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<br />SUBORDINATION,:~~~:,INTERCR~DITO~. AGREEMENT 048-7~-o562 .:'~' :'~~~.
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<br />THIS SUBORDINATION AND INTERCREDITOR AGREEMENT .~..... ": -.". ;. J . ., ~~ ( ,:',
<br />dated as of June :1.,. 1981i,.; is,made by Ouaker Oats .Ch"IIDic~ls,,~..H," . '!':.m':..~.,V .
<br />Inc., a eelaware corporo!ltion C.Ouaker.) Southern lonics . J.,~.,:.",..-. .:.n~H~"
<br />Inc.. an Alabama corporation (the .Borr~er.l, and Texas', '. . .,:'~:r~.:I':l .
<br />Commerce Bank Na~lonal A..ociation, a. agen~ Cth..~Agent.) . .',
<br />for the equal and ratable benefit of itself and National' : ,.'
<br />Bank of Commerce. Memphis. Tennessee Ccollective~y.;' the .Banks.) ~ " r,' ,.! ":::'
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<br />PRELIMINARY STATEMENTS:
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<br />(11 The Agent and the Banks have entered into a .
<br />Credit Agreel\lent dated as of the date hereof with the. Bor- - ;!. :.....
<br />rower (said Agreement, a. it mOlY hereilfter.be amei\ci~d Qr .." '. . '-'i
<br />otherwise modi!ied from time to time. being the .Credit' Agree- '....' '",
<br />ment". the terms de fined therein and not otherwise defined ,..:' /.
<br />hereir. being used herein as therein definedl. . "._:" .' ." ,,:. ':'(":;, '
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<br />(2) The Borrower is now'or will be indebted to ..., :':.:."
<br />Quaker pursuant to that certilin Promissory Note Ctogether ,
<br />with extensions. renewals and modificat;.:.ons but not increases ", ::....:.. '. ,..'
<br />of prinCipal amounts .or interest rates thereof, the .Pur- ~.:.... 1/..1 '1",' .:.... .1;~
<br />"'chase Mo~ey Note") in the prinl:ipal amount of $1,450,000 ...;t .~.:' )" ..-:. l'~ ;..~
<br />from the Borrower to Ouaker of even date herewith inclUding .' ,'J., . ..... 1 I?'.
<br />interest and premiums, if any. thereon.and other amounts .r"::"'?~' ......;.;,j.j
<br />payable in respect thereof, and may become indebted to Ouaker ..,,,n,;::
<br />pursuant to that certain Contingency Note Ctogether with
<br />extensions, renewals, and modifications thereof but not increases ~ :. i.::
<br />of principal amounts or interest rates, the .Contingeney' .,.." , :: : t " .,
<br />Note.) in the principal amount of $3,750,000, of even date '~o!:J.!.~'~' \-:..' ;:-;.t',.:,'!:'
<br />herewith incluciing interest and premiums, if any, thereon ..I,l":r:-:.,~\ ..,.:fl-.i~'.;.'.'l
<br />and other amounts p.yable in respect -thereof, and may here- :"~~!' ':':.~ W:,f<"til'
<br />after from time to time become indebted or otherwise obligated, ';:'.!. '." ':':'l-Lf'.'
<br />to Ouaker in further amounts related thereto. All amounts ..' :: :.: ., :. :..~t.~"'I'~
<br />due in respect of the Purchase Money Note and the Contingency I :'
<br />Note are hereinafter referred to as the .Subordinated Debt.. . .,..
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<br />C31 The Purchase Money Note is secured 'by, 'among "',':'.ft . .,.., ~ :: .:.
<br />other things;...,that certain Deed of Trust and Security Agree- ". .' : . ; '.' .
<br />ments of even da~e h~rewith Cthe .Purchase MoneYy'Note Deed . ;.: ,.,! . . ,'. ..-:: .
<br />of Trust"l grant1ng to Clilrk G. Thompson, Jr. a"..Trustee on . ....~, . ....
<br />blill\~:tf _of ,Q~a!.c,r,oO a. ""~~,J;'i.ty_ .J.llter.es..t....in...alLo0h.e._pzoper_ty.__ -------:.L.. ",
<br />c:.escribed in Exhibi t A herp.~o Cthe .~roper1:yn~.:".,; ~~ .. . ~:;.' . .
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<br />(4) The Borrower's obligations to the Alent and ~.I :
<br />the Banks pursuant to the Credit Agreement. the no~~ aggre-
<br />gating $1,500,000 issued pur$uant there~o, and the .tpan "
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<br />RETlIRN TO: .
<br />~~_.DIANN M. BRUCE
<br />"~'2200 West IMp South
<br />...J.,':);';' ..:~~..Hcl:ston, Texas 77027
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