##### 



Exhibit 10.1
 2006 AMENDED AND RESTATED CREDIT AGREEMENT
 (Revolving Loan)
 by and between
 CoBank, ACB,  as Lead Arranger, Administrative Agent, and Bid Agent  and as a Syndication Party,
 SunTrust Bank; Bank of America, National Association; Harris
N. A.; and Wells Fargo Bank, National Association,
 as Co-Syndication Agents and as Syndication Parties,
 BNP Paribas; Cooperatieve Centrale Raiffeisen-
Boerenleenbank B.A. Rabobank International, New York Branch;
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago Branch; Deere
Credit, Inc.; U.S. Bank National Association; Natexis Banques
Populaires; Fortis Capital Corp.; The Bank of Nova Scotia; and
Calyon New York Branch,
 as Senior-Managing Agents and as Syndication Parties,
 National City Bank of Indiana; M&I Marshall & Ilsley Bank;
Farm Credit Services of America, FLCA; ING Capital LLC; Comerica
Bank; AgStar Financial Services, PCA; LaSalle Bank National
Association; Société Générale; Wachovia Bank, National
Association; and HSH Nordbank AG New York Branch,
 asSyndication Parties,
 and
 CHS INC.
 dated as of May 18, 2006




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##### 



2006 AMENDED AND RESTATED CREDIT AGREEMENT  (Revolving Loan)
 Recitals
 2005 Credit Agreement Original Effective Date
  Agreement
 Credit Agreement Effective Date CoBank Administrative Agent Schedule 1 Borrower
 ARTICLE 1. DEFINED TERMS
  1.1 Additional Costs
 1.2 Adjusted Consolidated Funded Debt
 1.3 Administrative Agent




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##### 



1.4 Administrative Agent Office
 1.5 Adoption Agreement
 1.6 Advance
 1.7 Advance Date
 1.8 Advance Payment
 1.9 Affected Loans
 1.10 Affiliate
 1.11 Amortization
 1.12 Annual Operating Budget
 1.13 Anti-Terrorism Laws
 1.14 Applicable Lending Office
 1.15 Authorized Officer
 1.16 Bank Debt
 1.17 Banking Day
 2




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##### 



1.18 Bank Equity Interests
 1.19 Base Rate Wall Street Journal Wall Street Journal
 1.20 Base Rate Loans
 1.21 Bid
 1.22 Bid Advance
 1.23 Bid Agent
 1.24 Bid Maturity Date
 1.25 Bid Rate
 1.26 Bid Rate Loan
 1.27 Bid Request
 1.28 Bid Results Notice
 1.29 Bid Selection Notice
 1.30 Borrowers Account
 1.31 Borrower Benefit Plan
 3




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##### 



1.32 Borrower Indemnification Payment
 1.33 Borrower Pension Plan
 1.34 Capital Leases
 1.35 Cash Collateral Account
 1.36 CCC
 1.37 CCC Guarantee
 1.38 Change in Law
 1.39 Closing Date
 1.40 Code
 1.41 Committed Bid Advances
 1.42 Committed LC Request
 1.43 Committed Letter of Credit
 1.44 Committed Letter of Credit Fee
 4




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##### 



1.45 Committed 5-Year Advances
 1.46 Commitment Increase
 1.47 Communications
 1.48 Compliance Certificate Exhibit 1.48
 1.49 Confirmation Amount
 1.50 Confirmation Request
 1.51 Consolidated Cash Flow
 1.52 Consolidated Current Assets
 1.53 Consolidated Current Liabilities
 1.54 Consolidated Funded Debt
 1.55 Consolidated Interest Expense
 1.56 Consolidated Members and Patrons Equity
 5




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1.57 Consolidated Subsidiary
 1.58 Contributing Syndication Parties
 1.59 Control Agreement
 1.60 Converted LC
 1.61 Debt
 1.62 Default Interest Rate
 1.63 Delinquency Interest
 1.64 Delinquent Amount
 1.65 Delinquent Syndication Party
 1.66 Depreciation
 1.67 Effective Date
 1.68 Embargoed Person
 6




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##### 



1.69 Environmental Laws
 1.70 Environmental Regulations
 1.71 ERISA
 1.72 ERISA Affiliate
 1.73 Event of Default
 1.74 Event of Syndication Default
 1.75 Executive Order
 1.76 Existing Letters of Credit Exhibit 1.76
 1.77 Export Grain Transaction Importer
 1.78 Extended Duration LC
 1.79 Farm Credit System Institution
 7




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##### 



1.80 Fiscal Quarter
 1.81 Fiscal Year
 1.82 5-Year Advance
 1.83 5-Year Availability Period
 1.84 5-Year Borrowing Notice
 1.85 5-Year Commitment
 1.86 5-Year Facility
 1.87 5-Year Facility Fee Factor Schedule 2
 1.88 5-Year Facility Fee
 1.89 5-Year Facility Note
 1.90 5-Year Funding Notice
 1.91 5-Year Margin Schedule 2
 1.92 5-Year Maturity Date
 1.93 Funded Debt
 8




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##### 



1.94 Funding Losses
 1.95 Funding Loss Notice
 1.96 Funding Share
 1.97 Funding Source
 1.98 GAAP
 1.99 Good Faith Contest
 1.100 Governmental Authority
 1.101 Hazardous Substances Environmental Regulations
 1.102 Holdout Lender
 1.103 Importer
 1.104 Importer LC
 1.105 Indemnification Date
 9




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##### 



1.106 Indemnified Agency Parties
 1.107 Indemnified Parties
 1.108 Individual 5-Year Commitment Schedule 1
 1.109 Individual 5-Year Lending Capacity
 1.110 Individual Outstanding 5-Year Obligations
 1.111 Individual 5-Year Pro Rata Share
 1.112 Intellectual Property
 1.113 Investment
 10




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1.114 Issuance Fee
 1.115 Issuing Syndication Party
 1.116 LC Commitment
 1.117 LC Confirmation
 1.118 LC Confirmation Commitment
 1.119 Letters of Credit
 1.120 Letter of Credit Bank
 1.121 LIBO Rate
 1.122 LIBO Rate Loan
 1.123 LIBO Rate Period
 1.124 LIBO Request
 1.125 Licensing Laws
 1.126 Lien
 11




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1.127 Loans
 1.128 Loan Documents
 1.129 Material Adverse Effect
 1.130 Material Agreements
 1.131 Multiemployer Plan
 1.132 NCRA
 1.133 Negotiated LC Request
 1.134 Negotiated Letter of Credit
 1.135 Non-US Lender
 1.136 Note or Notes
 1.137 OFAC
 1.138 Operating Lease
 1.139 Organization Documents
 1.140 Other List
 1.141 Original Effective Date
 1.142 Overnight Advance
 1.143 Overnight Advance Request
 12




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1.144 Overnight Funding Commitment
 1.145 Overnight Lender
 1.146 Overnight Maturity Date
 1.147 Overnight Rate
 1.148 Payment Account
 1.149 Payment Distribution
 1.150 PBGC
 1.151 Permitted Encumbrance
 1.152 Person
 1.153 Plan
 1.154 Platform
 1.155 Potential Default
 1.156 Prohibited Transaction
 1.157 Reallocation
 1.158 Reduction
 1.159 Regulatory Change
 1.160 Replacement Lender
 1.161 Reportable Event
 13




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##### 



1.162 Requested 5-Year Advance
 1.163 Required Lenders
 1.164 Required License
 1.165 Restricted Subsidiary Exhibit
1.165
 1.166 SDN List
 1.167 Subsidiary Exhibit
1.167
 1.168 Successor Agent
 1.169 Syndication Acquisition Agreement
 1.170 Syndication Interest
 1.171 Syndication Parties Schedule 1 Exhibit 15.27 Exhibit 2.10
 14




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1.172 Syndication Party Advance Date
 1.173 Term Loan Credit Agreement
 1.174 2005 Credit Agreement
 1.175 Transfer
 1.176 USA Patriot Act
 1.177 Voting Participant
 1.178 Wire Instructions
 ARTICLE 2. 5-YEAR FACILITY
 2.1 5-Year Facility Loan 5-Year Advance
 2.1.1 Individual Syndication Party 5-Year Commitment
 2.1.2 Individual Syndication Party 5-Year Pro Rata Share
 2.2 5-Year Commitment
 2.3 5-Year Borrowing Notice
 15




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Exhibit 2.3 5-Year Borrowing Notice 5-Year Funding Notice
 2.4 Promise to Pay; 5-Year Facility Promissory Notes Exhibit 2.4 5-Year Facility Note 5-Year Facility Notes
 2.5 Advances Under 2005 Credit Agreement
 16




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##### 



2.6 Syndication Party Records
 2.7 Use of Proceeds
 2.8 Syndication Party Funding Failure
 2.9 Reduction of 5-Year Commitment
 17




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##### 



2.10 Increase of 5-Year Commitment Commitment Increase Funding
Source Exhibit 2.10 Adoption Agreement
 18




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ARTICLE 3. BID RATE FACILITY; OVERNIGHT FACILITY; LC CONFIRMATION FACILITY
 3.1 5-Year Facility Bid Rate Loans Bid Advance Bid
Rate Loans
 3.1.1 Individual 5-Year Commitment
 3.1.2 5-Year Commitment
 3.1.3 Amounts
 3.2 Bid Request Exhibit 3.2 Bid Request Bid Maturity Date
 3.3 Bid Procedure Exhibit 3.3 Bid
 19




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##### 



Bid Rate Exhibit 3.3 Bid Results Notice
 3.4 Bid Acceptance Procedure Exhibit 3.4 Bid Selection Notice
 3.5 Bid Rate Loan Funding
 3.6 Syndication Party Funding Failure
 20




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3.7 Bid Rate Loans  Bid Maturity Date Beyond Maturity Date
 3.8 Failure to Implement Bid Process
 3.9 Overnight Advances Overnight Advance Overnight Rate Overnight Advance Request Overnight Maturity Date
 21




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##### 



3.10 Overnight Lender Funding Failure
 3.11 LC Confirmation Indemnification LC Confirmation Importer LC Confirmation Request Confirmation Amount CCC CCC Guarantee Indemnification Date Borrower Indemnification Payment
 22




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##### 



ARTICLE 4. LETTER OF CREDIT FACILITY
 4.1 Letter of Credit Request
 4.1.1 Request for Committed Letter of Credit Committed LC Request
 4.1.2 Request for Negotiated Letter of Credit Negotiated LC Request
 23




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4.1.3 Purpose
 4.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit both Borrower and the
Issuing Syndication Party shall notify the Administrative Agent
 4.2 Committed Letters of Credit
 4.2.1 Available Amount
 4.2.2 Availability
 4.2.3 Issuance Fee
 4.2.4 Treatment of Draws
 4.3 Negotiated Letters of Credit Issuing Syndication Party
 24




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##### 



4.3.1 Available Amount Issuing Syndication Party shall
confirm with the Administrative Agent
 4.3.2 Availability
 4.3.3 Fees
 4.3.4 Treatment of Draws
 4.4 Notice Regarding Negotiated Letters of Credit both Borrower and the Issuing Syndication Party shall notify the
Administrative Agent
 4.5 Existing Letters of Credit
 4.6 Cash Collateral Account
 25




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##### 



Cash Collateral Account Extended Duration LC
 26




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##### 



Converted LC
 4.7 Reimbursement Obligation Unconditional
     ARTICLE 5. INTEREST; FEES; AND MARGINS
 5.1 Interest
 5.1.1 Base Rate Option Base Rate Loan
 5.1.2 LIBO Rate Option
 27




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##### 



LIBO Rate Loan LIBO Rate Period LIBO Request
 5.2 Additional Provisions for LIBO Rate Loans
 5.2.1 Limitation on LIBO Rate Loans
    5.2.2 LIBO Rate Loan Unlawful 28
       Change in Law
 5.2.3 Treatment of Affected Loans Affected Loans
 5.3 Default Interest Rate
 5.4 Interest Calculation
 29




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##### 



5.5 Fees
 5.5.1 5-Year Facility Fee 5-Year Facility Fee
 5.5.2 Committed Letter of Credit Fee
 5.6 5-Year Margin; 5-Year Facility Fee Factor Schedule 2
 5.7 Special Interest Rates Exhibit 5.7
 ARTICLE 6. PAYMENTS; FUNDING LOSSES
 6.1 Principal Payments
 30




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##### 



6.2 Interest Payments
 6.3 Application of Principal Payments
 6.4 Manner of Payment
 6.4.1 Payments to Be Free and Clear
 31




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##### 



6.4.2 Grossing-up of Payments
     provided
 6.5 Voluntary Prepayments Funding Losses
 32




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##### 



Funding Loss Notice
 6.6 Distribution of Principal and Interest Payments
 6.6.1 Principal and Interest Payments on 5-Year Advances
 6.6.2 Principal and Interest Payments on Bid Advances
 6.6.3 Principal and Interest Payments on Overnight Advances
 ARTICLE 7. BANK EQUITY INTERESTS
 Bank Equity Interests
 33




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##### 



ARTICLE 8. SECURITY
  ARTICLE 9. REPRESENTATIONS AND WARRANTIES
  9.1 Organization, Good Standing, Etc.
 9.2 Corporate Authority, Due Authorization; Consents
 9.3 Litigation Exhibit 9.3
 9.4 No Violations
 34




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##### 



Licensing Laws
 9.5 Binding Agreement
 9.6 Compliance with Laws
 9.7 Principal Place of Business; Place of Organization
 9.8 Payment of Taxes Exhibit 9.8 Exhibit 9.8
 9.9 Licenses and Approvals Required Licenses
 35




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##### 



9.10 Employee Benefit Plans Exhibit 9.10 ERISA PBGC
 9.11 Equity Investments Exhibit 9.11
 9.12 Title to Real and Personal Property
 9.13 Financial Statements
 36




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##### 



9.14 Environmental Compliance Exhibit 9.14 Exhibit 9.14
 9.15 Fiscal Year
 9.16 Material Agreements
 9.17 Regulations U and X
 9.18 Trademarks, Tradenames, etc. Intellectual Property
 37




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##### 



9.19 No Default on Outstanding Judgments or Orders
 9.20 No Default in Other Agreements
 9.21 Acts of God
 9.22 Governmental Regulation
 9.23 Labor Matters and Labor Agreements Exhibit 9.23
 38




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##### 



9.24 Anti-Terrorism Laws
 9.24.1 Violation of Law Anti-Terrorism Laws Executive Order USA
Patriot Act
 9.24.2 Classification
      9.24.3 Conduct of Business
 9.25 Disclosure
 39




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##### 



ARTICLE 10. CONDITIONS TO CLOSING AND ADVANCES
 10.1 Conditions to Closing
 10.1.1 Loan Documents
 10.1.2 Approvals
 10.1.3 Organizational Documents
 10.1.4 Evidence of Corporate Action Authorized Officer
 10.1.5 Evidence of Insurance
 40




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##### 



10.1.6 Appointment of Agent for Service
 10.1.7 No Material Change
 10.1.8 Fees and Expenses
 10.1.9 Bank Equity Interest Purchase Obligation
 10.1.10 Opinion of Counsel
 10.1.11 Further Assurances
 10.2 Conditions to Advances and to Issuance of Letters of Credit
 10.2.1 Default
 41




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##### 



10.2.2 Representations and Warranties
 ARTICLE 11. AFFIRMATIVE COVENANTS
  11.1 Books and Records
 11.2 Reports and Notices
 11.2.1 Annual Financial Statements
 42




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##### 



11.2.2 Quarterly Financial Statements
 11.2.3 Notice of Default
 11.2.4 ERISA Reports
 11.2.5 Notice of Litigation
 43




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##### 



11.2.6 Notice of Material Adverse Effect
 11.2.7 Notice of Environmental Proceedings
 11.2.8 Regulatory and Other Notices
 11.2.9 Adverse Action Regarding Required Licenses
 11.2.10 Budget
 11.2.11 Additional Information
 11.3 Maintenance of Existence and Qualification
 44




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##### 



11.4 Compliance with Legal Requirements and Agreements
 11.5 Compliance with Environmental Laws
 11.6 Taxes
 11.7 Insurance
 45




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##### 



11.8 Maintenance of Properties
 11.9 Payment of Liabilities
 11.10 Inspection
 11.11 Required Licenses; Permits; Intellectual Property; Etc.
 46




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##### 



11.12 ERISA
 11.13 Maintenance of Commodity Position
 11.14 Financial Covenants
 11.14.1 Working Capital
 11.14.2 Consolidated Funded Debt to Consolidated Cash Flow
 11.14.3 Adjusted Consolidated Funded Debt to Consolidated Members and Patrons
Equity
 11.15 Embargoed Person Embargoed Person Embargoed Persons SDN List OFAC Other List et seq.
 47




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##### 



11.16 Anti-Money Laundering
 ARTICLE 12. NEGATIVE COVENANTS
  12.1 Borrowing Exhibit 12.1
 12.2 No Other Businesses
 12.3 Liens Permitted Encumbrances
 48




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##### 



49




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##### 



12.4 Sale of Assets
 50




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##### 



12.5 Liabilities of Others NCRA
 12.6 Loans
 12.7 Merger; Acquisitions; Business Form; Etc.
    51




---



##### 



12.8 Investments
      Exhibit 12.8(f) Exhibit 12.8(f)
   52




---



##### 



Exhibit 12.8(i)
 Exhibit 12.8(j)
  12.9 Transactions With Related Parties
 12.10 Patronage Refunds, etc
 12.11 Change in Fiscal Year
 12.12 ERISA
 53




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##### 



12.13 Anti-Terrorism Law
 ARTICLE 13. INDEMNIFICATION
 13.1 General; Stamp Taxes; Intangibles Tax Indemnified Parties
 54




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##### 



13.2 Indemnification Relating to Hazardous Substances provided
 55




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##### 



ARTICLE 14. EVENTS OF DEFAULT; RIGHTS AND REMEDIES
 14.1 Events of Default Event
of Default
      56




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##### 



14.2 No Advance
 14.3 Rights and Remedies
 57




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##### 



ARTICLE 15. AGENCY AGREEMENT
 15.1 Funding of Syndication Interest Advance Payment Syndication Interest
 15.2 Syndication Parties Obligations to Remit Funds Syndication Party Advance Date
 15.3 Notices to Administrative Agent
 15.4 Syndication Partys Failure to Remit Funds Delinquent
Syndication Party
 58




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##### 



Delinquent Amount Contributing Syndication Parties Delinquency Interest
 15.5 Agency Appointment
 59




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##### 



15.6 Power and Authority of the Administrative Agent
 15.6.1 Advice
 15.6.2 Documents
 15.6.3 Proceedings
 15.6.4 Retain Professionals
 15.6.5 Incidental Powers
 15.7 Duties of the Administrative Agent
 15.7.1 Possession of Documents
 15.7.2 Distribute Payments
 60




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##### 



15.7.3 Loan Administration Schedule 1 Schedule 1
 15.7.4 Determination of Individual Lending Capacity and Individual 5-Year Pro Rata
Shares
 15.7.5 Forwarding of Information
 15.8 Action Upon Default
 61




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##### 



15.8.1 Indemnification as Condition to Action
 15.9 Bid Agents Appointment, Power, Authority, Duties and Resignation or Removal;
Fee
 15.10 Consent Required for Certain Actions
 15.10.1 Unanimous
 62




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##### 



15.10.2 Required Lenders
   15.10.3 Action Without Vote
    15.10.4 Voting Participants
  63




---



##### 



15.11 Distribution of Principal and Interest Payment Account Payment Distribution
 15.12 Distribution of Certain Amounts
 15.12.1 Funding Losses
 15.12.2 Fees
 15.13 Collateral Application
 64




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##### 



15.14 Amounts Required to be Returned
 15.15 Reports and Information to Syndication Parties
 65




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##### 



15.16 Standard of Care
 15.17 No Trust Relationship
 15.18 Sharing of Costs and Expenses
 66




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##### 



15.19 Syndication Parties Indemnification of the Administrative Agent and Bid Agent Indemnified Agency Parties
 15.20 Books and Records
 15.21 Administrative Agent Fee
 15.22 The Administrative Agents Resignation or Removal Successor Agent
 67




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##### 



15.23 Representations and Warranties of All Parties
 15.24 Representations and Warranties of CoBank
 15.25 Syndication Parties Independent Credit Analysis
 68




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##### 



15.26 No Joint Venture or Partnership
 15.27 Purchase for Own Account; Restrictions on Transfer; Participations Transfer Exhibit 15.27 Syndication Acquisition Agreement
 69




---



##### 



15.28 Certain Participants Voting Rights Voting Participant
 15.29 Method of Making Payments Exhibit 15.29 Wire Instructions
 15.30 Events of Syndication Default/Remedies
 15.30.1 Syndication Party Default Event of Syndication
Default
 70




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##### 



15.30.2 Remedies
 15.31 Withholding Taxes Non-US Lender
 71




---



##### 



15.32 Replacement of Holdout Lender Holdout Lender Replacement Lender
 15.33 Amendments Concerning Agency Function
 72




---



##### 



15.34 Agent Duties and Liabilities
 15.35 Further Assurances
 ARTICLE 16. MISCELLANEOUS
 16.1 Costs and Expenses
 16.2 Service of Process and Consent to Jurisdiction
 73




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##### 



16.3 Jury Waiver
 16.4 Notices
 16.4.1 Borrower
 
 74




---



##### 



16.4.2 Administrative Agent
 
   16.4.3 Bid Agent
 
 16.4.4 Syndication Parties
  16.5 Liability of Administrative Agent and Bid Agent
 16.6 Successors and Assigns
 16.7 Severability
 75




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##### 



16.8 Entire Agreement
 16.9 Applicable Law
 16.10 Captions
 16.11 Complete Agreement; Amendments
 16.12 Additional Costs of Maintaining Loan Additional Costs Regulatory Change
 76




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##### 



16.13 Capital Requirements
 16.14 Replacement Notes
 77




---



##### 



16.15 Patronage Payments
 16.16 Direct Website Communications; Electronic Mail Communications
 16.16.1 Delivery
 Communications closing@cobank.com mtousignant@cobank.com
 78




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##### 



16.16.2 Posting Platform
 16.16.3 Additional Communications
 16.16.4 Disclaimer
 79




---



##### 



16.16.5 Termination
 16.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2005 Credit
Agreement on the Closing Date Reallocation
 80




---



##### 



Reduction
 16.18 Affect of Amended and Restated Credit Agreement
 16.19 Mutual Release
 16.20 Liberal Construction
 16.21 Counterparts ®
 81




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##### 



®
 16.22 Confidentiality
 16.23 USA Patriot Act Notice
 16.24 Waiver of Borrowers Rights Under Farm Credit Act
 82




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##### 



[Signature pages commence on the next page]
 83




---



##### 



BORROWER:CHS INC., a cooperative corporation formed under thelaws of the State of MinnesotaBy:Name: John SchmitzTitle: Executive Vice President and Chief FinancialOfficerADMINISTRATIVE AGENT:COBANK, ACBBy:Name: Michael TousignantTitle: Vice PresidentBID AGENT:CoBANK, ACBBy:Name: Michael TousignantTitle: Vice President
 84




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##### 



SYNDICATION PARTY:CoBank, ACBBy:Name: Michael TousignantTitle: Vice PresidentContact Name: Michael TousignantTitle: Vice PresidentAddress:
    5500 South Quebec StreetGreenwood Village, CO 80111Phone No.: 303/694-5838Fax No.: 303/694-5830E-mail: mtousignant@cobank.comIndividual 5-Year Commitment: $233,000,000.00Payment Instructions:CoBank, ACBABA No.: 307088754Acct. Name: CoBank, ACBAccount No.: 22274433Attn:Reference: CHS
 85




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##### 



SYNDICATION PARTY:The Bank of Tokyo-Mitsubishi UFJ, Ltd., ChicagoBranchBy:Name: Mr. Tsuguyuki UmeneTitle: Deputy General ManagerContact Name: Scott AckermanTitle: Assistant Vice PresidentAddress:
    601 Carlson Parkway, Suite 370Minnetonka, Minnesota 55305Phone No.: 952/473-9092Fax No.: 952/473-5152E-mail: sackerman@us.mufg.jpIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:Bank: The Bank of Tokyo-Mitsubishi UFJ, Ltd.,Chicago BranchABA No.: 071002341Acct. Name: The Bank of Tokyo-MisubishiUFJ, Ltd., Chicago BranchAccount No.: 1525720230Reference: CHS
 86




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##### 



SYNDICATION PARTY:SunTrust BankBy:Name: Michel OdermattTitle: Managing DirectorContact Name: Michel OdermattTitle: Managing DirectorAddress:
    303 Peachtree Street NEAtlanta, GA 30308Phone No.: 404/532-0232Fax No.: 404/575-2693E-mail: michel.odermatt@suntrust.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:SunTrust BankABA No.: 061000104Acct. Name: Corporate Banking OperationsSupportAccount No.: 9088000112Reference: CHS Inc.
 87




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##### 



SYNDICATION PARTY:Bank of America, N.A.By:Name: Daniel R. PetrikTitle: Senior Vice PresidentContact Name: Daniel R. PetrikTitle: Senior Vice PresidentAddress:
    231 S. LaSalle StreetChicago, IL 60697Phone No.: 312/828-8160Fax No.: 312/828-7393E-mail: daniel.petrik@bankofamerica.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:Bank of America N.A.ABA No.: 026-009-593Acct. Name: Commercial Loan ServicesNew York, NYAccount No.: 109823-0000591Reference: Attn: Torethia Merriwether
 88




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##### 



SYNDICATION PARTY:Wells Fargo Bank, National AssociationBy:Name: Jacqueline RyanTitle: Vice President/Sr.BankerContact Name: Jacqueline RyanTitle: Vice PresidentAddress:
    Sixth & MarquetteMAC-N9305-031Minneapolis, MN 55479Phone No.: 612/667-6508Fax No.: 612/667-2276E-mail: Jacqueline.Ryan@wellsfargo.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:Wells Fargo Bank, N.A.ABA No.: 121-000-248Acct. Name: MEMSYN/Commercial BankingService CenterAccount No.: 0271-2507201Reference: CHS
 89




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##### 



SYNDICATION PARTY:BNP ParibasBy:Name: Marcie WeissTitle: Managing DirectorBy:Name: Chris ChapmanTitle: DirectorContact Name: Chris ChapmanTitle: DirectorAddress:
    787 Seventh AvenueNew York, NY 10019Phone No.: 212/841-2076Fax No.: 212/841-2536E-mail: christopher.c.chapman @americas.bnpparibas.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:BNP PARIBAS, NEW YORKABA No.: 026 007 689Acct. Name: Loan Servicing Clearing AccountAccount No.: 103130 00103Reference: CHS
 90




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##### 



SYNDICATION PARTY:Harris N. A.By:Name:Title:Contact Name: Robert H. WolohanTitle: Vice PresidentAddress:
    111 West Monroe StreetChicago, IL 60603Phone No.: 312/461-6049Fax No.: 312/293-4280E-mail: Robert.wolohan@harrisnesbitt.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:Harris N. A. Chicago, ILABA No.: 071 000 288Acct. Name: Harris NesbittAccount No.: 109 535 5 Credit ServicesReference: CHSNotify: Arlett Hall 312-461-3118
 91




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##### 



SYNDICATION PARTY:Cooperatieve Centrale Raiffeisen-BoerenleenbankB.A., Rabobank International New York BranchBy:Name:Title:By:Name:Title:Contact Name: Brad PetersonTitle: Executive DirectorAddress:
    245 Park AvenueNew York, NY 10167Phone No.: 312/408-8222Fax No.: 312/408-8240E-mail: brad.peterson@rabobank.comIndividual 5-Year Commitment: $57,000,000.00Payment Instructions:Pay to: JPMorgan Chase, N.A.ABA No.: 021 000 021Swift Address: CHASUS33FOA: Rabobank International, NY BranchA/C: 400-212307Reference: CHS
 92




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##### 



SYNDICATION PARTY:Deere Credit, Inc.By:Name: Jack HarrisTitle: Manager Credit Operations/AdministrationContact Name: Jack HarrisTitle: Manager Credit Operations/AdministrationAddress:
    6400 NW 86th StreetP.O. Box 6650  Dept. 140Johnston, IA 50131-6650Phone No.: 515/267-4349Fax No.: 515/267-4020E-mail: harrisjack@johndeere.comIndividual 5-Year Commitment: $55,000,000.00Payment Instructions:Bank: JP Morgan Chase NY, NYABA No.: 021000021Acct. Name: Deere Credit ServicesAccount No.: 51-52135Reference: CHS, Inc.
 93




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##### 



SYNDICATION PARTY:U.S. Bank National AssociationBy:Name: Curtis A. SchrieberTitle: Vice PresidentContact Name: Curtis A. SchrieberTitle: Vice PresidentAddress:        Corporate Food & Agribusiness GroupOne US Bank Plaza, 12th FloorSt. Louis, MO 63101Phone No.: 314/418-2817Fax No.: 314/418-8430E-mail: Curtis.Schrieber@usbank.comIndividual 5-Year Commitment: $46,000,000.00Payment Instructions:U.S. BankABA No.: 123000220Acct. Name: PL-7 Commercial LoanServicing WestAccount No.: 00340012160600Reference: Participation Specialist, Loan#6349061459-CHS
 94




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SYNDICATION PARTY:Natexis Banques PopulairesBy:Name: Stephen JendrasTitle: Vice PresidentBy:Name: Alisa TraniTitle: Assistant Vice PresidentContact Name: Stephen JendrasTitle: Vice PresidentAddress:        1251 Avenue of the Americas34th FloorNew York, NY 10020Phone No.: 212/872-5157Fax No.: 212/872-5162E-mail: steve.jendras@nyc.nxbp.comIndividual 5-Year Commitment: $46,000,000.00Payment Instructions:Chase Manhattan Bank, New York, NYABA No.: 021-000-021Acct. Name: In favor of Natexis BanquesPopulairesAccount No.: 544-7-75330Reference: For further credit to CHSAccount No. 101899
 95




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SYNDICATION PARTY:Fortis Capital Corp.By:Name: Edward AldrichTitle: DirectorContact Name: Edward AldrichTitle: DirectorAddress:        520 Madison AvenueNew York, NY 10022Phone No.: 212/340-5342Fax No.: 212/340-5340E-mail: Edward.Aldrich@usfortis.comIndividual 5-Year Commitment: $46,000,000.00Payment Instructions:J.P. Morgan-Chase New YorkABA No.: 021-000-021Acct. Name: Fortis Capital Corp.Account No.: 001-1-624-418Reference: GCG  CHS
 96




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##### 



SYNDICATION PARTY:The Bank of Nova ScotiaBy:Name:Title:Contact Name: James BelletireTitle: DirectorAddress:        Scotia Capital181 West Madison St., Suite 3700Chicago, IL 60602Lending Office: 600 Peachtree St. N.E., Suite 2700Atlanta, GA 30308Phone No.: 312-201-4185Fax No.: 312-201-4108Individual 5-Year Commitment: $46,000,000.00Payment Instructions:Bank: The Bank of Nova Scotia, New York AgencyABA No: 026-002-532Acct. Name: Atlanta Agency Acct.Acct. No.: 0606634Ref: CHS Inc
 97




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SYNDICATION PARTY:Calyon New York BranchBy:Name: Lee E. GreveTitle: Managing Director, Deputy Manager(312) 220-7317lee.greve@us.calyon.comBy:Name: Joseph PhilbinTitle: Director(312) 220-7314Joseph.philbin@us.calyon.comAddress:        227 W. Monroe, Suite 3800Chicago, IL 60606Fax No.: (312) 641-0527Individual 5-Year Commitment: $46,000,000.00Payment Instructions:ABA No.: 0260-0807-3Acct. Name: Loan SettlementsAccount No.: 01-88179-3701-00-001-179Attn: Jaikissoon SanicharReference: SWIFT: CRLYUS33
 98




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SYNDICATION PARTY:National City Bank of IndianaBy:Name: Christopher A. SusottTitle: Vice PresidentContact Name: Christopher A. SusottTitle: Vice PresidentAddress:        101 W. Washington Street, Suite 200 EIndianapolis, IN 46255Phone No.: 317/267-3668Fax No.: 317/267-8899E-mail: Christopher.susott@nationalcity.comIndividual 5-Year Commitment: $25,000,000.00Payment Instructions:National City Bank of IndianaABA No.: 074000065Acct. Name: Cenex Harvest StatesAccount No.: GL 151804Reference: Att: Commercial Loan#1526986323
 99




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SYNDICATION PARTY:M&I MARSHALL & ILSLEY BANKBy:Name: B. Douglas PudvahTitle: Vice PresidentBy:Name: Chad M. KortgardTitle: Assistant Vice PresidentContact Name: Doug PudvahTitle: Vice PresidentAddress:        651 Nicollete MallMinneapolis, Minnesota 55402Phone No.: 612-904-8589Fax No.: 612-904-8012email: doug.pudvah@micorp.comIndividual 5-Year Commitment: $25,000,000.00Payment Instructions:Bank: M&I Marshall & Ilsely BankBank Address: Milwaukee, WIABA No.: 0750-0005-1Acct. Name: Commercial Loan Transfer AcctAcct. No.: 24103937Ref:Attn: Loan Servicing
 100




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SYNDICATION PARTY:Farm Credit Services of America, PCABy:Name: Steven L. MooreTitle: Vice PresidentContact Name: Steven L. MooreTitle: Vice PresidentAddress:
    
    Farm Credit Services of America5015 South 118th StreetOmaha, Nebraska 68137Phone No.: (402) 348-3339Fax No.: (402) 348-3324E-mail:Individual 5-Year Commitment: $23,000,000.00Payment Instructions:Bank:ABA No.: 096016972Acct. Name:Account No.: 362021040Attn: Becky HaasReference: CHS, Inc.
 101




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SYNDICATION PARTY:ING Capital LLCBy:Name:Title:Contact Name: Bill RedmondTitle: Managing DirectorAddress:
    
    1325 Avenue of the Americas, 8F1New York, NY 10019Phone No.: (646) 424-6639Fax No.: (646) 424-6390E-mail: bill.redmond@americas.ing.comIndividual 5-Year Commitment: $20,000,000.00Payment Instructions:Bank: JPMorgan Chase BankABA No.: 0210 0002 1Acct. Name: ING Capital LLC Loan/AgencyAccount No.: 066 297 311Attn: CFS SettlementsReference: CHS INC
 102




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SYNDICATION PARTY:Comerica BankBy:Name: Timothy ORourkeTitle: Vice PresidentContact Name: Timothy ORourkeTitle: Vice PresidentAddress:
    
    500 Woodward Ave.  M.C. 3269Detroit, MI 48226Phone No.: (313) 222-7044Fax No.: (313) 222-9516E-mail: thorourke@comerica.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:ABA No.: 072000096Acct. Name: CHS, Inc.Account No.: 21585-90010Attn: Commercial Loan OperationReference:
 103




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SYNDICATION PARTY:AgStar Financial Services, PCABy:Name: Troy MostaertTitle: Vice PresidentContact Name: Troy MostaertTitle: Vice PresidentAddress:
    
    14800 Galaxie AvenueSuite 205Apple Valley, Minnesota 55124Phone No.: (925) 997-4064Fax No.: (925) 997-4077E-mail: Troy.Mostaert@AgStar.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:ABA No.: 0960 16972Acct. Name: AgriBank, FCBAccount No.: 362408688Attn: AgStar Financial ServicesReference: CHS, Inc.
 104




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SYNDICATION PARTY:HSH Nordbank AG New York BranchBy:Name: David Lopez MenendezTitle: Senior Vice PresidentBy:Name: Rhona AlediaTitle: Vice PresidentContact Name: Rhona AlediaTitle: Vice PresidentAddress:
    
    230 Park Avenue, 32nd FloorNew York, NY 10169-0005Phone No.: (212) 407-6062Fax No.: (212) 407-6011E-mail: rhona.aledia@hsh-nordbank.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:Bank: JP Morgan ChaseBank Address: New York, NYABA No.: 021 000 021Acct. Name: HSH Nordbank, New York BranchAccount Number: 400 949 687Ref: CHS Inc.Attn: John OShea
 105




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SYNDICATION PARTY:LaSalle Bank National AssociationBy:Name: Jeffrey WareTitle: Vice PresidentContact Name: Jeffrey WareTitle: Vice PresidentAddress:
    
    135 South LaSalle Street-Suite 629Chicago, Illinois 60603Phone No.: (312) 904-2417Fax No.: (312) 904-4779E-mail: jeffrey.ware@abnamro.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:Bank: LaSalle Bank National AssociationBank Address: 135 South LaSalle Street
Chicago, IL 60603ABA No.: 071000505Acct. Name: Commercial Loan General Ledger AccountAccount Number: 1378018-7300Ref: CHS Inc.-
 106




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SYNDICATION PARTY:Société GénéraleBy:Name: Milissa GoedenTitle: Vice PresidentContact Name: Milissa GoedenTitle: Vice PresidentAddress:
    
    181 W. Madison, Suite 3400Chicago, Illinois 60602Phone No.: (312) 578-5156Fax No.: (312) 578-5099E-mail: milissa.goeden@sgcib.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:Bank: Société GénéraleBank Address: 1221 Avenue of the Americas
Ny, Ny 10020ABA No.: 026-004-226Acct. Name: LSG Clearing accountAccount Number: 9051422Ref: CHS Inc.
 107




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SYNDICATION PARTY:Wachovia Bank, National AssociationBy:Name: Clint BryantTitle: Vice PresidentContact Name: Clint BryantTitle: Vice PresidentAddress:
    
    5080 Spectrum Drive, Suite 500EAddison, TX 75001Phone No.: (972) 419-3222Fax No.: (972) 419-3136E-mail: clint.bryant@wachovia.comIndividual 5-Year Commitment: $15,000,000.00Payment Instructions:Bank: Wachovia BankBank Address: 201 South College Street
Charlotte, NCABA No.: 530000219Acct. Name: GBGAccount Number: 01459160000005Ref: CHS, Inc.
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##### 



TABLE OF CONTENTS
 ARTICLE 1. DEFINED TERMS
    
    
    11.1 Additional Costs
    
    
    11.2 Adjusted Consolidated Funded Debt
    
    
    11.3 Administrative Agent
    
    
    11.4 Administrative Agent Office
    
    
    21.5 Adoption Agreement
    
    
    21.6 Advance
    
    
    21.7 Advance Date
    
    
    21.8 Advance Payment
    
    
    21.9 Affected Loans
    
    
    21.10 Affiliate
    
    
    21.11 Amortization
    
    
    21.12 Annual Operating Budget
    
    
    21.13 Anti-Terrorism Laws
    
    
    21.14 Applicable Lending Office
    
    
    21.15 Authorized Officer
    
    
    21.16 Bank Debt
    
    
    21.17 Banking Day
    
    
    21.18 Bank Equity Interests
    
    
    31.19 Base Rate
    
    
    31.20 Base Rate Loans
    
    
    31.21 Bid
    
    
    31.22 Bid Advance
    
    
    31.23 Bid Agent
    
    
    3
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1.24 Bid Maturity Date
    
    
    31.25 Bid Rate
    
    
    31.26 Bid Rate Loan
    
    
    31.27 Bid Request
    
    
    31.28 Bid Results Notice
    
    
    31.29 Bid Selection Notice
    
    
    31.30 Borrowers Account
    
    
    31.31 Borrower Benefit Plan
    
    
    31.32 Borrower Indemnification Payment
    
    
    41.33 Borrower Pension Plan
    
    
    41.34 Capital Leases
    
    
    41.35 Cash Collateral Account
    
    
    41.36 CCC
    
    
    41.37 CCC Guarantee
    
    
    41.38 Change in Law
    
    
    41.39 Closing Date
    
    
    41.40 Code
    
    
    41.41 Committed Bid Advances
    
    
    41.42 Committed LC Request
    
    
    41.43 Committed Letter of Credit
    
    
    41.44 Committed Letter of Credit Fee
    
    
    41.45 Committed 5-Year Advances
    
    
    51.46 Commitment Increase
    
    
    51.47 Communications
    
    
    51.48 Compliance Certificate
    
    
    5
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##### 



1.49 Confirmation Amount
    
    
    51.50 Confirmation Request
    
    
    51.51 Consolidated Cash Flow
    
    
    51.52 Consolidated Current Assets
    
    
    51.53 Consolidated Current Liabilities
    
    
    51.54 Consolidated Funded Debt
    
    
    51.55 Consolidated Interest Expense
    
    
    51.56 Consolidated Members and Patrons Equity
    
    
    51.57 Consolidated Subsidiary
    
    
    61.58 Contributing Syndication Parties
    
    
    61.59 Control Agreement
    
    
    61.60 Converted LC
    
    
    61.61 Debt
    
    
    61.62 Default Interest Rate
    
    
    61.63 Delinquency Interest
    
    
    61.64 Delinquent Amount
    
    
    61.65 Delinquent Syndication Party
    
    
    61.66 Depreciation
    
    
    61.67 Effective Date
    
    
    61.68 Embargoed Person
    
    
    61.69 Environmental Laws
    
    
    71.70 Environmental Regulations
    
    
    71.71 ERISA
    
    
    71.72 ERISA Affiliate
    
    
    71.73 Event of Default
    
    
    7
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##### 



1.74 Event of Syndication Default
    
    
    71.75 Executive Order
    
    
    71.76 Existing Letters of Credit
    
    
    71.77 Export Grain Transaction
    
    
    71.78 Extended Duration LC
    
    
    71.79 Farm Credit System Institution
    
    
    71.80 Fiscal Quarter
    
    
    81.81 Fiscal Year
    
    
    81.82 5-Year Advance
    
    
    81.83 5-Year Availability Period
    
    
    81.84 5-Year Borrowing Notice
    
    
    81.85 5-Year Commitment
    
    
    81.86 5-Year Facility
    
    
    81.87 5-Year Facility Fee Factor
    
    
    81.88 5-Year Facility Fee
    
    
    81.89 5-Year Facility Note
    
    
    81.90 5-Year Funding Notice
    
    
    81.91 5-Year Margin
    
    
    81.92 5-Year Maturity Date
    
    
    81.93 Funded Debt
    
    
    81.94 Funding Losses
    
    
    91.95 Funding Loss Notice
    
    
    91.96 Funding Share
    
    
    91.97 Funding Source
    
    
    91.98 GAAP
    
    
    9
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1.99 Good Faith Contest
    
    
    91.100 Governmental Authority
    
    
    91.101 Hazardous Substances
    
    
    91.102 Holdout Lender
    
    
    91.103 Importer
    
    
    91.104 Importer LC
    
    
    91.105 Indemnification Date
    
    
    91.106 Indemnified Agency Parties
    
    
    101.107 Indemnified Parties
    
    
    101.108 Individual 5-Year Commitment
    
    
    101.109 Individual 5-Year Lending Capacity
    
    
    101.110 Individual Outstanding 5-Year Obligations
    
    
    101.111 Individual 5-Year Pro Rata Share
    
    
    101.112 Intellectual Property
    
    
    101.113 Investment
    
    
    101.114 Issuance Fee
    
    
    111.115 Issuing Syndication Party
    
    
    111.116 LC Commitment
    
    
    111.117 LC Confirmation
    
    
    111.118 LC Confirmation Commitment
    
    
    111.119 Letters of Credit
    
    
    111.120 Letter of Credit Bank
    
    
    111.121 LIBO Rate
    
    
    111.122 LIBO Rate Loan
    
    
    111.123 LIBO Rate Period
    
    
    11
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1.124 LIBO Request
    
    
    111.125 Licensing Laws
    
    
    111.126 Lien
    
    
    111.127 Loans
    
    
    121.128 Loan Documents
    
    
    121.129 Material Adverse Effect
    
    
    121.130 Material Agreements
    
    
    121.131 Multiemployer Plan
    
    
    121.132 NCRA
    
    
    121.133 Negotiated LC Request
    
    
    121.134 Negotiated Letter of Credit
    
    
    121.135 Non-US Lender
    
    
    121.136 Note or Notes
    
    
    121.137 OFAC
    
    
    121.138 Operating Lease
    
    
    121.139 Organization Documents
    
    
    121.140 Other List
    
    
    121.141 Original Effective Date
    
    
    121.142 Overnight Advance
    
    
    121.143 Overnight Advance Request
    
    
    121.144 Overnight Funding Commitment
    
    
    131.145 Overnight Lender
    
    
    131.146 Overnight Maturity Date
    
    
    131.147 Overnight Rate
    
    
    131.148 Payment Account
    
    
    13
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1.149 Payment Distribution
    
    
    131.150 PBGC
    
    
    131.151 Permitted Encumbrance
    
    
    131.152 Person
    
    
    131.153 Plan
    
    
    131.154 Platform
    
    
    131.155 Potential Default
    
    
    131.156 Prohibited Transaction
    
    
    131.157 Reallocation
    
    
    131.158 Reduction
    
    
    131.159 Regulatory Change
    
    
    131.160 Replacement Lender
    
    
    131.161 Reportable Event
    
    
    131.162 Requested 5-Year Advance
    
    
    141.163 Required Lenders
    
    
    141.164 Required License
    
    
    141.165 Restricted Subsidiary
    
    
    141.166 SDN List
    
    
    141.167 Subsidiary
    
    
    141.168 Successor Agent
    
    
    141.169 Syndication Acquisition Agreement
    
    
    141.170 Syndication Interest
    
    
    141.171 Syndication Parties
    
    
    141.172 Syndication Party Advance Date
    
    
    151.173 Term Loan Credit Agreement
    
    
    15
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1.174 2005 Credit Agreement
    
    
    151.175 Transfer
    
    
    151.176 USA Patriot Act
    
    
    151.177 Voting Participant
    
    
    151.178 Wire Instructions
    
    
    15ARTICLE 2. 5-YEAR FACILITY
    
    
    152.15-Year Facility Loan
    
    
    152.1.1 Individual Syndication Party 5-Year Commitment
    
    
    152.1.2 Individual Syndication Party 5-Year Pro Rata Share
    
    
    152.2 5-Year Commitment
    
    
    152.3 5-Year Borrowing Notice
    
    
    152.4 Promise to Pay; 5-Year Facility Promissory Notes
    
    
    162.5 Advances Under 2005 Credit Agreement
    
    
    162.6 Syndication Party Records
    
    
    172.7 Use of Proceeds
    
    
    172.8 Syndication Party Funding Failure
    
    
    172.9 Reduction of 5-Year Commitment
    
    
    172.10 Increase of 5-Year Commitment
    
    
    18ARTICLE 3. BID RATE FACILITY; OVERNIGHT FACILITY; LC CONFIRMATION FACILITY
    
    
    193.1 5-Year Facility Bid Rate Loans
    
    
    193.1.1 Individual 5-Year Commitment
    
    
    193.1.2 5-Year Commitment
    
    
    193.1.3 Amounts
    
    
    193.2 Bid Request
    
    
    19
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3.3 Bid Procedure
    
    
    193.4 Bid Acceptance Procedure
    
    
    203.5 Bid Rate Loan Funding
    
    
    203.6 Syndication Party Funding Failure
    
    
    203.7 Bid Rate Loans  Bid Maturity Date Beyond Maturity Date
    
    
    213.8 Failure to Implement Bid Process
    
    
    213.9 Overnight Advances
    
    
    213.10 Overnight Lender Funding Failure
    
    
    223.11 LC Confirmation Indemnification
    
    
    22ARTICLE 4. LETTER OF CREDIT FACILITY
    
    
    234.1 Letter of Credit Request
    
    
    234.1.1 Request for Committed Letter of Credit
    
    
    234.1.2 Request for Negotiated Letter of Credit
    
    
    234.1.3 Purpose
    
    
    244.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit
    
    
    244.2 Committed Letters of Credit
    
    
    244.2.1 Available Amount
    
    
    244.2.2 Availability
    
    
    244.2.3 Issuance Fee
    
    
    244.2.4 Treatment of Draws
    
    
    244.3 Negotiated Letters of Credit
    
    
    244.3.1 Available Amount
    
    
    254.3.2 Availability
    
    
    254.3.3 Fees
    
    
    25
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4.3.4 Treatment of Draws
    
    
    254.4 Notice Regarding Negotiated Letters of Credit
    
    
    254.5 Existing Letters of Credit
    
    
    254.6 Cash Collateral Account
    
    
    254.7 Reimbursement Obligation Unconditional
    
    
    27ARTICLE 5. INTEREST; FEES; AND MARGINS
    
    
    275.1 Interest
    
    
    275.1.1 Base Rate Option
    
    
    275.1.2 LIBO Rate Option
    
    
    285.2 Additional Provisions for LIBO Rate Loans
    
    
    285.2.1 Limitation on LIBO Rate Loans
    
    
    285.2.2 LIBO Rate Loan Unlawful
    
    
    295.2.3 Treatment of Affected Loans
    
    
    295.3 Default Interest Rate
    
    
    295.4 Interest Calculation
    
    
    295.5 Fees
    
    
    305.5.1 5-Year Facility Fee
    
    
    305.5.2 Committed Letter of Credit Fee
    
    
    305.6 5-Year Margin; 5-Year Facility Fee Factor
    
    
    305.7 Special Interest Rates
    
    
    30ARTICLE 6. PAYMENTS; FUNDING LOSSES
    
    
    306.1 Principal Payments
    
    
    306.2 Interest Payments
    
    
    316.3 Application of Principal Payments
    
    
    316.4 Manner of Payment
    
    
    31
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6.4.1 Payments to Be Free and Clear
    
    
    316.4.2 Grossing-up of Payments
    
    
    326.5 Voluntary Prepayments
    
    
    326.6 Distribution of Principal and Interest Payments
    
    
    336.6.1 Principal and Interest Payments on 5-Year Advances
    
    
    336.6.2 Principal and Interest Payments on Bid Advances
    
    
    336.6.3 Principal and Interest Payments on Overnight Advances
    
    
    33ARTICLE 7. BANK EQUITY INTERESTS
    
    
    33ARTICLE 8. SECURITY
    
    
    34ARTICLE 9. REPRESENTATIONS AND WARRANTIES
    
    
    349.1 Organization, Good Standing, Etc.
    
    
    349.2 Corporate Authority, Due Authorization; Consents
    
    
    349.3 Litigation
    
    
    349.4 No Violations
    
    
    359.5 Binding Agreement
    
    
    359.6 Compliance with Laws
    
    
    359.7 Principal Place of Business; Place of Organization
    
    
    359.8 Payment of Taxes
    
    
    359.9 Licenses and Approvals
    
    
    359.10 Employee Benefit Plans
    
    
    369.11 Equity Investments
    
    
    369.12 Title to Real and Personal Property
    
    
    369.13 Financial Statements
    
    
    369.14 Environmental Compliance
    
    
    379.15 Fiscal Year
    
    
    37
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##### 



9.16 Material Agreements
    
    
    379.17 Regulations U and X
    
    
    379.18 Trademarks, Tradenames, etc.
    
    
    379.19 No Default on Outstanding Judgments or Orders
    
    
    389.20 No Default in Other Agreements
    
    
    389.21 Acts of God
    
    
    389.22 Governmental Regulation
    
    
    389.23 Labor Matters and Labor Agreements
    
    
    389.24 Anti-Terrorism Laws
    
    
    399.24.1 Violation of Law
    
    
    399.24.2 Classification
    
    
    399.24.3 Conduct of Business
    
    
    399.25 Disclosure
    
    
    40ARTICLE 10. CONDITIONS TO CLOSING AND ADVANCES
    
    
    4010.1 Conditions to Closing
    
    
    4010.1.1 Loan Documents
    
    
    4010.1.2 Approvals
    
    
    4010.1.3 Organizational Documents
    
    
    4010.1.4 Evidence of Corporate Action
    
    
    4010.1.5 Evidence of Insurance
    
    
    4110.1.6 Appointment of Agent for Service
    
    
    4110.1.7 No Material Change
    
    
    4110.1.8 Fees and Expenses
    
    
    4110.1.9 Bank Equity Interest Purchase Obligation
    
    
    4110.1.10 Opinion of Counsel
    
    
    41
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##### 



10.1.11 Further Assurances
    
    
    4110.2 Conditions to Advances and to Issuance of Letters of Credit
    
    
    4110.2.1 Default
    
    
    4210.2.2 Representations and Warranties
    
    
    42ARTICLE 11. AFFIRMATIVE COVENANTS
    
    
    4211.1 Books and Records
    
    
    4211.2 Reports and Notices
    
    
    4211.2.1 Annual Financial Statements
    
    
    4211.2.2 Quarterly Financial Statements
    
    
    4311.2.3 Notice of Default
    
    
    4311.2.4 ERISA Reports
    
    
    4311.2.5 Notice of Litigation
    
    
    4311.2.6 Notice of Material Adverse Effect
    
    
    4411.2.7 Notice of Environmental Proceedings
    
    
    4411.2.8 Regulatory and Other Notices
    
    
    4411.2.9 Adverse Action Regarding Required Licenses
    
    
    4411.2.10 Budget
    
    
    4411.2.11 Additional Information
    
    
    4411.3 Maintenance of Existence and Qualification
    
    
    4411.4 Compliance with Legal Requirements and Agreements
    
    
    4511.5 Compliance with Environmental Laws
    
    
    4511.6 Taxes
    
    
    4511.7 Insurance
    
    
    4511.8 Maintenance of Properties
    
    
    4611.9 Payment of Liabilities
    
    
    46
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##### 



11.10 Inspection
    
    
    4611.11 Required Licenses; Permits; Intellectual Property; Etc.
    
    
    4611.12 ERISA
    
    
    4711.13 Maintenance of Commodity Position
    
    
    4711.14 Financial Covenants
    
    
    4711.14.1 Working Capital
    
    
    4711.14.2 Consolidated Funded Debt to Consolidated Cash Flow
    
    
    4711.14.3 Adjusted Consolidated Funded Debt to Consolidated Members and Patrons
Equity
    
    
    4711.15 Embargoed Person
    
    
    4711.16 Anti-Money Laundering
    
    
    48ARTICLE 12. NEGATIVE COVENANTS
    
    
    4812.1 Borrowing
    
    
    4812.2 No Other Businesses
    
    
    4812.3 Liens
    
    
    4812.4 Sale of Assets
    
    
    5012.5 Liabilities of Others
    
    
    5112.6 Loans
    
    
    5112.7 Merger; Acquisitions; Business Form; Etc.
    
    
    5112.8 Investments
    
    
    5212.9 Transactions With Related Parties
    
    
    5312.10 Patronage Refunds, etc
    
    
    5312.11 Change in Fiscal Year
    
    
    5312.12 ERISA
    
    
    5312.13 Anti-Terrorism Law
    
    
    54
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##### 



ARTICLE 13. INDEMNIFICATION
    
    
    5413.1 General; Stamp Taxes; Intangibles Tax
    
    
    5413.2 Indemnification Relating to Hazardous Substances
    
    
    55ARTICLE 14. EVENTS OF DEFAULT; RIGHTS AND REMEDIES
    
    
    5614.1 Events of Default
    
    
    5614.2 No Advance
    
    
    5714.3 Rights and Remedies
    
    
    57ARTICLE 15. AGENCY AGREEMENT
    
    
    5815.1 Funding of Syndication Interest
    
    
    5815.2 Syndication Parties Obligations to Remit Funds
    
    
    5815.3 Notices to Administrative Agent
    
    
    5815.4 Syndication Partys Failure to Remit Funds
    
    
    5815.5 Agency Appointment
    
    
    5915.6 Power and Authority of the Administrative Agent
    
    
    6015.6.1 Advice
    
    
    6015.6.2 Documents
    
    
    6015.6.3 Proceedings
    
    
    6015.6.4 Retain Professionals
    
    
    6015.6.5 Incidental Powers
    
    
    6015.7 Duties of the Administrative Agent
    
    
    6015.7.1 Possession of Documents
    
    
    6015.7.2 Distribute Payments
    
    
    6015.7.3 Loan Administration
    
    
    6115.7.4 Determination of Individual Lending Capacity and Individual 5-Year Pro Rata
Shares
    
    
    61
 xv




---



##### 



15.7.5 Forwarding of Information
    
    
    6115.8 Action Upon Default
    
    
    6115.8.1 Indemnification as Condition to Action
    
    
    6215.9 Bid Agents Appointment, Power, Authority, Duties and Resignation or Removal; Fee
    
    
    6215.10 Consent Required for Certain Actions
    
    
    6215.10.1 Unanimous
    
    
    6215.10.2 Required Lenders
    
    
    6315.10.3 Action Without Vote
    
    
    6315.10.4 Voting Participants
    
    
    6315.11 Distribution of Principal and Interest
    
    
    6415.12 Distribution of Certain Amounts
    
    
    6415.12.1 Funding Losses
    
    
    6415.12.2 Fees
    
    
    6415.13 Collateral Application
    
    
    6415.14 Amounts Required to be Returned
    
    
    6515.15 Reports and Information to Syndication Parties
    
    
    6515.16 Standard of Care
    
    
    6615.17 No Trust Relationship
    
    
    6615.18 Sharing of Costs and Expenses
    
    
    6615.19 Syndication Parties Indemnification of the Administrative Agent and Bid Agent
    
    
    6715.20 Books and Records
    
    
    6715.21 Administrative Agent Fee
    
    
    6715.22 The Administrative Agents Resignation or Removal
    
    
    67
 xvi




---



##### 



15.23 Representations and Warranties of All Parties
    
    
    6815.24 Representations and Warranties of CoBank
    
    
    6815.25 Syndication Parties Independent Credit Analysis
    
    
    6815.26 No Joint Venture or Partnership
    
    
    6915.27 Purchase for Own Account; Restrictions on Transfer; Participations
    
    
    6915.28 Certain Participants Voting Rights
    
    
    7015.29 Method of Making Payments
    
    
    7015.30 Events of Syndication Default/Remedies
    
    
    7015.30.1 Syndication Party Default
    
    
    7015.30.2 Remedies
    
    
    7115.31 Withholding Taxes
    
    
    7115.32 Replacement of Holdout Lender
    
    
    7215.33 Amendments Concerning Agency Function
    
    
    7215.34 Agent Duties and Liabilities
    
    
    7315.35 Further Assurances
    
    
    73ARTICLE 16. MISCELLANEOUS
    
    
    7316.1 Costs and Expenses
    
    
    7316.2 Service of Process and Consent to Jurisdiction
    
    
    7316.3 Jury Waiver
    
    
    7416.4 Notices
    
    
    7416.4.1 Borrower
    
    
    7416.4.2 Administrative Agent
    
    
    7516.4.3 Bid Agent
    
    
    7516.4.4 Syndication Parties
    
    
    7516.5 Liability of Administrative Agent and Bid Agent
    
    
    75
 xvii




---



##### 



16.6 Successors and Assigns
    
    
    7516.7 Severability
    
    
    7516.8 Entire Agreement
    
    
    7616.9 Applicable Law
    
    
    7616.10 Captions
    
    
    7616.11 Complete Agreement; Amendments
    
    
    7616.12 Additional Costs of Maintaining Loan
    
    
    7616.13 Capital Requirements
    
    
    7716.14 Replacement Notes
    
    
    7716.15 Patronage Payments
    
    
    7816.16 Direct Website Communications; Electronic Mail Communications
    
    
    7816.16.1 Delivery
    
    
    7816.16.2 Posting
    
    
    7916.16.3 Additional Communications
    
    
    7916.16.4 Disclaimer
    
    
    7916.16.5 Termination
    
    
    8016.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2005 Credit
Agreement on the Closing Date
    
    
    8016.18 Affect of Amended and Restated Credit Agreement
    
    
    8116.19 Mutual Release
    
    
    8116.20 Liberal Construction
    
    
    8116.21 Counterparts
    
    
    8116.22 Confidentiality
    
    
    8216.23 USA Patriot Act Notice
    
    
    8216.24 Waiver of Borrowers Rights Under Farm Credit Act
    
    
    82
 xviii




---



##### 



Exhibit 1.48
    
    Compliance CertificateExhibit 1.76
    
    Existing Letters of CreditExhibit 1.165
    
    List of Restricted SubsidiariesExhibit 1.167
    
    List of SubsidiariesExhibit 2.3
    
    5-Year Borrowing NoticeExhibit 2.4
    
    5-Year Facility Note FormExhibit 2.10
    
    Form of Adoption AgreementExhibit 3.2
    
    Bid Request FormExhibit 3.3
    
    Bid FormExhibit 3.4
    
    Bid Selection NoticeExhibit 5.7
    
    Special Interest RatesExhibit 9.3
    
    LitigationExhibit 9.8
    
    Payment of TaxesExhibit 9.10
    
    Employee Benefit PlansExhibit 9.11
    
    Equity InvestmentsExhibit 9.14
    
    Environmental ComplianceExhibit 9.23
    
    Labor Matters and AgreementsExhibit 12.1
    
    Existing IndebtednessExhibit 12.8(f)
    
    Existing Investments (excluding Restricted Subsidiaries)Exhibit 12.8(i)
    
    Investment in NCRAExhibit 12.8(j)
    
    Investment in Ventura Foods, LLCExhibit 15.27
    
    Syndication Acquisition Agreement
 xix




---



##### 



Exhibit 15.29
    
    Wire InstructionsSchedule 1
    
    Syndication Parties and Individual CommitmentsSchedule 2
    
    Applicable Margins; Facility Fee Factors
 xx




---



##### 



EXHIBIT 1.48
to Credit Agreement
 COMPLIANCE CERTIFICATE
  
 Administrative Agent, CHS Loan
  
 
  Very truly yours,
CHS Inc.By:Name:Title:
    Chief Financial Officer




---



##### 



SUBSECTION 11.14.1: WORKING CAPITAL
 minus
 Target
  
 
 SUBSECTION 11.14.2: CONSOLIDATED FUNDED DEBT TO CONSOLIDATED CASH FLOW
 divided by
 Target
 divided by
 
 SUBSECTION 11.14.3: ADJUSTED CONSOLIDATED FUNDED DEBT TO CONSOLIDATED MEMBERS AND PATRONS EQUITY
 divided by
 Target
 divided by
  2




---



##### 



Exhibit 1.76
to
Credit Agreement
 CHS Letters of Credit
    
    May 15, 2006
 Issuing
    
    Issue
    
    ExpirationL/C Number
    
    Beneficiary
    
    Bank
    
    Date
    
    Date
    
    Amount00616748
    
    Cyprus Grain Commission
    
    CoBank
    
    07/15/03
    
    05/30/06
    
    
    50,000.0000617857
    
    Board of Trade City of Chicago
    
    CoBank
    
    03/03/05
    
    06/28/06
    
    
    3,000,000.0000097012
    
    Liberty Mutual Insurance
    
    CoBank
    
    07/01/99
    
    06/30/06
    
    
    425,000.0000096019
    
    Zurich American
    
    CoBank
    
    07/01/99
    
    06/30/06
    
    
    2,000,000.0000616747
    
    MN Rail Services Improvement
    
    CoBank
    
    07/10/03
    
    07/09/06
    
    
    206,811.0000612924
    
    Taiwan Sugar Corporation
    
    CoBank
    
    08/24/98
    
    08/31/06
    
    
    100,000.0000616754
    
    Federated Rural Electric Assn
    
    CoBank
    
    09/19/03
    
    09/29/06
    
    
    450,000.0000612927
    
    Liberty Mutual Insurance
    
    CoBank
    
    09/10/98
    
    09/30/06
    
    
    5,400,000.00151-LCS-100213
    
    State of Washington
    
    Bank of Tokyo-Mitsubishi
    
    12/29/03
    
    12/20/06
    
    
    595,000.007412653
    
    United States Fire Insurance Company
    
    Bank of America
    
    10/24/03
    
    10/24/06
    
    
    700,000.00NZS335936
    
    State of Minnesota
    
    Wells Fargo
    
    05/30/89
    
    06/01/06
    
    
    4,163,956.00NZS335937
    
    South Dakota Department of Labor
    
    Wells Fargo
    
    06/16/92
    
    06/01/06
    
    
    509,443.00NZS335938
    
    Zurich Insurance Company
    
    Wells Fargo
    
    12/10/96
    
    06/01/06
    
    
    180,000.00S150121
    
    Polaris Acceptance
    
    Bank of Tokyo-Mitsubishi
    
    08/26/04
    
    08/26/06
    
    
    350,000.00SB10233
    
    Montana Economic Development Board
    
    Rabobank
    
    09/05/85
    
    09/05/06
    
    
    4,004,037.00SLCMMSP01167
    
    Dakota Valley Electric
    
    U.S. Bank
    
    08/28/00
    
    08/28/06
    
    
    450,000.00Total
letters of credit on 05/15/2006
    
    
    
    
    
    
    
    
    22,584,247.00




---



##### 



Exhibit 1.165
to Credit Agreement
 Restricted Subsidiaries




---



##### 



Exhibit 1.167
to Credit Agreement
 List of Subsidiaries
 DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    Ag States Agency of
Montana, Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    SUB
    
    Insurance Agency
    
    100% CHS
    
    10/11/1977
    
    10/11/1977
    
    31-Dec
    
    Montana
    
    81-0372838A
    
    Ag States Agency,
LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    JV
    
    Independent
Insurance Agency
    
    100% by CHS
(Eff. 4/21/05)
    
    12/27/1994
    
    12/27/1994
    
    31-May
    
    Minnesota
    
    41-1795536A
    
    CENEX AG, Inc.
(formerly FUCEI-E,
Inc.)
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    Sub
    
    Sale of feed and
seed products.
    
    100% CHS
    
    10/23/1974
    
    10/23/1974
    
    31-Aug
    
    Delaware
    
    41-1248837A
    
    Cenex Petroleum,
Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    Sub
    
    Retail sales and
distribution of
petroleum and other
related products.
    
    100% CHS
    
    7/11/1996
    
    7/11/1996
    
    
    
    Minnesota
    
    41-1847046A
    
    CENEX Pipeline LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    LLC
    
    Operating
Subsidiary for
pipeline operations
    
    100% CHS
    
    5/4/1998
    
    5/4/1998
    
    
    
    MinnesotaA
    
    Central Montana
Propane, LLC
    
    Highway 191 North
Box 22 Lewistown,
Montana59457
    
    SUB
    
    Owning and
operating a propane
wholesale and
resale operatintion
    
    CHS 53.38% and
Moore Farmers Oil
Company 46.62%
    
    9/16/1997
    
    3/1/2000
    
    31-Aug
    
    Montana
    
    81-0513866A
    
    CHS Aggressive
Growth Fund, Inc.
    
    11 East Chase
Street Baltimore,
MD 21202
    
    Corp
    
    Investment Company
    
    100% CHS
    
    5/1/2001
    
    5/1/2001
    
    31-Aug
    
    Maryland
    
    52-2316147A
    
    CHS Conservative
Growth Fund, Inc.
    
    11 East Chase
Street Baltimore,
MD 21202
    
    Corp
    
    Investment Company
    
    100% CHS
    
    5/1/2001
    
    5/1/2001
    
    31-Aug
    
    Maryland
    
    52-2316152




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    CHS do Brasil
Ltda.
    
    Sao Paulo, Brazil
    
    
    
    Origination and
marketing of
soybeans for export
to Pacific Rim and
European buyers
    
    100% CHS
    
    Feb-03
    
    Feb-03A
    
    CHS Energy
Canada, Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    Sub
    
    Petroleum; does
no business
    
    100% CHS
    
    6/12/1987
    
    6/12/1987
    
    
    
    Alberta,
Canada
    
    Canadian
8874 8884A
    
    CHS Fixed
Income Fund,
Inc.
    
    11 East Chase
Street Baltimore,
MD 21202
    
    Corp
    
    Investment
Company
    
    100% CHS
    
    6/13/2001
    
    6/13/2001
    
    31-Aug
    
    Maryland
    
    41-2008912A
    
    CHS Holdings,
Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    SUB
    
    Holding
Company for
membership
interests in the
new LLC formed
re: Terra
    
    100% CHS
    
    4/20/1999
    
    4/20/1999
    
    31-Aug
    
    Minnesota
    
    41-1947300A
    
    CHS Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    Self
    
    Combined
Corporation
(Cenex and
HSC)
    
    100% CHS
    
    7/15/1936
    
    7/15/1936
    
    
    
    Minnesota
    
    41-0251095A
    
    CHS Moderate
Growth Fund,
Inc.
    
    11 East Chase
Street Baltimore,
MD 21202
    
    Corp
    
    Investment
Company
    
    100% CHS
    
    5/1/2001
    
    5/1/2001
    
    31-Aug
    
    Maryland
    
    52-2316156A
    
    CHS-Blackfoot, Inc.
    
    477 West Highway
26, Blackfoot, ID
83221
    
    SUB
    
    Organized to
transact any
and all lawful
business for
which
corporations
may be
incorporated
under the Idaho
Business
Corporations
Act.
    
    100% CHS
    
    3/30/2006
    
    3/30/2006
    
    31-Aug
    
    Idaho
    
    30-0357896




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    CHS-Browns Valley
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    SUB
    
    Carrying on a
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the sale of crop
inputs, energy
products and
agricultural supply
products
    
    100% CHS
    
    8/21/2003
    
    8/21/2003
    
    31-Aug
    
    Minnesota
    
    75-3133234A
    
    CHS-Chinook
    
    135 First Street,
Chinook, MT
59523-0339
    
    SUB
    
    Carrying on a farm
supply business
engaging in the
purchase, sale and
handling of
agricultural
products and
agricultural
supplies, energy
products and
machinery.
    
    100% CHS
    
    2/11/2002
    
    2/11/2002
    
    31-Aug
    
    Montana
    
    73-1630482A
    
    CHS-Clinton/Wilmot
    
    5500 Cenex Drive
Inver Grove
Heights, MN
55077-2112
    
    Corp
    
    Grain Handling and
Marketing of Grain
    
    100% CHS
    
    5/21/2003
    
    5/21/2003
    
    31-Aug
    
    Minnesota
    
    87-0711575A
    
    CHS-Connell, Inc.
    
    433 North Columbia
Avenue
Connell, WA 99326
    
    SUB
    
    Transaction of any
and all lawful
business for which
associations may be
incorporated.
    
    100% CHS
    
    5/21/2001
    
    5/21/2001
    
    31-Aug
    
    Washington
    
    36-4454350




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    CHS-Dickinson
    
    3645 98th R Avenue
SW, Taylor, ND
58656
    
    SUB
    
    organized for the
purpose of carrying
on a grain elevator
and warehouse
business
    
    100% CHS
    
    10/9/2003
    
    10/9/2003
    
    31-Aug
    
    North Dakota
    
    75-3133243A
    
    CHS-Drayton
    
    2002 North
Washington Street
Grand Forks, ND
58203
    
    SUB
    
    Engage in any
activity within the
purposes for which
a cooperative may
be organized under
North Dakota
Statute 10-15
    
    100% CHS
    
    1/27/2003
    
    1/27/2003
    
    31-Aug
    
    North Dakota
    
    82-0585676A
    
    CHS-Farmco, Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    Sub
    
    Organized to
transact any and
all lawful business
for which
corporations may be
incorporated under
Chapter 17 of the
KSA
    
    100% CHS
    
    3/13/2006
    
    3/13/2006
    
    31-Aug
    
    Kansas
    
    61-1501377A
    
    CHS-Garrison
    
    2100 Railroad
Street Garrison, ND
58540
    
    SUB
    
    organized for the
purpose of carrying
on a grain elevator
and warehouse
business
    
    100% CHS
    
    5/9/2001
    
    5/9/2001
    
    31-Aug
    
    North Dakota
    
    41-2011668




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    CHS-Grangeville,
Inc.
    
    1001 North A
P.O. Box 70
Grangeville, ID
83530-0070
    
    SUB
    
    The transaction of
any and all lawful
business of which
corporations may be
incorporated under
the Idaho Business
Corporations Act
    
    100% CHS
    
    2/23/2001
    
    2/23/2001
    
    31-Aug
    
    Idaho
    
    36-4456100A
    
    CHS-Hoffman
    
    5500 Cenex Drive,
Inver Grove
Heights, MN 55077
    
    SUB
    
    Carrying on a
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the sale of crop
inputs, energy
products and
agricultural supply
products
    
    100% CHS
    
    12/23/2003
    
    12/23/2003
    
    31-Aug
    
    Minnesota
    
    43-2042326A
    
    CHS-Kindred
    
    41 Fifth Avenue
South Kindred, ND
58051
    
    SUB
    
    Owns and leased to
CHSC grain elevator
and warehouse
businesses
    
    100% CHS
    
    11/20/2001
    
    11/20/2001
    
    31-Aug
    
    North Dakota
    
    41-2023309A
    
    CHS-Lewistown
    
    190 HC 191 North,
Lewistown, MT 59457
    
    SUB
    
    Owns and leases to
CHSC grain elevator
and warehouse
businesses
    
    100% CHS
    
    2/8/2001
    
    2/8/2001
    
    31-Aug
    
    Montana
    
    36-4430427




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    CHS-Mitchell
    
    1320 West Havens
Mitchell, SD 57301
    
    SUB
    
    Carrying on a farm
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the purchase, sale
and handling of
energy products.
    
    100% CHS
    
    4/18/2005
    
    4/18/2005
    
    31-Aug
    
    South Dakota
    
    75-3192388A
    
    CHS-Moscow, Inc.
    
    P.O. Box 467
Lewiston, Idaho
83501-0467
    
    SUB
    
    The transaction of
any and all lawful
business of which
corporations may be
incorporated under
the Idaho Business
Corporations Act
    
    100% CHS
    
    8/18/2004
    
    8/18/2004
    
    31-Aug
    
    Idaho
    
    75-3169237A
    
    CHS-Starbuck
    
    5500 Cenex Drive
Inver Grove
Heights, MN
55077-2112
    
    SUB
    
    Grain and supply
business as a
cooperative
    
    100% CHS
    
    5/28/2003
    
    5/28/2003
    
    31-Aug
    
    Minnesota
    
    87-0711576A
    
    CHS-Wallace County,
Inc.
    
    P.O. Box 64089
St. Paul, MN
55164-0089
    
    SUB
    
    The transaction of
any and all lawful
business of which
corporations may be
incorporated under
Chapter 17 of the
Kansas Statutes
Annotated.
    
    100% CHS
    
    2/17/2005
    
    2/17/2005
    
    31-Aug
    
    Kansas
    
    43-2079564




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    Circle Land
Management, Inc.
    
    PO Box 909; Laurel,
MT 59044
    
    CORP
    
    Land Mgt. for
property around
Laurel MT refinery
    
    100% CHS
    
    5/5/1993
    
    5/5/1993
    
    
    
    Minnesota
    
    41-1750051A
    
    CoGrain
    
    560 W. Grain
Terminal Rd.,
Pasco, WA 99301
    
    
    
    
    
    CHS 54.5%;
Ritzville Warehouse
Company 7.273%;
Pendleton Grain
Growers 1.818%;
Odessa Union
Warehouse Co-op
36.364%
    
    9/21/1990
    
    6/1/1996
    
    
    
    WashingtonA
    
    Country Energy, LLC
    
    5500 Cenex Drive
PO Box 64089St.Paul,
MN 55164
    
    LLC
    
    Alliance between
CHS and Farmland
    
    100% CHS  (CHS
acquired Farmlands
50% 12/1/01)
    
    4/9/1998
    
    4/9/1998
    
    31-Aug
    
    Delaware
    
    43-1813211A
    
    Country Hedging,
Inc.
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    SUB
    
    Full service
commodity futures
and option
brokerage
    
    100% CHS
    
    8/20/1986
    
    8/20/1986
    
    31-Aug
    
    Delaware
    
    41-1556399A
    
    Fin-Ag, Inc.
    
    4001 South Westport
Avenue
P.O. Box 88808
Sioux Falls, SD
57105
    
    SUB
    
    Provides cattle
feeding and swine
financing loans;
facility financing
loans; crop
production loans,
and consulting
services
    
    100% CHS
    
    12/17/1987
    
    12/17/1987
    
    31-Aug
    
    South Dakota
    
    46-0398764A
    
    Front Range
Pipeline LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    LLC
    
    To own and operate
the Front Range
Pipeline
    
    100% CHS
    
    3/23/1999
    
    3/23/1999
    
    
    
    Minnesota
    
    41-1935715




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    Harvest States
Cooperatives Europe
B.V.
    
    Dienstenstraat 15
NL 3161 GN Rhoon
The Netherlands
    
    LLC
    
    Grain Marketing
    
    100% CHS
    
    5/9/2001
    
    5/9/2001
    
    31-Aug
    
    NetherlandA
    
    La Canasta of
Minnesota, Inc.
    
    5500 Cenex Drive,
Inver Grove
Heights, MN 55077
    
    SUB
    
    Sold assets 5/31/05
to Gruma. Still
own company
    
    100% CHS
(Acquired with
Sparta Foods,
wholly owned
subsidiary of
Sparta Foods)
    
    11/18/1980
    
    6/1/2000A
    
    Marshall Insurance
Agency, Inc.
    
    5500 Cenex Driver
Inver Grove Heights
MN 55077
    
    SUB
    
    Insurance Agency
    
    100% CHS
    
    4/1/2005
    
    4/1/2005
    
    
    
    Minnesota
    
    83-0428017A
    
    Montevideo Grain,
LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    LLC
    
    Acquiring, owning,
operating and
managing grain
assets
    
    Financial: 33%
FUOC; 67% CHS;
Governance 50%
FUOC, 50% CHS
    
    8/9/2001
    
    8/9/2001
    
    31-Aug
    
    Delaware
    
    41-2015718A
    
    National
Cooperative
Refinery
Association (NCRA)
    
    534 S. Kansas Ave.
Topeka, KS 66603
    
    Corp.
    
    Manufacturer,
marketing, and
wholesale
distribution of
petroleum products.
    
    CHS  74.5%, 25.5
Growmark and MFA
    
    7/7/1943
    
    7/7/1943
    
    30-Sep
    
    KansasA
    
    PGG/HSC Feed
Company, LLC.
    
    300 West Feedville
Road
Hermiston, OR 97838
    
    JV
    
    Feed Manufacturer
    
    80%  CHS and 20%
Pendleton Grain
Growers
    
    10/26/1994
    
    10/26/1994
    
    31-May
    
    Oregon
    
    93-1156470A
    
    Plains Partners, LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
    
    SUB
    
    
    
    100% CHS
    
    3/8/2006
    
    3/8/2006
    
    31-Aug
    
    MinnesotaA
    
    Sparta Foods, Inc.
    
    920 Second Avenue
South, Suite 1100,
Minneapolis, MN
55402
    
    SUB
    
    Production and
distribution of
tortilla and
value-added
tortilla products
    
    100% CHS (Acquired
Stock 6/1/00).
Sold assets to
Gruma 5/31/05.
    
    7/7/1988
    
    6/1/2000
    
    
    
    Minnesota
    
    41-1618240




---



##### 



DateCHSActive/
    
    
    
    
    
    
    
    Business
    
    Ownership
    
    Incorp.
    
    Interest
    
    Fiscal
    
    State ofInactive
    
    Entity Name
    
    Address
    
    Type
    
    Description
    
    By
    
    Date
    
    Acquired
    
    End
    
    Incorp.
    
    Fed ID #A
    
    St. Paul Maritime
Corporation
    
    
    
    SUB
    
    Company employing
stevedores at
Myrtle Grove
Terminal
    
    100% CHSC
    
    8/18/1995
    
    8/18/1995
    
    31-Aug
    
    MinnesotaA
    
    United Country
Brands LLC
    
    5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
and 3315 North Oak
Trafficway Kansas
City, MO 64116
    
    LLC
    
    Holding Company for
membership
interests in
Agriliance LLC
    
    100% CHS
    
    01/05/00
    
    1/5/2000
    
    31-Aug
    
    Delaware
    
    41-1961040A
    
    United Energy LLC
    
    120 East Main
Street Corsica, SD
57328
    
    LLC
    
    Bulk refined fuels,
lubricants and
propane businesses
within the defined
Exclusive Territory
in SD
    
    82.634% CHS; 17.366
Amkota
    
    07/01/03
    
    7/1/2003
    
    30-Jun
    
    Delaware
    
    47-0927502




---



##### 



EXHIBIT 2.3  to Credit Agreement
 
 
 To:
    
    The Administrative AgentFrom:
    
    CHS Inc. (Borrower)Re:
    
    2006 Amended and Restated Credit Agreement (Revolving Loan) (as
amended from time to time, the Credit Agreement) dated as of May
18, 2006, among Borrower, CoBank, ACB (CoBank and, in its capacity
as such, the Administrative Agent and the Bid Agent), and the
other Syndication Parties signatory thereto.
  (a)
    
    The 5-Year Advance requested pursuant to this 5-Year Borrowing Notice shall be
made on , 20___[the date inserted must be a Banking Day and [the same
Banking Day as]1 [not less than three (3) Banking Days from]2 the date hereof].(b)
    
    The aggregate principal amount of the 5-Year Advance requested hereunder shall
be  Dollars ($).(c)
    
    The 5-Year Advance requested hereunder shall initially bear interest at the
[select one]:o Base Rate and be treated as a Base Rate Loan;o LIBO Rate and be treated as a LIBO Rate Loan.
  CHS INC.By:Name:Title:
 
 1Applicable only to Base Rate Loans2Applicable only to LIBO Rate Loans




---



##### 



EXHIBIT 2.4
 5-YEAR FACILITY NOTE
 $.00
    
    
    
    Effective Date: May 18, 2006
 
     Maker:CHS INC.
a Minnesota corporationBy:Name:Title:




---



##### 



CREDIT AGREEMENT
EXHIBIT 2.10
  Effective Date Administrative Agent Adopting Parties
 Recitals
 Borrower Credit Agreement
  Syndication Interest
 Agreement
 Agreement
 DEFINITIONS
  1.
    
    Acquisition of Syndication Interest.




---



##### 



2.
    
    Representations, Warranties, and Agreements.
    2




---



##### 



Transfer
  forum non conveniens
  3




---



##### 



3.
    
    General.
  4




---



##### 



Administrative Agent (as
Administrative Agent):COBANK, ACBByName:Title:
 5




---



##### 



ADOPTING PARTY:
 By:Name:Title:Contact Name:Title:Address:Phone No.:Fax No.:Individual 5-Year Commitment: $Payment Instructions:Bank:ABA #:Acct. Name:Account No.:Attn:Ref:
 6




---



##### 



BORROWERS CONSENT
  CHS, INC.ByNameTitle
 7




---



##### 



EXHIBIT 3.2  to Credit Agreement
 
 
  To:
    
    The Bid Agent and all Syndication Parties holding an Individual
5-Year Commitment under the Credit AgreementFrom:
    
    CHS Inc. (Borrower)Re:
    
    2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the Credit Agreement) dated as of May 18, 2006, among Borrower, CoBank,
ACB (CoBank and, in its capacity as such, the Administrative Agent and the Bid
Agent), and the other Syndication Parties signatory thereto.
  
 
 Principal Amount*
    
    Bid Maturity Date+$$$$$
 
 
    
    *Borrower reserves the right to reduce or apportion this amount during the Bid selection process.
    
    +May not extend more than 30 days beyond the 5-Year Maturity Date CHS INC.By:Name:Title:




---



##### 



EXHIBIT 3.3  to Credit Agreement
 
 
  To:
    
    CHS Inc. (Borrower) and the Bid AgentFrom:
    
    [NAME OF SYNDICATION PARTY]Re:
    
    2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the Credit Agreement) dated as of May 18, 2006, among Borrower, CoBank,
ACB (CoBank and, in its capacity as such, the Administrative Agent and the Bid
Agent), and the other Syndication Parties signatory thereto.
 
 Bid
    
    
    Bid*Principal Amount
    
    Maturity Date
    
    
    Rate$$$$$
 
 *
    
    Specify rate of interest per annum (to the nearest 1/10,000 of 1%).  
 
 [Name of Bank]Dated: , 200_
    
    By:Name:Title:




---



##### 



EXHIBIT 3.4  to Credit Agreement
 
 
 To:
    
    [NAME OF SYNDICATION PARTY] (Syndication Party) and the Bid AgentFrom:
    
    CHS Inc. (Borrower)Re:
    
    2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the Credit Agreement) dated as of May 18, 2006, among Borrower, CoBank,
ACB (CoBank and, in its capacity as such, the Administrative Agent and the Bid
Agent), and the other Syndication Parties signatory thereto.
 
 Bid
    
    
    BidPrincipal Amount
    
    Maturity Date
    
    
    Rate$$$$$
 CHS INC.By:Name:Title:Dated: , 200_.




---



##### 



EXHIBIT 5.7
to
Credit Agreement
 Special Interest Rates




---



##### 



Exhibit 9.3
to Credit Agreement
 Litigation




---



##### 



Exhibit 9.8
to Credit Agreement
 Payment of Taxes




---



##### 



Exhibit 9.10
to Credit Agreement
 Employee Benefit Plans
 Plan Name and Number
 
 CHS Acquisitions  Plan Name and Number




---



##### 



Exhibit 9.11
to Credit Agreement
 EQUITY INVESTMENTS
 CHS Inc.
Investments > $5,000,000
 Balance
    
    
    
    
    
    
    Consolidated03/31/06
    
    
    Eliminations
    
    
    3/31/06Ag Processing
    
    
    21,296,524
    
    
    
    
    
    
    
    21,296,524CF Industries
    
    
    37,889,978
    
    
    
    
    
    
    
    37,889,978CoBank
    
    
    9,092,868
    
    
    
    
    
    
    
    9,092,868Land O Lakes, Inc.
    
    
    33,102,963
    
    
    
    
    
    
    
    33,102,963Universal Cooperatives, Inc.
    
    
    6,936,039
    
    
    
    
    
    
    
    6,936,039INVESTMENTS IN COOPERATIVES & OTHER
    
    
    108,318,372
    
    
    
    
    
    
    
    108,318,372CONSOLIDATED INVESTMENTSCountry Operations Shell Subsidiaries
    
    
    28,456,282
    
    
    
    (28,456,282
    )
    
    
    Ag States Agency
    
    
    20,555,402
    
    
    
    (20,555,402
    )
    
    
    Ag States Agency  Goodwill
    
    
    742,820
    
    
    
    
    
    
    
    742,820Cenex Pipeline Company
    
    
    34,801,564
    
    
    
    (34,801,564
    )
    
    
    Front Range Pipeline Co
    
    
    49,266,650
    
    
    
    (49,266,650
    )
    
    
    National Co-op Refinery Association (NCRA)
    
    
    389,723,302
    
    
    
    (389,723,302
    )
    
    
    TOTAL CONSOLIDATED INVESTMENTS
    
    
    523,546,020
    
    
    
    (522,803,200
    )
    
    
    742,820.00CORP, AGRONOMY, ENERGY, GRAIN MARKETING JVSTacoma Export Marketing Co, (Temco)
    
    
    6,849,633
    
    
    
    
    
    
    
    6,849,633US BioEnergy
    
    
    69,741,789
    
    
    
    
    
    
    
    69,741,789United Country Brands 50% (Agriliance LLC 25%)
    
    
    107,528,027
    
    
    
    
    
    
    
    107,528,027United Country Brands Goodwill
    
    
    26,740,000
    
    
    
    
    
    
    
    26,740,000CHS Holding  Canada
    
    
    15,668,404
    
    
    
    
    
    
    
    15,668,404TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
    
    
    226,527,853
    
    
    
    
    
    
    
    226,527,853COUNTRY OPERATIONS JOINT VENTURESCoFina
    
    
    38,566,591
    
    
    
    
    
    
    
    38,566,591TOTAL COUNTRY OPERATIONS JVs
    
    
    38,566,591
    
    
    
    
    
    
    
    38,566,591WHEAT MILLING JOINT VENTURESHorizon Milling, LLC
    
    
    12,361,498
    
    
    
    
    
    
    
    12,361,498Horizon Milling, LLC Non-base Capital
    
    
    5,307,524
    
    
    
    
    
    
    
    5,307,524Horizon Milling Contracts
    
    
    7,751,800
    
    
    
    
    
    
    
    7,751,800TOTAL WHEAT JVS
    
    
    25,420,822
    
    
    
    
    
    
    
    25,420,822FOODS JOINT VENTURESVentura Foods, LLC
    
    
    111,547,500
    
    
    
    
    
    
    
    111,547,500Ventura Foods-Additional 10% Goodwill
    
    
    12,864,429
    
    
    
    
    
    
    
    12,864,429TOTAL FOODS JOINT VENTURES
    
    
    124,411,929
    
    
    
    
    
    
    
    124,411,929TOTAL INVESTMENTS
    
    
    1,046,791,587
    
    
    
    (522,803,200
    )
    
    
    523,988,387NCRA Loan
    
    
    112,500,000
    
    
    
    
    
    
    
    112,500,000TOTAL
    
    
    1,159,291,587
    
    
    
    (522,803,200
    )
    
    
    636,488,387




---



##### 



Exhibit 9.14
to Credit Agreement
 Environmental Compliance




---



##### 



Exhibit 9.23
to Credit Agreement
 Labor Matters and Labor Agreements




---



##### 



Exhibit 12.1
to Credit Agreement
 EXISTING INDEBTEDNESS
 CHS Inc. & Subsidiaries
Outstanding Debt & Committed Lines of Credit
March 31, 2006
 Short-Term NotesCHS 364 Revolver
    
    $
    700,000,000.00
    
    
    (represents commitment - actual drawn was $161,500,000)5yr Revolver
    
    
    300,000,000.00
    
    
    (represents commitment - actual drawn was -0- )NCRAs 2yr Revolver
    
    
    15,000,000.00
    
    
    (represents commitment - actual drawn was -0- )Misc Notes
    
    
    1,234,635.001,016,234,635.00Indust Rev BondsMontana Econ
    
    
    3,925,000.00Private PlacementPrivate Placement
    
    
    225,000,000.00Private Placement
    
    
    175,000,000.00Prudential Shelf Note
    
    
    39,285,714.00Prudential Shelf Note
    
    
    17,857,143.00Prudential Shelf Note
    
    
    15,000,000.00Prudential Shelf Note
    
    
    15,000,000.00Private Placement
    
    
    125,000,000.00612,142,857.00CobankBuilding Loan
    
    
    6,076,801.00Term Debt
    
    
    102,500,000.00NCRAs Term Debt
    
    
    6,750,000.00115,326,801.00Other Notes PayableCorp BooksRobert L. Nygaard
    
    
    43,500.00Lemmon-Thunder Hawk (DISC)
    
    
    359,719.00Mahnomen MN
    
    
    581,882.00Greenbush MN
    
    
    194,992.00Met Life
    
    
    9,119,916.00Hall Prommisory Note
    
    
    102,275.00Country OperationsAg Svc Center-Elrosa
    
    
    113,455.00United Energy
    
    
    140,618.00Prairie Lakes  State of MN
    
    
    109,699.00Milk River  Big Sandy
    
    
    174,208.00




---



##### 



CHS-French-Fergus Falls
    
    
    55,615.00OilseedRural Electric
    
    
    255,223.00MN Rail
    
    
    115,790.00MillingMDT Rail Rehabilitation
    
    
    54,542.00Rural Econ Development Loan
    
    
    155,254.00Ag StatesDaseke Note
    
    
    1,000,000.0012,576,688.00Consolidated Total
    
    
    1,760,205,981




---



##### 



Exhibit 12.8(f)
to Credit Agreement
 EXISTING INVESTMENTS
(excluding Restricted Subsidiaries)
 Balance03/31/06
    
    
    Eliminations
    
    
    ConsolidatedAg Processing
    
    
    21,296,524
    
    
    
    
    
    
    
    21,296,524Archer Daniels Midland
    
    
    1,475,900
    
    
    
    
    
    
    
    1,475,900CF Industries
    
    
    37,889,978
    
    
    
    
    
    
    
    37,889,978Cenex Finance Association
    
    
    1,752,112
    
    
    
    
    
    
    
    1,752,112Chicago Board of Trade
    
    
    3,213,582
    
    
    
    
    
    
    
    3,213,582Co Grain Inc
    
    
    566,221
    
    
    
    
    
    
    
    566,221CoBank
    
    
    9,092,868
    
    
    
    
    
    
    
    9,092,868Cooperative Finance Association
    
    
    1,214,002
    
    
    
    
    
    
    
    1,214,002Intrade, NV
    
    
    757,714
    
    
    
    
    
    
    
    757,714International Malting  Lesaffre
    
    
    700,000
    
    
    
    
    
    
    
    700,000Land O Lakes, Inc.
    
    
    33,102,963
    
    
    
    
    
    
    
    33,102,963Lewis-Clark Terminal, Inc
    
    
    2,055,147
    
    
    
    
    
    
    
    2,055,147Universal Cooperatives, Inc.
    
    
    6,936,039
    
    
    
    
    
    
    
    6,936,039Various: Transport Cooperatives
    
    
    542,225
    
    
    
    
    
    
    
    542,225Electric & Telephone Coops
    
    
    1,481,975
    
    
    
    
    
    
    
    1,481,975Other Cooperatives, Etc.
    
    
    2,158,885
    
    
    
    (7,800
    )
    
    
    2,151,085Local Patron Coops
    
    
    2,240,412
    
    
    
    
    
    
    
    2,240,412Other
    
    
    1,182,257
    
    
    
    
    
    
    
    1,182,257INVESTMENTS IN COOPERATIVES & OTHER
    
    
    127,658,805
    
    
    
    (7,800
    )
    
    
    127,651,005CONSOLIDATED INVESTMENTSCountry Operations Shell Subsidiaries
    
    
    28,456,282
    
    
    
    (28,456,282
    )
    
    
    Ag States Agency
    
    
    20,555,402
    
    
    
    (20,555,402
    )
    
    
    Ag States Agency  Goodwill
    
    
    742,820
    
    
    
    
    
    
    
    742,820Cenex Ag, Inc.
    
    
    657,405
    
    
    
    (657,405
    )
    
    
    Cenex Petroleum, Inc.
    
    
    (1,945,327
    )
    
    
    1,945,327
    
    
    
    Circle Land Management, Inc.
    
    
    1,434,577
    
    
    
    (1,434,577
    )
    
    
    Cenex Pipeline Company
    
    
    34,801,564
    
    
    
    (34,801,564
    )
    
    
    Fin-Ag, Inc
    
    
    150,000
    
    
    
    (150,000
    )
    
    
    Front Range Pipeline Co
    
    
    49,266,650
    
    
    
    (49,266,650
    )
    
    
    HSC Brazil
    
    
    323,569
    
    
    
    (323,569
    )
    
    
    HSC Europe
    
    
    16,200
    
    
    
    (16,200
    )
    
    
    National Co-op Refinery Association (NCRA)
    
    
    389,723,302
    
    
    
    (389,723,302
    )
    
    
    Country Hedging, Inc
    
    
    875,000
    
    
    
    (875,000
    )
    
    
    Sparta Foods
    
    
    2,500,000
    
    
    
    (2,500,000
    )
    
    
    Tillamook/GTA Feeds, LLC
    
    
    750,179
    
    
    
    (750,179
    )
    
    
    United Energy
    
    
    1,174,277
    
    
    
    (1,174,277
    )
    
    
    HSC/PGG Feed
    
    
    1,021,068
    
    
    
    (1,021,068
    )
    
    
    TOTAL CONSOLIDATED INVESTMENTS
    
    
    530,502,967
    
    
    
    (529,760,147
    )
    
    
    742,820.00CORP, AGRONOMY, ENERGY, GRAIN MARKETING JVSCenex Canada
    
    
    5,834
    
    
    
    
    
    
    
    5,834Green Bay Terminal Corp.
    
    
    277,960
    
    
    
    
    
    
    
    277,960Tacoma Export Marketing Co, (Temco)
    
    
    6,849,633
    
    
    
    
    
    
    
    6,849,633United Harvest, LLC
    
    
    4,624,907
    
    
    
    
    
    
    
    4,624,907United Country Brands 50% (Agriliance LLC 25%)
    
    
    107,528,027
    
    
    
    
    
    
    
    107,528,027United Country Brands Goodwill
    
    
    26,740,000
    
    
    
    
    
    
    
    26,740,000CHS Holding  Canada
    
    
    15,668,404
    
    
    
    
    
    
    
    15,668,404Whitman Terminal Assn, LLC
    
    
    837,306
    
    
    
    
    
    
    
    837,306US BioEnergy
    
    
    69,741,789
    
    
    
    
    
    
    
    69,741,789NCRA  Investments in LLCs
    
    
    4,984,659
    
    
    
    (711,425
    )
    
    
    4,273,234TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
    
    
    237,258,519
    
    
    
    (711,425
    )
    
    
    236,547,094




---



##### 



Balance03/31/06
    
    
    Eliminations
    
    
    ConsolidatedCOUNTRY OPS & BUSINESS SOLUTIONS JOINT VENTURESAllied Agronomy, LLC
    
    
    335,254
    
    
    
    
    
    
    
    335,254Allied Agronomy Goodwill
    
    
    (37,990
    )
    
    
    
    
    
    
    (37,990
    )Battle Creek/CHS, LLC
    
    
    770,952
    
    
    
    
    
    
    
    770,952Central Montana Propane, LLC
    
    
    418,685
    
    
    
    
    
    
    
    418,685CHS/ADM, LLC
    
    
    1,230,013
    
    
    
    
    
    
    
    1,230,013Classic Farms, LLC
    
    
    555,590
    
    
    
    
    
    
    
    555,590Dakota Agronomy Partners
    
    
    2,141,943
    
    
    
    
    
    
    
    2,141,943Energy Partners, LLC
    
    
    3,051,266
    
    
    
    
    
    
    
    3,051,266Genetic Marketing Group, LLC
    
    
    6,547
    
    
    
    
    
    
    
    6,547Kropf/CHS, LLC
    
    
    720,923
    
    
    
    
    
    
    
    720,923Montevideo Grain, LLC
    
    
    466,382
    
    
    
    
    
    
    
    466,382Mountain View of Montana, LLC
    
    
    1,604,598
    
    
    
    
    
    
    
    1,604,598Norick Risk Funding Concepts, LLC
    
    
    1,752,114
    
    
    
    
    
    
    
    1,752,114Prairie Lakes Grain Storage, LLC
    
    
    63,901
    
    
    
    
    
    
    
    63,901Red Rock Cooperative
    
    
    15,376
    
    
    
    
    
    
    
    15,376Safety Resource Alliance, LLC
    
    
    10,000
    
    
    
    
    
    
    
    10,000CoFina
    
    
    38,566,591
    
    
    
    
    
    
    
    38,566,591TOTAL COUNTRY OPS & BUSINESS SOLUTIONS
    
    
    51,672,145
    
    
    
    
    
    
    
    51,672,145WHEAT MILLING JOINT VENTURESHorizon Milling, LLC
    
    
    12,361,498
    
    
    
    
    
    
    
    12,361,498Horizon Milling, LLC Non-base Capital
    
    
    5,307,524
    
    
    
    
    
    
    
    5,307,524Horizon Milling Contracts
    
    
    7,751,800
    
    
    
    
    
    
    
    7,751,800TOTAL WHEAT JVS
    
    
    25,420,821
    
    
    
    
    
    
    
    25,420,821FOODS JOINT VENTURESUnited Processors, LLC (Rocky Mountain Milling)
    
    
    1,150,142
    
    
    
    
    
    
    
    1,150,142Ventura Foods, LLC
    
    
    111,547,500
    
    
    
    
    
    
    
    111,547,500Ventura Foods-Original Goodwill
    
    
    4,581,675
    
    
    
    
    
    
    
    4,581,675Ventura Foods-Additional 10% Goodwill
    
    
    12,864,429
    
    
    
    
    
    
    
    12,864,429TOTAL FOODS JOINT VENTURES
    
    
    130,143,746
    
    
    
    
    
    
    
    130,143,746TOTAL INVESTMENTS
    
    
    1,102,657,004
    
    
    
    (530,479,372
    )
    
    
    572,177,632Investment in United BioEnergy Fuels, LLC made 4/28/06
    
    
    
    
    
    
    
    
    
    
    2,400,000NCRA Loan
    
    
    112,500,000
    
    
    
    
    
    
    
    112,500,000TOTAL
    
    
    1,215,157,004
    
    
    
    (530,479,372
    )
    
    
    687,077,632




---



##### 



Exhibit 12.8(i)
to Credit Agreement
 Investments in NCRA
 CHS Cooperatives
Contributions  NCRA Investment
 Stock Purchase (5/16/46)
    
    
    100Stock Purchase (3/6/58)
    
    
    499,900Stock Purchase (8/4/77)
    
    
    100Stock Purchase (5/7/74)
    
    
    100Stock Purchase from LOL (July 89)
    
    
    28,729,008Stock Purchase from Farmland (July 92)
    
    
    64,801,400NCRA has redeemed all purchases above 100% in cash.




---



##### 



Exhibit 12.8(j)
to Credit Agreement
 Investments in Ventura Foods, LLC
 CHS Cooperatives
Contributions  Ventura Foods Investment
 Initial Asset Transfers for 50% interest (8/30/96)
    
    
    38,490,680Cash Contribution (1/8/99)
    
    
    8,000,000Cash Purchase of additional 10% interest (3/31/00)
    
    
    25,620,000




---



##### 



Exhibit 15.27  to Credit Agreement
 SYNDICATION ACQUISITION AGREEMENT
 Effective
Date Administrative
Agent  Transferor  Purchaser
 Recitals
 Borrower Credit Agreement
 5-Year Loan Interest Exhibit A
 Agreement
 Agreement
 DEFINITIONS
  Loan
 1. Purchase and Sale of Syndication Interest.
 Exhibit A Purchasers 5-Year Loan Commitment Amount




---



##### 



Effective Date determined by application of the 5-Year Loan
Percentage as set forth in Exhibit A Purchasers Outstanding 5-Year Loan Obligations Amount Exhibit A
 Purchasers Commitment Amount Purchasers Outstanding Obligations Amount Purchasers Syndication Interest
    2. Purchasers Representations, Warranties, and Agreements.
  2




---



##### 



3




---



##### 



Transfer Transferee Exhibit 15.27 Transferor Assignment Fee Participant
 4




---



##### 



2.6.
    
    Purchaser:
 forum non conveniens
  5




---



##### 



3. Representations of Administrative Agent and Transferor.
  4. General.
  6




---



##### 



Administrative Agent (as Administrative
Agent):COBANK, ACBByName:Title:Transferor:ByNameTitle
 BORROWERS CONSENT
  CHS INC.ByNameTitle
 [Purchasers signature appears on the next page]
 7




---



##### 



PURCHASER:[Name]By:Name:Title:Contact Name:Title:Address:e-mail address:Phone No.:Fax No.:Individual 5-Year Commitment: $.00Payment Instructions:BankABA -Acct. Name:Attention:Ref: CHS
 8




---



##### 



EXHIBIT A TO
SYNDICATION ACQUISITION AGREEMENT
 
 5-Year Loan Percentage
 
 9




---



##### 



EXHIBIT 15.29
 to Credit Agreement
  To:
    
    CoBank, ACB
ABA # 3070-8875-4
CHS SYND
22274433
Attn: Agencyclosings
   To:
    
    CHS Inc.
Bank Name:    Wells Fargo Bank Minnesota, N.A.
                         420 Montgomery
                         San Francisco, CA 94104
 Routing No. : 121000248
Account No.: 0000044070
SWIFT: WBFIUS6S




---



##### 



SCHEDULE 1  to Credit Agreement (Revolving Loan)
 SYNDICATION PARTIES AND INDIVIDUAL COMMITMENTS
 Syndication Party
    
    IndividualName/Address
    
    5-Year CommitmentCoBank, ACB
5500 South Quebec Street
Greenwood Village, CO 80111
    
    $
    233,000,000.00The Bank of Tokyo  Mitsubishi UFJ, Ltd.
Chicago Branch
227 West Monroe Street
Suite 2300
Chicago, IL 60606
    
    $
    57,000,000.00SunTrust Bank
303 Peachtree Street N.E., 3rd Floor
Atlanta, GA 30308
    
    $
    57,000,000.00Bank of America, N.A.
231 South LaSalle Street
Chicago, IL 60697
    
    $
    57,000,000.00Wells Fargo Bank, National Association
Sixth and Marquette
Minneapolis, MN 55479-0085
    
    $
    57,000,000.00BNP Paribas
787 Seventh Avenue
New York, NY 10019
    
    $
    57,000,000.00Harris N. A.
111 W. Monroe Street
20th Floor West
Chicago, IL 60603
    
    $
    57,000,000.00Rabobank International, New York Branch
245 Park Avenue
New York, NY 10167
    
    $
    57,000,000.00Deere Credit, Inc.
6400 NW 86th Street
P.O. Box 6650-Dept 140
Johnston, IA 50131-6650
    
    $
    55,000,000.00U.S. Bank National Association
Corporate Food & Agribusiness Group
One US Bank Plaza, 12th Floor
St. Louis, MO 63101
    
    $
    46,000,000.00Natexis Banques Populaires
1251 Avenue of the Americas
New York, NY 10020
    
    $
    46,000,000.00




---



##### 



Syndication Party
    
    IndividualName/Address
    
    5-Year CommitmentFortis Captial Corp.
520 Madison Avenue
New York, NY 10022
    
    $
    46,000,000.00The Bank of Nova Scotia
600 Peachtree Street, N.E.
Atlanta, GA 30308
    
    $
    46,000,000.00Calyon New York Branch
1301 Avenue of the Americas
New York, NY 10019
    
    $
    46,000,000.00National City Bank of Indiana
101 W. Washington St., Ste. 200 E
Indianapolis, IN 46255
    
    $
    25,000,000.00M&I Marshall & Ilsley Bank
651 Nicollet Mall
Minneapolis, MN 55402
    
    $
    25,000,000.00Farm Credit Services of America, PCA
5015 South 118th Street
Omaha, Nebraska 68137
    
    $
    23,000,000.00ING Capital LLC
1325 Avenue of the Americas, 8F1
New York, NY 10019
    
    $
    20,000,000.00HSH Nordbank New York Branch
230 Park Avenue, 32nd Floor
New York, NY 10169-0005
    
    $
    15,000,000.00Comerica Bank
500 Woodward Ave.
Detroit, MI 48226
    
    $
    15,000,000.00AgStar Financial Services, PCA
14800 Galaxie Ave., Suite 205
Apple Valley, Minnesota 55124
    
    $
    15,000,000.00LaSalle Bank, National Association
135 South LaSalle Street  Suite 629
Chicago, Illinois 60603
    
    $
    15,000,000.00Wachovia Bank, National Association
5080 Spectrum Dr., Suite 500 East
Addison, Texas 75001
    
    $
    15,000,000.00Société Générale
181 W. Madison, Suite 3400
Chicago, Illinois 60602
    
    $
    15,000,000.00TOTAL
    
    $
    1,100,000,000.00
 2




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##### 



SCHEDULE 2  to Credit Agreement
 5-YEAR MARGIN AND 5-YEAR FACILITY FEE FACTOR
  Ratio ofConsolidatedFunded Debt to
    
    
    
    5-Year FacilityTIER
    
    Cash Flow
    
    5-Year Margin
    
    Fee FactorTier 5
    
    £ 1.00
    
    40.0 basis points
    
    10.0 basis pointsTier 4
    
    > 1.00 £ 1.50
    
    45.0 basis points
    
    12.5 basis pointsTier 3
    
    > 1.50 £ 2.00
    
    52.5 basis points
    
    15.0 basis pointsTier 2
    
    > 2.00 £ 2.50
    
    62.5 basis points
    
    17.5 basis pointsTier 1
    
    > 2.50
    
    75.0 basis points
    
    20.0 basis points