Document:

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                                                                     Exhibit 4.5

                                  $200,000,000

                   11 3/4% Senior Subordinated Notes due 2011

                         REGISTRATION RIGHTS AGREEMENT

                           dated as of March 27, 2001
                                  by and among

                        Michael Foods Acquisition Corp.

                                     -and-

                         Banc of America Securities LLC
                           Bear, Stearns & Co. Inc.,

                                     -and-

                     The Subsidiaries listed in Schedule A,
                                 as Guarantors

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            This Registration Rights Agreement (this "Agreement") is made and
entered into as of March 27, 2001, by and among Michael Foods Acquisition Corp.,
a Minnesota corporation (the "Issuer") and Banc of America Securities LLC, and
Bear, Stearns & Co. Inc. (the "Initial Purchasers") who have agreed to purchase
the Issuer's 11 3/4% Senior Subordinated Notes due 2011 (the "Notes") pursuant
to the Purchase Agreement (as defined below) and will be entered into by the
subsidiaries of Michael Foods, Inc. ("Michael Foods") listed in Schedule A
herein (the "Subsidiaries" and each a "Guarantor" and, collectively, the
"Guarantors"), upon consummation of the Merger (defined below) and the execution
of a counterpart signature page hereto.

            This Agreement is made pursuant to the Purchase Agreement, dated
March 16, 2001 (the "Purchase Agreement"), by and among the Issuer, Michael
Foods and the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Notes, the Issuer has agreed to provide the registration rights set
forth in this Agreement. The execution and delivery of this Agreement is a
condition to the obligations of the Initial Purchasers set forth in Section 5 of
the Purchase Agreement.

            The Issuer has entered into an Agreement and Plan of Merger, dated
as of December 21, 2000, among the Issuer, Michael Foods and M-Foods Holdings,
Inc. (the "Merger"), pursuant to which the Issuer will merge with and into
Michael Foods and Michael Foods will be the surviving corporation and a wholly
owned subsidiary of M-Foods Holdings, Inc. As a result of the Merger, all of the
obligations of the Issuer under this Agreement will become obligations of
Michael Foods and each Guarantor will become bound by the obligations of this
Agreement upon the consummation of the Merger and the execution of a counterpart
signature page to this Agreement by each such Guarantor.

            Capitalized terms used herein and not otherwise defined herein shall
have the meaning assigned to them under the Indenture, dated as of March 27,
2001 (the "Indenture"), entered into between the Issuer and BNY Midwest Trust
Company, as Trustee, relating to the Notes and the Exchange Notes (as defined
below).

            The parties hereby agree as follows:

            Section 1. Definitions. As used in this Agreement, the following
capitalized terms shall have the following meanings:

            Act: The Securities Act of 1933, as amended.

            Affiliate: As defined in Rule 144 under the Act.

            Broker-Dealer: Any broker or dealer registered under the Exchange
Act.

            Certificated Securities: Definitive Notes, as defined in the
Indenture.

            Closing Date: The date hereof.

            Commission: The Securities and Exchange Commission.

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            Consummate: An Exchange Offer shall be deemed "Consummated" for
purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Act of the Exchange Offer Registration Statement
relating to the Exchange Notes to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the period
required pursuant to Section 3(b) hereof and (c) the delivery by the Issuer to
the Registrar under the Indenture of Exchange Notes in the same aggregate
principal amount as the aggregate principal amount of Notes tendered by Holders
thereof pursuant to the Exchange Offer.

            Consummation Deadline: As defined in Section 3(b) hereof.

            Effectiveness Deadline: As defined in Sections 3(a) and 4(a) hereof.

            Exchange Act: The Securities Exchange Act of 1934, as amended.

            Exchange Notes: The Issuer's 11 3/4% Senior Subordinated Notes due
2011 to be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii)
as contemplated by Section 4 hereof.

            Exchange Offer: The exchange and issuance by the Issuer of a
principal amount of Exchange Notes (which shall be registered pursuant to the
Exchange Offer Registration Statement) equal to the outstanding principal amount
of Notes that are tendered by such Holders in connection with such exchange and
issuance.

            Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

            Exempt Resales: The transactions in which the Initial Purchasers
propose to sell the Notes to certain "qualified institutional buyers," as such
term is defined in Rule 144A under the Act and pursuant to Regulation S under
the Act.

            Filing Deadline: As defined in Sections 3(a) and 4(a) hereof.

            Holders: As defined in Section 2 hereof.

            Prospectus: The prospectus included in a Registration Statement at
the time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

            Recommencement Date: As defined in Section 6(d) hereof.

            Registration Default: As defined in Section 5 hereof.

            Registration Statement: Any registration statement of Michael Foods,
relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or
(b) the registration for resale of Transfer Restricted Securities pursuant to
the Shelf Registration Statement, in each case, (i) that is filed pursuant to
the provisions of this Agreement and (ii) including the

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Prospectus included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

            Regulation S: Regulation S promulgated under the Act.

            Rule 144: Rule 144 promulgated under the Act.

            Shelf Registration Statement: As defined in Section 4 hereof.

            Suspension Notice: As defined in Section 6(d) hereof.

            TIA: The Trust Indenture Act of 1939 as in effect on the date of the
Indenture.

            Transfer Restricted Securities: Each (A) Note, until the earliest to
occur of (i) the date on which such Note is exchanged in the Exchange Offer for
an Exchange Note which is entitled to be resold to the public by the Holder
thereof without complying with the prospectus delivery requirements of the Act,
(ii) the date on which such Note has been disposed of in accordance with a Shelf
Registration Statement (and the purchasers thereof have been issued Exchange
Notes) or (iii) the date on which such Note is distributed to the public
pursuant to Rule 144 under the Act or is saleable pursuant to Rule 144(k) under
the Act (or similar provisions then in effect) and (B) Exchange Note held by a
Broker-Dealer until the date on which such Exchange Note is disposed of by a
Broker-Dealer pursuant to the "Plan of Distribution" contemplated by the
Exchange Offer Registration Statement (including the delivery of the Prospectus
contained therein).

            Section 2. Holders. A Person is deemed to be a holder of Transfer
Restricted Securities (each, a "Holder") whenever such Person owns Transfer
Restricted Securities.

            Section 3. Registered Exchange Offer. (a) Unless the Exchange Offer
shall not be permitted by applicable federal law (after the procedures set forth
in Section 6(a)(i) below have been complied with), the Issuer and the Guarantors
shall (i) cause the Exchange Offer Registration Statement to be filed with the
Commission as soon as practicable after the Closing Date, but in no event later
than 90 days after the Closing Date (such 90th day being the "Filing Deadline"),
(ii) use its reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective at the earliest possible time, but in no event
later than 180 days after the Closing Date (such 180th day being the
"Effectiveness Deadline") and (iii) in connection with the foregoing, (A) file
all pre-effective amendments to such Exchange Offer Registration Statement as
may be necessary in order to cause it to become effective, (B) file, if
applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Act and (C) cause all necessary
filings, if any, in connection with the registration and qualification of the
Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer, and (iv) upon the
effectiveness of such Exchange Offer Registration Statement, commence and
Consummate the Exchange Offer. The Exchange Offer shall be on the appropriate
form permitting (i) registration of the Exchange Notes to be offered in exchange
for the Notes that are Transfer Restricted Securities and (ii) resales of
Exchange Notes by any Broker-Dealer that tendered Notes into the Exchange Offer
that such Broker-Dealer acquired for its own account as a result of market

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making activities or other trading activities (other than Notes acquired
directly from the Issuer or any of its Affiliates) as contemplated by Section
3(c) below.

            (b) The Issuer and the Guarantors shall use their respective
reasonable best efforts to cause the Exchange Offer Registration Statement to be
effective continuously, and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days. The Issuer and the
Guarantors shall cause the Exchange Offer to comply with all applicable federal
and state securities laws. No securities other than the Exchange Notes shall be
included in the Exchange Offer Registration Statement. The Issuer and the
Guarantors shall use their respective best efforts to cause the Exchange Offer
to be Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective, but in no event later than 30
Business Days thereafter (such 30th day being the "Consummation Deadline").

            (c) The Issuer shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Broker-Dealer who holds Transfer Restricted Securities that
were acquired for the account of such Broker-Dealer as a result of market-making
activities or other trading activities (other than Notes acquired directly from
the Issuer or any Affiliate of the Issuer), may exchange such Transfer
Restricted Securities pursuant to the Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the
Commission as a result of a change in policy, rules or regulations after the
date of this Agreement. See the Shearman & Sterling no-action letter (available
July 2, 1993).

            Because any such Broker-Dealer may be deemed to be an "underwriter"
within the meaning of the Act and must, therefore, deliver a prospectus meeting
the requirements of the Act in connection with its initial sale of any Exchange
Notes received by such Broker-Dealer in the Exchange Offer, the Issuer and the
Guarantors shall permit the use of the Prospectus contained in the Exchange
Offer Registration Statement by such Broker-Dealer to satisfy such prospectus
delivery requirement through the Consummation Deadline and thereafter as
provided in the remainder of this paragraph. To the extent necessary to ensure
that the prospectus contained in the Exchange Offer Registration Statement is
available for sales of Exchange Notes by any Broker-Dealer that acquired
Exchange Notes as a result of market-making or similar activities such that the
Broker-Dealer would be required to deliver a prospectus under the Act upon a
subsequent sale or other disposition of the Exchange Notes, then the Issuer and
the Guarantors agree, in the event any of them receives notice from a
Broker-Dealer within 10 Business Days of the Consummation of the Exchange Offer
that such Broker-Dealer holds Transfer Restricted Securities that were acquired
for the account of such Broker-Dealer as a result of market making or similar
activities to use their respective reasonable best efforts to keep the Exchange
Offer Registration Statement continuously effective, supplemented, amended and
current as required by and subject to the provisions of Section 6(a) and (c)
hereof and in conformity with the requirements of this Agreement, the Act and
the policies, rules and regulations of the Commission as announced from time to
time, for a period of 180 days from the

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Consummation Deadline or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Registration Statement have been sold
pursuant thereto. The Issuer and the Guarantors shall provide copies of the
latest version of such Prospectus to such Broker-Dealers, in such number as such
Broker-Dealers may reasonably request promptly upon such request, and in no
event later than two Business Days after the date of such request, at any time
during such period.

            Section 4. Shelf Registration. (a) Shelf Registration. If (i) the
Exchange Offer is not permitted by applicable law (after the Issuer and the
Guarantors have complied with the procedures set forth in Section 6(a)(i) below)
or (ii) if any Holder of Transfer Restricted Securities shall notify the Issuer
in writing within 20 Business Days following the Consummation Deadline that (A)
such Holder was prohibited by law or Commission policy from participating in the
Exchange Offer or (B) such Holder may not resell the Exchange Notes acquired by
it in the Exchange Offer to the public without delivering a prospectus and the
Prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales by such Holder or (C) such Holder is a
Broker-Dealer and holds Notes acquired directly from the Issuer or any of its
Affiliates, then the Issuer and the Guarantors shall: (x) cause to be filed, on
or prior to 90 days after the earlier of (i) the date on which the Issuer
determines that the Exchange Offer Registration Statement cannot be filed as a
result of clause (a)(i) above and (ii) the date on which the Issuer receives the
notice specified in clause (a)(ii) above, (such earlier date, the "Filing
Deadline"), a shelf registration statement pursuant to Rule 415 under the Act
(which may be an amendment to the Exchange Offer Registration Statement (the
"Shelf Registration Statement")), relating to all Transfer Restricted
Securities, and (y) shall use their respective reasonable best efforts to cause
such Shelf Registration Statement to become effective on or prior to 180 days
after the Filing Deadline for the Shelf Registration Statement (such 180th day
the "Effectiveness Deadline").

            If, after the Issuer and the Guarantors filed an Exchange Offer
Registration Statement that satisfies the requirements of Section 3(a) above,
the Issuer and the Guarantors are required to file and make effective a Shelf
Registration Statement solely because the Exchange Offer is not permitted under
applicable federal law (i.e., clause (a)(i) above), then the filing of the
Exchange Offer Registration Statement shall be deemed to satisfy the
requirements of clause (x) above; provided that, in such event, the Issuer and
the Guarantors shall remain obligated to use best efforts to meet the
Effectiveness Deadline set forth in clause (y).

            To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other
securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Issuer and the Guarantors shall use their respective reasonable best
efforts to keep any Shelf Registration Statement required by this Section 4(a)
continuously effective, supplemented, amended and current as required by and
subject to the provisions of Sections 6(b) and (c) hereof and in conformity with
the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of at
least two years (as extended pursuant to Section 6(c)(i)) following the Closing
Date, or such shorter period as will terminate when all Transfer Restricted
Securities covered by such Shelf Registration Statement have been sold pursuant
thereto.

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            (b) Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Issuer in writing, within 10 days after receipt of a request therefor, the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of
the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. No Holder of Transfer
Restricted Securities shall be entitled to liquidated damages pursuant to
Section 5 hereof unless and until such Holder shall have provided all such
information. Each selling Holder agrees to promptly furnish additional
information required to be disclosed in order to make the information previously
furnished to the Issuer by such Holder not materially misleading. The Issuer
shall not be obligated to supplement such Shelf Registration Statement after it
has been declared effective by the Commission more than one time per quarterly
period to reflect additional holders.

            Section 5. Liquidated Damages. If (i) any Registration Statement
required by this Agreement is not filed with the Commission on or prior to the
applicable Filing Deadline, (ii) any such Registration Statement has not been
declared effective by the Commission on or prior to the applicable Effectiveness
Deadline, (iii) the Exchange Offer has not been Consummated on or prior to the
Consummation Deadline, (iv) the Shelf Registration Statement or the Exchange
Offer Registration Statement is declared effective but thereafter, pending the
announcement of a material corporate transaction, the Issuer issues a notice
that the Shelf Registration Statement is unusable, or such notice is required
under applicable securities laws to be issued by the Issuer, and, during the
period specified in Section 4(a) above, the aggregate number of days in any
consecutive twelve-month period for which all such notices are issued or
required to be issued exceeds 45 days, or (v) the Exchange Offer Registration
Statement is filed and declared effective but thereafter (A) during the period
through and including the Consummation Deadline, shall cease to be effective or
fail to be usable for its intended purpose without being succeeded within five
Business Days by a post-effective amendment to such Exchange Offer Registration
Statement that cures such failure and that is itself declared effective
immediately or (B) during the period from the day after the Consummation
Deadline through and including the one-hundred-eightieth day after the
Consummation Deadline, pending the announcement of a material corporate
transaction, the Issuer issues a notice that the Exchange Offer Registration
Statement is unusable for the purposes contemplated by the second paragraph of
Section 3(c) above, or such notice is required under applicable securities laws
to be issued by the Issuer, and, during the 180-day period specified in Section
3(c) above, the aggregate number of days for which all such notices are issued
or required to be issued exceeds 45 days (each such event referred to in clauses
(i) through (v), a "Registration Default"), then the Issuer and the Guarantors
hereby jointly and severally agree to pay to each Holder of Transfer Restricted
Securities affected thereby liquidated damages in an amount equal to $.05 per
week per $1,000 in principal amount of Transfer Restricted Securities held by
such Holder for each week or portion thereof that the Registration Default
continues for the first 90-day period immediately following the occurrence of
such Registration Default. The amount of the liquidated damages shall increase
by an additional $.05 per week per $1,000 in principal amount of Transfer
Restricted Securities with respect to each subsequent 90-day period until all
Registration Defaults have been cured, up to a maximum amount of liquidated
damages of $.50 per week per $1,000 in principal amount of Transfer Restricted
Securities. Notwithstanding anything to the contrary set forth herein, (1) upon
filing of the Exchange Offer Registration Statement (and/or, if applicable, the
Shelf Registration Statement), in the case of (i) above, (2) upon the
effectiveness of the Exchange Offer Registration Statement (and/or, if

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applicable, the Shelf Registration Statement), in the case of (ii) above, (3)
upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon
the filing of a post-effective amendment to the Registration Statement or an
additional Registration Statement that causes the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement) to again be
declared effective or made usable in the case of (iv) or (v)(A) or (B) above, as
applicable, the liquidated damages payable with respect to the Transfer
Restricted Securities as a result of such clause (i), (ii), (iii), (iv) or
(v)(A) or (B), as applicable, shall cease.

            All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Damages Payment Date, as more fully set forth in the Indenture and the
Notes. Notwithstanding the fact that any securities for which liquidated damages
are due cease to be Transfer Restricted Securities, all obligations of the
Issuer and the Guarantors to pay accrued liquidated damages with respect to such
securities shall survive until such time as such obligations with respect to
such securities shall have been satisfied in full.

            In the event that the Exchange Offer Registration Statement is
declared effective but thereafter the Issuer issues a notice as contemplated by
clause (v)(B) above, the number of days during which such Registration Statement
is unusable shall be deducted from the first annual 45-day "blackout" period
permitted under clause (iv) above for purposes of determining the number of days
during which Additional Interest would accrue in the event of a Registration
Default under clause (iv) above.

            Section 1. Registration Procedures. (a) Exchange Offer Registration
Statement. In connection with the Exchange Offer, the Issuer and the Guarantors
shall (x) comply with all applicable provisions of Section 6(c) below, (y) use
their respective reasonable best efforts to effect such exchange and to permit
the resale of Exchange Notes by any Broker-Dealer that tendered in the Exchange
Offer Notes that such Broker-Dealer acquired for its own account as a result of
its market making activities or other trading activities (other than Notes
acquired directly from the Issuer or any of its Affiliates) being sold in
accordance with the intended method or methods of distribution thereof, and (z)
comply with all of the following provisions:

            (i) If, following the date hereof there has been announced a change
      in Commission policy with respect to exchange offers such as the Exchange
      Offer, that in the reasonable opinion of counsel to the Issuer raises a
      substantial question as to whether the Exchange Offer is permitted by
      applicable federal law, the Issuer and the Guarantors hereby agree to seek
      a no-action letter or other favorable decision from the Commission
      allowing the Issuer and the Guarantors to Consummate an Exchange Offer for
      such Transfer Restricted Securities. The Issuer and the Guarantors hereby
      agree to pursue the issuance of such a decision to the Commission staff
      level. In connection with the foregoing, the Issuer and the Guarantors
      hereby agree to take all such other actions as may be requested by the
      Commission or otherwise reasonably required in connection with the
      issuance of such decision, including without limitation (A) participating
      in telephonic conferences with the Commission, (B) delivering to the
      Commission staff an analysis prepared by counsel to the Issuer setting
      forth the legal bases, if any, upon which

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      such counsel has concluded that such an Exchange Offer should be permitted
      and (C) diligently pursuing a resolution (which need not be favorable) by
      the Commission staff.

            (ii) As a condition to its participation in the Exchange Offer, each
      Holder of Transfer Restricted Securities (including, without limitation,
      any Holder who is a Broker-Dealer) shall furnish, upon the request of the
      Issuer, prior to the Consummation of the Exchange Offer, a written
      representation to the Issuer and the Guarantors (which may be contained in
      the letter of transmittal contemplated by the Exchange Offer Registration
      Statement) to the effect that (A) it is not an Affiliate of the Issuer,
      (B) it is not engaged in, and does not intend to engage in, and has no
      arrangement or understanding with any person to participate in, a
      distribution of the Exchange Notes to be issued in the Exchange Offer and
      (C) it is acquiring the Exchange Notes in its ordinary course of business.
      As a condition to its participation in the Exchange Offer each Holder
      using the Exchange Offer to participate in a distribution of the Exchange
      Notes shall acknowledge and agree that if the resales are of Exchange
      Notes obtained by such Holder in exchange for Notes acquired directly from
      the Issuer or an Affiliate thereof, it (1) could not, under Commission
      policy as in effect on the date of this Agreement, rely on the position of
      the Commission enunciated in Morgan Stanley and Co., Inc. (available June
      5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988),
      as interpreted in the Commission's letter to Shearman & Sterling dated
      July 2, 1993, and similar no-action letters (including, if applicable, any
      no-action letter obtained pursuant to clause (i) above), and (2) must
      comply with the registration and prospectus delivery requirements of the
      Act in connection with a secondary resale transaction and that such a
      secondary resale transaction must be covered by an effective registration
      statement containing the selling security holder information required by
      Item 507 or 508, as applicable, of Regulation S-K.

            (iii) Prior to effectiveness of the Exchange Offer Registration
      Statement, the Issuer and the Guarantors shall provide a supplemental
      letter to the Commission (A) stating that the Issuer and the Guarantors
      are registering the Exchange Offer in reliance on the position of the
      Commission enunciated in Exxon Capital Holdings Corporation (available May
      13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as
      interpreted in the Commission's letter to Shearman & Sterling dated July
      2, 1993, and, if applicable, any no-action letter obtained pursuant to
      clause (i) above, (B) including a representation that neither the Issuer
      nor any Guarantor has entered into any arrangement or understanding with
      any Person to distribute the Exchange Notes to be received in the Exchange
      Offer and that, to the best of the Issuer's and each Guarantor's
      information and belief, each Holder participating in the Exchange Offer is
      acquiring the Exchange Notes in its ordinary course of business and has no
      arrangement or understanding with any Person to participate in the
      distribution of the Exchange Notes received in the Exchange Offer and (C)
      any other undertaking or representation required by the Commission as set
      forth in any no-action letter obtained pursuant to clause (i) above, if
      applicable.

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            (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Issuer and the Guarantors shall:

            (i) comply with all the provisions of Section 6(c) below and use
      their respective reasonable best efforts to effect such registration to
      permit the sale of the Transfer Restricted Securities being sold in
      accordance with the intended method or methods of distribution thereof (as
      indicated in the information furnished to the Issuer pursuant to Section
      4(b) hereof), and pursuant thereto the Issuer and the Guarantors will
      prepare and file with the Commission a Registration Statement relating to
      the registration on any appropriate form under the Act, which form shall
      be available for the sale of the Transfer Restricted Securities in
      accordance with the intended method or methods of distribution thereof
      within the time periods and otherwise in accordance with the provisions
      hereof, and

            (ii) issue, upon the request of any Holder or Purchasers of Notes
      covered by any Shelf Registration Statement contemplated by this
      Agreement, Exchange Notes having an aggregate principal amount equal to
      the aggregate principal amount of Notes sold pursuant to the Shelf
      Registration Statement and surrendered to the Issuer for cancellation; the
      Issuer shall register Exchange Notes on the Shelf Registration Statement
      for this purpose and issue the Exchange Notes to the Purchaser(s) of
      securities subject to the Shelf Registration Statement in the names as
      such Purchaser(s) shall designate.

            (c) General Provisions. In connection with any Registration
Statement and any related Prospectus required by this Agreement, the Issuer and
the Guarantors shall:

            (i) use their respective reasonable best efforts to keep such
      Registration Statement continuously effective and provide all requisite
      financial statements for the period specified in Section 3 or 4 of this
      Agreement, as applicable. Upon the occurrence of any event that would
      cause any such Registration Statement or the Prospectus contained therein
      (A) to contain an untrue statement of material fact or omit to state any
      material fact necessary to make the statements therein (in light of the
      circumstances under which they were made) not misleading or (B) not to be
      effective and usable for resale of Transfer Restricted Securities during
      the period required by this Agreement, the Issuer and the Guarantors shall
      file promptly an appropriate amendment to such Registration Statement
      curing such defect, and, if Commission review is required, use their
      respective reasonable best efforts to cause such amendment to be declared
      effective as soon as practicable.

            (ii) prepare and file with the Commission such amendments and
      post-effective amendments to the applicable Registration Statement as may
      be necessary to keep such Registration Statement effective for the
      applicable period set forth in Section 3 or 4 hereof, as the case may be;
      cause the Prospectus to be supplemented by any required Prospectus
      supplement, and as so supplemented to be filed pursuant to Rule 424 under
      the Act, and to comply fully with Rules 424, 430A and 462, as applicable,
      under the Act in a timely manner; and comply with the provisions of the
      Act with respect to the disposition of all securities covered by such
      Registration Statement during the applicable

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      period in accordance with the intended method or methods of distribution
      by the sellers thereof set forth in such Registration Statement or
      supplement to the Prospectus;

            (iii) with respect to a Shelf Registration Statement, advise each
      selling Holder promptly and, if requested by such selling Holder, confirm
      such advice in writing, (A) when the Prospectus or any Prospectus
      supplement or post-effective amendment has been filed, and, with respect
      to any applicable Registration Statement or any post-effective amendment
      thereto, when the same has become effective, (B) of any request by the
      Commission for amendments to the Registration Statement or amendments or
      supplements to the Prospectus or for additional information relating
      thereto, (C) of the issuance by the Commission of any stop order
      suspending the effectiveness of the Registration Statement under the Act
      or of the suspension by any state securities commission of the
      qualification of the Transfer Restricted Securities for offering or sale
      in any jurisdiction, or the initiation of any proceeding for any of the
      preceding purposes, (D) of the existence of any fact or the happening of
      any event that makes any statement of a material fact made in the
      Registration Statement, the Prospectus, any amendment or supplement
      thereto or any document incorporated by reference therein untrue, or that
      requires the making of any additions to or changes in the Registration
      Statement in order to make the statements therein not misleading, or that
      requires the making of any additions to or changes in the Prospectus in
      order to make the statements therein, in the light of the circumstances
      under which they were made, not misleading. If at any time the Commission
      shall issue any stop order suspending the effectiveness of the
      Registration Statement, or any state securities commission or other
      regulatory authority shall issue an order suspending the qualification or
      exemption from qualification of the Transfer Restricted Securities under
      state securities or Blue Sky laws, the Issuer and the Guarantors shall use
      their respective reasonable best efforts to obtain the withdrawal or
      lifting of such order at the earliest possible time;

            (iv) subject to Section 6(c)(i), if any fact or event contemplated
      by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a
      supplement or post-effective amendment to the Registration Statement or
      related Prospectus or any document incorporated therein by reference or
      file any other required document so that, as thereafter delivered to the
      purchasers of Transfer Restricted Securities, the Prospectus will not
      contain an untrue statement of a material fact or omit to state any
      material fact necessary to make the statements therein, in the light of
      the circumstances under which they were made, not misleading;

            (v) furnish to the Initial Purchasers and, with respect to a Shelf
      Registration Statement, each selling Holder named in any Registration
      Statement or Prospectus in connection with such exchange or sale, if any,
      before filing with the Commission, copies of any Registration Statement or
      any Prospectus included therein or any amendments or supplements to any
      such Registration Statement or Prospectus (including all documents
      incorporated by reference after the initial filing of such Registration
      Statement), which documents will be subject to the review and comment of
      such Holders in connection with such sale, if any, for a period of at
      least five Business Days, and the Issuer will not file any such
      Registration Statement or Prospectus or any amendment or supplement to any
      such Registration Statement or Prospectus (including all such documents
      incorporated by

                                       10
<PAGE>

      reference) to which such Holders shall reasonably object within five
      Business Days after the receipt thereof. A Holder shall be deemed to have
      reasonably objected to such filing if such Registration Statement,
      amendment, Prospectus or supplement, as applicable, as proposed to be
      filed, contains an untrue statement of a material fact or omits to state
      any material fact necessary to make the statements therein (in light of
      the circumstances under which they were made) not misleading or fails to
      comply with the applicable requirements of the Act;

            (vi) with respect to a Shelf Registration Statement, provide copies
      of any document that is to be incorporated by reference into a
      Registration Statement or Prospectus to any selling Holders, upon the
      reasonable request of such selling Holder, in connection with such sale,
      if any;

            (vii) with respect to a Shelf Registration Statement, subject to
      appropriate confidentiality agreements being entered into, make available,
      at reasonable times, for inspection by each selling Holder and any
      attorney or accountant retained by such Holders, all financial and other
      records, pertinent corporate documents of the Issuer and the Guarantors
      and cause at reasonable times the Issuer's and the Guarantors' officers,
      directors and employees to supply all information reasonably requested by
      any such Holder, attorney or accountant at reasonable times in connection
      with such Registration Statement or any post-effective amendment thereto
      subsequent to the filing thereof and prior to its effectiveness;

            (viii) with respect to a Shelf Registration Statement, if requested
      by any selling Holders in connection with such sale, promptly include in
      any Registration Statement or Prospectus, pursuant to a supplement or
      post-effective amendment if necessary, such information as such Holders
      may reasonably request to have included therein, including, without
      limitation, information relating to the "Plan of Distribution" of the
      Transfer Restricted Securities; and make all required filings of such
      Prospectus supplement or post-effective amendment as soon as reasonably
      practicable after the Issuer is notified of the matters to be included in
      such Prospectus supplement or post-effective amendment;

            (ix) with respect to a Shelf Registration Statement, furnish to each
      selling Holder in connection with such sale, without charge, at least one
      copy of the Registration Statement, as first filed with the Commission,
      and of each amendment thereto, including all documents incorporated by
      reference therein and all exhibits (including exhibits incorporated
      therein by reference);

            (x) with respect to a Shelf Registration Statement, deliver to each
      selling Holder, without charge, as many copies of the Prospectus
      (including each preliminary prospectus) and any amendment or supplement
      thereto as such Holder reasonably may request; the Issuer and the
      Guarantors hereby consent to the use (in accordance with law, rules,
      regulations and orders) of the Prospectus and any amendment or supplement
      thereto by each selling Holder in connection with the public offering and
      the sale of the Transfer Restricted Securities covered by the Prospectus
      or any amendment or supplement thereto;

                                       11
<PAGE>

            (xi) upon the request of any Holders who collectively hold an
      aggregate principal amount of Notes in excess of 20% of the outstanding
      Transferred Securities (the "Requesting Holders") enter into an
      underwriting agreement on one occasion and make such representations and
      warranties and take all such other actions in connection therewith as may
      be reasonable and customary in underwritten offerings in order to expedite
      or facilitate the disposition of the Transfer Restricted Securities
      pursuant to any applicable Registration Statement contemplated by this
      Agreement as may be reasonably requested by any Requesting Holders in
      connection with any sale or resale pursuant to any applicable Registration
      Statement. In such connection, the Issuer and the Guarantors shall:

                  (A) upon request of any Requesting Holders furnish (or in the
            case of paragraphs (2) and (3) below, use their best efforts to
            cause to be furnished) to each Requesting Holder, upon Consummation
            of the Exchange Offer or upon the effectiveness of the Shelf
            Registration Statement, as the case may be:

                        (1) a certificate, dated such date, signed on behalf of
                  Michael Foods and each Guarantor by (x) the President or any
                  Vice President and (y) a principal financial or accounting
                  officer of Michael Foods, and such Guarantor, confirming, as
                  of the date thereof, the matters set forth in Section 5(e) of
                  the Purchase Agreement and such other similar matters as such
                  Holders may reasonably request;

                        (2) an opinion, dated the date of Consummation of the
                  Exchange Offer or the date of effectiveness of the Shelf
                  Registration Statement, as the case may be, of counsel for
                  Michael Foods and the Guarantors, covering matters similar to
                  those set forth in paragraph c of Section 5 of the Purchase
                  Agreement and Exhibit C thereto, subject to the same
                  conditions with respect thereto and to the delivery thereof
                  and such other matter as such Requesting Holder may reasonably
                  request which are customarily covered in Issuer counsel
                  opinions to underwriters in underwritten public offerings, and
                  in any event including a statement to the effect that such
                  counsel has participated in conferences with officers and
                  other representatives of the Issuer, after the Merger, Michael
                  Foods, and the Guarantors, representatives of the independent
                  public accountants for the Issuer, after the Merger, Michael
                  Foods, and the Guarantors and have considered the matters
                  required to be stated therein and the statements contained
                  therein, although such counsel has not independently verified
                  the accuracy, completeness or fairness of such statements; and
                  that such counsel advises that, on the basis of the foregoing
                  (relying as to materiality to the extent such counsel deems
                  appropriate upon the statements of officers and other
                  representatives of the Issuer, after the Merger, Michael
                  Foods, and the Guarantors) and without independent check or
                  verification), no facts came to such counsel's attention that
                  caused such counsel to believe that the applicable
                  Registration Statement, at the time such Registration
                  Statement or any post-effective amendment thereto became
                  effective and, in the case of the Exchange Offer

                                       12
<PAGE>

                  Registration Statement, as of the date of Consummation of the
                  Exchange Offer, contained an untrue statement of a material
                  fact or omitted to state a material fact required to be stated
                  therein or necessary to make the statements therein not
                  misleading, or that the Prospectus contained in such
                  Registration Statement as of its date and, in the case of the
                  opinion dated the date of Consummation of the Exchange Offer,
                  as of the date of Consummation, contained an untrue statement
                  of a material fact or omitted to state a material fact
                  necessary in order to make the statements therein, in the
                  light of the circumstances under which they were made, not
                  misleading. Without limiting the foregoing, such counsel may
                  state further that such counsel assumes no responsibility for,
                  and has not independently verified, the accuracy, completeness
                  or fairness of the financial statements, notes and schedules
                  and other financial data and statistical data included in any
                  Registration Statement contemplated by this Agreement or the
                  related Prospectus; and

                        (3) a customary comfort letter, dated the date of
                  Consummation of the Exchange Offer, or as of the date of
                  effectiveness of the Shelf Registration Statement, as the case
                  may be, from the Issuer's independent accountants specified in
                  the Purchase Agreement, in the customary form and covering
                  matters of the type customarily covered in comfort letters to
                  underwriters in connection with underwritten public offerings,
                  and covering the matters set forth in the comfort letters
                  delivered pursuant to Section 5(a) of the Purchase Agreement
                  subject to the same conditions with respect thereto and to the
                  delivery thereof; and

                  (B) deliver such other documents and certificates as may be
            reasonably requested by the selling Holders to evidence compliance
            with the matters covered in clause (A) above and with any customary
            conditions contained in the any agreement entered into by the Issuer
            or Michael Foods and the Guarantors pursuant to this clause (xi);

            (xii) prior to any public offering of Transfer Restricted
      Securities, cooperate with the selling Holders and their counsel in
      connection with the registration and qualification of the Transfer
      Restricted Securities under the securities or Blue Sky laws of such
      jurisdictions as the selling Holders may reasonably request and do any and
      all other acts or things necessary or advisable to enable the disposition
      in such jurisdictions of the Transfer Restricted Securities covered by the
      applicable Registration Statement; provided, however, that neither the
      Issuer nor any Guarantor shall be required to register or qualify as a
      foreign corporation where it is not now so qualified or to take any action
      that would subject it to the service of process in suits or to taxation,
      other than as to matters and transactions relating to the Registration
      Statement, in any jurisdiction where it is not now so subject;

            (xiii) in connection with any sale of Transfer Restricted Securities
      that will result in such securities no longer being Transfer Restricted
      Securities, cooperate with the Holders to facilitate the timely
      preparation and delivery of certificates representing

                                       13
<PAGE>

      Transfer Restricted Securities to be sold and not bearing any restrictive
      legends; and to register such Transfer Restricted Securities in such
      denominations and such names as the selling Holders may request at least
      two Business Days prior to any sale of such Transfer Restricted
      Securities;

            (xiv) use their respective reasonable best efforts to cause the
      disposition of the Transfer Restricted Securities covered by the
      Registration Statement to be registered with or approved by such other
      governmental agencies or authorities as may be necessary to enable the
      seller or sellers thereof to consummate the disposition of such Transfer
      Restricted Securities, subject to the proviso contained in clause (xii)
      above;

            (xv) provide a CUSIP number for all Transfer Restricted Securities
      not later than the effective date of a Registration Statement covering
      such Transfer Restricted Securities and provide the Trustee under the
      Indenture with certificates for the Transfer Restricted Securities which
      are in a form eligible for deposit with The Depository Trust Company;

            (xvi) otherwise use their respective reasonable best efforts to
      comply with all applicable rules and regulations of the Commission, and
      make generally available to its security holders with regard to any
      applicable Registration Statement, as soon as practicable, a consolidated
      earnings statement meeting the requirements of Rule 158 (which need not be
      audited) covering a twelve-month period beginning after the effective date
      of the Registration Statement (as such term is defined in paragraph (c) of
      Rule 158 under the Act);

            (xvii) cause the Indenture to be qualified under the TIA not later
      than the effective date of the first Registration Statement required by
      this Agreement and, in connection therewith, cooperate with the Trustee to
      effect such changes to the Indenture as may be required for such Indenture
      to be so qualified in accordance with the terms of the TIA; and execute
      and use its best efforts to cause the Trustee to execute, all documents
      that may be required to effect such changes and all other forms and
      documents required to be filed with the Commission to enable such
      Indenture to be so qualified in a timely manner;

            (xviii) provide promptly to each Holder, upon request, each document
      filed with the Commission pursuant to the requirements of Section 13 or
      Section 15(d) of the Exchange Act if not obtainable from the Commission;
      and

            (xix) the Issuer and the Guarantors will be deemed not to have used
      their reasonable best efforts to cause the Exchange Offer Registration
      Statement or the Shelf Registration Statement, as the case may be, to
      become, or to remain, effective during the requisite period if the Issuer
      or any of the Guarantors voluntarily and knowingly takes any action that
      would, or omits to take any action which omission would, result in any
      such Registration Statement not being declared effective or in the Holders
      of Registrable Securities covered thereby not being able to exchange or
      offer and sell such Registrable Securities during that period as and to
      the extent contemplated hereby, unless (i) such action is required by
      applicable law or (ii) such action is taken by the Issuer and the

                                       14
<PAGE>

      Guarantors in good faith and for valid business reasons (but not including
      avoidance of the Issuer's or the Guarantors', as applicable, obligations
      hereunder), including a material corporate transaction, so long as the
      Issuer and the Guarantors promptly comply with the requirements of Section
      6(c)(iv) thereof, if applicable.

            (d) Restrictions on Selling Holders. With respect to a Shelf
Registration Statement, each selling Holder agrees by acquisition of a Transfer
Restricted Security that, upon receipt of the notice referred to in Section
6(c)(iii)(C) or any notice from the Issuer of the existence of any fact or the
happening of any event of the kind described in Section 6(c)(iii)(D) hereof or
the Issuer shall issue a notice pending the announcement of a material corporate
transaction that the Shelf Registration Statement is unusable (in each case, a
"Suspension Notice"), such selling Holder will forthwith discontinue disposition
of Transfer Restricted Securities pursuant to the applicable Registration
Statement until (i) such selling Holder has received copies of the supplemented
or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such
selling Holder is advised in writing by the Issuer that the use of the
Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in
each case, the "Recommencement Date"). Each Holder receiving a Suspension Notice
hereby agrees that it will either (i) destroy any Prospectuses, other than
permanent file copies, then in such Holder's possession which have been replaced
by the Issuer with more recently dated Prospectuses or (ii) deliver to the
Issuer (at the Issuer's expense) all copies, other than permanent file copies,
then in such Holder's possession of the Prospectus covering such Transfer
Restricted Securities that was current at the time of receipt of the Suspension
Notice. The time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended
by a number of days equal to the number of days in the period from and including
the date of delivery of the Suspension Notice to the date of delivery of the
Recommencement Date.

            Section 7. Registration Expenses. (a) All expenses incident to the
Issuer's and the Guarantors' performance of or compliance with this Agreement
will be borne, jointly and severally, by the Issuer and the Guarantors,
regardless of whether a Registration Statement becomes effective, including
without limitation: (i) all registration and filing fees and expenses; (ii) all
fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including printing certificates
for the Exchange Notes to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all fees and
disbursements of counsel for the Issuer and the Guarantors and one counsel for
the Holders of Transfer Restricted Securities chosen by the Holders of a
majority of the outstanding Transfer Restricted Securities; (v) all application
and filing fees in connection with listing the Exchange Notes on a national
securities exchange or automated quotation system pursuant to the requirements
hereof; and (vi) all fees and disbursements of independent certified public
accountants of the Issuer and the Guarantors (including the expenses of any
special audit and comfort letters required by or incident to such performance).

            The Issuer will, in any event, bear its and the Guarantors' internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of
any annual audit and the fees and expenses of any Person, including special
experts, retained by the Issuer or the Guarantors.

                                       15
<PAGE>

            (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Issuer and the Guarantors
will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Notes into the Exchange Offer and/or selling or
reselling Notes or Exchange Notes pursuant to the "Plan of Distribution"
contained in the Exchange Offer Registration Statement or the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of not more
than one counsel, who shall be Shearman & Sterling unless another firm shall be
chosen by the Holders of a majority in principal amount of the Transfer
Restricted Securities for whose benefit such Registration Statement is being
prepared.

            Section 8. Indemnification. (a) The Issuer and the Guarantors agree,
jointly and severally, to indemnify and hold harmless each Holder, its
directors, officers, any underwriter in any underwritten public offering of
Transfer Restricted Securities pursuant to a Shelf Registration Statement and
each Person, if any, who controls such Holder or underwriter (within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act), from and against
(i) any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement (or any amendment or
supplement thereto) pursuant to which Transfer Restricted Securities are
registered under the Act, including all documents incorporated therein by
reference, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, in light of the circumstances under which they were made, or arising
out of any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus (or any amendment or supplement thereto) or the
omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; (ii) any and all loss, liability, claim, damage and
expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, provided that (subject to Section 8(d) below) any such
settlement is effected with the written consent of the Issuer and the
Guarantors; and (iii) any and all expenses whatsoever, as incurred (including
the fees and disbursements of counsel chosen by any indemnified party, subject
to the limitations in Section 8(c) below), reasonably incurred in investigating,
preparing or defending against any litigation or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid
under subparagraph (i) or (ii) above; provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to
the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Issuer and the Guarantors by the Initial
Purchasers, such Holder or such underwriter expressly for use in a Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto); provided, further, that the Issuer will not be liable to
any Initial Purchaser, Holder (in its capacity as Holder) or underwriter (or any
person who controls such party within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act) with respect to any such untrue statement or
alleged untrue statement or omission or alleged omission

                                       16
<PAGE>

made in any preliminary Prospectus to the extent that the Issuer shall sustain
the burden of proving that any such loss, liability, claim, damage or expense
resulted from the fact that such Initial Purchaser, Holder (in its capacity as
Holder) or underwriter, as the case may be, sold Transfer Restricted Securities
to a Person to whom such Initial Purchaser, Holder (in its capacity as Holder)
or underwriter, as the case may be, failed to send or give, at or prior to the
written confirmation of the sale of such Securities a copy of the final
Prospectus (as amended or supplemented) if the Issuer has previously furnished
copies thereof (sufficiently in advance of the closing of such sale to allow for
distribution of the final Prospectus in a timely manner) to such Initial
Purchaser, Holder (in its capacity as Holder) or underwriter, as the case may
be, and the loss, liability, claim, damage or expense of such Initial Purchaser,
Holder (in its capacity as Holder) or underwriter, as the case may be, resulted
solely from an untrue statement or omission or alleged untrue statement or
omission of a material fact contained in or omitted from such preliminary
Prospectus which was corrected in the final Prospectus.

            (b) Each Holder of Transfer Restricted Securities agrees, severally
and not jointly, to indemnify and hold harmless the Issuer and the Guarantors,
and their respective directors and officers, and each person, if any, who
controls (within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act) the Issuer, or the Guarantors to the same extent as the foregoing
indemnity from the Issuer and the Guarantors set forth in section (a) above, but
only with reference to information relating to such Holder furnished in writing
to the Issuer by such Holder expressly for use in any Registration Statement. In
no event shall any Holder, its directors, officers or any Person who controls
such Holder be liable or responsible for any amount in excess of the amount by
which the total amount received by such Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages that such Holder, its directors, officers or any
Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

            (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying person") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), a Holder shall not be required to assume the
defense of such action pursuant to this Section 8(c), but may employ separate
counsel and participate in the defense thereof, but the fees and expenses of
such counsel, except as provided below, shall be at the expense of the Holder).
Any indemnified party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of the indemnified party unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party within a reasonable period of time after notification by the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised

                                       17
<PAGE>

by such counsel that there may be one or more legal defenses available to it
which are different from or additional to those available to the indemnifying
party (in which case the indemnifying party shall not have the right to assume
the defense of such action on behalf of the indemnified party). In any such
case, the indemnifying party shall not, in connection with any one action or
separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
fees and expenses of more than one separate firm of attorneys (in addition to
any local counsel) for all indemnified parties and all such fees and expenses
shall be reimbursed promptly following receipt of invoice therefor as they are
incurred. Such firm shall be designated in writing by a majority of the Holders,
in the case of the parties indemnified pursuant to Section 8(a), and by the
Issuer and Guarantors, in the case of parties indemnified pursuant to Section
8(b). The indemnifying party under this Section 8 shall not be liable for any
settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final non-appealable judgment for the
plaintiff, the indemnifying party agrees to indemnify the indemnified party
against any loss, claim, damage, liability or expense by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by Section
8(c) hereof, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 45 days after receipt by such indemnifying
party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the final terms of such proposed settlement as soon as practicable
prior to such settlement being entered into and (iii) such indemnifying party
shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement,
compromise or consent to the entry of judgment in any pending or threatened
action, suit or proceeding in respect of which any indemnified party is or could
have been a party and indemnity was or could have been sought hereunder by such
indemnified party, unless such settlement, compromise or consent includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such action, suit or proceeding.

            (d) To the extent that the indemnification provided for in this
Section 8 is unavailable to an indemnified party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments (i) in such proportion
as is appropriate to reflect the relative benefits received by the Issuer and
the Guarantors, on the one hand, and the Holders, on the other hand, from their
sale of Transfer Restricted Securities or (ii) if the allocation provided by
clause 8(d)(i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
8(d)(i) above but also the relative fault of the Issuer and the Guarantors, on
the one hand, and of the Holder, on the other hand, in connection with the
statements or omissions which resulted in such losses, claims, damages,
liabilities or judgments, as well as any other relevant equitable
considerations. The relative fault of the Issuer and the Guarantors, on the one
hand, and of the Holder, on the other hand, shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Issuer or such Guarantor, on the one hand, or by the

                                       18
<PAGE>

Holder, on the other hand, and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and judgments referred to above shall be deemed to include,
subject to the limitations set forth in the third sentence of Section 8(c), any
legal or other fees or expenses reasonably incurred by such party in connection
with investigating or defending any action or claim.

            The Issuer, the Guarantors and each Holder agree that it would not
be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages, liabilities or judgments referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any matter,
including any action that could have given rise to such losses, claims, damages,
liabilities or judgments. Notwithstanding the provisions of this Section 8, no
Holder, its directors, its officers or any Person, if any, who controls such
Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the total received by such Holder with respect to the
sale of Transfer Restricted Securities pursuant to a Registration Statement
exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities and (ii) the amount of any damages which such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 8(c) are several in proportion to the respective principal amount of
Transfer Restricted Securities held by each Holder hereunder and not joint.

            Section 9. Rule 144a and Rule 144. The Issuer and each Guarantor
agree with each Holder, for so long as any Transfer Restricted Securities remain
outstanding and during any period in which the Issuer (i) is not subject to
Section 13 or 15(d) of the Exchange Act, to make available within a reasonable
period of time, upon written request of any Holder, to such Holder or beneficial
owner of Transfer Restricted Securities in connection with any sale thereof and
any prospective purchaser of such Transfer Restricted Securities designated by
such Holder or beneficial owner, the information required by Rule 144A(d)(4)
under the Act in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144A, and (ii) is subject to Section 13 or 15 (d) of the
Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

            Section 10. Miscellaneous. (a) Remedies. The Issuer and the
Guarantors acknowledge and agree that any failure by the Issuer and/or the
Guarantors to comply with their respective obligations under Sections 3 and 4
hereof may result in material irreparable injury to the Initial Purchasers or
the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Issuer's and the Guarantors'
obligations under Sections 3 and 4 hereof.

                                       19
<PAGE>

The Issuer and the Guarantors further agree to waive the defense in any action
for specific performance that a remedy at law would be adequate.

            (b) No Inconsistent Agreements. Neither the Issuer nor any Guarantor
will, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Issuer nor any Guarantor has previously entered into any agreement
granting any registration rights with respect to its securities to any Person.
The rights granted to the Holders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to the holders of the Issuer's and
the Guarantors' securities under any agreement in effect on the date hereof.

            (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Issuer has obtained the written consent of
Holders of all outstanding Transfer Restricted Securities and (ii) in the case
of all other provisions hereof, the Issuer has obtained the written consent of
Holders of a majority of the outstanding principal amount of Transfer Restricted
Securities (excluding Transfer Restricted Securities held by the Issuer or its
Affiliates). Notwithstanding the foregoing, a waiver or consent to departure
from the provisions hereof that relates exclusively to the rights of Holders
whose Transfer Restricted Securities are being tendered pursuant to the Exchange
Offer, and that does not affect directly or indirectly the rights of other
Holders whose Transfer Restricted Securities are not being tendered pursuant to
such Exchange Offer, may be given by the Holders of a majority of the
outstanding principal amount of Transfer Restricted Securities subject to such
Exchange Offer.

            (d) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Issuer and the
Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent they may
deem such enforcement necessary or advisable to protect its rights or the rights
of Holders hereunder.

            (e) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telecopier, or air courier
guaranteeing overnight delivery:

            (1) if to a Holder, at the address set forth on the records of the
      Registrar under the Indenture, with a copy to the Registrar under the
      Indenture; and

            (2) (i)  If to the Issuer prior to the Merger:

                     Michael Foods Acquisition Corp.
                     c/o Vestar Capital Partners IV, L.P.
                     1225 Seventeenth Street, Suite 1660
                     Denver, CO  80202
                     Attention:  J. Christopher Henderson

                                       20
<PAGE>

                (ii) If to the Issuer or the Guarantors after the Merger

                     Michael Foods, Inc.
                     Suite 324
                     Signal Bank Building
                     5353 Wayzata Blvd.
                     Minneapolis, MN  55416
                     Attention:  John D. Reedy

                     With a copy, in either case, to:

                     Kirkland & Ellis
                     Aon Center
                     200 East Randolph Drive
                     Chicago, IL  60601
                     Attention:  Dennis M. Myers

            All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if telecopied; and on the next business day, if
timely delivered to an air courier guaranteeing overnight delivery.

            Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

            (f) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement or the
Indenture. If any transferee of any Holder shall acquire Transfer Restricted
Securities in any manner, whether by operation of law or otherwise, such
Transfer Restricted Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Transfer Restricted Securities such
Person shall be conclusively deemed to have agreed to be bound by and to perform
all of the terms and provisions of this Agreement, including the restrictions on
resale set forth in this Agreement and, if applicable, the Purchase Agreement,
and such Person shall be entitled to receive the benefits hereof.

            (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto 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. This Agreement shall
become effective upon the execution of a counterpart by each of the Issuer and
the Initial Purchasers. Upon execution hereof a counterpart by each Guarantor
upon consummation of the Merger, such Guarantor shall, without further action,
become a party hereto and such Guarantor shall be bound by the provisions
hereof.

                                       21
<PAGE>

            (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

            (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

            (j) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

            (k) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       22
<PAGE>

            IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first written above.

                                   MICHAEL FOODS ACQUISITION CORP.

                                   By: /s/ Jack M. Feder
                                       --------------------------
                                       Name:  Jack M. Feder
                                       Title: Secretary

                                   BANC OF AMERICA SECURITIES LLC

                                   By: /s/ Kurt C. Brechnitz
                                       --------------------------
                                       Name:  Kurt C. Brechnitz
                                       Title: Vice President

                                   BEAR, STEARNS & CO. INC.

                                   By: /s/ John Kilgalon
                                       --------------------------
                                       Name:  John Kilgalon
                                       Title:

<PAGE>

                                   FARM FRESH FOODS, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   FARM FRESH FOODS OF NEVADA, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   KOHLER MIX SPECIALTIES OF CONNECTICUT, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   MICHAEL FOODS OF DELAWARE, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   CASA TRUCKING, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

<PAGE>

                                   CRYSTAL FARMS REFRIGERATED DISTRIBUTION CO.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   KOHLER MIX SPECIALTIES, INC

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   MIDWEST MIX, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   MINNESOTA PRODUCTS, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   PAPETTI'S HYGRADE EGG PRODUCTS, INC.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

<PAGE>

                                   NORTHERN STAR CO.

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   M.G. WALDBAUM COMPANY

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   PAPETTI ELECTROHEATING
                                   CORPORATION

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   WFC, INC

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

                                   WISCO FARM COOPERATIVE

                                   By:
                                       --------------------------
                                       Name:
                                       Title:

<PAGE>

                                                                      SCHEDULE A

                      Subsidiaries of Michael Foods, Inc.

Casa Trucking, Inc.

Crystal Farms Refrigerated Distribution Company

Farm Fresh Foods, Inc.

Farm Fresh Foods of Nevada, Inc.

Kohler Mix Specialties, Inc.

Kohler Mix Specialties of Connecticut, Inc.

M.G. Waldbaum Company

Michael Foods of Delaware, Inc.

Midwest Mix, Inc.

Minnesota Products, Inc.

Northern Star Co.

Papetti Electroheating Corporation

Papetti's Hygrade Egg Products, Inc.

WFC, Inc.

Wisco Farm Cooperative<PAGE>
                                                                     Exhibit 4.6

                                                                  EXECUTION COPY

================================================================================

                    COLLATERAL PLEDGE AND SECURITY AGREEMENT

                           Dated as of March 27, 2001

                                     Among

                        MICHAEL FOODS ACQUISITION CORP.,

                                  as Pledgor,

                        BANC OF AMERICA SECURITIES LLC,

                           BNY MIDWEST TRUST COMPANY

                                  as Trustee,

                                      and

                           BNY MIDWEST TRUST COMPANY

               as Collateral Agent and as Securities Intermediary

================================================================================

<PAGE>

                    COLLATERAL PLEDGE AND SECURITY AGREEMENT

            This COLLATERAL PLEDGE AND SECURITY AGREEMENT (this "Pledge
Agreement") is made and entered into as of March 27, 2001 by MICHAEL FOODS
ACQUISITION CORP., a Minnesota corporation (the "Pledgor"), c/o Vestar Capital
Partners IV, L.P., 1225 Seventeenth Street, Suite 1600, Denver, Colorado 80202,
BANC OF AMERICA SECURITIES LLC ("Banc of America Securities"), having an office
at 100 North Tryon Street, Charlotte, North Carolina 28255, BNY MIDWEST TRUST
COMPANY, an Illinois banking corporation ("BNY"), having an office at 2 North
LaSalle Street, Suite 1020, Chicago, Illinois 60602, as trustee (in such
capacity, the "Trustee") under the Indenture referred to below, and BNY MIDWEST
TRUST COMPANY, as (A) collateral agent (in such capacity, the "Collateral
Agent") for the Secured Parties (as hereinafter defined) and (B) securities
intermediary (in such capacity, the "Securities Intermediary") for the
Collateral Agent and the Pledgor hereunder.

                              W I T N E S S E T H

            WHEREAS, the Pledgor and Banc of America Securities and Bear Stearns
& Co. Inc., each acting as an Initial Purchaser (collectively, the "Initial
Purchasers"), are parties to a Purchase Agreement dated March 27, 2001 (the
"Purchase Agreement"), pursuant to which the Pledgor is issuing and selling to
the Initial Purchasers $200,000,000 aggregate principal amount of 11 3/4% Senior
Subordinated Notes due 2011 (the "Notes"); and

            WHEREAS, the Pledgor and the Trustee have entered into that certain
indenture dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the "Indenture"), pursuant to which the
Pledgor is issuing the Notes on the date hereof; and

            WHEREAS, pursuant to the Purchase Agreement and the Indenture, the
Pledgor is required to deposit on the Closing Date (as defined in the Purchase
Agreement) gross proceeds from the offering of the Notes in the amount of
U.S.$200,000,000 (the "Funds") with the Trustee to be held by the Trustee for
the benefit of the registered holders (the "Holders") of the Notes, to secure
the Pledgor's obligation to redeem on the terms specified in the Indenture all
of the Notes at 101% of their aggregate principal amount, plus interest accrued
thereon to the Special Redemption Date, on the Special Redemption Date (as
defined herein) in the event that the merger of the Pledgor with and into
Michael Foods, Inc. ("Michael Foods"), a Minnesota corporation, pursuant to that
certain Agreement and Plan of Merger dated as of December 21, 2000 (the
"Merger") is not consummated by May 31, 2001 (the "Termination Date") (such
obligation to redeem such Notes being the "Obligations"), and the Pledgor has
agreed (a) to pledge to the Trustee for its benefit and the ratable benefit of
the Holders of the Notes, a security interest in the Collateral (as defined
herein) and (b) to execute and deliver this Pledge Agreement in order to secure
the payment and performance by the Pledgor of all the Obligations; and

            WHEREAS, the Collateral Agent has security entitlements with respect
to all the financial assets credited from time to time to the Pledgor's account,
Account No. 881040 (the

<PAGE>
                                       2

"Collateral Account") with BNY at its office at 2 North LaSalle Street, Suite
1020, Chicago, Illinois 60602; and

            WHEREAS, it is a condition precedent to the initial purchase of the
Notes by the Initial Purchasers pursuant to the Purchase Agreement that the
Pledgor shall have granted the security interest and made the pledge
contemplated by this Pledge Agreement; and

            WHEREAS, unless otherwise defined herein or in the Indenture, terms
defined in Articles 8 or 9 of the Uniform Commercial Code as in effect in the
State of New York ("NYUCC") and/or the Federal Book Entry Regulations (as
defined below) are used in this Agreement as such terms are defined in such
Article 8 or 9 and/or Federal Book Entry Regulations. The term "Federal
Book-Entry Regulations" means (a) the federal regulations contained in Subpart B
("Treasury/Reserve Automated Debt Entry System (TRADES)") governing book-entry
securities consisting of U.S. Treasury bonds, notes and bills and Subpart D
("Additional Provisions") of 31 C.F.R. Part 357, 31 C.F.R. ss. 357.2, ss. 357.10
through ss. 357.14 and ss. 357.41 through ss. 357.44 and (b) to the extent
substantially identical to the federal regulations referred to in clause (a)
above (as in effect from time to time), the federal regulations governing other
book-entry securities.

                                   AGREEMENT

            NOW, THEREFORE, in consideration of the mutual promises herein
contained, and in order to induce the Holders of the Notes to purchase the
Notes, the Pledgor hereby agrees with the Trustee, for the benefit of the
Trustee and for the ratable benefit of the Holders of the Notes, as follows:

            SECTION 1. Certain Definitions; Appointment of the Collateral Agent;
Pledge and Grant of Security Interest; Deposit of Funds.

                  1.1 (a) Certain Definitions. Capitalized terms used herein
will have the respective meanings described to them below:

            "Cash Equivalents" means, to the extent owned free and clear of all
      Liens other than Liens created hereunder, Government Securities.

            "Government Securities" means direct obligations of or obligations
      fully guaranteed by the United States of America for the payment of which
      guarantee or obligations the full faith and credit of the United States of
      America is pledged and which are not callable or redeemable at the option
      of the issuer thereof, or any money market fund that invests solely in the
      foregoing.

            "Lien" means any mortgage, lien, pledge, claim, charge, security
      interest or encumbrance of any kind, whether or not filed, recorded or
      otherwise perfected under applicable law.

            "Offering Memorandum" means the Offering Memorandum dated March 16,
      2001 relating to the offering of the Notes issued on the Closing Date.

<PAGE>
                                       3

            "Vestar Agreement" means the agreement between Vestar Capital
      Partners IV, L.P., a Delaware limited partnership and BNY, as Trustee
      under the Indenture and as Collateral Agent hereunder dated as of the date
      hereof, substantially in the form set forth on Exhibit A attached hereto.

            (b) Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed thereto in the Indenture.

                  1.2 Appointment of the Collateral Agent. The Pledgor hereby
appoints BNY as Collateral Agent for the benefit of the Secured Parties in
accordance with the terms and conditions set forth herein and the Collateral
Agent hereby accepts such appointment.

                  1.3 Pledge and Grant of Security Interest. The Pledgor hereby
pledges to the Collateral Agent for its benefit pursuant to this Pledge
Agreement and for the ratable benefit of the Trustee and the Holders of the
Notes (the "Secured Parties"), and hereby grants to the Secured Parties, a
continuing first priority security interest in and to all of the Pledgor's
right, title and interest in, to and under the following (collectively, the
"Collateral"):

            (a) the Collateral Account, all "financial assets" (as defined in
      Article 8 of the NYUCC and in the Federal Book Entry Regulations)
      (collectively, the "Pledged Financial Assets") credited to the Collateral
      Account from time to time and all "security entitlements" (as defined in
      Article 8 of the NYUCC and in the Federal Book Entry Regulations) of the
      Pledgor with respect to the Pledged Financial Assets (all such security
      entitlements collectively the "Pledged Security Entitlements"), including,
      without limitation, all dividends, if any, interest, cash, instruments, if
      any, and other property from time to time received, receivable or
      otherwise distributed in respect of or in exchange for any or all of such
      Pledged Security Entitlements or such Pledged Financial Assets;

            (b) all proceeds of any and all of the Collateral (including,
      without limitation, proceeds that constitute property of the types
      described in clause (a) of this Section 1.3 and this clause (b)); and

            (c) to the extent not otherwise included, all cash.

                  1.4 Deposit of Funds. On the Closing Date, the Pledgor shall
deposit all Funds into the Collateral Account.

            SECTION 2. Security for Obligations. This Pledge Agreement and the
grant of a security interest in the Collateral hereunder secures the prompt
payment and performance when due (whether at stated maturity, by acceleration or
otherwise) of all the Obligations. Without limiting the generality of the
foregoing, this Pledge Agreement and the grant of a security interest in the
Collateral hereunder secures the payment of all amounts that constitute part of
the Obligations and would be owed by the Pledgor to the Trustee or the Holders
under the Notes or the Indenture but for the fact that they are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Pledgor.

<PAGE>
                                       4

            SECTION 3. Delivery of Security Collateral. (a) All certificates or
instruments representing or evidencing Collateral shall be delivered to and held
by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable
form for transfer by delivery, or shall be accompanied by duly executed
instruments of transfer or assignment in blank, all in form and substance
sufficient to establish and maintain in favor of the Collateral Agent a valid
security interest in such Collateral, and shall be credited to the Collateral
Account. In addition, the Collateral Agent shall have the right but shall not be
obligated at any time to exchange security certificates or instruments
representing or evidencing the Collateral for security certificates or
instruments of smaller or larger denominations.

            (b) With respect to any Collateral that constitutes an
uncertificated security, the Pledgor will cause the issuer thereof either (i) to
register the Collateral Agent as the registered owner of such security or (ii)
to agree in writing with the Pledgor and the Collateral Agent that such issuer
will comply with instructions with respect to such security originated by the
Collateral Agent without further consent from the Pledgor, such agreement to be
in form and substance satisfactory to the Collateral Agent.

            SECTION 4. Creation and Maintenance of the Collateral Account.
(a)Concurrently with or prior to the Closing Date, the Collateral Agent shall
have established (and at all times until the Obligations shall have been paid in
full and this Agreement shall have been terminated, the Securities Intermediary
shall maintain and administer in accordance with this Agreement), the Collateral
Account with BNY at its office at 2 North LaSalle Street, Suite 1020, Chicago,
Illinois 60602.

            (b) The Securities Intermediary shall cause the Collateral Account
to be, and the Collateral Account shall be, separate from all other accounts
(including any other Collateral Account) held by or under the control and
dominion of the Collateral Agent, the Securities Intermediary or BNY. It shall
be a term and condition of the Collateral Account, notwithstanding any term or
condition to the contrary in any other agreement relating to the Collateral
Account, and except as otherwise provided by the provisions of Sections 7 and
13, that no amount (including interest on Collateral Investments) shall be paid
or released to or for the account of, or withdrawn by or for the account of, the
Pledgor or any other Person from such account.

            (c) To the extent that the assets, property and items from time to
time carried in the Collateral Account consist of cash (other than cash proceeds
of Collateral Investments), the Securities Intermediary shall carry such cash
in, and credit such cash to, the Collateral Account. The Securities Intermediary
shall carry all other property, assets and items in, and credit such other
assets, property and items, to, the Collateral Account.

            (d) The Collateral Account shall be subject to such applicable laws,
and such applicable regulations of the Board of Governors of the Federal Reserve
System and of any other applicable banking or governmental authority, as may now
or hereafter be in effect.

            SECTION 5. Investing of Amounts in the Collateral Account. On the
Closing Date, the Collateral Agent will, subject to the provisions of Section 7
and Section 14 hereof, direct the Securities Intermediary (a) to invest amounts
on deposit in the Collateral Account in

<PAGE>
                                       5

Cash Equivalents, each in the name of the Securities Intermediary and (b) to
invest interest paid on the Cash Equivalents referred to in clause (a) above,
and reinvest other proceeds of any such Cash Equivalents that may mature or be
sold, in each case in such Cash Equivalents, each in the name of the Securities
Intermediary; provided, however, that in no event shall such Cash Equivalents
have a maturity more than 7 days from the date of acquisition thereof by the
Securities Intermediary or later than May 31, 2001 or, if applicable, the
Business Day prior to any Special Redemption Date (the Cash Equivalents referred
to in clauses (a) and (b) above and subject to the limitation set forth in the
foregoing proviso being collectively "Collateral Investments"). Interest and
proceeds that are not invested or reinvested in Collateral Investments as
provided above shall be deposited and held in the Collateral Account. None of
the Collateral Agent or the Securities Intermediary shall have any liability in
respect of losses incurred as a result of the liquidation of any Cash Equivalent
prior to its stated maturity unless such losses are caused by the Collateral
Agent's or Securities Intermediary's own gross negligence or willful misconduct.

            SECTION 6. Securities Intermediary. BNY represents and warrants to,
and agrees with, the Pledgor and the Collateral Agent as follows:

            (a) The Securities Intermediary maintains the Collateral Account for
      the Pledgor, and all property held by the Securities Intermediary for the
      account of the Pledgor is, and will continue to be, credited to the
      Collateral Account.

            (b) The Collateral Account is a securities account. The Securities
      Intermediary is the securities intermediary with respect to the property
      credited from time to time to the Collateral Account. The Pledgor is the
      entitlement holder with respect to the property credited from time to time
      to the Collateral Account.

            (c) The Securities Intermediary (i) has identified (and will
      continue to identify) in its records the Collateral Agent as the sole
      Person having a security entitlement against the Securities Intermediary
      with respect to the Collateral Agent and any and all assets, property and
      items from time to time carried in the Collateral Account; and (ii) has
      credited and will continue to credit such assets, property and items to
      the Collateral Account in accordance with instructions given in accordance
      with the terms and conditions of this Agreement.

            (d) To the maximum extent permitted by applicable law, all assets,
      property and items from time to time carried in the Collateral Account
      shall constitute financial assets under Article 8 of the NYUCC, and the
      Securities Intermediary shall treat all such assets, property and items as
      financial assets.

            (e) The securities intermediary's jurisdiction with respect to the
      Collateral Account is, and will continue for so long as the security
      interest credited hereunder shall be in effect, the State of New York.

            (f) The Securities Intermediary will comply with all notifications
      it receives directing it to transfer or redeem any property in the
      Collateral Account (each an "Entitlement Order") or other directions
      concerning the Collateral Account (including,

<PAGE>
                                       6

      without limitation, directions to distribute to the Collateral Agent
      proceeds of any such transfer or redemption or interest or dividends on
      property in the Collateral Account) originated by the Collateral Agent
      without further consent by the Pledgor or any other Person.

            (g) The Securities Intermediary will comply with Entitlement Orders
      and other direction concerning the Collateral Account originated by, and
      only by, the Collateral Agent, except as otherwise permitted by Section
      5(a) in respect of investment instructions originated by the Pledgor.

            (h) The Securities Intermediary has not entered into and will not
      enter into any agreement with any other Person relating to the Collateral
      Account and/or any financial assets credited thereto pursuant to which it
      has agreed to comply with Entitlement Orders of such Person. The
      Securities Intermediary has not entered into any other agreement with the
      Pledgor or any other Person purporting to limit or condition the
      obligation of the Securities Intermediary to comply with Entitlement
      Orders originated by the Collateral Agent as set forth in paragraph (e)
      above.

            (i) The Collateral Agent is and shall remain the sole Person having
      dominion and control of the Collateral Account.

            (j) The Securities Intermediary hereby waives and releases any Lien,
      right of set-off or other right it may have against the Collateral Account
      or any financial asset carried in the Collateral Account or any credit
      balance in the Collateral Account (except that the Securities Intermediary
      may set off the face amount of any checks which have been credited to the
      Collateral Account but are subsequently returned unpaid because of
      uncollected or insufficient funds) and agrees that it will not assert any
      such Lien or right against the Collateral Account or any financial asset
      carried in the Collateral Account or any credit balance in the Collateral
      Account.

            (k) Anything herein to the contrary notwithstanding, the Securities
      Intermediary will not be required to follow any instruction that would
      violate any applicable law, decree, regulation or order of any government
      or governmental body (including any court or tribunal).

            SECTION 7. Disbursements. The Collateral Agent shall hold the assets
in the Collateral Account and release the same, or a portion thereof, only as
follows:

            (a) If the Collateral Agent receives, prior to 2:00 P.M., New York
      City time, on any date prior to the Termination Date, (i) a certificate
      signed by the President or any Vice President of the Pledgor stating that
      (A) the Merger has been consummated or will be consummated on
      substantially the same terms as described in the Offering Memorandum
      promptly upon the release of the funds held in the Collateral Account to
      the Pledgor), (B) the Supplemental Indenture, in substantially the form
      attached hereto as Exhibit B (the "Supplemental Indenture"), has been duly
      authorized, executed and delivered (or will be delivered contemporaneously
      with the consummation of the Merger) by Michael Foods and each of its
      Domestic Subsidiaries in existence on the date hereof

<PAGE>
                                       7

      (collectively, the "Guarantors"), (C) the Guarantors have duly authorized,
      executed and delivered (or will deliver contemporaneously with the
      consummation of the Merger) the Registration Rights Agreement dated as of
      the date of this Pledge Agreement between the Initial Purchasers and the
      Pledgor with respect to the Notes (the "Registration Rights Agreement"),
      (D) no Event of Default described in clause (i) or (j) of Section 6.01 of
      the Indenture exists and (E) immediately after the consummation of the
      Merger, the capitalization of Michael Foods, pro forma for the Merger, as
      of December 31, 2000, will be substantially the same as set forth in the
      Offering Memorandum (such certificate being referred to herein as the
      "Merger Officers' Certificate") and (ii) an opinion of Kirkland & Ellis
      substantially in the form attached hereto as Exhibit C (the "Merger
      Opinion of Counsel"), the Collateral Agent shall as soon as practicable
      (1) liquidate and disburse by the close of business of such date to Banc
      of America Securities the Collateral in an amount, in immediately
      available funds, equal to 3% of the aggregate principal amount of the
      Notes issued on the Issue Date and (2) thereafter, disburse by the close
      of business on such date, or at such other time after the receipt of the
      Merger Officer's Certificate and the Merger Opinion of Counsel as may be
      agreed upon in writing by the Collateral Agent and the Pledgor, all other
      funds and/or Cash Equivalents and/or Collateral Investments from the
      Collateral Account to the Pledgor; provided, however, that if the Merger
      Officer's Certificate and the Merger Opinion of Counsel referred to above
      are received by the Collateral Agent (i) on a day other than a Business
      Day or (ii) after 2:00 P.M. New York City time on any date, then, in
      either instance, the Collateral Agent may disburse the proceeds by the
      close of business on the next Business Day, or at such other time after
      the receipt of the Merger Officer's Certificate and the Merger Opinion of
      Counsel as may be agreed upon in writing by the Collateral Agent and the
      Pledgor.

            (b) (i) On the Termination Date (or, in the event that at any time
      prior to the Termination Date the Trustee and the Collateral Agent receive
      a certificate signed by the President or any Vice President of the Pledgor
      stating that, in the sole judgment of Pledgor, the Merger will not be
      consummated, as soon as practicable but in no event later than on the
      second Business Day following the date of receipt by the Collateral Agent
      of such certificate), if the conditions required for release of funds
      and/or Cash Equivalents as provided in clause (a) above have not been
      satisfied, the Pledgor shall mail a notice by first class mail to each
      Holder's last address as it appears on the Security Register (as
      determined in the Indenture) stating that all of the outstanding Notes
      shall be redeemed 5 Business Days after the date of such notice (the
      "Special Redemption Date"), at 101% of the aggregate principal amount on
      the Notes, plus interest accrued thereon to the Special Redemption Date,
      in accordance with the terms of the Indenture, on the Special Redemption
      Date (the "Special Redemption Price"), and shall state that the Notes must
      be surrendered to the Trustee in order to collect the Special Redemption
      Price.

            (ii) On or prior to the Business Day prior to the Special Redemption
      Date, the Collateral Agent shall accept funds from Vestar in accordance
      with the Vestar Agreement and deposit the funds received therefrom into
      the Collateral Account, and then shall release such funds and liquidate
      and release all Collateral to the Paying Agent.

            (iii) On the Special Redemption Date, the Notes shall be redeemed as
      specified in the Indenture.

<PAGE>
                                       8

            (c) If the Pledgor is required to effect a Special Redemption
      contemplated by clause (b) above and for any reason the amount of
      Collateral to be released is insufficient to pay the aggregate Special
      Redemption Price, the Pledgor agrees to pay to the Paying Agent, on or
      prior to the Special Redemption Date, the amount of funds necessary to
      permit the payment of the aggregate Special Redemption Price.

            (d) Upon the release of any Collateral from the Collateral Account
      in accordance with the terms of this Pledge Agreement, the security
      interest evidenced by this Pledge Agreement in such released Collateral
      will automatically terminate and be of no further force and effect.

            (e) The Collateral Agent shall not be required to liquidate any
      Collateral Investment in order to make any payment hereunder unless: (i)
      instructed to do so pursuant to the Merger Officers' Certificate; (ii) to
      effect a Special Redemption; or (iii) pursuant to Section 14 hereof.

            (f) Nothing contained in Section 1, Section 5, Section 6, this
      Section 7 or any other provision of this Pledge Agreement shall (i) afford
      the Pledgor any right to issue Entitlement Orders with respect to any
      security entitlement to any of the Collateral Investments or any
      securities account in which any such security entitlement may be carried,
      or otherwise afford the Pledgor control of any such security entitlement
      or (ii) otherwise give rise to any rights of the Pledgor with respect to
      any of the Collateral Investments, any security entitlement thereto or any
      securities account in which any such security entitlement may be carried,
      other than the Pledgor's beneficial interest under this Pledge Agreement
      in Collateral pledged to and subject to the exclusive dominion and control
      (consistent with this Pledge Agreement) of the Collateral Agent in its
      capacity as such (and not as a securities intermediary). The Pledgor
      acknowledges, confirms and agrees that the Collateral Agent holds a
      security entitlement to the Collateral Investments solely as Collateral
      Agent for the Holders of the Notes and not as a securities intermediary or
      financial intermediary.

            (g) Nothing in this Section 7 shall affect the Collateral Agent's
      rights, upon instruction from the Trustee, to release Collateral for
      application thereof to payment of amounts due on the Notes upon
      acceleration thereof.

            SECTION 8. Representations and Warranties. The Pledgor hereby
represents and warrants that:

            (a) The execution and delivery by the Pledgor of, and the
      performance by the Pledgor of its obligations under, this Pledge Agreement
      will not contravene any provision of applicable law or the certificate of
      incorporation or by-laws of the Pledgor, or any material agreement or
      other material instrument binding upon the Pledgor or any of its
      subsidiaries or any judgment, order or decree of any governmental body,
      agency or court having jurisdiction over the Pledgor or any of its
      subsidiaries, or result in the creation or imposition of any Lien on any
      assets of the Pledgor, except for the security interests granted under
      this Pledge Agreement.

<PAGE>
                                       9

            (b) No consent of any other Person and no approval, authorization,
      order of, or filing, declaration or qualification with, any governmental
      body or agency or other third party is required (i) for the execution,
      delivery or performance by the Pledgor of its obligations under this
      Pledge Agreement, (ii) for the grant by the Pledgor of the security
      interest created hereby or (iii) for the pledge by the Pledgor of the
      Collateral pursuant to this Pledge Agreement or for the perfection and
      maintenance of such pledge, except for any such consents, approvals,
      authorizations or orders as may be required to be obtained by the
      Collateral Agent (or the Holders) for the exercise by the Collateral Agent
      of the rights provided for in this Pledge Agreement or the remedies in
      respect of the Collateral pursuant to this Pledge Agreement.

            (c) The Pledgor is the legal and beneficial owner of the Collateral,
      free and clear of any Lien or claims of any Person (except for the
      security interests created by this Pledge Agreement). No financing
      statement or instrument similar in effect covering all or any part of the
      Pledgor's interest in the Collateral is on file in any public or recording
      office, other than the financing statements filed pursuant to this Pledge
      Agreement. The Pledgor has no trade names.

            (d) This Pledge Agreement has been duly authorized, validly executed
      and delivered by the Pledgor and (assuming due authorization, execution
      and delivery by the Collateral Agent) constitutes a valid and binding
      agreement of the Pledgor, enforceable against the Pledgor in accordance
      with its terms, except as the enforceability hereof may be limited by (i)
      applicable bankruptcy, insolvency or similar laws affecting creditors'
      rights generally, or (ii) general principles of equity, whether considered
      at law or at equity, including, without limitation, concepts or
      materiality, reasonableness, good faith and fair dealing.

            (e) All of the Collateral consisting of certificated securities and
      instruments has been delivered to the Collateral Agent. All filings and
      other actions necessary or desirable to perfect and protect the security
      interest in the Collateral created under this Agreement have been duly
      made or taken and are in full force and effect, and this Agreement creates
      in favor of the Collateral Agent for the benefit of the Trustee and the
      Holders of the Notes a valid and, together with such filings and other
      actions, perfected first priority security interest in such Collateral,
      securing the payment of the Obligations enforceable as such against all
      creditors of the Pledgor (and any Persons purporting to purchase any of
      the Collateral from the Pledgor).

            (f) There are no legal or governmental proceedings pending or, to
      the best of the Pledgor's knowledge, threatened to which the Pledgor or
      any of its subsidiaries is a party or to which any of the properties of
      the Pledgor or any such subsidiary is subject that would materially
      adversely affect the power or ability of the Pledgor to perform its
      obligations under this Pledge Agreement or to consummate the transactions
      contemplated hereby.

            (g) The pledge of the Collateral pursuant to this Pledge Agreement
      is not prohibited by law or governmental regulation (including, without
      limitation, Regulations

<PAGE>
                                       10

      T, U and X of the Board of Governors of the Federal Reserve System)
      applicable to the Pledgor.

            (h) No Event of Default (as defined herein) exists.

            (i) The chief place of business and chief executive office of the
      Pledgor are located at c/o Vestar Capital Partners IV, L.P., 1225
      Seventeenth Street, Suite 1660, Denver, Colorado 80202, and the Pledgor
      keeps its records concerning the Collateral at such location.

            SECTION 9. Filing; Further Assurances. (a) Promptly following the
execution and delivery of this Pledge Agreement, the Pledgor shall deliver to
the Trustee acknowledgment copies or stamped receipt copies of proper financing
statements, duly filed on or before the Closing Date in accordance with the
NYUCC, covering the categories of Collateral described in this Pledge Agreement.

            (b) The Pledgor agrees that from time to time, at the expense of the
Pledgor, the Pledgor will, promptly as necessary or as requested by the
Collateral Agent (which request the Collateral Agent may submit at the direction
of the Holders of a majority in principal amount at maturity of the Notes then
outstanding), execute and deliver or cause to be executed and delivered, or use
its reasonable best efforts to procure, all assignments, instruments and other
documents deliver any instruments to the Collateral Agent and take any other
actions that may be necessary to perfect, continue the perfection of, or protect
the first priority of the Secured Parties' security interest in and to the
Collateral, including the filing of all necessary financing and continuation
statements, to protect the Collateral against the rights, claims, or interests
of third persons (other than any such rights, claims or interests created by or
arising through the Collateral Agent) or to effect the purposes of this Pledge
Agreement.

            (c) The Pledgor hereby authorizes the Collateral Agent to file any
financing or continuation statements in the United States with respect to the
Collateral without the signature of the Pledgor (to the extent permitted by
applicable law); provided, however, that the Collateral Agent shall have no duty
or obligation to perform any of the foregoing actions. A photocopy or other
reproduction of this Pledge Agreement or any financing statement covering the
Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law.

            (d) The Pledgor will pay all costs incurred in connection with this
Pledge Agreement within 30 days of receipt of an invoice therefor.

            (e) The Pledgor agrees, whether or not requested by the Collateral
Agent, to use its best efforts to perfect or continue the perfection of, or to
protect the first priority of, the Secured Parties' security interest in the
Collateral, and to protect the Collateral against the rights, claims or
interests of third persons (other than any such rights, claims or interests
created by or arising through the Collateral Agent).

<PAGE>
                                       11

            SECTION 10. Covenants. The Pledgor covenants and agrees with the
Trustee and the Holders of the Notes from and after the date of this Pledge
Agreement until the Termination Date:

            (a) that (i) it will not (and will not purport to) sell or otherwise
      dispose of, or grant any option or warrant with respect to, any of the
      Collateral or its beneficial interest therein, and (ii) it will not create
      or permit to exist any Lien or other adverse interest in or with respect
      to its beneficial interest in any of the Collateral (except for the
      security interests granted under this Pledge Agreement) and at all times
      will be the sole beneficial owner of the Collateral;

            (b) that it will not (i) enter into any agreement or understanding
      that restricts or inhibits or purports to restrict or inhibit the
      Trustee's or the Collateral Agent's rights or remedies hereunder,
      including, without limitation, the Collateral Agent's right to sell or
      otherwise dispose of the Collateral or (ii) fail to pay or discharge any
      tax, assessment or levy of any nature with respect to its beneficial
      interest in the Collateral not later than five days prior to the date of
      any proposed sale under any judgment, writ or warrant of attachment with
      respect to such beneficial interest; and

            (c) that it will keep its chief place of business, chief executive
      office and the place where it keeps its records concerning the Collateral
      at the location therefor specified in Section 8(i), or upon 30 days' prior
      written notice to the Collateral Agent, at such other locations in a
      jurisdiction where all actions required by Section 9 have been taken with
      respect to the Collateral.

            SECTION 11. Power of Attorney; Collateral Agent May Perform. Subject
to the terms of this Pledge Agreement, the Pledgor hereby appoints and
constitutes the Collateral Agent as the Pledgor's attorney-in-fact (with full
power of substitution), with full authority in the place and stead of the
Pledgor and in the name of the Pledgor or otherwise, from time to time to take
any action and to execute any instrument that is necessary or advisable or that
the Collateral Agent may deem necessary or advisable to accomplish the purposes
of this Pledge Agreement, including, without limitation:

            (a) to ask for, demand, collect, sue for, recover, compromise,
      receive and give acquittance and receipts for moneys due and to become due
      under or in respect of any of the Collateral,

            (b) to receive, indorse and collect any drafts or other instruments,
      documents and chattel paper, in connection with clause (a) above,

            (c) to file any claims or take any action or institute any
      proceedings that are necessary or desirable or that the Collateral Agent
      may deem necessary or desirable for the collection of any of the
      Collateral or otherwise to enforce the rights of the Trustee with respect
      to any of the Collateral,

            (d) to pay or discharge taxes or Liens levied or placed upon the
      Collateral, the legality or validity thereof and the amounts necessary to
      discharge the same to be determined by the Collateral Agent, and such
      payments made by the Collateral Agent to

<PAGE>
                                       12

      become part of the Obligations of the Pledgor to the Trustee, due and
      payable immediately upon demand, and

            (e) to convey any item of Collateral to any purchaser thereof and
      give any notices or recordings of any Liens under Section 6 hereof;

provided, however, that the Collateral Agent shall have no duty or obligation to
perform any of the foregoing actions. The Collateral Agent's authority under
this Section 11 shall include, without limitation, the authority to execute or
endorse (a) any checks or instruments representing proceeds of Collateral in the
name of the Pledgor, (b) any receipts for any certificate of ownership or any
document constituting Collateral or transferring title to any item of
Collateral, (c) any financing statements (to the extent permitted by applicable
law) or (d) any other documents deemed necessary or appropriate by the
Collateral Agent or otherwise to preserve, protect or perfect the security
interest in the Collateral and to file the same, prepare, file and sign the
Pledgor's name on any notice of Lien, and to take any other actions arising from
or incident to the powers granted to the Collateral Agent in this Pledge
Agreement. This power of attorney is coupled with an interest and is irrevocable
by the Pledgor.

            SECTION 12. No Assumption of Duties; Reasonable Care. The rights and
powers conferred on the Collateral Agent hereunder are solely to preserve and
protect the security interest of the Secured Parties in and to the Collateral
granted hereby and shall not be interpreted to, and shall not impose any duties
or obligations on the Collateral Agent in connection therewith other than those
expressly provided herein or imposed under applicable law. Except as provided by
applicable law or by the Indenture, the Collateral Agent shall be deemed to have
exercised reasonable care in the custody and preservation of the Collateral in
its possession if the Collateral is accorded treatment substantially equal to
that which the Collateral Agent accords similar property held by the Collateral
Agent for its own account, it being understood that the Collateral Agent in its
capacity as such shall not have any responsibility for (a) ascertaining or
taking action with respect to calls, conversions, exchanges, maturities or other
matters relative to any Collateral, whether or not the Collateral Agent has or
is deemed to have knowledge of such matters, (b) taking any necessary steps to
preserve rights against any parties with respect to any Collateral or (c)
investing or reinvesting any of the Collateral or any loss on any investment.

            SECTION 13. Indemnity; Collateral Agent's Limitation of Liability to
Pledgor. (a) The Pledgor shall indemnify, reimburse, hold harmless and defend
the Collateral Agent, the Securities Intermediary and their affiliates and their
directors, officers, agents and employees, from and against any and all claims,
actions, obligations, liabilities and expenses, including reasonable defense
costs, reasonable investigative fees and costs, and reasonable legal fees and
damages arising from the Collateral Agent's or Securities Intermediary's
performance or lack of performance as Collateral Agent or Securities
Intermediary, respectively, under this Pledge Agreement, except to the extent
that such claim, action, obligation, liability or expense is directly caused by
the bad faith, gross negligence or willful misconduct of such indemnified
person; provided, however, that the Securities Intermediary (a) shall not be
excused from, and shall not be excused from liability for, acting or refraining
from acting and (b) shall not be indemnified or held harmless under this Section
13 for the taking or the failure to take any action, in each case hereunder in
its capacity as Securities Intermediary to the extent the taking or the failure
to take

<PAGE>
                                       13

any such action violates the duties and obligations expressly imposed upon the
Securities Intermediary under or in accordance with this Agreement or imposed
upon a Securities Intermediary under the Federal Book-Entry Regulations or
Article 8, Part 5 of the NYUCC. This indemnity shall be a continuing obligation
of the Pledgor, its respective successors and assigns, notwithstanding the
termination of this Pledge Agreement and the resignation or removal of the
Collateral Agent or the Securities Intermediary.

            (b) If at any time the Collateral Agent is served with any judicial
or administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects Collateral (including, but not
limited to, orders of attachment or garnishment or other forms of levies or
injunctions or stays relating to the transfer of Collateral), the Collateral
Agent is authorized to comply therewith in any manner as it or its legal counsel
of its own choosing deems appropriate and if the Collateral Agent complies with
any such judicial or administrative order, judgment, decree, writ or other form
of judicial or administrative process, the Collateral Agent shall not be liable
to the Pledgor even though such order, judgment, decree, writ or process may be
subsequently modified or vacated or otherwise determined to have been without
legal force or effect.

            (c) The Collateral Agent shall not incur any liability to the
Pledgor for not performing any act or fulfilling any duty, obligation or
responsibility hereunder by reason of any occurrence beyond the control of the
Collateral Agent (including, but not limited to, any act or provision or any
present or future law or regulation or governmental authority, any act of God or
war, or the unavailability of the Federal Reserve Bank wire or telex or other
wire or communication facility).

            (d) The Collateral Agent shall not be responsible in any respect for
the form, execution, validity, value or genuineness of documents or securities
deposited hereunder, or for any description therein, or for the identity,
authority or rights of persons executing or delivering or purporting to execute
or deliver any such document, security or endorsement.

            SECTION 14. Remedies upon Event of Default. If any Event of Default
under the Indenture shall have occurred and be continuing or if a material
default hereunder for a period of five business days after notice to the Pledgor
by the Collateral Agent or the Trustee shall have occurred and be continuing
(any such Event of Default or material default being referred to in this Pledge
Agreement as an "Event of Default"):

            (a) The Trustee, the Collateral Agent and the Holders of the Notes
      may exercise, in addition to all other rights given by law or by this
      Pledge Agreement or the Indenture, all of the rights and remedies with
      respect to the Collateral of a secured party under the NYUCC at that time
      and also may (i) require the Pledgor to, and the Pledgor hereby agrees
      that it will at its expense and upon request of the Collateral Agent
      forthwith, assemble all or part of the Collateral as directed by the
      Collateral Agent and make it available to the Collateral Agent at a place
      to be designated by the Collateral Agent that is reasonably convenient to
      both parties and (ii) without notice except as specified below, sell the
      Collateral or any part thereof in one or more parcels at any broker's
      board or at public or private sale, in one or more sales or lots, at any
      of the Collateral Agent's offices or elsewhere, for cash, on credit or for
      future delivery, and

<PAGE>
                                       14

      upon such other terms as the Collateral Agent may deem, and which the
      Pledgor shall accept as, commercially reasonable. Unless any of the
      Collateral threatens, in the reasonable judgment of the Collateral Agent,
      to decline speedily in value, the Collateral Agent will give the Pledgor
      reasonable notice of the time and place of any public sale thereof, or of
      the time after which any private sale other intended disposition is to be
      made. The Collateral Agent shall not be obligated to make any sale of
      Collateral regardless of notice of sale having been given. The Collateral
      Agent may adjourn any public or private sale from time to time by
      announcement at the time and place fixed therefor, and such sale may,
      without further notice, be made at the time and place to which it was so
      adjourned. The purchaser of any or all Collateral so sold shall thereafter
      hold the same absolutely, free from any claim, encumbrance or right of any
      kind whatsoever created by or through the Pledgor. Any sale of the
      Collateral conducted in conformity with reasonable commercial practices of
      banks, insurance companies, commercial finance companies, or other
      financial institutions disposing of property similar to the Collateral
      shall be deemed to be commercially reasonable. The Trustee, the Collateral
      Agent or any Holder of Notes may, in its own name or in the name of a
      designee or nominee, buy any of the Collateral at any public sale and, if
      permitted by applicable law, at any private sale. All expenses (including
      court costs and reasonable attorneys' fees, expenses and disbursements)
      of, or incident to, the enforcement of any of the provisions hereof shall
      be recoverable from the proceeds of the sale or other disposition of the
      Collateral.

            (b) All cash proceeds received by the Collateral Agent in respect of
      any sale of, collection from, or other realization upon all or any part of
      the Collateral may, in the discretion of the Collateral Agent, be held by
      the Collateral Agent as collateral for, and/or then or at any time
      thereafter applied (after payment of any amounts payable to the Collateral
      Agent or the Trustee pursuant to Section 15) in whole or in part by the
      Collateral Agent for the ratable benefit of the Secured Parties against,
      all or any part of the Obligations in such order as the Collateral Agent
      shall elect consistent with the Indenture. Any surplus of such cash or
      cash proceeds held by the Collateral Agent and remaining after payment in
      full of all the Obligations shall be paid over to the Pledgor.

            (c) The Pledgor further agrees to use its reasonable best efforts to
      do or cause to be done all such other acts as may be necessary to make
      such sale or sales of all or any portion of the Collateral pursuant to
      this Section 14 valid and binding and in compliance with any and all other
      applicable requirements of law. The Pledgor further agrees that a breach
      of any of the covenants contained in this Section 14 will cause
      irreparable injury to the Trustee and the Holders of the Notes, that the
      Trustee and the Holders of the Notes have no adequate remedy at law in
      respect of such breach and, as a consequence, that each and every covenant
      contained in this Section 14 shall be specifically enforceable against the
      Pledgor, and the Pledgor hereby waives and agrees not to assert any
      defenses against an action for specific performance of such covenants
      except for a defense that no Event of Default has occurred.

            (d) The Collateral Agent may but is not obligated to exercise any
      and all rights and remedies of the Pledgor in respect of the Collateral.

<PAGE>
                                       15

            (e) Subject to and in accordance with the terms of this Pledge
      Agreement, all payments received by the Pledgor in respect of the
      Collateral shall be received in trust for the benefit of the Collateral
      Agent, shall be segregated from other funds of the Pledgor and shall be
      forthwith paid over to the Collateral Agent in the same form as so
      received (with any necessary endorsement).

            SECTION 15. Expenses. The Pledgor agrees to pay to the Collateral
Agent the fees as may be agreed upon from time to time. The Pledgor will upon
demand pay to the Trustee and the Collateral Agent the amount of any and all
expenses, including, without limitation, the reasonable fees, expenses and
disbursements of its counsel, experts and agents retained by the Trustee and the
Collateral Agent, that the Trustee and the Collateral Agent may incur in
connection with (a) the review, negotiation and administration of this Pledge
Agreement, (b) the custody or preservation of, or the sale of, collection from,
or other realization upon, any of the Collateral, (c) the exercise or
enforcement of any of the rights of the Trustee, the Collateral Agent or the
Secured Parties hereunder or (d) the failure by the Pledgor to perform or
observe any of the provisions hereof.

            SECTION 16. Security Interest Absolute. All rights of the Trustee,
the Collateral Agent and the Holders of the Notes and security interests
hereunder, and all obligations of the Pledgor hereunder, shall be absolute and
unconditional irrespective of:

            (a) any lack of validity or enforceability of the Indenture or Notes
      or any other agreement or instrument relating thereto;

            (b) any change in the time, manner or place of payment of, or in any
      other term of, all or any of the Obligations, or any other amendment or
      waiver of or any consent to any departure from the Indenture;

            (c) any taking, exchange, surrender, release or non-perfection of
      any Liens on any other collateral for all or any of the Obligations;

            (d) any manner of application of collateral, or proceeds thereof, to
      all or any of the Obligations, or any manner of sale or other disposition
      of any collateral for all or any of the Obligations or any other assets of
      the Pledgor;

            (e) any change, restructuring or termination of the corporate
      structure or existence of the Pledgor; or

            (f) to the extent permitted by applicable law, any other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Pledgor in respect of the Obligations or of this Pledge
      Agreement.

            SECTION 17. Miscellaneous Provisions.

            17.1 Notices. Any notice, direction or communication given hereunder
and any deliveries made hereunder shall be sufficiently given if in writing and
delivered in person or mailed by first class mail, commercial courier service or
telecopier communication, addressed as follows:

<PAGE>
                                       16

                  if to the Pledgor:

                           Michael Foods Acquisition Corp.
                           c/o Vestar Capital Partners IV, L.P.
                           1225 Seventeenth Street,
                           Suite 1660
                           Denver, Colorado 80202
                           Fax:  (303) 292-6639
                           Attention: J. Christopher Henderson

                  if to the Trustee:

                           BNY Midwest Trust Company
                           2 North LaSalle Street, Suite 1020,
                           Chicago, Illinois 60602
                           Fax: 312 827 8542
                           Attention: Dan Donovan

                  if to the Collateral Agent:

                           BNY Midwest Trust Company
                           2 North LaSalle Street, Suite 1020,
                           Chicago, Illinois 60602
                           Fax: 312 827 8542
                           Attention: Dan Donovan

                  if to the Securities Intermediary:

                           BNY Midwest Trust Company
                           2 North LaSalle Street, Suite 1020,
                           Chicago, Illinois 60602
                           Fax:  312 827 8542
                           Attention: Dan Donovan

or, as to any such party, at such other address as shall be designated by such
party in a written notice to each other party complying as to delivery with the
terms of this Section. All such notices and other communications shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered;
three Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt is confirmed, if telecopied; and on the next Business Day
if timely delivered to an air courier guaranteeing overnight delivery.

                  17.2 No Adverse Interpretation of Other Agreements. This
Pledge Agreement may not be used to interpret another pledge, security or debt
agreement of the Pledgor or any subsidiary thereof. No such pledge, security or
debt agreement (other than the Indenture) may be used to interpret this Pledge
Agreement.

                  17.3 Severability. The provisions of this Pledge Agreement are
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole

<PAGE>
                                       17

or in part in any jurisdiction, then such invalidity or unenforceability shall
affect in that jurisdiction only such clause or provision, or part thereof, and
shall not in any manner affect such clause or provision in any other
jurisdiction or any other clause or provision of this Pledge Agreement in any
jurisdiction.

                  17.4 Headings. The headings in this Pledge Agreement have been
inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions
hereof.

                  17.5 Counterpart Originals. This Pledge Agreement may be
signed in two or more counterparts, each of which shall be deemed an original,
but all of which shall together constitute one and the same agreement.

                  17.6 Benefits of Pledge Agreement. Nothing in this Pledge
Agreement, express or implied, shall give to any person, other than the parties
hereto and their successors hereunder, and the Holders of the Notes, any benefit
or any legal or equitable right, remedy or claim under this Pledge Agreement.

                  17.7 Amendments, Waivers and Consents. Any amendment or waiver
of any provision of this Pledge Agreement and any consent to any departure by
the Pledgor from any provision of this Pledge Agreement shall be effective only
if made in writing and signed by the Collateral Agent and otherwise made or duly
given in compliance with all of the terms and provisions of the Indenture, and
then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. None of the Trustee, the Collateral
Agent or any Holder of Notes shall be deemed, by any act, delay, indulgence,
omission or otherwise, to have waived any right or remedy hereunder or to have
acquiesced in any default or Event of Default or in any breach of any of the
terms and conditions hereof. Failure of the Trustee, the Collateral Agent or any
Holder of Notes to exercise, or delay in exercising, any right, power or
privilege hereunder shall not preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by the Trustee,
the Collateral Agent or any Holder of Notes of any right or remedy hereunder on
any one occasion shall not be construed as a bar to any right or remedy that the
Trustee, the Collateral Agent or such Holder of Notes would otherwise have on
any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any rights or
remedies provided by law.

                  17.8 Interpretation of Agreement. To the extent a term or
provision of this Pledge Agreement conflicts with the Indenture, the Indenture
shall control with respect to the subject matter of such term or provision.
Notwithstanding the foregoing and any other provision of this Pledge Agreement
or the Indenture, the Trustee shall have no fiduciary responsibility under this
Pledge Agreement.

                  17.9 Continuing Security Interest; Termination. (a) This
Pledge Agreement shall create a continuing security interest in and to the
Collateral and shall, unless otherwise provided in this Pledge Agreement, remain
in full force and effect until the payment in full in cash of the Obligations.
This Pledge Agreement shall be binding upon the Pledgor, its transferees,
successors and assigns, and shall inure, together with the rights and remedies
of the

<PAGE>
                                       18

Trustee and the Collateral Agent hereunder, to the benefit of the Trustee, the
Collateral Agent, the Holders of the Notes and their respective successors,
transferees and assigns.

            (b) So long as no Event of Default shall have occurred and be
continuing, this Pledge Agreement (other than Pledgor's obligations under
Sections 13 and 15) shall terminate upon the payment in full in cash of the
Obligations. At such time, the Collateral Agent shall, pursuant to a written
order of the Pledgor, reassign and redeliver to the Pledgor all of the
Collateral hereunder that has not been sold, disposed of, retained or applied by
the Collateral Agent in accordance with the terms of this Pledge Agreement and
the Indenture and take all actions requested by the Pledgor that are necessary
to release the security interest created by this Pledge Agreement in and to the
Collateral, including the execution of all termination statements provided to it
necessary to terminate any financing or continuation statements filed with
respect to the Collateral. Such reassignment and redelivery shall be without
warranty by or recourse to the Collateral Agent or the Trustee in its capacity
as such and shall be at the reasonable expense of the Pledgor.

                  17.10 Survival of Representations and Covenants. All
representations, warranties and covenants of the Pledgor contained herein shall
survive the execution and delivery of this Pledge Agreement, and shall terminate
only upon the termination of this Pledge Agreement. The obligations of the
Pledgor under Sections 13 and 15 hereof shall survive the termination of this
Agreement.

                  17.11 Waivers. The Pledgor waives presentment and demand for
payment of any of the Obligations, protest and notice of dishonor or default
with respect to any of the Obligations, and all other notices to which the
Pledgor might otherwise be entitled, except as otherwise expressly provided
herein or in the Indenture.

                  17.12 Authority of the Collateral Agent. (a) The Collateral
Agent shall have and be entitled to exercise all powers hereunder that are
specifically granted to the Collateral Agent by the terms hereof, together with
such powers as are reasonably incident thereto but no duties, obligations or
powers shall be inferred or implied. The Collateral Agent may perform any of its
duties hereunder or in connection with the Collateral by or through agents,
attorneys, experts, accountants, advisors or employees and shall not be
responsible for any misconduct or negligence by any such person appointed with
due care by it hereunder. The Collateral Agent shall be entitled to retain
counsel and to act in reliance upon the advice of counsel concerning any matters
arising hereunder. Except as otherwise expressly provided in this Pledge
Agreement or the Indenture, neither the Collateral Agent nor any director,
officer, employee, attorney or agent of the Collateral Agent shall be liable to
the Pledgor for any action taken or omitted to be taken by the Collateral Agent,
in its capacity as Collateral Agent, hereunder, except for its own bad faith,
gross negligence or willful misconduct, and the Collateral Agent shall not be
responsible for the validity, effectiveness or sufficiency hereof or of any
document or security furnished pursuant hereto. The Collateral Agent and its
directors, officers, employees, attorneys and agents shall be entitled to
conclusively rely on any communication, instrument or document (whether in its
original or facsimile form believed by it or them to be genuine and correct and
to have been signed or sent by the proper person or persons.

<PAGE>
                                       19

            (b) The Pledgor acknowledges that the rights and responsibilities of
the Collateral Agent under this Pledge Agreement with respect to any action
taken by the Collateral Agent or the exercise or non-exercise by the Collateral
Agent of any option, right, request, judgment or other right or remedy provided
for herein or resulting or arising out of this Pledge Agreement shall, as
between the Collateral Agent and the Holders of the Notes, be governed by the
Indenture and by such other agreements with respect thereto as may exist from
time to time among them, but, as between the Collateral Agent and the Pledgor,
the Collateral Agent shall be conclusively presumed to be acting as agent for
the Secured Parties with full and valid authority so to act or refrain from
acting, and the Pledgor shall not be obligated or entitled to make any inquiry
respecting such authority.

                  17.13 Successor Collateral Agent by Merger, etc. If the
Collateral Agent consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Collateral
Agent.

                  17.14 Final Expression. This Pledge Agreement, together with
the Indenture and any other agreement executed in connection herewith, is
intended by the parties as a final expression of this Pledge Agreement and is
intended as a complete and exclusive statement of the terms and conditions
thereof.

                  17.15 Rights of Holders of the Notes. No Holder of Notes shall
have any independent rights hereunder other than those rights granted to
individual Holders of the Notes pursuant to Section 6.07 of the Indenture;
provided that nothing in this subsection shall limit any rights granted to the
Trustee under the Notes or the Indenture.

                  17.16 Governing Law; Submission to Jurisdiction; Waiver of
Jury Trial; Waiver of Damages. (a) This Pledge Agreement shall be governed by
and interpreted under the laws of the State of New York, and any dispute arising
out of, connected with, related to, or incidental to the relationship
established between the Pledgor, the Trustee, the Collateral Agent and the
Holders of the Notes in connection with this Pledge Agreement, and whether
arising in contract, tort, equity or otherwise, shall be resolved in accordance
with the laws of the State of New York.

            (b) The Pledgor hereby waives personal service of process in any
suit, action or proceeding with respect to this Pledge Agreement and for actions
brought under the U.S. Federal or state securities laws brought in any Federal
or state court located in the City of New York (each a "New York Court") and
consents that all service of process in any such suit, action or proceeding
shall be made by registered mail, return receipt requested, directed to the
Pledgor at the address indicated in Section 17.1. Each of the parties hereto
submits to the jurisdiction of any New York Court and to the courts of its
corporate domicile with respect to any actions brought against it as defendant
in any suit, action or proceeding arising out of, connected with, related to, or
incidental to the relationship established among the Pledgor, the Trustee, the
Collateral Agent and the Holders in connection with this Pledge Agreement, and
each of the parties hereto waives any objection that it may have to the laying
of venue, including any pleading of forum non conveniens, with respect to any
such action and waives any right to which it may be entitled on account of place
of residence or domicile.

<PAGE>
                                       20

            (c) The Pledgor agrees that the Trustee shall, in its capacity as
Trustee or in the name and on behalf of any Holder of Notes, have the right, to
the extent permitted by applicable law, to proceed against the Pledgor or the
Collateral in a court in any location reasonably selected in good faith (and
having personal or in rem jurisdiction over the Pledgor or the Collateral, as
the case may be) to enable the Trustee to realize on such Collateral, or to
enforce a judgment or other court order entered in favor of the Trustee. The
Pledgor agrees that it will not assert any counterclaims, setoffs or crossclaims
in any proceeding brought by the Trustee to realize on such property or to
enforce a judgment or other court order in favor of the Trustee, except for such
counterclaims, setoffs or crossclaims which, if not asserted in any such
proceeding, could not otherwise be brought or asserted.

            (d) The Pledgor agrees that neither any Holder of Notes nor (except
as otherwise provided in this Pledge Agreement or the Indenture) the Collateral
Agent in its capacity as Collateral Agent shall have any liability to the
Pledgor (whether arising in tort, contract or otherwise) for losses suffered by
the Pledgor in connection with, arising out of, or in any way related to, the
transactions contemplated and the relationship established by this Pledge
Agreement, or any act, omission or event occurring in connection therewith,
unless it is determined by a final and nonappealable judgment of a court that is
binding on the Collateral Agent or such Holder of Notes, as the case may be,
that such losses were the result of acts or omissions on the part of the
Collateral Agent or such Holders of Notes, as the case may be, constituting bad
faith, gross negligence or willful misconduct.

            (e) To the extent permitted by applicable law, the Pledgor waives
the posting of any bond otherwise required of the Trustee, the Collateral Agent
or any Holder of Notes in connection with any judicial process or proceeding to
enforce any judgment or other court order pertaining to this Pledge Agreement or
any related agreement or document entered in favor of the trustee, the
Collateral Agent or any Holder of Notes, or to enforce by specific performance,
temporary restraining order or preliminary or permanent injunction, this Pledge
Agreement or any related agreement or document between the Pledgor on the one
hand and the Trustee, the Collateral Agent and/or the Holders of the Notes on
the other hand.

                    [REMAINDER OF PAGE INTENTIONALLY BLANK]

<PAGE>
                                       21

            IN WITNESS WHEREOF, the parties hereto have each caused this Pledge
Agreement to be duly executed and delivered as of the date first above written.

                                   Pledgor:

                                   MICHAEL FOODS, ACQUISITION CORP.

                                   By:  /s/ Jack M. Feder
                                        ---------------------------------
                                        Name:  Jack M. Feder
                                        Title: Secretary

                                   Trustee:

                                   BNY MIDWEST TRUST COMPANY

                                   By:  /s/ D.G. Donovan
                                        ---------------------------------
                                        Name:  D.G. Donovan
                                        Title: Assistant Vice President

                                   Collateral Agent:

                                   BNY MIDWEST TRUST COMPANY

                                   By:  /s/ D.G. Donovan
                                        ---------------------------------
                                        Name:  D.G. Donovan
                                        Title: Assistant Vice President

                                   Securities Intermediary:

                                   BNY MIDWEST TRUST COMPANY

                                   By:  /s/ D.G. Donovan
                                        ---------------------------------
                                        Name:  D.G. Donovan
                                        Title: Assistant Vice President

<PAGE>
                                       22

                                   BANC OF AMERICA SECURITIES LLC

                                   By:  /s/ Kurt C. Brechnitz
                                        ----------------------------------------
                                        Name:  Kurt C. Brechnitz
                                        Title: Vice President

<PAGE>

                                                                       EXHIBIT A

                           [Form of Vestar Agreement]

<PAGE>

                                                                       EXHIBIT B

                     [Form of First Supplemental Indenture]

<PAGE>

                                                                       EXHIBIT C

                      [Draft Opinion of Kirkland & Ellis]

            1. The Supplemental Indenture has been duly authorized, executed and
delivered by Michael Foods and each of the Guarantors (as defined in the
Purchase Agreement) and, when executed and delivered by each of the other
parties thereto, will be enforceable against Michael Foods and each of the
Guarantors in accordance with its terms, except as the same may be limited by
(A) applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors' right generally, including without limitation the effect of
statutory or other laws regarding fraudulent conveyances or transfers,
preferential transferor distributions by corporations to shareholders, or (B)
general principles of equity, whether considered at law or at equity, including,
without limitation, concepts of materiality, reasonableness, good faith and fair
dealing.

            2. The Registration Rights Agreements has been duly authorized,
executed and delivered by each of the Guarantors and is enforceable against each
of the Guarantors in accordance with its terms, except as the same may be
limited by (A) applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors' right generally, including without limitation
the effect of statutory or other laws regarding fraudulent conveyances or
transfers, preferential transferor distributions by corporations to
shareholders, or (B) general principles of equity, whether considered at law or
at equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing.

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