Document:

EX-10.1

Exhibit 10.1

			
	 	 	 
	
	 	Line of Credit Note

$30,000,000.00

Date: September 30, 2008

Promise to Pay. On or before October 1, 2009, for value received, BEF Holding Co., Inc. (the
“Borrower”) promises to pay to JPMorgan Chase Bank, N.A., whose address is 100 E. Broad St.,
Columbus, OH 43215 (the “Bank”) or order, in lawful money of the United States of America, the sum
of Thirty Million and 00/100 Dollars ($30,000,000.00) or so much thereof as may be advanced and
outstanding, plus interest on the unpaid principal balance as provided below.

Interest Rate Definitions. As used in this Note, the following terms have the following respective
meanings:

“Adjusted LIBOR Rate” means, with respect to a LIBOR Rate Advance for the relevant Interest Period,
the sum of (i) the Applicable Margin plus (ii) the quotient of (a) the LIBOR Rate applicable to
such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal)
applicable to such Interest Period.

“Advance” means a LIBOR Rate Advance or a Prime Rate Advance and “Advances” means all LIBOR Rate
Advances and all Prime Rate Advances under this Note.

“Applicable Margin” means with respect to any Prime Rate Advance, -1.00% per annum and with respect
to any LIBOR Rate Advance, 0.55% per annum.

“Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Rate
Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Ohio and/or
New York for the conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market and (ii) for all
other purposes, a day other than a Saturday, Sunday or any other day on which national banking
associations are authorized to be closed.

“Interest Period” means, with respect to a LIBOR Rate Advance, a period of one (1), two (2) or
three (3) month(s) commencing on a Business Day selected by the Borrower pursuant to this Note.
Such Interest Period shall end on the day which corresponds numerically to such date one (1), two
(2) or three (3) month(s) thereafter, as applicable, provided, however, that if there is no such
numerically corresponding day in such first, second or third succeeding month(s), as applicable,
such Interest Period shall end on the last Business Day of such first, second or third succeeding
month(s), as applicable. If an Interest Period would otherwise end on a day which is not a Business
Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if
said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on
the immediately preceding Business Day.

“LIBOR Rate” means with respect to any LIBOR Rate Advance for any Interest Period, the interest
rate determined by the Bank by reference to Page 3750 of the Moneyline Telerate Service (“MTS”) (or
on any successor or substitute page of the MTS, or any successor to or substitute for the MTS,
providing rate quotations comparable to those currently provided on Page 3750 of the MTS, as
determined by the Bank from time to time for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) to be the rate at approximately 11:00
a.m. London time, two Business Days prior to the commencement of the Interest Period for the
offering by the Bank’s London office, of dollar deposits in an amount comparable to such LIBOR Rate
Advance with a maturity equal to such Interest Period. If no LIBOR Rate is available to the Bank,
the applicable LIBOR Rate for the relevant Interest Period shall instead be the rate determined by
the Bank to be the rate at which the Bank offers to place deposits in U.S. dollars with first-class
banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days
prior to the first day of such Interest Period, in the approximate amount of the principal amount
outstanding on such date and having a maturity equal to such Interest Period.

“LIBOR Rate Advance” means any borrowing under this Note when and to the extent that its interest
rate is determined by reference to the Adjusted LIBOR Rate.

“Prime Rate” means the rate of interest per annum announced from time to time by the Bank as its
prime rate. The Prime Rate is a variable rate and each change in the Prime Rate is effective from
and including the date the change is announced as being effective. THE PRIME RATE IS A REFERENCE
RATE AND MAY NOT BE THE BANK’S LOWEST RATE.

“Prime Rate Advance” means any Advance under this Note when and to the extent that its interest
rate is determined by reference to the Prime Rate.

“Principal Payment Date” is defined in the paragraph entitled “Principal Payments” below.

 

 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor thereto or other regulation or official interpretation of
said Board of Governors relating to reserve requirements applicable to member banks of the Federal
Reserve System.

“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve
requirement (including all basic, supplemental, marginal and other reserves) which is imposed under
Regulation D.

Interest Rates. The Advance(s) evidenced by this Note may be drawn down and remain outstanding as
up to five (5) LIBOR Rate Advances and/or a Prime Rate Advance. The Borrower shall pay interest to
the Bank on the outstanding and unpaid principal amount of each (1) Prime Rate Advance at the
greater of (a) the Prime Rate plus the Applicable Margin and (b) 4.00% per annum, and (2) each
LIBOR Rate Advance at the Adjusted LIBOR Rate. Interest shall be calculated on the basis of the
actual number of days elapsed in a year of 360 days, unless that calculation would result in a
usurious interest rate, in which case interest will be calculated on the basis of a 365 or 366 day
year, as the case may be. In no event shall the interest rate applicable to any Advance exceed the
maximum rate allowed by law. Any interest payment which would for any reason be deemed unlawful
under applicable law shall be applied to principal.

Bank Records. The Bank shall, in the ordinary course of business, make notations in its records of
the date, amount, interest rate and Interest Period of each Advance hereunder, the amount of each
payment on the Advances, and other information. Such records shall, in the absence of manifest
error, be conclusive as to the outstanding principal balance of and interest rate or rates
applicable to this Note.

Notice and Manner of Electing Interest Rates on Advances. The Borrower shall give the Bank written
notice (effective upon receipt) of the Borrower’s intent to draw down an Advance under this Note no
later than 2:00 p.m. Columbus, Ohio time, on the date of disbursement, if the full amount of the
drawn Advance is to be disbursed as a Prime Rate Advance and no later than 11:00 a.m. Columbus,
Ohio time two (2) Business Days before disbursement, if any part of such Advance is to be disbursed
as a LIBOR Rate Advance. The Borrower’s notice must specify: (a) the disbursement date, (b) the
amount of each Advance, (c) the type of each Advance (Prime Rate Advance or LIBOR Rate Advance),
and (d) for each LIBOR Rate Advance, the duration of the applicable Interest Period; provided,
however, that the Borrower may not elect an Interest Period ending after the maturity date of this
Note. Each LIBOR Rate Advance shall be in a minimum amount of One Hundred Thousand and 00/100
Dollars ($100,000.00). All notices under this paragraph are irrevocable. By the Bank’s close of
business on the disbursement date and upon fulfillment of the conditions set forth herein and in
any other of the Related Documents, the Bank shall disburse the requested Advances in immediately
available funds by crediting the amount of such Advances to the Borrower’s account with the Bank.

Conversion and Renewals. The Borrower may elect from time to time to convert one type of Advance
into another or to renew any Advance by giving the Bank written notice no later than 2:00 p.m.
Eastern time, on the date of the conversion into or renewal of a Prime Rate Advance and 11:00 a.m.
Eastern time two (2) Business Days before conversion into or renewal of a LIBOR Rate Advance,
specifying: (a) the renewal or conversion date, (b) the amount of the Advance to be converted or
renewed, (c) in the case of conversion, the type of Advance to be converted into (Prime Rate
Advance or LIBOR Rate Advance), and (d) in the case of renewals of or conversion into a LIBOR Rate
Advance, the applicable Interest Period, provided that (i) the minimum principal amount of each
LIBOR Rate Advance outstanding after a renewal or conversion shall be One Hundred Thousand and
00/100 Dollars ($100,000.00); (ii) a LIBOR Rate Advance can only be converted on the last day of
the Interest Period for the Advance; and (iii) the Borrower may not elect an Interest Period ending
after the maturity date of this Note. All notices given under this paragraph are irrevocable. If
the Borrower fails to give the Bank the notice specified above for the renewal or conversion of a
LIBOR Rate Advance by 11:00 a.m. Eastern time two (2) Business Days before the end of the Interest
Period for that Advance, the Advance shall automatically be converted to a Prime Rate Advance on
the last day of the Interest Period for the Advance

Interest Payments. Interest on the Advances shall be paid as follows:

A. For each Prime Rate Advance, on the last day of each quarter beginning with the first quarter
following disbursement of the Advance or following conversion of an Advance into a Prime Rate
Advance, and at the maturity or conversion of the Advance into a LIBOR Rate Advance;

B. For each LIBOR Rate Advance, on the last day of the Interest Period for the Advance and, if the
Interest Period is longer than three months, at three-month intervals beginning with the day three
months from the date the Advance is disbursed.

Principal Payments. All outstanding principal and interest is due and payable in full on October 1,
2009, which is defined herein as the “Principal Payment Date”.

Default Rate of Interest. After a default has occurred under this Note, whether or not the Bank
elects to accelerate the maturity of this Note because of such default, all Advances outstanding
under this Note, including all LIBOR Rate Advances, shall bear interest at a per annum rate equal
to the greater of (a) the Prime Rate, plus the Applicable Margin for a Prime Rate Advance, plus
three percent

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(3.00%) and (b) 7.00% per annum from the date the Bank elects to impose such rate.
Imposition of this rate shall not affect any
limitations contained in this Note on the Borrower’s right to repay principal on any LIBOR Rate
Advance before the expiration of the Interest Period for that Advance.

Prepayment/Funding Loss Indemnification. The Borrower may prepay all or any part of any Prime Rate
Advance at any time without premium or penalty.

The Borrower shall pay the Bank amounts sufficient (in the Bank’s reasonable opinion) to compensate
the Bank for any loss, cost, or expense incurred as a result of:

A. Any payment of a LIBOR Rate Advance on a date other than the last day of the Interest Period for
the Advance, including, without limitation, acceleration of the Advances by the Bank pursuant to
this Note or the other Related Documents; or

B. Any failure by the Borrower to borrow or renew a LIBOR Rate Advance on the date specified in the
relevant notice from the Borrower to the Bank.

Additional Costs. If any applicable domestic or foreign law, treaty, government rule or regulation
now or later in effect (whether or not it now applies to the Bank) or the interpretation or
administration thereof by a governmental authority charged with such interpretation or
administration, or compliance by the Bank with any guideline, request or directive of such an
authority (whether or not having the force of law), shall (a) affect the basis of taxation of
payments to the Bank of any amounts payable by the Borrower under this Note or the other Related
Documents (other than taxes imposed on the overall net income of the Bank by the jurisdiction or by
any political subdivision or taxing authority of the jurisdiction in which the Bank has its
principal office), or (b) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by the Bank,
or (c) impose any other condition with respect to this Note or the other Related Documents and the
result of any of the foregoing is to increase the cost to the Bank of maintaining any LIBOR Rate
Advance or to reduce the amount of any sum receivable by the Bank on such an Advance, or (d) affect
the amount of capital required or expected to be maintained by the Bank (or any corporation
controlling the Bank) and the Bank determines that the amount of such capital is increased by or
based upon the existence of the Bank’s obligations under this Note or the other Related Documents
and the increase has the effect of reducing the rate of return on the Bank’s (or its controlling
corporation’s) capital as a consequence of the obligations under this Note or the other Related
Documents to a level below that which the Bank (or its controlling corporation) could have achieved
but for such circumstances (taking into consideration its policies with respect to capital
adequacy) by an amount deemed by the Bank to be material, then the Borrower shall pay to the Bank,
from time to time, upon request by the Bank, additional amounts sufficient to compensate the Bank
for the increased cost or reduced sum receivable. Whenever the Bank shall learn of circumstances
described in this section which are likely to result in additional costs to the Borrower, the Bank
shall give prompt written notice to the Borrower of the basis for and the estimated amount of any
such anticipated additional costs. A statement as to the amount of the increased cost or reduced
sum receivable, prepared in good faith and in reasonable detail by the Bank and submitted by the
Bank to the Borrower, shall be conclusive and binding for all purposes absent manifest error in
computation.

Illegality. If any applicable domestic or foreign law, treaty, rule or regulation now or later in
effect (whether or not it now applies to the Bank) or the interpretation or administration thereof
by a governmental authority charged with such interpretation or administration, or compliance by
the Bank with any guideline, request or directive of such an authority (whether or not having the
force of law), shall make it unlawful or impossible for the Bank to maintain or fund the LIBOR Rate
Advances, then, upon notice to the Borrower by the Bank, the outstanding principal amount of the
LIBOR Rate Advances, together with accrued interest and any other amounts payable to the Bank under
this Note or the other Related Documents on account of the LIBOR Rate Advances shall be repaid (a)
immediately upon the Bank’s demand if such change or compliance with such requests, in the Bank’s
judgment, requires immediate repayment, or (b) at the expiration of the last Interest Period to
expire before the effective date of any such change or request provided, however, that subject to
the terms and conditions of this Note and the other Related Documents the Borrower shall be
entitled to simultaneously replace the entire outstanding balance of any LIBOR Rate Advance repaid
in accordance with this section with a Prime Rate Advance in the same amount.

Inability to Determine Interest Rate. If the Bank determines that (a) quotations of interest rates
for the relevant deposits referred to in the definition of Adjusted LIBOR Rate are not being
provided in the relevant amounts or for the relevant maturities for purposes of determining the
interest rate on a LIBOR Rate Advance as provided in this Note, or (b) the relevant interest rates
referred to in the definition of Adjusted LIBOR Rate do not accurately cover the cost to the Bank
of making or maintaining LIBOR Rate Advances, then the Bank shall forthwith give notice of such
circumstances to the Borrower, whereupon (i) the obligation of the Bank to make LIBOR Rate Advances
shall be suspended until the Bank notifies the Borrower that the circumstances giving rise to the
suspension no longer exists, and (ii) the Borrower shall repay in full the then outstanding
principal amount of each LIBOR Rate Advance, together with accrued interest, on the last day of the
then current Interest Period applicable to the Advance, provided, however, that, subject to the
terms and conditions of this Note and the other Related Documents, the Borrower shall be entitled
to simultaneously replace the entire outstanding balance of any LIBOR Rate Advance repaid in
accordance with this section with a Prime Rate Advance in the same amount.

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Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable
on a day that is not a Business Day, if no default then exists under this Note, the maturity of the
payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate
Advance, if the result of the extension would be to extend the payment into another calendar month,
the payment must be made on the immediately preceding Business Day.

Matters Regarding Payment. The Borrower will pay the Bank at the Bank’s address shown above or at
such other place as the Bank may designate. Payments shall be allocated among principal, interest
and fees at the discretion of the Bank unless otherwise agreed or required by applicable law.
Acceptance by the Bank of any payment which is less than the payment due at the time shall not
constitute a waiver of the Bank’s right to receive payment in full at that time or any other time.

Authorization for Direct Payments (ACH Debits). To effectuate any payment due under this Note or
under any other Related Documents, the Borrower hereby authorizes the Bank to initiate debit
entries to Account Number 629883273 at the Bank and to debit the same to such account. This
authorization to initiate debit entries shall remain in full force and effect until the Bank has
received written notification of its termination in such time and in such manner as to afford the
Bank a reasonable opportunity to act on it. The Borrower represents that the Borrower is and will
be the owner of all funds in such account. The Borrower acknowledges: (1) that such debit entries
may cause an overdraft of such account which may result in the Bank’s refusal to honor items drawn
on such account until adequate deposits are made to such account; (2) that the Bank is under no
duty or obligation to initiate any debit entry for any purpose; and (3) that if a debit is not made
because the above-referenced account does not have a sufficient available balance, or otherwise,
the payment may be late or past due.

Late Fee. Any principal or interest which is not paid within 10 days after its due date (whether as
stated, by acceleration or otherwise) shall be subject to a late payment charge of five percent
(5.00%) of the total payment due, in addition to the payment of interest, up to the maximum amount
of One Thousand Five Hundred and 00/100 Dollars ($1,500.00) per late charge. The Borrower agrees to
pay and stipulates that five percent (5.00%) of the total payment due is a reasonable amount for a
late payment charge. The Borrower shall pay the late payment charge upon demand by the Bank or, if
billed, within the time specified.

Purpose of Loan. The Borrower acknowledges and agrees that this Note evidences a loan for a
business, commercial, agricultural or similar commercial enterprise purpose, and that no advance
shall be used for any personal, family or household purpose. The proceeds of the loan shall be used
only for the Borrower’s working capital purposes.

Credit Facility. The Bank has approved a credit facility to the Borrower in a principal amount not
to exceed the face amount of this Note. The credit facility is in the form of advances made from
time to time by the Bank to the Borrower. This Note evidences the Borrower’s obligation to repay
those advances. The aggregate principal amount of debt evidenced by this Note is the amount
reflected from time to time in the records of the Bank. Until the earliest to occur of maturity,
any default, event of default, or any event that would constitute a default or event of default but
for the giving of notice, the lapse of time or both, the Borrower may borrow, pay down and reborrow
under this Note subject to the terms of the Related Documents.

Non-Usage Fee. The Borrower shall pay to the Bank a non-usage fee for the term of this Note on the
average daily unused portion of the credit facility at a rate of one-eighth of one percent (1/8%)
per annum, payable on October 15, 2009; provided, however, that there shall be no non-usage
fee due and payable if the average daily unused portion of the credit facility is equal to or less
than Fifteen Million Dollars ($15,000,000.00)

General Definitions. As used in this Note, the following terms have the following respective
meanings:

	1.	 	“Affiliate” means any Person which, directly or indirectly, Controls or is Controlled by or
under common Control with, another Person, and any director or officer thereof. The Bank is
under no circumstances to be deemed an Affiliate of the Borrower or any of its Subsidiaries.
	 
	2.	 	“Control” as used with respect to any Person, means the power to direct or cause the
direction of, the management and policies of that Person, directly or indirectly, whether
through the ownership of Equity Interests, by contract, or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto.
	 
	3.	 	“Equity Interests” means shares of capital stock, partnership interests, membership interests
in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.
	 
	4.	 	“Liabilities” means all debts, obligations, and liabilities of every kind and character of
the Borrower, whether individual, joint and several, contingent or otherwise, now or hereafter
existing in favor of the Bank, including without limitation, all liabilities, interest, costs
and fees, arising under or from any note, open account, overdraft, credit card, lease, Rate
Management Transaction, letter of credit application, endorsement, surety agreement, guaranty,
acceptance, foreign exchange contract or depository service

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	 	 	contract, whether payable to the
Bank or to a third party and subsequently acquired by the Bank, any monetary obligations
(including interest) incurred or accrued during the pendency of any bankruptcy, insolvency,
receivership or other similar proceedings, regardless of whether allowed or allowable in such
proceeding, and all renewals, extensions, modifications, consolidations, rearrangements,
restatements, replacements or substitutions of any of the foregoing.

5. “Lien” means any mortgage, deed of trust, pledge, charge, encumbrance, security interest,
collateral assignment or other encumbrance of any kind.

6. “Obligor” means any Borrower, guarantor, surety, co-signer, endorser, general partner or
other Person who may now or in the future be obligated to pay any of the Liabilities.

7. “Person” means any individual, corporation, partnership, limited liability company, joint
venture, joint stock association, association, bank, business trust, trust, unincorporated
organization, any foreign governmental authority, the United States of America, any state of the
United States and any political subdivision of any of the foregoing or any other form of entity.

	8.	 	“Property” means any interest in any kind of property or asset, whether real, personal or
mixed, tangible or intangible.
	 
	9.	 	“Rate Management Transaction” means any transaction (including an agreement with respect
thereto) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
forward transaction, currency swap transaction, cross-currency rate swap transaction, currency
option, derivative transaction or any other similar transaction (including any option with
respect to any of these transactions) or any combination thereof, whether linked to one or
more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.
	 
	10.	 	“Related Documents” means this Note, all loan agreements, credit agreements, reimbursement
agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments,
guaranties, and any other instrument or document executed in connection with this Note or in
connection with any of the Liabilities.
	 
	11.	 	“Subsidiary” means, as to any particular Person (the “parent”), a Person the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of the date
of determination, as well as any other Person of which fifty percent (50%) or more of the
Equity Interests is at the time of determination directly or indirectly owned, Controlled or
held, by the parent or by any Person or Persons Controlled by the parent, either alone or
together with the parent.

Bank’s Right of Setoff. The Bank retains all rights of setoff that the Bank may have by law, in
equity or otherwise.

Liens. The Borrower shall not create or permit to exist any Lien on any of its property, real or
personal, except: (1) existing Liens ; (2) Liens to the Bank; (3) Liens incurred in the ordinary
course of business securing current non-delinquent liabilities for taxes, worker’s compensation,
unemployment insurance, social security and pension liabilities; (4) reservations, exceptions,
encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other
similar title exceptions or encumbrances affecting real property; (5) Liens in favor of banks and
other institutional investors on a pro rata basis; (6) purchase money security interests; (7) Liens
in respect to judgments not constituting an event of default under this Note; and (8) notice
filings by any creditor in respect of any operating leases.

Certificate of Senior Financial Officer. The Borrower shall deliver to the Bank, at the Bank’s
address first set forth above Attn: Chase Commercial Banking, Glen Bluemel, Vice President, each
officer’s certificate to be delivered pursuant to Section 7.2 of that certain Note Purchase
Agreement dated as of July 28, 2008 with respect to $40,000,000 6.39% Senior Notes, Series A Due
July 28, 2014 and $30,000,000 6.39% Senior Notes, Series B Due July 28, 2013 (the “Note Purchase
Agreement”), at the same time such certificate is delivered under the Note Purchase Agreement.

Representations by Borrower. The Borrower represents and warrants that each of the following is and
will remain true and correct until the later of maturity or the date on which all Liabilities
evidenced by this Note are paid in full: (a) the execution and delivery of this Note and the
performance of the obligations it imposes do not violate any law, conflict with any agreement by
which it is bound, or require the consent or approval of any other Person; (b) this Note is a valid
and binding agreement of the Borrower, enforceable according to its terms, except as may be limited
by bankruptcy, insolvency or other laws affecting the enforcement of creditor’s rights generally
and by general principles of equity; (c) all balance sheets, profit and loss statements, other
financial statements and applications for credit furnished to the Bank in connection with the
Liabilities are accurate and fairly reflect the financial condition of the Persons to which they
apply on their effective dates, including contingent liabilities of every type, which financial
condition has not materially and adversely changed since those dates; and, if the Borrower is not a
natural Person: (i) it is duly organized, validly existing and in good standing under the laws of
the state where it is organized and in good standing in each state where it is doing business; and
(ii) the execution and delivery of this Note and the performance of the obligations it imposes (A)
are within its powers and have been duly authorized by all necessary action of its governing body,
and (B) do not contravene the terms of its articles of

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incorporation or organization, its by-laws, regulations or any partnership, operating or other
agreement governing its organization and affairs.

Events of Default/Acceleration. If any of the following events occurs, this Note shall become due
immediately, without notice, at the Bank’s option:

	1.	 	Any Obligor fails to pay when due: (a) any of the Liabilities, or (b) any amount payable with
respect to any of the Liabilities, or under this Note, any other Related Document, or (c) any
other debt to any Person, or any amount payable with respect to any other agreement or
instrument evidencing other debt to any Person, that is outstanding in an aggregate principal
amount of at least $10,000,000.00 beyond any period of grace provided with respect thereto.
	 
	2.	 	Any Obligor: (a) fails to observe or perform or otherwise violates any other material term,
covenant, condition or agreement of any of the Related Documents; (b) makes any materially
incorrect or misleading representation, warranty, or certificate to the Bank; (c) makes any
materially incorrect or misleading representation in any financial statement or other
information delivered to the Bank; or (d) defaults under the terms of any agreement or
instrument relating to any debt for borrowed money (other than the debt evidenced by the
Related Documents) and the effect of such default will allow the creditor to declare the debt
due before its stated maturity.
	 
	3.	 	In the event (a) there is a default under the terms of any Related Document, (b) any Obligor
terminates or revokes or purports to terminate or revoke its guaranty or any Obligor’s
guaranty becomes unenforceable in whole or in part, (c) any Obligor fails to perform promptly
under its guaranty, or (d) any Obligor fails to comply with, or perform under any agreement,
now or hereafter in effect, between the Obligor and the Bank, or any Affiliate of the Bank or
their respective successors and assigns.
	 
	4.	 	Any event occurs that would permit the Pension Benefit Guaranty Corporation to terminate any
employee benefit plan of any Obligor or any Subsidiary of any Obligor.
	 
	5.	 	The Borrower, Bob Evans Farms, Inc., Mimi’s Café, LLC, or any Significant Subsidiary (as such
term is defined in the Note Purchase Agreement): (a) becomes insolvent or unable to pay its
debts as they become due; (b) makes an assignment for the benefit of creditors; (c) consents
to the appointment of a custodian, receiver, or trustee for itself or for a substantial part
of its Property; (d) commences any proceeding under any bankruptcy, reorganization,
liquidation, insolvency or similar laws; (e) conceals or removes any of its Property, with
intent to hinder, delay or defraud any of its creditors; (f) makes or permits a transfer of
any of its Property, which may be fraudulent under any bankruptcy, fraudulent conveyance or
similar law; or (g) makes a transfer of any of its Property to or for the benefit of a
creditor at a time when other creditors similarly situated have not been paid.
	 
	6.	 	A custodian, receiver, or trustee is appointed for any Obligor or any of its Subsidiaries or
for a substantial part of their respective Property.
	 
	7.	 	Any Obligor or any of its Subsidiaries, without the Bank’s written consent: (a) liquidates or
is dissolved; (b) merges or consolidates with any other Person; (c) leases, sells or otherwise
conveys a material part of its assets or business outside the ordinary course of its business;
(d) leases, purchases, or otherwise acquires a material part of the assets of any other
Person, except in the ordinary course of its business; or (e) agrees to do any of the
foregoing; provided, however, that any Subsidiary of an Obligor may merge or consolidate with
any other Subsidiary of that Obligor, or with the Obligor, so long as the Obligor is the
survivor.
	 
	8.	 	Proceedings are commenced under any bankruptcy, reorganization, liquidation, or similar laws
against any Obligor or any of its Subsidiaries and remain undismissed for thirty (30) days
after commencement; or any Obligor or any of its Subsidiaries consents to the commencement of
those proceedings.
	 
	9.	 	Any judgment in excess of 5% of Consolidated Total Assets (as such term is defined in the
Note Purchase Agreement) is entered against any Obligor or any of its Significant Subsidiaries
(as such term is defined in the Note Purchase Agreement), or any attachment, seizure,
sequestration, levy, or garnishment is issued against any Property of any Obligor or any of
its Subsidiaries and which judgments are not, within 60 days after entry threrof, bonded,
discharged or stayed pending appeal, or are not discharged within 60 days after the expiration
of such stay.
	 
	10.	 	Any material adverse change occurs in: (a) the reputation, Property, financial condition,
business, assets, affairs, prospects, liabilities, or operations of any Obligor or any of its
Subsidiaries; or (b) any Obligor’s ability to perform its obligations under the Related
Documents.

Cure Periods. Except as expressly provided to the contrary in this Note or any of the other
Related Documents, the Bank shall not exercise its option to accelerate the maturity of this Note
upon the occurrence of a default unless the default has not been fully cured (i) within five (5)
days after its occurrence, if the condition, event or occurrence giving rise to such default can be
cured by the payment of money, or (ii) within thirty (30) days after its occurrence, if the
condition, event or occurrence giving rise to such default is of a nature that it can be cured only
by means other than the payment of money.

Provided, however, that the Borrower shall have no cure rights if the condition, event or
occurrence giving rise to the default: (a) is described in any of clauses 3(b), (5), (6), (7), or
(8) above or (b) constitutes a breach of any covenant in any of the Related Documents prohibiting
the sale or transfer of any assets of any Borrower; or (c) during the twelve (12) month period
immediately preceding the occurrence of the default, either (i) the same default has occurred or
(ii) three (3) or more other defaults of any nature have occurred. Notwithstanding the existence of
any cure period, the Bank shall have no obligation to extend credit governed by this Note, whether

6

 

by advance, disbursement of a loan or otherwise after the occurrence of any default or event which
with the giving of notice or the passage of time or both could become a default or during any cure
period. The inclusion of any cure period in this Note shall have no bearing on the due dates for
payments under any of the Related Documents, whether for purposes of calculating late payment
charges or otherwise.

Remedies. If this Note is not paid at maturity, whether by acceleration or otherwise, the Bank
shall have all of the rights and remedies provided by any law or agreement, in equity or otherwise.
The Borrower is liable to the Bank for all reasonable costs and expenses of every kind incurred (or
charged by internal allocation) in connection with the negotiation, preparation, execution, filing,
recording, modification, supplementing and waiver of this Note or the other Related Documents and
the making, servicing and collection of this Note or the other Related Documents and any other
amounts owed under this Note or the other Related Documents, including without limitation
reasonable attorneys’ fees and court costs. These costs and expenses include without limitation any
costs or expenses incurred by the Bank in any bankruptcy, reorganization, insolvency or other
similar proceeding.

Waivers. Each Obligor waives: (a) to the extent not prohibited by law, all rights and benefits
under any laws or statutes regarding sureties, as may be amended; (b) any right to receive notice
of the following matters before the Bank enforces any of its rights: (i) the Bank’s acceptance of
this Note, (ii) any credit that the Bank extends to the Borrower, (iii) any demand, diligence,
presentment, dishonor and protest, or (iv) any action that the Bank takes regarding the Borrower,
anyone else, or any of the Liabilities, that it might be entitled to by law, under any other
agreement, in equity or otherwise; (c) any right to require the Bank to proceed against the
Borrower, any other Obligor, or pursue any remedy in the Bank’s power to pursue; (d) any defense
based on any claim that any endorser’s or other Obligor’s obligations exceed or are more burdensome
than those of the Borrower; (e) the benefit of any statute of limitations affecting liability of
any endorser or other Obligor or the enforcement hereof; (f) any defense arising by reason of any
disability or other defense of the Borrower or by reason of the cessation from any cause whatsoever
(other than payment in full) of the obligation of the Borrower for the Liabilities; and (g) any
defense based on or arising out of any defense that the Borrower may have to the payment or
performance of the Liabilities or any portion thereof. Each Obligor consents to any extension or
postponement of time of its payment without limit as to the number or period, to the addition of
any other Person, and to the release or discharge of, or suspension of any rights and remedies
against, any Obligor. The Bank may waive or delay enforcing any of its rights without losing them.
Any waiver affects only the specific terms and time period stated in the waiver. No modification or
waiver of any provision of this Note is effective unless it is in writing and signed by the Person
against whom it is being enforced.

Rights of Subrogation. Each Obligor waives and agrees not to enforce any rights of subrogation,
contribution or indemnification that it may have against the Borrower, any other Obligor, until
the Borrower and such Obligor have fully performed all their obligations to the Bank, even if those
obligations are not covered by this Note.

Reinstatement. The Borrower agrees that to the extent any payment or transfer is received by the
Bank in connection with the Liabilities evidenced by this Note, and all or any part of the payment
or transfer is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required to be transferred or repaid by the Bank or transferred or paid over to a trustee, receiver
or any other Person, whether under any bankruptcy act or otherwise (any of those payments or
transfers is hereinafter referred to as a “Preferential Payment”), then this Note shall continue to
be effective or shall be reinstated, as the case may be, even if all those Liabilities have been
paid in full and whether or not the Bank is in possession of this Note, or whether the Note has
been marked paid, released or canceled, or returned to the Borrower and, to the extent of the
payment, repayment or other transfer by the Bank, the Liabilities or part intended to be satisfied
by the Preferential Payment shall be revived and continued in full force and effect as if the
Preferential Payment had not been made.

Governing Law and Venue. This Note shall be governed by and construed in accordance with the laws
of the State of Ohio (without giving effect to its laws of conflicts). The Borrower agrees that any
legal action or proceeding with respect to any of its obligations under this Note may be brought by
the Bank in any state or federal court located in the State of Ohio, as the Bank in its sole
discretion may elect. By the execution and delivery of this Note, the Borrower submits to and
accepts, for itself and in respect of its property, generally and unconditionally, the
non-exclusive jurisdiction of those courts. The Borrower waives any claim that the State of Ohio is
not a convenient forum or the proper venue for any such suit, action or proceeding.

Renewal and Extension. This Note is given in replacement, renewal and/or extension of, but not in
extinguishment of the indebtedness evidenced by, that Line of Credit Note dated October 1, 2007
executed by the Borrower in the original principal amount of Thirty Million and 00/100 Dollars
($30,000,000.00), including previous renewals or modifications thereof, if any (the “Prior Note”
and together with all loan agreements, credit agreements, reimbursement agreements, security
agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, and any other
instrument or document executed in connection with the Prior Note, the “Prior Related Documents”),
and is not a novation thereof. All interest evidenced by the Prior Note shall continue to be due
and payable until paid. The Borrower fully, finally, and forever releases and discharges the Bank
and its successors, assigns, directors, officers, employees, agents, and representatives (each a
“Bank Party”) from any and all causes of action, claims, debts, demands, and liabilities, of
whatever kind or nature, in law or equity, of the Borrower, whether now known or unknown to the
Borrower (i) in respect of the Liabilities evidenced by the Prior Note and the Prior Related
Documents, or of the actions or omissions of any Bank Party in any manner related to the
Liabilities evidenced by the Prior Note or the Prior Related Documents and (ii) arising from events

7

 

occurring prior to the date of this Note. The provisions of this Note are effective on the date
that this Note has been executed by all of the signers and delivered to the Bank.

Miscellaneous. If more than one Borrower executes this Note: (i) each Borrower is liable jointly
and severally for the Liabilities evidenced by this Note; (ii) the term “Borrower” means any one or
more of them; and (iii) the receipt of value by any one of them constitutes the receipt of value by
the others. This Note binds the Borrower and its successors, and benefits the Bank, its successors
and assigns. Any reference to the Bank includes any holder of this Note. Section headings are for
convenience of reference only and do not affect the interpretation of this Note. Any notices and
demands under or related to this Note shall be in writing and delivered to the intended party at
its address stated herein, and if to the Bank, at its main office if no other address of the Bank
is specified herein, by one of the following means: (a) by hand; (b) by a nationally recognized
overnight courier service; or (c) by certified mail, postage prepaid, with return receipt
requested. Notice shall be deemed given: (a) upon receipt if delivered by hand; (b) on the Delivery
Day after the day of deposit with a nationally recognized courier service; or (c) on the third
Delivery Day after the notice is deposited in the mail. “Delivery Day” means a day other than a
Saturday, a Sunday, or any other day on which national banking associations are authorized to be
closed. Any party may change its address for purposes of the receipt of notices and demands by
giving notice of such change in the manner provided in this provision. This Note and the other
Related Documents embody the entire agreement between the Borrower and the Bank regarding the terms
of the loan evidenced by this Note and supercede all oral statements and prior writings relating to
that loan. No delay on the part of the Bank in the exercise of any right or remedy waives that
right or remedy. No single or partial exercise by the Bank of any right or remedy precludes any
other future exercise of it or the exercise of any other right or remedy. No waiver or indulgence
by the Bank of any default is effective unless it is in writing and signed by the Bank, nor shall a
waiver on one occasion bar or waive that right on any future occasion. The rights of the Bank under
this Note and the other Related Documents are in addition to other rights (including without
limitation, other rights of setoff) the Bank may have contractually, by law, in equity or
otherwise, all of which are cumulative and hereby retained by the Bank. If any provision of this
Note cannot be enforced, the remaining portions of this Note shall continue in effect. The Borrower
agrees that the Bank may provide any information or knowledge the Bank may have about the Borrower
or about any matter relating to this Note or the Related Documents to JPMorgan Chase & Co., or any
of its Subsidiaries or Affiliates or their successors, or to any one or more purchasers or
potential purchasers of this Note or the Related Documents. The Borrower agrees that the Bank may
at any time sell, assign or transfer one or more interests or participations in all or any part of
its rights and obligations in this Note to one or more purchasers whether or not related to the
Bank.

Government Regulation. The Borrower shall not (a) be or become subject at any time to any law,
regulation, or list of any government agency (including, without limitation, the U.S. Office of
Foreign Asset Control list) that prohibits or limits the Bank from making any advance or extension
of credit to the Borrower or from otherwise conducting business with the Borrower, or (b) fail to
provide documentary and other evidence of the Borrower’s identity as may be requested by the Bank
at any time to enable the Bank to verify the Borrower’s identity or to comply with any applicable
law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31
U.S.C. Section 5318.

USA PATRIOT ACT NOTIFICATION. The following notification is provided to the Borrower pursuant to
Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the
funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each Person that opens an
account, including any deposit account, treasury management account, loan, other extension of
credit, or other financial services product. What this means for the Borrower: When the Borrower
opens an account, if the Borrower is an individual, the Bank will ask for the Borrower’s name,
taxpayer identification number, residential address, date of birth, and other information that will
allow the Bank to identify the Borrower, and if the Borrower is not an individual, the Bank will
ask for the Borrower’s name, taxpayer identification number, business address, and other
information that will allow the Bank to identify the Borrower. The Bank may also ask, if the
Borrower is an individual, to see the Borrower’s driver’s license or other identifying documents,
and if the Borrower is not an individual, to see the Borrower’s legal organizational documents or
other identifying documents.

WAIVER OF SPECIAL DAMAGES. THE BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY
RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING
ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

This space has been intentionally left blank.

8

 

JURY WAIVER. THE BORROWER AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE
(WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE BORROWER AND THE BANK ARISING OUT OF OR
IN ANY WAY RELATED TO THIS NOTE OR THE OTHER RELATED DOCUMENTS. THIS PROVISION IS A MATERIAL
INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING EVIDENCED BY THIS NOTE.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Borrower:
	 
	 	 	 	 	 	 	 	 
	Address:

	 	1105 North Market	 	 	 	 	 	 
	 	 	Wilmington, DE 19899-8985	 	BEF Holding Co., Inc.
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Tod Spornhauer
	 	 	 	 	 	 	 
	 	 	 	 	Printed Name	 	Tod Spornhauer
	 

	 	 	 	Title	 	VP. Treasurer & Asst. Secretary
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Date Signed:  10-1-2008

9EX-10.2

Exhibit 10.2

			
	 	 	 
	
	 	Continuing Guaranty

Dated as of September 30, 2008

Guaranty. To induce JPMorgan Chase Bank, N.A., whose address is 100 E. Broad St., Columbus, OH
43215 (together with its successors and assigns, the “Bank”), at its option, to make financial
accommodations, make or acquire loans, extend or continue credit or some other benefit, including
letters of credit and foreign exchange contracts, present or future, direct or indirect, and
whether several, joint or joint and several, to BEF Holding Co., Inc. (whether one or more, the
“Borrower”, individually and collectively, if more than one), and because the undersigned (the
“Guarantor”) has determined that executing this Guaranty is in its interest and to its financial
benefit, the Guarantor absolutely and unconditionally guarantees to the Bank, as primary obligor
and not merely as surety, the performance of and full and prompt payment of the Liabilities when
due, whether at stated maturity, by acceleration or otherwise. The Guarantor will not only pay the
Liabilities, but will also reimburse the Bank for any fees, charges, costs and expenses, including
reasonable attorneys’ fees (including fees and expenses of counsel for the Bank that are employees
of the Bank or its affiliates) and court costs, that the Bank may pay in collecting from the
Borrower or the Guarantor, and for liquidating any Collateral (collectively, “Collection Amounts”).
The Guarantor’s obligations under this Guaranty shall be payable in lawful money of the United
States of America.

Liabilities. The term “Liabilities” in this Guaranty means all debts, obligations, indebtedness and
liabilities of every kind and character of the Borrower, whether individual, joint and several,
contingent or otherwise, now or hereafter existing in favor of the Bank, including, without
limitation, all liabilities, interest, costs and fees, arising under or from any note, open
account, overdraft, credit card, lease, Rate Management Transaction, letter of credit application,
endorsement, surety agreement, guaranty, acceptance, foreign exchange contract or depository
service contract, whether payable to the Bank or to a third party and subsequently acquired by the
Bank, any monetary obligations (including interest) incurred or accrued during the pendency of any
bankruptcy, insolvency, receivership or other similar proceedings, regardless of whether allowed or
allowable in such proceedings, and all renewals, extensions, modifications, consolidations,
rearrangements, restatements, replacements or substitutions of any of the foregoing. The Guarantor
and the Bank specifically contemplate that Liabilities include indebtedness hereafter incurred by
the Borrower to the Bank. The term “Rate Management Transaction” in this Guaranty means any
transaction (including an agreement with respect thereto) that is a rate swap, basis swap, forward
rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity
index option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, derivative transaction or any other similar
transaction (including any option with respect to any of these transactions) or any combination
thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity
prices or other financial measures.

Limitation. The Guarantor’s obligation under this Guaranty is UNLIMITED.

Continued Reliance. This Guaranty shall remain in effect until payment in full of the Remaining
Liabilities, as defined below, following termination of this Guaranty by the Guarantor in
accordance with this paragraph. This Guaranty will continue to be in effect until final payment and
performance in full of all Liabilities and the termination of any commitment of the Bank to make
loans or other financial accommodations to the Borrower. The Guarantor may terminate the
Guarantor’s liability for Liabilities not in existence or for which the Bank has no commitment to
advance or acquire by delivering written notice to the Bank as set forth in the paragraph below
captioned “Notice.” After the Guarantor’s termination of this Guaranty, the Guarantor will continue
to be liable for the following amounts (the “Remaining Liabilities”): (i) all Liabilities existing
on the effective date of termination, (ii) all Liabilities to which the Bank has committed to
advance or acquire prior to the effective termination date (whether or not the Bank is
contractually obligated to advance or acquire the loans or extensions of credit), (iii) all
subsequent renewals, extensions, modifications, consolidations, rearrangements, restatements,
replacements and amendments (but not increases) of those Liabilities, (iv) all interest accruing on
those Liabilities after the effective termination date and (v) all Collection Amounts incurred with
respect to those Liabilities, on or after the effective termination date. The Bank may continue to
permit the Borrower to incur Liabilities and to issue commitments to the Borrower to advance or
acquire Liabilities in reliance on this Guaranty until the effective date of termination,
regardless of whether at any time or from time to time there are no existing Liabilities nor
commitment by the Bank to advance or acquire Liabilities.

Security. The term “Collateral” in this Guaranty means all real or personal property described in
all security agreements, pledge agreements, mortgages, deeds of trust, assignments, or other
instruments now or hereafter executed in connection with any of the Liabilities. If applicable, the
Collateral secures the payment of the Liabilities.

Liens. The Guarantor shall not create or permit to exist any Lien on any of its property, real or
personal, except: (1) existing Liens ; (2) Liens to the Bank; (3) Liens incurred in the ordinary
course of business securing current non-delinquent liabilities for taxes, worker’s compensation,
unemployment insurance, social security and pension liabilities; (4) reservations, exceptions,
encroachments, easements,
rights of way, covenants, conditions, restrictions, leases and other similar title exceptions or
encumbrances affecting real property; (5) Liens

 

 

in favor of banks and other institutional investors
on a pro rata basis; (6) purchase money security interests; (7) Liens in respect to judgments not
constituting an event of default under the Note; and (8) notice filings by any creditor in respect
of any operating leases. For purposes of this paragraph, “Liens” shall have the meaning set forth
in that certain $30,000,000.00 Line of Credit Note from Borrower to Bank of even date herewith (the
“Note”).

Bank’s Right of Setoff. The Bank retains all rights of setoff that the Bank may have by law, in
equity or otherwise.

Remedies/Acceleration. If the Guarantor fails to pay any amount owing under this Guaranty, the Bank
shall have all of the rights and remedies provided by law or under any other agreement. The Bank is
authorized to cause all or any part of the Collateral to be transferred to or registered in its
name or in the name of any other person or business entity with or without designation of the
capacity of that nominee. The Guarantor is liable for any deficiency in payment of any Liabilities
whether of principal, interest, fees, costs or expenses remaining after the disposition of any
Collateral. The Guarantor is liable to the Bank for all reasonable costs and expenses of any kind
incurred in the making and collection of this Guaranty, including without limitation reasonable
attorneys’ fees and court costs. These costs and expenses include without limitation any costs or
expenses incurred by the Bank in any bankruptcy, reorganization, insolvency or other similar
proceeding. All obligations of the Guarantor to the Bank under this Guaranty, whether or not then
due or absolute or contingent, shall, at the option of the Bank, without notice or demand, become
due and payable immediately upon the occurrence of any default or event of default under the terms
of any of the Liabilities or otherwise with respect to any agreement related to the Liabilities (or
any other event that results in acceleration of the maturity of any Liabilities, including without
limitation, demand for payment of any Liabilities constituting demand obligations or automatic
acceleration in a legal proceeding) or the occurrence of any default under this Guaranty.

Permissible Actions. If any monies become available from any source other than the Guarantor that
the Bank can apply to the Liabilities, the Bank may apply them in any manner it chooses, including
but not limited to applying them against obligations, indebtedness or liabilities which are not
covered by this Guaranty. The Bank may take any action against the Borrower, the Collateral, or any
other person liable for any of the Liabilities. The Bank may release the Borrower or anyone else
from the Liabilities, either in whole or in part, or release the Collateral, and need not perfect a
security interest in the Collateral. The Bank does not have to exercise any rights that it has
against the Borrower or anyone else, or make any effort to realize on the Collateral or any other
collateral for the Liabilities, or exercise any right of set-off. The Guarantor authorizes the
Bank, without notice or demand and without affecting the Guarantor’s obligations hereunder, from
time to time, to: (a) renew, modify, compromise, rearrange, restate, consolidate, extend,
accelerate, postpone, grant any indulgence or otherwise change the time for payment of, or
otherwise change the terms of the Liabilities or any part thereof, including increasing or
decreasing the rate of interest thereon; (b) release, substitute or add any one or more endorsers,
sureties, Guarantor or other guarantors; (c) take and hold Collateral for the payment of this
Guaranty or the Liabilities, and enforce, exchange, impair, substitute, subordinate, waive or
release any Liabilities or any Collateral for the Liabilities; (d) proceed against such Collateral
and direct the order or manner of sale of such Collateral as the Bank in its discretion may
determine; (e) apply any and all payments from the Borrower, the Guarantor or any other obligor on
the Liabilities, or recoveries from such Collateral, in such order or manner as the Bank in its
discretion may determine; and (f) to accept any partial payment of Liabilities or collateral for
the Liabilities. The Guarantor’s obligations under this Guaranty shall not be released, diminished
or affected by (i) any act or omission of the Bank, (ii) the voluntary or involuntary liquidation,
sale or other disposition of all or substantially all of the assets of the Borrower, or any
receivership, insolvency, bankruptcy, reorganization, or other similar proceedings affecting the
Borrower, any other obligor or any of their respective assets, (iii) any change in the composition
or structure of the Borrower, the Guarantor or any other obligor on the Liabilities, including a
merger or consolidation with any other person or entity, or (iv) any payments made upon the
Liabilities. The Guarantor hereby expressly consents to any impairment of Collateral, including,
but not limited to, failure to perfect a security interest and release Collateral and any such
impairment or release shall not affect the Guarantor’s obligations hereunder.

Nature of Guaranty. This Guaranty is an absolute guaranty of payment and performance and not of
collection. Therefore, the Bank may insist that the Guarantor pay immediately, and the Bank is not
required to attempt to collect first from the Borrower, the Collateral, or any other person liable
for the Liabilities. The obligation of the Guarantor shall be unconditional and absolute even if
all or any part of any agreement between the Bank and the Borrower is unenforceable, void, voidable
or illegal or uncollectible due to incapacity, lack of power or authority, discharge or for any
reason whatsoever, and regardless of the existence of any defense, setoff, discharge or
counterclaim (in any case, whether based on contract, tort or any other theory) which the Borrower
may assert. If the Borrower is a corporation, limited liability company, partnership or trust, it
is not necessary for the Bank to inquire into the powers of the Borrower or the officers,
directors, members, managers, partners, trustees or agents acting or purporting to act on its
behalf, and any of the Liabilities made or created in reliance upon the professed exercise of such
powers shall be guaranteed hereunder. Without limiting the foregoing, the Guarantor’s liability is
absolute and unconditional irrespective of and shall not be released, diminished or affected by:
(a) any present or future law, regulation or order of any jurisdiction (whether of right or in
fact) or of any agency thereof purporting to reduce, amend, restructure, render unenforceable or
otherwise affect any term of any Liabilities; or (b) any war, riot or revolution impacting
multinational companies or any act of expropriation, nationalization or currency inconvertibility
or nontransferability arising from governmental, legislative or executive measures affecting any
obligor or the property of any obligor on the Liabilities.

2

 

Other Guarantors. If there is more than one Guarantor, the obligations under this Guaranty are
joint and several. In addition, each Guarantor under this Guaranty shall be jointly and severally
liable with any other guarantor of the Liabilities. If the Bank elects to enforce its rights
against fewer than all guarantors of the Liabilities, that election does not release the Guarantor
from its obligations under this Guaranty. The compromise or release of any of the obligations of
any of the other guarantors or the Borrower shall not serve to impair, waive, alter or release the
Guarantor’s obligations.

Rights of Subrogation. The Guarantor waives and agrees not to enforce any rights of subrogation,
contribution or indemnification that it may have against the Borrower, any person liable on the
Liabilities, or the Collateral, until the Borrower and the Guarantor have fully performed all their
obligations to the Bank, even if those obligations are not covered by this Guaranty.

Waivers. The Guarantor waives (a) to the extent not prohibited by applicable law, all rights and
benefits under any laws or statutes regarding sureties, as may be amended, and (b) any right the
Guarantor may have to receive notice of the following matters before the Bank enforces any of its
rights: (i) the Bank’s acceptance of this Guaranty, (ii) incurrence or acquisition of any
Liabilities, any credit that the Bank extends to the Borrower, Collateral received or delivered,
default by any party to any agreement related to the Liabilities or other action taken in reliance
on this Guaranty, and all notices and other demands of any description, (iii) diligence and
promptness in preserving liability against any obligor on the Liabilities, and in collecting or
bringing suit to collect the Liabilities from any obligor on the Liabilities or to pursue any
remedy in the Bank’s power to pursue; (iv) notice of extensions, renewals, modifications,
rearrangements, restatements and substitutions of the Liabilities or any Collateral for the
Liabilities; (v) notice of failure to pay any of the Liabilities as they mature, any other default,
adverse change in the financial condition of any obligor on the Liabilities, release or
substitution of any Collateral, subordination of the Bank’s rights in any Collateral, and every
other notice of every kind that may lawfully be waived; (vi) the Borrower’s default, (vii) any
demand, diligence, presentment, dishonor and protest, or (viii) any action that the Bank takes
regarding the Borrower, anyone else, the Collateral, or any of the Liabilities, which it might be
entitled to by law or under any other agreement, (c) any right it may have to require the Bank to
proceed against the Borrower, any other obligor or guarantor of the Liabilities, or the Collateral
for the Liabilities or the Guarantor’s obligations under this Guaranty, or pursue any remedy in the
Bank’s power to pursue, (d) any defense based on any claim that the Guarantor’s obligations exceed
or are more burdensome than those of the Borrower, (e) the benefit of any statute of limitations
affecting the Guarantor’s obligations hereunder or the enforcement hereof, (f) any defense arising
by reason of any disability or other defense of the Borrower or by reason of the cessation from any
cause whatsoever (other than payment in full) of the obligation of the Borrower for the
Liabilities, and (g) any defense based on or arising out of any defense that the Borrower may have
to the payment or performance of the Liabilities or any portion thereof. The Bank may waive or
delay enforcing any of its rights without losing them. Any waiver affects only the specific terms
and time period stated in the waiver. No modification or waiver of this Guaranty is effective
unless it is in writing and signed by the party against whom it is being enforced.

Cooperation. The Guarantor agrees to fully cooperate with the Bank and not to delay, impede or
otherwise interfere with the efforts of the Bank to secure payment from the assets which secure the
Liabilities including actions, proceedings, motions, orders, agreements or other matters relating
to relief from automatic stay, abandonment of property, use of cash collateral and sale of the
Bank’s collateral free and clear of all liens.

Reinstatement. The Guarantor agrees that to the extent any payment or transfer is received by the
Bank in connection with the Liabilities, and all or any part of the payment or transfer is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be
transferred or repaid by the Bank or transferred or paid over to a trustee, receiver or any other
entity, whether under any bankruptcy act or otherwise (any of those payments or transfers is
hereinafter referred to as a “Preferential Payment”), then this Guaranty shall continue to be
effective or shall be reinstated, as the case may be, and whether or not the Bank is in possession
of this Guaranty, or whether the Guaranty has been marked paid, released or canceled, or returned
to the Guarantor and, to the extent of the payment, repayment or other transfer by the Bank, the
Liabilities or part intended to be satisfied by the Preferential Payment shall be revived and
continued in full force and effect as if the Preferential Payment had not been made.

Information. The Guarantor assumes all responsibility for being and keeping itself informed of the
Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Liabilities and the nature, scope and extent of the risks that the Guarantor
assumes and incurs under this Guaranty, and agrees that the Bank does not have any duty to advise
the Guarantor of information known to it regarding those circumstances or risks.

Financial Information. The Guarantor further agrees that the Guarantor shall provide to the Bank
the financial statements and other information relating to the financial condition, properties and
affairs of the Guarantor as the Bank requests from time to time.

Severability. The provisions of this Guaranty are severable, and in any action or proceeding
involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of the
Guarantor under this Guaranty would otherwise be held or determined to be avoidable, invalid or
unenforceable on account of the amount of the Guarantor’s liability under this Guaranty, then,
notwithstanding any other provision of this Guaranty to
the contrary, the amount of such liability shall, without any further action by the Guarantor or
the Bank, be automatically limited and reduced to the highest amount that is valid and enforceable
as determined in such action or proceeding.

3

 

Representations and Warranties by Guarantor. The Guarantor represents and warrants that the
following statements are true and will remain true until termination of this Guaranty and payment
in full of all Liabilities: (a) the execution and delivery of this Guaranty and the performance of
the obligations it imposes do not violate any law, do not conflict with any agreement by which it
is bound, or require the consent or approval of any governmental authority or any third party, (b)
this Guaranty is a valid and binding agreement, enforceable according to its terms, and (c) all
balance sheets, profit and loss statements, and other financial statements furnished to the Bank in
connection with the Liabilities are accurate and fairly reflect the financial condition of the
organizations and persons to which they apply on their effective dates, including contingent
liabilities of every type, which financial condition has not changed materially and adversely since
those dates. (a) The Guarantor has filed all federal and state tax returns that are required to be
filed, has paid all due and payable taxes and assessments against the property and income of the
Guarantor and all payroll, excise and other taxes required to be collected and held in trust by the
Guarantor for any governmental authority; (b) the Guarantor has determined that this Guaranty will
benefit the Guarantor directly or indirectly; (c) the Guarantor has (i) without reliance on the
Bank or any information received from the Bank and based upon the records and information the
Guarantor deems appropriate, made an independent investigation of the Borrower, the Borrower
business, assets, operations, prospects and condition, financial or otherwise, and any
circumstances that may bear upon those transactions, the Borrower or the obligations, liabilities
and risks undertaken in this Guaranty with respect to the Liabilities; (ii) adequate means to
obtain from the Borrower on a continuing basis information concerning the Borrower and the Bank has
no duty to provide any information concerning the Borrower or any other obligor to the Guarantor;
(iii) full and complete access to the Borrower and any and all records relating to any Liabilities
now and in the future owing by the Borrower; (iv) not relied and will not rely upon any
representations or warranties of the Bank not embodied in this Guaranty or any acts taken by the
Bank prior to and after execution or other authentication and delivery of this Guaranty (including
but not limited to any review by the Bank of the business, assets, operations, prospects and
condition, financial or otherwise, of the Borrower); and (v) determined that the Guarantor will
receive benefit, directly or indirectly, and has or will receive fair and reasonably equivalent
value for, the execution and delivery of this Guaranty; (d) by entering into this Guaranty, the
Guarantor does not intend to incur or believe that the Guarantor will incur debts that would be
beyond the Guarantor’s ability to pay as those debts mature; (e) the execution and delivery of this
Guaranty are not intended to hinder, delay or defraud any creditor of the Guarantor; and (f) the
Guarantor is neither engaged in nor about to engage in any business or transaction for which the
remaining assets of the Guarantor are unreasonably small in relation to the business or
transaction, and any property remaining with the Guarantor after the execution or other
authentication of this Guaranty is not unreasonably small capital. Each Guarantor, other than a
natural person, further represents that: (a) it is duly organized, validly existing and in good
standing under the laws of the state where it is organized and in good standing in each state where
it is doing business; and (b) the execution and delivery of this Guaranty and the performance of
the obligations it imposes (i) are within its powers and have been duly authorized by all necessary
action of its governing body, and (ii) do not contravene the terms of its articles of incorporation
or organization, its by-laws, or any agreement or document governing its affairs.

Notice. Except as otherwise provided in this Guaranty, any notices and demands under or related to
this document shall be in writing and delivered to the intended party at its address stated herein,
and if to the Bank, at its main office if no other address of the Bank is specified herein, by one
of the following means: (a) by hand, (b) by a nationally recognized overnight courier service, or
(c) by certified mail, postage prepaid, with return receipt requested. Notice shall be deemed
given: (a) upon receipt if delivered by hand, (b) on the Delivery Day after the day of deposit with
a nationally recognized courier service, or (c) on the third Delivery Day after the notice is
deposited in the mail. “Delivery Day” means a day other than a Saturday, a Sunday, or any other day
on which national banking associations are authorized to be closed. Any party may change its
address for purposes of the receipt of notices and demands by giving notice of such change in the
manner provided in this provision. Notice of terminations, as provided above, will not be deemed
received until actually received by the Manager of Commercial Loan Documentation Division,
KY1-4340, P.O. Box 33035, Louisville, KY 40232-3035, Attn: Manager of Commercial Loan Documentation
Division under written receipt and shall be effective at the opening of the Bank for business on
the third Delivery Day after receipt of the notice.

Governing Law and Venue. This agreement shall be governed by and construed in accordance with the
laws of the State of Ohio (without giving effect to its laws of conflicts). The Guarantor agrees
that any legal action or proceeding with respect to any of its obligations under this agreement may
be brought by the Bank in any state or federal court located in the State of Ohio, as the Bank in
its sole discretion may elect. By the execution and delivery of this agreement, the Guarantor
submits to and accepts, for itself and in respect of its property, generally and unconditionally,
the non-exclusive jurisdiction of those courts. The Guarantor waives any claim that the State of
Ohio is not a convenient forum or the proper venue for any such suit, action or proceeding.

Miscellaneous. The Guarantor’s liability under this Guaranty is independent of its liability under
any other guaranty previously or subsequently executed by the Guarantor or any one of them,
singularly or together with others, as to all or any part of the Liabilities, and may be enforced
for the full amount of this Guaranty regardless of the Guarantor’s liability under any other
guaranty. This Guaranty binds the Guarantor’s heirs, successors and assigns, and benefits the Bank
and its successors and assigns. The Bank may assign this Guaranty in whole or in part without
notice. The Guarantor agrees that the Bank may provide any information or knowledge the Bank may
have about the Guarantor or about any matter relating to this Guaranty to JPMorgan Chase & Co., or
any of
its subsidiaries or affiliates or their successors, or to one or more purchasers or potential
purchasers of this Guaranty or the Liabilities guaranteed hereby. The use of headings does not
limit the provisions of this Guaranty.

4

 

WAIVER OF SPECIAL DAMAGES. THE GUARANTOR WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY
RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING
ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

JURY WAIVER. THE GUARANTOR AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE
(WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE GUARANTOR AND THE BANK ARISING OUT OF
OR IN ANY WAY RELATED TO THIS DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO
PROVIDE THE FINANCING DESCRIBED HEREIN.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Guarantor:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	Address:	 	3776 South High Street

Columbus, OH 43207	 	Bob Evans Farms, Inc. (an Delware Corporation)	 
	 

	 	 	 	By:	 	/s/ Tod Spornhauer 	 	 
	 	 		 	 	 	 
	 
	 		 	Printed Name	 	Tod Spornhauer	 
	 

	 	 	 	Title	 	SR VP of Finance, Controller, Asst. Treasurer, Asst. Secretary
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Date Signed: 10-1-2008	 	 
	 

	 	 	 	 	 	 	 	 	 	 

5

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