as Administrative Agent
as Sole Lead Arranger and Sole Book Runner
Section | Heading | Page | ||||
Section 1. | The Credit Facilities | 1 | ||||
Section 1.1. | Term Loan Commitments | 1 | ||||
Section 1.2. | Revolving Credit Commitments | 2 | ||||
Section 1.3. | Letters of Credit | 3 | ||||
Section 1.4. | Applicable Interest Rates | 6 | ||||
Section 1.5. | Minimum Borrowing Amounts; Maximum Eurocurrency Loans | 7 | ||||
Section 1.6. | Manner of Borrowing Loans and Designating Applicable Interest Rates | 7 | ||||
Section 1.7. | Interest Periods | 9 | ||||
Section 1.8. | Maturity of Loans | 11 | ||||
Section 1.9. | Prepayments | 12 | ||||
Section 1.10. | Default Rate | 16 | ||||
Section 1.11. | The Notes | 16 | ||||
Section 1.12. | Funding Indemnity | 17 | ||||
Section 1.13. | Commitment Terminations | 18 | ||||
Section 1.14. | Substitution of Lenders | 18 | ||||
Section 1.15. | Swing Loans | 19 | ||||
Section 2. | Fees | 21 | ||||
Section 2.1. | Fees | 21 | ||||
Section 3. | Place and Application of Payments | 22 | ||||
Section 3.1. | Place and Application of Payments | 22 | ||||
Section 3.2. | Account Debit | 23 | ||||
Section 4. | Guaranties and Collateral | 24 | ||||
Section 4.1. | Guaranties | 24 | ||||
Section 4.2. | Collateral | 24 | ||||
Section 4.3. | Liens on Real Property | 25 | ||||
Section 4.4. | Further Assurances | 25 | ||||
Section 5. | Definitions; Interpretation | 25 | ||||
Section 5.1. | Definitions | 25 | ||||
Section 5.2. | Interpretation | 46 | ||||
Section 5.3. | Change in Accounting Principles | 46 | ||||
Section 6. | Representations and Warranties | 46 | ||||
Section 6.1. | Organization and Qualification | 46 |
Section | Heading | Page | ||||
Section 6.2. | Subsidiaries | 47 | ||||
Section 6.3. | Authority and Validity of Obligations | 47 | ||||
Section 6.4. | Use of Proceeds; Margin Stock | 48 | ||||
Section 6.5. | Financial Reports | 48 | ||||
Section 6.6. | No Material Adverse Change | 48 | ||||
Section 6.7. | Full Disclosure | 48 | ||||
Section 6.8. | Trademarks, Franchises, and Licenses | 49 | ||||
Section 6.9. | Governmental Authority and Licensing | 49 | ||||
Section 6.10. | Good Title | 49 | ||||
Section 6.11. | Litigation and Other Controversies | 49 | ||||
Section 6.12. | Taxes | 49 | ||||
Section 6.13. | Approvals | 49 | ||||
Section 6.14. | Affiliate Transactions | 50 | ||||
Section 6.15. | Investment Company; Public Utility Holding Company | 50 | ||||
Section 6.16. | ERISA | 50 | ||||
Section 6.17. | Compliance with Laws | 50 | ||||
Section 6.18. | Other Agreements | 51 | ||||
Section 6.19. | Solvency | 51 | ||||
Section 6.20. | No Default | 51 | ||||
Section 7. | Conditions Precedent | 51 | ||||
Section 7.1. | All Credit Events | 51 | ||||
Section 7.2. | Initial Credit Event | 52 | ||||
Section 7.3. | Initial Loan Under Capital Expansion Credit | 54 | ||||
Section 8. | Covenants | 55 | ||||
Section 8.1. | Maintenance of Business | 55 | ||||
Section 8.2. | Maintenance of Properties | 55 | ||||
Section 8.3. | Taxes and Assessments | 55 | ||||
Section 8.4. | Insurance | 55 | ||||
Section 8.5. | Financial Reports | 56 | ||||
Section 8.6. | Inspection | 58 | ||||
Section 8.7. | Borrowings and Guaranties | 58 | ||||
Section 8.8. | Liens | 59 | ||||
Section 8.9. | Investments, Acquisitions, Loans and Advances | 60 | ||||
Section 8.10. | Mergers, Consolidations and Sales | 61 | ||||
Section 8.11. | Maintenance of Subsidiaries | 62 | ||||
Section 8.12. | Dividends and Certain Other Restricted Payments | 62 | ||||
Section 8.13. | ERISA | 62 | ||||
Section 8.14. | Compliance with Laws | 63 | ||||
Section 8.15. | Burdensome Contracts With Affiliates | 64 | ||||
Section 8.16. | No Changes in Fiscal Year | 64 | ||||
Section 8.17. | Formation of Subsidiaries | 64 | ||||
Section 8.18. | Change in the Nature of Business | 64 | ||||
Section 8.19. | Use of Proceeds | 64 |
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Section | Heading | Page | ||||
Section 8.20. | No Restrictions | 64 | ||||
Section 8.21. | Subordinated Debt | 64 | ||||
Section 8.22. | Financial Covenants | 65 | ||||
Section 8.23. | Cost Over-Runs | 66 | ||||
Section 8.24. | Post-Closing Items | 66 | ||||
Section 9. | Events of Default and Remedies | 66 | ||||
Section 9.1. | Events of Default | 66 | ||||
Section 9.2. | Non-Bankruptcy Defaults | 69 | ||||
Section 9.3. | Bankruptcy Defaults | 69 | ||||
Section 9.4. | Collateral for Undrawn Letters of Credit | 70 | ||||
Section 9.5. | Notice of Default | 70 | ||||
Section 9.6. | Expenses | 70 | ||||
Section 10. | Change in Circumstances | 71 | ||||
Section 10.1. | Change of Law | 71 | ||||
Section 10.2. | Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR | 71 | ||||
Section 10.3. | Increased Cost and Reduced Return | 71 | ||||
Section 10.4. | Lending Offices | 73 | ||||
Section 10.5. | Discretion of Lender as to Manner of Funding | 73 | ||||
Section 11. | The Administrative Agent | 73 | ||||
Section 11.1. | Appointment and Authorization of Administrative Agent | 73 | ||||
Section 11.2. | Administrative Agent and its Affiliates | 73 | ||||
Section 11.3. | Action by Administrative Agent | 74 | ||||
Section 11.4. | Consultation with Experts | 74 | ||||
Section 11.5. | Liability of Administrative Agent; Credit Decision | 74 | ||||
Section 11.6. | Indemnity | 75 | ||||
Section 11.7. | Resignation of Administrative Agent and Successor Administrative Agent | 75 | ||||
Section 11.8. | L/C Issuer | 76 | ||||
Section 11.9. | Hedging Liability and Funds Transfer and Deposit Account Liability Arrangements | 76 | ||||
Section 11.10. | Designation of Additional Agents | 76 | ||||
Section 11.11. | Authorization to Release or Subordinate or Limit Liens | 77 | ||||
Section 11.12. | Authorization to Enter into, and Enforcement of, the Collateral Documents | 77 | ||||
Section 12. | The Guarantees | 77 | ||||
Section 12.1. | The Guarantees | 77 | ||||
Section 12.2. | Guarantee Unconditional | 78 | ||||
Section 12.3. | Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances | 79 |
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Section | Heading | Page | ||||
Section 12.4. | Subrogation | 79 | ||||
Section 12.5. | Waivers | 79 | ||||
Section 12.6. | Limit on Recovery | 79 | ||||
Section 12.7. | Stay of Acceleration | 80 | ||||
Section 12.8. | Benefit to Guarantors | 80 | ||||
Section 12.9. | Guarantor Covenants | 80 | ||||
Section 13. | Miscellaneous | 80 | ||||
Section 13.1. | Withholding Taxes | 80 | ||||
Section 13.2. | No Waiver, Cumulative Remedies | 81 | ||||
Section 13.3. | Non-Business Days | 81 | ||||
Section 13.4. | Documentary Taxes | 82 | ||||
Section 13.5. | Survival of Representations | 82 | ||||
Section 13.6. | Survival of Indemnities | 82 | ||||
Section 13.7. | Sharing of Set-Off | 82 | ||||
Section 13.8. | Notices | 82 | ||||
Section 13.9. | Counterparts | 83 | ||||
Section 13.10. | Successors and Assigns | 83 | ||||
Section 13.11. | Participants | 83 | ||||
Section 13.12. | Assignments | 84 | ||||
Section 13.13. | Amendments | 86 | ||||
Section 13.14. | Headings | 86 | ||||
Section 13.15. | Costs and Expenses; Indemnification | 86 | ||||
Section 13.16. | Set-off | 87 | ||||
Section 13.17. | Entire Agreement | 88 | ||||
Section 13.18. | Governing Law | 88 | ||||
Section 13.19. | Severability of Provisions | 88 | ||||
Section 13.20. | Excess Interest | 88 | ||||
Section 13.21. | Construction | 89 | ||||
Section 13.22. | Lender’s Obligations Several | 89 | ||||
Section 13.23. | Submission to Jurisdiction; Waiver of Jury Trial | 89 | ||||
Section 13.24. | USA Patriot Act | 89 | ||||
Section 13.25. | Currency | 89 | ||||
Section 13.26. | Currency Equivalence | 90 | ||||
Section 13.27. | Amendment and Restatement | 90 |
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Exhibit A | — | Notice of Payment Request | ||
Exhibit B | — | Notice of Borrowing | ||
Exhibit C | — | Notice of Continuation/Conversion | ||
Exhibit D-1 | — | Term Note | ||
Exhibit D-2 | — | Capital Expansion Note | ||
Exhibit D-3 | — | Revolving Note | ||
Exhibit D-4 | — | Swing Note | ||
Exhibit E | — | Compliance Certificate | ||
Exhibit F | — | Additional Guarantor Supplement | ||
Exhibit G | — | Assignment and Acceptance | ||
Exhibit H | — | Opinion of Counsel | ||
Exhibit I | — | Commitment Amount Increase Request | ||
Schedule 1 | — | Commitments | ||
Schedule 6.2 | — | Subsidiaries | ||
Schedule 8.9 | — | Existing Investments |
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Column B | ||||
Column A | Scheduled Principal | |||
Payment Date | Payment on Capital Expansion Loans | |||
12/31/08 | $ | 1,250,000 | ||
03/31/09 | $ | 1,250,000 | ||
06/30/09 | $ | 1,250,000 | ||
09/30/09 | $ | 1,250,000 | ||
12/31/09 | $ | 2,500,000 | ||
03/30/10 | $ | 2,500,000 | ||
06/30/10 | $ | 2,500,000 | ||
09/30/10 | $ | 2,500,000 | ||
12/31/10 | $ | 2,500,000 | ||
03/31/11 | $ | 2,500,000 | ||
06/30/11 | $ | 2,500,000 |
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Column B | ||||
Column A | Scheduled Principal | |||
Payment Date | Payment on Capital Expansion Loans | |||
09/31/11 | $ | 2,500,000 | ||
12/31/11 | $ | 2,500,000 | ||
03/31/12 | $ | 2,500,000 | ||
06/30/12 | $ | 2,500,000 | ||
09/30/12 | $ | 2,500,000 |
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Adjusted LIBOR | = | LIBOR | ||||||
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Applicable Margin for | Applicable Margin for | |||||||||||||
Base Rate Loans under | Eurocurrency Loans | |||||||||||||
Revolving Credit and | under Revolving Credit | Applicable Margin | ||||||||||||
Total Funded Debt | Term Credit and | and Term Credit and | for Revolving Credit | |||||||||||
Ratio for Such | Reimbursement | Letter of credit Fee | Commitment Fee | |||||||||||
Level | Pricing Date | Obligations shall be: | Shall Be: | Shall Be: | ||||||||||
V | Greater than 4.0 to 1.0 | 1.00 | % | 2.50 | % | 0.40 | % | |||||||
IV | Less than or equal to 4.0 to 1.0, but greater than 3.5 to 1.0 | 0.75 | % | 2.25 | % | 0.35 | % | |||||||
III | Less than or equal to 3.5 to 1.0, but greater than 3.0 to 1.0 | 0.50 | % | 2.00 | % | 0.325 | % | |||||||
II | Less than or equal to 3.0 to 1.0, but greater than 2.5 to 1.0 | 0.25 | % | 1.75 | % | 0.30 | % | |||||||
I | Less than or equal to 2.5 to 1.0 | 0.00 | % | 1.50 | % | 0.25 | % |
Applicable Margin for | Applicable Margin for | Applicable Margin for | ||||||||||||
Total Funded Debt | Base Rate Loans under | Eurocurrency Loans | Capital Expansion | |||||||||||
Ratio for Such | Capital Expansion | under Capital Expansion | Credit Commitment Fee | |||||||||||
Level | Pricing Date | Credit shall be: | Credit Shall Be: | Shall Be: | ||||||||||
V | Greater than 4.0 to 1.0 | 1.00 | % | 2.50 | % | 0.40 | % | |||||||
IV | Less than or equal to 4.0 to 1.0, but greater than 3.5 to 1.0 | 0.75 | % | 2.25 | % | 0.40 | % | |||||||
III | Less than or equal to 3.5 to 1.0, but greater than 3.0 to 1.0 | 0.50 | % | 2.00 | % | 0.40 | % | |||||||
II | Less than or equal to 3.0 to 1.0, but greater than 2.5 to 1.0 | 0.25 | % | 1.75 | % | 0.40 | % | |||||||
I | Less than or equal to 2.5 to 1.0 | 0.00 | % | 1.50 | % | 0.40 | % |
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Total Funded Debt Ratio | ||||
From and Including | To and Including | shall not be more than | ||
August 31, 2006 | November 30, 2006 | 3.25 to 1.0 | ||
December 1, 2006 | February 28, 2007 | 3.50 to 1.0 | ||
March 1, 2007 | May 31, 2007 | 4.00 to 1.0 | ||
June 1, 2007 | August 31, 2008 | 4.50 to 1.0 | ||
September 1, 2008 | November 30, 2008 | 4.25 to 1.0 | ||
December 1, 2008 | February 28, 2009 | 4.00 to 1.0 | ||
March 1, 2009 | May 31, 2009 | 3.50 to 1.0 | ||
June 1, 2009 | At all times thereafter | 3.00 to 1.0 |
Total Funded Debt Ratio | ||||
From and Including | To and Including | shall not be more than | ||
August 31, 2006 | August 31, 2007 | 1.50 to 1.0 | ||
September 1, 2007 | August 31, 2008 | 1.25 to 1.0 | ||
September 1, 2008 | At all times thereafter | 1.50 to 1.0 |
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Penford Corporation | ||||
7094 South Revere Parkway | ||||
Centennial, Colorado 80112 | ||||
Attention: | Chief Financial Officer | |||
Telephone: | (303) 649-1900 | |||
Telecopy: | (303) 649-1700 |
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“Borrower” | ||||||||
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
“Guarantors” | ||||||||
Penford Products Co. | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Signature Page to Second Amended and Restated Credit Agreement
“Lenders” | ||||||
Harris N.A., in its individual capacity as a Lender, as L/C Issuer, and as Administrative Agent | ||||||
By | ||||||
Name: Betzaida Erdelyi | ||||||
Title: Vice President | ||||||
Address: | ||||||
111 West Monroe Street | ||||||
Chicago, Illinois 60603 | ||||||
Attention: Food Group | ||||||
Telecopy: (312) 765-8095 | ||||||
Telephone: (312) 461-4049 |
Signature Page to Second Amended and Restated Credit Agreement
U.S. Bank National Association | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Address: | ||||||||
918-17th St., 5th Floor | ||||||||
Denver, CO 80202 | ||||||||
Attention: Thomas McCarthy | ||||||||
Telecopy: (303) 585-4229 | ||||||||
Telephone: (303) 585-4234 | ||||||||
LaSalle Bank National Association | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Address: | ||||||||
135 S. LaSalle Bank | ||||||||
Suite 1110 | ||||||||
Chicago, IL 60603 | ||||||||
Attention: Keith J. Cable | ||||||||
Telecopy: (312) 904-6242 | ||||||||
Telephone: (312) 904-7621 |
Signature Page to Second Amended and Restated Credit Agreement
Cooperative Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland,” New YorkBranch | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Address: | ||||||||
123 North Wacker Drive | ||||||||
Suite 2100 | ||||||||
Chicago, IL 60606 | ||||||||
Attention: Brad Peterson | ||||||||
Telecopy: (312) 408-8240 | ||||||||
Telephone: (312) 408-8222 | ||||||||
Australia and New Zealand Banking Group Limited | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Address: | ||||||||
1177 Avenue of the Americas | ||||||||
New York, New York 10036 | ||||||||
Attention: Vibhu Juneja | ||||||||
Telecopy: (212) 536-9264 | ||||||||
Telephone: (212) 801-9164 |
Signature Page to Second Amended and Restated Credit Agreement
Wells Fargo Bank, N.A. | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Signature Page to Second Amended and Restated Credit Agreement
[Address]
Very truly yours, | ||||||||
Harris N.A., | ||||||||
as L/C Issuer | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
To: | Harris N.A., as Administrative Agent for the Lenders parties to the Second Amended and Restated Credit Agreement dated as of October 5, 2006 (as extended, renewed, amended or restated from time to time, the“Credit Agreement”), among Penford Corporation, certain Lenders which are signatories thereto, and Harris N.A., as Administrative Agent |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
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To: | Harris N.A., as Administrative Agent for the Lenders parties to the Second Amended and Restated Credit Agreement dated as of October 5, 2006 (as extended, renewed, amended or restated from time to time, the“Credit Agreement”) among Penford Corporation, certain Lenders which are signatories thereto, and Harris N.A., as Administrative Agent |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
U.S. $ | , ___ |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
A US $ | , ___ |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
U.S. $ | , ___ |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
U.S. $ | , ___ |
Penford Corporation | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
To: | Harris N.A., as Administrative Agent under, and the Lenders party to, the Credit Agreement described below |
Penford Corporation | ||||||
By | ||||||
Name | ||||||
Title | ||||||
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to Compliance Certificate
for Second Amended and Restated Credit Agreement
dated as of October 5, 2006
A. | Total Funded Debt Ratio (Section 8.22(a)) |
1. | Total Funded Debt | $ | ||||||||
2. | Net Income for past 4 quarters | $ | ||||||||
3. | Interest Expense for past 4 quarters | $ | ||||||||
4. | Income taxes for past 4 quarters | $ | ||||||||
5. | Depreciation and Amortization Expense for past 4 quarters | $ | ||||||||
6. | Non-cash Loss (Gain) realized on sale/disposition of assets [Loss shall be identified by a positive number; Gains shall be identified by a negative number] | $ | ||||||||
7. | Non-cash stock compensation charges for past 4 quarters | $ | ||||||||
8. | Sum of Lines A2, A3, A4, A5, A6 and A7 (“EBITDA”) | $ | ||||||||
9. | Ratio of Line A1 to A8 | ___:1.0 | ||||||||
10. | Line A9 ratio must not exceed | ___:1.0 | ||||||||
11. | The Borrower is in compliance (circle yes or no) | yes/no | ||||||||
B. | Fixed Charge | Coverage Ratio (Section 8.22(b)) | ||||||||
1. | EBITDA (Line A8 above) | $ | ||||||||
2. | Principal payments made in cash during past 4 quarters | $ | ||||||||
3. | Interest Expense for past 4 quarters paid in cash | $ | ||||||||
4. | Restricted Payments for past 4 quarters made in cash | $ | ||||||||
5. | Income taxes for 4 quarters paid in cash | $ | ||||||||
6. | Sum of Lines B2, B3, B4, and B5 | $ |
7. | Ratio of Line B1 to Line B6 | ___:1.0 | ||||||||
8. | Line B7 ratio must not be less than | 1.50:1.0 | ||||||||
9. | The Borrower is in compliance (circle yes or no) | yes/no | ||||||||
C. | Leverage | Ratio (Section 8.22(c)) | ||||||||
1. | Net Worth | $ | ||||||||
2. | Intangible Assets | $ | ||||||||
3. | Write-up of assets | $ | ||||||||
4. | Line C1 minus the sum of Lines C2 and C3 | $ | ||||||||
5. | Line C4 ratio must not be less than | $ | 65,000,000 | |||||||
6. | The Borrower is in compliance (circle yes or no) | yes/no | ||||||||
D. | Capital Expenditures (Section 8.22(d)) |
1. | Year-to-date Capital Expenditures | $ | ||||||
2. | Year-to-date Capital Expenditures for Ethanol Facility | $ | ||||||
3. | Line D1 minus Line D2 | $ | ||||||
4. | Maximum permitted amount | $ | ||||||
5. | The Borrower is in compliance (circle yes or no) | yes/no |
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Very truly yours, | ||||||
[Name of Subsidiary Guarantor] | ||||||
By | ||||||
Name | ||||||
Title | ||||||
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[Assignor Lender] | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
[Assignee Lender] | ||||||||
By | ||||||||
Name | ||||||||
Title | ||||||||
Lending office (and address for notices): |
By | ||||||
Name | ||||||
Title | ||||||
Agent and L/C Issuer this ___day of _________
By | ||||||
Name | ||||||
Title | ||||||
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to Assignment and Acceptance
Aggregate | Amount of | Percentage | ||||||||||
Commitment/Loans | Commitment/Loans | Assigned of | ||||||||||
Facility Assigned | For All Lenders | Assigned | Commitment/Loans | |||||||||
Revolving Credit | $ | $ | % | |||||||||
Term Loan | $ | $ | % | |||||||||
Capital Expansion Loan | $ | $ | % | |||||||||
To: | Harris N.A., as Administrative Agent for the Lenders parties to the Second Amended and Restated Credit Agreement dated as of October 5, 2006 (as extended, renewed, amended or restated from time to time, the“Credit Agreement”), among Penford Corporation, the Guarantors party thereto, certain Lenders which are signatories thereto, and Harris N.A., as Administrative Agent |
(A) | Notices: | ||
Institution Name: | |||
Address: | |||
Telephone: | |||
Facsimile: | |||
(B) | Payment Instructions: |
* | Insert bracketed paragraph if New Lender is organized under the law of a jurisdiction other than the United States of America or a state thereof. |
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Very truly yours, | ||||||||||
By | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
[New or existing Lender Increasing Commitments] | ||||||||||
By | ||||||||||
Name | ||||||||||
Title | ||||||||||
___day of , ___ to the
above-requested Commitment Amount
Increase.
as Administrative Agent
By | ||||||
Name | ||||||
Title | ||||||
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Capital | Revolving | |||||||||||
Term Loan | Expansion Loan | Credit | ||||||||||
Name of Lender | Commitment | Commitment | Commitment | |||||||||
Harris N.A. | $ | 11,034,482.76 | $ | 12,413,793.10 | $ | 16,551,724.14 | ||||||
Australia and New Zealand Banking Group Limited | $ | 6,896,551.72 | $ | 7,758,620.69 | $ | 10,344,827.59 | ||||||
LaSalle Bank National Association | $ | 8,275,862.07 | $ | 9,310,344.83 | $ | 12,413,793.10 | ||||||
Rabobank | $ | 8,275,862.07 | $ | 9,310,344.83 | $ | 12,413,793.10 | ||||||
U.S. Bank, National Association | $ | 5,517,241.38 | $ | 6,206,896.55 | $ | 8,275,862.07 | ||||||
Total | $ | 40,000,000 | $ | 45,000,000 | $ | 60,000,000 | ||||||
Jurisdiction of | Percentage | |||||||||||
Name | Organization | Ownership | Owner | |||||||||
1. Penford Products Co. | Delaware | 100 | % | U.S. Borrower | ||||||||
2. Penford Holdings | New South Wales, | |||||||||||
Pty. Ltd. | Australia | 100 | % | U.S. Borrower | ||||||||
3. Penford Australia | New South Wales, | |||||||||||
Limited | Australia | 100 | % | Penford Holdings Pty. Ltd. | ||||||||
4. Penford New Zealand Limited | New Zealand | 100 | % | Penford Australia Limited | ||||||||
5. Penford Export Corporation | U.S. Virgin Islands | 100 | % | U.S. Borrower |