##### 








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ARTICLE IDefinitionsSECTION 1.01. Defined Terms
    
    
    1SECTION 1.02. Classification of Loans and Borrowings
    
    
    24SECTION 1.03. Terms Generally
    
    
    24SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations
    
    
    24ARTICLE IIThe CreditsSECTION 2.01. Commitments
    
    
    25SECTION 2.02. Loans and Borrowings
    
    
    25SECTION 2.03. Requests for Borrowings
    
    
    26SECTION 2.04. Letters of Credit
    
    
    26SECTION 2.05. Funding of Borrowings
    
    
    30SECTION 2.06. Interest Elections
    
    
    31SECTION 2.07. Termination and Reduction of Commitments
    
    
    32SECTION 2.08. Repayment of Loans; Evidence of Debt
    
    
    33SECTION 2.09. Prepayment of Loans
    
    
    33SECTION 2.10. Fees
    
    
    34SECTION 2.11. Interest
    
    
    35SECTION 2.12. Alternate Rate of Interest
    
    
    35SECTION 2.13. Increased Costs
    
    
    36SECTION 2.14. Break Funding Payments
    
    
    37SECTION 2.15. Taxes
    
    
    37SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
    
    
    38SECTION 2.17. Mitigation Obligations; Replacement of Lenders
    
    
    40SECTION 2.18. Increase in Commitments
    
    
    41ARTICLE IIIRepresentations and WarrantiesSECTION 3.01. Organization; Powers
    
    
    42SECTION 3.02. Authorization; Enforceability
    
    
    42SECTION 3.03. Governmental Approvals; No Conflicts
    
    
    42SECTION 3.04. Financial Condition; No Material Adverse Change
    
    
    42




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SECTION 3.05. Properties
    
    
    43SECTION 3.06. Litigation and Environmental Matters
    
    
    43SECTION 3.07. Compliance with Laws and Agreements
    
    
    44SECTION 3.08. Investment Company Status
    
    
    44SECTION 3.09. Taxes
    
    
    44SECTION 3.10. ERISA
    
    
    44SECTION 3.11. Disclosure
    
    
    44SECTION 3.12. Subsidiaries
    
    
    45SECTION 3.13. Insurance
    
    
    45SECTION 3.14. Labor Matters
    
    
    45SECTION 3.15. Solvency
    
    
    45SECTION 3.16. Patronage Payments
    
    
    45ARTICLE IVConditionsSECTION 4.01. Effective Date
    
    
    45SECTION 4.02. Each Credit Event
    
    
    47ARTICLE VAffirmative CovenantsSECTION 5.01. Financial Statements and Other Information
    
    
    48SECTION 5.02. Notices of Material Events
    
    
    49SECTION 5.03. Information Regarding Collateral
    
    
    50SECTION 5.04. Existence; Conduct of Business
    
    
    51SECTION 5.05. Payment of Obligations
    
    
    51SECTION 5.06. Maintenance of Properties
    
    
    51SECTION 5.07. Insurance
    
    
    51SECTION 5.08. Casualty and Condemnation
    
    
    51SECTION 5.09. Books and Records; Inspection and Audit Rights
    
    
    51SECTION 5.10. Compliance with Laws
    
    
    52SECTION 5.11. Use of Proceeds and Letters of Credit
    
    
    52SECTION 5.12. Additional Subsidiaries
    
    
    52SECTION 5.13. Further Assurances
    
    
    52




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ARTICLE VINegative CovenantsSECTION 6.01. Indebtedness; Certain Equity Securities
    
    
    53SECTION 6.02. Liens
    
    
    55SECTION 6.03. Fundamental Changes
    
    
    56SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
    
    
    56SECTION 6.05. Asset Sales
    
    
    58SECTION 6.06. Sale and Leaseback Transactions
    
    
    59SECTION 6.07. Hedging Agreements
    
    
    59SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness
    
    
    59SECTION 6.09. Transactions with Affiliates
    
    
    61SECTION 6.10. Restrictive Agreements
    
    
    61SECTION 6.11. Amendment of Material Documents
    
    
    62SECTION 6.12. Interest Expense Coverage Ratio
    
    
    62SECTION 6.13. Leverage Ratio
    
    
    62ARTICLE VIIEvents of DefaultARTICLE VIIIThe AgentsARTICLE IXMiscellaneousSECTION 9.01. Notices
    
    
    66SECTION 9.02. Waivers; Amendments
    
    
    67SECTION 9.03. Expenses; Indemnity; Damage Waiver
    
    
    68SECTION 9.04. Successors and Assigns
    
    
    70SECTION 9.05. Survival
    
    
    72SECTION 9.06. Counterparts; Integration; Effectiveness
    
    
    72SECTION 9.07. Severability
    
    
    72SECTION 9.08. Right of Setoff
    
    
    73SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
    
    
    73




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SECTION 9.10. WAIVER OF JURY TRIAL
    
    
    73SECTION 9.11. Headings
    
    
    74SECTION 9.12. Confidentiality
    
    
    74SECTION 9.13. Interest Rate Limitation
    
    
    75SECTION 9.14. Optional Release of Collateral
    
    
    75SECTION 9.15. USA Patriot Act Notice
    
    
    77
  Schedule 1.01(a)
    
    
    
    Subsidiary Loan PartiesSchedule 1.01(b)
    
    
    
    Mortgaged PropertySchedule 1.01(c)
    
    
    
    Existing Letters of CreditSchedule 2.01
    
    
    
    Lenders and CommitmentsSchedule 3.05
    
    
    
    Owned and Leased Real PropertySchedule 3.06
    
    
    
    Disclosed MattersSchedule 3.12
Schedule 3.13
    
    

    
    Subsidiaries
InsuranceSchedule 6.01
    
    
    
    Existing IndebtednessSchedule 6.02
    
    
    
    Existing LiensSchedule 6.04
    
    
    
    Existing InvestmentsSchedule 6.05(c)
    
    
    
    Certain Asset SalesSchedule 6.10
    
    
    
    Restrictive Agreements
  Exhibit A
    
    
    
    Form of Assignment and AcceptanceExhibit B-1
    
    
    
    Form of Opinion of Borrowers Outside CounselExhibit B-2
    
    
    
    Form of Opinion of Borrowers General CounselExhibit C
    
    
    
    Guarantee and Collateral AgreementExhibit D
    
    
    
    Perfection CertificateExhibit E
    
    
    
    Form of Accession AgreementExhibit F
    
    
    
    Form of Promissory Note




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Existing Credit Agreement
   Definitions
 Defined Terms.
 ABR
 Accession Agreement
 Account
 Account Assets




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Adjusted LIBO Rate
 Administrative Agent
 Administrative Questionnaire
 Affiliate
 Agents
 Alternate Base Rate 1 2
 Applicable Percentage
 Applicable Rate




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Leverage
    
    Eurodollar
    
    
    
    
    
    CommitmentRatio
    
    Spread
    
    ABR Spread
    
    FeeCategory 1
    
    greater than 2.50
to 1.00
    
    
    1.50
    %
    
    
    0.50
    %
    
    
    0.375
    %Category 2
    
    greater than 1.50
to 1.00 but less
than or equal to
2.50 to 1.00
    
    
    1.25
    %
    
    
    0.25
    %
    
    
    0.250
    %Category 3
    
    less than or equal
to 1.50 to 1.00
    
    
    0.875
    %
    
    
    0.00
    %
    
    
    0.200
    %
 provided provided however
 Assignment and Acceptance
 Attributable Debt
 Availability Period
 Board
 Borrower
 Borrowing




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##### 



Borrowing Request
 Business Day provided Business
Day
 Calculation Period
 Capital Lease Obligations
 Capital Securities
 Change in Control
 Change in Law
 Code
 Co-Administrative Agent
 CoBank
 Collateral




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Collateral Agent
 Collateral Agreement
 Collateral and Guarantee Requirement
   provided




---



##### 



Collateral Reinstatement Ratings Requirement provided
 Collateral Release Period
 Collateral Release Ratings Requirement provided




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##### 



Commitment
 Consolidated Cash Interest Expense
 Consolidated EBITDA




---



##### 



Reference Period
 Consolidated Net Income
 Control Controlling Controlled
 Default
 Disclosed Matters
 dollars $
 Effective Date
 Environmental Laws
 Environmental Liability




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Equity Interests
 ERISA
 ERISA Affiliate
 ERISA Event
 Eurodollar
 Event of Default
 Excluded Taxes




---



##### 



Existing Letters of Credit
 Federal Funds Effective Rate
 Financial Covenants
 Financial Officer
 Foreign Lender
 Foreign Subsidiary
 Funded Receivables Sales Purchasers provided however




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GAAP


Governmental Authority


Guarantee guarantor primary
obligor provided


Hazardous Materials


Hedging Agreement


Indebtedness




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Indemnified Taxes


Index Debt


Information Memorandum


Intercreditor Agreement


Interest Election Request


Interest Payment Date


Interest Period provided






---



##### 









Investment Grade Rating


Investment Grade RP Period


Issuing Bank


Joint Venture


LC Disbursement


LC Exposure


Letter of Credit


Lenders




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##### 









Leverage Ratio


LIBO Rate LIBO Rate


Lien


Loan Documents


Loan Parties


Loans


LOL Finance


LOL SPV


Material Adverse Effect






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##### 



Material Indebtedness
 Maturity Date
 MoArk
 Moodys
 Mortgage
 Mortgaged Property
 Multiemployer Plan
 Net Patronage Income
 Non-Investment Grade RP Period
 Nonrecourse Securitization




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##### 



Obligations
 Other Taxes
 Payment Date
 PBGC
 Perfection Certificate




---



##### 



Permitted Acquisition
 Permitted Additional Debt




---



##### 



Permitted Encumbrances
       provided
 Permitted Investments
   provided




---



##### 



Person
 Plan
 Pollution Control Bonds
 Prime Rate
 Pro Forma Compliance
 Prospective Lender
 Register
 Related Parties




---



##### 



Repurchase Expenditures
 Required Lenders
 Restricted Expenditures plus
 Restricted Payment
 Restricted Subsidiaries provided
 Revolving Exposure
 S&P
 Sale-Leaseback Transaction provided




---



##### 



Second Lien Security Documents
 Securitization
 Securitization Vehicle
 Security Documents
 Sellers Retained Interests
 Senior Debt to EBITDA Ratio
 Senior Notes
 Senior Note Documents
 Senior Secured Debt to EBITDA Ratio




---



##### 



Senior Second Lien Note Documents
 Senior Second Lien Note Indenture
 Senior Second Lien Notes
 Senior Second Lien Note Obligations
 Standard Securitization Undertakings
 Statutory Reserve Rate
 subsidiary parent




---



##### 



Subsidiary
 Subsidiary Loan Party
 Taxes
 Third Party Securities
 Total Indebtedness provided
 Transactions
 Type
 Wholly Owned Subsidiary




---



##### 



Withdrawal Liability
 Classification of Loans and Borrowings. e.g.
 Terms Generally.
 Accounting Terms; GAAP; Pro Forma Calculations. provided




---



##### 



The Credits
 Commitments.
 Loans and Borrowings. provided
 provided
 provided provided




---



##### 



Requests for Borrowings.
       Letters of Credit. General. provided




---



##### 



Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.
 Expiration Date
 Participations.
 Reimbursement.




---



##### 



provided
 Obligations Absolute. provided




---



##### 



Disbursement Procedures. provided
 Interim Interest. provided
 Replacement of an Issuing Bank.




---



##### 



Cash Collateralization. provided
 Funding of Borrowings. provided




---



##### 



Interest Elections.




---



##### 



Termination and Reduction of Commitments.
 provided
 provided




---



##### 



Repayment of Loans; Evidence of Debt.
   prima facie provided
  Prepayment of Loans.
  
        provided
 Fees. provided
 provided
       Interest.
   provided
  Alternate Rate of Interest.
      Increased Costs.
      provided provided further
 Break Funding Payments.
 Taxes. provided
      Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
      provided
      Mitigation Obligations; Replacement of Lenders.
 provided
      Increase in Commitments. Prospective Lender provided however provided
      42
  Representations and Warranties
  Organization; Powers.
 Authorization; Enforceability.
 Governmental Approvals; No Conflicts.
 Financial Condition; No Material Adverse Change.
      43    Properties.
    Litigation and Environmental Matters.
      44   Compliance with Laws and Agreements.
 Investment Company Status.
 Taxes.
 ERISA.
 Disclosure. provided
      45 Subsidiaries.
 Insurance.
 Labor Matters.
 Solvency.
 Patronage Payments.
  Conditions
 Effective Date.
      46
      47    provided
  Each Credit Event.
      48  Affirmative Covenants
  Financial Statements and Other Information.
 provided
 provided
      49     provided
 Notices of Material Events.
      50      Information Regarding Collateral.
      51  Existence; Conduct of Business. provided
 Payment of Obligations.
 Maintenance of Properties.
 Insurance.
 Casualty and Condemnation.
 Books and Records; Inspection and Audit Rights.
      52  Compliance with Laws.
 Use of Proceeds and Letters of Credit.
 Additional Subsidiaries.
 Further Assurances.
      53    Negative Covenants
  Indebtedness; Certain Equity Securities.
      54  provided
 provided
 provided
   provided
 provided
      55 Liens.
   provided
 provided
 provided
  provided
 provided
      56    provided
 Fundamental Changes. provided
  Investments, Loans, Advances, Guarantees and Acquisitions.
      57    provided
 provided
 provided
   provided
      58  provided provided further
 Asset Sales.
  provided
   provided
      59   provided
  provided provided further
 Sale and Leaseback Transactions.
  provided
 Hedging Agreements.
 Restricted Payments; Certain Payments of Indebtedness.
      60 plus plus minus
       plus plus minus provided
      61    provided
 Transactions with Affiliates.
 Restrictive Agreements. provided
       62  Amendment of Material Documents.
 Interest Expense Coverage Ratio.
 Leverage Ratio.
  Events of Default
 Event of Default
         provided
      64       The Agents
       65          66
     Miscellaneous
 Notices.
         67
    Waivers; Amendments.
 provided
      68
 provided further
 Expenses; Indemnity; Damage Waiver.
 Indemnitee
      69
 provided provided further
 provided
 provided
       70 Successors and Assigns.
 provided provided further
       71 Register
  Participant provided provided
       72
  provided
 Survival.
 Counterparts; Integration; Effectiveness.
 Severability.
       73 Right of Setoff.
 Governing Law; Jurisdiction; Consent to Service of Process.
    WAIVER OF JURY TRIAL.
      74
  Headings.
 Confidentiality. provided Information
      75   Interest Rate Limitation. Charges Maximum Rate
 Optional Release of Collateral Optional Release Date Optional Release Conditions
      76
      77  USA Patriot Act Notice Act
 [remainder of page intentionally blank  signature page is next page]
      LAND OLAKES, INC.,ByName:Title: [Signature
Page to Land OLakes, Inc. Credit Agreement]
      JPMORGAN CHASE BANK, N.A., individually and as
Administrative Agent,ByName:Title: [Signature
Page to Land OLakes, Inc. Credit Agreement]
      COBANK, ACB., individually and as Co-
Administrative Agent,ByName:Title: [Signature
Page to Land OLakes, Inc. Credit Agreement]
      Lender:ByName:Title:
 [Signature
Page to Land OLakes, Inc. Credit Agreement]