Dated as of July 28,
2008
Re:
$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
of
BEF Holding Co., Inc.
(Not a part of the
Agreement)
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Section
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Heading
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Page
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Parties
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1
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Recitals
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1
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Section 1.
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2
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Section 2.
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Guaranty of Notes and
Note Purchase Agreement
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2
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Section 3.
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Guaranty of Payment and
Performance
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2
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Section 4.
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General Provisions
Relating to the Guaranty
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3
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Section 5.
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Representations and
Warranties of the Guarantor
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7
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Section 6.
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Amendments, Waivers,
Consents and Termination
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9
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Section 7.
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9
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Section 8.
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10
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Signature
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12
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Re:
$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
of
BEF Holding Co., Inc.
This Subsidiary Guaranty dated as of
July 28, 2008 (the “Guaranty” ) is entered
into by the undersigned, Mimi’s Café, LLC , a
Delaware limited liability company (the
“Guarantor” ).
A. The
Guarantor is an indirect Subsidiary of Bob Evans Farms, Inc., a
Delaware corporation (the “Company”
).
B. In order
to raise funds to repay Indebtedness under existing bank credit
facilities of the Company and its Subsidiaries, to refinance a
portion of the principal of the 2004 Senior Notes, and for general
corporate purposes, the Company and BEF Holding Co., Inc., a
Delaware corporation (the “Issuer” ), have
entered into the Note Purchase Agreement dated as of July 28,
2004 (as amended, restated, supplemented or otherwise modified from
time to time, the “Note Purchase Agreement” ),
among the Company, the Issuer and each of the institutional
investors named in Schedule A attached thereto (the
“Note Purchasers” ), providing for, among other
things, the issue and sale by the Issuer to the Note Purchasers of
(i) the $40,000,000 6.39% Senior Notes, Series A, due
July 28, 2014 (the “Series A Notes” )
and (ii) the $30,000,000 6.39% Senior Notes, Series B,
due July 28, 2013 (the “Series B
Notes” and together with the Series A Notes, the
“Notes” ). The Note Purchasers, together with
their successors and assigns and any subsequent transferees of the
Notes in accordance with the terms of the Note Purchase Agreement,
are hereinafter collectively referred to as the
“Holders.”
C. The Note
Purchasers have required as a condition of their purchase of the
Notes to be purchased by them that the Company and the Issuer cause
the undersigned to enter into this Guaranty as security for the
Notes, and the Company and the Issuer have agreed to cause the
undersigned to execute this Guaranty in order to induce the Note
Purchasers to purchase the Notes and thereby benefit the Company,
the Issuer and their Affiliates by providing funds to enable the
Issuer to repay such existing indebtedness and for the Issuer to
have funds available for general corporate purposes of the Company,
the Issuer and their Subsidiaries.
D. The
Guarantor is engaged in related businesses with the Company and the
Issuer and is desirous that the Note Purchasers enter into the Note
Purchase Agreement and purchase the Notes, and acknowledges that by
doing so the Note Purchasers will be conferring substantial
financial and other benefits on the Guarantor.
Now, Therefore , as required by
the Note Purchase Agreement and in consideration of the premises
and other good and valuable consideration, the receipt and
sufficiency whereof are hereby acknowledged, the Guarantor does
hereby covenant and agree, jointly and severally with any other
guarantor of such obligations, as follows:
Capitalized terms
used herein shall have the meanings set forth in the Note Purchase
Agreement unless herein defined or the context shall otherwise
require.
Section 2.
Guaranty of Notes and Note Purchase
Agreement.
(a) The
Guarantor does hereby irrevocably, absolutely and unconditionally
guarantee unto the Holders: (1) the full and prompt payment of
the principal of, Make-Whole Amount, if any, and interest on the
Notes from time to time outstanding, as and when such payments
shall become due and payable, whether by lapse of time, upon
redemption or prepayment, by extension or by acceleration or
declaration or otherwise (including (to the extent legally
enforceable) interest due on overdue payments of principal,
Make-Whole Amount, if any, and interest) in Federal or other
immediately available funds of the United States of America which
at the time of payment or demand therefor shall be legal tender for
the payment of public and private debts, (2) the full and
prompt performance and observance by the Issuer of each and all of
the obligations, covenants and agreements required to be performed
or owed by the Issuer under the terms of the Notes and the Note
Purchase Agreement and (3) the full and prompt payment, upon
demand by any Holder, of all costs and expenses, legal or otherwise
(including reasonable attorneys’ fees), if any, as shall have
been expended or incurred in the protection or enforcement of any
rights, privileges or liabilities in favor of the Holders under or
in respect of the Notes, the Note Purchase Agreement or in any
action in connection therewith or herewith and in each and every
case irrespective of the validity, regularity, or enforcement of
any of the Notes or Note Purchase Agreement or any of the terms
thereof or any other like circumstance or circumstances.
(b) The
liability of the Guarantor under this Guaranty shall not exceed an
amount equal to a maximum amount as will, after giving effect to
such maximum amount and all other liabilities of the Guarantor,
contingent or otherwise, result in the performance of the
obligations of the Guarantor hereunder not constituting a
fraudulent transfer, obligation or conveyance and will in no event
exceed an amount which can be guaranteed by the Guarantor under
applicable Federal and state law relating to insolvency of
debtors.
Section 3.
Guaranty of Payment and
Performance.
This is a
guarantee of payment and performance and the Guarantor hereby
waives, to the fullest extent permitted by law, any right to
require that any action on or in respect of any Note or the Note
Purchase Agreement be brought against the Issuer or any other
Person or that resort be had to any direct or indirect security for
the Notes or for this Guaranty or any other remedy. Any Holder may,
at its option, proceed hereunder against the Guarantor in the
first
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instance to
collect monies when due, the payment of which is guaranteed hereby,
without first proceeding against the Issuer or any other Person and
without first resorting to any direct or indirect security for the
Notes or for this Guaranty or any other remedy. The liability of
the Guarantor hereunder shall in no way be affected or impaired by
any acceptance by any Holder of any direct or indirect security
for, or other guaranties of, any Indebtedness, liability or
obligation of the Issuer or any other Person to any Holder or by
any failure, delay, neglect or omission by any Holder to realize
upon or protect any such guarantees, Indebtedness, liability or
obligation or any notes or other instruments evidencing the same or
any direct or indirect security therefor or by any approval,
consent, waiver, or other action taken, or omitted to be taken by
any such Holder.
Section 4.
General Provisions Relating to the
Guaranty.
(a) The
Guarantor hereby consents and agrees that any Holder or Holders
from time to time may, without in any manner affecting the
liability of the Guarantor under this Guaranty, and upon such terms
and conditions as any such Holder or Holders may deem
advisable:
(1) extend in
whole or in part (by renewal or otherwise), modify, increase,
change, compromise, release or extend the duration of the time for
the performance or payment of any Indebtedness, liability or
obligation of the Issuer or of any other Person secondarily or
otherwise liable for any Indebtedness, liability or obligations of
the Issuer on the Notes, or waive any Default with respect thereto,
or waive, modify, amend or change any provision of any other
agreement or this Guaranty (to the extent permitted by
Section 6); or
(2) sell, release,
surrender, modify, impair, exchange or substitute any and all
property, of any nature and from whomsoever received, held by, or
for the benefit of, any such Holder as direct or indirect security
for the payment or performance of any Indebtedness, liability or
obligation of the Issuer or of any other Person secondarily or
otherwise liable for any Indebtedness, liability or obligation of
the Issuer on the Notes; or
(3) settle, adjust
or compromise any claim of the Issuer against any other Person
secondarily or otherwise liable for any Indebtedness, liability or
obligation of the Issuer on the Notes.
The Guarantor
hereby ratifies and confirms any such extension, renewal, change,
sale, release, waiver, surrender, exchange, modification,
amendment, impairment, substitution, settlement, adjustment or
compromise and that the same shall be binding upon it, and hereby
waives, to the fullest extent permitted by law, any and all
defenses, counterclaims or offsets which it might or could have by
reason thereof, it being understood that the Guarantor shall at all
times be bound by this Guaranty and remain liable
hereunder.
(b) The
Guarantor hereby waives, to the fullest extent permitted by
law:
(1) notice of
acceptance of this Guaranty by the Holders or of the creation,
renewal or accrual of any liability of the Issuer, present or
future, or of the reliance of
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such Holders
upon this Guaranty (it being understood that all Indebtedness,
liabilities and obligations described in Section 2 hereof
shall conclusively be presumed to have been created, contracted or
incurred in reliance upon the execution of this Guaranty);
and
(2) demand of
payment by any Holder from the Issuer or any other Person indebted
in any manner on or for any of the Indebtedness, liabilities or
obligations hereby guaranteed; and
(3) presentment
for the payment by any Holder or any other Person of the Notes or
any other instrument, protest thereof and notice of its dishonor to
any party thereto and to the Guarantor.
The obligations of
the Guarantor under this Guaranty and the rights of any Holder to
enforce such obligations by any proceedings, whether by action at
law, suit in equity or otherwise, shall not be subject to any
reduction, limitation, impairment or termination, whether by reason
of any claim of any character whatsoever or otherwise and shall not
be subject to any defense, set-off, counterclaim (other than any
compulsory counterclaim), recoupment or termination
whatsoever.
(c) The
obligations of the Guarantor hereunder shall be binding upon the
Guarantor and its successors and assigns, and shall remain in full
force and effect irrespective of:
(1) the
genuineness, validity, regularity or enforceability of the Notes,
the Note Purchase Agreement or any other agreement or any of the
terms of any thereof, the continuance of any obligation on the part
of the Issuer, any other guarantor or any other Person on or in
respect of the Notes or under the Note Purchase Agreement or any
other agreement or the power or authority or the lack of power or
authority of the Issuer to issue the Notes or the Company or the
Issuer to execute and deliver the Note Purchase Agreement or any
other agreement or to perform any of its obligations hereunder or
the existence or continuance of the Issuer or any other Person as a
legal entity; or
(2) any default,
failure or delay, willful or otherwise, in the performance by the
Issuer or any other Person of any obligations of any kind or
character whatsoever under the Notes, the Note Purchase Agreement
or any other agreement; or
(3) any
creditors’ rights, bankruptcy, receivership or other
insolvency proceeding of the Issuer, any other guarantor or any
other Person or in respect of the property of the Issuer, any other
guarantor or any other Person or any merger, consolidation,
reorganization, dissolution, liquidation, the sale of all or
substantially all of the assets of or winding up of the Issuer, any
other guarantor or any other Person; or
(4) impossibility
or illegality of performance on the part of the Issuer, any other
guarantor or any other Person of its obligations under the Notes,
the Note Purchase Agreement or any other agreements; or
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(5) in respect of
the Issuer, any other guarantor or any other Person, any change of
circumstances, whether or not foreseen or foreseeable, whether or
not imputable to the Issuer, any other guarantor or any other
Person, or other impossibility of performance through fire,
explosion, accident, labor disturbance, floods, droughts,
embargoes, wars (whether or not declared), civil commotion, acts of
God or the public enemy, delays or failure of suppliers or
carriers, inability to obtain materials, action of any federal or
state regulatory body or agency, change of law or any other causes
affecting performance, or any other force majeure , whether
or not beyond the control of the Issuer, any other guarantor or any
other Person and whether or not of the k
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