ACQUISITION NOTE
$3,388,235.30 New York, New York
May 21, 1997
FOR VALUE RECEIVED, the undersigned, XXXXX XXXX PET FOOD COMPANY, INC.,
a Minnesota corporation and successor by merger to Xxxxx Xxxx Pet Food
Acquisition Co. (the "Borrower"), hereby unconditionally promises to pay to
the order of FIRST SOURCE FINANCIAL LLP, an Illinois registered limited
liability partnership (the "Lender") at the office of Credit Suisse First
Boston, located at 00 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, in lawful
money of the United States of America and in immediately available funds, on
the Termination Date the principal amount of (a) THREE MILLION THREE HUNDRED
EIGHTY-EIGHT THOUSAND TWO HUNDRED THIRTY-FIVE DOLLARS AND THIRTY CENTS
($3,388,235.30), or, if less, (b) the aggregate unpaid principal amount of
all Acquisition Loans made by the Lender to the Borrower pursuant to
subsection 3.1 of the Credit Agreement, as hereinafter defined. The Borrower
further agrees to pay interest in like money at such office on the unpaid
principal amount hereof from time to time outstanding at the rates and on the
dates specified in subsections 5.2 and 5.4 of such Credit Agreement.
The holder of this Note is authorized to endorse on the schedules
annexed hereto and made a part hereof or on a continuation thereof which
shall be attached hereto and made a part hereof the date, Type and amount of
each Acquisition Loan made pursuant to the Credit Agreement and the date and
amount of each payment or prepayment of principal thereof, each continuation
thereof, each conversion of all or a portion thereof to another Type and, in
the case of Eurodollar Loans, the length of each Interest Period with respect
thereto. Each such endorsement shall constitute prima facie evidence of the
accuracy of the information endorsed. The failure to make any such
endorsement shall not affect the obligations of the Borrower in respect of
such Acquisition Loan.
This Note (a) is one of the Acquisition Loan Notes referred to in the
Credit Agreement dated as of May 21, 1997 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among the
Xxxxx Xxxx Pet Food Acquisition Co., the Lender, the other banks and
financial institutions from time to time parties thereto, Credit Suisse First
Boston, as administrative agent and The Chase Manhattan Bank, as
documentation agent, (b) is subject to the provisions of the Credit Agreement
and (c) is subject to optional and mandatory prepayment in whole or in part
as provided in the Credit Agreement. This Note is secured and guaranteed as
provided in the Loan Documents. Reference is hereby made to the Loan
Documents for a description of the properties and assets in which a security
interest has been granted, the nature and extent of the security and the
guarantees, the terms and conditions upon which the security interests and
each guarantee were granted and the rights of the holder of this Note in
respect thereof.
Upon the occurrence of any one or more of the Events of Default, all
amounts then remaining unpaid on this Note may become, or may be declared to
be, immediately due and payable, all as provided in the Credit Agreement.
All parties now and hereafter liable with respect to this Note, whether
maker, principal, surety, guarantor, endorser or otherwise, hereby waive
presentment, demand, protest and all other notices of any kind.
Unless otherwise defined herein, terms defined in the Credit Agreement
and used herein shall have the meanings given to them in the Credit Agreement.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAW PRINCIPLES THEREOF.
XXXXX XXXX PET FOOD COMPANY, INC.
By: /s/ X. Xxxxxx Xxxxxxxx
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Name: X. Xxxxxx Xxxxxxxx
Title: Vice President
Schedule A
to Acquisition Loan Note
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LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS
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Amount Amount of ABR Loans
Converted to Amount of Principal of Converted to Unpaid Principal Balance Notation
Date Amount of ABR Loans ABR Loans ABR Loans Repaid Eurodollar Loans of ABR Loans Made By
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Schedule B
to Acquisition Loan Note
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LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS
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Interest Period Amount of
Amount of Amount Converted and Eurodollar Principal of Amount of Eurodollar Unpaid Principal
Eurodollar to Eurodollar Rate with Eurodollar Loans Converted to Balance of Eurodollar Notation
Date Loans Loans Respect Thereto Loans Repaid ABR Loans Loans Made By
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