Exhibit 3.30
Centennial Foods, Inc.
0000 Xxxxxxx Xxxx Phone:(000) 000-0000
Xxxxxx, XX 00000 Fax:(000) 000-0000
CREDITOR AGREEMENT
Xx. Xxx Xxxxx is currently a significant creditor of Centennial Foods, Inc.
(CFI). Xx. Xxx Xxxxx understands that CFI has an asset purchase offer from Food
Extrusion Inc. (FEI) to purchase the physical assets of CFI. The purchase offer
from FEI to CFI anticipates a two year time frame to complete the transaction
and provide funds to distribute to creditors.
Xx. Xxx Xxxxx agrees to the following two conditions necessary to allow CFI to
complete the Asset Purchase Agreement with FEI.
1) To waive all debt service and interest payments until the
buy-out transaction occurs between CFI and FEI (by November
30, 1998).
2) To agree to a loan buy down of $100,000 to satisfy its current
note and lien position. Upon delivery of the $100,000, Xx. Xxx
Xxxxx will release all security positions to CFI so that it
can convey clear title to CFI's assets to FEI.
Agreed this 14th Day of October 1996
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By /s/Xxx Xxxxx, Xx. Xxx Xxxxx
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