Document:

FRP Holdings, Inc. 8-K 

 

EXHIBIT
10.3 

TRANSITION
SERVICES AGREEMENT

 

by and
between

 

FRP
HOLDINGS, INC.

 

and

 

PATRIOT
TRANSPORTATION HOLDING, INC.

 

Dated
as of January 30, 2015

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	Page

		
	ARTICLE 1. TRANSITION
SERVICES	1
	 	 	
	Section 1.1	Patriot Obligations	1
	Section 1.2	Term.	1
	Section 1.3	Modification/Termination
of Transition Services.	2
	Section 1.4	Employee Cooperation.	2
	Section 1.5	Scope of Services.	2
	Section 1.6	Standard
of Performance; Standard of Care.	2
	Section 1.7	Confidentiality.	2
	 	 	 
	ARTICLE 2. CONSIDERATION	3
	 	 	 
	Section 2.1	Service
Fees.	3
	Section 2.2	Out-of-Pocket
Expenses.	3
	Section 2.3	Payment	3
	 	 	 
	ARTICLE 3. TERMINATION	3
	 	 	 
	Section 3.1	Term and Termination.	3
	 	 	
	ARTICLE 4. MISCELLANEOUS	3
	 	 	 
	Section 4.1	Warranty Disclaimer.	3
	Section 4.2	Indemnification	3
		
	Section 4.3	Relationship
of Parties.	3
	Section 4.4	Interpretation.	4
	Section 4.5	Amendment.	4
	Section 4.6	Waiver of Compliance.	4
	Section 4.7	Notices.	4
	Section 4.8	Third
Party Beneficiaries.	5
	Section 4.9	Successors and
Assigns.	5
	Section 4.10	Severability.	5
	Section 4.11	Governing
Law.	5
	Section 4.12	Submission
to Jurisdiction; Waivers.	5
	Section 4.13	Force
Majeure.	6
	Section 4.14	Counterparts.	6
	Section 4.15	Entire
Agreement.	6

 

    	 

    	 

    

 

TRANSITION SERVICES AGREEMENT

 

THIS
TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of January 30, 2015, is hereby entered into by and
between FRP HOLDINGS, INC., a Florida corporation (“FRP”) and PATRIOT TRANSPORTATION HOLDING, INC., a Florida
corporation (“Patriot”) All capitalized terms used but not defined herein shall have their respective meanings as set
forth in the Separation Agreement (as defined herein).

 

RECITALS

 

A.Patriot
and FRP have entered into a Separation and Distribution Agreement, dated as of January 30, 2015 (the “Separation
Agreement”), pursuant to which FRP will distribute all of the outstanding shares of capital stock of Patriot to FRP’s
shareholders (the “Distribution”).

 

B.In
order to facilitate the separation of Patriot from FRP and its Subsidiaries (as defined below) pursuant to the Separation
Agreement, FRP desires, and Patriot is willing to provide or cause its Subsidiaries to provide, certain transition services upon
the terms and conditions set forth in this Agreement. For purposes of this Agreement, a “Subsidiary” of FRP or Patriot
means any Person in which FRP or Patriot has a fifty percent (50%) or greater ownership interest in such Person. 

 

Accordingly,
the parties agree as follows:

 

ARTICLE
1.

TRANSITION SERVICES

 

Section
1.1     Patriot Obligations.

 

Subject
to the terms and conditions of this Agreement, during the Transition Period (as defined below), Patriot will, or will cause
one of its Subsidiaries to, provide to FRP and/or a designated Subsidiary of FRP the transitional services and assistance (each
service, a “Transition Service,” and together, the “Transition Services”) at the cost set forth on Schedule
A hereto.

 

Section
1.2     Term. 

 

The
obligations of Patriot to provide each respective Transition Service or cause such Transition Service to be provided hereunder
will begin on February 1, 2015 (the ”Effective Date”), and will remain in effect for one (1) year after the
Effective Date (the ”Initial Termination Date”); provided, however, that with respect to any Transition Service,
FRP may, upon written notice to Patriot not less than 30 days prior to the Initial Termination Date, extend the term of such Transition
Services for a subsequent transition period; provided, however, that such extension shall not be for a period of more than six
(6) months unless the other party consents, in writing, to a period beyond six (6) months (the “Subsequent Transition
Period”). For the purposes of this Agreement, the (a) term “Initial Transition Period” for each Transition
Service means the period beginning on the date on which the Distribution occurs (the ”Closing Date”) and ending
on the Initial Termination Date, and (b) the terms Initial Transition Period and Subsequent Transition Period are collectively
referred to herein as the “Transition Period.”

 

    	 

    	 

    

 

Section
1.3     Modification/Termination of Transition Services. 

 

During
the Transition Period, any or all of the Transition Services (i) may be modified in any respect upon mutual written agreement
of Patriot and FRP, and (ii) may be terminated by FRP upon ninety (90) days’ written notice to Patriot. Any such written
modification or termination of the Transition Services shall be deemed to supplement and amend this Agreement.

 

Section
1.4     Employee Cooperation. 

 

Patriot
will cause its or its Subsidiaries’ employees providing the Transition Services (together, the “Patriot Employees”)
to cooperate with the employees of FRP and/or its Subsidiaries (the “FRP Employees”) during the Transition Period,
but neither Patriot nor its Subsidiaries will have any other duty or obligation with respect to such FRP Employees.

 

Section
1.5     Scope of Services. 

 

Patriot
will not be obligated to perform, or to cause to be performed, any Transition Services in a volume or quantity that unreasonably
interferes with the operation of its business in the ordinary course provided, however, that Patriot will be required to provide
Transition Services consistent with historical volume or quantity during the two years preceding the Distribution and such level
of services will not be deemed to unreasonably interfere with the operation of the business of the party supplying such Transition
Service. 

 

Section
1.6     Standard of Performance; Standard of Care. 

 

Patriot
will perform, or will cause to be performed, the Transition Services (a) in such manner as is substantially similar in nature,
quality and timeliness to the services provided by Patriot or its Subsidiaries, as applicable, prior to the date hereof and (b)
in accordance with all Applicable Laws.

 

Section
1.7     Confidentiality. 

 

The
parties hereto shall keep strictly confidential any and all proprietary, technical, business, marketing, sales and other information
disclosed to another party hereto in connection with the performance of this Agreement (the “Confidential Information”),
and shall not disclose the same or any part thereof to any third party, or use the same for their own benefit or for the benefit
of any third party. The obligations of secrecy and nonuse as set forth herein shall survive the termination of this Agreement for
a period of five years. Excluded from this provision is any information available in the public domain and any information disclosed
to any of the parties by a third party who is not in breach of confidential obligations owed to another person or entity. Notwithstanding
the foregoing, each party hereto may disclose Confidential Information (a) to its bankers, attorneys, accountants and other advisors
subject to the same confidentiality obligations imposed herein and (b) as may be required by Law from time to time provided that
the party required to disclose provide the other party, to the extent permitted, reasonable notice in order for such party an opportunity
to oppose such disclosure. 

 

    	2

    	 

    

 

ARTICLE
2.

CONSIDERATION

 

Section
2.1     Service Fees.

 

In
consideration for the Transition Services provided by or on behalf of Patriot under this Agreement during the Transition Period,
FRP agrees to pay Patriot or a specified Subsidiary the monthly fees set forth in Schedule A attached hereto or such other
amount as may be agreed by the parties in writing (the “FRP Fees”). Neither FRP nor any of its Subsidiaries will be
responsible for any fees or expenses incurred by Patriot or any of its Subsidiaries in connection with its or their provision of
the Transition Services hereunder.

 

Section
2.2     Out-of-Pocket Expenses.

 

All
(a) reasonable, documented out-of-pocket expenses (including travel expenses) that arise directly out of the provision of Transition
Services pursuant to this Agreement and are incurred by Patriot or its Subsidiaries (the “Out-of-Pocket Expenses”)
and (b) sales or similar non-income taxes incurred by Patriot or its Subsidiaries in connection with the provision of Transition
Services pursuant to this Agreement (together with the Out-of-Pocket Expenses, “Expenses”) will be reimbursed by FRP;
provided, however, that for any Expense described in clause (a) in excess of $10,000 per occurrence or event, Patriot will be required
to obtain prior approval thereof from the party receiving the services, which approval will not be unreasonably withheld; provided,
further, that such consent will not be required for any Expense in excess of $10,000 if such Expense does not exceed the historical
cost of such Expense by more than 5%.

 

Section
2.3     Payment. 

 

FRP
will pay or cause to be paid to Patriot (i) the estimated monthly FRP Fees for the current month of the Transition Period, plus
or minus the difference between the prior month’s estimated and actual fees and (ii) Expenses by ACH payment within ten (10)
days following receipt of an invoice therefor, which invoice shall contain customary and reasonable substantiation of the entitlement
to payment of such FRP Fees and reimbursement of Expenses, as well as a reconciliation of the prior month’s difference in
estimated and actual fees. If FRP fails to pay the invoiced amount when due, interest will accrue on the amount payable at a rate
equal to the rate of interest publicly announced by Citibank, N.A., from time to time, in The City of New York, as such bank’s
base rate (the “Citibank Base Rate”) plus 2.50% per month, compounded monthly; provided, however, that if any such
failure to pay is due to a good faith dispute, any amounts ultimately determined to be payable by the disputing party will instead
include interest compounded at a rate equal to the Citibank Base Rate plus 2.00% per month.

 

ARTICLE
3.

TERMINATION

 

Section
3.1     Term and Termination.

 

(a)This
Agreement will remain in effect with respect to each Transition Service from the Closing
Date until the expiration of the Transition Period for such Transition
Service unless earlier modified or terminated in accordance with Section 1.3
or this Section 4.1.

 

(b)An
authorized officer of either Patriot or FRP may terminate this Agreement
upon written notice to the other party if:

 

(i)the
other party has violated any material provision of this Agreement and such violation has not been remedied within 30 days after
written notice thereof; or

 

(ii)the
other party has filed, or has had filed against it, a petition seeking relief under any bankruptcy, insolvency, reorganization,
moratorium or similar Law affecting creditors’ rights.

 

(c)Authorized
officers of Patriot and FRP may terminate this Agreement
or the Transition Period with respect to any Transition
Service by mutual written agreement.

 

(d)The
parties’ obligations pursuant to Sections 1.7, 2.3 and 4.2 will survive the expiration
or any termination of this Agreement in accordance
with its terms.

 

ARTICLE
4.

MISCELLANEOUS

 

Section
4.1     Warranty Disclaimer. 

 

EXCEPT
AS PROVIDED IN SECTION 1.6, NONE OF THE PARTIES MAKES ANY WARRANTY CONCERNING THE TRANSITION SERVICES AND THE WARRANTY IN SUCH
SECTION 1.6 IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT THE SERVICES PROVIDED UNDER THIS
AGREEMENT WILL BE SUFFICIENT TO ALLOW FRP OR PATRIOT TO SUCCESSFULLY TRANSITION, MANAGE OR OPERATE ITS BUSINESS.

 

Section
4.2     Indemnification. 

 

With
respect to indemnification, the parties agree as set forth in the Separation Agreement.

 

Section
4.3     Relationship of Parties. 

 

Each
of FRP, Patriot and their respective Subsidiaries will for all purposes be deemed to be an independent contractor with respect
to the provision of Transition Services hereunder, will not be considered (nor will any of their directors, officers, employees,
contractors or agents be considered) an agent, employee, commercial representative, partner, franchisee or joint venturer of any
other party and will have no duties or obligations beyond those expressly provided in this Agreement and the Separation Agreement
with respect to the provision of Transition Services. No party will have any authority, absent express written permission
from the other party, to enter into any agreement, assume or create any obligations or liabilities, or make representations on
behalf of any other party. The provision of the Transition Services shall not alter the classification of, or the compensation
and employee benefits provided to the Patriot Employees or the FRP Employees. The Patriot Employees shall be employed solely by
Patriot or its Subsidiaries, and the FRP Employees shall be employed solely by FRP or its Subsidiaries. Neither the Patriot Employees
nor the FRP Employees shall be entitled to any additional compensation for the provision of the Transition Services.

 

    	3

    	 

    

 

Section
4.4     Interpretation.

 

(a)When
a reference is made in this Agreement to Sections or Schedules,
such reference will be to a Section of or Schedule to this Agreement
unless otherwise indicated. The headings contained in this Agreement are for reference
purposes only and will not affect in any way the meaning or interpretation of this Agreement.
Whenever the words “include,” “includes”
or “including” are used in this Agreement,
they will be deemed to be followed by the words “without limitation.” Unless the context otherwise requires, (i) “or”
is disjunctive but not necessarily exclusive, (ii) words in the singular include the plural
and vice versa, (iii) the use in this Agreement of a pronoun in reference to a party hereto
includes the masculine, feminine or neuter, as the
context may require, and (iv) terms used herein which are defined in GAAP have the meanings ascribed to them therein. All Schedules
hereto will be deemed part of this Agreement and included in any reference to this Agreement.
This Agreement will not be interpreted or construed
to require any party to take any action, or fail to take any action, if to do so would violate
any Applicable Law.

 

(b)All
parties have participated in negotiating and drafting this Agreement. In the event
that an ambiguity or a question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by all parties, and no presumption
or burden of proof will arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.

 

Section
4.5     Amendment. 

 

This
Agreement may be amended, modified or supplemented only by the written agreement of the parties hereto.

 

Section
4.6     Waiver of Compliance. 

 

Except
as otherwise provided in this Agreement, the failure by any party to comply with any obligation, covenant, agreement or condition
under this Agreement may be waived by the party entitled to the benefit thereof only by a written instrument signed by the party
granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or
condition will not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. The failure of any
party to enforce at any time any of the provisions of this Agreement will in no way be construed to be a waiver of any such provision,
or in any way to affect the validity of this Agreement or any part hereof or the right of any party hereafter to enforce each and
every such provision. No waiver of any breach of such provisions will be held to be a waiver of any other or subsequent breach.

 

Section
4.7     Notices. 

 

All
notices required or permitted pursuant to this Agreement must be given as set forth in the Separation Agreement.

 

    	4

    	 

    

 

Section
4.8     Third Party Beneficiaries. 

 

Except
as otherwise provided in this Agreement, nothing in this Agreement, expressed or implied, is intended to confer on any person or
entity other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities
under or by reason of this Agreement.

 

Section
4.9     Successors and Assigns. 

 

This
Agreement will be binding upon and will inure to the benefit of the signatories hereto and their respective successors and permitted
assigns. No party may assign this Agreement, or any of its rights or liabilities hereunder, without the prior written consent of
the other party hereto, and any attempt to make any such assignment without such consent will be null and void. Any such
assignment will not relieve the party making the assignment from any liability under this Agreement.

 

Section
4.10     Severability. 

 

The
illegality or partial illegality of any or all of this Agreement, or any provision hereof, will not affect the validity of the
remainder of this Agreement, or any provision hereof, and the illegality or partial illegality of this Agreement will not affect
the validity of this Agreement in any jurisdiction in which such determination of illegality or partial illegality has not been
made, except in either case to the extent such illegality or partial illegality causes this Agreement to no longer contain all
of the material provisions reasonably expected by the parties to be contained herein.

 

Section
4.11     Governing Law. 

 

This
Agreement will be governed by and construed in accordance with the Applicable Laws of the State of Florida applicable to contracts
made and wholly performed within such state, without regard to any applicable conflict of Applicable Laws principles.

 

Section
4.12     Submission to Jurisdiction; Waivers. 

 

Each
party irrevocably agrees that any legal action or proceeding with respect to this Agreement, the transactions contemplated hereby,
any provision hereof, the breach, performance, validity or invalidity hereof or for recognition and enforcement of any judgment
in respect hereof brought by another party hereto or its successors or permitted assigns may be brought and determined in any federal
or state court located in the State of Florida, and each party hereby irrevocably submits with regard to any such action or proceeding
for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts.
Each party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise,
in any action or proceeding with respect to this Agreement, the transactions contemplated hereby, any provision hereof or
the breach, performance, enforcement, validity or invalidity hereof, (a) any claim that it is not personally subject to the jurisdiction
of the above-named courts for any reason other than the failure to lawfully serve process, (b) that it or its property is exempt
or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (c) to
the fullest extent permitted by Applicable Laws, that (i) the suit, action or proceeding in any such court is brought in an inconvenient
forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may
not be enforced in or by such courts.

 

    	5

    	 

    

 

Section
4.13     Force Majeure. 

 

None
of the parties will be liable to any other party for failure to perform or delays in performing any part of the Transition Services
if such failure or delay results from an act of God, war, terrorism, revolt, revolution, sabotage, actions of a Governmental Authority,
Applicable Laws, regulations, embargo, fire, strike, other labor trouble or any other cause or circumstance beyond the control
of such party other than financial difficulties of the other party. Upon the occurrence of any such event which results in, or
will result in, delay or failure to perform according to the terms of this Agreement, each party will promptly give notice to the
other parties of such occurrence and the effect and/or anticipated effect of such occurrence. All parties will use their reasonable
efforts to minimize disruptions in their performance, to resume performance of their obligations under this Agreement as soon as
practicable and to assist the other parties in obtaining, at their sole expense, an alternative source for the affected Transition
Services and the receiving party will be released from any payment obligation to the performing party with respect to the affected
Transition Services during the period of such force majeure; provided, however, the resolution of any strike or labor trouble will
be within the sole discretion of the performing party.

 

Section
4.14     Counterparts. 

 

This
Agreement may be executed in two or more counterparts, all of which will be considered one and the same agreement and will become
effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that
each party need not sign the same counterpart.

 

Section
4.15     E ntire Agreement. 

 

This
Agreement (including the documents and the instruments referred to in this Agreement) and the Separation Agreement, constitute
the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect
to the subject matter of this Agreement. 

 

[Signature
Page Follows]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, each of the signatories hereto has caused this Agreement to be signed by its duly authorized officer as of the
date first above written.

 

		PATRIOT TRANSPORTATION HOLDING,
                    INC., a Florida corporation

	 	 	 
	 	By	
	 	Name:	
	 	Title:	
	 	 	 
	 	FRP HOLDINGS, INC.,a Florida corporation

	 	 	 
	 	By	
	 	Name:	
	 	Title:	

 

    	7

    	 

    

 

Schedule
A

 

 

	Transition Services	FRP Fees	Transition Service

Termination Date
	Executive Employment –

Thompson S. Baker II	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Executive Employment –

John D. Milton, Jr.	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Executive Employment –

John Klopfenstein	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Executive Employment –

Matt McNulty	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Executive Employment –

Betty Strickland	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Executive Employment –

John D. Baker II	50% of base salary, benefits and related occupancy and other costs of personnel	 
	Administrative Assistants	50% of base salary, benefits and related occupancy and other costs of personnel	 
	IT Services	
        Minimum fee of $84,000/year.
        Additional basic services over 1,200 hours, direct FRP related T&E and extraordinary projects to be billed at a flat rate of
        $80/hour.

         

        (Minimum fee of $84,000 is
        calculated as $80/hour * 1200 hours -$12,000 credit for office space and equipment storage at 34 Loveton)
	 
	Payroll	2% of total Payroll costs	 
	Accounting Services	1/3 of Financial Reporting Manager costs	 
	HR Services	2% of total HR Department costs	 

 

 

Schedule AExhibit 101

		
			EXHIBIT 10.1
		

		
			ISSUING AND PAYING AGENT AGREEMENT
		

		
			 
		

		
			 
		

		
			THIS ISSUING AND PAYING AGENT AGREEMENT (the "Agreement") is entered into as of October 31, 2014 by and between U.S. Bank National Association (the "Bank") with offices at 100 Wall Street, Suite 1600, New York, New York 10005 and Sysco Corporation (the "Company") regarding the following commercial paper program of the Company: Sysco Corporation (hereinafter referred to as the "Program")
		

		
			 
		

		
			WITNESSETH:
		

		
			 
		

		
			WHEREAS, at the request of the Company, the Bank is prepared to (a) act as depositary for the safekeeping of certain notes of the Company which may be issued and sold in the United States commercial paper market under the Program (the "Commercial Paper Notes"; such Commercial Paper Notes when issued in book‐entry form being hereinafter referred to as "Book‐Entry Commercial Paper Notes" and when issued in the form of certificated promissory notes being hereinafter referred to as "Certificated Commercial Paper Notes"), (b) as issuing agent on behalf of the Company in connection with the issuance of the Commercial Paper Notes, (c) as paying agent to undertake certain obligations to make payments in respect of the Commercial Paper Notes, and (d) as depositary to receive certain funds on behalf of the Company, as set forth herein, and
		

		
			
		

		
			WHEREAS,  this Agreement will govern the Bank's rights, powers and duties as such depositary, issuing agent and paying agent for the Commercial Paper Notes and the Company's rights and obligations in connection therewith.
		

		
			 
		

		
			NOW THEREFORE, for good and valuable consideration, the parties hereto agree as follows:
		

		
			 
		

		
			 
		

		
			1.Appointment of Bank.  The Company hereby appoints the Bank and the Bank hereby agrees to act, on the terms and conditions specified herein, as depositary, and issuing and paying agent for the Commercial Paper Notes issued under the Program.  The Commercial Paper Notes will be sold through such commercial paper dealers and/or placement agents as the Company shall have notified the Bank in writing from time to time (collectively, the "Dealers").  The Dealer(s) is/are currently JP Morgan Securities Inc., Goldman Sachs Money Markets Inc., and BNY Mellon Capital Markets, LLC.
		

		
			 
		

		
			2.Letter of Representations.     The Company will promptly deliver to the Bank an executed version of the form of Letter of Representations (the "Letter of Representations") provided by The Depository Trust Company ("DTC").  The Company understands and agrees that such Letter of Representations when executed by the Company, the Bank and DTC shall supplement the provisions of this Agreement and that the Company, the Bank, and DTC shall be bound by the terms and provisions of the Letter of Representations, including any procedures and operational arrangements applicable thereunder.
		

		
			 
		

		

		

		 

		

			 

		

		

			-1-

		

		

			 

		

 

		
		

		
			3.Supply of Commercial Paper Notes.
		

		
			 
		

		
			(a)The Company will from time to time furnish the Bank with an adequate supply of Commercial Paper Notes, which shall be Book‐Entry Commercial Paper Notes and/or Certificated Commercial Paper Notes, as the Company in its sole and absolute discretion considers appropriate.  If Certificated Commercial Paper Notes are to be issued, they shall be in the form provided by the Company, shall be serially numbered and shall have been executed by manual or facsimile signature of an Authorized Representative (as hereafter defined), but shall otherwise be uncompleted.  Book‐Entry Commercial Paper Notes shall be substantially in the forms attached to the Letter of Representations and shall be represented by one or more master notes ("Master Note" or "Master Notes") which shall be executed by manual or facsimile signature by an Authorized Representative in accordance with the Letter of Representations.  Pending receipt of instructions pursuant to this Agreement, the Bank will hold the Certificated Commercial Paper Notes and Master Note(s) in safekeeping for the account of the Company or DTC, as the case may be, in accordance with the Bank's customary practice.
		

		
			 
		

		
			 
		

		
			(b)Each Certificated Commercial Paper Note or Master Note delivered to the Bank shall be accompanied by a letter from the Company, as the case may be, identifying the Certificated Commercial Paper Note or Master Note(s) transmitted therewith, and the Bank shall acknowledge receipt of such Certificated Commercial Paper Note(s) or Master Note(s) on the copy of such letter or pursuant to some other form of written receipt deemed appropriate by the Bank at the time of delivery to the Bank of such Certificated Commercial Paper Note(s) or Master Note(s).  Pending the issuance of Certificated Commercial Paper Notes as provided in Section 5 hereof, all Certificated Commercial Paper Notes and Master Note(s) delivered to the Bank shall be held by the Bank for the account of the Company or DTC, as the case may be, for safekeeping in accordance with the Bank's customary practice.
		

		
			 
		

		
			 
		

		
			4.Authorized Representatives.  With the delivery of this Agreement, the Company is furnishing to the Bank, and from time to time thereafter may furnish to the Bank, and shall furnish to the Bank upon the Bank’s request, certificates ("Incumbency Certificates") of a responsible officer (a "Responsible Officer")  of the Company certifying the incumbency and specimen signatures of officers or agents of the Company authorized to execute Commercial Paper Notes on behalf of the Company by manual or facsimile signature and/or to take other action hereunder on behalf of the Company (each an "Authorized Representative"); such Incumbency Certificate shall also specify the names of employees of Dealers who are authorized to give notices and/or issuance instructions to the Bank as provided herein (a "Dealer Representative").  Until the Bank receives a subsequent Incumbency Certificate of the Company, the Bank is entitled to rely on the last such Incumbency Certificate delivered to the Bank for purposes of determining the Authorized Representatives and Dealer Representatives.  The Bank shall not have any responsibility to the Company to determine by whom or by what means a facsimile signature may have been affixed on the Commercial Paper Notes, or to determine whether any facsimile or manual signature resembles the specimen signature(s) filed with the Bank by a duly authorized officer of the Company.  Any Commercial Paper Notes bearing the manual or facsimile signature of a person who is an Authorized Representative on the date such signature is affixed shall be binding on the Company after the authentication thereof by the Bank notwithstanding that such person shall have died or shall have otherwise ceased to hold his office on the date such Commercial Paper Note is countersigned or delivered to the Bank.
		

		
			 
		

		
			5.Completion, Authentication and Delivery of Commercial Paper Notes.
		

		
			 
		

		
			(a)In the case of Certificated Commercial Paper Notes, from time to time during the term of this Agreement and subject to the terms and conditions hereof, and upon the Bank's timely receipt of written, telecopy or telex instructions or notice transmitted directly to the Bank's computers or in such other manner as the Bank then employs as the Bank's normal business practice, not later than 12:30 pm New York City time on a day on which the Bank is open for business (a "Business Day"), from an Authorized Representative or a Dealer Representative, on the date of issuance of any Certificated Commercial Paper Notes (in the case of instructions from an Authorized Representative, a copy of such instructions shall be sent to the Dealer Representative by said Authorized Representative),  the Bank shall withdraw the respective Certificated Commercial Paper Notes from safekeeping and in accordance with the instructions so received, take the following actions with respect to each such Certificated Commercial Paper Note:
		

		
			 
		

			
	
			
				 i.
			

			
	
			
			date each such Certificated Commercial Paper Note the date of issuance thereof (which shall be a Business Day) and insert the maturity date thereof (provided that the Authorized Representative or Dealer Representative shall ensure that such date is a Business Day and that it shall not be more than 270 days from the date of issue) and the face amount (provided that Authorized Representative or the Dealer Representative shall ensure that such face amount is $50,000,000 or integral multiples of $100,000 in excess thereof) thereof in figures;

		
			 
		

			
	
			
				 ii.
			

			
	
			
			authenticate (by countersigning) each such Certificated Commercial Paper Note in the appropriate space provided thereon; and

		
			 
		

			
	
			
				 iii.
			

			
	
			
			deliver in the Borough of Manhattan south of Chambers Street each such Certificated Commercial Paper Note to the Dealer, or the consignee, if any, designated by such Authorized Representative or Dealer Representative for the account of the Dealer.

		
			 
		

			
	
			
				 iv.
			

			
	
			
			the interest rate and applicable discount amount.

		
			 
		

		
			(b)In the case of Book‐Entry Commercial Paper Notes, from time to time during the term of this Agreement and subject to the terms and conditions hereof, and upon the Bank's timely receipt of written, telecopy or telex instructions or notice transmitted directly to the Bank's computers or in such other a manner as the Bank then employs as the Bank's normal business practices, not later than 2:00 pm New York City time on a Business Day, from an Authorized Representative or a Dealer Representative, on the date of issuance of any Book‐Entry Commercial Paper Notes (in the case of instructions from an Authorized Representative, a copy of such instructions shall be sent to the Dealer Representative by said Authorized 
		
		
 

		

			 

		

		

			-2-

		

		

			 

		

 

		Representative), the Bank shall give issuance instructions for the issuance of Book‐Entry Commercial Paper Notes to DTC in a manner set forth in, and take other actions as are required by, the Letter of Representations.  Instructions for the issuance of Book‐Entry Commercial Paper Notes shall include the following information with respect to each Book‐Entry Commercial Paper Note:

		
		
			 
		

		
			i.the date of issuance of each such Book‐Entry Commercial Paper Note (which shall be a Business Day);
		

		
			 
		

		
			ii.the maturity date of each such Book‐Entry Commercial Paper Note (provided that the Representative or Dealer Representative shall ensure that such date is a Business Day and that it shall not be more than 270 days from the date of issue); and
		

		
			 
		

		
			iii.the face amount (provided that the Authorized Representative or the Dealer Representative shall ensure that such face amount is $50,000,000 or integral multiples of $100,000 in excess thereof) in figures; and
		

		
			 
		

		
			 
		

		
			iv.the interest rate and applicable discount amount.
		

		
			 
		

		
			 
		

		
			(c)The Company understands that although the Bank has been instructed to deliver Commercial Paper Notes against payment, delivery of Commercial Paper Notes will, in accordance with the custom prevailing in the commercial paper market, be made before receipt of payment in immediately available funds.  Therefore, once the Bank has delivered a Commercial Paper Note to a Dealer or its agent as provided herein, the Company shall bear the risk that a Dealer or its agent fails to remit payment for the Commercial Paper Note to the Bank.  The Bank shall have no liability to the Company for any failure or inability on the part of the Dealer to make payment for Commercial Paper Notes.  Nothing in this Agreement shall require the Bank to purchase any Commercial Paper Note or expend the Bank's own funds for the purchase price of a Commercial Paper Note or Commercial Paper Notes.
		

		
			 
		

		
			 
		

		
			(d)Except as may otherwise be provided in the Letter of Representations, if at any time the Company instructs the Bank to cease issuing Certificated Commercial Paper Notes and to issue only Book‐Entry Commercial Paper Notes, the Bank agrees that all Commercial Paper Notes will be issued as Book‐Entry Commercial Paper Notes and that no Certificated Commercial Paper Notes shall be exchanged for Book‐Entry Commercial Paper Notes unless and until the Bank has received written instructions from an Authorized Representative (any such instructions from a Dealer Representative shall not be sufficient for this purpose) to the contrary.
		

		
			 
		

		
			(e)It is understood that the Bank is not under any obligation to assess or review the financial condition or creditworthiness of any person to or for whose account the Bank delivers a Commercial Paper Note pursuant to instructions from an Authorized Representative or Dealer Representative or advise the Company as to the results of any such appraisal or investigation the 
		

		 

		

			 

		

		

			-3-

		

		

			 

		

 

		Bank may have conducted on its own or of any adverse information concerning any such person that may in any way have come to the Bank's attention.
		

		
			 
		

		
			(f)It is understood that DTC may request the delivery of Certificated Commercial Paper Notes in exchange for Book‐Entry Commercial Paper Notes upon the termination of DTC's services pursuant to the DTC Letter of Representations.  Accordingly, upon such termination, the Bank is authorized to complete and deliver Certificated Commercial Paper Notes in partial or complete substitution for Book‐Entry Commercial Paper Notes of the same face amount and maturity as requested by DTC.  Upon the completion or delivery of any such Certificated Commercial Paper Note, the Bank shall annotate the Bank's records regarding the Master Note with respect to such Book‐Entry Commercial Paper Notes to reflect a corresponding reduction in the face amount of the outstanding Book‐Entry Commercial Paper Notes.  The Bank's  authority to so complete and deliver such Certificated Commercial Paper Notes shall be irrevocable at all times from the time a Book‐Entry Commercial Paper Note is purchased until the indebtedness evidenced thereby is paid in full.
		

		
			 
		

		
			 
		

		
			(g)If the Bank shall receive written or telecopy instructions (confirmed in writing in accordance with this Agreement) from the Company not to issue or deliver Commercial Paper Notes, until revoked in writing or superseded by further written instructions from the Company, the Bank shall not issue or deliver Commercial Paper Notes, provided, however, that notwithstanding contrary instructions from the Company, the Bank shall be required to deliver Commercial Paper Notes with respect to agreements for the sale of Commercial Paper Notes concluded by an Authorized Representative or Dealer Representative prior to receipt by the Authorized Representative or Dealer Representative of notice of such instructions from the Company, which the Authorized Representative or Dealer Representative shall be required to confirm to the Bank in writing prior to the Bank's delivery of the Commercial Paper Notes.  For purposes of the preceding provision, the Bank may rely on written notice given or delivered to the Bank by an Authorized Representative or Dealer Representative as to whether any particular Commercial Paper Notes are to be issued in respect of such agreements concluded by such Authorized Representative or Dealer Representative, and the Bank shall have no obligation to make any other or further investigation.
		

		
			 
		

		
			6.Proceeds of Sale of the Commercial Paper Notes.  Contemporaneously with the execution and delivery of this Agreement, and for the purposes of this Agreement, the Bank will establish an account designated as the Sysco Corporation Note Account (the "Note Account").  On each day on which a Dealer or its agent receives Commercial Paper Notes (whether through the facilities of DTC in the manner set forth in the Letter of Representations or by delivery in accordance with the provisions of this Agreement), all proceeds received by the Bank in connection with such sale shall be credited in immediately available funds to the Note Account.  From time to time upon written instructions received by the Bank from an Authorized Representative, the Bank agrees to transfer immediately available funds from the Note Account to any bank or trust company in the United States for the Company's account. If the Bank chooses, in its sole discretion, to credit the Company’s account before the Bank has collected funds for delivery of Commercial Paper Notes, it is understood that such credit shall be an advance to the Company to be promptly repaid to the Bank from the proceeds of sale of 
		

		 

		

			 

		

		

			-4-

		

		

			 

		

 

		Commercial Paper Notes.  If any such advance is not repaid on the day it is used, the Company shall repay such advance on the next business day together with interest thereon at the rate charged by the Bank for such advance (which rate shall be no less than the "Prime Rate").  As used in this Agreement, “Prime Rate” means the rate of per annum interest which U.S. Bank National Association  (“USBNA”) announces publicly or otherwise makes available to the public from time to time as its “prime rate” (currently calculated on the basis of the actual number of days elapsed over a year of 360 days) with any change in the “prime rate” to be effective on and as of the date of any change in said “prime rate”. The Prime Rate and the calculation thereof may be established by USBNA in its sole discretion and is not necessarily the lowest rate of interest offered by USBNA to its most creditworthy customers. The Prime Rate is a variable or fluctuating rate which increases or decreases from time to time.
		

		
			 
		

		
			 
		

		
			7.Payment of Matured Commercial Paper Notes.
		

		
			 
		

		
			(a)By 1:00 pm, New York time, on the date that any Commercial Paper Notes are scheduled to mature, the Company shall ensure that there shall have been transferred to the Bank for deposit in the Note Account immediately available funds at least equal to the amount of Commercial Paper Notes maturing on such date.  When any matured Commercial Paper Note is presented to the Bank for payment by the holder thereof (which may, in the case of Book‐Entry Commercial Paper Notes, be DTC or a nominee of DTC), payment shall be made from and charged to the Note Account to the extent funds are available in said account.
		

		
			 
		

		
			(b)Each Commercial Paper Note presented to the Bank for payment at or prior to 2:15 pm, New York City time, on any Business Day at or after the maturity date of such Commercial Paper Note shall be paid by the Bank on the same day as such presentation (or if presented after 2:15 pm, New York City time on any such Business Day, then on the next succeeding Business Day) to the extent funds are available in the Note Account.
		

		
			 
		

		
			8.Representations and Warranties of the Company.  The Company hereby warrants and represents to the Bank, and, each request to issue Commercial Paper Notes shall constitute the Company's continuing warranty and representation, as follows:
		

		
			 
		

		
			(a)This Agreement is, and all Commercial Paper Notes delivered to the Bank pursuant to this Agreement will be, duly authorized, executed and delivered by the Company.  The Bank's appointment to act for the Company hereunder is duly authorized by the Company.
		

		
			 
		

		
			(b)The issuance and delivery of the Commercial Paper Notes will not violate any state or federal law and the Commercial Paper Notes do not require registration under the Securities Act of 1933, as amended.
		

		
			 
		

		
			 
		

		
			(c)This Agreement constitutes, and the Commercial Paper Notes, when completed, countersigned, and delivered pursuant hereto, will constitute, the Company's legal, valid and binding obligations enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally and by general principles of equity.
		

		

		

		 

		

			 

		

		

			-5-

		

		

			 

		

 

		 
		

		
			(d)The Company is a corporation duly organized and validly existing under the laws of Delaware and no liquidation, dissolution, bankruptcy, windup or similar proceedings have been instituted with respect to the Company.
		

		
			 
		

		
			(e)The Company has, and at all relevant times has had, all necessary power and authority to execute, deliver and perform this Agreement and to issue the Commercial Paper Notes.
		

		
			 
		

		
			(f)The Company has taken all actions which are required for the authorization of the issuance of the Commercial Paper Notes, and for the authorization, execution, delivery and performance of this Agreement, and such actions do not require the approval or consent of any holder or trustee of any indebtedness or obligations of the Company.
		

		
			 
		

		
			(g)The issuance of Commercial Paper Notes by the Company (i) does not and will not contravene any provision of any governmental law, regulation or rule applicable to the Company, and (ii) does not and will not conflict with, breach or contravene the provisions of any contract or other instrument binding upon the Company.
		

		
			 
		

		
			(h)Each instruction given to the Bank in accordance with Section 5 hereof shall constitute a representation and warranty by the Company that the issuance and delivery of such Commercial Paper Note(s) have been duly and validly authorized by the Company
		

		
			 
		

		
			 
		

		
			9.Reliance on Instructions.  Except as otherwise set forth herein, the Bank shall incur no liability to the Company in acting hereunder upon telephonic or other instructions contemplated hereby which the Bank reasonably believed in good faith to have been given by an Authorized Representative or a Dealer Representative, as the case may be.  In the event a discrepancy exists with respect to such instructions, the telephonic instructions as understood by the Bank will be deemed the controlling and proper instructions, unless such instructions are required by this Agreement to be in writing.
		

		
			 
		

		

		

		 

		

			 

		

		

			-6-

		

		

			 

		

 

		10.Cancellation of Commercial Paper Notes.  Upon payment by the Bank of Certificated Commercial Paper Note(s) presented for payment, the Bank shall mark such Certificated Commercial Paper Note(s) as paid and (i) in due course cancel Certificated Commercial Paper Note(s) presented for payment and from time to time return such canceled Certificated Commercial Paper Notes to the Company, or (ii) destroy such Certificated Commercial Paper Notes(s) and deliver to the Company from time to time a destruction certificate identifying all Certificated Commercial Paper Notes destroyed since the issuance of the prior destruction certificate.  After payment of any matured Book‐Entry Commercial Paper Notes, the Bank shall annotate the Bank's records to reflect the face amount of Book‐Entry Commercial Paper Notes outstanding in accordance with the Letter of Representations.  Promptly upon the written request of the Company, the Bank agrees to cancel and return to the Company all unissued Certificated Commercial Paper Notes in the Bank's possession at the time of such request.
		

		
			 
		

		
			11.Notices; Addresses.
		

		
			 
		

		
			(a)All communications to the Bank by or on behalf of the Company or a Dealer, by writing, telecopy, telex or telephone, and which relates to the completion, delivery or payment of the Commercial Paper Note(s), are to be directed to Commercial Paper Operations at the address indicated in Section 11(b) below.
		

		
			 
		

		
			 
		

		
			(b)Notices and other communications hereunder shall (except to the extent otherwise expressly provided) be in writing (which may be by facsimile) and shall be addressed as follows, or to such other address as the party receiving such notice shall have previously specified to the party sending such notice:
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						if to the Company, at:

					
					
						Sysco Corporation

				
	
					
						 

					
					
						 

					
					
						1390 Enclave Parkway

				
	
					
						 

					
					
						 

					
					
						Houston, TX  77077

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Attention:

					
					
						Treasury Department

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Facsimile No.:

					
					
						(281) 584-1792

				
	
					
						 

					
					
						Telephone No.:

					
					
						(281) 584-1711

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			-7-

		

		

			 

		

 

		if to the Bank,
		

		
			 
		

		
			concerning the daily issuance of Commercial Paper Notes:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						U.S. Bank National Association

				
	
					
						 

					
					
						 

					
					
						100 Wall Street, 16th Floor

				
	
					
						 

					
					
						 

					
					
						New York, NY  10005

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Attention:

					
					
						Commercial Paper Operations

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Facsimile No.:

					
					
						(212) 509‐4529

				
	
					
						 

					
					
						Telephone No.:

					
					
						(212) 951-8508

				

		
			 
		

		
			concerning all other matters:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						U.S. Bank National Association

				
	
					
						 

					
					
						 

					
					
						100 Wall Street, Suite 1600

				
	
					
						 

					
					
						 

					
					
						New York, NY  10005

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Attention:

					
					
						Corporate Trust Administration

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Facsimile No.:

					
					
						(212) 509‐4529

				
	
					
						 

					
					
						Telephone No.:

					
					
						(212) 951-8508

				

		
			 
		

		
			 
		

		
			 
		

		
			(c)In any case where it is provided in this Agreement that a copy of any instruction, demand or other notice is to be delivered to a Dealer, such copy shall be delivered to the Dealer at the address set forth below by the same means as the original thereof shall have been given, provided that the failure of such copy to be given to any Dealer shall not invalidate or adversely affect the original thereof:
		

		
			 
		

		
			Dealer:
		

		
			 
		

		
			Notices shall be deemed delivered when received at the address specified above.  For purposes of this Section 11, "when received" shall mean actual receipt (i) of an electronic communication by telecopier or issuance system specified in or pursuant to this Agreement; or (ii) of an oral communication by any person answering the telephone at the office of the individual or department specified in or pursuant to this Agreement; or (iii) of a written communication hand‐delivered at the office specified in or pursuant to this Agreement.
		

		
			 
		

		
			 
		

		
			12.Liability.  Neither the Bank nor the Bank's agents shall be liable for any act or omission hereunder, except in the case of gross negligence or willful misconduct as described in Section 13 herein.  The Bank’s duties and obligations shall be determined by the express provisions of this Agreement, and the Letter of Representations  (including the documents referred to therein), and the Bank and the Bank's agents shall be responsible for the performance of only such duties and obligations as are specifically set forth herein and therein, and no implied covenants shall be read into any such document against the Bank or the Bank's agents.  Neither the Bank nor the Bank's agents shall be required to ascertain whether any issuance or sale of Commercial Paper Note(s) (or any amendment or termination of this Agreement) has been duly authorized or is in compliance with any other agreement to which the Company is a party (whether or not the Bank or any such agent is a party to such other agreement).
		

		
			 
		

		
			 
		

		
			13.Indemnity.  The Company agrees to indemnify and hold the Bank, the Bank's employees and any and all of the Bank's officers and agents harmless from and against any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages, costs and expenses of any nature (including, without limitation, attorneys' fees and expenses) arising out of or resulting from this Agreement or the transactions or activities contemplated hereby or the exercise of the Bank's rights and/or the performance of the Bank's duties (or those of the Bank's agents and employees) hereunder; provided, however that the Company shall not be liable to indemnify or pay the Bank or any of the Bank's officers or employees with respect to any loss, liability, action, suit, judgment, demand, damage, cost or expense that results from or is attributable to the Bank's gross negligence or willful misconduct or that of the Bank's officers or employees.  The foregoing indemnity includes, but is not limited to, (a) any action taken or omitted to be taken by the Bank or any of the Bank's officers or employees upon written, telecopy, telephonic or other electronically transmitted instructions (authorized herein) received by the Bank from, or believed by the Bank in good faith to have been given by, the proper person or persons, (b) the Bank's improperly executing or failing to execute any instruction because of unclear instructions, failure of communications media or any other circumstances beyond the Bank's control, and (c) the actions or inactions of DTC.  The provisions of this Section 13 shall survive (i) the Bank's resignation or removal hereunder and (ii) the termination of this Agreement.  In no event shall the Bank be liable for special, indirect or consequential damages.
		

		
			 
		

		
			14.Termination.
		

		
			 
		

		
			(a)This Agreement may be terminated at any time by either the Bank or the Company by 15 days' prior written notice to the other, provided that the Bank agrees to continue acting as issuing and paying agent hereunder until such time as the Bank’s successor has been selected and has entered into an agreement with the Company to that effect.  Such termination shall not affect the respective liabilities of the parties hereunder arising prior to such termination.
		

		
			 
		

		
			(b)If no successor has been appointed within 30 days, then the Bank have the right to petition a court of competent jurisdiction for the appointment of a successor issuing and paying agent hereunder.  The Bank shall be reimbursed for any and all expenses in connection with any such petition and appointment.
		

		
			 
		

		
			 
		

		
			(c)On the Business Day following the date of termination of this Agreement, the Bank shall destroy all Certificated Commercial Paper Notes in the Bank's possession and shall transfer to the Company all funds, if any, then on deposit in the Note Account.  The Bank shall promptly notify the Company of all Certificated Commercial Paper Notes so destroyed.
		

		
			 
		

		
			15.Amendments and Modifications.  No amendment, modification or waiver of any provision of this Agreement, nor any consent to any departure by any party from any provision hereof binding upon such party, shall be effective unless the same shall be in writing and signed by all the parties hereto.
		

		
			 
		

		
			16.Binding Effect; Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors, including successors by merger, and assigns; provided, however, that no party hereto may assign any of its rights or obligations hereunder, except with the prior written consent of all the other parties hereto.
		

		
			 
		

		
			17.Governing Law.
		

		
			 
		

		
			(a)This Agreement shall be governed and construed in accordance with the laws of the State of New York applicable to contracts made and performed in the State of New York and, to the extent applicable, operating circulars of the Federal Reserve Bank, federal laws and regulations as amended, New York Clearing House rules and, to the extent not otherwise inconsistent with this Agreement, general commercial bank practices applicable to commercial paper issuance and payment.
		

		
			 
		

		
			(b)Each party irrevocably and unconditionally submits to the exclusive jurisdiction of the United States Federal courts located in the Borough of Manhattan and the courts of the State of New York located in the Borough of Manhattan.
		

		
			 
		

		
			18.Execution in Counterparts.    This Agreement may be executed in any number of counterparts; each counterpart, when so executed and delivered, shall be deemed to be an original; and all of which counterparts, taken together, shall constitute one and the same agreement.  The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
		

		
			 
		

		
			19.Headings.  Section headings used in this Agreement are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.
		

		
			 
		

		
			20.Compensation and Expenses.  The Company shall pay the Bank from time to time following the execution of this Agreement reasonable compensation for all services rendered by the Bank hereunder as agreed between the Bank and the Company.  The Company shall reimburse the Bank upon the Bank’s request for all expenses, disbursements and advances incurred or made by the Bank in accordance with any provision of this Agreement (including the reasonable compensation and the expenses and disbursements of the Bank's  agents and counsel) except any expense or disbursement attributable to the Bank's gross negligence or willful misconduct.
		

		
			 
		

		
			 
		

		
			21.Miscellaneous.
		

		
			 
		

		
			(a)No implied covenants or obligations of or against the Bank are to read into this Agreement or any other agreement.  No provision of this Agreement shall require the Bank to risk the Bank's own funds or otherwise incur any financial liability in the performance of any of the Bank's duties hereunder or in the exercise of any of the Bank's duties hereunder or in the exercise of any of the Bank's rights and powers hereunder.  If the Bank makes a deposit, payment or transfer of funds before the Bank receives immediately available funds, such deposit, payment or transfer shall represent an advance by the Bank to the Company to be repaid from such funds or by the Company in the event that such funds are not promptly received by the Bank.  It is intended that such advance be for no longer than 24 hours.  Interest on each such unpaid advance shall be at the rate charged by the Bank for such advance (which rate shall be no less than USBNA’s Prime Rate). The Company shall ensure the prompt reimbursement to the Bank of any such advance (including the interest thereon).
		

		
			 
		

		
			(b)The Bank may consult with counsel, and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by the Bank, in the absence of bad faith, gross negligence or willful misconduct on the Bank's part, in reliance on such advice or opinion.
		

		
			 
		

		
			 
		

		
			(c)The Bank makes no representation as to, and shall have no responsibility for, the correctness of any statement contained in, or the validity or sufficiency of, this Agreement or any documents or instruments referred to in this Agreement or as to or for the validity or collectibility of any obligation contemplated by this Agreement.  The Bank shall not be accountable for the use or application by any person of disbursements properly made by the Bank in conformity with the provisions of this Agreement.
		

		
			 
		

		
			(d)The Bank may rely and shall be protected in acting upon any document or writing presented to the Bank hereunder and in good faith believed by the Bank to be genuine and to have been signed and presented by an authorized person or persons.
		

		
			 
		

		
			(e)In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder 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 and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
		

		
			 
		

		
			IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
		

		
			 
		

		
			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 
		

		 

		

			 

		

		

			-13-

		

		

			 

		

 

		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.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Sysco Corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    /s/ Martin R. Gauthier

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Officer's Signature

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Martin R. Gauthier

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Assistant Treasurer

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						09/11/2014

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    /s/ Gregory Keyes

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Officer's Signature

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Gregory Keyes

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Treasurer

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						09/11/2014

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. BANK NATIONAL

					
					
						 

				
	
					
						 

					
					
						ASSOCIATION

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    /s/ Beverly A. Freeney

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Officer's Signature

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Beverly A. Freeney

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						10/31/2014

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			-14-

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