Exhibit 4.2.4
SUBORDINATION AGREEMENT
Collateral means all business assets of Borrower including all collateral now or hereafter securing payment of the Senior Lender Indebtedness, including all proceeds thereof.
Credit Agreement means that certain Credit and Security Agreement dated on or about the date hereof, by and between Borrower and the Senior Lender as the same may hereafter be amended, supplemented or restated from time to time.
Enforcement shall mean for Subordinated Creditor to make demand for payment or accelerate the Subordinated Indebtedness, repossess any material amount of Collateral or commence the judicial or non-judicial enforcement of any of the rights and remedies under the Subordinated Note, Subordinated Indebtedness or any related agreements or applicable law. For the avoidance of doubt, Enforcement shall specifically exclude any demand or action taken by Subordinated Creditor to obtain or receive payments upon the sale of the Real Estate Collateral.
Enforcement Notice shall mean a written notice delivered, at a time when a Subordinated Indebtedness Default has occurred and is continuing, by Subordinated Creditor to Senior Lender, specifying the relevant Subordinated Indebtedness Default and stating the current balance of the Subordinated Indebtedness.
Lien means any security interest, mortgage, deed of trust, pledge, lien, charge, encumbrance, title retention agreement or analogous instrument or device, including the interest of each lessor under any capitalized lease and the interest of any bondsman under any payment or performance bond, in, of or on any assets or properties of a Person, whether now owned or hereafter acquired and whether arising by agreement or operation of law.
Real Estate Collateral means that certain real property owned by Borrower located at 1301 South Front Street in Pekin, Il 61555-4065 and described on Exhibit A attached hereto.
Senior Lender Indebtedness is used herein in its most comprehensive sense and means any and all advances, debts, obligations and liabilities of Borrower to the Senior Lender, heretofore, now or hereafter made, incurred or created, whether voluntary or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including under any swap, derivative, foreign exchange, hedge, deposit, treasury management or other similar transaction or arrangement at any time entered into by the Borrower with the Senior Lender, and whether the Borrower may be liable individually or jointly with others, or whether recovery upon such Indebtedness may be or hereafter becomes unenforceable.
Subordinated Creditor Collateral means collectively, the Real Estate Collateral and Tax Refund Collateral.
Subordinated Indebtedness means all obligations arising under the Subordinated Note and each and every other debt, liability and obligation of every type and description which the Borrower may now or at any time hereafter owe to the Subordinated Creditor, whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or to become due,
2
absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several, with the exception of Trade Payables Indebtedness.
3
4
5
(d) Nothing contained herein will prevent Borrower and Senior Lender from amending, modifying, restating and otherwise dealing with the Senior Lender Indebtedness in any manner Borrower and Senior Lender deem necessary and/or desirable without notice to or consent of the Subordinated Creditor (the Modified Senior Lender Indebtedness). This Agreement shall remain fully applicable to such Modified Senior Lender Indebtedness and the Modified Senior Lender Indebtedness will be deemed the Senior Lender Indebtedness for all purposes hereunder.
6
7
If to the Senior Lender:
Wells Fargo Bank, National Association
MAC N9312-040
109 South 7th Street, 4th Floor
Minneapolis, MN 55402
Attention: Becky A. Koehler
Telecopier: (612) 341-2472
8
If to the Subordinated Creditor:
Central Illinois Light Company
300 Liberty Street
Peoria, Illinois 61602
Attention: Stan E. Ogden , Vice President
Telecopier: (309) 677-5016
with a copy to:
Daniel J. Godar
Armstrong Teasdale LLP
One Metropolitan Square
Suite 2600
St. Louis, MO 63102-2740
Telecopy: 314-612-2249
or at such other address as may hereafter be designated in writing by that party. All such notices or other communications shall be deemed to have been given on (i) the date received if delivered personally, (ii) the date of posting if delivered by mail, or (iii) the date of transmission if delivered by telecopy.
9
18. Interpretation. As used in this Agreement, unless the context otherwise requires, the term herein shall mean in this Agreement.
19. Electronic Signatures. The exchange of copies of this waiver and of signature pages by PDF through email or facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Electronic signatures of the parties transmitted as set forth herein shall deemed to be original signatures for all purposes.
[Signature Page Follows]
10
IN WITNESS WHEREOF, the Subordinated Creditor has executed this Agreement as of the date and year first above-written.
|
CENTRAL ILLINOIS LIGHT COMPANY |
|
|
|
|
|
|
|
|
By: |
/s/ Stan E. Ogden |
|
Name: |
Stan E. Ogden |
|
Its: |
Vice President |
11
Acknowledgment by Borrower
|
MGP INGREDIENTS, INC. |
|
|
a Kansas corporation |
|
|
|
|
|
By: |
/s/ Timothy W. Newkirk |
|
Name: |
Timothy W. Newkirk |
|
Its: |
President & CEO |
Exhibit A
Legal Description of Real Estate Collateral
(Attached)