Document:

a6676688ex_10ww.htm

Exhibit 10(ww)

 

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNTIL (I) THERE IS THEN IN EFFECT A REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT COVERING SUCH PROPOSED SALE OR TRANSFER AND SUCH SALE OR TRANSFER IS MADE IN ACCORDANCE WITH SUCH REGISTRATION STATEMENT AND ANY OTHER APPLICABLE STATE SECURITIES LAW, OR (II) MAKER SHALL HAVE RECEIVED A WRITTEN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO MAKER TO THE EFFECT THAT SUCH SALE OR TRANSFER WILL NOT REQUIRE REGISTRATION UNDER SUCH SECURITIES ACT AND SUCH APPLICABLE STATE SECURITIES LAWS.

 

THIS PROMISSORY NOTE SHALL BE SUBJECT IN ALL RESPECTS TO THAT CERTAIN AMENDED AND RESTATED INTERCREDITOR AND COLLATERAL SHARING AGREEMENT DATED AS OF THE DATE HEREOF AMONG MAKER, PAYEE (OR ITS DESIGNATED AGENT) AND CITIZENS BANK OF PENNSYLVANIA, AS AGENT FOR ITSELF AND OTHER LENDERS, PIDC LOCAL DEVELOPMENT CORPORATION AND THE COMMONWEALTH OF PENNSYLVANIA ACTING THROUGH THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT.

 

PROMISSORY NOTE

 

 

	$__________ 	 January 14, 2011

 

FOR VALUE RECEIVED, TASTY BAKING COMPANY, a Pennsylvania corporation (“Maker”), hereby promises to pay to ____________ (“Payee”), the principal sum of __________________ and 00/100 DOLLARS ($_________), together with interest on the outstanding balance hereof at the rate of twelve percent (12%) per annum.

 

All payments shall be made in lawful money of the United States of America to Payee at ________________, or such other place as Payee may designate in writing.

 

The entire outstanding balance of principal and interest and other sums or charges hereunder shall be due and payable on the earliest of (a) December 31, 2011, (b) the consummation of a Change of Control (as defined below), (c) any form of financing by Maker in which the proceeds to Maker exceed $20,000,000, or (d) acceleration upon an Event of Default (as defined below). If any payment date shall fall due on a Saturday, Sunday or legal holiday, payment shall be made on the next business day. As used in this Note, a “Change of Control” of Maker shall be deemed to occur upon: (a) the consummation of a sale of all or substantially all of the assets of Maker or the complete liquidation or dissolution of Maker; (b) the acquisition by any person or group of beneficial ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of fifty percent (50%) or more of the combined voting power of Maker’s outstanding securities then entitled to vote generally in the election of directors; or (c) a reorganization, merger, consolidation, division, or issuance of securities, in each case unless following such transaction (i) not less than sixty percent (60%) of the outstanding equity 

 

 

  

  

  

 

securities of the corporation resulting from or surviving such transaction and of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned by the holders of Maker’s common stock immediately prior to such transaction in substantially the same proportions as their ownership immediately prior to such transaction, and (ii) at least a majority of the members of the board of directors of the resulting or surviving corporation were members of the board of directors of Maker immediately prior to such transaction.

 

This Note is given in connection with certain other Promissory Notes dated the date hereof by Maker to the payees set forth therein (the “Other Payees”), which Promissory Notes are in the same principal amount and for the same duration as this Note (collectively, the “2011 Notes”). The obligations of Maker hereunder shall be pari passu with the obligations of Maker under the 2011 Notes. All payments made hereunder and under the 2011 Notes shall be made pro rata based on the percentage obtained by dividing (a) the outstanding principal amount of this Note by (b) the sum of (i) the outstanding principal amount of this Note plus (ii) the aggregate outstanding principal amount of the 2011 Notes (the amount obtained by such calculation, a “Pro Rata Share”). By acceptance of this Note, Payee agrees that, in the event it receives more than its Pro Rata Share, it will remit any such excess to the Other Payees.

 

Maker shall have the privilege without premium or penalty, at any time and from time to time, of prepaying this Note in whole or in part. Any prepayments hereunder shall be applied first to accrued and unpaid interest and then to outstanding amounts of principal on the date such payment is received.

 

The occurrence of any one or more of the following shall be an “Event of Default” hereunder:

 

1.           Maker fails to make any payment of interest or principal when due.

 

2.           Maker becomes insolvent or is declared insolvent by any tribunal or court of competent jurisdiction at any time while Maker’s obligations under the terms of this Note have not yet been satisfied in full.

 

3.           The filing of a petition in bankruptcy, reorganization or liquidation by or against Maker; the appointment of a trustee or receiver for Maker’s business; or an assignment of Maker’s assets for the benefit of creditors and, with respect to any such involuntary proceeding filed against Maker, such proceeding shall not have been vacated, stayed or dismissed within ninety (90) days of the filing thereof.

 

4.           Maker adopts a plan of liquidation or takes steps to dissolve or distribute its assets without making provision for payment in full of this Note.

 

5.           An Event of Default under (and as defined in) that certain Credit Agreement dated as of September 6, 2007, by and among, inter alia, Maker, Citizens Bank of Pennsylvania, as agent, and the other lenders party thereto, as amended, modified, restated and/or supplemented from time to time.

 

 

  

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Upon an Event of Default, the entire unpaid principal balance on this Note, together with interest accrued thereon, may, at the option of Payee and without notice to Maker, become immediately due and payable.

 

Upon an Event of Default, interest hereunder shall accrue at a rate of four percent (4%) per’ annum in excess of the rate otherwise charged hereunder (the “Default Rate”). In no event shall charges constituting interest exceed the rate permitted under any applicable law or regulation.

 

Maker shall pay on demand any additional monies which are paid, advanced or expended by Payee to enforce this Note, any security agreement securing the obligations of Maker hereunder and/or any collection of amounts due hereunder or thereunder, including, without limitation, reasonable attorney’s fees and costs.

 

The remedies of Payee provided herein shall be cumulative and concurrent, and may be pursued singly, successively and together at the sole discretion of Payee, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release of the same.

 

Maker waives presentment for payment, demand, notice of demand, notice of nonpayment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note.

 

The words “Payee” and “Maker” whenever occurring herein shall be deemed and construed to include the respective heirs, successors and/or assigns of Payee and Maker. Neither Maker nor Payee shall assign this Note or its obligations hereunder without the prior written consent of the other party.

 

This Note shall be construed according to and governed by the laws of the Commonwealth of Pennsylvania, without giving effect to conflict of laws principles.

 

Should any provision of this Note be held to be illegal or unenforceable, the balance of the instrument shall be construed as if the illegal or unenforceable provision were not included.

 

This Note is executed in connection with a business transaction.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, Maker has duly executed this note under seal as of the date and year first above mentioned.

 

TASTY BAKING COMPANY

By:  ______________________________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4a6676688ex_10zz.htm

Exhibit 10(zz)

 

WAIVER CONSENT AND

SECOND AMENDMENT TO CREDIT AGREEMENT

 

 

THIS WAIVER CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT (the “Agreements” is made as of March _____, 2011 among TASTY BAKING COMPANY, a Pennsylvania corporation (“Borrower”), the direct and indirect subsidiaries of the Company parties to the Credit Agreement (as referred to herein) (each a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”) and PIDC LOCAL DEVELOPMENT CORPORATION (the “Lender”).

 

RECITALS

 

WHEREAS, Borrowers, the Subsidiary Guarantors and Lender previously entered into a certain Credit Agreement dated September 6, 2007, amended by (i) that certain Forbearance and Amendment Agreement, dated as of January 14, 2011 (as so amended and as the same may be further amended, supplemented or restated from time to time, the “Credit Agreement”), pursuant to which, inter alia.  Lender agreed to extend to Borrower certain credit facilities subject to the terms and conditions set forth therein;

 

WHEREAS, Borrower and Subsidiary Guarantors are aware that Penntex Construction Co., Inc.  (“Penntex”), the general contractor for L/S 26th Street South, LP (“Liberty”) with respect to the Borrower’s Philadelphia Navy Yard Bakery, and certain of Penntex’s subcontractors have filed, or may file, Notices of Intent to Lien and/or Mechanic’s Liens, all of which Liens at any time shall not secure obligations in excess of $1,607,816.64, with respect to amounts due to such parties that are included in the $1,607,816.64 payment deferral by Liberty under the terms of the Waiver Letter dated January 14,2011 (the “Specified Lien Defaults”);

 

WHEREAS, Borrower and Subsidiary Guarantors have requested that Lender waive the Specified Lien Defaults;

 

WHEREAS, Borrower and Subsidiary Guarantors have requested that the Lender consent to the Disposition of a certain secured certified administrative claim against The Great Atlantic & Pacific Company (“A&P”) in the amount of $309,430.38 at a sales price of not less than 83 cents on the dollar (the “Permitted A&P Disposition”);

 

WHEREAS, pursuant to Section 2.10 of the Credit Agreement, the Net Cash Proceeds of the Permitted A&P Disposition shall be applied as repayments of the Loans, Fixed Asset Loans, the Job Bank Term Loan on a pro-rata basis as set forth in the Amended and Restated Intercreditor and Collateral Sharing Agreement;

 

WHEREAS, notwithstanding Section 2.10 of the Credit Agreement, Borrowers and Subsidiary Guarantors have requested that the Lender waive the application of the Net Cash Proceeds of the Permitted A&P Disposition to the Loans; and

 

WHEREAS, Borrower, Subsidiary Guarantors and Lender have agreed to waive the Specified Lien Defaults, consent to Permitted A&P Disposition, waive the application of the Net Cash Proceeds of the Permitted A&P Disposition to the Loans so long as such Net Cash 

 

 

  

  

  

 

Proceeds are used only for working capital purposes of Borrower and the Subsidiary Guarantors and amend the terms of the Credit Agreement in accordance with the terms and conditions hereof.

 

AGREEMENT

 

NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, and the foregoing recitals being fully incorporated as if set forth below, the parties hereto hereby agree, effective as of the Effective Date (as defined below), as follows:

 

1.    Defined Terms.  Any capitalized term used but not defined in this Agreement shall have the meaning given to it in the Credit Agreement.

 

2.    Events of Default and Waiver.

 

(a)    Events of Default.  Borrower and each Subsidiary Guarantor (a) acknowledge and agree that, without this Agreement, the Specified Lien Defaults may, with the passage of time or the occurrence or non-occurrence of other subsequent events, constitute Events of Default under the Loan Documents, and (b) represent and warrant to Lender that no other Default or Event of Default has occurred and continues to exist as of the Effective Date (defined below).

 

(b)    Waiver.  Lender hereby waives the Specified Lien Defaults.

 

Except as expressly provided in the preceding Subsection 2(b), this Agreement does not serve as a waiver of any Defaults or Events of Default which may now or hereafter exist and the Lender reserve any and all rights and remedies under the Loan Documents, at law or in equity, in connection with any Defaults or Events of Default.  This Section 2 shall be limited precisely as written and relates solely to the Specified Lien Defaults in the manner and to the extent described above and nothing in this Section 2 shall be deemed to (x) constitute a waiver of compliance by Borrower with respect to any other term, provision or condition of the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein, or (y) prejudice any right or remedy that the Agent or any Lender may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein.

 

3.    Permitted A&P Disposition.

 

(a)    Consent.  As of the Effective Date (defined below), the Lender hereby consents to the consummation of the Permitted A&P Disposition.

 

(b)    Waiver.  As of the Effective Date (defined below), the provisions of Section 2.10 of the Credit Agreement are hereby waived solely as relates to the application of the Net Cash Proceeds of the Permitted A&P Disposition; provided, that, the Net Cash Proceeds of the Permitted A&P Disposition are used solely for working capital purposes of Borrower and the Subsidiary Guarantors.

 

This Section 3 shall be limited precisely as written and relates solely to the provisions of the Credit Agreement limiting Dispositions (including, Section 7.07, to the extent applicable) 

 

 

  

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and 2.10 of the Credit Agreement in the manner and to the extent described above and nothing in this Section 3 shall be deemed to (x) constitute a waiver of compliance by Borrower and the Subsidiary Guarantors with respect to any other term, provision or condition of the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein, or (y) prejudice any right or remedy that the Lender may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein.

 

4.    Amendments to Credit Agreement.  Section 6.01(a) of the Credit Agreement is hereby amended as follows:

 

(a)           as soon as available, but in any event within 90 days after the end of each fiscal year of Borrower, except that for the fiscal year ended December 25, 2010, within 105 days after the end of such fiscal year, a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to Lender, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and such consolidating statements to be certified by a Responsible Officer of Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of Borrower and its Subsidiaries;

 

5.    Conditions Precedent.  This Agreement shall become effective on the date (the “Effective Date”) on which the Agent shall have received:

 

(a)    this Amendment, duly executed and delivered by each of Borrower, the Subsidiary Guarantors and the Lender;

 

(b)    from  Borrower  and  the  Subsidiary  Guarantors  all  unpaid fees, disbursements and other charges of Lender’s counsel;

 

(c)    such other documentation and information as Lender may reasonably request.

 

6.    Representations and Warranties.  Borrower and each Subsidiary Guarantor represents and warrants to Lender that:

 

  

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(a)    Borrower and such Subsidiary Guarantor, as the case may be, is: (i) is a corporation duly organized, validly existing and in good standing under the laws of its state of formation, and (ii) has all necessary corporate power, authority and legal right to execute, deliver and perform its obligations under this Agreement;

 

(b)    the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of Borrower and each Subsidiary Guarantor, as the case may be (including, without limitation, any required shareholder approvals);

 

(c)    the execution, delivery and performance hereof, the consummation of the transactions herein contemplated and the compliance with the terms and conditions hereof do not conflict with or result in a breach of, or require consent under, the organizational documents of Borrower or any Subsidiary Guarantor, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument by which Borrower, any Subsidiary Guarantor or any of its property is bound or by which Borrower, Subsidiary Guarantor or any of its property is subject, and do not constitute a default under any such agreement or instrument, or result in the creation or imposition of any lien or encumbrance upon any property of Borrower or any Subsidiary Guarantor pursuant to the terms of any such agreement or instrument;

 

(d)    this Agreement has been duly and validly executed and delivered by Borrower and each Subsidiary Guarantor and constitutes its legal, valid and binding obligation, enforceable against Borrower and such Subsidiary Guarantor in accordance with its terms;

 

(e)    no authorizations, approvals or consents of, and no filings or registrations with, any governmental or regulatory authority or agency, or any securities exchange, are necessary for the execution, delivery or performance by Borrower or any Subsidiary Guarantor of this Agreement or for the legality, validity or enforceability hereof;

 

(f)    there are no Defaults or Events of Default in existence under the Loan Documents other than the Specified Lien Defaults that may be or become Defaults or Events of Defaults;

 

(g)    all unencumbered motor vehicle titles owned by Borrower and each Subsidiary Guarantor have been delivered to the Senior Agent;

 

(h)    neither Borrower nor any Subsidiary Guarantor is aware of any facts or circumstances that would constitute defaults or events of default under any Borrower’s agreement(s) with the Senior Lenders, except in connection with the Specified Lien Defaults, which will be waived by the Senior Lenders concurrently with this Agreement;

 

(i)    no Borrower is aware of any facts or circumstances that would constitute defaults or events of default under any Borrower’s agreement(s) with Liberty or Liberty II;

 

(j)    no Borrower is aware of any facts or circumstances that would constitute defaults or events of default under the agreements related to the Accredited Investor Subdebt (as defined in the Forbearance and First Amendment); and

 

 

  

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(k)    the representations and warranties in the other Loan Documents are true and correct in all material respects as of the date hereof.

 

7.    ACKNOWLEDGEMENT AND RELEASE.

 

BORROWER, SUBSIDIARY GUARANTORS AND LENDER EACH ACKNOWLEDGE AND AGREE THAT (I) THE INDEBTEDNESS, SECURITY INTERESTS AND OTHER LIENS GRANTED TO LENDER SECURING THE OBLIGATIONS ARE VALID AND PERFECTED IN ACCORDANCE WITH APPLICABLE LAW; (II) THE OBLIGATIONS ARE NOT SUBJECT TO ANY SETOFF, DEFENSE, CLAIM, COUNTERCLAIM, RECOUPMENT, OR AVOIDANCE AND/OR SUBORDINATION UNDER THE BANKRUPTCY CODE OR OTHERWISE; AND (III) NEITHER BORROWER NOR ANY SUBSIDIARY GUARANTOR HOLDS ANY CLAIMS AGAINST LENDER, , SUCCESSOR OR ASSIGN, OR AGAINST LENDER’S OFFICERS, AGENTS, DIRECTORS, REPRESENTATIVES, ATTORNEYS, AND SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “LENDER PARTIES”).  TO THE EXTENT THAT BORROWER OR ANY SUBSIDIARY GUARANTOR HOLDS ANY CLAIMS AGAINST ONE OR MORE OF THE LENDER PARTIES, INCLUDING BUT NOT LIMITED TO CLAIMS RELATING TO OR OTHERWISE ARISING FROM THE LOAN DOCUMENTS AND ADMINISTRATION THEREOF OR COLLECTION OF AMOUNTS DUE THEREUNDER, OR ANY APPLICATIONS, DISCUSSIONS, AND/OR COMMITMENTS TO ENTER INTO ANY FINANCE TRANSACTIONS, WAIVER OR FORBEARANCE AGREEMENTS AND/OR AGREEMENTS PRIOR TO THE DATE OF EXECUTION OF THIS AGREEMENT, AS CONSIDERATION FOR LENDER’S UNDERTAKINGS UNDER THIS AGREEMENT, BORROWERS HEREBY UNCONDITIONALLY FOREVER RELEASE, DISCHARGE, AND ACQUIT THE LENDER PARTIES OF ANY AND ALL CLAIMS, BREACHES OF CONTRACT, DEBTS, SUITS, DEMANDS, CAUSES OF ACTIONS AND ACTIONS OF ANY TYPE OR NOTICE WHICH AROSE OR ARE BASED ON OCCURRENCES OR TRANSACTIONS WHICH TOOK PLACE PRIOR TO THE EFFECTIVE DATE OF THIS AGREEMENT, WHETHER KNOWN OR UNKNOWN, CONTINGENT OR LIQUIDATED, SUSPECTED OR UNSUSPECTED, AT LAW OR IN EQUITY, OR BASED IN CONTRACT OR TORT.  BORROWER AND EACH SUBSIDIARY GUARANTOR ACKNOWLEDGE AND REPRESENT THAT THEY HAVE HAD THE OPPORTUNITY TO RECEIVE THE ADVICE OF COUNSEL IN CONNECTION WITH THIS ACKNOWLEDGMENT AND RELEASE AND HAS VOLUNTARILY ENTERED INTO THIS ACKNOWLEDGEMENT AND RELEASE.

 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN

 

  

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INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.

 

BORROWERS ACKNOWLEDGE THAT BORROWERS HAVE NO RIGHT TO CURE EVENTS OF DEFAULT.

 

8.    Inconsistencies.  To the extent of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of the Credit Agreement or the other Loan Documents, the terms and conditions of this Agreement shall prevail.  All terms and conditions of the Credit Agreement and the other Loan Documents not inconsistent herewith shall remain in full force and effect and are hereby ratified and confirmed by Borrowers.  Notwithstanding anything herein to the contrary, nothing herein shall be construed to affect the waiver of the Designated Defaults under (and as defined in) the Forbearance and First Amendment, and such waiver continues in full force and effect (subject, in all respects, to the terms and conditions of such waiver set forth in the Forbearance and First Amendment).

 

9.    Counterparts.  This Agreement may be executed by each party in counterparts and may be delivered by facsimile or in electronic PDF sent via e-mail, each of which shall be deemed to be an original and all of which, taken together, shall constitute one agreement binding upon all parties.

 

10.    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

 

11.    Status of Loan Documents.  Borrowers further agree that (a) all terms and conditions of the Loan Documents remain in full force and effect, except as expressly modified by the terms of this Agreement and (b) this Agreement constitutes a Loan Document.

 

12.    No Waiver.  The execution, delivery and effectiveness of this Agreement by Lender except as expressly provided in this Agreement to the contrary shall be without prejudice to, or waiver of, any Defaults and Events of Default that have occurred to date under the Loan Documents or occur with the passage of time.  The execution of this Agreement shall not operate except as expressly provided in this Agreement to the contrary as a waiver of any right, power or remedy of Lender under any of the Loan Documents, nor constitute a waiver of any provisions of any of the Loan Documents.  All of the provisions and covenants of the Credit Agreement and other Loan Documents are and shall continue to remain in full force and effect in accordance with the terms thereof and are hereby in all respects ratified and confirmed, as amended by this Agreement.  Each Borrower shall remain obligated to comply with all of its obligations contained in each Loan Document to which it is a party, except as otherwise provided by this Agreement and any other documents required by this Agreement.  This Agreement and any other documents required by this Agreement shall be deemed to be a Loan Document for all purposes under and in connection with this Agreement, the Credit Agreement and the other Loan Documents.  This Agreement is not intended to confer any rights or benefits on any Person other than the parties hereto and their respective successors and assigns, except that the Lender Parties are intended third-party beneficiaries of the acknowledgment and release provisions hereof.

 

 

  

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13.    Choice of Law.  This agreement and the documents executed in connection herewith shall in all respects be construed in accordance with, and governed by, the internal laws of the Commonwealth of Pennsylvania, without regard to the principles of conflicts of laws of such Commonwealth.

 

14.    Authority.  The signatories hereto represent and warrant that they have full authority to execute this Agreement.

 

15.    Advice of Counsel.  The parties to this agreement have received the advice of counsel in the negotiation and execution of this Agreement.

 

 

[signature pages follow]

 

 

 

  

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IN WITNESS WHEREOF, the parties are executing this Agreement as of the day and year first above written.

 

 

BORROWER AND SUBSIDIARY GUARANTORS:

 

TASTY BAKING COMPANY

 

 

By: __________________________________________________ 

Name: ________________________________________________

Title: _________________________________________________

 

 

 

TBC FINANCIAL SERVICES, INC.

 

 

By: __________________________________________________ 

Name: ________________________________________________

Title: _________________________________________________

 

 

 

TASTY BAKING OXFORD, INC.

 

 

By: __________________________________________________ 

Name: ________________________________________________

Title: _________________________________________________

 

 

  

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LENDER:

 

PIDC LOCAL DEVELOPMENT CORPORATION

 

 

By: __________________________________________________ 

Name: ________________________________________________

Title: _________________________________________________

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