##### 



EXHIBIT
10.4
 EXECUTION VERSION
 
 THIRD 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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APPENDIXAPPENDIX 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 Addresses
 EXHIBITSExhibit 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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THIRD AMENDED AND RESTATED  RECEIVABLES PURCHASE AGREEMENT
  PREAMBLE
 THIRD 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)




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-8- (iii)
 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
 No Proceedings




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-17-
  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
 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




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-23-
  Compliance Certificate
 Termination Events
 Material Adverse Effect; Litigation
 Change in Credit and Collection Policies
 Change in Name
 JP Morgan Credit Documents; Other Information




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-24-
  SECTION 7.3. Negative Covenants .
 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




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-25-
 Deposits to Special Accounts
 Other Businesses Section 7.1(k))
 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




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-29-
 Sub-Servicer provided 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




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-30-
  Servicer Reports; Certain Duties to Seller Sections 3.1(a) 7.2(a)
 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




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-34-
  ARTICLE X. TERMINATION EVENTS
 SECTION 10.1. Termination Events .




---



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-35-
 Section 9.1
     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




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-38-  SECTION 11.3. CoBank and Affiliates .
 ARTICLE XII. ASSIGNMENT OF AND PARTICIPATIONS IN PURCHASERS
INTERESTS
 SECTION 12.1. Restrictions on Assignments; Impact on Patronage .
 provided however




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-39- Section 12.1(a)
 SECTION 12.2. Rights of Assignee . Article XII
 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




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-40-  Section9.1




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-41-  Indemnity by Servicer
 After-Tax Basis
 Contribution Section 13.1
 ARTICLE XIV. MISCELLANEOUS
 SECTION 14.1. Amendments, Etc . provided Section 1.6




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-42-  SECTION 14.2. Notices, Etc . 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




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-43- Section 7.1(c)
  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




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-44- provided
   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 .




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




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-46- Section 14.8
 Survival Section 14.8
 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 .




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-47- SECTION 14.13. Consent To Jurisdiction; Waiver Of Immunities .
 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 .




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-48-  [SIGNATURE PAGES FOLLOW ON NEXT PAGE]




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##### 



LOL SPV, LLC,as SellerBy:
    
    /s/ Daniel KnutsonName Printed: Daniel KnutsonTitle: Sr. Vice President & CFOLAND OLAKES, INC.,as initial ServicerBy:
    
    /s/ Daniel KnutsonName Printed: Daniel KnutsonTitle: Sr. Vice President & CFOCOBANK, ACB, as a Purchaser and asAdministratorBy:
    
    /s/ Michael TousignantName Printed:  Michael TousignantTitle:  VP




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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
 CPP Receivables
 Credit and Collection Policy Schedule 7.1(g) Section 7.3(c)
 Cross-Aging Policy




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-4- Current Assets
 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)




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##### 



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




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##### 



-9- Indemnified
Party Section 13.1
 Independent Director
 Initial Purchase Date Section 3.1(a)
 JP Morgan Credit Documents
 LIBOR
 LIBOR Business Day




---



##### 



-10- LIBOR Rate
 LIBOR Rate
    
    =
    
    
    
    LIBOR1 - LIBOR Reserve Percentage
 LIBOR Reserve Percentage
 Lien
 Liquidation Fee
   Lockbox
 Lockbox Account
 Lockbox Agreement Exhibit 5.1(f)
 Lockbox Bank
 LOL preamble
 LOL Downgrade




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-11- Loss Reserve times
 Dynamic Loss Reserve Percentage means a percentage calculated as the product of: (i) the Loss
Ratio, times; (ii) the Stress Factor, where:
 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)




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-12- Originator(s)
 Person
 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)




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-13- Purchaser preamble
 Purchasers Share times
 Purina
 Receivables
 Receivable Interest Section 1.4(b)
 Receivables Pool
 Reconveyed Receivable
 Regulation D




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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- provided however
 Sales-Based Delinquency Ratio divided by provided however
 Sales-Based Dilution Ratio divided by provided however
 Scheduled Termination Date
 Secured Parties
 Security
 Seed
 Seed Receivables
 Seller preamble
 Sellers Share minus times
 Servicer Section 8.1(a)




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##### 



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
 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




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##### 



-17- Termination
Event Section 10.1
 Termination Period
 Three-Month Secondary CD Rate
 Transaction Documents
 UCC
 Unmatured Termination Event
 Unpaid Balance
 Voting Participant
 Winfield
 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, and




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-18- ED
    
    =
    
    the actual number of days elapsed during such Settlement Period.LF
    
    =
    
    the Liquidation Fee, if any, during such Settlement Period.
 Yield Rate rd
 plus
  provided however
 Yield Reserve plus divided by
 Other Terms
 Computation of Time Periods
 Interpretation.
 vice versa




---



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-19-




---



##### 



Schedule I
 Government Contracts




---



##### 



Schedule II
 Contract Standards




---



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Schedule 1
 Purchasers and Pro Rata Shares
 Purchaser
    
    Pro Rata Share
    
    Facility LimitCoBank, ACB
    
    
    100
    %
    
    $
    300,000,000TOTAL
    
    
    100
    %
    
    $
    300,000,000




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Schedule 6.1(m)
 Where Records Are Kept




---



##### 



Schedule 6.1(n)
 List of Lockbox Banks
 Bank
    
    Location
    
    AccountWells Fargo & Company
    
    Minneapolis, MN
    
    
    2391446909Wells Fargo & Company
    
    Minneapolis, MN
    
    
    2391445901Wells Fargo & Company
    
    Minneapolis, MN
    
    
    2391454580Wells Fargo & Company
    
    Minneapolis, MN
    
    
    4121577514Wells Fargo Bank, MN
    
    Minneapolis, MN
    
    
    4030012942PNC Bank
    
    Pittsburgh, PA
    
    
    8550541334Bank of America
    
    Chicago, IL
    
    
    8188201691Bank of America
    
    Dallas, TX
    
    
    180389890Bank of America
    
    San Francisco, CA
    
    
    8666024262Bank of America
    
    Chicago, IL
    
    
    8666513747Bank of America
    
    Chicago, IL
    
    
    8666019657




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Schedule 7.1(g)
 Credit and Collection Policies




---



##### 



Schedule 12.3(b)
 Participants
 Participant
    
    Amount of ParticipationCoBank
    
    $150 millionUS AgBank
    
    $30 millionFCB Texas
    
    $25 millionFCS WNY
    
    $20 millionNWFCS
    
    $20 millionCommercial Finance Group
    
    $15 millionFSCA
    
    $10 millionFirst Pioneer
    
    $10 millionGreenstone
    
    $10 millionAgStar
    
    $10 millionTotal
    
    $300 million




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##### 



Schedule 14.2
 Addresses
 A. LOL SPV, LLC1080 County Road F West
Shoreview, MN 55126Attention: Fernando PalaciosTelephone: 651-765-5508Facsimile: 651-765-5509With a copy to:Land OLakes, Inc.4001 Lexington Ave. North
Arden Hills, MN 55112Attention: Peter SimonseTelephone: 651-481-2092Facsimile: 651-481-2288B. Land OLakes Purina Feed LLC1080 County Road F West
Shoreview, MN 55126Attention: Bill PieperTelephone: 651-765-5546Facsimile: 651-765-5509With a copy to:Land OLakes, Inc.4001 Lexington Ave. North
Arden Hills, MN 55112Attention: Peter SimonseTelephone: 651-481-2092Facsimile: 651-481-2288C. Land OLakes, Inc.4001 Lexington Ave. North
Arden Hills, MN 55112Attention: Peter SimonseTelephone: 651-481-2092Facsimile: 651-481-2288D. Winfield Solutions, LLC1080 County Road F West
Shoreview, MN 55126Attention: Peter SimonseTelephone: 651-481-2092Facsimile: 651-481-2288




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-2- E. CoBank, ACB5500 South Quebec Street
Greenwood Village, CO 80111Attention: Michael TousignantTelephone: 303-694-5838Facsimile: 303-224-2539




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Exhibit 1.2(a)


Form of Purchase Notice


[DATE]





Re:
    
    Third Amended and Restated Receivables Purchase Agreement dated as of September 4, 2007
among LOL SPV, LLC, as Seller, Land OLakes, Inc., as initial Servicer, the Purchasers as
defined therein and CoBank, ACB, as Administrator for the Purchasers (the
Agreement)




Section 1.02


Purchase Price  1/ Purchase
Date


Section 6.01 Article VII






Amount to beBank
    
    Credited
    
    

Account Name
    
    
    Account No. 
 1/
    
    Insert date that is at least two (2) Business Days following the date of this notice.




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-2- $ABA#
 
 LOL SPV, LLCBy:Name:Title:Phone No.:Fax No.:




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Exhibit 3.1(a)-1
 Form of Servicer Report




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-2- 
 LOL SPV, LLC Servicer Report Date of Report            Report Month
I. AGING AND AVERAGE MATURITY CALCULATION
Agings as a % of            Current Receivables and Receivables 1-30 Days
Days Past Due $ Agings            Receivables            Past Due-Aging Based on Invoice Date
Current 0.0%
1-30 Days 0.0% 0  60 Days
31-60 Days 0.0% 61  120 Days
61-90 Days 0.0% Over 120 Day
Over 90 Days 0.0% Total
Total Receivables 100.0%
(1) Total Receivables
Exclusions: (2) Receivables  over 30 days past due
(3) Receivables  over 60 Days past invoice date
(4) Government Receivable
(5) AR not in USD and/or obligor not located in the US
(6) Defaulted Receivables  Obligor bankruptcy or chargoff as uncollectable
(7) Other Receivables being Excluded (Receivables, other than Feed, Seed, Dairy or CPP)
(8) Subject to 50% Cross-Aging Policy
(9) Other Receivables being Excluded (TBD) $- Exceptions: (10) Receivables  Seed long-dated receivables between 61-240 days past invoice date
(11) Receivables  85% of CPP long-dated receivables between 61-335 days past invoice date
(12) Government Receivables  specified on Schedule I $- (13) Eligible Receivables [(1)  (2)  (3)  (4)  (5)  (6) -(7) -(8) -(9) + (10) +(11) + (12)]
(14) Total Eligible Receivables From Affiliates
(15) Total Eligible Receivables Including Affiliates [(13) + (14)]
(16) Affiliate Receivables limit (7% of eligible affiliate receivables)
(17) Total Affiliate Receivables to be included (<= 7%)
(18) Excess Concentration per Obligor (4% of Eligible Receivables)
(19) Total Excess Concentration $- (20) Net Pool Balance [(13) + (17)  (19)]
II. COMPLIANCE REVIEW
(21) Twelve Month Rolling Average Default Ratio
(22) Twelve Month Rolling Average Default Ratio (not to exceed 6%)
(23) Twelve Month Rolling Average Delinquency Ratio
(24) Twelve Month Rolling Average Delinquency Ratio (not to exceed 6%)
(25) Twelve Month Rolling Average Dilution Ratio
(26) Twelve Month Rolling Average Dilution Ratio (not to exceed 12%)
(27) Monthly Default Ratio
(28) Monthly Default Ratio Covenant (not to exceed 10%)
(29) Monthly Delinquency Ratio
(30) Monthly Delinquency Ratio Covenant (not to exceed 10%)
III. RESERVE CALCULATIONS
Yield Reserve Calculation (31) Yield Rate [LIBO Rate + .875%]
(32) Servicers Fee Rate (33) Yield Reserve [({(31) + (32)}/360)*Days Sales Outstanding*Stress Factor 1.0* (20)] $- Dilution Reserve Calculation (34) Total Seed Receivables Net Pool Balance $- (35) Seed Dilution Reserve (40%) 40% $- (36) Net Pool Balance (excluding Seed) $- (37) Dynamic Dilution Reserve Percentage (Feed/Dairy/CPP)
(38) Dilution Reserve [(35) + (36) * (37)] $- Loss Reserve Calculation (39) Net Pool Balance $- (40) Dynamic Loss Reserve Percentage
(41) Loss Reserve [(39) * (40)] $- Required Reserve Calculation (42) Loss Reserve + Dilution Reserve + Yield Reserve [(33) + (38) + (41)] $- (43) Floor Reserve (Floor Reserve Percentage * Net Pool Balance [15% * (20)]) $- (44) The greater of (42) or (43) $- (45) Required Reserve [(44) + Credit and Collection Policy Reserve Rate {(0% * (20)}] $- IV. CAPITAL SUMMARY
(46) Capital Outstanding $- (47) Minimum Net Pool Balance {Capital Outstanding + Required Reserve [(45) + (46)]} $- (48) Excess Amount {Minimum Net Pool Balance  Net Pool Balance [(20)  (47)]} $- (49) AR Securitization Capacity $300,000,000 (50) Additional Borrowing Availability $- The undersigned hereby represents and warrants that this Servicer Report is a true and accurate accounting with respect to the
Receivable Purchase Program, amended and restated, as of September 4, 2007.
Land OLakes Farmland Feed LLC, LOL Seed Division, LOL Dairy Foods Division and Winfield Name            Date Title




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Exhibit 5.1(f)
 Form of Lockbox Agreement
 [Letterhead of LOL SPV, LLC]
  
 [Name and Address of
LockBox Bank]
  Lockbox Account  Lockbox SPV Purchasers Administrator Receivables
 Exhibit A




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[Letterhead of CoBank, ACB]
 [Lockbox Name and Address]
 Re:
    
    LOL SPV, LLC
Lockbox No.  (the Lockbox) and
Lockbox Account No.  (the Lockbox Account)
  Letter Agreement
 
 [other instructions]




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Exhibit 7.2(a)
 Form of Monthly Report




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Exhibit 7.4
 Factual Assumptions Contained In  True Sale And Non-Consolidation Opinion (Opinion Letter)
  Substantive Consolidation:




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