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SEVENTH AMENDMENT TO LINE OF CREDIT LOAN AGREEMENT

Loan Agreement

SEVENTH AMENDMENT TO LINE OF CREDIT LOAN AGREEMENT | Document Parties: COMMERCE BANK, NA | M G P INGREDIENTS, INC You are currently viewing:
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COMMERCE BANK, NA | M G P INGREDIENTS, INC

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Title: SEVENTH AMENDMENT TO LINE OF CREDIT LOAN AGREEMENT
Governing Law: Missouri     Date: 2/7/2008
Industry: Food Processing     Sector: Consumer/Non-Cyclical

SEVENTH AMENDMENT TO LINE OF CREDIT LOAN AGREEMENT, Parties: commerce bank  na , m g p ingredients  inc
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Exhibit 4

 

SEVENTH AMENDMENT

TO

LINE OF CREDIT LOAN AGREEMENT

 

THIS SEVENTH AMENDMENT TO LINE OF CREDIT LOAN AGREEMENT (“Seventh Amendment”) is dated February 6, 2008, by and between M G P INGREDIENTS, INC. (“Company”) and COMMERCE BANK, N.A. (“Bank”).

 

WHEREAS, Company and Bank entered into that certain Line of Credit Loan Agreement dated November 25, 2003, as amended pursuant to (i) that certain First Amendment to Line of Credit Loan Agreement dated September 17, 2004, (ii) that certain Second Amendment to Line of Credit Loan Agreement dated as of November 30, 2004, (iii) that certain Third Amendment to Line of Credit Loan Agreement dated as of September 9, 2005, (iv) that certain Fourth Amendment to Line of Credit Loan Agreement dated as of June 30, 2006, (v) that certain Fifth Amendment to Line of Credit Loan Agreement dated as of December 28, 2006, and (vi) that certain Sixth Amendment to Line of Credit Loan Agreement dated as of July 5, 2007 (as previously amended, the “Loan Agreement”); and

 

WHEREAS, Company desires to increase the maximum principal amount available under the Line of Credit, and to modify the permitted purposes for borrowing under the Line of Credit, all as hereinafter set forth.

 

NOW, THEREFORE, Company and Bank agree as follows:

 

1.             Terms used herein, which are defined in the Loan Agreement, shall have the meanings given to them in the Loan Agreement.

 

2.             Section 1.1 of the Loan Agreement is hereby amended to read in its entirety as follows:

 

Subject to the terms of this Agreement, Bank will lend Borrower, from time to time until the termination hereof, such sums as Borrower may request, in minimum increments of $100,000, which shall not exceed in the aggregate principal amount at any one time outstanding the sum of Thirty Million Dollars ($30,000,000).

 

3.             The first sentence to Section 1.3 of the Loan Agreement is hereby amended to read in its entirety as follows:

 

The Line of Credit shall be evidenced by the Sixth Amended and Restated Line of Credit Note in form and substance acceptable to Bank (the “Line of Credit Note”).

 



4.             Section 1.6 of the Loan Agreement is hereby amended to read in its entirety as follows:

 

Borrower represents the purpose of the Line of Credit is to provide short term working capital and/or to finance Borrower’s stock repurchases and treasury stock purchase transactions.

 

5.             Except to the extent specifically amended by this Seventh Amendment, the Loan Agreement shall remain in full force and effect.

 

6.             ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE.  TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

BY SIGNING BELOW, YOU AND WE AGREE THAT THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN US.

 

7.         





 
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