Exhibit 3.41
CREDITOR'S AGREEMENT
Company 19 is currently a significant creditor of Centennial Foods, Inc. (CFI).
Company 19 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.
To enable CFI to complete the Asset Purchase Agreement with FEI as described
above, agrees to:
1. Waive all debt service and interest payments until the buy-out
transaction occurs between CFI and FEI.
2. Accept a loan buy-down of to satisfy its current note and lien
position. Upon delivery of the , will release all security positions
to CFI so that CFI can convey clear title to its assets to FEI.
's obligations under this Creditor's Agreement are contingent
upon the following:
1. The buy-out transaction must occur and the loan buy-down payment of
must be made to on or before November 30, 1998.
2. CFI's other creditors including: Beaverhead County, Xxx Xxxxx, the
Montana Department of Environmental Quality, Seafirst Bank, holders
of Convertible Note, Xxxxxxxxxx/Xxxxx, Rural Electrification
Administration (REA), and Idaho Forest Industries (IFI) all agree in
writing to accept the distribution of assets from CFI shown under the
"Proposed Amount" column of Exhibit A of this Agreement in full
satisfaction of their creditors' claims against CFI. By this
reference Exhibit A is made a part of this Agreement.
Agreed this 14th day of October, 1996.
By: /s/Xxxxxxx Xxxx
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Of Company 19
Its President
