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<br />10 <br />m <br />.." <br />c: <br />Z <br />Qnc <br />"T1>~ <br />ncn <br />1\;:1: <br /> <br />Q~~ <br />m en <br />n::z: <br />'" <br /> <br /> :,.,~ <br /> €:,::;..:,) ("") (/) <br /> If''';:;:;::) <br /> ~-~ --.3 0 -1 <br /> ..-,,}, ~.."":"..- C 1:>- <br /> ';:-' -- Z -I <br />:;0 ~~: - C:;) -i fTl <br />("1'. c:= <br />C;;") -< C) <br /> (-~ r'0 C) --q <br />o - <br />""1'1 C> ---,--, -"- <br />,,>-,.t <br />Cl r -,.~ T"q <br />r",., -0 ~ r',r.J <br />r'l1 ::3 r :;() <br />0 r 1~ <br />C/' U) <br /> c.....:> 7, <br /> 1:>- <br /> f..--" --- '--' <br /> C'\,) (f) <br /> en <br /> <br />~( <br />,. <br /> <br />55 <br />~ <br /> <br />N <br />o <br />o <br />-...J <br />o <br /><0 <br />OJ <br />-...J <br />....... <br /> <br /> <br />SUBORDINATION AGREEMENT <br /> <br />This Subordination Agreement is made this 20th day of November, 2007, by <br />and between Stephen D. Hornady (I'Secured Party") and Hornady Manufacturing <br />company, a Nebraska corporation e'Debtor"). <br /> <br />RECITALS <br /> <br />A. Debtor did execute and deliver to Secured Party a Security Agreement (the <br />"Security Agreement") granting Secured Party interest in certain fIxtures <br />located on real property legally described on Exhibit 'IA" attached and <br />incorporated by this reference ('IPropertY') for which a Dce Financing <br />Statement ("Financing Statement") was recorded as Instrument No. <br />200512132 in the Office of the County Clerk of Hall County, Nebraska, on <br />December 12, 2005. <br /> <br />B. Debtor is constructing a 31,500 square-foot expansion utilizing Industrial <br />Development Revenue Bonds (the "Bonds") to be issued by the County of <br />Hall, Nebraska, (the I'County") pursuant to an Indenture dated <br />November 20,2007, wherein Wells Fargo Bank, N.A., is the named Tnlstee, <br />which Indenture shall be secured by a Deed of Trust ("Deed of Trust") to be <br />filed against the Property. <br /> <br />C. The County is willing to issue the Bonds and Trustee is willing to serve as <br />such pursuant to the Indenture and Deed of Trust, provided that Secured <br />Party will specifically and unconditionally subordinate the lien of its <br />Security Agreement and Financing Statement to the Indenture and the Deed <br />of Trust. <br /> <br />NOW THEREFORE, in consideration of the premises and other valuable <br />consideration, receipt of which is hereby acknowledged, the parties agree as <br />follows: <br /> <br />L0773589.1 <br /> <br />ell <br /> <br />~t <br /> <br />C)a:- <br />-J <br /> <br />~I <br />~~ <br />~ <br /> <br />c;-. <br /> <br />,.~ <br /> <br />\.,. <br />