Document:

Amendment to Receivables Purchase Agreement

 Exhibit 10(y) 
 Dated 15 November 2007 
 Amendment Agreement 
 relating to the Receivables Purchase Agreement dated 28 October 2004 as amended and restated on 30 
 April 2007 
 between 
 ING BELGIUM SA 
 as Purchaser and
Transaction Administrator 
 and 
 GREIF COORDINATION CENTER BVBA 
 as Originator and Servicer 
 and 
 GREIF BELGIUM BVBA 
 as Servicer 
  

 THIS AMENDMENT AGREEMENT (the “Agreement”) is made on 15 November 2007. 

Between: 
  

	1.	ING BELGIUM SA/NV, a corporation organised under the laws of Belgium, having its registered office at Avenue Marnix 24, 1000 Brussels registered with the Crossroad Banks for
Enterprise under the enterprise number 0403200393 (RPR Brussels), (the “Purchaser” and “Transaction Administrator”); 

  

	2.	GREIF COORDINATION CENTER BVBA, a corporation organised under the laws of Belgium, having its registered office at Beukenlei 24, 2960 Brecht, registered with the register of
legal entities (RPM/RPR) under the number 0438202052 (the “Seller”); 

  

	3.	GREIF BELGIUM BVBA, a corporation organised under the laws of Belgium, having its registered office at Bollaarstraat 6, 2500 Lier, registered with the register of legal
entities (RPM/RPR) under the number 0407237771, (the “Servicer”). 

 The Purchaser, the Originator, the Transaction
Administrator, the Servicer are hereinafter together referred to as the “Parties” or separately as a “Party”. 
 WHEREAS

  

	(A)	The Parties have entered into a Receivables Purchase Agreement dated 28 October 2004, as amended and restated on 30 April 2007, whereby the Purchaser purchases certain
trade receivables originated by the Seller (the “Receivables Purchase Agreement”). 

  

	(B)	The parties to this Agreement have agreed to enter into this Agreement in order to amend the terms of the Receivables Purchase Agreement in the manner set out below, and to extend
the Receivables Purchase Agreement for a period of 364 days. 

  

	(C)	The Seller hereby sells to the Purchaser all Eligible Receivables for Purchase other than French Receivables that the Seller owns between 27 October 2007 and 14 November
2007, in accordance with the provisions of this Agreement and with Article 1690 of the Belgian Civil Code. 

 THE PARTIES AGREE AS FOLLOWS:

  

	1.	INTERPRETATION 

 Unless a contrary intention appears or the context
requires otherwise, any word or expression defined in the Receivables Purchase Agreement will have the same meaning when it is used in this Agreement. 
  

	2.	RENEWAL OF THE RECEIVABLES PURCHASE AGREEMENT 

 In accordance with
article 2.4 of the Receivables Purchase Agreement, the parties hereby agree that the Receivables Purchase Agreement is extended for an additional period of 364 days, until 25 October 2008. 
  

 2 

	3.	AMENDMENT OF THE RECEIVABLES PURCHASE AGREEMENT 

 The following
clauses and enclosures of the Receivables Purchase Agreement will, with effect from (and including) the date hereof, be amended, so that the rights and obligations of the parties to the Receivables Purchase Agreement relating to these clauses and
enclosures shall form the date of this Agreement be governed by, and construed in accordance with, the following clauses and enclosures: 
 Clause 1 :
Definitions 
 The definition of Maximum Programme Amount is modified as follows: 
 Maximum Programme Amount means EUR 115,000,000 with respect to the Combined Portfolio. 
 Enclosure II :
Eligibility Criteria for Calculation of GIPP 
 Clause 2.2.3 is modified as follows: 
 For calculating the limit for being an Important Obligor it will be taken into account the sum of the Purchased receivables of all the Obligors of the Combined Portfolio belonging to the same group. 
 Clause 2.2.4 is modified as follows: 
 The list of the Important
Obligors (listed per group) as well as their concentration limit are the following (these limits are expressed as a percentage of the sum of the Outstanding Nominal Values of all Receivables from time to time forming part of the Combined Portfolio
on a pro rata basis): 
  

			
	 Important Obligor
	  	 Limit

	 BASF
	  	Default Reserve Floor*Combined Portfolio
	 BAYER
	  	50%*Default Reserve Floor*Combined Portfolio
	 DOW CHEMICALS
	  	50%*Default Reserve Floor*Combined Portfolio
	 ICI
	  	50%*Default Reserve Floor*Combined Portfolio
	 BP
	  	Default Reserve Floor * Combined Portfolio
	 DSM
	  	50%*Default Reserve Floor*Combined Portfolio
	 EXXON MOBIL
	  	Default Reserve Floor* Combined Portfolio
	 TOTALFINAELF
	  	Default Reserve Floor* Combined Portfolio
	 SHELL
	  	Default Reserve Floor* Combined Portfolio
	 AKZO NOBEL
	  	50%*Default Reserve Floor*Combined Portfolio
	 INEOS
	  	 1/5 of Default Reserve Floor *Combined Portfolio + a
Special Limit of EUR 2.000.000,00

 The excess of Purchased Receivables on these Obligors is calculated on the basis of the Combined Portfolio. The
portion of this excess that will be attributed to the Global Portfolio is calculated according to the pro rata share of the Global Portfolio in the Combined Portfolio. 
  

 3 

 Enclosure II : Template 
 Following data to be provided is added to the template with respect to the Important Obligor “INEOS”: 
  

	(i)	Turnover 

  

	(ii)	Ageing Balance receivables 

 Enclosure IV bis : Calculation
Specificities and applied parameters for the calculation of the Purchase Price 
 The parameter “Default Reserve Floor” is modified as
follows: 
 Default Reserve Floor means : 10% 
  

	4.	STATUS OF DOCUMENTS 

  

	4.1	Novation 

 It is not in the intention of the Parties to this
Agreement to operate a novation of the Receivables Purchase Agreement. This Agreement will not constitute in any manner a novation as referred to in article 1271 of the Belgian Civil Code and shall not be interpreted as such. 
  

	4.2	Receivables Purchase Agreement 

 Except as amended by the terms of
this Agreement, the Receivables Purchase Agreement will remain in full force and effect. 
  

	4.3	Transaction Document 

 This Agreement will constitute a Transaction
Document for the purposes of the Receivables Purchase Agreement. 
  

	5.	REPRESENTATIONS AND WARRANTIES 

 The Seller and the Servicer
represent and warrant that they: 
  

	5.1	Have the power to enter into this Agreement and to comply with their obligations therein; and 

  

	5.2	Have taken all necessary actions: 

  

	 	(i)	to authorise the entry into this Agreement; 

  

	 	(ii)	to ensure that their obligations under this Agreement are valid, legally binding and enforceable in accordance with their terms. 

  

 4 

	6.	MISCELLANEOUS 

  

	6.1	Severability 

 If at any time any provision hereof is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, the legality, validity and enforceability of such provision under the law of any other jurisdiction, or of the remaining provisions hereof, shall not be affected or
impaired thereby, and the Parties shall negotiate in good faith such amendments to any such provision in order to secure the preservation for all parties of the economic effect equivalent to the intended economic effect of any such provision.

  

	6.2	Applicable law and choice of forum 

 This Agreement shall be
governed by and construed in accordance with Belgian law. 
 The Parties agree mat any dispute in connection with this Agreement shall be subject to the
exclusive jurisdiction of the courts of Brussels. 
 Done in Brussels, on 15 November 2007 in three originals. Each party acknowledges receipt of its
own original. 
  

									
	 ING BELGIUM SA/NV
 the Purchaser and
the Transaction Administrator
	 		 		 	
					
		 	 /s/ Alexandre Quiquempois
	 		 		 	 /s/ NC Favreau

	name:	 	Alexandre Quiquempois	 		 	name:	 	NC Favreau
	title:	 	Head of the TMC	 		 	title:	 	Head of Structured Commercial Finance
				
	 GREIF COORDINATION CENTER BVBA
 the
Seller
	 		 		 	
					
		 	 /s/ Michel Verholen
	 		 		 	
	name:	 	Michel Verholen	 		 		 	
	title:	 	Director	 		 		 	
				
	 GREIF BELGIUM BVBA
 the
Servicer
	 		 		 	
					
		 	 /s/ Michel Verholen
	 		 		 	
	name:	 	Michel Verholen	 		 		 	
	title:	 	Director	 		 		 	

  

 5Amendment No. 2 for the Sale and Contribution Agreement

 Exhibit 10(aa) 
 EXECUTION COPY 
 AMENDMENT No. 2 
 TO 
 RECEIVABLES PURCHASE AGREEMENT 
 This AMENDMENT No. 2 to
RECEIVABLES PURCHASE AGREEMENT, dated as of October 24, 2007, (this “Amendment”), is entered into among Greif Receivables Funding LLC, a Delaware limited liability company, as seller
(the “Seller”). Greif, Inc., a Delaware corporation as an originator (the “GI Originator”) and servicer (the “Servicer”), Greif Industrial Packaging & Services LLC, formerly known as Greif
Containers, Inc., a Delaware corporation, as an originator (the “GCI Originator”), Greif Paper, Packaging & Services LLC, a Delaware limited liability company and successor by merger with Great Lakes Corrugated Corp., an
Ohio corporation, Greif Riverville LLC, a Delaware limited liability company, Scaldis Capital LLC, as Delaware limited liability company, as purchaser (the “Purchaser”), and Fortis Bank S.A./N.V., as administrative agent (the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Agreement (as defined below). 
 PRELIMINARY STATEMENT 
 (A) The Seller, the GI Originator, the Servicer, the GCI
Originator, Great Lakes Corrugated Corp., the Purchaser and the Administrative Agent entered into the Receivables Purchase Agreement, dated as of October 31, 2003 (the “Agreement”) as amended by Amendment No. 1 to the
Receivables Purchase Agreement, dated as of November 1, 2004 (“Amendment No. 1”). 
 (B) The parties desire to
further amend the Agreement. 
 NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 Section 1. Amendments to the Receivables Purchase Agreement 
 The Agreement is, effective as of October 24,
2007, but subject to satisfaction of the conditions set forth in Section 8, hereby amended as follows: 
  

	 	(a)	Amendments to Article I—Definitions 

 The following definitions are hereby amended by deleting the same and inserting the following in lieu thereof (in the appropriate place to preserve the alphabetical order of the definitions in such section): 
 “Dilution Horizon Ratio” as at the last day of any Monthly Period, is equal to the ratio, expressed as a percentage, of
(a) the aggregate Outstanding Balance of all Originator Receivables which are created during the Monthly Period and the immediately preceding Monthly Period to (b) the aggregate Outstanding Balance of all Originator Receivables (less the
aggregate amount of any Defaulted Receivables) as at the end of that Monthly Period. 

 “Dilution Ratio” means, in respect of each such Monthly Period, the
following ratio, expressed as a percentage: the Dilutions which have occurred during each such Monthly Period, divided by the Outstanding Balance of all Originator Receivables which have been created during the immediately preceding Monthly Period.

 “Discount Protection Amount” means the higher of (x) 14% and (y) the amount derived from the
following formula: 
 [Greater of [(A*B*C) and 10% ]]+ (D*E*J) + (F*G) + H+I 
 Where 
  

					
	A	  	=	  	the highest three month moving average of the Default Ratio of the preceding twelve months;
			
	B	  	=	  	the Loss Horizon Ratio as of the last day of the preceding Monthly Period for which a Monthly Report was delivered;
			
	C	  	=	  	stress factor for defaults: 2.25
			
	D	  	=	  	the highest three month moving average of the Dilution Ratio of the preceding twelve months;
			
	E	  	=	  	the Dilution Horizon Ratio as of the last day of the preceding Monthly Period for which a Monthly Report was delivered;
			
	F	  	=	  	the Eurodollar Rate + Program Fee + 0.55%;
			
	G	  	=	  	0.11 (factor representing the average annual maturity of receivables);
			
	H	  	=	  	0.30% (servicing fee reserve);
			
	I	  	=	  	1.00% (back-up servicing fee reserve);
			
	J	  	=	  	stress factor for dilutions: 2.00.

 “Facility Termination Date” means, the earliest of (a) the
Liquidity Termination Date, or (b) the date determined pursuant to Section 7.01 of this Agreement, or (c) the occurrence of an Event of Termination pursuant to Section 6.01(e) of the Sale and Contribution Agreement, or
(d) the occurrence of any other Event of Termination pursuant to Section 6.01 of the Sale and Contribution Agreement and declaration thereof by the Administrative Agent to any Originator, or (e) the date the Purchase Limit reduces to
zero pursuant to Section 2.01(b) or (f) October 20, 2010. 
  

	 	(b)	Amendment to Section 7.01 Events of Termination 

 Section 7.01 (k) is hereby deleted and replaced with the following: 
 (k)
[reserved].  

 Section 2. Reference to the Effect on the Agreement 
 (a) As of the date hereof, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein,” or words of like import, and each reference in the other Transaction Documents (including, without limitation, by means of words like “thereunder”, “thereof” and words of like import), shall mean
and be a reference to the Agreement as amended hereby, and this Amendment and the Agreement shall be read together and construed as a single instrument. 
 (b) Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Agreement and all other Transaction Documents are and shall remain in full force and effect and are hereby
ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of the Purchaser or the Administrative Agent under any of the Transaction Documents, nor constitute a waiver or amendment of any other provision of any of the Transaction Documents or for any purpose
except as expressly set forth herein. 
 Section 3. Execution in Counterparts 
 This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached
to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 4. Governing Law 
 This Amendment shall be governed by and construed in accordance
with the law of the State of New York. 
 Section 5. Severability 
 The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction
shall not affect the validity, enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied to any person.

 Section 6. Successors 
 The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
 Section 7. Waiver of Jury Trial 
 EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, 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 OR ANY DOCUMENT EXECUTED OR DELIVERED PURSUANT HERETO. 

 Section 8. Conditions Precedent This Amendment shall become effective as of
October 24, 2007, on the date when, and only when the Administrative Agent shall have received each of the following: 
 (a) this
Amendment, duly executed by the Seller, the Servicer and all Originators; 
 (b) written confirmation from each Rating Agency then providing
a Relevant Rating that this Amendment will not cause the current Relevant Rating to be reduced or withdrawn. 

 IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above. 
  

			
	 GREIF, INC.

		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President & Treasurer
	
	GREIF RECEIVABLES FUNDING LLC
		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President
	
	GREIF INDUSTRIAL PACKAGING & SERVICES LLC
		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President & Treasurer
	
	GREIF PAPER, PACKAGING & SERVICES LLC
		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President & Treasurer
	
	GREIF RIVERVILLE LLC
		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President & Treasurer

			
	FORTIS BANK S.A./N.V., as Administrative Agent
		
	By:	 	 /s/ Didler Lannoy

	Name:	 	Didler Lannoy
	Title:	 	 Executive Director
 Co-Head
Securitisation

		
	By:	 	 /s/ Frank Van Gansbeke

	Name:	 	Frank Van Gansbeke
	Title:	 	Global Head of Funding and Liquidity
	
	SCALDIS CAPITAL LLC
		
	By:	 	 /s/ Christopher Byrne

	Name:	 	Christopher Byrne
	Title:	 	Director, Scaldis Capital Limited as Sole Member

 Consent, Agreement and Affirmation of Guaranty 
 Greif, Inc. hereby consents to the terms of the foregoing Amendment in its capacity as a guarantor under the Guaranty, executed as of October 31,
2003 (the “Guaranty”), in favor of Scaldis Capital LLC, Fortis Bank S.A./N.V. and the Investors (as defined therein) and agrees that the terms of this Amendment shall not affect in any way its obligations and liabilities under the
Guaranty, all of which obligations and liabilities shall remain in full force and effect and each of which is hereby reaffirmed. 
  

			
	GREIF, INC.
		
	By:	 	 /s/ John K. Dieker

	Name:	 	John K. Dieker
	Title:	 	Vice President & Treasurer

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