##### 



EXECUTION COPY
 
 SECOND AMENDED AND RESTATED
RECEIVABLES PURCHASE AGREEMENT
   LOL SPV, LLC
As Seller,
 LAND OLAKES, INC.
As initial Servicer,
 COBANK, ACB, AND THE OTHER
PURCHASERS FROM TIME TO TIME
PARTY HERETO
  COBANK, ACB,
As Administrator




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TABLE OF CONTENTS
 PageARTICLE 1. PURCHASES AND REINVESTMENTS
    
    
    2Section 1.1.
    
    Agreement to Purchase; Limits on Purchasers Obligations
    
    
    2Section 1.2.
    
    Purchase Procedures; Assignment of Purchasers Interests
    
    
    2Section 1.3.
    
    Reinvestments of Certain Collections; Payment of Remaining Collections
    
    
    2Section 1.4.
    
    Receivable Interest
    
    
    4Section 1.5.
    
    Voluntary Termination or Reduction of Facility Limit
    
    
    4Section 1.6.
    
    Facility Limit Increases
    
    
    4ARTICLE 2. COMPUTATIONAL RULES
    
    
    6Section 2.1.
    
    Computation of Capital
    
    
    6Section 2.2.
    
    Computation of Concentration Limit
    
    
    6Section 2.3.
    
    Computation of Earned Discount
    
    
    6Section 2.4.
    
    Estimates of Earned Discount Rate, Fees, Etc
    
    
    7ARTICLE 3. SETTLEMENTS
    
    
    7Section 3.1.
    
    Purchase and Settlement Procedures
    
    
    7Section 3.2.
    
    Deemed Collections; Reduction of Capital, Etc
    
    
    9Section 3.3.
    
    Payments and Computations, Etc
    
    
    10ARTICLE 4. FEES AND YIELD PROTECTION
    
    
    11Section 4.1.
    
    Fees
    
    
    11Section 4.2.
    
    Yield Protection
    
    
    11Section 4.3.
    
    Funding Losses
    
    
    13Section 4.4.
    
    Prepayments
    
    
    13ARTICLE 5. CONDITIONS TO PURCHASES
    
    
    13Section 5.1.
    
    Conditions Precedent to Initial Purchase and Effectiveness
    
    
    13Section 5.2.
    
    Conditions Precedent to All Purchases and Reinvestments
    
    
    15ARTICLE 6. REPRESENTATIONS AND WARRANTIES
    
    
    15Section 6.1.
    
    Representations and Warranties of Seller
    
    
    15Section 6.2.
    
    Representations and Warranties of Servicer
    
    
    18ARTICLE 7. GENERAL COVENANTS
    
    
    19Section 7.1.
    
    Affirmative Covenants
    
    
    19




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PageSection 7.2.
    
    Reporting Requirements
    
    
    22Section 7.3.
    
    Negative Covenants
    
    
    23Section 7.4.
    
    Separate Existence
    
    
    25ARTICLE 8. ADMINISTRATION AND COLLECTION
    
    
    28Section 8.1.
    
    Designation of Servicer and Sub-Servicers
    
    
    28Section 8.2.
    
    Duties of Servicer
    
    
    29Section 8.3.
    
    Rights of Administrator
    
    
    30Section 8.4.
    
    Responsibilities of Seller
    
    
    31Section 8.5.
    
    Further Action Evidencing Purchases and Reinvestments
    
    
    32Section 8.6.
    
    Application of Collections
    
    
    33ARTICLE 9. SECURITY INTEREST
    
    
    33Section 9.1.
    
    Grant of Security Interest
    
    
    33Section 9.2.
    
    Further Assurances
    
    
    33Section 9.3.
    
    Remedies
    
    
    33ARTICLE 10. TERMINATION EVENTS
    
    
    33Section 10.1.
    
    Termination Events
    
    
    33Section 10.2.
    
    Remedies
    
    
    36ARTICLE 11. THE ADMINISTRATOR
    
    
    36Section 11.1.
    
    Authorization
    
    
    36Section 11.2.
    
    Administrators Reliance, Etc
    
    
    37Section 11.3.
    
    CoBank and Affiliates
    
    
    37ARTICLE 12. ASSIGNMENT OF AND PARTICIPATIONS IN PURCHASERS INTERESTS
    
    
    37Section 12.1.
    
    Restrictions on Assignments;  Impact on Patronage
    
    
    37Section 12.2.
    
    Rights of Assignee
    
    
    38Section 12.3.
    
    Participations
    
    
    38ARTICLE 13. INDEMNIFICATION
    
    
    39Section 13.1.
    
    Indemnities
    
    
    39ARTICLE 14. MISCELLANEOUS
    
    
    41Section 14.1.
    
    Amendments, Etc
    
    
    41Section 14.2.
    
    Notices, Etc
    
    
    41Section 14.3.
    
    No Waiver; Remedies
    
    
    42




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PageSection 14.4.
    
    Binding Effect; Survival
    
    
    42Section 14.5.
    
    Costs, Expenses and Taxes
    
    
    42Section 14.6.
    
    No Proceedings
    
    
    43Section 14.7.
    
    Confidentiality of Program Information
    
    
    43Section 14.8.
    
    Confidentiality of Originator Information
    
    
    44Section 14.9.
    
    Captions and Cross References
    
    
    45Section 14.10.
    
    Integration
    
    
    46Section 14.11.
    
    Governing Law
    
    
    46Section 14.12.
    
    Waiver Of Jury Trial
    
    
    46Section 14.13.
    
    Consent To Jurisdiction; Waiver Of Immunities
    
    
    46Section 14.14.
    
    Execution in Counterparts
    
    
    47Section 14.15.
    
    No Recourse Against Other Parties
    
    
    47Section 14.16.
    
    Amendment and Restatement
    
    
    47




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APPENDIX
 APPENDIX A
    
    DefinitionsSchedule I
    
    Government Receivables (if any)Schedule II
    
    Contract Standards (if any)SCHEDULESSchedule 1
    
    Purchasers and Pro Rata SharesSchedule 6.1(m)
    
    List of Offices of Seller where Records Are KeptSchedule 6.1(n)
    
    List of Lockbox BanksSchedule 7.1(g)
    
    Initial Credit and Collection PoliciesSchedule 12.3(b)
    
    ParticipantsSchedule 14.2
    
    Notice AddressesEXHIBITSExhibit 1.2(a)
    
    Form of Purchase NoticeExhibit 1.6(b)
    
    Form of Purchase Increase SupplementExhibit 1.6(c)
    
    Form of New Purchaser SupplementExhibit 3.1(a)-l
    
    Form of Servicer ReportExhibit 5.1(f)
    
    Form of Lockbox AgreementExhibit 7.2(a)
    
    Form of Monthly ReportExhibit 7.4
    
    Additional Corporate Separateness Assumptions, Statements and Representations




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SECOND AMENDED AND RESTATED  RECEIVABLES PURCHASE AGREEMENT
  PREAMBLE
 SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT Agreement Seller LOL Servicer CoBank Purchaser Administrator Appendix
A
 RECITALS
 Feed
 Existing Receivables Purchase Agreement




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ARTICLE I. PURCHASES AND REINVESTMENTS
 SECTION 1.1. Agreement to Purchase; Limits on Purchasers Obligations . Purchase provided Section 1.5 Section 1.6 Facility Limit Allocation Limit provided further Section 1.1
 SECTION 1.2. Purchase Procedures; Assignment of Purchasers Interests .
 Notice of Purchase Purchase Date Exhibit 1.2(a) Purchase Notice provided
 Funding of Purchases Article V
 Sale of Receivable Interest
 SECTION 1.3. Reinvestments of Certain Collections; Payment of Remaining Collections .




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-3- times
 Section 2.4
 Reinvestment provided Section 5.2
   Unreinvested and Undistributed Collections Section 1.3(a) Section 3.1 Section 1.3(a) Section 5.2




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-4- SECTION 1.4. Receivable Interest .
 Components of Receivable Interest Pool Assets
 Computation of Receivable Interest Receivable
Interest
 C + RR
  C
    
    =
    
    the then Capital;RR
    
    =
    
    the then Required Reserves; andNPB
    
    =
    
    the then Net Pool Balance;
 provided however
 Frequency of Computation
 SECTION 1.5. Voluntary Termination or Reduction of Facility Limit . provided




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-5- SECTION 1.6. Facility Limit Increases.
 Facility Limit Increase less New Purchaser
 Increasing Purchaser Exhibit 1.6(b) Purchase Increase Supplement Schedule 1
 Section 1.6(a) Exhibit 1.6(c) New Purchaser Supplement Schedule 1




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-6- Section
1.3(a) Section 3.1(c) Section 1.6
 ARTICLE II. COMPUTATIONAL RULES
 SECTION 2.1. Computation of Capital .
   SECTION 2.2. Computation of Concentration Limit .
 SECTION 2.3. Computation of Earned Discount .
 Section 3.1




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-7-   SECTION 2.4. Estimates of Earned Discount Rate, Fees, Etc . Section 1.3 Section 3.1
 ARTICLE III. SETTLEMENTS
 SECTION 3.1. Purchase and Settlement Procedures .
 Servicer Report Reporting Date Exhibit 3.1(a)-l Servicer
Report Initial Purchase Date
 Yield, Fees and Other Amounts Due
 Settlement
Date Procedures - Reinvestment Period Section 1.3(a)(iii)) Sections
1.3(a)(i) (iii)




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-8- plus
 plus Section 3.1(e)
 plus Section 3.1(e)
   Section
5.2(b)
 Settlement
Period Procedure - Termination Period Section 3.2
 plus




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-9- plus
 plus
    Delayed Payment
 SECTION 3.2. Deemed Collections; Reduction of Capital, Etc .
 Deemed Collections Deemed
Collection
  Section
6.1(k) (o) Section 6.1(k) (o)




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-10-    Section 3.2(a)
 Sellers Optional Reduction of Capital
  Section 1.3
  provided
   SECTION 3.3. Payments and Computations, Etc .
 Payments Section 4.2




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-11- Administrators Account provided
 Late Payments provided however
 Method of Computation
 ARTICLE IV. FEES AND YIELD PROTECTION
 SECTION 4.1. Fees . Fee Letter
 Commitment Fee
 SECTION 4.2. Yield Protection .




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-12-       (x)
    
    to increase the cost to or to impose a cost on an Affected Party funding or
making or maintaining any Purchases or Reinvestments, any purchases, reinvestments, or
loans or other extensions of credit under any Transaction Document, or any commitment
of such Affected Party with respect to any of the foregoing;(y)
    
    to reduce the amount of any sum received or receivable by an Affected Party
under this Agreement, or under any Transaction Document; or(z)
    
    to reduce the rate of return on the capital of an Affected Party as a
consequence of its obligations hereunder or under any Transaction Document or arising
in connection herewith to a level below that which such Affected Party could otherwise
have achieved;
 provided however




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-13- Section 4.2 provided however provided further
 Section 4.2 Section 4.2
 SECTION 4.3. Funding Losses . Section 1.2
 SECTION 4.4. Prepayments . Section
3.2(b) Section 4.4
 ARTICLE V. CONDITIONS TO PURCHASES
 SECTION 5.1. Conditions Precedent to Initial Purchase and Effectiveness .




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-14-  subsection
(b)
   Section
7.3(d)




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-15- Section 14.5
   SECTION 5.2. Conditions Precedent to All Purchases and Reinvestments .
   Article VI Section 6.3(a)




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-16- ARTICLE VI. REPRESENTATIONS AND WARRANTIES
 SECTION 6.1. Representations and Warranties of Seller .
 Organization and Good Standing
 Due Qualification
 Power and Authority; Due Authorization
 Valid Transfer; Binding Obligations
 No Violation




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-17- No Proceedings
 Bulk Sales Act
 Government Approvals
 Financial Condition
 Margin Regulations
 Quality of Title
 Accurate Reports




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-18- Offices Section 14.2 Schedule 6.1(m) Section 7.1(f) Section 8.5
 Lockbox Accounts Schedule 6.1(n) Section
7.3(d)
 Eligible Receivables
 Accounting Sale
 Credit and Collection Policies
 Legal Name
 SECTION 6.2. Representations and Warranties of Servicer .
 Organization and Good Standing
 Due Qualification
 Power and Authority; Due Authorization




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-19- Binding Obligations
 No Violation
 No Proceedings
 Government Approvals
 Accurate Reports
 ARTICLE VII. GENERAL COVENANTS
 SECTION 7.1. Affirmative Covenants .




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-20- Compliance with Laws, Etc
 Preservation of Legal Existence
 Audits provided however
 Keeping of Records and Books of Account
 Performance and Compliance with Receivables and Contracts




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-21- Location of Records Section 14.2 Section 8.5
 Credit and Collection Policies Schedule 7.1(g)
 Collections Section 8.3(c)(ii)
 Quality of Title
 Bank Equity Interests. Bank Equity Interests




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-22-  SECTION 7.2. Reporting Requirements .
 Monthly Reports th Monthly Report Exhibit 7.2(a)
 Quarterly Financial Statements
 Annual Financial Statements
 Compliance Certificate




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-23- Termination Events
 Material Adverse Effect; Litigation
 Change in Credit and Collection Policies
 Change in Name
 JP Morgan Credit Documents; Other Information
   SECTION 7.3. Negative Covenants .




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-24- Sales, Liens, Etc
 Extension or Amendment of Receivables Section 8.2(c)
 Change in Business or Credit and Collection Policies
 Change in Payment Instructions to Obligors Schedule 6.1(n)
 Mergers, Acquisitions, Sales, etc provided
 Deposits to Special Accounts
 Other Businesses Section 7.1(k)




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-25- Certificate of Formation; Purchase and Sale Agreement
 Restricted Payments
 Change of Name or Location
 SECTION 7.4. Separate Existence .




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-26-




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-27-




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-28- Exhibit 7.4
 ARTICLE VIII. ADMINISTRATION AND COLLECTION
 SECTION 8.1. Designation of Servicer and Sub-Servicers.
 LOL as Initial Servicer Servicer Section 8.1
 Successor Notice; Servicer Transfer Events Successor Notice Servicer Transfer
Event Section
8.1
 Resignation
 Subcontracts Sub-Servicer provided




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-29- Section 8.1(d)
 Servicing Programs
 SECTION 8.2. Duties of Servicer .
 Appointment; Duties in General Section 8.1
 Allocation of Collections; Segregation Section 1.3 Section 1.3 nd
 Modification of Receivables provided Section 3.2(a)
 Documents and Records
 Servicer Reports; Certain Duties to Seller Sections 3.1(a) 7.2(a)




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-30-  Termination
 Power of Attorney provided however
 Servicer Default Servicer Default




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-31-  SECTION 8.3. Rights of Administrator .
 Notice to Obligors
 Notice to Lockbox Banks
 Rights on Servicer Transfer Event Section 8.1
  Section 8.2(d)(ii)




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-32-  SECTION 8.4. Responsibilities of Seller .
 Contracts
 Limitation of Liability
 SECTION 8.5. Further Action Evidencing Purchases and Reinvestments .
 Further Assurances
 Data Processing Records
 Additional Financing Statements; Performance by Administrator




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-33- Continuation Statements; Opinion th Section 5.1(f)
 SECTION 8.6. Application of Collections .
 ARTICLE IX. SECURITY INTEREST
 SECTION 9.1. Grant of Security Interest .
 SECTION 9.2. Further Assurances . Section 8.5 Section 9.1
 SECTION 9.3. Remedies . Section 9.1
 ARTICLE X. TERMINATION EVENTS
 SECTION 10.1. Termination Events . Termination
Events




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-34-       Section 9.1




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-35-     Section 3.1(c)) Section 3.1(c)




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-36-   Section 1.2(b)
 SECTION 10.2. Remedies .
 Optional Liquidation Section 10.1
 Automatic Liquidation Section 10.1
 Additional Remedies Section 10.2
 ARTICLE XI. THE ADMINISTRATOR
 SECTION 11.1. Authorization.
 provided




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-37-  Section 14.5
 SECTION 11.2. Administrators Reliance, Etc . Section
8.1
 SECTION 11.3. CoBank and Affiliates .




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-38- ARTICLE XII. ASSIGNMENT OF AND PARTICIPATIONS IN PURCHASERS INTERESTS
 SECTION 12.1. Restrictions on Assignments; Impact on Patronage .
 provided however
    Section 12.1(a)
 SECTION 12.2. Rights of Assignee . Article XII




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-39- SECTION 12.3. Participations .
 provided
 Voting Participants Schedule 12.3(b) Schedule 12.3(b)
 ARTICLE XIII. INDEMNIFICATION
 SECTION 13.1. Indemnities.
 General Indemnity by Seller Indemnified Party Indemnified Amounts excluding however provided
 Section 9.1




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-40-          Indemnity by Servicer




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-41-  After-Tax Basis
 Contribution Section 13.1
 ARTICLE XIV. MISCELLANEOUS
 SECTION 14.1. Amendments, Etc . provided Section 1.6
 SECTION 14.2. Notices, Etc .




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-42- Schedule 14.2
 SECTION 14.3. No Waiver; Remedies .
 SECTION 14.4. Binding Effect; Survival . Section 4.2 Article
XIII provided Section
12.1
 Article VI Article
XIII Sections 4.2 14.5 14.6 14.7 14.8 14.15
 SECTION 14.5. Costs, Expenses and Taxes . Article XIII
 Section 7.1(c)




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-43-  SECTION 14.6. No Proceedings .
  Section 14.6
 SECTION 14.7. Confidentiality of Program Information.
 Confidential Information
 representatives Section 14.7) Program Information provided however provided




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-44-  Availability of Confidential Information Section 14.7
 Legal Compulsion to Disclose
 Section 14.7
 Section 14.7 Section 14.7
 Section 14.7
 Survival Section 14.7
 SECTION 14.8. Confidentiality of Originator Information .
 Confidential Information
 representatives Section 14.8




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-45- Originator Information provided however
  Availability of Confidential Information Section 14.8
 Legal Compulsion to Disclose
 Section 14.8
 Section 14.8 Section 14.8
 Section 14.8
 Survival Section 14.8




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-46- SECTION 14.9. Captions and Cross References . Section Appendix Schedule Exhibit Section Appendix Schedule Exhibit Section Section
 SECTION 14.10. Integration .
 SECTION 14.11. Governing Law .
 SECTION 14.12. Waiver Of Jury Trial .
 SECTION 14.13. Consent To Jurisdiction; Waiver Of Immunities .




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-47- SECTION 14.2 SECTION 14.13
  SECTION 14.14. Execution in Counterparts .
 SECTION 14.15. No Recourse Against Other Parties . provided however Section
14.15
 SECTION 14.16. Purchase and Sale Agreement .
 [SIGNATURE PAGES FOLLOW ON NEXT PAGE]




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LOL SPV, LLC,
as SellerBy:Name Printed:Title:LAND OLAKES, INC.,
as initial ServicerBy:Name Printed:Title:COBANK, ACB, as a Purchaser and as AdministratorBy:Name Printed:Title:




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-2- PURINA MILLS, LLC, as Sub-ServicerBy:Name Printed:Title:LAND OLAKES PURINA FEED LLC, as Sub-ServicerBy:Name Printed:Title:




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APPENDIX A
 DEFINITIONS
 Appendix A Agreement Purchasers Agreement Section Exhibit Schedule Appendix Sections Exhibits Schedules
 A. Defined Terms
 Accounts
 Administrator preamble
 Administrators Account Section 3.3(a)
 Administrators Office
 Affected Party
 Affiliate
 Allocation Limit Section 1.1
 Alternate Base Rate




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Applicable Law
 Assessment Rate provided
 Bank Equity Interest Section 7.1(k)
 Base CD Rate
 Business Day
 Capital Section
1.1 less Section 3.1
 Capitalized Lease Obligation
 Change in Control
 CoBank preamble




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-3- Collections Section 3.2
 Commitment Fee Section 4.1(b)
 Concentration Limit times % Excess Concentrations
 Consolidated
 Contract
 Contractual Obligation
 Credit and Collection Policy Schedule 7.1(g) Section 7.3(c)
 Cross-Aging Policy
 Current Assets




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-4- Cut-Off Date
 Days Sales Outstanding times
 Dairy Receivables
 Deemed Collection Section 3.2
 Default Rate plus per annum; provided
 Defaulted Receivable
 Delinquent Receivable
 Dilution
 Dilution Reserve times




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-5- ED
    =
    Expected Dilution which, expressed as a percentage, shall be
calculated as the 12-month rolling average Sales-Based Dilution Ratio
attributable to Feed Receivables and Dairy Receivables.
 Dollars
 Eligible Receivable
   , Schedule I
    Section 6.1(k
   Schedule II




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-6-     bona fide
    Event of Bankruptcy




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-7-  Excess Amount plus
 Excess Concentrations Concentration Limit
 Exchange Act
 Existing Receivables Purchase Agreement recitals
 Facility Limit Section 1.1
 Facility Limit Increase Section 1.6(a)
 Federal Funds Effective Rate
 Federal Reserve Board
 Feed recitals
 Feed Receivables
 Fee Letter Section 4.1(a)
 Fees




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-8- Final Payout Date
 Floor Reserve times
 GAAP
 Governmental Action
 Governmental Authority
 Increasing Purchaser Section 1.6(b)
 Indebtedness
     Indemnified Amounts Section 13.1
 Indemnified Party Section 13.1
 Independent Director




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-9-  Initial Purchase Date Section 3.1(a)
 JP Morgan Credit Documents
 LIBOR
 LIBOR Business Day
 LIBOR Rate
 LIBOR Rate
    =
    LIBOR
1 - LIBOR Reserve Percentage




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-10- 
 LIBOR Reserve Percentage
 Lien
 Liquidation Fee
   Lockbox
 Lockbox Account
 Lockbox Agreement Exhibit
5.1(f)
 Lockbox Bank
 LOL preamble
 LOL Downgrade
 Loss Reserve times
 product times




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-11- Loss Ratio
    =
    the most recent 12-month rolling average Sales-Based Default Ratio;Stress Factor
    =
    1.0 x.
 Material Adverse Effect
       Monthly Report Section 7.2(a)
 Net Pool Balance minus
 New Purchaser Section 1.6(a)
 New Purchaser Supplement Section 1.6(c)
 Obligor
 Originator Information Section 14.8(a)(i)
 Originator(s)
 Person




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-12- Pool Assets Section 1.4(a)
 Pool Receivable
 Pro Rata Share Schedule 1
 Program Information Section 14.7(a)(i)
 Property Properties
 Purchase Section 1.1
 Purchase and Sale Agreement
 Purchase Date Section 1.2(a)
 Purchase Increase Supplement Section 1.6(b)
 Purchase Notice Section 1.1
 Purchase Termination Date
 Section 10.2(a)
 Section 10.2(b)
 Purchaser preamble
 Purchasers Share times
 Purina




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-13- Receivables
 Receivable Interest Section 1.4(b)
 Receivables Pool
 Reconveyed Receivable
 Regulation D
 Regulatory Change




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-14- clause (i)
 clause (i ii
 clause
(i (ii (iii
 Reinvestment Section 1.3(a)(iii)
 Related Rights
 Related Security
 Reporting Date Section 3.1(a)
 Required Purchasers
 Required Reserves plus plus
 Sales
 Sales-Based Default Ratio divided by




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-15- Sales-Based Delinquency Ratio divided by
 Sales-Based Dilution Ratio divided by
 Scheduled Termination Date
 Secured Parties
 Security
 Seed
 Seed Receivables
 Seller preamble
 Sellers Share minus times
 Servicer Section 8.1(a)
 Servicer Default Section 8.2(h
 Servicer Report Section 3.1
 Servicer Transfer Event Section 8.1(b
 Servicers Fee times times
 Servicers Fee Rate per annum




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-16- Settlement Date th th
 Settlement Period
 SPV Purchaser Notes
 Statutory Reserve Rate
 Sub-Servicer Section 8.1(d)
 Subsidiary
 Successor Notice Section 8.1(b)
 Termination Date
 Termination Event Section 10.1
 Termination Period
 Three-Month Secondary CD Rate




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-17-  Transaction Documents
 UCC
 Unmatured Termination Event
 Unpaid Balance
 Voting Participant
 Yield
 C x YR x ED + LF
  where
 C
    =
    the daily average (calculated at the close of business each day) of the Capital during such Settlement Period,YR
    =
    the Yield Rate for such Settlement Period, andED
    =
    the actual number of days elapsed during such Settlement Period.LF
    =
    the Liquidation Fee, if any, during such Settlement Period.
 Yield Rate rd
 plus




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-18-  provided however
 Yield Reserve plus divided by
 Other Terms
 Computation of Time Periods
 Interpretation
 vice versa