Document:

Exhibit 4.3

 

Promissory Note

 

Date:  May 4, 2009

 

Place:                          

 

$997,545.50

 

MGP Ingredients, Inc. (“Maker”)
hereby acknowledges indebtedness to Union Pacific Railroad Company in the
amount of Nine Hundred Ninety Seven Thousand Five Hundred Forty Five and
50/100ths Dollars ($997,545.50), and hereby promises to pay to the order of
Union Pacific Railroad Company at Omaha, Nebraska, or at such other place as
the Holder hereof may designate in writing, the principal sum of Nine Hundred
Ninety Seven Thousand Five Hundred Forty Five and 50/100ths Dollars
($997,545.50) together with interest thereon from the date hereof until paid in
full, at the rate of Ten percent (10%) per annum, payable as follows:

 

Payments covering principal and interest in the sum of not less than
Seventy Five Thousand and No/100ths Dollars ($75,000.00) monthly commencing on
Friday, May 15, 2009, and on the fifteenth day of every month thereafter
until the full amount of principal has been paid, the said installments to be
first applied to accrued interest and the balance to principal; provided,
however, that the final payment shall be in the amount of the then unpaid
balance.

 

Payments shall reference
Promissory Note Account AA139 and shall be sent to 12567 Collections Center
Drive, Chicago, IL 60693, or such other place as the Holder hereof may
designate in writing.

 

The aforementioned sixteen (15)
payments, totaling One Million Sixty One Thousand Seven Hundred Twenty Six and
67/100ths Dollars ($1,061,726.67), made as reflected herein, shall constitute
the full amount of this indebtedness and payment in full of the bills
identified on Exhibit A attached hereto and incorporated herein by
reference.

 

Any payment which falls due on a
bank holiday or weekend shall be paid on the immediately succeeding business
day.  If any installment of principal or
interest is not paid when due, the Holder of this Note may declare the entire
unpaid balance due and payable at once without further notice to the
Maker.  The Maker waives any right to
receive notice of Holder’s intent to accelerate the debt under this Note, and
to receive notice of such acceleration. 
No delay or omission on the part of the Holder in exercising any right
hereunder shall operate as a waiver of such right or of any other right under
this Note.  A waiver on any one occasion
shall not be construed as a bar to or waiver of any right or remedy on any
future occasion.  The Maker of this Note
may at any time without penalty prepay the unpaid balance of this debt in whole
or in part; provided, however, that in the event of a partial prepayment the
Maker shall be obligated to continue making regular and uninterrupted monthly
payments for the amount and on the monthly payment date specified herein so
long 

 

 

as any portion of the indebtedness represented by this Note remains
unpaid.  Prepayments shall be applied
first to the interest due and then to the remaining principal.

 

The Maker and all sureties,
guarantors and endorsers hereof waive demand, grace, notice, presentment for
payment, and protest.

 

In the event this Note is placed
in the hands of an attorney for collection, the Maker and all its
representatives, successors and assigns will repay on demand all costs and
expenses thereby incurred by the Holder, including reasonable attorney’s fees,
plus interest thereon at the highest rate allowable under applicable law until
paid.

 

The Maker irrevocably and
unconditionally submits, for itself and its property, to the jurisdiction of
the District Court of Douglas County, Nebraska, or the United States District
Court for the District of Nebraska, and any appellate court from any appeal
from those courts, in any action or proceeding arising out of or relating to
this Note, or for recognition or enforcement of any judgment.  The Maker irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in the District Court of Douglas County, Nebraska, or in the
United States District Court for the District of Nebraska.  The Maker agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

 

The Maker irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any right it may have to assert the doctrine of forum non conveniens or
similar doctrine or to object to venue with respect to any proceeding brought
in accordance with this section, and stipulates that the District Court of
Douglas County, Nebraska, and the United States District Court for the District
of Nebraska, shall have in personam and subject-matter jurisdiction and venue
over it for the purpose of litigating any dispute, controversy, or proceeding arising
out of or related to this Note.

 

The Maker irrevocably authorizes,
accepts, and consents to service of process sufficient for personal
jurisdiction in any action against it by registered or certified mail, return
receipt requested, postage prepaid, to its address for the giving of notices as
set forth in this Note.  Nothing in this
Note will affect the right of the Holder to serve process in any other manner
permitted by law.

 

	
   

  	
  MGP
  Ingredients, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  Tim
  Newkirk

  
	
   

  	
   

  	
  Mr. Tim
  Newkirk – CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MGP
  Ingredients, Inc.

  
	
   

  	
   

  	
  Cray
  Business Plaza, 100 Commercial St.

  
	
   

  	
   

  	
  Atchison, KS 66002-0130

  

 

2Exhibit 4.3.1

 

SUBORDINATION AGREEMENT

 

THIS
SUBORDINATION AGREEMENT (“Agreement”),
dated as of July 21, 2009, is made by the UNION PACIFIC RAILROAD COMPANY (the
“Subordinated Creditor”), for the
benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION (with its participants,
successors and assigns, the “Senior Lender”),
acting through its Wells Fargo Business Credit operating division.

 

MGP
Ingredients, Inc., a Kansas corporation (the “Borrower”),
is now or hereafter may be indebted to the Senior Lender on account of loans or
the other extensions of credit or financial accommodations from the Senior
Lender to Borrower, or to any other person under the guaranty or endorsement of
Borrower.

 

The
Subordinated Creditor has entered into certain financial accommodations with
Borrower.

 

As
a condition to making any loan or extension of credit to Borrower, the Senior
Lender has required that the Subordinated Creditor, in accordance with the
terms of this Agreement, (i) subordinate the payment of the Subordinated
Note and the Subordinated Creditor’s other financial accommodations to the
payment of any and all indebtedness of the Borrower to the Senior Lender and (ii) disclaim
any interest or Liens in the Collateral. 
Assisting Borrower in obtaining credit accommodations from the Senior
Lender and subordinating his  interests
pursuant to the terms of this Agreement are in the Subordinated Creditor’s best
interest.

 

ACCORDINGLY,
in consideration of the loans and other financial accommodations that have been
made and may hereafter be made by the Senior Lender for the benefit of the
Borrower, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Subordinated Creditor hereby
agrees as follows:

 

1.             Definitions. As used herein,
the following terms have the meanings set forth below:

 

“Borrower Default” means a Default or Event of Default as
defined in any agreement or instrument evidencing, governing, or issued in
connection with Senior Lender Indebtedness, including, but not limited to, the
Credit Agreement, or any default under or breach of any such agreement or
instrument.

 

“Carrier Liens” means any statutory or common law possessory
carrier liens which are now or may in the future be held by Subordinated
Creditor which attach to assets of Borrower.

 

“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.

 

“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.

 

“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 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, absolute or contingent,
primary or secondary, liquidated or unliquidated, or joint, several or joint
and several.

 

“Subordinated Note” means the Borrower’s Promissory Note made
by the Borrower dated May 4, 2009, payable to the order of the
Subordinated Creditor in the original principal amount of $997,545.50, together
with all renewals, extensions and modifications thereof and any note or notes
issued in substitution therefore.

 

“Trade Payable Indebtedness” means the trade payable
indebtedness owed by Borrower to Subordinated Creditor, whether such trade
payable debt now exists or is hereafter created or incurred, and whether it is
or may be direct or indirect, due or to become due, absolute or contingent,
primary or secondary, liquidated or unliquidated, or joint, several or joint
and several, which shall not include indebtedness evidenced by the Subordinated
Note.

 

2.             Subordination.

 

(a)           The Subordinated Creditor hereby
agrees that the payment and performance of all of the Subordinated Indebtedness
is hereby expressly subordinated to the payment and performance in full of the
Senior Lender Indebtedness and regardless of any priority 

 

2

 

otherwise available to the
Subordinated Creditor by law or by agreement, the Senior Lender shall hold a
first priority Lien in the Collateral and the Subordinated Creditor hereby
disclaims any interest or Liens in the Collateral.  The Subordinated Indebtedness shall continue
to be subordinated to the Senior Lender Indebtedness even if the Senior Lender
Indebtedness is deemed unsecured, under-secured, subordinated, avoided or
disallowed under the United States Bankruptcy Code or other applicable law.

 

(b)           Notwithstanding anything contained
herein to the contrary, the Subordinated Creditor does not subordinate any
Carrier Liens which it possesses now or in the future which attach to assets of
Borrower, and Subordinated Creditor shall be free to exercise its rights
pursuant to such Carrier Liens, including without limitation foreclosure
thereof.  Subordinated Creditor
acknowledges that the Subordinated Note is not, and shall not be secured by any
such Carrier Liens and disclaims any Carrier Liens as to the Subordinated
Indebtedness which is not Trade Payable Indebtedness.

 

3.             Payments.  Until all of the Senior Lender Indebtedness
has been indefeasibly paid and performed in full and the Senior Lender has
released its Lien in the Collateral, the Subordinated Creditor shall not,
without the Senior Lender’s prior written consent, demand, receive or accept
any payment (whether of principal, interest or otherwise) from the Borrower in
respect of the Subordinated Indebtedness, or exercise any right of or permit
any setoff in respect of the Subordinated Indebtedness except
Subordinated Creditor may demand and accept scheduled, current (but not past
due), non-accelerated payments (but not prepayments) of principal and interest
required to be paid under the Subordinated Note until such time as Senior
Lender has notified Subordinated Creditor that a Borrower Default exists.  Notwithstanding anything contained herein to
the contrary, the Subordinated Creditor may invoice and demand payment from the
Borrower for Trade Payable Indebtedness, and receive payments from Borrower
which are payments of Trade Payable Indebtedness.

 

4.             Receipt of Prohibited Payments.
If the Subordinated Creditor receives any payment on the Subordinated
Indebtedness that the Subordinated Creditor is not entitled to receive under
the provisions of this Agreement, the Subordinated Creditor will hold the
amount so received in trust for the Senior Lender and will forthwith turn over
such payment to the Senior Lender in the form received (except for the
endorsement of the Subordinated Creditor where necessary) for application to
then-existing Senior Lender Indebtedness (whether or not due), in such manner
of application as the Senior Lender may reasonably deem appropriate. If the
Subordinated Creditor exercises any right of setoff which the Subordinated
Creditor is not permitted to exercise under the provisions of this Agreement,
the Subordinated Creditor will promptly pay over to the Senior Lender, in
immediately available funds, an amount equal to the amount of the claims or
obligations offset. If the Subordinated Creditor fails to make any endorsement
required under this Agreement, the Senior Lender, or any of its officers or
employees or agents on behalf of the Senior Lender, is hereby irrevocably
appointed as the attorney-in-fact (which appointment is coupled with an
interest) for the Subordinated Creditor to make such endorsement in the
Subordinated Creditor’s name.

 

5.             Action on Subordinated
Indebtedness.  Unless and until the
Senior Lender Indebtedness has been indefeasibly paid and performed in full and
the Senior Lender has released 

 

3

 

its Lien in the Collateral,
the Subordinated Creditor will not commence any action or proceeding against
the Borrower to recover all or any part of the Subordinated Indebtedness, or
join with any creditor (unless Senior Lender shall so join) in bringing any
proceeding against the Borrower under any bankruptcy, reorganization,
readjustment of debt, arrangement of debt receivership, liquidation or
insolvency law or statute of the federal or any state government, or take
possession of, sell or dispose of, or otherwise deal with, the Collateral, and
will not exercise or enforce any other right or remedy which may be available
to the Subordinated Creditor with respect to any such Collateral; provided,
however, the foregoing shall not be construed to prevent the Subordinated
Creditor from exercising any of its rights with respect to any Carrier Liens.

 

6.             Action
Concerning Collateral and Restrictions on Liens.

 

(a)           Subordinated Creditor represents, warrants,
agrees, promises and covenants to Senior Lender that unless and until all of
the Senior Lender Indebtedness has been indefeasibly paid and performed in full
and the Senior Lender has released its Lien in the Collateral the (i) Subordinated
Creditor will not modify, amend, restate or otherwise change the Subordinated
Note or any documents, agreements or instruments representing or related to any
Subordinated Indebtedness; (ii) except for Carrier Liens, Subordinated
Creditor holds no Lien and will hold no Lien on the Collateral or any other
property or assets of Borrower; (iii) there are currently no UCC or
similar filings in connection with any indebtedness from Borrower to
Subordinated Creditor, and will not be any such filings; and (iv) should
any Lien, except for Carrier Liens, be taken or received by Subordinated
Creditor in respect of the Collateral or any other property or assets of
Borrower, or should any UCC or similar filing against Borrower be made by or on
behalf of Subordinated Creditor, Senior Lender may, in its sole and absolute
discretion, terminate, release, cancel (or take assignment thereof for its own
benefit) any such Liens or filings, and Subordinated Creditor hereby appoints
Senior Creditor as its attorney-in-fact for such purposes.

 

(b)           Except to the extent subject to
Carrier Liens, Senior Lender may take possession of, sell, dispose of, and
otherwise deal with all or any part of the Collateral, and may enforce any
right or remedy available to it with respect to the Borrower or the Collateral,
all without notice to or consent of the Subordinated Creditor except as
specifically required by applicable law.

 

(c)           The Senior Lender shall have no duty
to preserve, protect, care for, insure, take possession of, collect, dispose
of, or otherwise realize upon any of the Collateral or any other property or
assets of the Borrower, and in no event shall the Senior Lender be deemed the
Subordinated Creditor’s agent with respect to the Collateral. All proceeds
received by the Senior Lender with respect to any Collateral may be applied,
first, to pay or reimburse the Senior Lender for all costs and expenses
(including reasonable attorneys’ fees) incurred by the Senior Lender in
connection with the collection of such proceeds, and, second, to any Senior
Lender Indebtedness secured by the Senior Lender’s Lien in that Collateral in
any order that it may choose.

 

4

 

(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.

 

7.             Bankruptcy and Insolvency.
In the event of any receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization or arrangement with creditors, whether or
not pursuant to bankruptcy law, the sale of all or substantially all of the
assets of the Borrower, dissolution, liquidation or any other marshalling of
the assets or liabilities of the Borrower, the Subordinated Creditor will file
all claims, proofs of claim or other instruments of similar character necessary
to enforce the obligations of the Borrower in respect of the Subordinated
Indebtedness and will hold in trust for the Senior Lender and promptly pay over
to the Senior Lender in the form received (except for the endorsement of the
Subordinated Creditor where necessary) for application to the then-existing
Senior Lender Indebtedness, any and all moneys, dividends or other assets
received in any such proceedings on account of the Subordinated Indebtedness,
unless and until the Senior Lender Indebtedness has been paid in full and the
Senior Lender’s Lien in the Collateral has been terminated. If the Subordinated
Creditor shall fail to take any such action, the Senior Lender, as attorney-in-fact
for the Subordinated Creditor, may take such action on the Subordinated
Creditor’s behalf. The Subordinated Creditor hereby irrevocably appoints the
Senior Lender, or any of its officers or employees on behalf of the Senior
Lender, as the attorney-in-fact for the Subordinated Creditor (which
appointment is coupled with an interest) with the power but not the duty to
demand, sue for, collect and receive any and all such moneys, dividends or
other assets and give acquittance therefor and to file any claim, proof of
claim or other instrument of similar character, to vote claims comprising
Subordinated Indebtedness to accept or reject any plan of partial or complete
liquidation, reorganization, arrangement, composition or extension and to take
such other action in the Senior Lender’s own name or in the name of the
Subordinated Creditor as the Senior Lender may deem necessary or advisable for
the enforcement of the agreements contained herein; and the Subordinated
Creditor will execute and deliver to the Senior Lender such other and further
powers-of-attorney or instruments as the Senior Lender may request in order to
accomplish the foregoing. If the Senior Lender desires to permit the use of
cash collateral or to provide post-petition financing to the Borrower, the
Subordinated Creditor shall not object to the same or assert that its interests
are not being adequately protected.

 

8.             Restrictive Legend; Transfer of
Subordinated Indebtedness; Amendment. The Subordinated Creditor will cause
the Subordinated Note and all other notes, bonds, debentures or other
instruments evidencing the Subordinated Indebtedness or any part thereof to
contain a specific statement thereon to the effect that the indebtedness
thereby evidenced is subject to the provisions of this Agreement, and the
Subordinated Creditor will mark its books conspicuously to evidence the
subordination effected hereby.  Attached
hereto is a true and correct copy of the Subordinated Note bearing such
legend.  The Subordinated Creditor is the
lawful holder of the Subordinated Note and has not transferred any interest
therein to any other person or entity. Without the prior written consent of the
Senior Lender, the Subordinated 

 

5

 

Creditor will not assign,
transfer or pledge to any other person any of the Subordinated Indebtedness.

 

9.             Continuing Effect. This
Agreement shall constitute a continuing agreement of subordination, and the
Senior Lender may, without notice to or consent by the Subordinated Creditor,
modify any term of the Senior Lender Indebtedness in reliance upon this
Agreement. Without limiting the generality of the foregoing, the Senior Lender
may, at any time and from time to time, without the consent of or notice to the
Subordinated Creditor and without incurring responsibility to the Subordinated
Creditor or impairing or releasing any of the Senior Lender’s rights or any of
the Subordinated Creditor’s obligations hereunder:

 

(a)           change the interest rate or change
the amount of payment or extend the time for payment or renew or otherwise
alter the terms of any Senior Lender Indebtedness or any instrument evidencing
the same in any manner;

 

(b)           sell, exchange, release or otherwise
deal with any property, except for property subject to Carrier Liens, at any
time securing payment of the Senior Lender Indebtedness or any part thereof;

 

(c)           release anyone liable in any manner
for the payment or collection of the Senior Lender Indebtedness or any part
thereof;

 

(d)           exercise or refrain from exercising
any right against the Borrower or any other person (including the Subordinated
Creditor); and

 

(e)           apply any sums received by the Senior
Lender, by whomsoever paid and however realized, to the Senior Lender
Indebtedness in such manner as the Senior Lender shall deem appropriate.

 

10.           No Commitment. None of the
provisions of this Agreement shall be deemed or construed to constitute or
imply any commitment or obligation on the part of the Senior Lender to make any
future loans or other extensions of credit or financial accommodations to the
Borrower.

 

11.           Waiver and Consent.  Senior Lender shall have no obligation to the
Subordinated Creditor with respect to the Collateral or the Senior Lender
Indebtedness.  Subject to any Carrier
Liens, Senior Lender may (a) exercise collection rights, (b) take
possession of, sell or dispose of, and otherwise deal with, the Collateral, (c) in
Senior Lender’s name, or in Borrower’s name, demand, sue for, collect or
receive any money or property at any time payable or receivable on account of,
or securing, any right to payment, or grant any extension to, make any
compromise or settlement with or otherwise agree to waive, modify, amend or
change the obligations (including collateral obligations) of any account debtor
or other obligor of the Debtor; (d) prosecute, settle and receive proceeds
on any insurance claims relating to the Collateral, and (e) exercise and
enforce any right or remedy available to Senior Lender with respect to the
Collateral, whether available before or after the occurrence of any default;
all without notice to or consent by anyone except as specifically required by
law. Senior Lender may 

 

6

 

apply the proceeds of the
Collateral in any order of application, and may remit or release such proceeds
or any other sums or amounts to the Borrower without being obligated to assure
that any such proceeds or sums are applied to the satisfaction of the
Subordinated Creditor’s subordinated security interest in any Collateral,
except as required by law or to the extent subject to Carrier Liens. The
Subordinated Creditor hereby waives any and all right to require the marshalling
of assets in connection with the exercise of any of the remedies permitted by
applicable law or agreement.

 

12.           Notice. All notices and other
communications hereunder shall be in writing and shall be (i) personally
delivered, (ii) transmitted by registered mail, postage prepaid, or (iii) transmitted
by telecopy, in each case addressed to the party to whom notice is being given
at its address as set forth below:

 

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

 

If to the Subordinated Creditor:

 

Union
Pacific Railroad Company

1400
Douglas Street, STOP 1780

Omaha,
NE  68179-1780

Attention:
Senior Manager – Revenue Accounting

Telecopier: (402) 233-3434

 

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.

 

13.           Conflict in Agreements. If the
subordination provisions of any instrument evidencing Subordinated Indebtedness
conflict with the terms of this Agreement, the terms of this Agreement shall
govern the relationship between the Senior Lender and the Subordinated
Creditor.

 

14.           No Waiver. No waiver shall be
deemed to be made by the either party of any of its rights hereunder unless the
same shall be in writing signed on behalf of such party, and each such waiver,
if any, shall be a waiver only with respect to the specific matter or matters
to which the waiver relates and shall in no way impair the rights of such party
or the obligations of the other party to the such party in any other respect at
any time.

 

7

 

15.           Binding Effect; Acceptance.
This Agreement shall be binding upon the Subordinated Creditor and the
Subordinated Creditor’s successors and assigns and shall inure to the benefit
of the Senior Lender and its participants, successors and assigns irrespective
of whether this or any similar agreement is executed by any other creditor of
the Borrower. Notice of acceptance by the Senior Lender of this Agreement or of
reliance by the Senior Lender upon this Agreement is hereby waived by the
Subordinated Creditor.

 

16.           Miscellaneous. The paragraph
headings herein are included for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose. This Agreement may
be executed in any number of counterparts, each of which shall be an original,
but all of which together shall constitute one instrument.  The exchange of copies of this Agreement 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.

 

17.           Governing Law; Consent to
Jurisdiction and Venue; Waiver of Jury Trial. This Agreement shall be
governed by and construed in accordance with the substantive laws (other than
conflict laws) of the State of Minnesota. 
THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN
ANY ACTION OR PROCEEDING BASED ON OR PERTAINING TO THIS AGREEMENT.

 

 

[Signature Page Follows]

 

8

 

IN WITNESS WHEREOF, the
Subordinated Creditor has executed this Agreement as of the date and year first
above-written.

 

 

	
   

  	
  UNION
  PACIFIC RAILROAD COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Bier Brolky

  
	
   

  	
  Name:

  	
  Bier
  Brolky

  
	
   

  	
  Its:

  	
  Sr. Manager, Credit

  

 

9

 

Acknowledgment by Borrower

 

The
undersigned, being the Borrower referred to in the foregoing Agreement, hereby (i) acknowledges
receipt of a copy thereof, (ii) agrees to all of the terms and provisions
thereof, (iii) agrees to and with the Senior Lender that it shall make no
payment on the Subordinated Indebtedness that the Subordinated Creditor would
not be entitled to receive under the provisions of the Agreement, (iv) agrees
that any such payment will constitute a default under the Senior Lender
Indebtedness, and (v) agrees to mark its books conspicuously to evidence
the subordination of the Subordinated Indebtedness effected hereby.

 

 

	
   

  	
  MGP
  INGREDIENTS, INC.

  
	
   

  	
  a
  Kansas corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Timothy W. Newkirk

  
	
   

  	
  Name:

  	
  Timothy
  W. Newkirk

  
	
   

  	
  Its:

  	
  President & CEO

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