Document:

EdgarFiling

Exhibit 10.2

 

 

PROMISSORY NOTE

 

(Demand)

 

	$8,000,000.00	 
	 	 
	Maturity Date: ON DEMAND	Date:December 4, 2017

 

 

ON DEMAND, FOR VALUE RECEIVED, PERCEPTRON,
INC., a Michigan corporation (“Borrower”), promises to pay to the order of CHEMICAL
BANK, of 2301 W. Big Beaver Road, Suite 525, Troy, Michigan 48084 (“Lender”), at any office
of the Lender located in the State of Michigan or at such other place as Lender may designate in writing, the principal sum of
Eight Million and 00/100 Dollars ($8,000,000.00), or so much thereof as may have been advanced by Lender, with interest as hereinafter
provided, all in lawful money of the United States of America; provided that in no event shall Lender have any obligation to make
any advances to Borrower under the Note (notwithstanding anything expressed or implied in this Note or elsewhere to the contrary,
including, without limitation, if the Lender supplies the Borrower with a borrowing formula) and Lender, at any time and from time
to time, without notice, and in its sole discretion, may refuse to make advances to the Borrower without incurring any liability
due to this refusal and without affecting Borrower’s liability under this Note for any and all amounts advanced.

 

This Promissory Note (this “Note”)
is the promissory note described in that certain Loan Agreement of even date herewith between the Lender and the Borrower (as amended,
restated, or otherwise superseded from time to time, the “Loan Agreement”). This is a note under which
advances, repayments and re-advances may be made from time to time. Capitalized terms used but not otherwise defined in this Note
shall have the meanings given them in the Loan Agreement. This Note is issued pursuant to, entitled to the benefit of, and secured
by the liens and security interests described in, the Loan Agreement and the other Loan Documents, but the foregoing reference
to the Loan Agreement and the other Loan Documents shall not affect or impair the absolute and unconditional obligation of the
Borrower to pay all amounts evidenced by this Note in accordance with its terms. Reference is hereby made to any loan agreements,
notes, security agreements, leases, mortgages, guaranties, pledges and any other documents or agreements executed in connection
with this Note including agreements existing before, at the time of execution of this Note and after the date of this Note for
additional terms and conditions relating to this Note.

 

The interest rate shall be a variable rate equal
to the Applicable Margin over the one month (30-day) LIBOR Rate (the “Note Rate”). “Applicable
Margin” shall mean two and sixty five hundredths percent (2.65%).

 

The LIBOR Rate shall be determined by Lender
prior to the commencement of each Interest Period, as defined herein below. The LIBOR Rate shall remain in effect, subject to the
provisions hereof, from and including the first day of the Interest Period to and excluding the last day of the Interest Period
for which it is determined.

 

     

     

    

 

As used herein, “LIBOR Rate”
means with respect to each day during each Interest Period, the rate for U.S. dollar deposits of thirty day maturity which the
ICE Benchmark Administration (or any successor administrator of LIBOR index rates) fixes as its LIBOR index rate (“ICE
LIBOR”), as published by Reuters (or other commercially available source providing quotations of ICE LIBOR as designated
by the Lender from time to time) at approximately 11:00 a.m., London time, on the second London business day before the relevant
Interest Period begins (or if not so reported, it becomes unavailable, or its use would for some reason be prohibited by law, then
as reasonably determined by Lender from another recognized source or interbank quotation that approximates as nearly as possible
the LIBOR Rate as originally intended). If at any time the LIBOR Rate is less than zero, such rate shall be deemed to be zero for
purposes of this Note.

 

The first “Interest Period”
shall begin on the date principal is first advanced under this Note (the “Advance Date”) and end on (but
excluding) the next succeeding Payment Date (as hereinafter defined), and thereafter, each period commencing on (and including)
the last day of the immediately preceding Interest Period and ending on (but excluding) the next Payment Date (before any adjustment
for a day that is not a Business Day), provided, (i) any Interest Period that would otherwise end on (but exclude) a day which
is not a Business Day shall not be extended to the next succeeding Business Day; and (ii) any Interest Period that ends in a month
for which there is no day which numerically corresponds to the Payment Date shall end on (but exclude) the last Business Day of
such month.

 

Interest on this note shall be calculated on
the basis of a three hundred sixty (360) day year and charged for the actual number of days elapsed in an interest period; that
is, by applying the ratio of the interest rate over a year of three hundred sixty (360) days, multiplied by the outstanding principal
balance, multiplied by the actual number of days the principal balance is outstanding during the Interest Period. All interest
payable under this Note is computed using this method.

 

As used herein, “Business Day”
shall mean any day other than a Saturday or a Sunday or any day on which commercial banks in New York, New York are authorized
or required to close.

 

Unless sooner demanded, accrued interest shall
be due and payable the first (1st) Business Day of each month (each, a “Payment Date”), commencing
January 2, 2018. Should a Payment Date fall on a day which is not a Business Day, then payment is to be made the next Business
Day unless such extension would carry such Payment Date into the next month, in which event such Payment Date shall be made on
the preceding Business Day. In all events, all principal and accrued and unpaid interest shall be due and payable in full on upon
demand by Lender.

 

Except as set forth below, this Note may be
prepaid in whole or in part at any time without premium or penalty.

 

Notwithstanding the foregoing, if there is a
related swap transaction, then, upon prepayment of this Note, Lender is entitled to the following prepayment penalty: Prepayment
of the principal amount of the Note, in whole or in part, whether voluntary or involuntary, will be subject to payment by Borrower
to Lender of all assessments, losses, fees and costs of any kind or nature incurred by Lender under any and all Hedging Agreements
(as defined in the Loan Agreement) by and between Borrower and Lender, which arise, directly or indirectly, as a result of such
prepayment. Moreover, at no time during the term of the loan may the then principal balance of the loan be less than the then remaining
notional amount of the swap, under such Hedging Agreements and any prepayment of the Note below the notional amount will require
an equivalent reduction in the notional amount under the Hedging Agreements. This prepayment penalty provision is only applicable
if the Borrower and Lender have entered into a swap transaction evidenced by separate Hedging Agreements.

 

     

     

    

 

Borrower expressly assumes all risks of loss
or delay in the delivery of any payments made by mail, and no course of conduct or dealing shall affect Borrower’s assumption
of these risks. Borrower shall not be required to pay interest at a rate greater than the maximum allowed by law and any interest
payment received by Lender which exceeds the maximum legal rate shall be automatically credited upon the unpaid principal balance
of this Note. If the Lender determines the Note Rate is, or may be, usurious or otherwise limited by law, the unpaid balance of
this Note shall, at Lender’s option, become immediately due and payable.

 

Upon demand and also upon the occurrence of
any of the following events (each, an “Event of Default”) the Lender, at its option, and without notice
to Borrower, may declare the entire unpaid principal balance of this Note, all accrued interest, and all other indebtedness of
Borrower to Lender, to be immediately due and payable: the occurrence of an Event of Default as defined in the Loan Agreement.

 

Upon the occurrence of any Event of Default,
the unpaid principal balance of this Note shall bear interest at a rate which is four percent (4.0%) greater than the Note Rate
otherwise applicable (the “Default Rate”). If any payment due under this Note, is not paid within ten
(10) days after the earlier of (i) demand by Lender and (ii) the date specified in this Note, then, at the option of the Lender,
a late charge of the greater of Fifty Dollars ($50.00) or five percent (5.0%) of the payment due shall be due to Lender; provided
that, the late charge shall not apply to any payment of the entire outstanding principal balance under this Note required as a
result of a demand by Lender (provided, further, that this limitation on the application of the late payment charge shall not impair
Lender’s ability to impose the Default Rate for payment of such amount following any such demand when an Event of Default
has occurred and is continuing). In addition, Borrower shall reimburse the Lender for all costs and expenses, including attorneys’
fees, incurred by the Lender in enforcing its rights under this Note, including without limitation, those incurred in any bankruptcy,
reorganization, insolvency or other similar proceeding. Any reference in this Note to attorneys’ fees shall mean fees, charges,
costs and expenses of both in-house and outside counsel and paralegals, whether or not a suit or proceeding is instituted, and
whether incurred at the trial court level, on appeal, in a bankruptcy, administrative or probate proceeding, in consultation with
counsel, or otherwise.

 

Borrower hereby expressly acknowledges and agrees that this Note
is a demand note and matures upon issuance, and that the indebtedness hereunder shall be payable upon demand (unless earlier payment
is required in accordance with the terms and conditions of this Note), and that Lender may, at any time in its sole and absolute
discretion, without notice and without reason and whether or not any Event of Default shall have occurred and/or exist under this
Note, without notice, demand that this Note and the indebtedness hereunder be immediately paid in full. Lender may from time to
time make demand for partial payments under this Note and these demands shall not preclude Lender from demanding at any time that
this Note be immediately paid in full. Further, the demand nature of this Note shall not be deemed to be modified, limited or otherwise
affected by any reference to an Event of Default in this Note, and to the extent that there are any references to Events of Default
hereunder, such references are for the purpose of permitting Lender to accelerate any indebtedness not on a demand basis and to
receive interest at the applicable default rate provided in the document evidencing the relevant indebtedness.

 

     

     

    

 

Acceptance by Lender of any payment in an amount
less than the amount then due shall be deemed an acceptance on account only, and Borrower’s failure to pay the entire amount
due shall be an Event of Default. Borrower hereby waives presentment for payment, demand, notice of nonpayment, notice of protest
or protest of this Note, any defenses under 3-605 of the Michigan Uniform Commercial Code, the release of any collateral or part
thereof, with or without substitution, and Lender diligence in collection or bringing suit, and (ii) consents to any and all extensions
of time, renewals, waivers, or modifications as may be granted by Lender with respect to payment or any other provisions of this
Note. The liability of the Borrower under this Note shall be absolute and unconditional, without regard to the liability of any
other party. This Note shall be deemed to have been executed in, and all rights and obligations hereunder shall be governed by,
the laws of the State of Michigan.

 

If any provision of this Note would obligate
the Borrower to make any payment of interest or other amount payable to the Lender in an amount or calculated at a rate which would
be prohibited by law, then notwithstanding that provision, that amount or rate shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, the adjustment to be
effected, to the extent necessary, by reducing the amount or rate of interest required to be paid to the Lender under this Note.

 

If this Note is signed by two or more parties
(whether by all as makers or by one or more as an accommodation party or otherwise), the obligations and undertakings under this
Note shall be that of all and any two or more jointly and also of each severally. This Note shall bind the Borrower, and the Borrower’s,
successors and assigns, and this Note shall enure to the benefit of the Lender and the Lender’s successors and assigns.

 

BORROWER AND LENDER, BY ACCEPTANCE OF THIS NOTE,
ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS CHOICE, KNOWINGLY AND VOLUNTARILY, WAIVES ANY RIGHT TO TRIAL BY JURY
IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE.

 

 

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

     

     

    

 

Borrower has executed and delivered this Note as of the date first
set forth above.

 

	 	BORROWER:	 
	 	 	 	 
	 	PERCEPTRON, INC. 	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ David L. Watza	 
	 	Its: 	President + CEO	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Promissory Note (Demand)

(Perceptron, Inc.) (14911374)]Exhibit

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of July [__], 2017 (this “Agreement”) is entered into among BEF Foods, Inc., an Ohio corporation (the “Borrower”), the Guarantors party hereto, and Bank of America, N.A., as Administrative Agent and Swingline Lender.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrower, the Guarantors, the Lenders, and Bank of America, N.A., as Administrative Agent, Swingline Lender and L/C Issuer, have entered into that certain Credit Agreement dated as of April 28, 2017 (as amended or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Administrative Agent and the Borrower intended for the Credit Agreement to include provisions pursuant to which the Borrower could enter into autoborrow agreements from time to time after the Closing Date to facilitate the automatic advance of Swingline Loans to the Borrower; and
WHEREAS, pursuant to clause (x) of the final proviso to Section 11.01 of the Credit Agreement, the Loan Parties and the Administrative Agent desire to amend the Credit Agreement as set forth herein to facilitate the use by the Borrower of autoborrow agreements in connection with Swingline Borrowings to be made under the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendments.  The Credit Agreement is hereby amended as follows:
(a)    The following defined term is hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order to read as follows:
“Autoborrow Agreement” has the meaning specified in Section 2.04(b)(ii).
(b)    The definition of “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended to read as follows: 
“Loan Documents” means, collectively, this Agreement, each Note, the Guaranty, each Collateral Document, the Fee Letter, each Issuer Document, each Joinder Agreement, each agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, each Autoborrow Agreement, and each other agreement, instrument or document designated by its terms as a “Loan Document” (but specifically excluding any Secured Hedge Agreement or any Secured Cash Management Agreement).
(c)    The definition of “Request for Credit Extension” in Section 1.01 of the Credit Agreement is hereby amended to read as follows: 
“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swingline Loan, at any time an Autoborrow Agreement is not in effect, a Swingline Loan Notice.
(d)    Section 2.04(a) of the Credit Agreement is hereby amended to read as follows:

(a)    The Swingline.  Subject to the terms and conditions set forth herein and subject to the terms of any Autoborrow Agreement, the Swingline Lender, in reliance upon the agreements of the other Lenders set forth in this Section, shall make loans to the Borrower (each such loan, a “Swingline Loan”).  Each such Swingline Loan may be made, subject to the terms and conditions set forth herein and in any Autoborrow Agreement then in effect, to the Borrower, in Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swingline Lender, may exceed the amount of such Lender’s Commitment; provided, that, (i) after giving effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the Aggregate Commitments at such time, and (B) the Revolving Exposure of any Lender at such time shall not exceed such Lender’s Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any Swingline Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure.  Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04.  Each Swingline Loan shall bear interest only at a rate based on the Base Rate plus the Applicable Rate; provided, that, if an Autoborrow Agreement is in effect, the Swingline Lender may, at its discretion, provide for an alternate rate of interest on Swingline Loans under such Autoborrow Agreement with respect to any Swingline Loans for which the Swingline Lender has not requested that the Lenders fund Revolving Loans to refinance, or to purchase and fund risk participations in, such Swingline Loans pursuant to Section 2.04(c).  Immediately upon the making of a Swingline Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swingline Loan.
(e)    Section 2.04(b) of the Credit Agreement is hereby amended to read as follows: 
(b)    Borrowing Procedures.
(i)    At any time an Autoborrow Agreement is not in effect, each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline Lender and the Administrative Agent, which may be given by telephone or a Swingline Loan Notice; provided, that, any telephonic notice must be confirmed immediately by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan Notice.  Each such Swingline Loan Notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested date of the Swingline Borrowing (which shall be a Business Day).  Promptly after receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swingline Borrowing (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in the first proviso to the second sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender may make the amount of its Swingline Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swingline Lender in immediately available funds.

(ii)    In order to facilitate the borrowing of Swingline Loans, the Borrower and the Swingline Lender may mutually agree to, and are hereby authorized to, enter into an autoborrow agreement in form and substance satisfactory to the Administrative Agent and the Swingline Lender (each, an “Autoborrow Agreement”) providing for the automatic advance by the Swingline Lender of Swingline Loans under the conditions set forth in such Autoborrow Agreement, which shall be in addition to the conditions set forth herein.  At any time an Autoborrow Agreement is in effect, the requirements for Swingline Borrowings set forth in Section 2.04(b)(i) shall not apply, and all Swingline Borrowings shall be made in accordance with such Autoborrow Agreement; provided, that, any automatic advance made by Bank of America in reliance of such Autoborrow Agreement shall be deemed a Swingline Loan as of the time such automatic advance is made notwithstanding any provision in such Autoborrow Agreement to the contrary.  For purposes of determining the Total Revolving Outstandings at any time during which an Autoborrow Agreement is in effect, the Outstanding Amount of all Swingline Loans shall be deemed to be the amount of the Swingline Sublimit.  For purposes of any Swingline Borrowing pursuant to an Autoborrow Agreement, all references to Bank of America in such Autoborrow Agreement shall be deemed to be a reference to Bank of America, in its capacity as Swingline Lender hereunder.
(f)    The first sentence of Section 2.05(a)(ii) of the Credit Agreement is hereby amended to read as follows:
At any time an Autoborrow Agreement is not in effect, the Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided, that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then outstanding).
(g)    Section 2.07(b) of the Credit Agreement is hereby amended to read as follows:
(b)    Swingline Loans.  At any time an Autoborrow Agreement is in effect, the Swingline Loans shall be repaid in accordance with the terms of such Autoborrow Agreement.  At any time an Autoborrow Agreement is not in effect, the Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business Days after such Swingline Loan is made, and (ii) the Maturity Date.
(h)    Clause (iii) in the first sentence of Section 2.08(a) of the Credit Agreement is hereby amended to read as follows:
(iii) each Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving Loans, or, if an Autoborrow Agreement is in effect, at a rate per annum provided by the Swingline Lender.  
(i)    Section 4.02(c) of the Credit Agreement is hereby amended to read as follows:
(c)    Request for Credit Extension.  The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender (if no Autoborrow Agreement is then in effect), shall have received a Request for Credit Extension in accordance with the requirements hereof.
(j)    The last paragraph in Section 4.02 of the Credit Agreement is hereby amended to read as follows:

Each Request for Credit Extension submitted by the Borrower and each Swingline Borrowing pursuant to an Autoborrow Agreement shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a), (b) and, if applicable, (d) have been satisfied on and as of the date of the applicable Credit Extension.
(k)    The final proviso to Section 11.01 of the Credit Agreement is hereby amended to (i) delete the “and” at the end of clause (x) thereof, (ii) replace the “.” at the end of clause (xi) thereof with a “; and” , and (iii) add a new clause (xii) after clause (xi) thereof to read as follows:
(xii) any Autoborrow Agreement and any fee letters executed in connection therewith may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.
2.    Condition Precedent.  This Agreement shall be effective upon receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Administrative Agent and the Swingline Lender.
3.    Miscellaneous.
(a)    The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement shall constitute a Loan Document.
(b)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.
(c)    Each Loan Party hereby represent and warrant as follows: (i) such Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Agreement; (ii) this Agreement has been duly and validly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought by proceedings in equity or at law); and (iii) no consent, approval, exemption, order or authorization of, or registration or filing with, any Governmental Authority or any other Person is required by any Law or any agreement in connection with the execution, delivery or performance by, or enforcement against, such Loan Party of this Agreement.
(d)    The Loan Parties represent and warrant that (i) after giving effect to this Agreement, the representations and warranties of the Borrower and each other Loan Party contained in the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection therewith, are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date of this Agreement, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date, and except that for purposes of this Section 3(d), the representations and warranties contained in Sections 5.05(a), (b) and (d) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a), (b) or (c), respectively, of the Credit Agreement, and (ii) after giving effect to this Agreement, no event has occurred and is continuing which constitutes a Default or an Event of Default.
(e)    This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or 

other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.
(f)    THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING HERETO, AND THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written. 
BORROWER:                BEF FOODS, INC.,
an Ohio corporation
By:                    
Name:
Title:
GUARANTORS:            BOB EVANS FARMS, INC.,
a Delaware corporation
By:                    
Name:
Title:
BOB EVANS FARMS, LLC,
an Ohio limited liability company
By:                    
Name:
Title:
BOB EVANS HOLDING, INC.,
an Ohio corporation
By:                    
Name:
Title:
BOB EVANS TRANSPORTATION COMPANY, LLC,
an Ohio limited liability company
By:                    
Name:
Title:

BEF MANAGEMENT, INC.,
an Ohio corporation
By:                    
Name:
Title:

ADMINISTRATIVE AGENT:        BANK OF AMERICA, N.A.,
as Administrative Agent
By:                    
Name:
Title:

		
	SWINGLINE LENDER:
	BANK OF AMERICA, N.A.,

as the Swingline Lender
By:                    
Name:
Title:

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