(REVOLVING LINE OF CREDIT)
THIS SECURED LOAN AGREEMENT ("Agreement") is entered into as of December 27, 1999, by and
between BIBP COMMODITIES, INC., a Delaware corporation (the "Borrower"), and CAPITAL
DELIVERY, LTD., a Kentucky corporation (the "Lender").
Borrower desires to establish a line of credit with Lender to finance its working capital needs in operating its
business of purchasing cheese in accordance with product specifications for Papa John's Pizza restaurants and
selling cheese to PJ Food Service, Inc., the wholly owned distribution subsidiary of Papa John's International,
Inc. ("PJI"), and Lender is willing to make such loan on the terms and conditions set forth herein.
NOW, THEREFORE, Borrower and Lender have agreed as follows:
(a) LOAN; PROMISSORY NOTE. Lender agrees to make "Advances" to Borrower from time to time during
the period commencing on the date hereof and ending on the day immediately prior to the Maturity Date, as
defined below, in an aggregate principal amount not to exceed the Maximum Amount, as defined below (the
"Loan"). The Loan shall be evidenced by a Promissory Note (the "Note") of even date herewith.
(b) EXTENSION OF TERM. Effective December 31, 2000, and continuing effective each December 31
thereafter, the Maturity Date shall be extended for a period of one (1) year, provided that on the effective of each
such extension there exists then no Event of
Default, as defined below, and provided further that Lender has not given notice to Borrower of nonextension
prior to such effective date.
(c) MAXIMUM PRINCIPAL BALANCE. The aggregate outstanding principal balance of the Loan shall not
exceed $17,600,000 ("Maximum Amount").
(d) LOAN ACCOUNT. Lender shall maintain a loan account on its books in which shall be recorded all
advances made by Lender to Borrower pursuant to this Agreement, and all payments made by Borrower with
respect to the Loan; provided, however, that failure to maintain