guarantor.

 

Article
Sixteen

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS, DIRECTORS AND EMPLOYEES

 

Section
1601     Exemption from Individual Liability.

 

No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, stockholder, officer, director or employee, as such, past, present or future, of the Company,
the Guarantor, any Subsidiary or any successor corporation, either directly or through the Company or the Guarantor, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations of the Company or the Guarantor,
and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers,
directors, or employees, as such, of the Company, the Guarantor, any Subsidiary or any successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained
in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability, either at common
law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder,
officer, director or employee, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of such
Securities.

    	52

    	

    

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed and, in the case of the Company, attested, all as of the day and year first above written.

 

	Dated:	GE CAPITAL FUNDING LLC
	 	 
	 	 	By: /s/ Michael Taets
	 
	 	 	Name: 	Michael Taets	 
	 	 	Title:	President	 
	Attest:	 	 	 
	 	 	 	 
	/s/ Fred Robustelli	 	 
	Name: 	Fred Robustelli	 	 	 
	Title:	Assistant Secretary	 	 	 
	 	 	 	 	 
	 	 	GENERAL ELECTRIC COMPANY
	 	 	as Guarantor
	 	 	 
	 	 	By: /s/ Robert Giglietti
	 
	 	 	Name:	Robert Giglietti	 
	 	 	Title:	Authorized Signatory	 
	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON
	 	 	as Trustee
	 	 	 
	 	 	By: /s/ Francine Kincaid
	 
	 	 	Name: 	Francine Kincaid	 
	 	 	Title:	Vice President	 

    	 

    	

    

Exhibit A

 

PROVISIONS RELATING TO RESTRICTED SECURITIES

 

This Exhibit A will be applicable to the
Securities issued by the Company pursuant to this Indenture if the Company shall establish pursuant to Section 201 of this Indenture
that (a) the Securities are to be subject to the terms of this Exhibit A or (b) the Securities originally issued are to bear the
Restricted Legend.

 

	 	1.	Definitions.

 

Capitalized terms used but not otherwise
defined in this Appendix A shall have the meanings assigned to them in this Indenture. For the purposes of this Exhibit A, the
following terms shall have the meanings indicated below:

 

“Certificated Security”
means a Security in definitive registered form without coupons.

 

“Offshore Global Security”
means a Global Security that bears the Regulation S Restricted Legend representing Securities issued and sold or delivered, as
applicable, pursuant to Regulation S.

 

“QIB” means a qualified
institutional buyer as defined in Rule 144A.

 

“Regulation S” means
Regulation S under the Securities Act.

 

“Regulation S Certificate”
means a certificate substantially in the form of Exhibit D to this Indenture.

 

“Regulation S Restricted
Legend” means the legend set forth in Exhibit B to this Indenture.

 

“Restricted Legend” means
the Regulation S Restricted Legend and the U.S. Restricted Legend.

 

“Restricted Period” means
the relevant 40-day distribution compliance period as defined in Regulation S.

 

“Rule 144A” means Rule
144A under the Securities Act.

 

“Rule 144A Certificate”
means (a) a certificate substantially in the form of Exhibit E to this Indenture or (b) a written certification addressed to the
Company and the Trustee to the effect that the Person making such certification (i) is acquiring such Security (or beneficial interest)
for its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each
such account is a QIB, (ii) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A and (iii) acknowledges that it has received such information
regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information.

    	Exhibit A-1

    	

    

“U.S. Global Security”
means a Global Security that bears the U.S. Restricted Legend representing Securities issued and sold or delivered, as applicable,
to QIBs in reliance on Section 4(a)(2) under the Securities Act or Rule 144A.

 

“U.S. Restricted Legend”
means a legend substantially in the form of Exhibit C to this Indenture.

 

		2.	Restricted Legend.

 

(a)       Except
as otherwise provided in Section 2(c) or (d) of this Exhibit A, or Section 3(b)(3), (b)(5) or (c) of this Exhibit A, each Security
originally issued and sold or delivered, as applicable, pursuant to Section 4(a)(2) under the Securities Act or Rule 144A will
bear the U.S. Restricted Legend.

 

(b)       Except
as otherwise provided in Section 2(c) or (d) of this Exhibit A, or Section 3(b)(3), (b)(5) or (c) of this Exhibit A, each Security
originally issued and sold or delivered, as applicable, in reliance on Regulation S will bear the Regulation S Restricted Legend.

 

(c)       (i)
If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably
require) that a Security is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without
the need for current public information and that the Restricted Legend is no longer necessary or appropriate in order to ensure
that subsequent transfers of the Security (or a beneficial interest therein) are effected in compliance with the Securities Act
or (ii) after a Security is (A) sold pursuant to an effective registration statement under the Securities Act, or (B) is validly
tendered for exchange into Securities that contain terms substantially identical to such Security and will be registered under
the Securities Act, the Company may instruct the Trustee to cancel such Security and issue to the Holder thereof (or to its transferee)
a new Security of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend, and the Trustee will comply with such instruction.

 

(d)       If
Global Securities are exchanged for Certificated Securities pursuant to Section 305 of this Indenture, then the Certificated Securities
issued in exchange for any such Global Securities that are Offshore Global Securities will not bear the Restricted Legend.

 

(e)       By
its acceptance of any Security bearing the Restricted Legend (or any beneficial interest in such a Security), each Holder thereof
and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Security (and any such beneficial
interest) set forth in this Indenture (including this Exhibit A) and in the Restricted Legend and agrees that it will transfer
such Security (and any such beneficial interest) only in accordance with this Indenture (including this Exhibit A) and such legend.

    	Exhibit A-2

    	

    

		3.	Restrictions on Transfer and Exchange.

 

(a)          The
transfer or exchange of any Security (or a beneficial interest therein) may only be made in accordance with this Section 3 and
Section 305 of this Indenture and, in the case of a Global Security (or a beneficial interest therein), the applicable rules and
procedures of the Depositary, Common Depositary or any other relevant clearing system. The Trustee shall refuse to register any
requested transfer or exchange that does not comply with the preceding sentence.

 

(b)         Subject
to paragraph (c) of this Section 3, the transfer or exchange of any Security (or a beneficial interest therein) of the type set
forth in column A below for a Security (or a beneficial interest therein) of the type set forth opposite in column B below may
only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite
in column C below.

 

	A	B	C
	U.S. Global Security	U.S. Global Security	(1)
	U.S. Global Security	Offshore Global Security	(2)
	U.S. Global Security	Certified Security	(3)
	Offshore Global Security	U.S. Global Security	(4)
	Offshore Global Security	Offshore Global Security	(1)
	Offshore Global Security	Certificated Security	(5)
	Certificated Security	U.S. Global Security	(4)
	Certificated Security	Offshore Global Security	(2)
	Certificated Security	Certificated Security	(3)
	 	 	 

		(1)	No certification is required.

 

		(2)	The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Regulation
S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Security that
does not bear the Restricted Legend, then no certification is required.

 

		(3)	The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed Rule
144A Certificate or (y) a duly completed Regulation S Certificate and/or an Opinion of Counsel and such other certifications and
evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance
with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested
transfer or exchange is made by the Holder of a Certificated Security that does not bear the Restricted Legend, then no certification
is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly completed
Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Security that does not bear the Restricted Legend is
surrendered for transfer or exchange, upon transfer

    	Exhibit A-3

    	

    

	 	 	or exchange the Trustee will deliver a Certificated
Security that does not bear the Restricted Legend.
	 	 	 
		(4)	The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule 144A
Certificate.

 

		(5)	If the requested transfer or exchange takes place during the Restricted Period, the person requesting the transfer or exchange
must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate and/or an Opinion of Counsel and such
other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange
is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. If the
requested transfer or exchange takes place after the Restricted Period, no certification is required and the Trustee will deliver
a Certificated Security that does not bear the Restricted Legend.

 

(c)       No
certification is required in connection with any transfer or exchange of any Security (or a beneficial interest therein) (i) after
such Security is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need
for current public information; provided that the Company has provided the Trustee with an Officer’s Certificate to
that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause (i) an
opinion of counsel and any other reasonable certifications and evidence in order to support such certificate or (ii)(A) sold pursuant
to an effective registration statement under the Securities Act or (B) is validly tendered for exchange into Securities containing
terms substantially identical to such Security that will be registered under the Securities Act.

 

Any Certificated Security delivered
in reliance upon this paragraph will not bear the Restricted Legend.

 

(d)       The
Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange
of a Security (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any
reasonable time upon written notice to the Trustee.

 

		4.	Information.

 

For so long as any of the Securities remain
outstanding and constitute “restricted securities” under Rule 144, the Company will furnish to the Trustee and will,
upon written request, provide to the Holder and prospective investors, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.

    	Exhibit A-4

    	

    

Exhibit B

 

REGULATION S RESTRICTED LEGEND

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS
FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, OTHER THAN
(A) TO THE ISSUER, THE GUARANTOR OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-US PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT) THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.

 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF
REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, OTHER THAN A DISTRIBUTOR,
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

    	Exhibit B-1

    	

    

Exhibit C

 

U.S. RESTRICTED LEGEND

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS ONE YEAR
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL SECURITY OF THIS SERIES
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THE SECURITY (OR ANY PREDECESSOR OF THE SECURITY),
OTHER THAN (A) TO THE ISSUER, THE GUARANTOR OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-US PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT) THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.

    	Exhibit C-1

    	

    

Exhibit D

 

REGULATION S CERTIFICATE

 

		To:	The Bank of New York Mellon, as Trustee (the “Trustee”)

240 Greenwich Street, Floor 7-East

New York, NY 10286

Attention: Corporate Trust Department

 

		Re:	[__] Notes due 20[__](the “Securities”) issued under the Indenture (the “Indenture”)
dated as of May [__], 2020 among GE Capital Funding LLC (the “Company”), General Electric Company (the “Guarantor”)
and the Trustee

 

Ladies and Gentlemen:

 

Terms are used in this Certificate as used
in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
except as otherwise stated herein.

 

[CHECK A OR B AS APPLICABLE.]

 

o A. This Certificate relates to our proposed
transfer of $____ principal amount of Securities issued under the Indenture. We hereby certify as follows:

 

		1.	The offer and sale of the Securities was not and will not be made to a person in the United States (unless such person is excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is
acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances
described in Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of
U.S. citizens abroad.

 

		2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy
order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that
the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer
in the United States.

 

		3.	None of us, our affiliates, or any person acting on our or their behalf has made any directed selling efforts in the United
States with respect to the Securities.

 

		4.	The proposed transfer of Securities is not part of a plan or scheme to evade the registration requirements of the Securities
Act.

    	Exhibit D-1

    	

    

		5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Securities, and
the proposed transfer takes place during the Restricted Period (as defined in Exhibit A to the Indenture), or we are an officer
or director of the Company, we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b)
of Regulation S.

 

o B. This Certificate relates to our proposed
exchange of $____ principal amount of Securities issued under the Indenture for an equal principal amount of Securities to be
held by us. We hereby certify as follows:

 

		1.	At the time the offer and sale of the Securities was made to us, either (i) we were not in the United States or (ii) we were
excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which
we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances
described in Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

 

		2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated,
we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market and we did not pre-arrange the transaction in the United States.

 

		3.	The proposed exchange of Securities is not part of a plan or scheme to evade the registration requirements of the Securities
Act.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,	 
	 	 	 
	 	[NAME OF SELLER (FOR TRANSFERS) OR
	 	OWNER (FOR EXCHANGES)]
	 	 
	 	By:
	 
	 	Name:	 
	 	Title:	 
	 	Address:	 

 

Date:________________

    	Exhibit D-2

    	

    

Exhibit E

 

RULE 144A CERTIFICATE

 

		To:	The Bank of New York Mellon, as Trustee (the “Trustee”)

240 Greenwich Street, Floor 7-East

New York, NY 10286

Attention: Corporate Trust Department

 

		Re:	[__] Notes due 20[__](the “Securities”) issued under the Indenture (the “Indenture”)
dated as of May [__], 2020 among GE Capital Funding LLC (the “Company”), General Electric Company (the “Guarantor”)
and the Trustee

 

Ladies and Gentlemen:

 

This Certificate relates to:

 

[CHECK A OR B AS APPLICABLE.]

 

	 	o	A. Our proposed purchase of $____ principal amount of Securities issued under the Indenture.
	 	 	 
	 	o	B. Our proposed exchange of $____ principal amount of Securities issued under the Indenture for an equal principal amount of Securities to be held by us.

 

We and, if applicable, each account for which
we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with
us (or such accounts, if applicable), as of __________, 20__, which is a date on or since close of our most recent fiscal year.
We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A
(“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we
are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the
transfer of Securities to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions
of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information
regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER (FOR TRANSFERS)
	 	OR OWNER (FOR EXCHANGES)]
	 	 
	 	By:

	 	Name:
	 	Title:
	 	Address:

 

Date:________________

    	Exhibit E-1

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