Exhibit 3.51
CREDITOR'S AGREEMENT
The is currently a significant creditor of Centennial Foods, Inc. (CFI).
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 the provision of funds to distribute among CFI 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 day of , 19__.
_______________________
