Document:

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EXHIBIT 10.1

LOAN AGREEMENT

     THIS LOAN AGREEMENT (the “Agreement”) is made this 14th day of November, 2006, by
and among Professional Veterinary Products, Ltd., a Nebraska corporation (“PVPL”), ProConn, LLC, a
Nebraska limited liability company (“ProConn”), Exact Logistics, LLC, a Nebraska limited liability
company (“Exact”, together with PVPL and ProConn, collectively and individually herein referred to
as “Borrower”) and First National Bank of Omaha, a national banking association (“Lender”).

RECITALS

     WHEREAS, Borrower has requested that Lender loan up to forty-four million six hundred
sixty-six thousand dollars ($44,666,000) to the Borrower via a forty million dollar ($40,000,000)
revolving credit facility and a four million six hundred sixty-six thousand dollar ($4,666,000)
term loan facility, the proceeds of which will be used to refinance existing indebtedness of the
Borrower and to provide the Borrower with working capital support;

WHEREAS, each Borrower will receive direct and indirect financial benefits from the loans;

     WHEREAS, the loans will generally be secured by (i) Borrower’s warehouse / office facility
located at 10077 South 134th Street, Omaha, Nebraska and (ii) Borrower’s other assets
including, without limitation, accounts receivable, inventory, machinery and equipment, general
intangibles and accounts; and

     WHEREAS, Lender is willing to make the loans on the terms and subject to the conditions set
forth herein.

     NOW, THEREFORE, for and in consideration of Lender making loans up to $45,000,000 to the
Borrower, the premises set forth above, which are incorporated herein by this reference and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it
is agreed as follows:

ARTICLE I

Principles of Interpretation and Definitions

     Section 1.1 General Principles. For the purpose of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:

     (a) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; and

     (b) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles and shall be consistent with those applied
in preparation of the financial statements referred to in Section 4.5.

     Section 1.2 Definitions. The following specific definitions shall apply to this Agreement:

     (a) “Account Debtor” means the person who is obligated on a Receivable.

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     (b) “Advance” means a monetary advance made by Lender to any Person pursuant to the provisions
of any Loan.

     (c) “Affiliate” means any Person (1) that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with Borrower including,
without limitation, the officers and directors of each of them, (2) that directly or beneficially
owns or holds ten percent (10%) or more of any equity interest in Borrower or (3) ten percent (10%)
or more of whose voting stock (or in the case of a Person which is not a corporation, ten percent
(10%) or more of any equity interest) is owned directly or beneficially or held by Borrower
including, without limitation, American Animal Hospital Association Services Company (d/b/a
MarketLink). As used herein, the term “control” shall mean possession, directly or indirectly, of
the power to direct the management or policies of a Person, whether through ownership of securities
or otherwise.

     (d) “Borrowing Base” means an amount equal to the sum of:

	 	(1)	 	80% of the Eligible Accounts Receivable; plus
	 
	 	(2)	 	50% of the Value of Eligible Inventory up to a maximum of
$20,000,000.

     As of any date, the Borrowing Base shall be determined on the basis of the information
contained in the most recent Borrowing Base Certificate.

     (e) “Borrowing Base Certificate” means the certificate in the form of Exhibit 2.1.4 attached
hereto which is required to be delivered to Lender in accordance with Section 2.1.4 hereof.
Borrower shall not include any inventory in a Borrowing Base Certificate unless Borrower shall
have: (1) notified Lender in writing of the location of the inventory; (2) executed such documents
including, without limitation, financing statements, as are required by Lender to perfect a
security interest in such inventory; and (3) Lender shall have notified Borrower that any such
documents have been duly filed or recorded.

     (f) “Cash Flow Leverage Ratio” shall mean the ratio of Borrower’s Interest Bearing Debt to
EBITDA for the applicable quarter (calculated on a four-quarter rolling average).

     (g) “Collateral” shall mean Borrower’s warehouse / office facility located at 10077 South
134th Street, Omaha, Nebraska and any other property or right, tangible or intangible,
in any form whatsoever, provided from time to time as security for the discharge of any obligation
of Borrower to Lender including, without limitation, all of Borrower’s accounts receivable,
inventory, machinery and equipment, general intangibles and accounts.

     (h) “Collateral Agreements” shall mean all documents and agreements delivered to secure the
payment and performance of any obligation of Borrower to Lender including, without limitation, the
documents and agreements for such purpose referred to in Section 2.6 and any and all documents and
agreements delivered in the future for such purpose.

     (i) “Debt” means (1) all items of indebtedness or liability which in accordance with generally
accepted accounting principles would be included in determining total liabilities as shown on the
liabilities side of a balance sheet at the date as of which Debt is to be determined, (2)
indebtedness secured by any mortgage, pledge, lien or security interest existing on property owned
by the Person whose debt is being determined, whether or not the indebtedness secured thereby shall
have been assumed and (3) guaranties, endorsements (other than for purposes of collection in the
ordinary course of business consistent with past practice) and other contingent

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obligations in respect of, or to purchase or otherwise acquire, indebtedness of others, such
obligations to be included at the face amount of such obligation assuming all contingencies to have
been met.

     (j) “Distributions” means all payments or other distributions of cash or other assets in the
form of management, development or other fees, net increase in loans or advances (but in no event
less than zero), dividends, distributions for the payment of federal and state income taxes, stock
repurchases or redemptions, bonuses, principal payments on indebtedness of Borrower’s partners or
its other Affiliates or any other payment to any of Borrower’s partners or its other Affiliates to
the extent such payments or other distributions are not already a reduction of net income after
taxes in calculating EBITDA; provided, however, Distributions shall not include refunds, rebates or
credits associated with sales of Inventory made to shareholders of PVPL in the ordinary course of
business consistent with past practice.

     (k) “EBITDA” means, for any period, the sum of (1) net income after taxes for such period, (2)
amortization and depreciation expense for such period, (3) total interest expense (whether paid or
accrued and including the interest component of payments under capital leases) for such period and
(4) income tax expense for such period.

     (l) “Eligible Accounts Receivable” or “Eligible Receivables” shall mean any Receivable of
Borrower in which Lender has a first priority perfected security interest and which complies with
each of the following requirements:

	 	(1)	 	it arises out of a bona fide sale of goods sold and delivered
by or on behalf of Borrower, or is in the process of being delivered by or on
behalf of Borrower, to the Account Debtor on said Receivable;

	 	(2)	 	all warranties set forth in this Agreement and the applicable
Collateral Agreements are true and correct in all material respects with
respect thereto;

	 	(3)	 	it has been identified to Lender by Borrower in a manner
reasonably satisfactory to Lender;

	 	(4)	 	it arises from the sale of Inventory and it is evidenced by an
invoice (dated not later than the date of shipment) rendered to the Account
Debtor thereunder;

	 	(5)	 	it has not remained unpaid in whole or in part for a period of
more than sixty (60) days from and after the due date thereof;

	 	(6)	 	it is not owed by an Account Debtor who is an employee of or
which is an Affiliate of Borrower (excluding MarketLink);

	 	(7)	 	it is not owing by any Account Debtor located outside of the
United States unless such Receivable is insured by accounts receivable
insurance satisfactory to Lender naming Lender as an additional lender loss
payee;

	 	(8)	 	the amount of such Receivable represented as owing is not
disputed and it is net of any credit or allowance given by Borrower to such
Account Debtor;

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	 	(9)	 	the Receivable is not subject to any counterclaim or defense
asserted by the Account Debtor thereunder, nor is it subject to any offset or
contra account payable to the Account Debtor or to any repurchase obligations
or return rights, such as those arising under sales made on a “bill-and-hold”,
“guaranteed sale”, “sale on approval” or consignment basis;

	 	(10)	 	in the case of a Receivable which constitutes or is a component
of chattel paper including, without limitation, chattel paper generated in
connection with the sale of the Borrower’s Inventory to its customers on a
purchase money secured basis, each component of such chattel paper: (i) is in
the exclusive possession of Borrower or in the event Lender has requested
delivery pursuant to the Collateral Agreements, is in the possession of Lender;
and (ii) is prominently stamped with the following legend: “This writing and
the indebtedness evidenced or secured hereby is subject to a first priority
perfected security interest from First National Bank of Omaha”; and

	 	(11)	 	it is net of all finance charges less than sixty (60) days old.

     (m) “Eligible Inventory” means any Inventory of Borrower in which Lender has a first priority
perfected security interest and which complies with each of the following requirements:

	 	(1)	 	it is readily usable or marketable by Borrower in the ordinary
course of its business consistent with past practice;

	 	(2)	 	it substantially conforms to the represented specifications and
other quality standards of Borrower;

	 	(3)	 	all warranties as set forth in this Agreement and the
Collateral Agreements are true and correct in all material respects with
respect thereto;

	 	(4)	 	it has been identified to Lender in the manner prescribed by
Lender pursuant to the applicable Collateral Agreements;

	 	(5)	 	it is located at a location in the United States of America
disclosed to and approved by Lender and, if requested by Lender, any Person
(other than Borrower) owning or controlling such location shall have waived all
right, title and interest in and to such Inventory in a manner satisfactory to
Lender;

	 	(6)	 	it is priced in accordance with generally accepted accounting
practices and consistent with Borrower’s method of pricing of Inventory elected
in its year-end financial statements referred to in Section 4.5;

	 	(7)	 	it has not given rise to a Receivable; and

	 	(8)	 	it is not Inventory of ProConn.

     (n) “Event of Default” means those acts or omissions described in Article VII, after the
expiration of any grace period provided therein.

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     (o) “Interest Bearing Debt” means any Debt of Borrower bearing interest, whether or not
payment was made during the measurement period.

     (p) “Inventory” means all raw materials, work in process, finished goods, supplies and goods
held for sale or lease or furnished or to be furnished under contracts of service in which Borrower
now has or hereafter acquires any right.

     (q) “LIBOR Rate” means with respect to the relevant period, the one-month rate appearing on
page 3750 of the Telerate Service (or on any successor or substitute page of such service, or any
successor to or substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by Lender from time to time for
purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the
London interbank market) with first-class banks in the London interbank market at approximately
11:00 a.m. (London time), which shall be that one-month LIBOR rate in effect and reset each New
York Banking Day.

     (r) “Loan” or “Loans” means the total amount loaned or advanced by Lender to Borrower or on
behalf of Borrower including, without limitation, the Notes, any modifications thereof and any
other obligation or indebtedness now existing or hereinafter arising between Lender and Borrower.

     (s) “New York Banking Day” means any day (other than a Saturday or Sunday) on which commercial
banks are open for business in New York, New York.

     (t) “Notes” means collectively the promissory notes evidencing the Revolving Loan and the Term
Loan, which are attached hereto and marked Exhibits 2.1 and 2.2, respectively, together with any
and all extensions, renewals, modifications and substitutions thereof and exchanges therefor.

     (u) “Person” means any individual, corporation, limited liability company, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     (v) “Plan” means an employee benefit plan or other plan maintained for employees of Borrower,
and covered by Title IV of the Employee Retirement Income Security Act of 1974, as amended.

     (w) “Receivables” or “Accounts Receivable” shall mean all accounts, contract rights,
instruments, documents, chattel paper and general intangibles in which Borrower now has or
hereafter acquires any right.

     (x) “Reportable Event” has the meaning assigned to that term in Title IV of the Employee
Retirement Income Security Act of 1974, as amended.

     (y) “Revolving Loan” means the revolving credit facility in an amount up to $40,000,000, as
described in Section 2.1 and as provided in the promissory note attached hereto as Exhibit 2.1.

     (z) “Tangible Net Worth” means the total of all assets properly appearing on the balance sheet
of Borrower in accordance with generally accepted accounting principles, less the sum of the
following:

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	 	(1)	 	the book amount of all such assets which would be treated as
intangibles under generally accepted accounting principles, including, without
limitation, all such items of goodwill, trademarks, trademark rights, trade
names, trade name rights, brands, copyrights, patents, patent rights, licenses,
deferred charges and unamortized debt discount and expenses;

	 	(2)	 	any write-up in the book value of any such assets resulting
from revaluation thereof subsequent to the date of this Agreement;

	 	(3)	 	all reserves, including reserves for depreciation,
obsolescence, depletion, insurance and inventory valuation, but excluding
contingency reserves not allocated for any particular purpose and not deducted
from assets;

	 	(4)	 	the amount, if any, at which any shares of stock of the
Borrower appear on the asset side of such balance sheet;

	 	(5)	 	all liabilities of the Borrower shown on such balance sheet;

	 	(6)	 	all investments in foreign Affiliates and nonconsolidated
domestic Affiliates; and

	 	(7)	 	all accounts or notes due to the Borrower from any shareholder,
director, officer, employee or Affiliate of Borrower.

     (aa) “Term Loan” means the term loan facility in the amount of $4,666,000, as described in
Section 2.2 and as provided in the promissory note attached hereto as Exhibit 2.2.

     (bb) “Termination Date” means December 1, 2009 or such earlier date that the Revolving Loan is
terminated under this Agreement.

     (cc) “Value” means, with respect to Eligible Inventory, as of any given date, an amount equal
to the lesser of (1) cost determined on a FIFO inventory basis of accounting (all in accordance
with generally accepted accounting principles consistently applied) or (2) market value for
Inventory of similar kind, quality and condition. The Values of Collateral stated by Borrower in
its Borrowing Base Certificates are subject to adjustment by Lender in its reasonable discretion;
provided, however, Lender shall have no obligation to adjust the Values stated by Borrower.

ARTICLE II

Amount And Terms of Facilities

     Section 2.1 Revolving Loan. Subject to the terms and conditions hereof, Lender agrees to make
Advances to Borrower from time to time during the period from the date hereof to and including the
Termination Date, in an aggregate amount at any time outstanding not to exceed the lesser of (a)
forty million dollars ($40,000,000) or (b) the Borrowing Base, as calculated from time to time (the
“Maximum Revolving Facility”). The Revolving Loan shall be a revolving credit facility and it is
contemplated that Borrower will request Advances, make prepayments and request additional Advances.
Borrower’s obligation to repay all Advances with interest thereon and additional terms under the
Revolving Loan shall be evidenced by a promissory note in the form attached hereto and marked
Exhibit 2.1 (herein, together with any and all extensions, renewals, modifications and
substitutions thereof and exchanges therefore, the “Revolving

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Note”). Any unpaid principal and all accrued but unpaid interest under the Revolving Loan
shall be payable on the Termination Date.

     Section 2.1.1 Interest Rate and Payments. The principal amount of the Advances outstanding
from time to time on the Revolving Loan shall bear interest (computed on the basis of actual days
elapsed in a 360-day year) at a variable rate, reset daily, equal to the LIBOR Rate as determined
by Lender plus (a) 1.25% per annum when the Cash Flow Leverage Ratio is less than or equal to 3.00
to 1.00 (as set forth in the compliance certificate delivered to Lender pursuant to Section 5.1(b))
or (b) 1.50% per annum when the Cash Flow Leverage Ratio is more than 3.00 to 1.00 (as set forth in
the compliance certificate delivered to Lender pursuant to Section 5.1(b)). Upon an Event of
Default, the Revolving Loan shall bear interest at the LIBOR Rate as determined by Lender plus
7.50% per annum (the “Default Rate”); provided, however, that in any event no rate change shall be
put into effect which would result in a rate greater than the highest rate permitted by law.
Interest accruing on the principal balance of the Advances outstanding from time to time shall be
payable in arrears on the first day of each month and on the Termination Date. Borrower agrees
that Lender may at any time or from time to time, without the request by Borrower, make an Advance
to Borrower, or apply the proceeds of any Advance, for the purpose of paying all such interest when
due.

     Section 2.1.2 Mandatory Prepayment of Revolving Loan. Without notice or demand, if the sum of
the outstanding principal balance of the Advances under the Revolving Loan shall at any time exceed
the Maximum Revolving Facility, Borrower shall immediately prepay the Advances under the Revolving
Loan to the extent necessary to reduce the sum of the outstanding principal balance of the Advances
under the Revolving Loan to the Maximum Revolving Facility. Any payment received by Lender under
this Section 2.1.2 shall be applied to the Advances under the Revolving Loan, provided, that
payments shall always be applied to interest before principal.

     Section 2.1.3 Non-Usage Fee. Borrower shall pay to Lender a non-usage fee at the rate of
0.10% per annum of the unused portion of the $40,000,000 Revolving Loan. The non-usage fee shall
be payable in arrears on each January 1, April 1, July 1 and October 1 and on the Termination Date.

     Section 2.1.4 Borrowing Base and Borrowing Base Certificate. Borrower shall provide Lender
with information regarding the Borrowing Base in such format and at such times as Lender may
request. Within twenty (20) days after the end of each calendar month, Borrower shall provide to
Lender a completed and executed Borrowing Base Certificate in the form of Exhibit 2.1.4 showing the
calculation of the Borrowing Base for the preceding calendar month.

     Section 2.2 Term Loan. Subject to the terms and conditions hereof, Lender agrees to make one
Advance to Borrower under the Term Loan in an amount equal to four million six hundred sixty-six
thousand dollars ($4,666,000). The Term Loan, the funds advanced pursuant thereto and Borrower’s
obligation to repay the Advance with interest thereon shall be evidenced by a promissory note in
the form attached hereto and marked Exhibit 2.2 (herein, together with any and all extensions,
renewals, modifications and substitutions thereof and exchanges therefore, the “Term Note”). Any
unpaid principal and all accrued but unpaid interest under the Term Loan shall be payable on
December 1, 2016.

     Section 2.2.1 Interest Rate and Payments. The Term Loan shall bear interest (computed on the
basis of actual days elapsed in a 360-day year) at a fixed rate equal to 7.35% per annum. Upon an
Event of Default, the Term Loan shall bear interest at the Default Rate; provided, however, that in
any event no rate change shall be put into effect which would result in a rate

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greater than the highest rate permitted by law. Payments with respect to the Term Loan shall
be as follows: (a) interest only in advance at the rate of $952.64 per day shall be due and payable
on the date of the Advance under the Term Loan to or for the benefit of Borrower (including,
without limitation, disbursement into an escrow for the benefit of Borrower) for the period
beginning on the date of the Advance and ending on November 30, 2006; (b) one hundred nineteen
(119) installments of principal and interest in the amount of $55,281.73 each shall be payable
commencing on January 1, 2007 and continuing on the first day of each and every succeeding month
until and including November 1, 2016 and (c) on December 1, 2016, all then unpaid principal and
interest thereon shall be due and payable.

     Section 2.2.2 Breakfunding Prepayment Fee. There shall be no prepayment of the Term Note;
provided, however, Lender may consider requests for its consent with respect to prepayment of the
Term Note, without incurring an obligation to do so, and Borrower acknowledges that in the event
that such consent is granted, Borrower shall be required to pay Lender, upon prepayment of all of
the principal amount before final maturity, a prepayment fee as provided for in the Term Note.

     Section 2.3 Advancing Revolving Loan Funds. Unless otherwise agreed to by the parties,
Borrower shall give Lender notice of a request for an Advance under the Revolving Note no later
than 2:00 p.m. on the day of the requested Advance. A request for an Advance shall be on written
notice to Lender or telephonic request from any Person purporting to be authorized to request
Advances on behalf of Borrower, which notice or request shall specify the date of the requested
Advance and the amount thereof. The names of Persons authorized to request Advances shall be
provided in writing to Lender. Upon fulfillment of the applicable conditions set forth in this
Agreement, Lender may disburse the amount of the requested Advance by crediting the same to
Borrower’s demand deposit account maintained with Lender or in such other manner as Lender and
Borrower may from time to time agree. Any request for an Advance shall be deemed a representation
that the warranties contained in Article IV are correct. Borrower shall promptly confirm each
telephonic request for an Advance by executing and delivering an appropriate confirmation
certificate to Lender. Borrower shall be obligated to repay all Advances in all events and
notwithstanding the fact that the Person requesting the same was not authorized to do so.

     Section 2.4 Payment. All payments of principal and interest under the Notes shall be made to
the order of Lender in immediately available funds. Unless specified by Borrower, Lender may apply
the payments received to the principal and/or interest on any one or more of the Notes in Lender’s
sole discretion. All payments shall be payable in lawful money of the United States of America.
Borrower hereby authorizes Lender, if an Event of Default occurs and if now or hereafter allowed
under applicable law, to charge, set off, appropriate and apply any and all deposits or accounts
(special or general) or other indebtedness with Lender an amount up to the accrued interest,
outstanding principal and fees from time to time due and payable to Lender under this Agreement,
the Notes or any Collateral Agreement.

     Section 2.5 Payment on Non-Business Days. Whenever any payment to be made hereunder or under
any of the Notes shall be stated to be due on a Saturday, Sunday or a holiday for banks under the
laws of the State of Nebraska or the United States, such payment may be made on the next succeeding
bank business day, and such extension of time shall in such case be included in the computation of
payment of interest due on such Note.

     Section 2.6 Security and Collateral. As security for the payment of the obligations due
Lender hereunder including, without limitation, the Notes, and for the payment of any other debt,
liability or obligation of Borrower to Lender under this Agreement or otherwise, Borrower has

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executed and delivered to Lender or arranged for the execution and delivery to Lender of
certain documents, agreements or instruments for securing the payment or performance of the
obligations of Borrower to Lender including, without limitation, the following agreements referred
to herein and described by way of example but not as a limitation as follows:

     (a) Security Agreement executed by PVPL in the form attached hereto and marked Exhibit
2.6(a);

     (b) Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing
executed by PVPL in the form attached hereto and marked Exhibit 2.6(b);

     (c) Assignment of Rents & Leases executed by PVPL in the form attached hereto and marked
Exhibit 2.6(c);

     (d) Security Agreement executed by ProConn in the form attached hereto and marked Exhibit
2.6(d);

     (e) Security Agreement executed by Exact in the form attached hereto and marked Exhibit
2.6(e);

     (f) Environmental Indemnity Agreement executed by PVPL in the form attached hereto and marked
Exhibit 2.6(f);

     (g) Such landlord’s waivers as Lender deems necessary or advisable; and

     (h) Such UCC-1 Financing Statements executed by Borrower as Lender deems necessary or
advisable.

     Section 2.7 Liability Records. Lender may maintain from time to time, at its discretion,
liability records as to any and all Advances under the Revolving Loan and the Term Loan made or
repaid and interest accrued or paid under this Agreement and the Notes. On demand by Lender,
Borrower will admit and certify in writing the exact principal balance outstanding to Lender for
Advances under the Revolving Loan or the Term Loan under this Agreement.

     Section 2.8 Application of Payments. Upon an Event of Default, Lender shall determine in its
sole discretion the order and manner in which proceeds of Collateral and other payments that Lender
receives are applied to the Revolving Loan, the Term Loan, interest thereon and any other
obligation of Borrower, and Borrower hereby irrevocably waives the right to direct the application
of any payment or proceeds. Upon an Event of Default, Lender shall have the continuing and
exclusive right to apply and reverse and reapply any and all such proceeds and payments to any
portion of the obligations from Borrower to Lender.

     Section 2.9 Indemnity for Returned Payments. If after receipt of any payment of, or proceeds
applied to the payment of, all or any part of the obligations of Borrower, Lender is for any reason
required to surrender such payment or proceeds to any Person, because such payment or proceeds is
invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, or
a diversion of trust funds, or for any other reason, then such obligations or part thereof intended
to be satisfied shall be revived and continue and this Agreement shall continue in full force as if
such payment or proceeds had not been received by Lender and Borrower shall be liable to pay to
Lender, and hereby does indemnify Lender and hold Lender harmless for the amount of such payment or
proceeds surrendered. The provisions of this Section shall be and remain effective notwithstanding
any contrary action which may

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have been taken by Lender in reliance upon such payment or proceeds, and any such contrary
action so taken shall be without prejudice to Lender’s rights under this Agreement and shall be
deemed to have been conditioned upon such payment or proceeds having become final and irrevocable.
The provisions of this Section shall survive the termination of this Agreement.

     Section 2.10 Obligations Joint and Several. The obligations of PVPL, ProConn and Exact under
this Agreement and under the Notes shall be joint and several. For the convenience of the parties
hereto, this Agreement has been prepared for execution by multiple borrowers, each of which is a
“Borrower” for all purposes hereunder. Each of PVPL, ProConn and Exact hereby represent, warrant
and covenant for the benefit of Lender that it is the intention of each of PVPL, ProConn and Exact
that this Agreement and the Notes be fully enforceable against each of them in accordance with its
terms to the same extent as if such party had been the only party identified as “Borrower”
hereunder or thereunder.

     Section 2.11 Use of Proceeds. The proceeds of the Loans hereunder shall be used by Borrower
to refinance Borrower’s existing indebtedness and for working capital purposes of the Borrower and
for no other purpose or purposes. Borrower will not, directly or indirectly, use any part of such
proceeds for the purpose of purchasing or carrying any margin stock within the meaning of
Regulation U of the Board of Governors of the Federal Reserve System or to extend credit to any
Person for the purpose of purchasing or carrying any such margin stock, or for any purpose which
violates, or is inconsistent with, Regulation X of such Board of Governors.

ARTICLE III

Conditions of Lending

     Section 3.1 Conditions Precedent to Effectiveness of this Agreement. The effectiveness of
this Agreement and the funding of any Advance shall be subject to the condition precedent that
Lender shall have received all of the following, which, if existing, are hereby ratified and
confirmed by Borrower:

     (a) this Agreement, the Notes and the Collateral Agreements (which shall secure the
obligations due Lender hereunder and create first priority security interests or liens on the
Collateral, subject only to the exceptions set forth in Section 6.2), properly executed;

     (b) certified copies of the Articles of Incorporation and Bylaws of PVPL and the Articles of
Organization and Operating Agreements of both ProConn and Exact, together with all amendments
thereto;

     (c) a signed certificate of the Secretary of PVPL and the signed written consents of the
manager and member of ProConn and Exact which shall (1) evidence the authorization of the Board of
Directors of PVPL or the manager and member of ProConn and Exact, as the case may be, to enter into
this Agreement, execute all documents related hereto and consummate all transactions contemplated
hereby; (2) certify the officer of PVPL, or other party on behalf of PVPL, ProConn and Exact,
authorized to sign this Agreement and any document securing the obligations of Borrower under this
Agreement or otherwise including, without limitation, any Collateral Agreement, and the other
documents or certificates to be delivered pursuant to this Agreement, if any, by Borrower or by any
of its officers or managers, (3) contain the true signature of any such officer or designated party
(and Lender may conclusively rely on the certificate until it shall receive a further certificate
of the Secretary of PVPL canceling or amending the prior certificate) and (4) attach a certificate
of good standing from the Nebraska Secretary of State.

10

 

     (d) current searches of appropriate filing offices showing that (1) no state or federal tax
liens have been filed and remain in effect against Borrower and (2) no financing statements have
been filed and remain in effect against Borrower with respect to the Collateral, except those
financing statements filed by Lender or its predecessors or expressly agreed to by Lender;

     (e) a favorable written opinion of Borrower’s counsel addressed to Lender in form and
substance satisfactory to Lender in its sole discretion;

     (f) a statement from Borrower addressed to Lender certifying (1) all the states, counties and
countries in which Borrower maintains a corporate office or has qualified to do business and (2)
the specific location of the Collateral and whether the Collateral is maintained on property owned
or leased by Borrower;

     (g) an independent written appraisal of the value of Borrower’s warehouse / office facility
located at 10077 South 134th Street, Omaha, Nebraska, satisfactory to Lender and
providing an appraisal of at least $6,250,000, together with a letter from such real estate
appraiser stating that Lender can rely upon such appraisal in connection with the Loans;

     (h) an ALTA lender’s policy of title insurance for Borrower’s warehouse / office facility
located at 10077 South 134th Street, Omaha, Nebraska, with Lender as the insured,
insuring that Lender has a first priority lien on the property, subject only to the exceptions set
forth in Section 6.2. All standard exceptions to such policy shall be deleted, and the policy
shall contain such endorsements as Lender may reasonably require. On the date hereof, Lender shall
receive a “mark-up” of the title insurance commitment for such insurance showing that (1) all
requirements for issuance of the policy have been satisfied, (2) Lender has a first priority lien
on the property, (3) the standard exceptions to coverage will be deleted from the final policy and
(4) the final policy will contain the requested endorsements;

     (i) an ALTA-ACSM survey of Borrower’s warehouse / office facility located at 10077 South
134th Street, Omaha, Nebraska, satisfactory to Lender, prepared by a registered land
surveyor satisfactory to Lender, together with a letter from such land surveyor stating that Lender
and the title company issuing the title insurance for the property can rely upon such survey in
connection with the Loans and that no material changes have occurred to the property in question
since the survey was prepared;

     (j) a phase 1 environmental assessment for Borrower’s warehouse / office facility located at
10077 South 134th Street, Omaha, Nebraska, satisfactory to Lender, prepared by an
environmental assessment firm satisfactory to Lender, together with a letter from such
environmental assessment firm stating that Lender can rely upon such assessment in connection with
the Loans;

     (k) satisfactory evidence of hazard insurance coverage on the Collateral, and general
liability, auto liability, workers compensation and other insurance, as may be required by any of
the Collateral Documents;

     (l) payoff of all existing indebtedness and obligations owing to U.S. Bank National
Association and discharge of all related security interests and liens;

     (m) payment of all costs, expenses and fees described in Section 8.1; and

     (n) such other documents, instruments and certificates as Lender, in its sole discretion, may
require.

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     Section 3.2 Conditions Precedent to Subsequent Advances. The obligation of Lender to make
Advances after fulfillment of the conditions stated in Section 3.1 shall be subject to further
conditions precedent that on the date of such Advance:

     (a) the representations and warranties contained in Article IV and in the Collateral
Agreements are correct on and as of the date of such Advance as though made on and as of such date,
except to the extent that such representations and warranties relate solely to an earlier date; and

     (b) no event has occurred and is continuing, or would result from such Advance, which
constitutes an Event of Default or would constitute an Event of Default, but for the requirement
that notice be given or time elapsed or both.

     Each request for an Advance shall constitute a representation that subsections (a) and (b)
above are true and correct as of the date of such request.

     Section 3.3 Further Assurances. Borrower will, at its expense, execute, deliver, file and
record (in such manner and form as Lender may require) any financing statement, specific assignment
or other paper and take any other action that may be necessary, or that Lender may reasonably
request, in order to protect, preserve, perfect or validate the security interest in all or any
portion of the Collateral or to enable Lender to exercise and enforce its rights in the Collateral.

ARTICLE IV

Representations and Warranties

     Each Borrower, jointly and severally, represents and warrants to Lender as follows:

     Section 4.1 Existence and Power. PVPL is a corporation duly organized, validly existing and
in good standing under the laws of the State of Nebraska, and is qualified to enter into the
transactions contemplated hereby. ProConn is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Nebraska, and is qualified to enter
into the transactions contemplated hereby. Exact is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Nebraska, and is qualified to
enter into the transactions contemplated hereby. The exact names of PVPL, ProConn and Exact are
accurately set forth in the first paragraph of this Agreement. Each Borrower has all requisite
power and authority to conduct its business and to perform all of its obligations under this
Agreement and the Collateral Agreements.

     Section 4.2 Authorization of Agreement. The execution, delivery and performance of this
Agreement and all other agreements contemplated to be executed and delivered herewith by Borrower
and consummation of all transactions contemplated hereby have been duly authorized and approved by
each Borrower by all necessary corporate, company, board of directors, shareholder, manager and
member action, as the case may be.

     Section 4.3 Authorization of Borrowing; No Conflict as to Law or Agreements. The execution,
delivery and performance by each Borrower of this Agreement, the Notes, the Collateral Agreements
and the borrowings from time to time hereunder, do not and will not (a) require any further consent
or approval of the shareholders of PVPL, (b) result in a breach of or constitute a default under
any indenture or loan or credit agreement or any other agreement, lease or instrument to which any
Borrower is a party, or by which it or its properties may be

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bound or affected or (c) result in or require the creation or imposition of any mortgage, deed
of trust, pledge, lien, security interest or other charge or encumbrance of any nature upon or with
respect to any of the properties now owned or hereafter acquired by Borrower.

     Section 4.4 Legal Agreements. This Agreement, the Notes and the Collateral Agreements
constitute when executed and delivered by Borrower, the legal, valid and binding, joint and
several, obligations of each Borrower enforceable against each Borrower in accordance with their
respective terms, except as such enforceability may be limited by applicable bankruptcy and similar
insolvency laws affecting creditors’ rights and by principles of equity.

     Section 4.5 Financial Statements; Furnishing. Borrower has heretofore furnished to Lender
audited financial statements for the fiscal years ended July 31, 2006, 2005 and 2004. Said
financial statements fairly present the financial condition of Borrower, on a consolidated basis,
on the dates thereof and the results of its operations for the periods then ended, and were
prepared in accordance with generally accepted accounting principles consistently applied.

     Section 4.6 Adverse Change. There has been no material adverse change in the business,
properties or condition (financial or otherwise) of Borrower, since the date of the latest
financial statements referred to in Section 4.5.

     Section 4.7 Litigation. There are no actions, suits or proceedings pending or, to the
knowledge of Borrower, threatened against or affecting any Borrower or its properties before any
court or governmental department, commission, board, bureau, agency or instrumentality, domestic or
foreign, which, if determined adversely to Borrower, would have a material adverse effect on the
financial condition, properties or operations of any Borrower.

     Section 4.8 Taxes. Each Borrower has timely filed all federal, state and local tax returns
which are required to be filed, and has paid to the respective taxing authorities all taxes as
shown on said returns or on any assessment to the extent such taxes have become due.

     Section 4.9 Titles and Liens. Borrower has good and marketable title to all the assets (a)
reflected on the financial statements described in Section 4.5 hereof or (b) granted as security to
Lender in any Collateral Agreement to which it is a party, in each case, free and clear of all
prior liens, encumbrances, security interests and adverse claims.

Section 4.10 Hazardous Waste.

     (a) Except as herein provided, to the knowledge of Borrower, no hazardous substances or
hazardous wastes are presently stored or otherwise located on, in or under any property of Borrower
(“Property”) and no part of the Property, including the ground water located thereon, is presently
contaminated by any such substances or waste. For purposes of this instrument, the terms “hazardous
substances” and “hazardous wastes” shall mean and include any hazardous, toxic or dangerous waste,
substance or material within the meaning of the Federal Comprehensive Environmental Response,
Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976 or any other
federal, state or local statute, law, ordinance, code, rule, regulation, order or decree
regulating, relating to or imposing liability or standards of conduct concerning any hazardous,
toxic or dangerous waste, substance or material, as now or at anytime hereafter may be in effect.

     (b) Until the Notes and all other obligations under the Collateral Agreements are paid in
full and satisfied, all hazardous waste (as defined above), which may be used by any Person for

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any purpose upon the Property shall be used or stored thereon only in a safe, approved manner,
in accordance with all industrial standards and all laws, regulations and requirements for such
storage promulgated by any governmental authority, and the Property will not be used for the
principal purpose of storing any such substances or wastes and no such storage or use will
otherwise be allowed on the Property which will cause, or which will increase the likelihood of
causing, the release of such substances or wastes on, in or under the Property.

     (c) Borrower shall promptly notify Lender as soon as Borrower knows or suspects that
hazardous waste has been released on the Property. In such event, Lender may require that all
violations of law with respect thereto be corrected and that all necessary governmental permits be
obtained all at the sole expense of Borrower; provided, however, nothing contained herein shall
prohibit Borrower from seeking contribution from any Person responsible for the release of
hazardous waste on the Property.

     (d) Borrower does hereby indemnify and hold harmless Lender and its directors, officers,
employees, agents and any successor or successors to their interests from and against any and all
losses, claims, damages, penalties, liabilities, response costs and expenses (including all
out-of-pocket litigation costs and the reasonable fees and expenses of counsel) (1) arising out of
the inaccuracy, breach or incompleteness of any representation, warranty or covenant made by
Borrower in this Section, (2) arising out of any lawsuit brought or threatened, settlement reached
or governmental order relating to the presence, disposal, release or threatened release of any
hazardous substance or hazardous waste upon the Property or (3) arising out of any violation of any
applicable statute or regulation for the protection of the environment which occurs upon the
Property; provided that, to the extent that Lender is strictly liable under any statute or
regulation, the obligations of Borrower hereunder shall likewise be without regard to fault on the
part of Borrower with respect to the violation of law which results in liability to Lender; and
provided further, in no event shall Borrower be required to indemnify Lender for the gross
negligence or willful misconduct of Lender or its employees and agents.

     Section 4.11 Benefit to ProConn and Exact. Borrower acknowledges and agrees that the
execution, delivery and performance of this Agreement and the Collateral Agreements and the
consummation of the transactions contemplated hereby will result in a direct and substantial
economic benefit to ProConn and Exact.

ARTICLE V

Affirmative Covenants of Borrower

     For so long as any obligation remains due or outstanding to Lender under this Agreement or the
Notes, each Borrower, jointly and severally, covenants and agrees as follows:

     Section 5.1 Financial Statements and Information.

     (a) Borrower will deliver to Lender as soon as available, and in any event within ninety (90)
days after the end of each fiscal year of Borrower, a copy of the consolidated annual audit report
of Borrower, with the opinion of an independent certified public accountant selected by Borrower
and acceptable to Lender, which annual report shall include the balance sheet of Borrower, as of
the end of such fiscal year, and the related statements of income, retained earnings and cash flows
of Borrower for the fiscal year then ended, all in reasonable detail and all prepared in accordance
with generally accepted accounting principles, together with a compliance certificate of Borrower
in the form attached hereto and marked Exhibit 5.1.

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     (b) Borrower will deliver to Lender as soon as available, and in any event within forty-five
(45) days after the end of each fiscal quarter of Borrower, a copy of the consolidated balance
sheet and related statements of income, retained earnings and cash flows of Borrower, for such
quarterly period, compiled by an independent certified public accountant selected by Borrower and
acceptable to Lender, in reasonable detail and stating in comparative form the figures for the
corresponding date and period in the previous year, all prepared in accordance with generally
accepted accounting principles, together with a compliance certificate of Borrower in the form
attached hereto and marked Exhibit 5.1.

     (c) Borrower will deliver to Lender as soon as available, and in any event within thirty (30)
days after the end of each month, a copy of the balance sheet and related statements of income,
retained earnings and cash flows of PVPL, for such month, in reasonable detail and stating in
comparative form the figures for the corresponding date and period of the fiscal year budget of
PVPL, all prepared in accordance with generally accepted accounting principles, together with a
compliance certificate of Borrower in the form attached hereto and marked Exhibit 5.1.

     (d) Borrower will deliver to Lender as soon as available, and in any event within twenty (20)
days after the end of each month, a monthly accounts receivable aging report for Receivables of
ProConn and Exact, together with a Borrowing Base Certificate of Borrower in the form attached
hereto and marked Exhibit 2.1.4.

     (e) Borrower will deliver to Lender promptly after becoming aware of the existence of any
matter that could result in an Event of Default or an adverse business development including,
without limitation, (1) any dispute that may arise between Borrower and any governmental regulatory
body or law enforcement authority or other litigation, including any action relating to any tax
liability of Borrower, if any, which if adversely determined, would materially adversely change the
business, properties or condition (financial or otherwise) of Borrower, (2) any labor controversy
resulting in or threatening to result in a strike or work stoppage against Borrower, (3) any
proposal by any public authority to exercise its eminent domain powers to acquire the assets or
business of Borrower, (4) the maintenance of any Collateral at any place other than at Borrower’s
place of business or as permitted under this Agreement, (5) any proposed or actual change of
Borrower’s name, identity, state of organization or corporate structure or (6) any other matter
which has resulted or may result in a material adverse change in the business, properties or
condition (financial or otherwise) of Borrower, a written notice specifying and describing the
nature of such matter or development and the anticipated effect.

     (f) Borrower shall deliver to Lender such other information respecting the financial
condition and the results of operations of Borrower and the Collateral as Lender may from time to
time reasonably require.

     Section 5.2 Books and Records; Inspection and Examination; Annual Collateral Audits. Borrower
will keep accurate books and records and accounts for itself in which true and complete entries
will be made in accordance with generally accepted accounting principles consistently applied and
upon request of Lender, will give, or cause to give, any representative of Lender access to, and
permit such representative, upon reasonable notice under the circumstances, to examine, copy or
make extracts from, any and all such books, records and documents, to inspect any of Borrower’s
properties and to discuss its affairs, finances and accounts with any of its principal officers or
managers, and as often as it may reasonably be requested. In its sole discretion, Lender may
conduct an annual audit with respect to the

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Collateral. Borrower shall pay to Lender a reasonable fee and shall reimburse Lender for all
out-of-pocket expenses relating to the conduct of such audit.

     Section 5.3 Compliance with Laws. Each Borrower will comply with the requirements of all
applicable laws and regulations.

     Section 5.4 Payment of Taxes and Other Claims. Borrower will pay or discharge all taxes,
assessments and governmental charges levied or imposed upon it or upon its income or profits, or
upon any property belonging to it, prior to the date on which penalties may attach hereto and all
lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien or
charge upon any property of Borrower; provided, however, that Borrower shall not be required to pay
any such tax, assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings so long as Lender is satisfied that adequate
reserve has been set aside for the amount in question.

     Section 5.5 Maintenance of Properties. Each Borrower will keep and maintain all of its
properties and assets necessary or useful in its business in good condition, repair and working
order.

     Section 5.6 Insurance. Each Borrower shall obtain and maintain insurance with insurers
believed by Borrower to be responsible and reputable in such form, amounts and insuring against
such risk as is usually carried by similarly situated companies or as may be reasonably required by
Lender. Lender shall be named as a loss payee or additional insured on all such policies as its
interest may appear, and the same shall be delivered to Lender. All of such insurance shall contain
a provision to the effect there will be no cancellation or modification thereof without thirty (30)
days’ prior written notice to Lender. Borrower agrees to obtain additional insurance as Lender may
reasonably request within fifteen (15) days after written notice from Lender of such request.

     Section 5.7 Preservation of Corporate Existence. Subject to Section 6.7, each Borrower will
preserve and maintain its corporate existence and all of its rights, privileges and franchises;
provided, however, that Borrower shall not be required to preserve any of its rights, privileges
and franchises if its respective manager, management group or board of directors shall determine
that the preservation thereof is no longer desirable in the conduct of its business and further
provided that the loss thereof is not disadvantageous in any respect to Lender, in its reasonable
discretion, as a holder of any of the Notes or the Collateral.

     Section 5.8 Full and Timely Payments. Borrower shall make full and timely payments of the
Notes, duly observe and perform all the terms and covenants contained in each document given to
Lender in connection with or pursuant to this Agreement, all at the times and places and in the
manner set forth herein or therein, and at all times maintain the liens and security interests
provided for in the Collateral Agreements or otherwise pursuant to this Agreement as valid and
perfected first priority liens and security interests on the property intended to be covered hereby
or thereby.

     Section 5.9 Accounts. Borrower shall maintain its primary deposit, checking, securities,
investment and other accounts with Lender, not open any new accounts (other than with Lender) and
not permit the balance or value of any account not maintained with Lender to exceed $25,000.

     Section 5.10 Further Assurances. Each Borrower shall, at its cost and expense, and upon
request of Lender, duly execute and deliver to Lender such further instruments and

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documents and cause to be done such further acts as may be necessary in the opinion of Lender
to effectuate the provisions and purposes of this Agreement.

ARTICLE VI

Negative Covenants

     For so long as any obligations remain due or outstanding to Lender under this Agreement or the
Notes, each Borrower, jointly and severally, covenants and agrees as follows:

     Section 6.1 Financial Covenants. Borrower shall not, without the prior written consent of
Lender:

     (a) permit Tangible Net Worth to be less than $17,000,000 at the end of each fiscal quarter
hereafter; or

     (b) permit the Cash Flow Leverage Ratio to be equal to or greater than 3.50 to 1.00 at the
end of each fiscal year hereafter.

     With respect to the foregoing financial covenants, Borrower shall provide Lender with a
compliance certificate of Borrower in the form attached hereto and marked Exhibit 5.1.

     Section 6.2 Liens. Borrower shall not make, create, incur, assume or suffer to exist any
mortgage, pledge, security interest, encumbrance, lien or charge of any kind, or restriction upon
the use of any property or assets secured in accordance with or pursuant to this Agreement, except
(a) the security interest, liens and encumbrances granted in connection with or pursuant to this
Agreement, (b) liens for taxes or assessments or other governmental charges to the extent not yet
delinquent or being contested in accordance with Section 5.4 above, (c) liens arising out of a
judgment against Borrower for payment of money with respect to which an appeal is being prosecuted
and a stay of execution pending such appeal has been secured, (d) pledges or deposits to secure
obligations under workmen’s compensation laws, unemployment insurance and social security laws, or
to secure the performance of bids, tenders, contracts (other than for payment of borrowed money) or
leases or to secure statutory obligations or security or appeal bonds, or to secure indemnity,
performance or other similar bonds in the ordinary course of business consistent with past practice
and (e) purchase money liens or security interests (which term for purposes hereof shall include
conditional sales agreements or other title retention agreements or leases) upon or in property
acquired after the date hereof, in an aggregate amount less than $50,000, provided that such liens
or security interests shall extend only to the property then being acquired and fixed improvements
then or thereafter erected thereon.

     Section 6.3 Sale. Borrower will not sell, lease, assign, transfer or otherwise dispose of any
Collateral or any material part of its other assets other than in the ordinary course of business
consistent with past practice.

     Section 6.4 Restrictions on Nature of Business. Borrower will not engage to any significant
extent in a line of business materially different from that presently engaged in.

     Section 6.5 Loans or Advances. Borrower will not make any loans other than in the ordinary
course of business consistent with past practice and shall not make any loans to its officers,
employees, directors or Affiliates; provided, this Section 6.5 shall not prohibit inter-company
loans between or among Borrower and its direct or indirect wholly owned Affiliates.

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     Section 6.6 Guarantees. No Borrower will assume, guaranty, endorse or otherwise become,
directly or indirectly, liable in connection with any obligations of any other Person, except by
the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business.

     Section 6.7 Mergers, Etc. Without Lender’s prior written consent, no Borrower will (a)
consolidate with or merge into any other Person, or permit any other Person to merge into it,
convey, sell, assign, transfer, lease or otherwise dispose of all or substantially all of its
assets, acquire all or substantially all of the assets of any other Person or be a party to any
similar transaction, (b) form or create any new subsidiary or Affiliate, (c) be a party to any
joint venture or partnership, (d) change its name or state of incorporation or organization or (e)
make any loan or advance to any Person, purchase or otherwise acquire any ownership interest,
obligations or other securities of any Person or make any capital contribution to or otherwise
invest in or acquire any interest in any Person, except U.S. government obligations and
certificates of deposit with maturities of one (1) year or less and stock, obligations or
securities received in settlements of debts not exceeding $50,000 in the aggregate.

     Section 6.8 Sale and Leaseback. No Borrower will enter into any agreement, directly or
indirectly, with any other Person whereby Borrower shall sell or transfer any real or personal
property, whether now owned or hereafter acquired, then or thereafter rent or lease as lessee such
property or any part thereof or any other property which Borrower intends to use for substantially
the same purpose or purposes as the property being sold or transferred.

     Section 6.9 Default Under Other Agreements. No Borrower will permit any default or event of
default to occur or continue under the terms of any material agreement to which it is a party.

     Section 6.10 Further Indebtedness. Borrower will not incur, create, assume or permit to exist
any Debt including, without limitation, any indebtedness or liability on account of deposits or
advances, any indebtedness for borrowed money, any indebtedness for capital leases or improvements
which are payable over a period longer than one (1) year or any other indebtedness or liability
evidenced by notes, bonds, debentures, guaranties or similar obligations, except: (a) indebtedness
to Lender; (b) customer deposits; (c) indebtedness to any supplier so long as said indebtedness is
repaid to such entity within thirty (30) days of the date the indebtedness is incurred or within
such longer time period allowed by any respective supplier to still remain “current”; and (d)
indebtedness otherwise described in Section 6.2 hereof.

     Section 6.11 Reportable Events on Plans. No Reportable Event will occur with respect to any
Plan.

     Section 6.12 Distributions. Borrower will not make any Distributions.

     Section 6.13 Transactions with Affiliates. Borrower will not engage in transactions with
Affiliates, except in the ordinary course of business consistent with past practice and upon terms
no less favorable to Borrower than could be obtained in an arm’s-length transaction.

ARTICLE VII

Events of Default, Rights and Remedies

     Section 7.1 Events of Default. “Events of Default”, wherever used herein, means any one of
the following events:

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     (a) if Borrower shall fail to pay any installment of interest or principal and interest or any other sums required under any of the Notes or any other obligation due Lender, or any other instrument or documents securing the same when due;

     (b) if Borrower shall fail to observe or perform any term, covenant or condition on its part
to be performed or observed in this Agreement, other than those otherwise specifically provided
above, after any applicable grace period or, if none, after thirty (30) days written notice;

     (c) if Borrower shall default in or fail to observe or perform any term, covenant or
condition contained in any of the Collateral Agreements after the applicable notice and/or grace
period, if any;

     (d) if Borrower shall fail to pay any fee or expense required pursuant to the terms of this
Agreement after ten (10) days written notice;

     (e) if Borrower shall file a petition pursuant to the United States Bankruptcy Code or any
similar law, federal or state, or if Borrower shall be adjudged bankrupt or be declared insolvent,
or shall make an assignment for the benefit of creditors, or shall admit in writing its inability
to pay its debts as they become due, or shall consent to the appointment of a receiver of all or
any part of the property or assets of Borrower secured hereunder or under any of the Collateral
Agreements;

     (f) if more than 49% of the shareholder interests of Borrower are conveyed to Persons other
than the present shareholders of Borrower or their respective Affiliates;

     (g) any representation or warranty made by Borrower in this Agreement (or by any of its
directors, officers, managers or members) and any certificate, made or delivered pursuant to or in
connection with this Agreement, shall be incorrect in any material respect when made;

     (h) the rendering against Borrower of a final judgment, decree or order for the payment of
money in excess of $100,000, and the continuance of such judgment or decree otherwise unsatisfied
and in effect for any period of thirty (30) consecutive days without a stay of execution;

     (i) a default under any bond, guaranty, capitalized lease, purchase money order, debenture,
note or other evidence of indebtedness of Borrower to any Person other than Lender and the
expiration of the applicable period of grace, if any, specified therein;

     (j) the acceleration of payment under any bond, debenture, note or other evidence of
indebtedness of Borrower or under any indenture or other instrument under which any such evidence
of indebtedness has been issued or by which it is governed;

     (k) a default or failure of performance by any Borrower under its respective Collateral
Agreements with Lender after the applicable notice and/or grace period; or

     (l) if any Borrower shall fail to properly maintain and preserve the Property, including, but
not limited to, the maintenance of the Property free from all hazardous substances and hazardous
waste described in Section 4.10 above after twenty-one (21) days written notice.

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     Section 7.2 Rights and Remedies. Upon the occurrence of an Event of Default or at any time
thereafter until such Event of Default shall be timely cured to the written satisfaction of Lender,
Lender may exercise any or all of the following rights and remedies:

     (a) Lender may refuse any of its obligations to make any Advance;

     (b) Lender may declare the entire unpaid principal amounts then outstanding under any or all
of the Notes and all accrued interest thereon, and all other sums payable under this Agreement or
any of the Collateral Agreements to be forthwith due and payable;

     (c) Lender may apply any and all money owing by Lender to Borrower or on deposit with or held
by Lender to the payment of any of the Notes; and

     (d) Lender may exercise and enforce all of its rights and remedies under any of the
Collateral Agreements.

     No failure or delay on the part of Lender in enforcing any right, power or remedy hereunder or
under any instrument or document referred to herein shall operate as a waiver thereof; nor shall
any single or partial exercise of any such right, power or remedy preclude any other or further
exercise hereof or the exercise of any other right, power or remedy hereunder or under this
Agreement or any Collateral Agreement. The remedies herein, in the Collateral Agreements, and
otherwise provided by applicable law are cumulative and not exclusive of any remedies provided by
law including, without limitation, all rights and remedies of a secured party under the Uniform
Commercial Code of the State of Nebraska, as now existing or hereinafter amended.

ARTICLE VIII

Miscellaneous

     Section 8.1 Costs and Expenses. Borrower agrees to pay on demand all costs and expenses of
Lender in connection with the preparation, interpretation, administration, amendment and
enforcement of this Agreement, any of the Collateral Agreements and any of the other instruments
and documents to be delivered hereunder and thereunder including, but not limited to, reasonable
fees and out-of-pocket expenses of counsel for Lender with respect thereto, as well as all
out-of-pocket expenses incurred by Lender.

     Section 8.2 Notices. All notices, requests, demands and other communications provided for
hereunder shall be in writing, mailed by certified mail, return receipt requested, to the
applicable party at its address as indicated below:

If to any Borrower:

Professional Veterinary Products, Ltd.

10077 South 134th Street

Omaha, NE 68138

Attention: Dr. Lionel L. Reilly, President

With a copy to:

Richard E. Putnam

Baird Holm LLP

1500 Woodmen Tower

Omaha, NE 68102

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If to Lender:

First National Bank of Omaha

1620 Dodge Street, Stop 1050

Omaha, NE 68197

Attention: Donald L. Erikson

With a copy to:

Jason D. Benson

McGrath North Mullin & Kratz, PC LLO

First National Tower, Suite 3700

1601 Dodge Street

Omaha, NE 68102

or, as to each party, at such other address as shall be designated by such party in a written
notice to the other party complying as to delivery with the terms of this Section 8.2 and shall be
deemed delivered two (2) business days following deposit with the U.S. mail.

     Section 8.3 Amendments, Etc. No amendment, modification, termination or waiver of any
provision of this Agreement, the Collateral Agreements, nor consent to any departure by Borrower
therefrom shall in any event be effective unless the same shall be in writing and signed by Lender
and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. No notice to or demand on any Borrower in any case shall entitle
any Borrower to any other or further notice or demand in similar or other circumstances.

     Section 8.4 Binding Effect and Assignment. This Agreement shall be binding upon and inure to
the benefit of each Borrower and Lender, and their respective successors and assigns, including any
subsequent holder or holders of any of the Notes or any participation interest therein except that
Borrower may not assign or transfer its rights hereunder without the prior written consent of
Lender.

     Section 8.5 Severability. In the event any one or more of the provisions contained in this
Agreement, any of the Collateral Agreements or any other documents given in connection with this
transaction shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this
Agreement or the Collateral Agreements, nor shall it affect the validity, legality or
enforceability of such provision in other states.

     Section 8.6 Governing Law. This Agreement shall be construed in accordance with the laws of
the State of Nebraska.

     Section 8.7 Headings. Article and Section headings used in this Agreement are for convenience
only and shall not affect the construction of this Agreement.

     Section 8.8 Conflicts. In the event of any conflict between this Agreement and the Collateral
Agreements, this Agreement shall control.

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     Section 8.9 Counterparts. This Agreement may be executed in two or more counterparts and such
counterparts shall be deemed originals and all such counterparts shall constitute one and the same
instrument.

     Section 8.10 Waiver. EACH BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN
ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY ONE OF THE PARTIES HERETO AGAINST THE
OTHER OR ITS SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED HERETO. THIS WAIVER BY THE PARTIES HERETO
TO ANY RIGHT ANY ONE OF THEM MAY HAVE TO A TRIAL BY JURY HAS BEEN NEGOTIATED AND IS AN ESSENTIAL
ASPECT OF THEIR BARGAIN. FURTHERMORE, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT THEY MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL AND INDIRECT DAMAGES
FROM THE OTHER WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY ANY ONE OF THE PARTIES HERETO AGAINST THE OTHER OR ITS SUCCESSORS WITH
RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT
CONTEMPLATED HEREIN OR RELATED HERETO. THE RECIPROCAL WAIVERS OF BORROWER AND LENDER OF ANY RIGHT
THEY MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL OR INDIRECT DAMAGES AS SET FORTH ABOVE HAS BEEN
NEGOTIATED BY THE PARTIES HERETO AND AS AN ESSENTIAL ASPECT OF THEIR BARGAIN.

     Section 8.11 Submission to Jurisdiction; Venue. Each Borrower hereby submits to the
jurisdiction of any state or federal court sitting in Omaha, Nebraska, in any action or proceeding
arising out of or relating to this Agreement or any document contemplated herein or related hereto,
and agrees that all claims in respect of the action or proceeding may be heard and determined in
any such court. Each Borrower also agrees not to bring any action or proceeding arising out of or
relating to this Agreement in any other court. Each Borrower waives any defense of inconvenient
forum to the maintenance of any action or proceeding so brought and waives any bond, surety or
other security that might be required of the Lender. Each Borrower agrees that a final judgment in
any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment
or in any other manner provided by law or at equity. Each Borrower hereby waives any rights it may
have to transfer or change the venue of any suit, action or other proceeding brought against such
Borrower by the Lender in accordance with this Section 8.11 or in connection with this Agreement or
any document contemplated herein or related hereto.

     Section 8.12 Construction. This document is an agreement between parties who are experienced
in sophisticated and complex matters similar to the transaction contemplated by this Agreement and
is entered into by both parties in reliance upon the economic and legal bargains contained herein
and shall be interpreted and construed in a fair and impartial manner without regard to such
factors as the party which prepared the instrument, the relative bargaining powers of the parties
or the domicile of any party. Lender and Borrower were each represented by legal counsel competent
in advising them of their obligations and liabilities hereunder.

     Section 8.13 Participations. Notwithstanding any other provision of this Agreement, Borrower
understands that the Lender currently intends to sell participation interests in the Loans and
reserves the right to enter into participation agreements with other lenders whereby

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the Lender will allocate a certain percentage of the Loans to such other lenders. Borrower
specifically permits and authorizes the Lender to exchange financial information about Borrower
with actual or potential participants. Borrower acknowledges that, for the convenience of all
parties, this Agreement is being entered into with the Lender only and that, in the event Lender
sells one or more participation interests in the Loans, Borrower’s obligations under this Agreement
are undertaken for the benefit of, and as an inducement to, each of the participating lenders as
well as the Lender, and Borrower hereby grants to each of the participating lenders to the extent
of its participation in any Loan the right to set off deposit accounts maintained by Borrower with
the Lender or such participating lenders. Borrower understands that the terms of such
participation agreements with any of the participating lenders may limit the Lender’s rights to
amend, waive or modify the terms and conditions of this Agreement, any of the Collateral Agreements
and any of the other instruments and documents to be delivered hereunder and thereunder without the
express written consent of all or a designated percentage of such participants.

     Section 8.14 Notice — Written Agreements. This Notice is provided pursuant to Nebraska
Revised Statutes 45-1,112 et. seq. This Agreement is a credit agreement. A credit agreement must be
in writing to be enforceable under Nebraska Law. To protect you and us from any misunderstandings
or disappointments, any contract, promise, undertaking or offer to forebear repayment of money or
to make any other financial accommodation in connection with this loan of money or grant or
extension of credit, or any amendment of, cancellation of, waiver of or substitution for any or all
of the terms or provisions of any instrument or document executed in connection with this loan of
money or grant or extension of credit, must be in writing to be effective.

	 	 	 
	 

	 	INITIALED:
	 

	 	/s/ LLR
	 

	 	Borrower

[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS.]

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first set
forth above.

	 	 	 	 	 
	 	Professional Veterinary Products, Ltd.,

a Nebraska corporation

 	 
	 
	 	By:  	/s/ Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 
	 	ProConn, LLC,

a Nebraska limited liability company

 	 
	 	 	 
	 	By:  	                                              Professional Veterinary Products, Ltd.,
 	 
	 	a Nebraska corporation, 	 
	 	its Manager and sole Member 	 
	 
	 	 	 
	 	By:  	                                              /s/ Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 
	 	Exact Logistics, LLC,

a Nebraska limited liability company

 	 
	 	 	 
	 	By:  	Professional Veterinary Products, Ltd.,
 	 
	 	a Nebraska corporation, 	 
	 	its Manager and sole Member 	 
	 
	 	 	 
	 	By:  	                                              /s/ Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 
	 	First National Bank of Omaha,

a national banking association

 	 
	 
	 	 	 	 
	 	By:  	/s/ Donald L. Erikson
 	 
	 	Name:  	Donald L. Erikson 	 
	 	Title:  	Vice President 	 

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LIST OF EXHIBITS

	 	 	 
	 
	 	 	 	 
	2.1

	 	Revolving Note
	 
	 	 	 	 
	2.1.4

	 	Borrowing Base Certificate
	 
	 	 	 	 
	2.2

	 	Term Note
	 
	 	 	 	 
	2.6(a)

	 	PVPL Security Agreement
	 
	 	 	 	 
	2.6(b)

	 	Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing
	 
	 	 	 	 
	2.6(c)

	 	Assignment of Rents and Leases
	 
	 	 	 	 
	2.6(d)

	 	ProConn Security Agreement
	 
	 	 	 	 
	2.6(e)

	 	Exact Security Agreement
	 
	 	 	 	 
	2.6(f)

	 	Environmental Indemnity Agreement
	 
	 	 	 	 
	5.1

	 	Compliance Certificate

25exv10w2

 

EXHIBIT 10.2

REVOLVING NOTE

	 	 	 
	$40,000,000

	 	November 14, 2006
	(or, if less, the aggregate
	 	 
	unpaid principal amount of
	 	 
	all Advances)
	 	 

     FOR VALUE RECEIVED, Professional Veterinary Products, Ltd., a Nebraska corporation (“PVPL”),
ProConn, LLC, a Nebraska limited liability company (“ProConn”), Exact Logistics, LLC, a Nebraska
limited liability company (“Exact”, together with PVPL and ProConn, collectively and individually
herein referred to as “Borrower”), promise to pay, on or before December 1, 2009, to the order of
First National Bank of Omaha, a national banking association (“Bank”), at the Bank’s office at 1620
Dodge Street, Omaha, Nebraska 68197, or at such other address as the holder hereof may from time to
time designate in writing, the principal sum of FORTY MILLION AND NO/100 DOLLARS ($40,000,000) or,
if less, the aggregate unpaid principal amount of all Advances evidenced by this Revolving Note
(this “Note”) issued under the Loan Agreement by and among Borrower and Bank of even date herewith
(the “Loan Agreement”), together with interest from the date the proceeds of the Advances are
initially disbursed until maturity on the principal balance from time to time remaining unpaid
hereon and remaining unpaid on December 1, 2009, at the rates, in the manner and on the dates
specified in the Loan Agreement.

     The obligations of PVPL, ProConn and Exact under this Note shall be joint and several. Each of
PVPL, ProConn and Exact hereby represent, warrant and covenant for the benefit of Bank that it is
the intention of each of PVPL, ProConn and Exact that this Note be fully enforceable against each
of them in accordance with its terms to the same extent as if such party had been the only party
identified as “Borrower” hereunder.

     The Bank shall record on its books or records or on a schedule to this Note which is a part
hereof the principal amount of each Advance made under Section 2.1 of the Loan Agreement, all
payments of principal and interest and the principal balances from time to time outstanding. The
record thereof, whether shown on such books or records or on a schedule to this Note, shall be
prima facie evidence as to all such amounts; provided, however, that the failure of the Bank to
record any of the foregoing shall not limit or otherwise affect the obligation of the undersigned
to repay all Advances made under Section 2.1 of the Loan Agreement together with accrued interest
thereon.

     This Note is the Revolving Note referred to in and issued under and subject to the Loan
Agreement. Prepayments may be made hereon and this Note may be declared due prior to the expressed
maturity hereof, all in the events, on the terms and in the manner and amounts provided in said
Loan Agreement. All capitalized terms used in this Note, except terms otherwise defined herein,
shall have the same meaning as such terms have in the Loan Agreement.

     This Note is secured by certain Collateral as set forth in the Collateral Agreements, to which
reference is hereby made for a description of the Collateral and a statement of the terms and
conditions upon which the Bank may exercise rights with respect to such Collateral.

     All payments on this Note shall be made in lawful money of the United States of America and in
immediately available and freely transferable funds at the place of payment.

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     If this Note is placed in the hands of an attorney for collection, Borrower agrees to pay
reasonable attorneys’ fees and costs incurred by the Bank in connection therewith, and in the event
suit or action is instituted to enforce or interpret this Note (including, without limitation,
efforts to modify or vacate any automatic stay or injunction), the prevailing party shall be
entitled to recover all expenses reasonably incurred at, before or after trial and on appeal,
whether or not taxable as costs, or in any bankruptcy proceeding, or in connection with
post-judgment collection efforts, including, without limitation, attorneys’ fees, witness fees
(expert and otherwise), deposition costs, copying charges and other expenses.

     This Note shall be governed and construed in accordance with the laws of the State of Nebraska
applicable to contracts made and to be performed therein (excluding choice-of-law principles).
Borrower hereby irrevocably submits to the jurisdiction of any state or federal court sitting in
Omaha, Nebraska in any action or proceeding brought to enforce or otherwise arising out of or
relating to this Note, and hereby waives any objection to venue in any such court and any claim
that such forum is an inconvenient forum.

     This Note is given in a commercial transaction for business purposes.

     Borrower and all sureties, endorsers, guarantors and other parties now or hereafter liable for
the payment of this Note, in whole or in part, hereby severally: (a) waive demand, notice of
demand, presentment for payment, notice of nonpayment, notice of default, protest, notice of
protest, notice of intent to accelerate, notice of acceleration and all other notices, and further
waive diligence in collecting this Note or in enforcing any of the security for this Note; (b)
agree to any substitution, subordination, exchange or release of any security for this Note or the
release of any party primarily or secondarily liable for the payment of this Note; (c) agree that
the Bank shall not be required to first institute suit or exhaust its remedies hereon against
Borrower or others liable or to become liable for the payment of this Note or to enforce its rights
against any security for the payment of this Note; and (d) consent to any extension of time for the
payment of this Note, or any installment hereof, made by agreement by the Bank with any person now
or hereafter liable for the payment of this Note, even if Borrower is not a party to such
agreement.

     All agreements between Borrower and the Bank, whether now existing or hereafter arising and
whether written or oral, are hereby limited so that in no contingency, whether by reason of demand
or acceleration of the final maturity of this Note or otherwise, shall the interest contracted for,
charged, received, paid or agreed to be paid to the Bank exceed the maximum amount permissible
under the applicable law. If from any circumstance whatsoever, interest would otherwise be payable
to the Bank in excess of the maximum amount permissible under applicable law, the interest payable
to the Bank shall be reduced to the maximum amount permissible under applicable law; and if from
any circumstance the Bank shall ever receive anything of value deemed interest by applicable law in
excess of the maximum amount permissible under applicable law, an amount equal to the excessive
interest shall be applied to the reduction of the principal hereof and not to the payment of
interest, or if such excessive amount of interest exceeds the unpaid balance of principal hereof,
such excess shall be refunded to Borrower. All interest paid or agreed to be paid to the Bank
shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread
throughout the full period (including any renewal or extension) until payment in full of the
principal so that the interest hereon for such full period shall not exceed the maximum amount
permissible under applicable law. The Bank expressly disavows any intent to contract for, charge or
receive interest in an amount which exceeds the maximum amount permissible under applicable law. In
determining the highest lawful rate, all fees and other charges contracted for, charged or received
by the Bank in connection with the Revolving Loan evidenced by this Note which are

2

 

either deemed interest by applicable law or required by applicable law to be deducted from the
principal balance of this Note to determine the rate of interest hereon shall be taken into
account. This paragraph shall control all agreements between Borrower and the Bank.

     NOTICE — WRITTEN AGREEMENTS. This notice is provided pursuant to Nebraska Revised Statutes
45-1,112 et. seq. A credit agreement must be in writing to be enforceable under Nebraska Law. To
protect you and us from any misunderstandings or disappointments, any contract, promise,
undertaking or offer to forebear repayment of money or to make any other financial accommodation in
connection with this loan of money or grant or extension of credit, or any amendment of,
cancellation of, waiver of or substitution for any or all of the terms or provisions of any
instrument or document executed in connection with this loan of money or grant or extension of
credit, must be in writing to be effective.

[REMAINDER OF PAGE INTENTIONALLY BLANK; EXECUTION PAGE FOLLOWS]

3

 

     Executed as of the date first written above.

	 	 	 	 	 
	 	BORROWER:

Professional Veterinary Products, Ltd.,

a Nebraska corporation

 	 
	 	By:  	/s/  Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 
	 	ProConn, LLC,

a Nebraska limited liability company

 	 
	 	By:  	Professional Veterinary Products, Ltd.,
 	 
	 	a Nebraska corporation,

its Manager and sole Member

 	 
	 
	 	 	 
	 	By:  	                                              /s/  Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 
	 	Exact Logistics, LLC,

a Nebraska limited liability company

 	 
	 	By:  	Professional Veterinary Products, Ltd.,
 	 
	 	a Nebraska corporation,

its Manager and sole Member

 	 
	 	By:  	/s/  Dr. Lionel L. Reilly
 	 
	 	 	Dr. Lionel L. Reilly, its President 	 
	 	 	 	 
	 

4

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