Document:

exv10w1

 

Exhibit 10.1

2005 AMENDED AND RESTATED CREDIT AGREEMENT

(Revolving Loans)

by and between

CoBank, ACB,

as Lead Arranger, Administrative Agent, and Bid Agent

and as a Syndication Party,

The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch; SunTrust

Bank; Bank of America, National Association; and Wells Fargo Bank,

National Association,

as Co-Syndication Agents and as Syndication Parties, 

BNP Paribas; Harris Trust and Savings Bank; Cooperatieve

Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank International”,

New York 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; UFJ Bank,

Limited; Comerica Bank, Inc.; and AgStar Financial Services, PCA,

as Syndication Parties,

and

CHS INC.

dated as of May 19, 2005

 

 

2005 AMENDED AND RESTATED CREDIT AGREEMENT

(Revolving Loans)

Recitals

     A. COBANK, ACB as the Lead Arranger, Administrative Agent, and Bid Agent for the benefit of
the present and future Syndication Parties, and as a Syndication Party, the Syndication Parties
identified on Schedule 1 thereto, and CENEX HARVEST STATES COOPERATIVES (n/k/a CHS Inc.), a
cooperative corporation formed under the laws of the State of Minnesota, entered into that certain
Credit Agreement (Revolving Loan) (“2003 Credit Agreement”) dated as of May 21, 2003 (“Original
Effective Date”).

     B. The parties to the 2003 Credit Agreement desire to make certain amendments to, but not to
discharge any indebtedness or other obligations owing under, the 2003 Credit Agreement, as
incorporated in this 2005 Amended and Restated Credit Agreement (Revolving Loans).

Agreement

     THIS 2005 AMENDED AND RESTATED CREDIT AGREEMENT (“Credit Agreement”) is entered into as of the
19th day of May 2005 (“Effective Date”), by and between COBANK, ACB (“CoBank”) for its own benefit
as a Syndication Party, and as the Administrative Agent for the benefit of the present and future
Syndication Parties (in that capacity “Administrative Agent”), the Syndication Parties identified
on Schedule 1 hereto, and CHS INC., a cooperative corporation formed under the laws of the
State of Minnesota, whose address is 5500 Cenex Drive, Inver Grove Heights, Minnesota 55077
(“Borrower”), and amends, restates, and replaces in its entirety the 2003 Credit Agreement
effective as of the Effective Date.

ARTICLE 1.  DEFINED TERMS

     As used in this Credit Agreement, the following terms shall have the meanings set forth below
(and such meaning shall be equally applicable to both the singular and plural form of the terms
defined, as the context may require):

     1.1 Additional Costs: shall have the meaning set forth in Section 17.12.

     1.2 Adjusted Consolidated Funded Debt: All Consolidated Funded Debt of Borrower and
its Consolidated Subsidiaries, plus the net present value of operating leases of Borrower and its
Consolidated Subsidiaries as discounted by a rate of 8.0% per annum.

     1.3 Administrative Agent: shall initially mean CoBank, ACB.

     1.4 Administrative Agent Office: shall mean the address set forth at Subsection
17.4.2, as it may change from time to time by notice to all parties to this Credit Agreement.

 

 

     1.5 Advance: an advance of funds under either the 364-Day Facility or the 5-Year
Facility.

     1.6 Advance Date: a day (which shall be a Banking Day) on which an Advance is made.

     1.7 Advance Payment: shall have the meaning set forth in Section 16.1.

     1.8 Affected Loans: shall have the meaning set forth in Subsection 6.2.3.

     1.9 Affiliate: with respect to any Person means (a) a Subsidiary of such Person, (b)
any Person in which such Person, directly or indirectly, owns more than five percent (5.0%) of the
outstanding equity thereof, and (c) any Person which, directly or indirectly, (i) owns more than
five percent (5.0%) of the outstanding equity of such Person, or (ii) has the power under ordinary
circumstances to control the management of such Person.

     1.10 Aggregate Commitment: shall mean at any time the 364-Day Commitment plus the
5-Year Commitment.

     1.11 Amortization: the total amortization of Borrower and its Consolidated
Subsidiaries as measured in accordance with GAAP.

     1.12 Annual Operating Budget: means the annual operating budget for Borrower and its
Subsidiaries in substantially the form of, and containing substantially the same or similar
information as set forth in, the Annual Operating Budget (Business Plan) for Borrower and its
Subsidiaries included in the booklet delivered to the Syndication Parties at the March 15, 2005
bank group meeting.

     1.13 Anti-Terrorism Laws: shall have the meaning set forth in Subsection 10.24.1.

     1.14 Applicable Lending Office: means, for each Syndication Party and for each type
of Advance, the lending office of such Syndication Party designated as such for such type of
Advance on its signature page hereof or in the applicable Syndication Acquisition Agreement or such
other office of such Syndication Party as such Syndication Party may from time to time specify to
the Administrative Agent and Borrower as the office by which its Advances of such type are to be
made and maintained.

     1.15 Authorized Officer: shall have the meaning set forth in Subsection 11.1.4.

     1.16 Bank Debt: all amounts owing under the Notes, fees, Borrower’s obligations to
purchase Bank Equity Interests, Funding Losses and all interest, expenses, charges and other
amounts payable by Borrower pursuant to the Loan Documents.

     1.17 Banking Day: any day (a) other than a Saturday or Sunday and other than a day
which is a Federal legal holiday or a legal holiday for banks in the States of Colorado, Minnesota,
or New York, and (b) if such day relates to a borrowing of, a payment or prepayment of principal of
or interest on, a continuation of or conversion into, or a LIBO Rate Period for, a

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LIBO Rate Loan,
or a notice by Borrower with respect to any such borrowing, payment, prepayment, continuation,
conversion, or LIBO Rate Period, on which dealings in U.S. Dollar deposits are carried out in the
London interbank market.

     1.18 Bank Equity Interests: shall have the meaning set forth in Article 8 hereof.

     1.19 Base Rate: a rate of interest per annum equal to the “prime rate” as published
from time to time in the Eastern Edition of the Wall Street Journal as the average prime lending
rate for seventy-five percent (75%) of the United States’ thirty (30) largest commercial banks, or
if the Wall Street Journal shall cease publication or cease publishing the “prime rate” on a
regular basis, such other regularly published average prime rate applicable to such commercial
banks as is acceptable to the Administrative Agent in its reasonable discretion, with the consent
of Borrower, which consent will not be unreasonably withheld (provided that Borrower’s consent
shall not be required at any time there has occurred and is continuing a Potential Default or an
Event of Default).

     1.20 Base Rate Loans: shall have the meaning set forth in Subsection 6.1.1.

     1.21 Bid: shall have the meaning set forth in Section 4.4.

     1.22 Bid Advance: shall mean a 364-Day Bid Advance and/or a 5-Year Bid Advance, as
the context requires.

     1.23 Bid Agent: shall mean CoBank, ACB.

     1.24 Bid Maturity Date: shall have the meaning set forth in Section 4.3.

     1.25 Bid Rate: shall have the meaning set forth in Section 4.4.

     1.26 Bid Rate Loan: shall mean a 364-Day Bid Loan and/or a 5-Year Bid Loan, as the
context requires.

     1.27 Bid Request: shall have the meaning set forth in Section 4.3.

     1.28 Bid Results Notice: shall have the meaning set forth in Section 4.4.

     1.29 Bid Selection Notice: shall have the meaning set forth in Section 4.5.

     1.30 Borrower’s Account: shall mean Borrower’s account #44070 at Wells Fargo Bank,
N.A., Minneapolis, Minnesota (ABA #091000019).

     1.31 Borrower Benefit Plan: means (a) any “employee benefit plan”, as such term is
defined in Section 3(3) of ERISA (including any “multiemployer plan” as defined in Section 3(37) of
ERISA); (b) any “multiple employer plan” within the meaning of Section 413 of the Code; (c) any
“multiple employer welfare arrangement” within the meaning of Section 3(40) of ERISA; (d) a
“voluntary employees’ beneficiary association” within the meaning of Section 501(a)(9) of the Code;
(e) a “welfare benefit fund” within the meaning of Section 419 of the

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Code; or (f) any employee
welfare benefit plan within the meaning of Section 3(1) of ERISA for the benefit of retired or
former employees, which is maintained by Borrower or in which Borrower participates or to which
Borrower is obligated to contribute.

     1.32 Borrower Indemnification Payment: shall have the meaning set forth in Section
4.12.

     1.33 Borrowing Notice: shall mean a 364-Day Borrowing Notice or a 5-Year Borrowing
Notice, as applicable.

     1.34 Borrower Pension Plan: means each Borrower Benefit Plan that is an “employee
pension benefit plan” as defined in Section 3(2) of ERISA that is intended to satisfy the
requirements of Section 401(a) of the Code.

     1.35 Capital Leases: means any lease of property (whether real, personal or mixed) by
a Person which has been or should be , in accordance with GAAP, reflected on the balance sheet of
such Person as a capital lease.

     1.36 Cash Collateral Account: shall have the meaning set forth in Section 5.6.

     1.37 CCC: shall have the meaning set forth in Section 4.12.

     1.38 CCC Guarantee: shall have the meaning set forth in Section 4.12.

     1.39 Change in Law: shall have the meaning set forth in Subsection 6.2.2.

     1.40 Closing Date: means May 19, 2005, provided that on or before such date (a) the
Administrative Agent, the Bid Agent, the Syndication Parties, and Borrower have executed all Loan
Documents to which they are parties; and (b) the conditions set forth in Section 11.1 of this
Credit Agreement have been met.

     1.41 Code: means the Internal Revenue Code of 1986.

     1.42 Committed LC Request: shall have the meaning set forth in Subsection 5.1.1.

     1.43 Committed Letter of Credit: shall mean a letter of credit issued by the Letter
of Credit Bank pursuant to the provisions of Sections 5.1 and 5.2 hereof.

     1.44 Committed Letter of Credit Fee: for any Fiscal Quarter of Borrower shall be an
amount equal to the 5-Year Margin in effect on the first day of such Fiscal Quarter (a) multiplied
by the undrawn face amount of each Committed Letter of Credit for each day during such Fiscal
Quarter, (b) divided by 360.

     1.45 Committed 364-Day Advances: the principal amount of all 364-Day Advances which
any Syndication Party is obligated to make as a result of such Syndication Party having received a
364-Day Funding Notice pursuant to Section 2.2 hereof or a Bid Selection Notice pursuant to Section
4.5 hereof, but which, in either case, has not been funded.

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     1.46 Committed 5-Year Advances: the principal amount of all 5-Year Advances which any
Syndication Party is obligated to make as a result of such Syndication Party having received a
5-Year Funding Notice pursuant to Section 3.3 hereof or a Bid Selection Notice pursuant to Section
4.5 hereof, but which, in either case, has not been funded.

     1.47 Compliance Certificate: a certificate of the chief financial officer of Borrower
acceptable to the Administrative Agent and in the form attached hereto as Exhibit 1.47.

     1.48 Communications: shall have the meaning set forth in Subsection 17.16.1.

     1.49 Confirmation Amount: shall have the meaning set forth in Section 4.12.

     1.50 Confirmation Request: shall have the meaning set forth in Section 4.12.

     1.51 Consolidated Cash Flow: for any period, the sum of (a) earnings before income
taxes of Borrower and its Consolidated Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP; plus (b) amounts that have been deducted in the determination of
such earnings before income taxes
for such period for (i) Consolidated Interest Expense for such period, (ii) Depreciation for
such period, (iii) Amortization for such period, and (iv) extraordinary and/or one-time non-cash
losses for such period; minus (c) the amounts that have been included in the determination of such
earnings before income taxes for such period for (i) extraordinary gains, (ii) extraordinary and/or
one-time income, (iii) non-cash patronage income, and (iv) non-cash equity earnings in joint
ventures.

     1.52 Consolidated Current Assets: the total current assets of Borrower and its
Consolidated Subsidiaries as measured in accordance with GAAP.

     1.53 Consolidated Current Liabilities: the total current liabilities of Borrower and
its Consolidated Subsidiaries as measured in accordance with GAAP.

     1.54 Consolidated Funded Debt: all indebtedness for borrowed money of Borrower and
its Consolidated Subsidiaries, that is classified as long term debt in accordance with GAAP, and
shall include Debt of such maturity created or assumed by Borrower or any Consolidated Subsidiary
either directly or indirectly, including obligations of such maturity secured by liens upon
property of Borrower or its Consolidated Subsidiaries and upon which such entity customarily pays
the interest, and all rental payments under capitalized leases of such maturity.

     1.55 Consolidated Interest Expense: for any period, all interest expense of Borrower
and its Consolidated Subsidiaries, as determined in accordance with GAAP.

     1.56 Consolidated Members’ and Patrons’ Equity: the amount of equity accounts plus
(or minus in the case of a deficit) the amount of surplus and retained earnings accounts of
Borrower and its Consolidated Subsidiaries and the minority interest in Subsidiaries, provided that
the total amount of intangible assets of Borrower and its Consolidated Subsidiaries (including,
without limitation, unamortized debt discount and expense, deferred charges and goodwill) included
therein shall not exceed $30,000,000 (and to the extent such intangible assets

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exceed
$30,000,000.00, they will not be included in the calculation of Consolidated Members’ and Patrons’
Equity); all as determined in accordance with GAAP consistently applied.

     1.57 Consolidated Subsidiary: (a) any Subsidiary whose accounts are consolidated with
those of Borrower in accordance with GAAP and (b) Ventura Foods, LLC so long as the accounts
thereof are required to be consolidated with those of Borrower in accordance with GAAP.

     1.58 Contributing Syndication Parties: shall have the meaning set forth in Section
16.4.

     1.59 Control Agreement: means a control agreement, in form and substance satisfactory
to the Administrative Agent, executed and delivered by Borrower, the Administrative Agent, and the
applicable securities intermediary with
respect to a Securities Account (as defined in the Colorado Uniform Commercial Code) or bank
with respect to a deposit account.

     1.60 Converted LC: shall have the meaning set forth in Section 5.6.

     1.61 Debt: means as to any Person: (a) indebtedness or liability of such Person for
borrowed money, or for the deferred purchase price of property or services (including trade
obligations); (b) obligations of such Person as lessee under capital leases; (c) obligations of
such Person arising under bankers’ or trade acceptance facilities; (d) all guarantees, endorsements
(other than for collection or deposit in the ordinary course of business), and other contingent
obligations of such Person to purchase any of the items included in this definition, to provide
funds for payment, to supply funds to invest in any other Person, or otherwise to assure a creditor
of another Person against loss (without duplication) ; (e) all obligations secured by a lien on
property owned by such Person, whether or not the obligations have been assumed; and (f) all
obligations of such Person under any agreement providing for an interest rate swap, cap, cap and
floor, contingent participation or other hedging mechanisms with respect to interest payable on any
of the items described in this definition.

     1.62 Default Interest Rate: a rate of interest equal to 200 basis points in excess of
the Base Rate which would otherwise be applicable at the time.

     1.63 Delinquency Interest: shall have the meaning set forth in Section 16.4.

     1.64 Delinquent Amount: shall have the meaning set forth in Section 16.4.

     1.65 Delinquent Syndication Party: shall have the meaning set forth in Section 16.4.

     1.66 Depreciation: the total depreciation of Borrower and its Consolidated
Subsidiaries as measured in accordance with GAAP.

     1.67 Effective Date: shall have the meaning set forth on page 1.

     1.68 Embargoed Person: shall have the meaning set forth in Section 12.15.

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     1.69 Environmental Laws: any federal, state, or local law, statute, ordinance, rule,
regulation, administration order, or permit now in effect or hereinafter enacted, pertaining to the
public health, safety, industrial hygiene, or the environmental conditions on, under or about any
of the real property interests of a Person, including, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, the Resource Conservation and
Recovery Act of 1976, the Clean Air Act, the Federal Water Pollution Control Act, the Superfund
Amendments and Reauthorization Act of
1986, the Federal Toxic Substances Control Act and the Occupational Safety and Health Act, as
any of the same may be amended, modified or supplemented from time to time.

     1.70 Environmental Regulations: as defined in the definition of Hazardous Substances.

     1.71 ERISA: shall have the meaning set forth in Section 10.10.

     1.72 ERISA Affiliate: means any corporation or trade or business which is a member of
the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as
Borrower or is under common control (within the meaning of Section 414(c) of the Code) with
Borrower, provided, however, that for purposes of provisions herein concerning minimum funding
obligations (imposed under Section 412 of the Code or Section 302 of ERISA), the term “ERISA
Affiliate” shall also include any entity required to be aggregated with Borrower under Section
414(m) or 414(o) of the Code.

     1.73 Event of Default: shall have the meaning set forth in Section 15.1.

     1.74 Event of Syndication Default: shall have the meaning set forth in Subsection
16.31.1.

     1.75 Executive Order: shall have the meaning set forth in Subsection 10.24.1.

     1.76 Existing Letters of Credit: The Letters of Credit which have been issued for the
benefit of Borrower by one or more of the Syndication Parties and which are outstanding on the
Closing Date as listed on Exhibit 1.76 hereto.

     1.77 Export Grain Transaction: means a transaction whereby Borrower has agreed to
sell grain to a purchaser (“Importer”) located in a country other than the United States under
circumstances whereby the transaction will be eligible for issuance of a Credit Guarantee Assurance
by the U.S. Commodity Credit Corporation under the United States Export Credit Guarantee Programs
GSM-102 or GSM-103.

     1.78 Extended Duration LC: shall have the meaning set forth in Section 5.6.

     1.79 Farm Credit System Institution: shall mean any Farm Credit Bank, any Federal
land bank association, any production credit association, the banks for cooperatives, and such
other institutions as may be a part of the Farm Credit System and chartered by and subject to
regulation by the Farm Credit Administration.

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     1.80 Fiscal Quarter: each three (3) month period beginning on the first day of each
of the following months: September, December, March and June.

     1.81 Fiscal Year: a year commencing on September 1 and ending on August 31.

     1.82 5-Year Advance: shall have the meaning set forth in Subsection 3.1.

     1.83 5-Year Availability Period: shall mean the period from the Closing Date until
the 5-Year Maturity Date or such later date as may be applicable with respect to 5-Year Advances
made pursuant to Section 5.6 hereof.

     1.84 5-Year Bid Advance: shall have the meaning set forth in Section 4.2.

     1.85 5-Year Bid Loan: shall have the meaning set forth in Section 4.2.

     1.86 5-Year Borrowing Notice: shall have the meaning set forth in Section 3.3.

     1.87 5-Year Commitment: shall be $300,000,000.00, subject to reduction as provided in
Section 3.8 hereof.

     1.88 5-Year Facility: shall mean the loan facility made available to Borrower under
Article 3 of this Agreement.

     1.89 5-Year Facility Fee Factor: the 5-Year Facility Fee Factor determined as set
forth in Schedule 2 hereto and Section 6.6 hereof.

     1.90 5-Year Facility Fee: shall have the meaning set forth in Subsection 6.5.2.

     1.91 5-Year Facility Note: shall have the meaning set forth in Section 3.4.

     1.92 5-Year Funding Notice: shall have the meaning set forth in Section 3.3.

     1.93 5-Year Margin: the 5-Year Margin determined as set forth in Schedule 2
hereto and Section 6.6 hereto.

     1.94 5-Year Maturity Date: May 19, 2010.

     1.95 Funded Debt: means, with respect to any Person, at any time, all Debt of such
Person in each case maturing by its terms more than one year after the date of creation thereof, or
which is renewable or extendible at the option of such Person for a period ending more than one (1)
year after the date of creation thereof, and shall include Debt of such maturity created or assumed
by such Person either directly or indirectly, including obligations of such maturity secured by
liens upon property of such Person and upon
which such Person customarily pays the interest, and all obligations of such Person under
Capital Leases of such maturity, and the net present value of obligations under Operating Leases as
discounted by a rate of 8.0% per annum, and all obligations to reimburse the Letter of Credit Bank
or any Syndication Party with

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respect to all Letters of Credit which support long-term debt, with
expiration dates in excess of one year from the date of issuance thereof.

     1.96 Funding Losses: shall have the meaning set forth in Section 7.5.

     1.97 Funding Loss Notice: shall have the meaning set forth in Section 7.5.

     1.98 Funding Share: shall mean the amount of any Advance which each Syndication Party
is required to fund, which shall be determined as follows: (a) for an Advance under the 364-Day
Facility (other than pursuant to a Bid Advance or an Overnight Advance), the amount of such Advance
multiplied by such Syndication Party’s Individual 364-Day Pro Rata Share as of the date of the
364-Day Funding Notice for, but without giving effect to, such Advance; (b) for an Advance under
the 5-Year Facility (other than pursuant to a Bid Advance), the amount of such Advance multiplied
by such Syndication Party’s Individual 5-Year Pro Rata Share as of the date of the 5-Year Funding
Notice for, but without giving effect to, such Advance; (c) for an Advance under a Bid won by such
Syndication Party, the amount of such Bid; and (d) for an Overnight Advance, the amount determined
as provided in Section 4.10 hereof.

     1.99 GAAP: generally accepted accounting principles in the United States of America,
as in effect from time to time.

     1.100 Good Faith Contest: means the contest of an item if (a) the item is diligently
contested in good faith by appropriate proceedings timely instituted, (b) either the item is (i)
bonded or (ii) adequate reserves are established with respect to the contested item if and to the
extent required in accordance with GAAP, (c) during the period of such contest, the enforcement of
any contested item is effectively stayed, and (d) the failure to pay or comply with the contested
item could not reasonably be expected to result in a Material Adverse Effect.

     1.101 Governmental Authority: means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.

     1.102 Hazardous Substances: dangerous, toxic or hazardous pollutants, contaminants,
chemicals, wastes, materials or substances, as defined in or governed by the provisions of any
Environmental Laws or any other federal, state or local law, statute, code, ordinance, regulation,
requirement or rule relating thereto (“Environmental Regulations”), and also including urea
formaldehyde, polychlorinated biphenyls, asbestos, asbestos-containing materials, nuclear fuel or
waste, and petroleum products, or any other waste, material, substances, pollutant or contaminant
which would subject
an owner of property to any damages, penalties or liabilities under any applicable
Environmental Regulations.

     1.103 Holdout Lender: shall have the meaning set forth in Section 16.33.

     1.104 Importer: shall have the meaning set forth in Section 1.77.

     1.105 Importer LC: shall have the meaning set forth in Section 4.12.

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     1.106 Indemnification Date: shall have the meaning set forth in Section 4.12.

     1.107 Indemnified Agency Parties: shall have the meaning set forth in Section 16.20.

     1.108 Indemnified Parties: shall have the meaning set forth in Section 14.1.

     1.109 Individual Commitment: shall mean with respect to any Syndication Party, its
Individual 5-Year Commitment and/or its Individual 364-Day Commitment, as applicable.

     1.110 Individual 364-Day Commitment: shall mean with respect to any Syndication Party
the amount shown as its Individual 364-Day Commitment on Schedule 1 hereto, subject to
adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance
with Section 16.28 hereof, or a reduction in the 364-Day Commitment in accordance with Section 2.8
hereof.

     1.111 Individual 5-Year Commitment: shall mean with respect to any Syndication Party
the amount shown as its Individual 5-Year Commitment on Schedule 1 hereto, subject to
adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance
with Section 16.28 hereof, or a reduction in the 5-Year Commitment in accordance with Section 3.8
hereof.

     1.112 Individual 364-Day Lending Capacity: shall mean with respect to any Syndication
Party the amount at any time of its Individual 364-Day Commitment, less its Individual Outstanding
364-Day Obligations.

     1.113 Individual 5-Year Lending Capacity: shall mean with respect to any Syndication
Party the amount at any time of its Individual 5-Year Commitment, less its Individual Outstanding
5-Year Obligations.

     1.114 Individual Outstanding 364-Day Obligations: shall mean with respect to any
Syndication Party the total at any time, without duplication, of (a) the aggregate outstanding
principal amount of all
364-Day Advances made by such Syndication Party (including, without duplication, Overnight
Advances made by such Syndication Party in its capacity as an Overnight Lender), (b) the aggregate
outstanding principal amount of all 364-Day Bid Advances made by such Syndication Party, and (c)
all of such Syndication Party’s Committed 364-Day Advances.

     1.115 Individual Outstanding 5-Year Obligations: shall mean with respect to any
Syndication Party the total at any time, without duplication, of (a) the aggregate outstanding
principal amount of all 5-Year Advances made by such Syndication Party, (b) the aggregate
outstanding principal amount of all 5-Year Bid Advances made by such Syndication Party, (c) the
undrawn face amount of all outstanding Negotiated Letters of Credit as to which such Syndication
Party is the Issuing Syndication Party, (d) such Syndication Party’s 5-Year Pro Rata Share of the
undrawn face amount of all outstanding Committed Letters of Credit; and (e) all of such Syndication
Party’s Committed 5-Year Advances.

     1.116 Individual 364-Day Pro Rata Share: shall mean with respect to any Syndication
Party a fraction, expressed as a percentage (rounded to 9 decimal points), where the numerator is

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such Syndication Party’s Individual 364-Day Commitment less such Syndication Party’s Individual
Outstanding 364-Day Obligations; and the denominator is the 364-Day Commitment less the sum of the
Individual Outstanding 364-Day Obligations of all of the Syndication Parties, determined (a) in the
case of LIBO Rate Loans, at 12:00 noon (Central time) on the Banking Day Borrower delivers a
364-Day Borrowing Notice pursuant to which Borrower requests such LIBOR Loan, and (b) in all other
cases, 12:00 noon (Central time) on the Banking Day Borrower delivers a 364-Day Borrowing Notice or
a Bid Request or requests a Letter of Credit under the 364-Day Facility.

     1.117 Individual 5-Year Pro Rata Share: shall mean with respect to any Syndication
Party a fraction, expressed as a percentage (rounded to 9 decimal points), where the numerator is
such Syndication Party’s Individual 5-Year Commitment less such Syndication Party’s Individual
Outstanding 5-Year Obligations; and the denominator is the 5-Year Commitment less the sum of the
Individual Outstanding 5-Year Obligations of all of the Syndication Parties, determined (a) in the
case of LIBO Rate Loans, at 12:00 noon (Central time) on the Banking Day Borrower delivers a 5-Year
Borrowing Notice pursuant to which Borrower requests such LIBOR Loan, and (b) in all other cases,
12:00 noon (Central time) on the Banking Day Borrower delivers a 5-Year Borrowing Notice or
requests a Letter of Credit under the 5-Year Facility.

     1.118 Intellectual Property: shall have the meaning set forth in Section 10.18.

     1.119 Investment: means, with respect to any Person, (a) any loan or advance by such
Person to any other Person, (b) the purchase or other acquisition by such Person of any capital
stock, obligations or securities of, or any capital contribution to, or investment in, or the
acquisition by such Person of all or substantially all of the assets of, or any interest in, any
other Person, (c) any performance or standby letter of credit where (i) that Person has the
reimbursement obligation to the issuer, and (ii) the proceeds of such letter of credit are to be
used for the benefit of any other Person, (d) the agreement by such
Person to make funds available for the benefit of another Person to either cover cost overruns
incurred in connection with the construction of a project or facility, or to fund a debt service
reserve account, (e) the agreement by such Person to assume, guarantee, endorse or otherwise be or
become directly or contingently responsible or liable for the obligations or debts of any other
Person (other than by endorsement for collection in the ordinary course of business), (f) an
agreement to purchase any obligations, stocks, assets, goods or services but excluding an agreement
to purchase any assets, goods or services entered into in the ordinary course of business, (g) an
agreement to supply or advance any assets, goods or services not in the ordinary course of
business, or (h) an agreement to maintain or cause such Person to maintain a minimum working
capital or net worth or otherwise to assure the creditors of any Person against loss.

     1.120 Issuance Fee: shall be, with respect to each Committed Letter of Credit, the
greater of (a) $2,500.00; or (b) the face amount of such Letter of Credit multiplied by 20 basis
points.

     1.121 Issuing Syndication Party: shall have the meaning set forth in Section 5.3.

     1.122 LC Commitment: shall be $75,000,000.00.

11

 

     1.123 LC Confirmation: shall have the meaning set forth in Section 4.12.

     1.124 LC Confirmation Commitment: means $6,000,000.00.

     1.125 Letters of Credit: collectively all Committed Letters of Credit, and all
Negotiated Letters of Credit, outstanding at any time.

     1.126 Letter of Credit Bank: CoBank, ACB.

     1.127 LIBO Rate: the rate for deposits in U.S. dollars with maturities comparable to
the selected LIBO Rate Period as quoted by the British Bankers’ Association for the purpose of
displaying London Interbank Offered Rates for U.S. Dollar deposits, determined effective as of
11:00 A.M. (London Time) on the day which is two (2) Banking Days prior to the first day of each
LIBO Rate Period, reserve adjusted for Regulation D on a demonstrated basis, with such rate
modified by adding the 364-Day Margin or the 5-Year Margin, depending on whether the LIBO Rate Loan
is being made under the 364-Day Facility or the 5-Year Facility, respectively.

     1.128 LIBO Rate Loan: shall have the meaning set forth in Subsection 6.1.2.

     1.129 LIBO Rate Period: shall have the meaning set forth in Subsection 6.1.2.

     1.130 LIBO Request: shall have the meaning set forth in Subsection 6.1.2.

     1.131 Licensing Laws: shall have the meaning set forth in Section 10.4.

     1.132 Lien: means with respect to any asset any mortgage, deed of trust, pledge,
security interest, hypothecation, assignment for security purposes, encumbrance, lien (statutory or
other), or other security agreement or charge, or encumbrance of any kind or nature whatsoever
(including, without limitation, any conditional sale, Capital Lease or other title retention
agreement related to such asset).

     1.133 Loans: shall mean, collectively, all Bid Advances, all Base Rate Loans, all
LIBO Rate Loans, and all Overnight Loans outstanding at any time.

     1.134 Loan Documents: this Credit Agreement and the Notes.

     1.135 Material Adverse Effect: means a material adverse effect on (a) the financial
condition, results of operation, business or property of Borrower; or (b) on the ability of
Borrower to perform its obligations under this Credit Agreement and the other Loan Documents; or
(c) on the ability of the Administrative Agent or the Syndication Parties to enforce their rights
and remedies against Borrower under the Loan Documents.

     1.136 Material Agreements: all agreements of Borrower, the termination or breach of
which, based upon Borrower’s knowledge as of the date of making any representation with respect
thereto, would have a Material Adverse Effect.

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     1.137 Multiemployer Plan: means a Plan meeting the definition of a “multiemployer
plan” in Section 3(37) of ERISA.

     1.138 NCRA: shall have the meaning set forth in Section 13.5.

     1.139 Negotiated LC Request: shall have the meaning set forth in Subsection 5.1.2.

     1.140 Negotiated Letter of Credit: shall mean a letter of credit issued by a
Syndication Party pursuant to the provisions of Sections 5.1 and 5.3 hereof and shall include all
Existing Letters of Credit as to which such Syndication Party was the Issuing Syndication Party.

     1.141 Non-US Lender: shall have the meaning set forth in Section 16.32.

     1.142 Note or Notes: the 364-Day Facility Notes and/or the 5-Year Facility Notes, as
applicable, and all amendments, renewals, substitutions and extensions thereof.

     1.143 OFAC: shall have the meaning set forth in Section 12.15.

     1.144 Operating Lease: means any lease of property (whether real, personal or mixed)
by a Person under which such Person is lessee, other than a Capital Lease.

     1.145 Organization Documents: in the case of a corporation, its articles or
certificate of incorporation and bylaws; in the case of a partnership, its partnership agreement
and certificate of limited partnership, if applicable; in the case of a limited liability company,
its articles of organization and its operating agreement.

     1.146 Other List.: shall have the meaning set forth in Section 12.15.

     1.147 Original Effective Date.: shall have the meaning set forth in Recital A.

     1.148 Overnight Advance.: shall have the meaning set forth in Section 4.10.

     1.149 Overnight Advance Request.: shall have the meaning set forth in Section 4.10.

     1.150 Overnight Funding Commitment.: shall mean $20,000,000.00.

     1.151 Overnight Lender.: shall mean CoBank.

     1.152 Overnight Maturity Date.: shall have the meaning set forth in Section 4.10.

     1.153 Overnight Rate.: shall have the meaning set forth in Section 4.10.

     1.154 Payment Account.: shall have the meaning set forth in Section 16.11.

     1.155 Payment Distribution.: shall have the meaning set forth in Section 16.11.

     1.156 PBGC.: shall have the meaning set forth in Section 10.10.

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     1.157 Permitted Encumbrance.: shall have the meaning set forth in Section 13.3.

     1.158 Person: any individual, sole proprietorship, partnership, joint venture, trust,
unincorporated organization, association, corporation, limited liability company, cooperative
association, institution, government or governmental agency (whether national, federal, state,
provincial, country, city, municipal or otherwise, including without limitation, and
instrumentality, division, agency, body or department thereof), or other entity.

     1.159 Plan: means any plan, agreement, arrangement or commitment which is an employee
benefit plan, as defined in Section 3(3) of ERISA, maintained by Borrower or any Subsidiary or any
ERISA Affiliate or with respect to which Borrower or any Subsidiary or any ERISA Affiliate at any
relevant time has any liability or obligation to contribute.

     1.160 Platform: shall have the meaning set forth in Subsection 17.16.2.

     1.161 Potential Default: any event, other than an event described in Section 15.1(a)
hereof, which with the giving of notice or lapse of time, or both, would become an Event of
Default.

     1.162 Prohibited Transaction: means any transaction prohibited under Section 406 of
ERISA or Section 4975 of the Code.

     1.163 Reallocation : shall have the meaning set forth in Section 17.17.

     1.164 Reduction : shall have the meaning set forth in Section 16.35.

     1.165 Regulatory Change: shall have the meaning set forth in Section 17.12.

     1.166 Replacement Lender: shall have the meaning set forth in Section 16.33.

     1.167 Reportable Event: means any of the events set forth in Section 4043(b) of ERISA
or in the regulations thereunder.

     1.168 Requested 364-Day Advance: shall mean the amount of Advance requested by
Borrower in any 364-Day Borrowing Notice.

     1.169 Requested 5-Year Advance: shall mean the amount of Advance requested by
Borrower in any 5-Year Borrowing Notice.

     1.170 Required Lenders: shall mean Syndication Parties (including Voting
Participants) whose aggregate Individual 364-Day Commitments and Individual 5-Year Commitments
constitute fifty-one percent (51.0%) of the Aggregate Commitment; provided that the number of
Syndication Parties (including Voting Participants) which constitute the Required Lenders must be
the lesser of (i) all, or (ii) no fewer than three (3), if fewer than three (3) Syndication Parties
(including Voting Participants) would constitute fifty-one percent (51.0%) of the aggregate
Individual 364-Day Commitments and Individual 5-Year Commitments. Pursuant to Section 16.29
hereof, Voting Participants shall, under the circumstances set forth therein, be entitled to

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voting
rights and to be included in determining whether certain action is being taken by the Required
Lenders.

     1.171 Required License: shall have the meaning set forth in Section 10.09.

     1.172 Restricted Subsidiary: shall mean those Subsidiaries identified on Exhibit
1.172 hereto, as it may be amended from time to time with the prior written consent of
Borrower, the Administrative Agent and the Required Lenders.

     1.173 SDN List: shall have the meaning set forth in Section 12.15.

     1.174 Subsidiary: means with respect to any Person: (a) any corporation in which
such Person, directly or indirectly, (i) owns more than fifty percent (50%) of the outstanding
stock thereof, or (ii) has the power under ordinary circumstances to elect at least a majority of
the directors thereof, or (b) any partnership, association, joint venture, limited liability
company, or other unincorporated organization or entity, other than Ventura Foods, LLC, with
respect to which such Person, (i) directly or indirectly owns more than fifty percent (50%) of the
equity interest thereof, or (ii) directly or indirectly owns an equity interest in an amount
sufficient to control the management thereof. All of Borrower’s Subsidiaries owned as of the
Closing Date are set forth on Exhibit 1.174 hereto.

     1.175 Successor Agent: such Person as may be appointed as successor to the rights and
duties of the Administrative Agent as provided in Section 16.23 of this Credit Agreement.

     1.176 Syndication Acquisition Agreement: shall have the meaning set forth in Section
16.28.

     1.177 Syndication Interest: shall have the meaning set forth in Section 16.1.

     1.178 Syndication Parties: shall mean those entities listed on Schedule 1
hereto as having an Individual 364-Day Commitment and/or an Individual 5-Year Commitment, and such
Persons as shall from time to time execute a Syndication Acquisition Agreement substantially in the
form of Exhibit 16.28 hereto signifying their election to purchase all or a portion of the
Syndication Interest of any Syndication Party, in accordance with Section 16.28 hereof, and to
become a Syndication Party hereunder.

     1.179 Syndication Party Advance Date: shall have the meaning set forth in Section
16.2.

     1.180 Term Loan Credit Agreement: shall mean that certain Credit Agreement (Term
Loan) dated as of June 1, 1998 by and between Borrower (f/k/a Cenex Harvest States Cooperatives)
and St. Paul Bank, as administrative agent for all syndication parties thereunder, and as a
syndication party thereunder, CoBank, and the other syndication parties set forth on the signature
pages thereto, as by the First Amendment through the Seventh Amendment and as amended from time to
time thereafter.

     1.181 364-Day Advance: shall have the meaning set forth in Subsection 2.1.

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     1.182 364-Day Availability Period: shall mean the period from the Closing Date until
the 364-Day Maturity Date.

     1.183 364-Day Bid Advance: shall have the meaning set forth in Section 4.1.

     1.184 364-Day Bid Loan: shall have the meaning set forth in Section 4.1.

     1.185 364-Day Borrowing Notice: shall have the meaning set forth in Section 2.3.

     1.186 364-Day Commitment: shall be $700,000,000.00, subject to reduction as provided
in Section 2.8 hereof.

     1.187 364-Day Facility: shall mean the loan facility made available to Borrower under
Article 2 of this Agreement.

     1.188 364-Day Facility Fee Factor: the 364-Day Facility Fee Factor determined as set
forth in Schedule 2 hereto and Section 6.6 hereof.

     1.189 364-Day Facility Fee: shall have the meaning set forth in Subsection 6.5.1.

     1.190 364-Day Facility Note(s): shall have the meaning set forth in Section 2.4.

     1.191 364-Day Funding Notice: shall have the meaning set forth in Section 2.3.

     1.192 364-Day Margin: the 364-Day Margin determined as set forth in Schedule
2 hereto and Section 6.6 hereto.

     1.193 364-Day Maturity Date: May 18, 2006.

     1.194 2003 Credit Agreement: shall have the meaning set forth in Recital A.

     1.195 Transfer: shall have the meaning set forth in Section 16.28.

     1.196 USA Patriot Act: shall have the meaning set forth in Subsection 10.24.1.

     1.197 Voting Participant: shall have the meaning set forth in Section 16.29.

     1.198 Wire Instructions: shall have the meaning set forth in Section 16.30.

ARTICLE 2.  364-DAY FACILITY

     2.1 364-Day Facility Loan. On the terms and conditions set forth in this Credit
Agreement, and so long as no Event of Default or Potential Default has occurred (or if a Potential
Default or an Event of Default has occurred, it has been waived in writing by the Administrative
Agent pursuant to the provisions of Section 16.10 hereof), each of the Syndication Parties
severally agrees to advance funds under the 364-Day Facility (each a “364-Day Advance”) upon
receipt of a 364-Day Funding Notice from time to time during the 364-Day Availability Period,
subject to the following limits:

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          2.1.1 Individual Syndication Party 364-Day Commitment. No Syndication Party shall be
required or permitted to make a 364-Day Advance which would exceed its Individual 364-Day Lending
Capacity as in effect at the time of the Administrative Agent’s receipt of the 364-Day Borrowing
Notice requesting such Advance.

          2.1.2 Individual Syndication Party 364-Day Pro Rata Share. No Syndication Party shall
be required or permitted to fund a 364-Day Advance under the 364-Day Facility in excess of an
amount equal to its Individual 364-Day Pro Rata Share multiplied by the amount of the requested
364-Day Advance. Each Syndication Party agrees to fund its Individual 364-Day Pro Rata Share of
each 364-Day Advance, except as provided in Section 4.10 hereof regarding Overnight Loans and in
Article 4 hereof regarding 364-Day Bid Advances.

     2.2 364-Day Commitment. Borrower shall not be entitled to request a 364-Day Advance
in an amount which, when added to the aggregate Individual Outstanding 364-Day Obligations of all
Syndication Parties, would exceed the 364-Day Commitment.

     2.3 364-Day Borrowing Notice; Funding Notice. Borrower shall give the Administrative
Agent prior written notice by facsimile (effective upon receipt) of each request for a 364-Day
Advance (a) in the case of a Base Rate Loan, on or before 11:00 A.M. (Central time) on the day of
making such Base Rate Loan, and (b) in the case of a LIBO Rate Loan, on or before 11:00 A.M.
(Central time) at least three (3) Banking Days prior to the date of making such LIBO Rate Loan.
Each notice must be in substantially the form of Exhibit 2.3 hereto (“364-Day Borrowing
Notice”) and must specify (w) the amount of such 364-Day Advance, (x) the proposed date of making
such 364-Day Advance, (y) whether Borrower requests that the 364-Day Advance will bear interest at
(i) the Base Rate (the amount that is to bear interest at the Base Rate must be a minimum of
$10,000,000.00 and in incremental multiples of $1,000,000.00) or (ii) the LIBO Rate (the amount
that is to bear interest at the LIBO Rate must be a minimum of $10,000,000.00 and in incremental
multiples of $1,000,000.00), and (z) in the case of a LIBO Rate Loan, the initial LIBO Rate Period
applicable thereto. The Administrative Agent shall, on or before 12:00 noon (Central time) of the
same Banking Day, notify each Syndication Party (“364-Day Funding Notice”) of its receipt of each
such 364-Day Borrowing Notice and the amount of such Syndication Party’s Funding Share thereunder.
Not later than 2:00 P.M. (Central time) on the date of a 364-Day Advance, each Syndication Party
will make available to the Administrative Agent at the Administrative Agent’s Office, in
immediately available funds, such Syndication Party’s Funding Share of such 364-Day Advance. After
the Administrative Agent’s receipt of such funds, but not later than 3:00 P.M. (Central time), and
upon fulfillment of the applicable conditions set forth in Article 11 hereof, the Administrative
Agent will make such 364-Day Advance available to Borrower, in immediately available funds, and
will transmit such funds by wire transfer to Borrower’s Account. A 364-Day Advance may be
requested by the Overnight Lender as provided in Section 4.10 hereof, by a written notice to the
Administrative Agent generally complying with the requirements set forth above for a 364-Day
Borrowing Notice, provided that such amount shall bear interest at the Base Rate. Thereafter the
Administrative Agent shall send out a 364-Day Funding Notice, each Syndication Party shall make
available to the Administrative Agent such Syndication Party’s Funding Share thereof as provided
above, and the Administrative Agent shall transmit such funds by wire transfer to the Overnight
Lender.

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     2.4 364-Day Facility Promissory Notes. Borrower’s obligations to each Syndication
Party under the 364-Day Facility, including Borrower’s payment obligations with respect to all
364-Day Advances made by such Syndication Party, all Overnight Advances made by the Overnight
Lender, and all 364-Day Bid Advances made by each Syndication Party shall be evidenced by, and
repaid with interest in accordance with, a promissory note of Borrower in substantially the form of
Exhibit 2.4 hereto duly completed, in the stated maximum principal amount equal to such
Syndication Party’s Individual 364-Day Facility Commitment, dated the date of this Credit
Agreement, payable to such Syndication Party for the account of its Applicable Lending Office, and
maturing as to principal on the 364-Day Maturity Date (each a “364-Day Facility Note” and
collectively, the “364-Day Facility Notes”).

     2.5 Advances Under 2003 Credit Agreement. The aggregate principal amount owing on the
Closing Date under the 2003 Credit Agreement on account of 364-Day Advances (as such term is
defined in the 2003 Credit Agreement), after Borrower has made any payments required under Section
17.17 hereof, shall
be treated as 364-Day Advances hereunder bearing interest from the Closing Date at the Base
Rate or the LIBO Rate and for the LIBO Rate Period, in each case as was applicable thereto under
the 2003 Credit Agreement.

     2.6 Syndication Party Records. Each Syndication Party shall record on its books and
records the amount of each 364-Day Advance (including Overnight Advances with respect to those
Syndication Parties which are also Overnight Lenders), the rate and interest period applicable
thereto, all payments of principal and interest, and the principal balance from time to time
outstanding. Each Syndication Party’s record thereof shall be prima facie evidence as to all such
amounts and shall be binding on Borrower absent manifest error. Notwithstanding the foregoing,
Borrower will never be required to pay to any Syndication Party as principal more than the
principal amount of the 364-Day Advances, 364-Day Bid Advances, and Overnight Advances funded by
such Syndication Party.

     2.7 Use of Proceeds. The proceeds of the 364-Day Advances will be used by Borrower to
fund working capital requirements, and for general corporate purposes, and to payoff Overnight
Advances (at the request of either Borrower or the Overnight Lender), and Borrower agrees not to
request or use such proceeds for any other purpose. Borrower will not, directly or indirectly, use
any part of such proceeds for the purpose of purchasing or carrying any margin stock within the
meaning of Regulation U of the Board of Governors or to extend credit to any Person for the purpose
of purchasing or carrying any such margin stock.

     2.8 Syndication Party Funding Failure. The failure of any Syndication Party to fund
its Funding Share of any requested 364-Day Advance or to fund any 364-Day Bid Advance to be made by
it on the date specified for such Advance shall not relieve any other Syndication Party of its
obligation (if any) to fund its Funding Share of any Advance on such date, but, except as provided
in Sections 4.7 and 4.11 hereof, no Syndication Party shall be responsible for the failure of any
other Syndication Party to make any Advance to be made by such other Syndication Party.

     2.9 Reduction of 364-Day Commitment. Borrower may, by written facsimile notice to the
Administrative Agent on or before 10:00 A.M. (Central time) on any Banking Day,

18

 

irrevocably reduce
the 364-Day Commitment; provided that (a) such reduction must be in multiples of one-million
dollars ($1,000,000.00), and (b) Borrower must simultaneously make any principal payment necessary
(along with any applicable Funding Losses on account of such principal payment) so that (i) the
aggregate amount of the Individual Outstanding 364-Day Obligations of all Syndication Parties does
not exceed the reduced 364-Day Commitment on the date of such reduction, and (ii) the Individual
Outstanding 364-Day Obligations owing to any Syndication Party do not exceed the Individual 364-Day
Commitment of that Syndication Party (after reduction thereof in accordance with the following
sentence). In the event the 364-Day Commitment is reduced as provided in the preceding sentence,
then the Individual 364-Day Commitment of each Syndication Party shall be reduced in the same
proportion as the Individual 364-Day Commitment of such Syndication Party bears to the 364-Day
Commitment before such reduction.

ARTICLE 3.  5-YEAR FACILITY

     3.1 5-Year Facility Loan. On the terms and conditions set forth in this Credit
Agreement, and so long as no Event of Default or Potential Default has occurred (or if a Potential
Default or an Event of Default has occurred, it has been waived in writing by the Administrative
Agent pursuant to the provisions of Section 16.10 hereof), each of the Syndication Parties
severally agrees to advance funds under the 5-Year Facility (each a “5-Year Advance”) upon receipt
of a 5-Year Funding Notice from time to time during the 5-Year Availability Period, subject to the
following limits:

          3.1.1 Individual Syndication Party 5-Year Commitment. No Syndication Party shall be
required or permitted to make a 5-Year Advance which would exceed its Individual 5-Year Lending
Capacity as in effect at the time of the Administrative Agent’s receipt of the 5-Year Borrowing
Notice requesting such Advance.

          3.1.2 Individual Syndication Party 5-Year Pro Rata Share. No Syndication Party shall
be required or permitted to fund a 5-Year Advance under the 5-Year Facility in excess of an amount
equal to its Individual 5-Year Pro Rata Share multiplied by the amount of the requested 5-Year
Advance. Each Syndication Party agrees to fund its Individual 5-Year Pro Rata Share of each 5-Year
Advance, except as provided in Article 4 hereof regarding 5-Year Bid Advances.

     3.2 5-Year Commitment. Borrower shall not be entitled to request a 5-Year Advance in
an amount which, when added to the aggregate Individual Outstanding 5-Year Obligations of all
Syndication Parties, would exceed the 5-Year Commitment.

     3.3 5-Year Borrowing Notice. Borrower shall give the Administrative Agent prior
written notice by facsimile (effective upon receipt) of each request for a 5-Year Advance (a) in
the case of a Base Rate Loan, on or before 11:00 A.M. (Central time) on the day of making such Base
Rate Loan, and (b) in the case of a LIBO Rate Loan, on or before 11:00 A.M. (Central time) at least
three (3) Banking Days prior to the date of making such LIBO Rate Loan. Each notice must be in
substantially the form of Exhibit 3.3 hereto (“5-Year Borrowing Notice”) and must specify
(w) the amount of such Advance, (x) the proposed date of making such Advance, (y) whether Borrower
requests that the Advance will bear interest at (i) the Base Rate (the

19

 

amount that is to bear
interest at the Base Rate must be a minimum of $10,000,000.00 and in incremental multiples of
$1,000,000.00) or (ii) the LIBO Rate (the amount that is to bear interest at the LIBO Rate must be
a minimum of $10,000,000.00 and in incremental multiples of $1,000,000.00), and (z) in the case of
a LIBO Rate Loan, the initial LIBO Rate Period applicable thereto. The Administrative Agent shall,
on or before 12:00 noon (Central time) of the same Banking Day, notify each Syndication Party
(“5-Year Funding Notice”) of its receipt of each such 5-Year Borrowing Notice and the amount of
such Syndication Party’s Funding Share thereunder. Not later than 2:00 P.M. (Central time) on the
date of a 5-Year Advance, each Syndication Party will make available to the Administrative Agent at
the Administrative Agent’s Office, in immediately available funds, such Syndication Party’s Funding
Share of such 5-Year Advance. After the Administrative Agent’s receipt of
such funds, but not later than 3:00 P.M. (Central time), and upon fulfillment of the
applicable conditions set forth in Article 11 hereof, the Administrative Agent will make such
5-Year Advance available to Borrower, in immediately available funds, and will transmit such funds
by wire transfer to Borrower’s Account. A 5-Year Advance may be requested by the Overnight Lender
as provided in Section 4.10 hereof, by a written notice to the Administrative Agent generally
complying with the requirements set forth above for a 5-Year Borrowing Notice, provided that such
amount shall bear interest at the Base Rate. Thereafter the Administrative Agent shall send out a
5-Year Funding Notice, each Syndication Party shall make available to the Administrative Agent such
Syndication Party’s Funding Share thereof as provided above, and the Administrative Agent shall
transmit such funds by wire transfer to the Overnight Lender.

     3.4 5-Year Facility Promissory Notes. Borrower’s obligations to each Syndication
Party under the 5-Year Facility, including Borrower’s payment obligations with respect to all
5-Year Advances made by each Syndication Party shall be evidenced by, and repaid with interest in
accordance with, a promissory note of Borrower in substantially the form of Exhibit 3.4
hereto duly completed, in the stated maximum principal amount equal to such Syndication Party’s
Individual 5-Year Facility Commitment, dated the date such Syndication Party becomes a Syndication
Party, payable to such Syndication Party for the account of its Applicable Lending Office, and
maturing as to principal on the 5-Year Maturity Date (each a “5-Year Facility Note” and
collectively, the “5-Year Facility Notes”).

     3.5 Advances Under 2003 Credit Agreement. The aggregate principal amount owing on the
Closing Date under the 2003 Credit Agreement on account of 3-Year Advances (as such term is defined
in the 2003 Credit Agreement) , after Borrower has made any payments required under Section 17.17
hereof, shall be treated as 5-Year Advances hereunder bearing interest at the Base Rate or the LIBO
Rate and for the LIBO Rate Period, in each case as was applicable thereto under the 2003 Credit
Agreement.

     3.6 Syndication Party Records. Each Syndication Party shall record on its books and
records the amount of each 5-Year Advance and any unreimbursed obligations to such Syndication
Party with respect to payments by such Syndication Party under Negotiated Letters of Credit issued
by such Syndication Party made by it hereunder, the rate and interest period applicable thereto,
all payments of principal and interest, and the principal balance from time to time outstanding.
The Syndication Party’s record thereof shall be prima facie evidence as to all such amounts and
shall be binding on Borrower absent manifest error. Notwithstanding the

20

 

foregoing, Borrower will
never be required to pay as principal more than the principal amount of the 5-Year Advances and
5-Year Bid Advances funded by such Syndication Party and any unreimbursed obligations to such
Syndication Party with respect to payments by such Syndication Party under Negotiated Letters of
Credit issued by such Syndication Party.

     3.7 Use of Proceeds. The proceeds of the 5-Year Loans will be used by Borrower to
fund working capital requirements, for general corporate purposes, to support the issue of Letters
of Credit, and to payoff Overnight Advances (at the request of either Borrower or the Overnight
Lender), and Borrower agrees not to request or use
such proceeds for any other purpose. Borrower will not, directly or indirectly, use any part
of such proceeds for the purpose of purchasing or carrying any margin stock within the meaning of
Regulation U of the Board of Governors or to extend credit to any Person for the purpose of
purchasing or carrying any such margin stock.

     3.8 Syndication Party Funding Failure. The failure of any Syndication Party to fund
its Funding Share of any requested 5-Year Advance or 5-Year Bid Advance to be made by it on the
date specified for such Advance shall not relieve any other Syndication Party of its obligation (if
any) to fund its Funding Share of any Advance on such date, but, except as provided in Sections 4.7
and 4.11 hereof, no Syndication Party shall be responsible for the failure of any other Syndication
Party to make any Advance to be made by such other Syndication Party.

     3.9 Reduction of 5-Year Commitment. Borrower may, by written facsimile notice to the
Administrative Agent on or before 10:00 A.M. (Central time) on any Banking Day, irrevocably reduce
the 5-Year Commitment; provided that (a) such reduction must be in multiples of one-million dollars
($1,000,000.00), and (b) Borrower must simultaneously make any principal payment necessary (along
with any applicable Funding Losses on account of such principal payment) so that (i) the aggregate
amount of the Individual Outstanding 5-Year Obligations of all Syndication Parties does not exceed
the reduced 5-Year Commitment on the date of such reduction, and (ii) the Individual Outstanding
5-Year Obligations owing to any Syndication Party do not exceed the Individual 5-Year Commitment of
that Syndication Party (after reduction thereof in accordance with the following sentence). In the
event the 5-Year Commitment is reduced as provided in the preceding sentence, then the Individual
5-Year Commitment of each Syndication Party shall be reduced in the same proportion as the
Individual 5-Year Commitment of such Syndication Party bears to the 5-Year Commitment before such
reduction.

ARTICLE 4.  BID RATE FACILITY; OVERNIGHT FACILITY

     4.1 364-Day Facility Bid Rate Loans. Subject to the terms and conditions of this
Agreement, including the procedures set forth in Article 4 hereof, and so long as no Event of
Default or Potential Default has occurred (or if a Potential Default or an Event of Default has
occurred, it has been waived in writing by the Administrative Agent in accordance with the
provisions of Section 16.10 hereof), each Syndication Party may in its sole discretion make
Advances (each Advance made by a Syndication Party pursuant to this Section a “364-Day Bid Advance”
and the total of such Advances made by the Syndication Parties the “364-Day Bid Loans”) to Borrower
from time to time during the 364-Day Availability Period, provided that:

21

 

          4.1.1 Individual 364-Day Commitment. No Syndication Party shall be permitted to make
a 364-Day Bid Advance under the 364-Day Facility which, when added to its aggregate Individual
Outstanding 364-Day Obligations, would exceed such Syndication Party’s Individual 364-Day
Commitment.

          4.1.2 364-Day Commitment. Borrower may not make a 364-Day Bid Request in an amount
which, when added to the aggregate
Individual Outstanding 364-Day Obligations of all Syndication Parties, would exceed the
364-Day Commitment.

          4.1.3 Amounts. Each 364-Day Bid Request shall be in an amount at least equal to five
million dollars ($5,000,000) and in integral multiples of one million dollars ($1,000,000), and
each 364-Day Bid shall be in an amount at least equal to one million dollars ($1,000,000) or the
amount remaining under the Individual 364-Day Commitment of the Syndication Party submitting such
364-Day Bid, if less. Each 364-Day Bid Advance made by a Syndication Party will be in the amount
of its Bids, or portions thereof, under the 364-Day Facility that are accepted by Borrower in
accordance with Section 4.5 hereof.

     4.2 5-Year Facility Bid Rate Loans. Subject to the terms and conditions of this
Agreement, including the procedures set forth in Article 4 hereof, each Syndication Party may in
its sole discretion make Advances (each Advance made by a Syndication Party pursuant to this
Section a “5-Year Bid Advance” and the total of such Advances made by the Syndication Parties the
“5-Year Bid Loans”) to Borrower from time to time during the 5-Year Availability Period, provided
that:

          4.2.1 Individual 5-Year Commitment. No Syndication Party shall be permitted to make a
5-Year Bid Advance under the 5-Year Facility which, when added to its aggregate Individual
Outstanding 5-Year Obligations, would exceed such Syndication Party’s Individual 5-Year Commitment.

          4.2.2 5-Year Commitment. Borrower may not make a 5-Year Bid Request in an amount
which, when added to the aggregate Individual Outstanding 5-Year Obligations of all Syndication
Parties, would exceed the 5-Year Commitment.

          4.2.3 Amounts. Each 5-Year Bid Request shall be in an amount at least equal to five
million dollars ($5,000,000) and in integral multiples of one million dollars ($1,000,000), and
each 5-Year Bid shall be in an amount at least equal to one million dollars ($1,000,000) or the
amount remaining under the Individual 5-Year Commitment of the Syndication Party submitting such
5-Year Bid, if less. Each 5-Year Bid Advance made by a Syndication Party will be in the amount of
its Bids, or portions thereof, under the 5-Year Facility that are accepted by Borrower in
accordance with Section 4.5 hereof.

     4.3 Bid Request. No more frequently than once each Banking Day, Borrower may request
offers from all Syndication Parties which have an Individual Commitment in the Facility under which
the offers are being requested, acting severally and not jointly, to make Bid Advances under such
Facility by giving the Bid Agent notice by facsimile (effective upon receipt), substantially in the
form of Exhibit 4.3 hereto (“Bid Request”) on or before 9:00 A.M.

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(Central time) on the
Banking Day the proposed Bid Rate Loan is to be made. By 9:30 A.M. (Central time) of the same
Banking Day, the Bid Agent shall, by facsimile transmission, send to all of the Syndication Parties
eligible to receive a Bid Request a copy of such Bid Request. Each Bid Request must specify (a)
the Facility under which the Bid Advances are being requested, (b) the total amount of such
requested Bid Advances, (c) the individual amount of each requested Bid Advance with a different
proposed Bid Maturity Date,
(d) the proposed Banking Day of making such Bid Advance (which shall be the same Banking Day
on which the Bid Request is submitted), and (e) the proposed maturity dates for such Bid Advances
(each a “Bid Maturity Date”) which must be Banking Days and which must not extend (i) more than
thirty (30) days beyond the 364-Day Maturity Date or (ii) more than thirty (30) days beyond the
5-Year Maturity Date, as applicable. Borrower may request offers to make more than one Bid Rate
Loan (up to a maximum of five (5) Bid Rate Loans in a single Bid Request for each of the two
Facilities), each with a different Bid Maturity Date, in a single Bid Request.

     4.4 Bid Procedure. Each Syndication Party with an Individual Commitment in the
Facility under which the Bid Request is made may, in its sole discretion, submit to the Bid Agent a
written quote, substantially in the form of Exhibit 4.4 hereto (“Bid”), containing an offer
or offers to make one or more Bid Advances in a specified amount or amounts in response to such Bid
Request (and may elect to bid with respect to any or all Bid Advances with different Bid Maturity
Dates specified in the Bid Request); provided, however, each Syndication Party is limited to one
Bid submission per Bid Request (which may cover more than one Bid Maturity Date) and a Syndication
Party may not submit a Bid in an amount in excess of such Syndication Party’s Individual 364-Day
Lending Capacity or Individual 5-Year Lending Capacity, as applicable. A Bid may set forth offers
for up to five (5) separate Bid Rates for each of the applicable Bid Advances, provided that each
Bid shall specify the aggregate principal amount of Bid Advances for all Bid Maturity Dates that
the Syndication Party submitting such Bid is willing to make at the interest rate or rates
specified in such Bid (each a “Bid Rate”) pursuant to such Bid. Each Bid by a Syndication Party
(other than by the Bid Agent acting in its capacity as a Syndication Party) must be submitted to
the Bid Agent by facsimile not later than 10:15 A.M. (Central time) on the same Banking Day. The
Bid Agent, in its capacity as a Syndication Party, may submit Bids; provided such Bids must be
finalized not later than 10:00 A.M. (Central time) on the same Banking Day. Each Bid shall be
irrevocable. The Bid Agent shall disregard a Bid if it (a) is not substantially in conformity with
Exhibit 4.4 hereto, (b) contains qualifying or conditional language, (c) proposes terms
other than or in addition to those set forth in the applicable Bid Request, or (d) arrives after
the applicable time set forth in this Section. By 10:30 A.M. (Central time) on the same Banking
Day, the Bid Agent shall send copies of all Bids to Borrower by facsimile (“Bid Results Notice”).

     4.5 Bid Acceptance Procedure. Not later than 11:00 A.M. (Central time) on the same
Banking Day, Borrower shall provide to the Bid Agent by facsimile notice, in the form of
Exhibit 4.5 hereto, of its acceptance or rejection of each of the Bids submitted to
Borrower by the Bid Results Notice (“Bid Selection Notice”). In the case of each acceptance the
Bid Selection Notice shall specify the aggregate principal amount of Bid Advances for each of the
Bids that are accepted. Regardless of the amounts or interest rates bid by any Syndication Party,
Borrower may accept or decline any Bid in whole or in part, provided that (a) the aggregate
principal amount of Bid Advances accepted may not exceed the applicable amount set forth in

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the
related Bid Request, and (b) Borrower may not accept any offer that fails to comply with this
Article 4. Bids not accepted by 11:00 A.M. will be irrevocably deemed to have been rejected by
Borrower. No later than 12:00 noon (Central time) on the same Banking Day, the Bid Agent shall
send, by facsimile, a copy of such Bid Selection Notice to the Administrative Agent and each
Syndication Party which submitted a Bid.

     4.6 Bid Rate Loan Funding. Not later than 2:00 P.M. (Central time) on the same
Banking Day, each Syndication Party that is to make one or more Bid Advances in accordance with the
Bid Selection Notice shall make available to the Administrative Agent at the Administrative Agent’s
Office, in immediately available funds, an amount sufficient to fund such Bid Advances. After the
Administrative Agent’s receipt of such funds, but not later than 3:00 P.M. (Central time), and upon
fulfillment of the applicable conditions set forth in Article 11 hereof, the Administrative Agent
will make the proceeds of such Bid Advances available to Borrower, in immediately available funds,
and will transmit such funds by wire transfer to Borrower’s Account.

     4.7 Syndication Party Funding Failure. In the event any Syndication Party fails to
make any requested 364-Day Bid Advance or 5-Year Bid Advance to be made by it on the date specified
for such Advance, the Administrative Agent (in that capacity) will advance such funds to Borrower
on behalf of such Syndication Party in its role and capacity as the Administrative Agent, and
therefore notwithstanding limitations, if any, contained herein relating to the Administrative
Agent in its role as a Syndication Party, including its Individual 364-Day Commitment, Individual
5-Year Commitment, Individual 364-Day Lending Capacity, or Individual 5-Year Lending Capacity, as
applicable. In the event of the funding of any such Advance by the Administrative Agent, the
Syndication Party failing to fund such Advance will be treated as a Delinquent Syndication Party
under Section 16.4 hereof, and the Administrative Agent will be treated as a Contributing
Syndication Party under such Section.

     4.8 Bid Rate Loans — Bid Maturity Date Beyond Maturity Date. Notwithstanding any
other provision in this Credit Agreement that may be construed to the contrary, in the event that a
Syndication Party, at its sole discretion, makes a 364-Day Bid Advance or a 5-Year Bid Advance to
Borrower with a Bid Maturity Date later than the 364-Day Maturity Date or the 5-Year Maturity Date,
as applicable; and (a) (i) the 364-Day Maturity Date or the 5-Year Maturity Date, as applicable, is
subsequently extended by amendment to this Credit Agreement; and (ii) such Syndication Party does
not renew its Individual 364-Day Commitment or its Individual 5-Year Commitment, as applicable at a
level at least equal to the outstanding amount of such 364-Day Bid Advance or such 5-Year Bid
Advance, as applicable, then, in such case, such outstanding amount will be due and payable by
Borrower, and accepted by such Syndication Party, on the 364-Day Maturity Date or the 5-Year
Maturity Date, as applicable, (in each case as in effect prior to such extension thereof) without
any liability for Funding Losses on such amount; or (b) the 364-Day Maturity Date or the 5-Year
Maturity Date, as applicable, is not subsequently extended by amendment to this Credit Agreement,
then, in each such case, such outstanding amount will be repaid by Borrower in accordance with the
terms of this Credit Agreement (including provision for Funding Losses) and this Credit Agreement
will be deemed to continue in force for the limited purpose of facilitating such payments.

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     4.9 Failure to Implement Bid Process. In the event the Bid Agent fails to hold an
auction pursuant to a proper Bid Request, the Administrative Agent (in that capacity) will make an
Advance to Borrower on behalf of all Syndication Parties (with such Advance allocated between the
364-Day Facility and the 5-Year Facility in accordance with the allocations contained in the
applicable Bid Request), in the
amount of each Bid Advance requested in such Bid Request to bear interest at the then current
Base Rate to be repaid out of proceeds of Bid Advances on the next Banking Day, and will cause the
Bid Agent to hold the auction for such Bid Advances the following Banking Day.

     4.10 Overnight Advances. In addition to Borrower’s right to request a 364-Day Advance
under Article 2 hereof or a 364-Day Bid Advance under Section 4.1 hereof, Borrower may, subject to
the terms and conditions of this Section, at any time before 2:30 P.M. (Central time) on a Banking
Day, request the Overnight Lender to make an Advance to Borrower under the 364-Day Facility on the
same Banking Day (“Overnight Advance”) in accordance with the provisions of this Section. Each
Banking Day by 10:30 A.M. (Central time) the Overnight Lender shall notify Borrower of the interest
rate (“Overnight Rate”) that it will charge on all Overnight Advances made that Banking Day.
Borrower’s request for an Overnight Advance (“Overnight Advance Request”) may be made orally or in
writing by facsimile (if orally, shall be confirmed in writing on the same Banking Day), must be
directed to the Overnight Lender, and must specify (a) the amount of such Advance, and (b) the date
when such Overnight Advance will be due and payable (“Overnight Maturity Date”), which may not be
later than the fifth Banking Day thereafter. If Borrower submits an Overnight Advance Request, the
Overnight Lender shall promptly, but not later than 3:30 P.M. on the same Banking Day, fund such
Overnight Advance and advise the Administrative Agent in writing of the amount, Overnight Rate, and
Overnight Maturity Date of such Overnight Advance. Each Overnight Advance shall bear interest at
the applicable Overnight Rate and shall be payable in full, including interest, on the Overnight
Maturity Date applicable to such Overnight Advance. Such payment may, at Borrower’s discretion,
and subject to the conditions of this Credit Agreement, be made by an Advance under the 364-Day
Facility or under the 5-Year Facility. Overnight Advances shall be made only by the Overnight
Lender. Borrower’s entitlement to receive, and the Overnight Lender’s obligation to fund, any
Overnight Advance shall be subject to the conditions and limitations set forth in Section 2.1
hereof and applicable to 364-Day Advances generally, and, in addition, the aggregate outstanding
principal amount of all such Overnight Advances shall not at any time exceed the Overnight Funding
Commitment. At the sole discretion of the Overnight Lender, any Overnight Advance may be paid off
at any time by a 364-Day Advance or by a 5-Year Advance requested by the Overnight Lender.

     4.11 Overnight Lender Funding Failure. In the event the Overnight Lender fails to
make any requested Overnight Advance to be made by it on the date specified for such Advance, the
Administrative Agent (in that capacity) may, in its sole and absolute discretion and in its role
and capacity of the Administrative Agent, advance such funds to Borrower on behalf of such
Overnight Lender, notwithstanding limitations, if any, contained herein relating to the
Administrative Agent in its role as a Syndication Party, including its Individual 364-Day
Commitment or Individual 364-Day Lending Capacity. In the event of any such advance by the
Administrative Agent, the Overnight Lender will be treated as a Delinquent Syndication Party under
Section 16.4 hereof, and the Administrative Agent will be treated as a Contributing Syndication
Party under such Section.

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     4.12 LC Confirmation Indemnification. In connection with any Export Grain
Transaction, Borrower may, subject to the terms and
conditions of this Section, at any time before 2:30 P.M. (Central time) on a Banking Day,
request CoBank (acting in its individual capacity and not as Administrative Agent or Syndication
Party) to confirm (“LC Confirmation”) the letter of credit issued by the applicable Importer’s bank
(“Importer LC”), in accordance with the provisions of this Section. Borrower’s request for an LC
Confirmation (“Confirmation Request”) may be made orally or in writing by facsimile (if orally,
shall be confirmed in writing on the same Banking Day), must be directed to CoBank, with a copy to
the Administrative Agent, and must (a) identify (i) the Export Grain Transaction, (ii) the Importer
LC (and, if available, attach a copy of the Importer LC), and (iii) the issuer of the Importer LC,
in each case for which the LC Confirmation is being requested; (b) specify the dollar amount to be
covered by the LC Confirmation (“Confirmation Amount”), and (c) be accompanied by a written
confirmation from the U.S. Department of Agriculture that (i) the Export Grain Transaction has been
registered with the Commodity Credit Corporation (“CCC”) and the guarantee fee has been submitted
to the CCC. In the event CoBank has not received the Credit Guarantee Assurance letter issued by
the CCC (“CCC Guarantee”) and an assignment thereof to CoBank, on or before the thirtieth (30th)
day following the date of CoBank’s issuance of the LC Confirmation (“Indemnification Date”),
Borrower shall promptly, but no later than 3:30 P.M. on the Banking Day following the
Indemnification Date, reimburse CoBank in full for the Confirmation Amount plus any additional
costs or fees incurred by CoBank in connection therewith (“Borrower Indemnification Payment”).
Such reimbursement may, at Borrower’s discretion, but subject to the conditions of this Credit
Agreement, be made by an Advance under the 5-Year Facility. In the event the CCC Guarantee, and
written assignment thereof from Borrower to CoBank, with respect to a specific LC Confirmation is
received by CoBank on or before the Indemnification Date, Borrower shall have no further
obligations regarding such LC Confirmation. LC Confirmations shall be made only by CoBank and
CoBank shall be entitled to retain for its account the full amount of any fees charged to Borrower
for the issuance an any LC Confirmation. Borrower’s entitlement to receive, and the CoBank’s
obligation to issue, any LC Confirmation shall be subject to the conditions and limitations set
forth in Section 3.1 hereof and applicable to 5-Year Advances generally, and, in addition, the
aggregate amount of all outstanding LC Confirmations shall not at any time exceed the LC
Confirmation Commitment. Until such time as a CCC Guarantee is issued, or Borrower makes the
required Borrower Indemnification Payment with respect to a specific LC Confirmation, the
Confirmation Amount of such LC Confirmation shall be included in CoBank’s Individual Outstanding
5-Year Obligations. LC Confirmations are not Letters of Credit for the purposes of this Agreement.

ARTICLE 5.  LETTER OF CREDIT FACILITY

     5.1 Letter of Credit Request. On the terms and conditions set forth in this Credit
Agreement, and so long as no Event of Default or Potential Default has occurred (or if a Potential
Default or an Event of Default has occurred, it has been waived in writing by the Administrative
Agent in accordance with the provisions of Section 16.10 hereof), Borrower may request the issuance
of one or more documentary letters of credit or standby letters of credit as Committed Letters of
Credit or as Negotiated Letters of Credit pursuant to the conditions and limitations set forth
below.

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          5.1.1 Request for Committed Letter of Credit. Borrower may request issuance of a
Committed Letter of Credit by providing, not later than 12:00 noon (Central time) on a Banking Day,
a written request therefore
(“Committed LC Request”) to the Administrative Agent and the Letter of Credit Bank. The
Committed LC Request shall set forth (a) the face amount and expiry date, (b) the beneficiary, (c)
the terms thereof, and (d) such other information as the Letter of Credit Bank shall request.
Committed Letters of Credit shall be issued under the 5-Year Facility. In no event may the expiry
date be later than 364 days past the 5-Year Maturity Date.

          5.1.2 Request for Negotiated Letter of Credit. Borrower may request issuance of a
Negotiated Letter of Credit by (a) providing, no later than 11:00 A.M. (Central time) on a Banking
Day, written notice to the Administrative Agent of (i) the face amount and expiry date of each
Negotiated Letter of Credit which Borrower desires be issued and (ii) the identity of the
Syndication Party or Parties from which Borrower intends to seek each such Negotiated Letter of
Credit; (b) receiving written or oral confirmation from the Administrative Agent, to be provided no
later than 11:30 A.M. (Central time), that each such Syndication Party has sufficient Individual
5-Year Lending Capacity to issue such Negotiated Letter(s) of Credit; and (c) following receipt of
the confirmation described in clause (b) above, but no later than 12:00 noon (Central time),
sending a written request (“Negotiated LC Request”) to each such Syndication Party requesting
issuance of such Negotiated Letter(s) of Credit. Such written request shall set forth (a) the face
amount and expiry date, (b) the beneficiary, (c) the terms thereof, and (d) such other information
as any such Syndication Party shall request. Negotiated Letters of Credit shall be issued under
the 5-Year Facility. In no event may the expiry date be later than 364 days past the 5-Year
Maturity Date.

          5.1.3 Purpose. Borrower may not request issuance of a Letter of Credit for other than
a purpose for which a 5-Year Advance could be requested under Section 3.6 hereof.

          5.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit.
No later than 3:00 P.M. (Central time) on the Banking Day of issuance, reissuance, renewal,
permanent reduction, or termination of a Negotiated Letter of Credit, both Borrower and the
Issuing Syndication Party shall notify the Administrative Agent by facsimile of such fact, and
the face amount (including the reduced face amount, as applicable), expiry date, name of
beneficiary, and name of Issuing Syndication Party with respect to such Negotiated Letter of
Credit.

     5.2 Committed Letters of Credit. No later than 1:00 P.M. (Central time) on the
Banking Day of the receipt by the Letter of Credit Bank of a Committed LC Request, it shall, if it
approves the form and substance thereof, issue the requested Committed Letter of Credit for any
expiry period from seven (7) days following the date of issuance to the date which is 364 days past
the 5-Year Maturity Date, subject to the following:

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          5.2.1 Available Amount. The face amount of the requested Committed Letter of Credit
may not exceed the lesser of (a) the amount determined by subtracting the aggregate Individual
Outstanding 5-Year Obligations of all Syndication Parties from the 5-Year Commitment, or (b) the
amount determined by subtracting the undrawn
face amount of all Letters of Credit and Existing Letters of Credit then outstanding
(including any Letter of Credit requested but not yet issued unless the Letter of Credit Bank has
declined to issue the Letter of Credit) from the LC Commitment.

          5.2.2 Availability. Committed Letters of Credit may be requested for issuance only
during the 5-Year Availability Period.

          5.2.3 Issuance Fee. Borrower shall pay at the time of the issuance or reissuance of
each Committed Letter of Credit the Issuance Fee therefore to be distributed to the Letter of
Credit Bank.

          5.2.4 Treatment of Draws. Each draw under a Committed Letter of Credit shall be
funded by each of the Syndication Parties as an Advance under the 5-Year Facility in accordance
with their respective Individual 5-Year Pro Rata Share as of the date of such draw.

     5.3 Negotiated Letters of Credit. Any Syndication Party may, in its sole discretion,
issue a Negotiated Letter of Credit (“Issuing Syndication Party”) for any expiry period from seven
(7) days following the date of issuance to the date which is 364 days past the 5-Year Maturity
Date, upon such terms and conditions as Borrower and such Issuing Syndication Party may agree;
provided that (x) all Negotiated Letters of Credit must be issued on a Banking Day, and may be
issued no earlier than 11:30 A.M. and no later than 2:30 P.M. (Central time), and (y) the issuance
of Negotiated Letters of Credit shall also be subject to the following:

          5.3.1 Available Amount. The face amount of the requested Negotiated Letter of Credit
may not exceed the lesser of (a) the amount determined by subtracting the aggregate Individual
Outstanding 5-Year Obligations of all Syndication Parties from the 5-Year Commitment, (b) an amount
which would exceed the Issuing Syndication Party’s Individual 5-Year Lending Capacity, or (c) the
amount determined by subtracting the undrawn face amount of all Letters of Credit and Existing
Letters of Credit then outstanding (including any Committed Letter of Credit requested but not yet
issued unless the Letter of Credit Bank has declined to issue the Letter of Credit) from the LC
Commitment. Prior to the issuance of a Negotiated Letter of Credit, the Issuing Syndication
Party shall confirm with the Administrative Agent that the issuance of such Negotiated Letter
of Credit will not result in the limitations set forth in this Subsection being exceeded.

          5.3.2 Availability. Negotiated Letters of Credit may be requested for issuance only
during the 5-Year Availability Period.

          5.3.3 Fees. Borrower will be required to pay only such fees as the Issuing
Syndication Party and Borrower agree upon in connection with each such Negotiated Letter of Credit
and all such fees shall be collected by, paid to, and retained by the Issuing Syndication Party.

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          5.3.4 Treatment of Draws. Each draw under a Negotiated Letter of Credit shall be
treated as an Advance by the Issuing Syndication Party under the 5-Year Facility and shall bear
interest at the Base Rate until paid in full.

     5.4 Notice Regarding Negotiated Letters of Credit. No later than 3:00 P.M. (Central
time) on the Banking Day of issuance, reissuance, renewal, permanent reduction, or termination of a
Negotiated Letter of Credit, both Borrower and the Issuing Syndication Party shall notify the
Administrative Agent by facsimile of such fact, and the face amount (including the reduced face
amount, as applicable), expiry date, name of beneficiary, and name of Issuing Syndication Party
with respect to such Negotiated Letter of Credit.

     5.5 Existing Letters of Credit. Borrower and each Syndication Party agree that each
Existing Letter of Credit shall, as of the Closing Date: (a) if it was issued as a Negotiated
Letter of Credit under the 2003 Credit Agreement, be deemed to have been issued as a Negotiated
Letter of Credit under the 5-Year Facility, and that the actual issuer thereof, upon such issuer’s
execution of this Credit Agreement, shall for all purposes be deemed to be the Issuing Syndication
Party hereunder with respect to each such Existing Letter of Credit; or (b) if it was issued as a
Committed Letter of Credit under the 2003 Credit Agreement, be deemed to have been issued as a
Committed Letter of Credit under the 5-Year Facility, and that the issuer thereof shall for all
purposes be deemed to have been the Letter of Credit Bank hereunder with respect to each such
Existing Letter of Credit.

     5.6 Cash Collateral Account. Upon (a) the occurrence of an Event of Default, or (b)
the occurrence of the date which is 105 days prior to the 5-Year Maturity Date, Borrower shall
immediately (x) establish an account, if one has not previously been established, with the
Administrative Agent, or with such other financial institution as shall be approved by the Required
Lenders (“Cash Collateral Account”); (y) deposit by wire transfer funds into such Cash Collateral
Account in an amount equal to (i) in the case of the application of clause (a) of this Section, the
undrawn face amount of all Letters of Credit then outstanding, or (ii) in the case of the
application of clause (b) of this Section, the undrawn face amount of all Letters of Credit which
on that date have an expiry date later than the 5-Year Maturity Date (each an “Extended Duration
LC”); and (z) take such action, including the execution and delivery (and, where requested,
obtaining the execution thereof by third parties) of security documents, Control Agreements,
financing statements, and/or such other documents as the Administrative Agent may require, in order
to grant to the Administrative Agent, on behalf of the Syndication Parties, a first lien security
interest on such Cash Collateral Account and the funds on deposit therein. In addition, Borrower
shall, on the date of issuance of each Extended Duration LC which is issued on, or any time
subsequent to the date which is 105 days prior to, the 5-Year Maturity Date, deposit by wire
transfer funds into such Cash Collateral Account in an amount equal to the face amount of each such
Extended Duration LC unless a deposit was made pursuant to clause (y) (ii) above. In the event
that Borrower fails or refuses to establish and fund the Cash Collateral Account as required above,
the Syndication Parties may, at their discretion, establish such an account in the name of the
Administrative Agent and fund such account by a 5-Year Advance in the same way that a draw under
any such Letter of Credit would be funded. Notwithstanding any other provision contained in this
Credit Agreement or any of the other Loan Documents, (l) draws made against any Committed Letter of
Credit on or after the date of funding of the Cash

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Collateral Account with respect to such
Committed Letter of Credit, shall, at the sole discretion of the Letter of Credit Bank, be funded
out of the funds on deposit in the Cash Collateral Account rather than out of 5-Year Advances; and
(m) draws made against any Negotiated Letter of Credit on or after the date of funding of the Cash
Collateral
Account with respect to such Negotiated Letter of Credit shall, at the sole discretion of the
Issuing Syndication Party, be funded out of the funds on deposit in the Cash Collateral Account
rather than as a 5-Year Advance by such Issuing Syndication Party, to the extent, with respect to
clause (l) and clause (m), that the funds deposited into the Cash Collateral Account with respect
to such Letter of Credit remain on deposit in the Cash Collateral Account. At and after such time
as there no longer exists any Event of Default, the Administrative Agent shall within a reasonable
time after receipt of a written request therefore from Borrower (which Borrower may send at any
time after the date all Events of Default have been cured (if cure is allowed) or waived pursuant
to the provisions of this Credit Agreement), refund to Borrower the amounts in the Cash Collateral
Account which was deposited therein on account of such Events of Default (less any amounts
withdrawn from the Cash Collateral Account to fund draws on any Letters of Credit). Any draw under
an Extended Duration LC funded as a 5-Year Advance shall be repaid by Borrower no later than the
next Banking Day if such draw occurs after the 5-Year Maturity Date to the extent that it is not
funded out of the Cash Collateral Account as provided above. Upon receiving proof satisfactory to
the Administrative Agent of the termination, reduction in amount, or expiration of any Extended
Duration LC, and unless an Event of Default has occurred and is continuing, and so long as there
remains on deposit in the Cash Collateral Account funds equal to the undrawn face amount of all
Extended Duration LC’s which remain outstanding, the Administrative Agent shall within a reasonable
time after receiving a written request therefore from Borrower, refund to Borrower an amount equal
to the undrawn face amount of such terminated or expired Extended Duration LC or the amount by
which the undrawn face amount of such Extended Duration LC has been reduced, as applicable. In the
event of the extension of the 5-Year Maturity Date to a date beyond the expiry date of an Extended
Duration LC, each Extended Duration LC whose expiry date is no longer later than the 5-Year
Maturity Date as so extended ( each hereinafter referred to as a “Converted LC”), shall no longer
be deemed to be an Extended Duration LC, and unless an Event of Default has occurred and is
continuing, and so long as there remains on deposit in the Cash Collateral Account funds equal to
the undrawn face amount of all Extended Duration LC’s, excluding each such Converted LC, the
Administrative Agent shall within a reasonable time after receipt of a written request therefore
from Borrower (which Borrower may send at any time after the effective date of such extension of
the 5-Year Maturity Date), refund to Borrower an amount equal to the undrawn face amount of each
such Converted LC.

     5.7 Reimbursement Obligation Unconditional. All draws under the Letters of Credit are
absolutely, unconditionally, and irrevocably reimbursable by Borrower and shall be funded as 5-Year
Advances (or as provided otherwise in Section 5.6 hereof), notwithstanding:

               (a) any lack of validity or enforceability of the Letter of Credit, any of the documents
referenced in the Letter of Credit, or any other agreement or instrument related to any such
documents;

30

 

               (b) the existence of any claim, setoff, defense or other right which Borrower may have at any
time against the beneficiary or any transferee of the Letter of Credit (or any person for whom the
beneficiary or transferee may be acting);

               (c) any statement, draft, certificate, or any other document presented under the Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect, or any statement
therein being untrue or inaccurate in any respect whatsoever or the draw certificate was otherwise
unauthorized, it being expressly understood and agreed by Borrower that neither the Letter of
Credit Bank nor any Syndication Party (including any Syndication Party issuing a Negotiated Letter
of Credit) shall have any liability on account of any lack of authorization or forgery and any
recovery from third parties on account of such lack of authorization or such forgery shall be the
sole responsibility of Borrower; or

               (d) the payment of a draw against presentation of a draft or certificate which does not comply
with the terms of the Letter of Credit, unless such payment is made as a result of the gross
negligence or willful misconduct of the issuer of the Letter of Credit.

ARTICLE 6.  INTEREST AND FEES

     6.1 Interest. Except as provided in Article 4 hereof, interest on all Loans shall be
calculated as follows:

          6.1.1 Base Rate Option. Unless Borrower requests and receives a LIBO Rate Loan
pursuant to Subsection 6.1.2 hereof, the outstanding principal balance under the 364-Day Facility
Notes and the 5-Year Facility Notes shall bear interest at the Base Rate (each a “Base Rate Loan”).
Base Rate Loans must be in minimum amounts of $10,000,000.00 and in incremental multiples of
$1,000,000.00.

          6.1.2 LIBO Rate Option. From time to time, and so long as no Event of Default has
occurred and is continuing, at the request of Borrower included in a Borrowing Notice, all or any
part of the outstanding principal balance under the 364-Day Facility Notes or the 5-Year Facility
Notes may bear interest at the LIBO Rate (each a “LIBO Rate Loan”); provided that Borrower may have
no more than ten (10) LIBO Rate Loans outstanding at any time. To effect this option, the
Borrowing Notice must specify (a) the principal amount that is to bear interest at the LIBO Rate,
which must be a minimum of $10,000,000.00 and in incremental multiples of $1,000,000.00 and (b) the
period selected by Borrower during which the LIBO Rate is to be applied (“LIBO Rate Period”), which
may be any period of one, two, three, or six months, but must expire no later than the 364-Day
Maturity Date or the 5-Year Maturity Date, as applicable. In addition, Borrower may convert any
Base Rate Loan to a LIBO Rate Loan, or continue a LIBO Rate Loan, by making a written request
therefore (“LIBO Request”) to the Administrative Agent by facsimile at least three (3) Banking Days
prior to the first date of the LIBO Rate Period therefore, specifying (y) the principal amount that
is to bear interest at the LIBO Rate, which must be a minimum of $10,000,000.00 and in incremental
multiples of $1,000,000.00 and (z) the LIBO Rate Period selected by Borrower during which the LIBO
Rate is to be applied. The Administrative Agent shall incur no liability in acting upon a request
which it believed in good faith had been made by a properly authorized employee of Borrower.
Following the expiration of

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the LIBO Rate Period for any LIBO Rate Loan, interest shall
automatically accrue at the Base Rate unless Borrower requests and receives another LIBO Rate Loan
as provided in this Subsection.

     6.2 Additional Provisions for LIBO Rate Loans.

          6.2.1 Limitation on LIBO Rate Loans. Anything herein to the contrary notwithstanding,
if, on or prior to the determination of the LIBO Rate for any LIBO Rate Period:

               (a) The Administrative Agent determines (which determination shall be conclusive) that
quotations of interest rates in accordance with the definition of LIBO Rate are not being provided
in the relevant amounts or for the relevant maturities for purposes of determining rates of
interest for LIBO Rate Loans as provided in this Credit Agreement; or

               (b) any Syndication Party determines (which determination shall be conclusive) that the
relevant rates of interest referred to in the definition of LIBO Rate upon the basis of which the
rate of interest for LIBO Rate Loans for such LIBO Rate Period is to be determined do not
adequately cover the cost to the Syndication Parties of making or maintaining such LIBO Rate Loans
for such LIBO Rate Period;

then the Administrative Agent shall give Borrower prompt notice thereof, and so long as such
condition remains in effect, in the case of clause (a) above, the Syndication Parties, and in the
case of clause (b) above, the Syndication Party that makes the determination, shall be under no
obligation to make LIBO Rate Loans, convert Base Rate Loans into LIBO Rate Loans, or continue LIBO
Rate Loans, and Borrower shall, on the last days of the then current applicable LIBO Rate Periods
for the outstanding LIBO Rate Loans, either prepay such LIBO Rate Loans or such LIBO Rate Loans
shall automatically be converted into a Base Rate Loan in accordance with Section 6.1 hereof.

     6.2.2 LIBO Rate Loan Unlawful. If any law, treaty, rule, regulation or determination
of a court or governmental authority or any change therein or in the interpretation or application
thereof subsequent to the Closing Date (each, a “Change in Law”) shall make it unlawful for any of
the Syndication Parties to (a) advance its Funding Share of any LIBO Rate Loan or (b) maintain its
share of all or any portion of the LIBO Rate Loans, each such Syndication Party shall promptly, by
telephone (in which case it must be promptly followed by a writing) or facsimile, notify the
Administrative Agent thereof, and of the reasons therefor and the Administrative Agent shall
promptly notify Borrower thereof and shall provide a copy of such written notice to Borrower. In
the former event, any obligation of any such Syndication Party to make available its Funding Share
of any future LIBO Rate Loan shall immediately be canceled (and, in lieu thereof shall be made as a
Base Rate Loan), and in the latter event, any such unlawful LIBO Rate Loans or portions thereof
then outstanding shall be converted, at the option of such Syndication Party, to a Base Rate Loan;
provided, however, that if any such Change in Law shall permit the LIBO Rate to remain in effect
until the expiration of the LIBO Rate Period applicable to any such unlawful LIBO Rate Loan, then
such LIBO Rate Loan shall continue in effect until the expiration of such LIBO Rate Period. Upon
the occurrence of any of the foregoing events on account of any Change in Law, Borrower shall pay
to the Administrative

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Agent immediately upon demand such amounts as may be necessary to compensate
any such Syndication Party for any fees, charges, or other costs incurred or payable by such
Syndication Party as a result thereof and which are attributable to
any LIBO Rate Loan made available to Borrower hereunder, and any reasonable allocation made by
any such Syndication Party among its operations shall be conclusive and binding upon Borrower
absent manifest error.

          6.2.3 Treatment of Affected Loans. If the obligations of any Syndication Party to
make or continue LIBO Rate Loans, or to convert Base Rate Loans into LIBO Rate Loans, are suspended
pursuant to Subsection 6.2.1 or 6.2.2 hereof (all LIBO Rate Loans so affected being herein called
“Affected Loans”), such Syndication Party’s Affected Loans shall, on the last day(s) of the then
current LIBO Rate Period(s) for the Affected Loans (or, in the case of a conversion required by
Subsection 6.2.1 or 6.2.2, on such earlier date as such Syndication Party may specify to Borrower),
be automatically converted into Base Rate Loans for the account of such Syndication Party. To the
extent that such Syndication Party’s Affected Loans have been so converted, all payments and
prepayments of principal which would otherwise be applied to such Syndication Party’s Affected
Loans shall be applied instead to its Base Rate Loans. All Advances which would otherwise be made
or continued by such Syndication Party as LIBO Rate Loans shall be made or continued instead as
Base Rate Loans, and all Base Rate Loans of such Syndication Party which would otherwise be
converted into LIBO Rate Loans shall remain as Base Rate Loans.

     6.3 Default Interest Rate. All past due payments on the Notes or of any other Bank
Debt (whether as a result of nonpayment by Borrower when due, at maturity, or upon acceleration)
shall bear interest at the Default Interest Rate from and after the due date for the payment, or on
the date of maturity or acceleration, as the case may be.

     6.4 Interest Calculation. Interest on all Loans shall be calculated on the actual
number of days the principal owing thereunder is outstanding with the daily rate calculated on the
basis of a year consisting of 360 days. In calculating interest, the Advance Date shall be
included and the date each payment is received shall be excluded.

     6.5 Fees. Borrower shall pay or cause to be paid the following fees:

          6.5.1 364-Day Facility Fee. A non-refundable fee (“364-Day Facility Fee”) calculated
in arrears as of the end of each of Borrower’s Fiscal Quarters following the Closing Date, until
the Loan is paid in full, and the Syndication Parties have no further obligation to make Advances
hereunder. The 364-Day Facility Fee for each such period shall be equal to (a) the average daily
364-Day Commitment in effect during such period, (b) multiplied by the average daily 364-Day
Facility Fee Factor in effect during such period, as converted to a daily rate using a year of 360
days, (c) with the product there of being further multiplied by the number of days in such period.
The 364-Day Facility Fee shall be payable to the Administrative Agent in arrears on the Banking Day
coinciding with, or immediately preceding the fifth day after the close of each such Fiscal
Quarter, for distribution to each Syndication Party in the ratio that its Individual 364-Day
Commitment bears to the 364-Day Commitment as calculated by the Administrative Agent on the last
day of each such period.

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          6.5.2 5-Year Facility Fee. A non-refundable fee (“5-Year Facility Fee”) calculated in
arrears as of the end of each of Borrower’s Fiscal Quarters following the Closing Date, until the
Loan is paid in full, all Letters of Credit are canceled or have expired, and the Syndication
Parties have no further obligation to make Advances or issue Letters of Credit hereunder. The
5-Year Facility Fee for each such period shall be equal to (a) the average daily 5-Year Commitment
in effect during such period, (b) multiplied by the average daily 5-Year Facility Fee Factor in
effect during such period, as converted to a daily rate using a year of 360 days, (c) with the
product there of being further multiplied by the number of days in such period. The 5-Year
Facility Fee shall be payable to the Administrative Agent in arrears on the Banking Day coinciding
with, or immediately preceding the fifth day after the close of each such Fiscal Quarter, for
distribution to each Syndication Party in the ratio that its Individual 5-Year Commitment bears to
the 5-Year Commitment as calculated by the Administrative Agent on the last day of each such
period.

          6.5.3 Committed Letter of Credit Fee. Borrower shall pay the non-refundable Committed
Letter of Credit Fee calculated in arrears as of the last day of each of Borrower’s Fiscal
Quarters. The Committed Letter of Credit Fee shall be payable to the Administrative Agent in
arrears on the Banking Day coinciding with, or immediately preceding the fifth day after the close
of each of Borrower’s Fiscal Quarters, for distribution to each Syndication Party in the ratio that
its Individual 5-Year Commitment bears to the 5-Year Commitment as calculated by the Administrative
Agent on the last day of each such period.

     6.6 364-Day Margin; 5-Year Margin; 364-Day Facility Fee Factor; 5-Year Facility Fee Factor
. If the Compliance Certificate with respect to any Fiscal Quarter is not received by the
Administrative Agent by the date required as provided in Subsections 12.2.1 and 12.2.2 hereof, the
364-Day Margin; the 5-Year Margin; the 364-Day Facility Fee Factor; and the 5-Year Facility Fee
Factor for the period commencing on the first day of the Fiscal Quarter commencing immediately
after the Fiscal Quarter for which such Compliance Report was required, shall each be determined
based on Tier 1 of Schedule 2 for that entire Fiscal Quarter.

     6.7 Special Interest Rates. Notwithstanding the provisions of Section 6.1 hereof,
balances of each of the loans described on Exhibit 6.7 hereto (a) as having been made under
the 3-Year Facility (as defined in the 2003 Credit Agreement) shall be treated as Bid Rate Loans
made under the 5-Year Facility hereunder; and (b) as having been made under the 364-Day Facility
(as defined in the 2003 Credit Agreement) shall be treated as Bid Rate Loans made under the 364-Day
Facility hereunder, and, in either case, shall bear interest at the “Interest Rate” set forth in
such Exhibit to and including the “Bid Maturity Date” set forth in such Exhibit, and they shall
each be due and payable on their respective Bid Maturity Date as set forth in such Exhibit.

ARTICLE 7.  PAYMENTS; FUNDING LOSSES

     7.1 Principal Payments. Principal shall be payable under the 364-Day Facility on the
364-Day Maturity Date, and under the 5-Year Facility on the 5-Year Maturity Date; provided that (a)
principal owing on all Bid Advances shall be
payable (i) on the Bid Maturity Date as provided in the Bid under which such Bid Advance was
made, if such date is earlier than the

34

 

364-Day Maturity Date or the 5-Year Maturity Date, as
applicable, and (ii) as provided in Section 4.8 hereof; (b) principal owing on all Overnight
Advances shall be payable on the applicable Overnight Maturity Date; and (c) prepayments may be
made only as provided in Section 7.5 hereof.

     7.2 Interest Payments. Interest shall be payable as follows: (a) interest on Base
Rate Loans shall be payable monthly in arrears on the first Banking Day of the next month, (b)
interest on LIBO Rate Loans shall be payable on the last day of the LIBO Rate Period therefor
unless the LIBO Rate Period is longer than three (3) months, in which case interest shall also be
payable on each three month anniversary of the first day of the applicable LIBO Rate Period, (c)
interest on each Bid Rate Loan shall be payable on the Bid Maturity Date therefor unless the Bid
Maturity Date is more than three (3) months from the date of the Advance under such Bid Rate Loan,
in which case interest shall also be payable on each three month anniversary of the date of the
relevant Advance, (d) interest on Overnight Advances shall be payable on the Overnight Maturity
Date, and (e) interest on all Loans then accrued and unpaid shall be payable on the 364-Day
Maturity Date or 5-Year Maturity Date, as applicable.

     7.3 Application of Principal Payments. Principal payments and prepayments shall be
applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to
Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility
may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts
owing under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans under the two
Facilities), and the Overnight Advances in the ratio of the amount of the outstanding principal
balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate
Loan balances in both cases). In the case of (a) and (b) and subject to the provisions of such
clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless
Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of
an Event of Default or Potential Default, all payments shall be applied, first to fees, second to
interest, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last
to any other Bank Debt.

     7.4 Manner of Payment. All payments, including prepayments, that Borrower is required
or permitted to make under the terms of this Credit Agreement and the other Loan Documents shall be
made to the Administrative Agent in immediately available federal funds, to be received no later
than 1:00 P.M. Central time of the Banking Day on which such payment is due (or the following
Banking Day if such date is not a Banking Day) by wire transfer through Federal Reserve Bank,
Kansas City, as provided in the Wire Instructions (or to such other account as the Administrative
Agent may designate by notice).

          7.4.1 Payments to Be Free and Clear. All sums payable by Borrower under this Credit
Agreement and the other Loan Documents shall be paid without setoff or counterclaim and free and
clear of, and without any deduction or withholding on account of, any tax imposed, levied,
collected, withheld or assessed by or within the United States of America or any political
subdivision in or of the United States of America or
any other jurisdiction from or to which a payment is made by or on behalf of Borrower or by
any federation or organization of which the United States of America or any such jurisdiction is a
member at the time of payment (excluding taxes imposed on or measured by the
net income or net
profits of the recipient of such payment, and franchise taxes imposed in lieu
thereof).

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          7.4.2 Grossing-up of Payments. If Borrower or any other Person is required by law to
make any deduction or withholding on account of any such tax from any sum paid or payable by
Borrower to the Administrative Agent or any Syndication Party under any of the Loan Documents:

               (a) Borrower shall notify the Administrative Agent of any such requirement or any change in
any such requirement as soon as Borrower becomes aware of it;

               (b) Borrower shall pay any such tax when such tax is due, such payment to be made (if the
liability to pay is imposed on Borrower) for its own account or (if that liability is imposed on
the Administrative Agent or such Syndication Party, as the case may be) on behalf of and in the
name of the Administrative Agent or such Syndication Party;

               (c) the sum payable by Borrower in respect of which the relevant deduction, withholding or
payment is required shall be increased to the extent necessary to ensure that, after the making of
that deduction, withholding or payment, the Administrative Agent or such Syndication Party, as the
case may be, receives on the due date a net sum equal to what it would have received had no such
deduction, withholding or payment been required or made; and

               (d) within thirty (30) days after paying any sum from which it is required by law to make any
deduction or withholding, and within thirty (30) days after the due date of payment of any tax
which it is required by clause (b) above to pay, Borrower shall deliver to the Administrative Agent
evidence satisfactory to the other affected parties of such deduction, withholding or payment and
of the remittance thereof to the relevant taxing or other authority;

provided that no such additional amount shall be required to be paid to any Syndication
Party under clause (c) above except to the extent that any change after the date on which such
Syndication Party became a Syndication Party in any such requirement for a deduction, withholding
or payment as is mentioned therein shall result in an increase in the rate of such deduction,
withholding or payment from that in effect at the date on which such Syndication Party became a
Syndication Party, in respect of payments to such Syndication Party

     7.5 Voluntary Prepayments. Borrower shall have the right to prepay all or any part of
the outstanding principal balance under the Loans at any time in integral multiples of
$1,000,000.00 (or the entire outstanding balance, if less) and subject to a $5,000,000.00 minimum
prepayment on LIBO Rate Loans (or the entire outstanding balance, if less), on any Banking Day;
provided that (a) in the event of prepayment of any LIBO Rate Loan, whether voluntary or on account
of acceleration (i) Borrower must provide three (3) Banking Days notice to the Administrative Agent
prior to making such prepayment, and (ii) Borrower must, at the time of making such prepayment, pay
all accrued but unpaid interest and all Funding Losses applicable to such prepayment, and (b)
Borrower shall not have the right to
prepay any Bid Rate Loan before the applicable Bid Maturity Date, but if a Bid Rate Loan is
deemed prepaid

36

 

on account of acceleration, Borrower must pay all Funding Losses applicable to such
prepayment. Principal amounts prepaid may be reborrowed under the terms and conditions of this
Credit Agreement. “Funding Losses” shall be determined on an individual Syndication Party basis as
the amount which would result in such Syndication Party being made whole (on a present value basis)
for the actual or imputed funding losses (including, without limitation, any loss, cost or expense
incurred by reason of obtaining, liquidating or employing deposits or other funds acquired by such
Syndication Party to fund or maintain such LIBO Rate Loan or Bid Rate Loan) incurred by such
Syndication Party as a result of such payment (regardless of whether the Syndication Party actually
funded with such deposits); provided that such amount shall in no event be less than $300.00 with
respect to any Syndication Party. In the event of any such payment, each Syndication Party which
had funded the LIBO Rate Loan being paid (or the Syndication Party which made the Bid Advance being
prepaid) shall, promptly after being notified of such payment, send written notice (“Funding Loss
Notice”) to the Administrative Agent by facsimile setting forth the amount of attributable Funding
Losses and the method of calculating the same. The Administrative Agent shall notify Borrower
orally or in writing of the amount of such Funding Losses. A determination by a Syndication Party
as to the amounts payable pursuant to this Section shall be conclusive absent manifest error.

     7.6 Distribution of Principal and Interest Payments. The Administrative Agent shall
distribute payments of principal and interest among the Syndication Parties as follows:

          7.6.1 Principal and Interest Payments on 364-Day Advances. Principal and interest
payments on 364-Day Advances shall be remitted to the Syndication Parties which made the 364-Day
Advance to which such payments are applied in the ratio in which they funded such Advance.

          7.6.2 Principal and Interest Payments on 5-Year Pro Rata Rate Advances. Principal and
interest payments on 5-Year Advances shall be remitted to the Syndication Parties which made the
5-Year Advance to which such payments are applied in the ratio in which they funded such Advance.

          7.6.3 Principal and Interest Payments on Bid Advances. Principal and interest
payments on Bid Advances shall be remitted to the Syndication Party which made the Bid Advance to
which such payments are applied.

          7.6.4 Principal and Interest Payments on Overnight Advances. Principal and interest
payments on Overnight Advances shall be remitted to the Overnight Lender.

ARTICLE 8.  BANK EQUITY INTERESTS

     Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as
CoBank may from time to time require in accordance with its bylaws and capital plans as
applicable to cooperative borrowers generally. In connection with the foregoing, Borrower
hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with
respect to CoBank (a) the bylaws, (b) a written description of the terms and conditions under which
the Bank Equity Interests are issued, (c) the most recent annual report, and if more

37

 

recent than
the latest annual report, the latest quarterly report. CoBank reserves the right to sell
participations under the provisions of Section 16.28 on a non-patronage basis. In addition,
Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a
Syndication Party hereunder as such Farm Credit System Institution may from time to time require in
accordance with its bylaws and capital plans as applicable to cooperative borrowers generally and
as is required by any written agreement Borrower may execute with any such Farm Credit System
Institution.

ARTICLE 9.  SECURITY

     The obligations of Borrower under this Credit Agreement shall be unsecured, except (a) with
respect to the Cash Collateral Account as provided in Section 5.6; (b) the statutory lien in favor
of CoBank, but not any other Syndication Parties, in the Bank Equity Interests; and (c) the
statutory lien, if any, in favor of any Farm Credit System Institution (but not any other
Syndication Parties), which may require Borrower to purchase equity interests as provided in
Article 8 hereof, in such equity interests.

ARTICLE 10.  REPRESENTATIONS AND WARRANTIES

     To induce the Syndication Parties to make the Loans and issue Negotiated Letters of Credit,
and the Letter of Credit Bank to issue Committed Letters of Credit, and recognizing that the
Syndication Parties, the Administrative Agent, the Letter of Credit Bank, and the Bid Agent are
relying thereon, Borrower represents and warrants as follows:

     10.1 Organization, Good Standing, Etc. Borrower: (a) is duly organized, validly
existing, and in good standing under the laws of its state of incorporation; (b) qualifies as a
cooperative association under the laws of its state of incorporation; (c) is duly qualified to do
business and is in good standing in each jurisdiction in which the transaction of its business
makes such qualification necessary, except to the extent that the failure to so qualify has not
resulted in, and could not reasonably be expected to cause, a Material Adverse Effect; and (d) has
all authority and all requisite corporate and legal power to own and operate its assets and to
carry on its business, and to enter into and perform the Loan Documents to which it is a party.
Each Subsidiary: (a) is duly organized, validly existing, and in good standing under the laws of
its state of incorporation; (b) is duly qualified to do business and is in good standing in each
jurisdiction in which the transaction of its business makes such qualification necessary, except to
the extent that the failure to so qualify has not resulted in, and could not reasonably be expected
to cause, a Material Adverse Effect; and (c) has all authority and all requisite corporate and
legal power to own and operate its assets and to carry on its business.

     10.2 Corporate Authority, Due Authorization; Consents. Borrower has taken all
corporate action necessary to execute, deliver and perform its obligations under the Loan Documents
to which it
is a party. All consents or approvals of any Person which are necessary for, or are required
as a condition of Borrower’s execution, delivery and performance of and under the Loan Documents,
have been obtained.

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     10.3 Litigation. Except as described on Exhibit 10.3 hereto, there are no
pending legal or governmental actions, proceedings or investigations to which Borrower or any
Subsidiary is a party or to which any property of Borrower or any Subsidiary is subject which might
reasonably be expected to result in any Material Adverse Effect and, to Borrower’s knowledge, no
such actions or proceedings are threatened or contemplated by any federal, state, county, or city
(or similar unit) governmental agency or any other Person.

     10.4 No Violations. The execution, delivery and performance of its obligations under
the Loan Documents will not: (a) violate any provision of Borrower’s articles of incorporation or
bylaws, or any law, rule, regulation (including, without limitation, Regulations T, U, and X of the
Board of Governors of the Federal Reserve System), or any judgment, order or ruling of any court or
governmental agency; (b) violate, require consent under (except such consent as has been obtained),
conflict with, result in a breach of, constitute a default under, or with the giving of notice or
the expiration of time or both, constitute a default under, any existing real estate mortgage,
indenture, lease, security agreement, contract, note, instrument or any other agreements or
documents binding on Borrower or affecting its property; or (c) violate, conflict with, result in a
breach of, constitute a default under, or result in the loss of, or restriction of rights under,
any Required License or any order, law, rule, or regulation under or pursuant to which any Required
License was issued or is maintained (“Licensing Laws”).

     10.5 Binding Agreement. Each of the Loan Documents to which Borrower is a party is,
or when executed and delivered, will be, the legal, valid and binding obligation of Borrower,
enforceable in accordance with its terms, subject only to limitations on enforceability imposed by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’
rights generally and by general principles of equity.

     10.6 Compliance with Laws. Borrower and each Subsidiary are in compliance with all
federal, state, and local laws, rules, regulations, ordinances, codes and orders, including without
limitation all Environmental Laws and all Licensing Laws, with respect to which noncompliance could
reasonably be expected to result in a Material Adverse Effect.

     10.7 Principal Place of Business; Place of Organization. Borrower’s place of
business, or chief executive office if it has more than one place of business, and the place where
the records required by Section 12.1 hereof are kept, is located at 5500 Cenex Drive, Inver Grove
Heights, Minnesota 55077. Borrower is a cooperative corporation formed under the laws of the State
of Minnesota.

     10.8 Payment of Taxes. Except as shown on Exhibit 10.8 hereto, Borrower and
each Subsidiary have filed all required federal, state and local
tax returns and have paid all taxes as shown on such returns as they have become due, and have
paid when due all other taxes, assessments or impositions levied or assessed against Borrower or
any Subsidiary, or their business or properties, except where the failure to make such filing or
payment could not reasonably be expected to result in a Material Adverse Effect. Exhibit
10.8 specifically indicates all such taxes, if any, which are subject to a Good Faith Contest.

39

 

     10.9 Licenses and Approvals. Borrower and each Subsidiary have ownership of, or
license to use, or have been issued, all trademarks, patents, copyrights, franchises, certificates,
approvals, permits, authorities, agreements, and licenses which are used or necessary to permit it
to own its properties and to conduct the business as presently being conducted as to which the
termination or revocation thereof could reasonably be expected to have a Material Adverse Effect
(“Required Licenses”). Each Required License is in full force and effect, and there is no
outstanding notice of cancellation or termination or, to Borrower’s knowledge, any threatened
cancellation or termination in connection therewith, nor has an event occurred with respect to any
Required License which, with the giving of notice or passage of time or both, could result in the
revocation or termination thereof or otherwise in any impairment of Borrower’s rights with respect
thereto, which impairment could reasonably be expected to have a Material Adverse Effect. No
consent, permission, authorization, order, or license of any governmental authority, is necessary
in connection with the execution, delivery, performance, or enforcement of and under the Loan
Documents to which Borrower is a party except such as have been obtained and are in full force and
effect.

     10.10 Employee Benefit Plans. Exhibit 10.10 sets forth as of the Closing Date
a true and complete list of each Borrower Benefit Plan that is maintained by Borrower or any of its
Subsidiaries or in which Borrower or any of its Subsidiaries participates or to which Borrower or
any of its Subsidiaries is obligated to contribute, in each case as of the Closing Date. Borrower
and its Subsidiaries are in compliance in all material respects with the Employee Retirement Income
Security Act of 1974, as amended, and the regulations thereunder (“ERISA”), to the extent
applicable to them, and have not received any notice to the contrary from the Pension Benefit
Guaranty Corporation (“PBGC”).

     10.11 Equity Investments. Borrower does not now own any stock or other voting or
equity interest, directly or indirectly, in any Person valued at the greater of book value or
market value at $5,000,000 or more, other than: (a) the Bank Equity Interests, and (b) as set
forth on Exhibit 10.11.

     10.12 Title to Real and Personal Property. Borrower and each Subsidiary have good and
marketable title to, or valid leasehold interests in, all of their material properties and assets,
real and personal, including the properties and assets and leasehold interests reflected in the
financial statements of the Borrower and its Subsidiaries referred to in Section 10.13 hereof,
except (a) any properties or assets disposed of in the ordinary course of business, and (b) for
defects in title and encumbrances which could not reasonably be expected to result in a Material
Adverse Effect; and none of the properties of Borrower or any Restricted Subsidiary are subject to
any Lien, except as permitted by Section 13.3 hereof. All such property is in good operating
condition and repair, reasonable wear and tear excepted, and suitable in all material respects for
the purposes for which it is being
utilized except where their failure to be in good operating condition could not reasonably be
expected to result in a Material Adverse Effect. All of the leases of Borrower and each Subsidiary
which constitute Material Agreements are in full force and effect and afford Borrower or such
Subsidiary peaceful and undisturbed possession of the subject matter thereof.

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     10.13 Financial Statements. The consolidated balance sheets of Borrower and its
Subsidiaries as of August 31, 2004, and the related consolidated statements of operations, cash
flows and consolidated statements of capital shares and equities for the Fiscal Year then ended,
and the accompanying footnotes, together with the unqualified opinion thereon, dated October 28,
2004 of PricewaterhouseCoopers LLP, independent certified public accountants, copies of which have
been furnished to the Administration Agent and the Syndication Parties, fairly present in all
material respects the consolidated financial condition of Borrower and its Subsidiaries as at such
dates and the results of the consolidated operations of Borrower and its Subsidiaries for the
periods covered by such statements, all in accordance with GAAP consistently applied. Since August
31, 2004, there has been no material adverse change in the financial condition, results of
operations, business or prospects of Borrower or any of its Subsidiaries. As of the Closing Date,
there are no liabilities of Borrower or any of its Subsidiaries, fixed or contingent, which are
material but are not reflected in the financial statements of Borrower and its Subsidiaries
referred to above or referred to in the notes thereto, other than liabilities arising in the
ordinary course of business since August 31, 2004. No information, exhibit, or report furnished by
Borrower or any of its Subsidiaries to the Administration Agent or the Syndication Parties in
connection with the negotiation of this Credit Agreement contained any material misstatement of
fact or omitted to state a material fact or any fact necessary to make the statements contained
therein not materially misleading in light of the circumstances in which they were made and taken
together with the other information, exhibits and reports furnished to the Administration Agent
and/or the Syndication Parties.

     10.14 Environmental Compliance. Except as set forth on Exhibit 10.14 hereto,
Borrower and each Subsidiary have obtained all permits, licenses and other authorizations which are
required under all applicable Environmental Laws, except to the extent failure to have any such
permit, license or authorization could not reasonably be expected to result in a Material Adverse
Effect. Except as set forth on Exhibit 10.14 hereto, Borrower and each Subsidiary are in
compliance with all Environmental Laws and the terms and conditions of the required permits,
licenses and authorizations, and are also in compliance with all other limitations, restrictions,
obligations, schedules and timetables contained in those Laws or contained in any plan, order,
decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved
thereunder, except to the extent, in each case, failure to comply has not resulted in, and could
not reasonably be expected to result in, a Material Adverse Effect.

     10.15 Fiscal Year. Each fiscal year of Borrower begins on September 1 of each
calendar year and ends on August 31 of the following calendar year.

     10.16 Material Agreements. Neither Borrower nor, to Borrower’s knowledge, any other
party to any Material Agreement, is in default
thereunder, and no facts exist which with the giving of notice or the passage of time, or
both, would constitute such a default.

     10.17 Regulations U and X. No portion of any Advance will be used for the purpose of
purchasing, carrying, or making loans to finance the purchase of, any “margin security” or “margin
stock” as such terms are used in Regulations U or X of the Board of Governors of the Federal
Reserve System, 12 C.F.R. Parts 221 and 224.

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     10.18 Trademarks, Tradenames, etc. Borrower owns or licenses all patents, trademarks,
trade names, service marks and copyrights (collectively, “Intellectual Property”) that it utilizes
in its business as presently being conducted and as anticipated to be conducted, except where the
failure to do so could not reasonably be expected to result in a Material Adverse Effect on
Borrower. Borrower is not a licensee under any written license for any patent, trademark,
tradename, service mark or copyright other than shrinkwrap licenses for “off-the-shelf” software
used by Borrower in the conduct of its business. The Intellectual Property is in full force and
effect, and Borrower has taken or caused to be taken all action, necessary to maintain the
Intellectual Property in full force and effect and has not taken or failed to take or cause to be
taken any action which, with the giving of notice, or the expiration of time, or both, could result
in any such Intellectual Property being revoked, invalidated, modified, or limited.

     10.19 No Default on Outstanding Judgments or Orders. Borrower and each Subsidiary
have satisfied all judgments and Borrower and each Subsidiary are not in default with respect to
any judgment, writ, injunction, decree, rule or regulation of any court, arbitrator or federal,
state, municipal or other Governmental Authority, commission, board, bureau, agency or
instrumentality, domestic or foreign, except to the extent such failure to satisfy any or all such
judgments or to be in such a default has not resulted in, and could not reasonably be expected to
result in, a Material Adverse Effect.

     10.20 No Default in Other Agreements. Neither Borrower nor any Subsidiary is a party
to any indenture, loan or credit agreement or any lease or other agreement or instrument or subject
to any certificate of incorporation or corporate restriction which has resulted in, or could
reasonably be expected to result in, a Material Adverse Effect. Neither Borrower nor any
Subsidiary is in default in any respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument where such failure to
perform, observe or fulfill has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect.

     10.21 Acts of God. Neither the business nor the properties of Borrower or any
Subsidiary are currently affected by any fire, explosion, accident, drought, storm, hail,
earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by
insurance) which has resulted in, or could reasonably be expected to result in, a Material Adverse
Effect.

     10.22 Governmental Regulation. Neither Borrower nor any Subsidiary is subject to
regulation under the Public Utility Holding
Company Act of 1935, the Investment Company Act of 1940, the Interstate Commerce Act, the
Federal Power Act or any statute or regulation, in each case, limiting its ability to incur
indebtedness for money borrowed as contemplated hereby.

     10.23 Labor Matters and Labor Agreements. Except as set forth in Exhibit
10.23 hereto: (a) As of the Closing Date, there are no collective bargaining agreements or
other labor agreements covering any employees of Borrower or any Subsidiary the termination,
cessation, or breach of which could reasonably be expected to result in a Material Adverse Effect,
and a true and correct copy of each such agreement will be furnished to the Administrative Agent
upon its written request from time to time. (b) There is no organizing activity involving Borrower

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pending or, to Borrower’s knowledge, threatened by any labor union or group of employees. (c)
There are, to Borrower’s knowledge, no representation proceedings pending or threatened with the
National Labor Relations Board, and no labor organization or group of employees of Borrower has
made a pending demand for recognition. (d) There are no complaints or charges against Borrower
pending or, to Borrower’s knowledge threatened to be filed with any federal, state, local or
foreign court, governmental agency or arbitrator based on, arising out of, in connection with, or
otherwise relating to the employment or termination of employment by Borrower of any individual.
(e) There are no strikes or other labor disputes against Borrower that are pending or, to
Borrower’s knowledge, threatened. (f) Hours worked by and payment made to employees of Borrower or
any Subsidiary have not been in violation of the Fair Labor Standards Act (29 U.S.C. § 201 et seq.)
or any other applicable law dealing with such matters. The representations made in clauses (b)
through (f) of this Section are made with respect to those occurrences described which could,
considered in the aggregate, reasonably be expected to have a Material Adverse Effect.

     10.24 Anti-Terrorism Laws.

          10.24.1 Violation of Law. Neither the Borrower nor, to the knowledge of Borrower, any
of its Subsidiaries, is in violation of any laws relating to terrorism or money laundering
(“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (“Executive Order”), and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (“USA
Patriot Act”).

          10.24.2 Classification. Neither Borrower nor, to the knowledge of Borrower, any of
its Subsidiaries, or their respective brokers or other agents acting or benefiting in any capacity
in connection with the Loans, is any of the following:

               (a) a Person or entity that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

               (b) a Person or entity owned or controlled by, or acting for or on behalf of, any Person or
entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive
Order;

               (c) a Person or entity with which any Syndication Party is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism Law;

               (d) a Person or entity that commits, threatens or conspires to commit or supports “terrorism”
as defined in the Executive Order; or

               (e) a Person or entity that is named as a “specially designated national and blocked person”
on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control
at its official website or any replacement website or other replacement official publication of
such list.

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          10.24.3 Conduct of Business. Neither Borrower nor to the knowledge of Borrower, any
of its brokers or other agents acting in any capacity in connection with the Loans (a) conducts any
business or engages in making or receiving any contribution of funds, goods or services to or for
the benefit of any Person described in clause (b) of Subsection 10.24.2 above, (b) deals in, or
otherwise engages in any transaction relating to, any property or interests in property blocked
pursuant to the Executive Order, or (c) engages in or conspires to engage in any transaction that
evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law.

     10.25 Disclosure. The representations and warranties contained in this Article 10 and
in the other Loan Documents or in any financial statements provided to the Administrative Agent do
not contain any untrue statement of a material fact or omit to state a material fact necessary to
make such representations or warranties not misleading; and all projections provided to the
Administrative Agent were prepared in good faith based on reasonable assumptions.

ARTICLE 11.  CONDITIONS TO CLOSING AND ADVANCES

     11.1 Conditions to Closing. The obligation of the Syndication Parties to make any
Advances or issue any Negotiated Letters of Credit, and the obligation of the Letter of Credit Bank
to issue any Committed Letters of Credit hereunder are subject to satisfaction, in the sole
discretion of the Administrative Agent and the Syndication Parties (except that satisfaction of
Subsection 11.1.6 shall be determined in the reasonable discretion of the Administrative Agent and
the Syndication Parties), of each of the following conditions precedent:

          11.1.1 Loan Documents. The Administrative Agent shall have received duly executed
originals of the Loan Documents.

          11.1.2 Approvals. The Administrative Agent shall have received evidence satisfactory
to it that all consents and approvals of governmental authorities and third parties which are with
respect to Borrower, necessary for, or required as a condition of the validity and enforceability
of the Loan Documents to which it is a party.

          11.1.3 Organizational Documents. The Administrative Agent shall have received: (a)
good standing certificate, dated no more than
thirty (30) days prior to the Closing Date, for Borrower for its state of incorporation; (b) a
copy of the articles of incorporation of Borrower (and any amendments thereto) certified by the
Secretary of State of its state of organization, or, in lieu thereof, at the discretion of Borrower
a certificate from the Secretary or Assistant Secretary of Borrower that the copy of such articles
of incorporation and amendments thereto provided to the Administrative Agent in connection with the
closing of the 2003 Credit Agreement remains true, correct, and complete and that there have been
no further amendments thereto; and (c) a copy of the bylaws of Borrower, certified as true and
complete by the Secretary or Assistant Secretary of Borrower, or, in lieu thereof, at the
discretion of Borrower a certificate from the Secretary or Assistant Secretary of Borrower that the
copy of such by laws provided to the Administrative Agent in connection with the closing of the
2003 Credit Agreement remains true, correct, and complete and that there have been no further
amendments thereto.

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          11.1.4 Evidence of Corporate Action. The Administrative Agent shall have received in
form and substance satisfactory to the Administrative Agent: (a) documents evidencing all
corporate action taken by Borrower to authorize (including the specific names and titles of the
persons authorized to so act (each an “Authorized Officer”)) the execution, delivery and
performance of the Loan Documents to which it is a party, certified to be true and correct by the
Secretary or Assistant Secretary of Borrower; and (b) a certificate of the Secretary or Assistant
Secretary of Borrower, dated the Closing Date, certifying the names and true signatures of the
Authorized Officers.

          11.1.5 Evidence of Insurance. Borrower shall have provided the Administrative Agent
with insurance certificates and such other evidence, in form and substance satisfactory to the
Administrative Agent, of all insurance required to be maintained by it under the Loan Documents,
or, in lieu thereof, at the discretion of Borrower a certificate from the Chief Financial Officer
of Borrower that there has been no change in Borrower’s insurance from that described in such
insurance certificates provided to the Administrative Agent in connection with the closing of the
2003 Credit Agreement. 

          11.1.6 Appointment of Agent for Service. The Administrative Agent shall have received
evidence satisfactory to the Administrative Agent (which, unless the Administrative Agent
specifically advised Borrower to the contrary, shall include any such evidence provided in
connection with the 2003 Credit Agreement unless such evidence has been subsequently rescinded or
terminated) that Borrower has appointed The Corporation Company to serve as its agent for service
of process at their Denver, Colorado office (presently at 1675 Broadway), and that The Corporation
Company has accepted such appointment by Borrower.

          11.1.7 No Material Change. No change shall have occurred in the condition or
operations of Borrower since August 31, 2004 which could reasonably be expected to result in a
Material Adverse Effect.

          11.1.8 Fees and Expenses. Borrower shall have paid the Administrative Agent, by wire
transfer of immediately available federal funds all fees set forth in Section 6.5 hereof and any
other fees owing to the Administrative Agent which are due on the Closing Date, and all expenses
owing pursuant to Section 17.1 hereof.

          11.1.9 Bank Equity Interest Purchase Obligation. Borrower shall have purchased such
Bank Equity Interests as CoBank may require pursuant to Article 8 hereof.

          11.1.10 Opinion of Counsel. Borrower shall have provided a favorable opinion of its
counsel addressed to the Administrative Agent and each of the present and future Syndication
Parties, covering such matters as the Administrative Agent may reasonably require.

          11.1.11 Further Assurances. Borrower shall have provided and/or executed and
delivered to the Administrative Agent such further assignments, documents or financing statements,
in form and substance satisfactory to the Administrative Agent, that Borrower is to execute and/or
deliver pursuant to the terms of the Loan Documents or as the Administrative Agent may reasonably
request.

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     11.2 Conditions to Advances and to Issuance of Letters of Credit. The Syndication
Parties’ obligation to fund each Advance or to issue a Negotiated Letter of Credit, and the
obligation of the Letter of Credit Bank to issue Committed Letters of Credit is subject to the
satisfaction, in the sole discretion of the Administrative Agent and the Syndication Parties, of
each of the following conditions precedent, as well as those set forth in Section 11.1 hereof, and
each request by Borrower for an Advance or Letter of Credit shall constitute a representation by
Borrower, upon which the Administrative Agent may rely, that the conditions set forth in
Subsections 11.2.1 and 11.2.2 hereof have been satisfied:

          11.2.1 Default. As of the Advance Date or the issuance date of a Letter of Credit, as
the case may be, no Event of Default or Potential Default shall have occurred and be continuing,
and the disbursing of the amount of the Advance requested shall not result in an Event of Default
or Potential Default.

          11.2.2 Representations and Warranties. The representations and warranties of Borrower
herein shall be true and correct in all material respects on and as of the date on which the
Advance is to be made or the Letter of Credit is to be issued as though made on such date.
Borrower shall have paid the Administrative Agent, by wire transfer of immediately available U.S.
funds all fees set forth in Section 6.5 hereof which are then due and payable, including all
expenses owing pursuant to Section 17.1 hereof.

ARTICLE 12. AFFIRMATIVE COVENANTS

     From and after the date of this Credit Agreement and until the Bank Debt is indefeasibly paid
in full, all Letters of Credit and Existing Letters of Credit have expired, and the Syndication
Parties have no obligation to make any Advance or issue a Negotiated Letter of Credit, and the
Letter of Credit Bank has no obligation to issue any Committed Letters of Credit hereunder,
Borrower agrees that it will observe and comply with the following covenants for the benefit of the
Administrative Agent, the Syndication Parties, and the Letter of Credit Bank:

     12.1 Books and Records. Borrower shall at all times keep, and cause each Subsidiary
to keep, proper books of record and account, in which correct and complete entries shall be made of
all its dealings, in accordance with GAAP.

     12.2 Reports and Notices. Borrower shall provide to the Administrative Agent the
following reports, information and notices:

          12.2.1 Annual Financial Statements. As soon as available, but in no event later than
one hundred and twenty (120) days after the end of any Fiscal Year of Borrower occurring during the
term hereof one copy of the audit report for such year and accompanying consolidated financial
statements (including all footnotes thereto), including a consolidated balance sheet, a
consolidated statement of earnings, a consolidated statement of capital, and a consolidated
statement of cash flow for the Borrower and its Subsidiaries, showing in comparative form the
figures for the previous Fiscal Year, all in reasonable detail, prepared in conformance with GAAP
consistently applied and certified without qualification by PricewaterhouseCoopers, or other
independent public accountants of nationally recognized standing selected by the

46

 

Borrower and
satisfactory to the Administrative Agent, and to be accompanied by a copy of the management letter
of such accountants addressed to the board of directors of Borrower related to such annual audit;
and annual financial statements of Borrower. Delivery to the Administrative Agent within the time
period specified above of copies of Borrower’s Annual Report on Form 10-K as prepared and filed in
accordance with the requirements of the Securities Exchange Commission shall be deemed to satisfy
the requirements of this Subsection if accompanied by the required unqualified accountant’s
certification. Such annual financial statements or Form 10-K’s required pursuant to this
Subsection shall be accompanied by a Compliance Certificate signed by Borrower’s Chief Financial
Officer or other officer of Borrower acceptable to the Administrative Agent.

          12.2.2 Quarterly Financial Statements. As soon as available but in no event more than
forty-five (45) days after the end of each Fiscal Quarter (except the last Fiscal Quarter of
Borrower’s Fiscal Year) the following financial statements or other information concerning the
operations of Borrower and its Subsidiaries for such Fiscal Quarter, the Fiscal Year to date, and
for the corresponding periods of the preceding Fiscal Year, all prepared in accordance with GAAP
consistently applied: (a) a consolidated balance sheet, (b) a consolidated summary of earnings,
(c) a consolidated statement of cash flows, and (d) such other statements as the Administrative
Agent may reasonably request. Delivery to the Administrative Agent within the time period
specified above of copies of Borrower’s Quarterly Report on Form 10-Q as prepared and filed in
accordance with the requirements of the Securities Exchange Commission shall be deemed to satisfy
the requirements of this Subsection other than clause (d) hereof. Such quarterly financial
statements or Form 10-Q’s required pursuant to this Subsection shall be accompanied by a Compliance
Certificate signed by Borrower’s Chief Financial Officer or other officer of Borrower acceptable to
the Administrative Agent (subject to normal year end adjustments).

          12.2.3 Notice of Default. As soon as the existence of any Event of Default or
Potential Default becomes known to any officer of Borrower, prompt written notice of such Event of
Default or Potential Default, the nature and status thereof, and the action being taken or proposed
to be taken with respect thereto.

          12.2.4 ERISA Reports. As soon as possible and in any event within twenty (20) days
after Borrower knows or has reason to know that any Reportable Event or Prohibited Transaction has
occurred with respect to any Plan or that the PBGC or Borrower or any Subsidiary has instituted or
will institute proceedings under Title IV of ERISA to terminate any Plan, or that Borrower, any
Subsidiary or any ERISA Affiliate has completely or partially withdrawn from a Multiemployer Plan,
or that a Plan which is a Multiemployer Plan is in reorganization (within the meaning of Section
4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA) or is terminating, a
certificate of Borrower’s Chief Financial Officer setting forth details as to such Reportable Event
or Prohibited Transaction or Plan termination or withdrawal or reorganization or insolvency and the
action Borrower or such Subsidiary proposes to take with respect thereto, provided, however, that
notwithstanding the foregoing, no reporting is required under this subsection (6) unless the
matter(s), individually or in the aggregate, result, or could be reasonably expected to result, in
aggregate obligations or liabilities of Borrower and/or the Subsidiaries in excess of ten million
dollars ($10,000,000).

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          12.2.5 Notice of Litigation. Promptly after the commencement thereof, notice of all
actions, suits, arbitration and any other proceedings before any Governmental Authority, affecting
Borrower or any Subsidiary which, if determined adversely to Borrower or any Subsidiary, could
reasonably be expected to require Borrower or any Subsidiary to have to pay or deliver assets
having a value of ten million dollars ($10,000,000) or more (whether or not the claim is covered by
insurance) or could reasonably be expected to result in a Material Adverse Effect.

          12.2.6 Notice of Material Adverse Effect. Promptly after Borrower obtains knowledge
thereof, notice of any matter which, alone or when considered together with other matters, has
resulted or could reasonably be expected to result in, a Material Adverse Effect.

          12.2.7 Notice of Environmental Proceedings. Without limiting the provisions of
Subsection 12.2.5 hereof, promptly after Borrower’s receipt thereof, notice of the receipt of all
pleadings, orders, complaints, indictments, or other communication alleging a condition that may
require Borrower or any Subsidiary to undertake or to contribute to a cleanup or other response
under Environmental Regulations, or which seeks penalties, damages, injunctive relief, or criminal
sanctions related to alleged violations of such laws, or which claims personal injury or property
damage to any person as a result of environmental factors or conditions or which, if adversely
determined, could reasonably be expected to have a Material Adverse Effect.

          12.2.8 Regulatory and Other Notices. Promptly after Borrower’s receipt thereof,
copies of any notices or other communications received from any Governmental Authority with respect
to any matter or proceeding the effect of which could reasonably be expected to have a Material
Adverse Effect.

          12.2.9 Adverse Action Regarding Required Licenses. As soon as Borrower learns that
any petition, action, investigation, notice of violation or apparent liability, notice of
forfeiture, order to show cause,
complaint or proceeding is pending, or, to the best of Borrower’s knowledge, threatened, to
seek to revoke, cancel, suspend, modify, or limit any of the Required Licenses, prompt written
notice thereof and Borrower shall contest any such action in a Good Faith Contest.

          12.2.10 Budget. Promptly upon becoming available and in any event within thirty (30)
days after the beginning of each Fiscal Year, a copy of the Annual Operating Budget for the next
succeeding Fiscal Year and for each Fiscal Year through the 5-Year Maturity Date approved by
Borrower’s board of directors, together with the assumptions and projections on which such budget
is based and a copy of forecasts of operations and capital expenditures (including investments) for
each Fiscal Year; provided that the Annual Operating Budget for the Fiscal Year ending August 31,
2005 shall be required on the Closing Date. In addition, if any material changes are made to such
budget or projections or forecasts during the year, then Borrower will furnish copies to the
Administrative Agent of any such changes promptly after such changes have been approved.

          12.2.11 Additional Information. With reasonable promptness, such other information
respecting the condition or operations, financial or otherwise, of Borrower or any Subsidiary as
the Administrative Agent or any Syndication Party may from time to time reasonably request.

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     12.3 Maintenance of Existence and Qualification. Borrower shall, and shall cause each
Subsidiary to, maintain its corporate existence in good standing under the laws of its state of
organization. Borrower shall, and shall cause each Subsidiary to, qualify and remain qualified as
a foreign corporation in each jurisdiction in which such qualification is necessary in view of its
business, operations and properties except where the failure to so qualify has not and could not
reasonably be expected to result in a Material Adverse Effect.

     12.4 Compliance with Legal Requirements and Agreements. Borrower shall, and shall
cause each Subsidiary to: (a) comply with all laws, rules, regulations and orders applicable to
Borrower (or such Subsidiary, as applicable) or its business unless such failure to comply is the
subject of a Good Faith Contest; and (b) comply with all agreements, indentures, mortgages, and
other instruments to which it (or any Subsidiary, as applicable) is a party or by which it or any
of its (or any Subsidiary, or any of such Subsidiary’s, as applicable) property is bound; provided,
however, that the failure of Borrower to comply with this sentence in any instance not directly
involving the Administrative Agent or a Syndication Party shall not constitute an Event of Default
unless such failure could reasonably be expected to have a Material Adverse Effect.

     12.5 Compliance with Environmental Laws. Without limiting the provisions of Section
12.4 of this Credit Agreement, Borrower shall, and shall cause Subsidiary to, comply in all
material respects with, and take all reasonable steps necessary to cause all persons occupying or
present on any properties owned or leased by Borrower (or any Subsidiary, as applicable) to comply
with, all Environmental Regulations, the failure to comply with which would have a Material Adverse
Effect or unless such failure to comply is the subject of a Good Faith Contest.

     12.6 Taxes. Borrower shall pay or cause to be paid, and shall cause each Subsidiary
to pay, when due all taxes, assessments, and other governmental charges upon it, its income, its
sales, its properties (or upon Subsidiary and its income, sales, and properties, as applicable),
and federal and state taxes withheld from its (or Subsidiary’s, as applicable) employees’ earnings,
unless (a) the failure to pay such taxes, assessments, or other governmental charges could not
reasonably be expected to result in a Material Adverse Effect, or (b) such taxes, assessments, or
other governmental charges are the subject of a Good Faith Contest and Borrower has established
adequate reserves therefor in accordance with GAAP.

     12.7 Insurance. Borrower shall maintain, and cause each Subsidiary to maintain,
insurance with one or more financially sound and reputable insurance carrier or carriers reasonably
acceptable to the Administrative Agent, in such amounts (including deductibles) and covering such
risks (including fidelity coverage) as are usually carried by companies engaged in the same or a
similar business and similarly situated, provided, however, that Borrower may, to the extent
permitted by Law, provide for appropriate self-insurance with respect to workers’ compensation. At
the request of Administrative Agent, copies of all policies (or such other proof of compliance with
this Section as may be reasonably satisfactory) shall be delivered to the Administrative Agent.
All such insurance policies shall contain a provision requiring at least ten (10) days’ notice to
Borrower prior to any cancellation for non-payment of premiums and at least

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forty-five (45) days’
notice to Borrower of cancellation for any other reason or of non-renewal. With respect to all
such insurance policies, Borrower shall provide the Administrative Agent with (a) within ten (10)
days after obtaining such knowledge, written notice of any material modification of which it has
knowledge; and (b) one or more certificates of insurance which shall include the agreement of the
broker/insuror representative providing such certificates to provide to the Administrative Agent at
least ten (10) days’ notice prior to any cancellation of any such insurance policies for
non-payment of premiums and at least forty-five (45) days’ notice prior to cancellation of any such
insurance policies for any other reason, and of non-renewal or material modification of any such
insurance policies. No later than forty (40) days prior to expiration, Borrower shall give the
Administrative Agent (x) satisfactory written evidence of renewal of all such policies with
premiums paid, or (y) a written report as to the steps being taken by Borrower to renew or replace
all such policies, provided that notwithstanding the receipt of such written report, the
Administrative Agent may at any time thereafter give Borrower written notice to provide the
Administrative Agent with such evidence as described in clause (x), in which case Borrower must do
so within ten (10) days of such notice. Borrower agrees to pay all premiums on such insurance as
they become due (including grace periods), and will not permit any condition to exist which would
wholly or partially invalidate any insurance thereon.

     12.8 Maintenance of Properties. Borrower shall maintain, keep and preserve, and cause
each Subsidiary to maintain, keep and preserve, all of its material properties (tangible and
intangible) necessary or used in the proper conduct of its business in good working order and
condition, ordinary wear and tear excepted, and shall cause to be made all repairs, renewals,
replacements, betterments and improvements thereof, all as in the sole judgment of Borrower may be
reasonably necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times.

     12.9 Payment of Liabilities. Borrower shall pay, and shall cause its Subsidiaries to
pay, all liabilities (including, without limitation: (a) any indebtedness for borrowed money or
for the deferred purchase price of property or services; (b) any obligations under leases which
have or should have been characterized as Capital Leases; and (c) any contingent liabilities, such
as guaranties, for the obligations of others relating to indebtedness for borrowed money or for the
deferred purchase price of property or services or relating to obligations under leases which have
or should have been characterized as Capital Leases) as they become due beyond any period of grace
under the instrument creating such liabilities, unless (with the exception of the Bank Debt) (a)
the failure to pay such liabilities within such time period could not reasonably be expected to
result in a Material Adverse Effect, or (b) they are contested in good faith by appropriate actions
or legal proceedings, Borrower establishes adequate reserves therefor in accordance with GAAP, and
such contesting will not result in a Material Adverse Effect.

     12.10 Inspection. Borrower shall permit, and cause its Subsidiaries to permit, the
Administrative Agent or any Syndication Party or their agents, during normal business hours or at
such other times as the parties may agree, to inspect the assets and operations of Borrower and its
Subsidiaries and to examine, and make copies of or abstracts from, Borrower’s properties, books,
and records, and to discuss the affairs, finances, operations, and accounts of Borrower and its
Subsidiaries with their respective officers, directors, employees, and independent certified

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public
accountants (and by this provision Borrower authorizes said accountants to discuss with the
Administrative Agent or any Syndication Party or their agents the finances and affairs of
Borrower); provided, that, in the case of each meeting with the independent accountants Borrower is
given an opportunity to have a representative present at such meeting.

     12.11 Required Licenses; Permits; Intellectual Property; Etc. Borrower shall duly and
lawfully obtain and maintain in full force and effect, and shall cause its Subsidiaries to obtain
and maintain in full force and effect, all Required Licenses and Intellectual Property as
appropriate for the business being conducted and properties owned by Borrower or such Subsidiaries
at any given time.

     12.12 ERISA. Borrower shall make or cause to be made, and cause each Subsidiary to
make or cause to be made, all payments or contributions to all Borrower Pension Plans covered by
Title IV of ERISA, which are necessary to enable those Borrower Pension Plans to continuously meet
all minimum funding standards or requirements.

     12.13 Maintenance of Commodity Position. Borrower shall protect its commodity
inventory holdings or commitments to buy or sell commodities against adverse price movements,
including the taking of equal and opposite positions in the cash and futures markets, to minimize
losses and protect margins in commodity production, storage, processing and marketing as is
recognized as financially sound and reputable by prudent business persons in the commodity
business.

     12.14 Financial Covenants. Borrower shall maintain the following financial covenants:

          12.14.1 Working Capital. Borrower shall have at all times Consolidated Current Assets
minus Consolidated Current Liabilities of not less than $250,000,000.

          12.14.2 Consolidated Funded Debt to Consolidated Cash Flow. Borrower shall have at
all times and measured as of the end of each Fiscal Quarter, a ratio of Consolidated Funded Debt
divided by Consolidated Cash Flow of no greater than 3.00 to 1.00 as measured on the previous
consecutive four Fiscal Quarters.

          12.14.3 Adjusted Consolidated Funded Debt to Consolidated Members’ and Patrons’
Equity. Borrower shall not permit the ratio of Adjusted Consolidated Funded Debt to
Consolidated Members’ and Patrons’ Equity to exceed at any time .80 to 1.00.

     12.15 Embargoed Person. At all times throughout the term of the Loans, (a) none of
the funds or assets of Borrower that are used to repay the Loans shall constitute property of, or
shall be beneficially owned directly or, to the knowledge of Borrower, indirectly by, any Person
subject to sanctions or trade restrictions under United States law (“Embargoed Person” or
“Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and
Blocked Persons” (the “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), U.S.
Department of the Treasury, and/or to the knowledge of Borrower, as of the date thereof, based upon
reasonable inquiry by Borrower, on any other similar list (“Other List”) maintained by OFAC
pursuant to any authorizing statute including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the

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Enemy Act, 50 U.S.C.
App. 1 et seq., and any Executive Order or regulation promulgated thereunder, with the
result that the investment in Borrower (whether directly or indirectly), is prohibited by law, or
the Loans made by the Syndication Parties would be in violation of law, or (2) the Executive Order,
any related enabling legislation or any other similar Executive Orders, and (b) no Embargoed Person
shall have any direct interest, and to the knowledge of Borrower, as of the date hereof, based upon
reasonable inquiry by Borrower, indirect interest, of any nature whatsoever in Borrower, with the
result that the investment in Borrower (whether directly or indirectly), is prohibited by law or
the Loans are in violation of law.

     12.16 Anti-Money Laundering. At all times throughout the term of the Loans, to the
knowledge of Borrower, as of the date hereof, based upon reasonable inquiry by Borrower, none of
the funds of Borrower, that are used to repay the Loans shall be derived from any unlawful
activity, with the result that the investment in Borrower (whether directly or indirectly), is
prohibited by law or the Loans would be in violation of law.

ARTICLE 13.  NEGATIVE COVENANTS

     From and after the date of this Credit Agreement until the Bank Debt is indefeasibly paid in
full, all Letters of Credit and Existing Letters of Credit have expired or been fully drawn, the
Syndication Parties have no obligation to make any Advance or issue any Negotiated Letter of
Credit, and the Letter of Credit Bank has no obligation to issue any Committed Letters of
Credit hereunder, Borrower agrees that it will observe and comply with the following covenants:

     13.1 Borrowing. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) create, incur, assume or permit to exist, directly or indirectly, any Debt, except
for: (a) Debt of Borrower arising under this Credit Agreement and the other Loan Documents; (b)
trade payables arising in the ordinary course of business; (c) Capital Leases in existence from
time to time; (d) current operating liabilities (other than for borrowed money) incurred in the
ordinary course of business; (e) unsecured Debt arising under uncommitted lines of credit; provided
that the maximum principal amount that may be outstanding at any one time shall not exceed
$100,000,000.00; (f) Debt in existence on the date hereof as set forth in Exhibit 13.1
attached hereto; (g) unsecured long-term Debt; (h) Debt of Borrower incurred pursuant to the Term
Loan Credit Agreement; (i) documentary and standby letters of credit issued at the request of
Borrower or any Restricted Subsidiary by a financial institution other than the Letter of Credit
Bank or a Syndication Party, provided the aggregate principal amount outstanding under such letters
of credit together with the undrawn face amount under all of the Letters of Credit does not exceed
$75,000,000, and provided further that the aggregate principal amount outstanding under such
letters of credit together with all 5-Year Advances, the undrawn face amount of all the Letters of
Credit and unreimbursed obligations with respect to payments made under all the Letters of Credit
shall not exceed the 5-Year Commitment; and (j) such other Debt agreed upon in writing between
Borrower and the Syndication Parties.

     13.2 No Other Businesses. Borrower shall not engage in any material respects in any
business activity or operations other than operations or activities (a) in the agriculture
industry, (b) in the food industry, or (c) which are not substantially different from or are
related to its present business activities or operations.

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     13.3 Liens. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) create, incur, assume or suffer to exist any mortgage, pledge, lien, charge or
other encumbrance on, or any security interest in, any of its real or personal properties
(including, without limitation, leasehold interests, leasehold improvements and any other interest
in real property or fixtures), now owned or hereafter acquired, except the following Liens
(“Permitted Encumbrances”):

               (a) Liens for taxes or assessments or other charges or levies of any Governmental Authority,
that are not delinquent or if delinquent (i) are the subject of a Good Faith Contest but in no
event past the time when a penalty would be incurred, and (ii) the aggregate amount of liabilities
so secured (including interest and penalties) does not exceed $10,000,000 at any one time
outstanding;

               (b) Liens imposed by Law, such as mechanic’s, worker’s, repairman’s, miner’s, agister’s,
attorney’s, materialmen’s, landlord’s, warehousemen’s and carrier’s Liens and other similar Liens
which are securing obligations incurred in the ordinary course of business for sums not yet due and
payable or if due and payable which are the subject of a Good Faith Contest;

               (c) Liens under workers’ compensation, unemployment insurance, social security or similar
legislation (other than ERISA), or to secure payments of premiums for insurance purchased in the
ordinary course of business, or to secure the performance of tenders, statutory obligations, surety
and appearance bonds and bids, bonds for release of an attachment, stay of execution or injunction,
leases, government contracts, performance and return-of-money bonds and other similar obligations,
all of which are incurred in the ordinary course of business of Borrower or the Restricted
Subsidiary, as applicable, and not in connection with the borrowing of money;

               (d) Any attachment or judgment Lien, the time for appeal or petition for rehearing of which
shall not have expired or in respect of which Borrower or the Restricted Subsidiary is protected in
all material respects by insurance or for the payment of which adequate reserves have been
established, provided that the execution or other enforcement of such Liens is effectively stayed
and the claims secured thereby are the subject of a Good Faith Contest, and provided further that
the aggregate amount of liabilities of Borrower and its Restricted Subsidiaries so secured
(including interest and penalties) shall not be in excess of $10,000,000.00 at any one time
outstanding;

               (e) Easements, rights-of-way, restrictions, encroachments, covenants, servitudes, zoning and
other similar encumbrances which, in the aggregate, do not materially interfere with the
occupation, use and enjoyment by Borrower or any Restricted Subsidiary of the property or assets
encumbered thereby in the normal course of its business or materially impair the value of the
property subject thereto;

               (f) Liens arising in the ordinary course of business and created in connection with amounts on
deposit in charge card and like accounts (such as Visa or MasterCard);

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               (g) Liens on land, buildings and equipment existing at the time of their acquisition or Liens
to secure the payment of all or any part of the purchase price of such land, buildings or equipment
or to secure Funded Debt incurred prior to, at the time of, or within one-hundred eighty (180) days
after the acquisition of such property for the purpose of financing all or any part of the purchase
price thereof, provided that any such Liens shall not encumber any other property of Borrower or
its Restricted Subsidiaries;

               (h) Liens assumed in connection with permitted mergers and acquisitions, but only to the
extent that such Liens shall secure only Funded Debt and shall not encumber any other property of
Borrower or any Restricted Subsidiary;

               (i) Liens on financed property created or incurred in connection with leases, mortgages,
conditional sales contracts, security interests or arrangements for the retention of title entered
into by Borrower or any of its Restricted Subsidiaries to secure “industrial revenue bonds” as
defined in Section 103(b)(2) of the Code and treated as obligations described in legislation
similar to the provisions of said Sections of the Code enacted in any State of the United States or
Puerto Rico, which are issued to finance property useful and intended to be used in carrying on the
business of Borrower or any of its Restricted Subsidiaries, provided that upon
creation of any such Lien Borrower or such Restricted Subsidiary shall incur Funded Debt
secured thereby in conformity with the provisions of Section 13.1 hereof;

               (j) Liens on property or assets of a Restricted Subsidiary to secure Debt of such Restricted
Subsidiary to Borrower;

               (k) Liens of CoBank and other cooperatives, respectively, on Investments by Borrower in the
stock, participation certificates, or allocated reserves of CoBank or other cooperatives,
respectively, owned by Borrower;

               (l) All precautionary filings of financing statements under the Uniform Commercial Code which
cover property that is made available to or used by Borrower or any Restricted Subsidiary pursuant
to the terms of an Operating Lease or Capital Lease;

               (m) Liens securing its reimbursement obligations under any letter of credit issued in
connection with the acquisition of an asset; provided that (i) the lien attaches only to such
asset, and (ii) the lien is released upon satisfaction of such reimbursement obligation; and

               (n) Liens to secure and provide credit support, up to a maximum of $25,000,000.00, for
regulated exchange or over-the-counter hedging transactions.

     13.4 Sale of Assets. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) sell, convey, assign, lease or otherwise transfer or dispose of, voluntarily, by
operation of law or otherwise, any material part of its now owned or hereafter acquired assets
during any twelve (12) month period commencing September 1, 2004 and each September 1 thereafter,
except: (a) the sale of inventory, equipment and fixtures disposed of in the ordinary course of
business, (b) the sale or other disposition of assets no longer necessary or useful for the conduct
of its business, and (c) leases of assets to an entity in which Borrower has at least a
fifty-

54

 

percent (50%) interest in ownership, profits, and governance. For purposes of this Section,
“material part” shall mean ten percent (10%) or more of the lesser of the book value or the market
value of the assets of Borrower or such Restricted Subsidiary as shown on the balance sheets
thereof as of the August 31 immediately preceding each such twelve (12) month measurement period.

     13.5 Liabilities of Others. Borrower shall not (nor shall it permit any of its
Restricted Subsidiaries to) assume, guarantee, become liable as a surety, endorse, contingently
agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not
limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other
agreement designed to ensure any creditor against loss), for or on account of the obligation of any
Person, except: (a) by the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of the Borrower’s or any Restricted Subsidiary’s
business; and (b) guarantees made from time to time, whether in existence on the Closing Date or
made subsequent thereto, by Borrower and its Restricted Subsidiaries in the ordinary course of
their respective businesses with respect to the liabilities and obligations of Persons including
National Cooperative Refinery Association
(“NCRA”); provided, however, that the aggregate amount of all indebtedness guaranteed under
this clause (b) shall not exceed $150,000,000.00 in the aggregate.

     13.6 Loans. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) lend or advance money, credit, or property to any Person, except for: (a) loans
to Restricted Subsidiaries; (b) trade credit extended in the ordinary course of business and
advances against the purchase price for the purchase by Borrower of goods or services in the
ordinary course of business; (c) the loan to NCRA advanced on February 28, 2005 and as evidenced by
that certain loan agreement and that certain promissory note each dated October 1, 2004; (d) loans
made by Borrower to its members on open account maintained by such members with Borrower or made by
Borrower to its members pursuant to its Affiliate Financing CoBank Participation Program; (e) loans
made by Fin-Ag, Inc. to agricultural producers; and (f) loans, in the amount of open account credit
balances owing by Borrower to its customers for goods purchased from such customers by Borrower,
made to Cofina Financial, LLC (a joint venture between Borrower and Cenex Finance Association);
provided that at all times the aggregate outstanding principal amount of all such loans retained by
Borrower and Fin-Ag, Inc. under clauses (d) and (e) of this Section shall not exceed
$110,000,000.00.

     13.7 Merger; Acquisitions; Business Form; Etc. Borrower shall not (nor shall it
permit any of its Restricted Subsidiaries to) merge or consolidate with any entity, or acquire all
or substantially all of the assets of any person or entity, or form or create any new Subsidiary
(other than a Restricted Subsidiary formed by Borrower), change its business form from a
cooperative corporation, or commence operations under any other name, organization, or entity,
including any joint venture; provided, however,

               (a) The foregoing shall not prevent any consolidation, acquisition, or merger if after giving
effect thereto:

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               (i) The book value of Borrower and its subsidiaries does not increase due to all such
mergers, consolidations or acquisitions by an aggregate amount in excess of $100,000,000.00
in any Fiscal Year of Borrower;

               (ii) Borrower is the surviving entity; and

               (iii) No Event of Default or Potential Default shall have occurred and be continuing.

               (b) The foregoing shall not prevent Borrower from forming or creating any new Subsidiary
provided:

               (i) The Investment in such Subsidiary does not violate any provision of Section 13.8
hereof; and

               (ii) Such Subsidiary shall not acquire all or substantially all of the assets of any
Person except through an acquisition, consolidation, or merger satisfying the requirements
of clause (a) of this Section.

     13.8 Investments. Except for the purchase of Bank Equity Interests, Borrower shall
not (nor shall it permit any of its Restricted Subsidiaries to) own, purchase or acquire any stock,
obligations or securities of, or any other interest in, or make any capital contribution to, or
otherwise make an Investment in, any Person, except that Borrower and the Restricted Subsidiaries
may own, purchase or acquire:

               (a) commercial paper maturing not in excess of one year from the date of acquisition and rated
P1 by Moody’s Investors Service, Inc. or A1 by Standard & Poor’s Corporation on the date of
acquisition;

               (b) certificates of deposit in North American commercial banks rated C or better by Keefe,
Bruyette & Woods, Inc. or 3 or better by Cates Consulting Analysts, maturing not in excess of one
year from the date of acquisition;

               (c) obligations of the United States government or any agency thereof, the obligations of
which are guaranteed by the United States government, maturing, in each case, not in excess of one
year from the date of acquisition;

               (d) repurchase agreements of any bank or trust company incorporated under the laws of the
United States of America or any state thereof and fully secured by a pledge of obligations issued
or fully and unconditionally guaranteed by the United States government;

               (e) Investments permitted under Sections 13.5, 13.6, and 13.7;

               (f) Investments in Persons, which are not Restricted Subsidiaries, identified, including the
book value of each such Investment, on Exhibit 13.8(f) hereto; provided that the amount of
such Investment shall not increase above the amount shown in Exhibit

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13.8(f),except for
Investments made pursuant to clauses (h) through (k) of this Section subsequent to the Closing
Date;

               (g) Investments (by Borrower) in the Restricted Subsidiaries;

               (h) Investments in the form of non-cash patronage dividends in any Person;

               (i) Investments in NCRA in addition to (1) non-cash patronage dividends, and (2) those
Investments in NCRA by Borrower prior to the Closing Date, as shown, by amount and date, on
Exhibit 13.8(i) hereto, provided that the maximum amount of Investments in NCRA subsequent
to the Closing Date pursuant to this clause (i) shall not exceed $170,000,000.00;

               (j) Investments in Ventura Foods, LLC in addition to those Investments in Ventura Foods, LLC
by Borrower prior to the Closing Date, as shown, by amount and date, on Exhibit 13.8(j)
hereto, provided that the maximum amount of Investments in Ventura Foods, LLC subsequent to the
Closing Date pursuant to this clause (j) shall not exceed $80,000,000.00; and

               (k) Investments, in addition to those permitted by clauses (a) through (j) above, in an
aggregate amount not exceeding $110,000,000.00.

     13.9 Transactions With Related Parties. Borrower shall not purchase, acquire,
provide, or sell any equipment, other personal property, real property or services from or to any
Subsidiary (other than a Restricted Subsidiary), except in the ordinary course and pursuant to the
reasonable requirements of Borrower’s business and upon fair and reasonable terms no less favorable
than would be obtained by Borrower in a comparable arm’s-length transaction with an unrelated
Person.

     13.10 Patronage Refunds, etc. Borrower shall not, directly or indirectly, in any
Fiscal Year (a) declare or pay any cash patronage refunds to patrons or members which in the
aggregate exceed 20% of Borrower’s consolidated net patronage income for the Fiscal Year of
Borrower preceding the Fiscal Year in which such patronage refunds are to be paid, (b) directly or
indirectly redeem or otherwise retire its equity, or (c) make any cash distributions of any kind or
character in respect of its equity, unless, in the case of (a), (b), or (c), (i) at the time of
taking such action no Event of Default or Potential Default exists hereunder and (ii) after giving
effect thereto no Event of Default or Potential Default would exist hereunder.

     13.11 Change in Fiscal Year. Borrower shall not change its Fiscal Year from a year
ending on August 31 unless required to do so by the Internal Revenue Service, in which case
Borrower agrees to such amendment of the terms Fiscal Quarter and Fiscal Year, as used herein, as
the Administrative Agent reasonably deems necessary.

     13.12 ERISA. Borrower shall not: (a) engage in or permit any transaction which could
result in a “prohibited transaction” (as such term is defined in Section 406 of ERISA) or in the
imposition of an excise tax pursuant to Section 4975 of the Code with respect to any Borrower

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Benefit Plan; (b) engage in or permit any transaction or other event which could result in a
“reportable event”( as such term is defined in Section 4043 of ERISA) for any Borrower Pension
Plan; (c) fail to make full payment when due of all amounts which, under the provisions of any
Borrower Benefit Plan, Borrower is required to pay as contributions thereto; (d) permit to exist
any “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) as of the
end of any Fiscal Year, in excess of five percent (5.0%) of net worth (determined in accordance
with GAAP) of Borrower and its Consolidated Subsidiaries, whether or not waived, with respect to
any Borrower Pension Plan; (e) fail to make any payments to any Multiemployer Plan that Borrower
may be required to make under any agreement relating to such Multiemployer Plan or any law
pertaining thereto; or (f) terminate any Borrower Pension Plan in a manner which could result in
the imposition of a lien on any property of Borrower pursuant to Section 4068 of ERISA. Borrower
shall not terminate any Borrower Pension Plan so as to result in any liability to the PBGC.

     13.13 Anti-Terrorism Law. Borrower shall not (a) conduct any business or engage in
making or receiving any contribution of funds, goods or services to or for the benefit of any
Person described in Subsection 10.24.2 above, (b) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked
pursuant to the Executive Order or any other Anti-Terrorism Law, or (c) engage in or conspire
to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and Borrower
shall deliver to the Administrative Agent any certification or other evidence requested from time
to time by the Administrative Agent in its reasonable discretion, confirming Borrower’ compliance
with this Section).

ARTICLE 14. INDEMNIFICATION

     14.1 General; Stamp Taxes; Intangibles Tax. Borrower agrees to indemnify and hold the
Administrative Agent and each Syndication Party and their directors, officers, employees, agents,
professional advisers and representatives (“Indemnified Parties”) harmless from and against any and
all claims, damages, losses, liabilities, costs or expenses whatsoever which the Administrative
Agent or any other Indemnified Party may incur (or which may be claimed against any such
Indemnified Party by any Person), including attorneys’ fees incurred by any Indemnified Party,
arising out of or resulting from: (a) the material inaccuracy of any representation or warranty of
or with respect to Borrower in this Credit Agreement or the other Loan Documents; (b) the material
failure of Borrower to perform or comply with any covenant or obligation of Borrower under this
Credit Agreement or the other Loan Documents; (c) the exercise by the Administrative Agent of any
right or remedy set forth in this Credit Agreement or the other Loan Documents; or (d) all acts or
omissions of the beneficiary of any Letter of Credit, and for such purposes, such beneficiary shall
be deemed Borrower’s agent; provided that Borrower shall have no obligation to indemnify any
Indemnified Party against claims, damages, losses, liabilities, costs or expenses to the extent
that a court of competent jurisdiction renders a final non-appealable determination that the
foregoing are solely the result of the willful misconduct or gross negligence of such Indemnified
Party. In addition, Borrower agrees to indemnify and hold the Indemnified Parties harmless from
and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which
the Administrative Agent or any

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other Indemnified Party may incur (or which may be claimed against
any such Indemnified Party by any Person), including attorneys’ fees incurred by any Indemnified
Party, arising out of or resulting from the imposition or nonpayment by Borrower of any stamp tax,
intangibles tax, or similar tax imposed by any state, including any amounts owing by virtue of the
assertion that the property valuation used to calculate any such tax was understated. Borrower
shall have the right to assume the defense of any claim as would give rise to Borrower’s
indemnification obligation under this Section with counsel of Borrower’s choosing so long as such
defense is being diligently and properly conducted and Borrower shall establish to the Indemnified
Party’s satisfaction that the amount of such claims are not, and will not be, material in
comparison to the liquid and unrestricted assets of Borrower available to respond to any award
which may be granted on account of such claim. So long as the conditions of the preceding sentence
are met, Indemnified Party shall have no further right to reimbursement of attorneys’ fees incurred
thereafter. The obligation to indemnify set forth in this Section shall survive the termination of
this Credit Agreement and other covenants.

     14.2 Indemnification Relating to Hazardous Substances. Borrower shall not locate,
produce, treat, transport, incorporate, discharge, emit, release, deposit or dispose of any
Hazardous Substance in, upon, under, over or from any property owned or held by Borrower,
except in accordance with all Environmental Regulations; Borrower shall not permit any
Hazardous Substance to be located, produced, treated, transported, incorporated, discharged,
emitted, released, deposited, disposed of or to escape in, upon, under, over or from any property
owned or held by Borrower, except in accordance with Environmental Regulations; and Borrower shall
comply with all Environmental Regulations which are applicable to such property. Borrower shall
indemnify the Indemnified Parties against, and shall reimburse the Indemnified Parties for, any and
all claims, demands, judgments, penalties, liabilities, costs, damages and expenses, including
court costs and attorneys’ fees incurred by the Indemnified Parties (prior to trial, at trial and
on appeal) in any action against or involving the Indemnified Parties, resulting from any breach of
the foregoing covenants in this Section or the covenants in Section 12.5 hereof, or from the
discovery of any Hazardous Substance in, upon, under or over, or emanating from, such property, it
being the intent of Borrower and the Indemnified Parties that the Indemnified Parties shall have no
liability or responsibility for damage or injury to human health, the environmental or natural
resources caused by, for abatement and/or clean-up of, or otherwise with respect to, Hazardous
Substances as the result of the Administrative Agent or any Syndication Party exercising any of its
rights or remedies with respect thereto, including but not limited to becoming the owner thereof by
foreclosure or conveyance in lieu of foreclosure of a judgment lien; provided that such
indemnification as it applies to the exercise by the Administrative Agent or any Syndication Party
of its rights or remedies with respect to the Loan Documents shall not apply to claims arising
solely with respect to Hazardous Substances brought onto such property by the Administrative Agent
or such Syndication Party while engaged in activities other than operations substantially the same
as the operations previously conducted on such property by Borrower. The foregoing covenants of
this Section shall be deemed continuing covenants for the benefit of the Indemnified Parties, and
any successors and assigns of the Indemnified Parties, including but not limited to, any transferee
of the title of the Administrative Agent or any Syndication Party or any subsequent owner of the
property, and shall survive the satisfaction or release of any lien, any foreclosure of any lien
and/or any acquisition of title to the property or any part thereof by the Administrative Agent or
any

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Syndication Party, or anyone claiming by, through or under the Administrative Agent or any
Syndication Party or Borrower by deed in lieu of foreclosure or otherwise. Any amounts covered by
the foregoing indemnification shall bear interest from the date incurred at the Default Interest
Rate, shall be payable on demand, and shall be secured by the Security Documents. The
indemnification and covenants of this Section shall survive the termination of this Credit
Agreement and other covenants.

ARTICLE 15.  EVENTS OF DEFAULT; RIGHTS AND REMEDIES

     15.1 Events of Default. The occurrence of any of the following events (each an “Event
of Default”) shall, at the option of the Administrative Agent, make the entire Bank Debt
immediately due and payable (provided, that in the case of an Event of Default under Subsection
15.1(f) all amounts owing under the Notes and the other Loan Documents shall automatically and
immediately become due and payable without any action by or on behalf of the Administrative Agent),
and the Administrative Agent may exercise all rights and remedies for the collection of any amounts
outstanding hereunder and take whatever action it deems necessary to secure itself, all without
notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor,
or other notices or demands of any kind or character:

               (a) Failure of Borrower to pay (i) when due, whether by acceleration or otherwise, any
principal in accordance with this Credit Agreement or the other Loan Documents, or (ii) within five
(5) days of the date when due, whether by acceleration or otherwise, any interest or amounts other
than principal in accordance with this Credit Agreement or the other Loan Documents.

               (b) Any representation or warranty set forth in any Loan Document, any Borrowing Notice, any
financial statements or reports or projections or forecasts, or in connection with any transaction
contemplated by any such document, shall prove in any material respect to have been false or
misleading when made or furnished by Borrower.

               (c) Any default by Borrower in the performance or compliance with the covenants, promises,
conditions or provisions of Sections 12.7 (only if such default is with respect to the last
sentence of such Section), 12.10, 12.14, 12.15, 12.16, 13.1, 13.4, 13.5, 13.7, 13.10, or 13.13 of
this Credit Agreement; provided that a default under Subsection 12.14.1 hereof shall not constitute
an Event of Default nor a Potential Default if Borrower is in compliance with such Subsection
within five (5) Banking Days after the earlier of (i) the date on which Borrower discovers that it
is not in compliance with such test, or (ii) the date by which Borrower is required by Subsections
12.2.1 or 12.2.2 hereof to provide quarterly or year-end financial statements and/or Compliance
Certificates to the Administrative Agent.

               (d) Any default by Borrower in the performance or compliance with the covenants, promises,
conditions or provisions of Sections 4.12, 12.2, 12.4, 12.5, 12.6, 12.7 (except as provided in
clause (c) of this Section), 12.8, 12.9, (except as provided in Section 15.1(e)), 12.11, 12.12,
12.13, 13.3, 13.6, 13.8, 13.9, or 13.11 of this Credit Agreement, and such

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failure continues for
fifteen (15) days after Borrower learns of such failure to comply, whether by Borrower’s own
discovery or through notice from the Administrative Agent.

               (e) The failure of Borrower to pay when due, or failure to perform or observe any other
obligation or condition with respect to any of the following obligations to any Person, beyond any
period of grace under the instrument creating such obligation: (i) any indebtedness for borrowed
money or for the deferred purchase price of property or services, (ii) any obligations under leases
which have or should have been characterized as Capital Leases, or (iii) any contingent
liabilities, such as guaranties, for the obligations of others relating to indebtedness for
borrowed money or for the deferred purchase price of property or services or relating to
obligations under leases which have or should have been characterized as Capital Leases; provided
that no such failure will be deemed to be an Event of Default hereunder unless and until the
aggregate amount owing under obligations with respect to which such failures have occurred and are
continuing is at least $10,000,000.00.

               (f) Borrower applies for or consents to the appointment of a trustee or receiver for any part
of its properties; any bankruptcy, reorganization, debt arrangement, dissolution or liquidation
proceeding is commenced or consented to by Borrower; or any application for appointment of a
receiver or a trustee, or any proceeding for bankruptcy, reorganization, debt management or
liquidation is filed for or commenced against Borrower, and is not withdrawn or dismissed within
sixty (60) days thereafter.

               (g) Failure of Borrower to comply with any other provision of this Credit Agreement or the
other Loan Documents not constituting an Event of Default under any of the preceding subparagraphs
of this Section 15.1, and such failure continues for thirty (30) days after Borrower learns of such
failure to comply, whether by Borrower’s own discovery or through notice from the Administrative
Agent.

               (h) The entry of one or more judgments in an aggregate amount in excess of $5,000,000.00
against Borrower not stayed, discharged or paid within thirty (30) days after entry.

               (i) The occurrence at any time from the Original Effective Date to the Closing Date of any
circumstance which would have constituted an Event of Default under the 2003 Credit Agreement.

               (j) The occurrence of an “Event of Default” under the Term Loan Credit Agreement.

     15.2 No Advance. The Syndication Parties shall have no obligation to make any Advance
or issue any Negotiated Letter of Credit, and the Letter of Credit Bank shall have no obligation to
issue a Committed Letter of Credit if a Potential Default or an Event of Default shall occur and be
continuing.

     15.3 Rights and Remedies. In addition to the remedies set forth in Section 15.1 and
15.2 hereof, upon the occurrence of an Event of Default, the Administrative Agent shall be entitled
to exercise, subject to the provisions of Section 16.8 hereof, all the rights and remedies

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provided
in the Loan Documents and by any applicable law. Each and every right or remedy granted to the
Administrative Agent pursuant to this Credit Agreement and the other Loan Documents, or allowed the
Administrative Agent by law or equity, shall be cumulative. Failure or delay on the part of the
Administrative Agent to exercise any such right or remedy shall not operate as a waiver thereof.
Any single or partial exercise by the Administrative Agent of any such right or remedy shall not
preclude any future exercise thereof or the exercise of any other right or remedy.

ARTICLE 16.  AGENCY AGREEMENT

     16.1 Funding of Syndication Interest. Each Syndication Party, severally but not
jointly, hereby irrevocably agrees to fund its Funding Share of the Advances (“Advance Payment”) as
determined pursuant to the terms and conditions contained herein and in particular, Articles 2, 3,
4, and 5 hereof. Each Syndication Party’s interest (“Syndication Interest”) in each Advance
hereunder shall be without recourse to the Administrative Agent or any other Syndication Party and
shall not be construed as a loan from any Syndication Party to the Administrative Agent or any
other Syndication Party.

     16.2 Syndication Parties’ Obligations to Remit Funds. Each Syndication Party agrees
to remit its Funding Share of each Advance to the Administrative Agent as, and within the time
deadlines (“Syndication Party Advance Date”), required in this Credit Agreement. Unless the
Administrative Agent shall have received notice from a Syndication Party prior to the date on which
such Syndication
Party is to provide funds to the Administrative Agent for an Advance to be made by such
Syndication Party that such Syndication Party will not make available to the Administrative Agent
such funds, the Administrative Agent may assume that such Syndication Party has made such funds
available to the Administrative Agent on the date of such Advance in accordance with the terms of
this Credit Agreement and the Administrative Agent in its sole discretion may, but shall not be
obligated to, in reliance upon such assumption, make available to Borrower on such date a
corresponding amount. If and to the extent such Syndication Party shall not have made such funds
available to the Administrative Agent by 2:00 P.M. (Central time) on the Banking Day due, such
Syndication Party agrees to repay the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made available to
Borrower until the Banking Day such amount is repaid to the Administrative Agent (assuming payment
is received by the Administrative Agent at or prior to 2:00 P.M. (Central time), and until the next
Banking Day if payment is not received until after 2:00 P.M.), at the customary rate set by the
Administrative Agent for the correction of errors among banks for three (3) Banking Days and
thereafter at the Base Rate. If such Syndication Party shall repay to the Administrative Agent
such corresponding amount, such amount so repaid shall constitute such Syndication Party’s Advance
for purposes of this Credit Agreement. If such Syndication Party does not pay such corresponding
amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall
promptly notify Borrower, and Borrower shall immediately pay such corresponding amount to the
Administrative Agent with the interest thereon, for each day from the date such amount is made
available to Borrower until the date such amount is repaid to the Administrative Agent, at the rate
of interest applicable at the time to such Advance at the time.

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     16.3 Notices to Administrative Agent. On or prior to 3:00 P.M. (Central time) on each
Banking Day, each Syndication Party will provide the Administrative Agent with the information
required by Section 5.4 hereof regarding each Negotiated Letter of Credit issued by such
Syndication Party, and all payments or reimbursements made to such Syndication Party on account of
Negotiated Letters of Credit on such Banking Day.

     16.4 Syndication Party’s Failure to Remit Funds. If a Syndication Party (“Delinquent
Syndication Party”) fails to remit (a) its Funding Share, (b) its 364-Day Bid Advance, or (c) its
5-Year Bid Advance, in full by the date and time required (the unpaid amount of any such payment
being hereinafter referred to as the “Delinquent Amount”), in addition to any other remedies
available hereunder, any other Syndication Party or Syndication Parties may, but shall not be
obligated to, advance the Delinquent Amount (the Syndication Party or Syndication Parties which
advance such Delinquent Amount are referred to as the “Contributing Syndication Parties”), in which
case (a) the Delinquent Amount which any Contributing Syndication Party advances shall be treated
as a loan to the Delinquent Syndication Party and shall not be counted in determining the
Individual Outstanding 364-Day Obligations or Individual Outstanding 5-Year Obligations, as
applicable, of any Contributing Syndication Party, and (b) the Delinquent Syndication Party shall
be obligated to pay to the Administrative Agent, for the account of the Contributing Syndication
Parties, interest on the Delinquent Amount at a rate of interest equal to the rate of interest
which Borrower is obligated to pay on the Delinquent Amount plus 200 basis points (“Delinquency
Interest”) until the Delinquent Syndication Party remits the full Delinquent Amount and remits
all Delinquency Interest to the Administrative Agent, which will distribute such payments to
the Contributing Syndication Parties (pro rata based on the amount of the Delinquent Amount which
each of them (if more than one) advanced) on the same Banking Day as such payments are received by
the Administrative Agent if received no later than 2:00 P.M. (Central time) or the next Banking Day
if received by the Administrative Agent thereafter. In addition, the Contributing Syndication
Parties shall be entitled to share, on the same pro rata basis, and the Administrative Agent shall
pay over to them, for application against Delinquency Interest and the Delinquent Amount, the
Delinquent Syndication Party’s Payment Distribution and any fee distributions or distributions made
under Section 16.11 hereof until the Delinquent Amount and all Delinquency Interest have been paid
in full. For voting purposes the Administrative Agent shall readjust the Individual Commitments of
such Delinquent Syndication Party and the Contributing Syndication Parties from time to time first
to reflect the advance of the Delinquent Amount by the Contributing Syndication Parties, and then
to reflect the full or partial reimbursement to the Contributing Syndication Parties of such
Delinquent Amount. As between the Delinquent Syndication Party and the Contributing Syndication
Parties, the Delinquent Syndication Party’s interest in its Notes shall be deemed to have been
partially assigned to the Contributing Syndication Parties in the amount of the Delinquent Amount
and Delinquency Interest owing to the Contributing Syndication Parties from time to time. This
Section shall also be applicable to Advances funded by the Administrative Agent (y) under Section
4.9 hereof, in which case the Administrative Agent, in its capacity as such, shall be deemed to be
the Contributing Syndication Party, and (z) under Section 4.11 hereof, in which case the
Administrative Agent, in its capacity as such, shall be deemed to be the Contributing Syndication
Party and the Overnight Lender shall be deemed to be the Delinquent Syndication Party. For the
purposes of calculating interest owed by a Delinquent Syndication Party, payments received on other
than a Banking Day shall be deemed

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to have been received on the next Banking Day, and payments
received after 2:00 P.M. (Central time) shall be deemed to have been received on the next Banking
Day.

     16.5 Agency Appointment. Each of the Syndication Parties hereby designates and
appoints the Administrative Agent to act as agent to service and collect the Loans and its
respective Notes and to take such action on behalf of such Syndication Party with respect to the
Loans and such Notes, and to execute such powers and to perform such duties, as specifically
delegated or required herein, as well as to exercise such powers and to perform such duties as are
reasonably incident thereto, and to receive and benefit from such fees and indemnifications as are
provided for or set forth herein, until such time as a successor is appointed and qualified to act
as the Administrative Agent.

     16.6 Power and Authority of the Administrative Agent. Without limiting the generality
of the power and authority vested in the Administrative Agent pursuant to Section 16.5 hereof, the
power and authority vested in the Administrative Agent includes, but is not limited to, the
following:

          16.6.1 Advice. To solicit the advice and assistance of each of the Syndication
Parties and Voting Participants concerning the administration of the Loans and the exercise by the
Administrative Agent of its various rights, remedies, powers, and discretions with respect thereto.
As to any matters not expressly provided for by this Credit Agreement or any other Loan Document,
the Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, hereunder in accordance with instructions
signed by all of the Syndication Parties or the Required Lenders, as the case may be (and including
in each such case, Voting Participants), and any action taken or failure to act pursuant thereto
shall be binding on all of the Syndication Parties, Voting Participants, and the Administrative
Agent.

          16.6.2 Documents. To execute, seal, acknowledge, and deliver as the Administrative
Agent, all such instruments as may be appropriate in connection with the administration of the
Loans and the exercise by the Administrative Agent of its various rights with respect thereto.

          16.6.3 Proceedings. To initiate, prosecute, defend, and to participate in, actions
and proceedings in its name as the Administrative Agent for the ratable benefit of the Syndication
Parties.

          16.6.4 Retain Professionals. To retain attorneys, accountants, and other
professionals to provide advice and professional services to the Administrative Agent, with their
fees and expenses reimbursable to the Administrative Agent by Syndication Parties pursuant to
Section 16.19 hereof.

          16.6.5 Incidental Powers. To exercise powers reasonably incident to the
Administrative Agent’s discharge of its duties enumerated in Section 16.7 hereof.

     16.7 Duties of the Administrative Agent. The duties of the Administrative Agent
hereunder shall consist of the following:

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          16.7.1 Possession of Documents. To safekeep one original of each of the Loan
Documents other than the Notes (which will be in the possession of the Syndication Party named as
payee therein).

          16.7.2 Distribute Payments. To receive and distribute to the Syndication Parties
payments made by Borrower pursuant to the Loan Documents, as provided in Article 7 hereof. Unless
the Administrative Agent shall have received notice from Borrower prior to the date on which any
payment is due to any Syndication Party hereunder that Borrower will not make such payment in full,
the Administrative Agent may assume that Borrower has made such payment in full to the
Administrative Agent on such date and the Administrative Agent in its sole discretion may, but
shall not be obligated to, in reliance upon such assumption, cause to be distributed to each
Syndication Party on such due date an amount equal to the amount then due such Syndication Party.
If and to the extent Borrower shall not have so made such payment in full to the Administrative
Agent, each Syndication Party shall repay to the Administrative Agent forthwith on demand such
amount distributed to such Syndication Party together with interest thereon, for each day from the
date such amount is distributed to such Syndication Party until the date such Syndication Party
repays such amount to the Administrative Agent at the customary rate set by the Administrative
Agent for the correction of errors among banks for three (3) Banking Days and thereafter at the
Base Rate.

          16.7.3 Loan Administration. Subject to the provisions of Section 16.10 hereof, to, on
behalf of and for the ratable benefit of all Syndication Parties, in accordance with customary
banking practices, exercise all rights, powers, privileges, and discretion to which the
Administrative Agent is entitled to administer the Loans, including, without limitation: (a)
monitor all borrowing activity, issuances of Letters of Credit, Individual Commitment balances, and
maturity dates of all LIBO Rate Loans; (b) monitor and report Credit Agreement and covenant
compliance, and coordinate required credit actions by the Syndication Parties (including Voting
Participants where applicable); (c) manage the process for future waivers and amendments if
modifications to the Credit Agreement are required; and (d) administer, record, and process all
assignments to be made for the current and future Syndication Parties (including the preparation of
a revised Schedule 1 to replace the previous Schedule 1).

          16.7.4 Determination of Individual Lending Capacity and Individual Pro Rata Shares.
The Administrative Agent shall (a) on or before 10:00 A.M. and again at 12:30 P.M. (Central time)
on each Banking Day calculate the respective Individual 364-Day Lending Capacity and the respective
Individual 5-Year Lending Capacity of each Syndication Party, which 10:00 A.M. calculation shall be
in effect until 12:30 P.M. of the same Banking Day and which 12:30 P.M. calculation shall be in
effect until 10:00 A.M. of the next succeeding Banking Day; and (b) on or before 12:00 noon
(Central time) on each Banking Day calculate the respective Individual 364-Day Pro Rata Share and
the respective Individual 5-Year Pro Rata Share of each Syndication Party, which calculation shall
be in effect until 12:00 noon of the next succeeding Banking Day.

          16.7.5 Forwarding of Information. The Administrative Agent shall, within a reasonable
time after receipt thereof, forward to the Syndication Parties and Voting Participants notices and
reports provided to the Administrative Agent by Borrower pursuant to Section 12.2 hereof.

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     16.8 Action Upon Default. Each Syndication Party agrees that upon its learning of any
facts which would constitute a Potential Default or Event of Default, it shall promptly notify the
Administrative Agent by a writing designated as a notice of default specifying in detail the nature
of such facts and default, and the Administrative Agent shall promptly send a copy of such notice
to all other Syndication Parties. The Administrative Agent shall be entitled to assume that no
Event of Default or Potential Default has occurred or is continuing unless an officer thereof
primarily responsible for the Administrative Agent’s duties as such with respect to the Loans or
primarily responsible for the credit relationship between the Administrative Agent and Borrower has
actual knowledge of facts which would result in or constitute a Potential Default or Event of
Default, or has received written notice from Borrower of such fact, or has received written notice
of default from a Syndication Party. In the event the Administrative Agent has obtained actual
knowledge (in the manner described above) or received written notice of the occurrence of a
Potential Default or Event of Default as provided in the preceding sentences, the Administrative
Agent may, but is not required to exercise or refrain from exercising any rights which may be
available under the Loan Documents or at law on account of such occurrence and shall be entitled to
use its discretion with respect to exercising or refraining from exercising any such rights, unless
and until the Administrative Agent has received specific written instruction from the Required
Lenders to refrain from exercising such rights or to take specific designated action, in which
case it shall follow such instruction; provided that the Administrative Agent shall not be required
to take any action which will subject it to personal liability, or which is or may be contrary to
any provision of the Loan Documents or applicable law. The Administrative Agent shall not be
subject to any liability by reason of its acting or refraining from acting pursuant to any such
instruction.

          16.8.1 Indemnification as Condition to Action. Except for action expressly required
of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully
justified in failing or refusing to act hereunder unless it shall have received further assurances
(which may include cash collateral) of the indemnification obligations of the Syndication Parties
under Section 16.20 hereof in respect of any and all liability and expense which may be incurred by
it by reason of taking or continuing to take any such action.

     16.9 Bid Agent’s Appointment, Power, Authority, Duties and Resignation or Removal;
Fee. Each of the Syndication Parties hereby designates and appoints the Bid Agent to act as
such and to take such action on behalf of such Syndication Party with respect to the acceptance and
processing of Bid Requests and Bids as provided herein, as well as to exercise such powers and to
perform such duties as are reasonably incident thereto, and to receive and benefit from such fees
and indemnifications as are provided for or set forth herein, until such time as a successor is
appointed and qualified to act as the Bid Agent. The Bid Agent shall have such duties as specified
in this Credit Agreement. The resignation, removal, and designation of a successor for, the Bid
Agent shall be in accordance with the procedures set forth in Section 16.23 hereof with respect to
the Administrative Agent. The Bid Agent and any successor Bid Agent shall be entitled to such fee
as agreed upon between Borrower and the Bid Agent for acting as the Bid Agent.

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     16.10 Consent Required for Certain Actions. Notwithstanding the fact that this Credit
Agreement may otherwise provide that the Administrative Agent may act at its discretion, the
Administrative Agent may not take any of the following actions (nor may the Syndication Parties
take the action described in Subsection 16.10.1(a)) with respect to, or under, the Loan Documents
without the prior written consent, given after notification by the Administrative Agent of its
intention to take any such action (or notification by such Syndication Parties as are proposing the
action described in Subsection 16.10.1(a) of their intention to do so), of:

          16.10.1 Unanimous. Each of the Syndication Parties and Voting Participants before:

               (a) Amending the definition of Required Lenders as set forth herein or amending Subsections
16.10.1, 16.10.2, or 16.10.3; or

               (b) Amending Section 7.6 hereof.

          16.10.2 Facility Lenders.

               (a) Each of the Syndication Parties and Voting Participants with Individual 364-Day
Commitments before:

               (i) Agreeing to an increase in the 364-Day Commitment, or any Syndication Party’s share
thereof, or an extension of the 364-Day Maturity Date; or

               (ii) Agreeing to a reduction in the amount, or to a delay in the due date, of any
payment by Borrower of interest, principal, or fees with respect to the 364-Day Facility;
provided, however, this restriction shall not apply to a delay in payment granted by the
Administrative Agent in the ordinary course of administration of the Loans and the exercise
of reasonable judgment, so long as such payment delay does not exceed five (5) days.

               (b) Each of the Syndication Parties and Voting Participants with Individual 5-Year Commitments
before:

               (i) Agreeing to an increase in the 5-Year Commitment, or any Syndication Party’s share
thereof, or an extension of the 5-Year Maturity Date; or

               (ii) Agreeing to a reduction in the amount, or to a delay in the due date, of any
payment by Borrower of interest, principal, or fees with respect to the 5-Year Facility;
provided, however, this restriction shall not apply to a delay in payment granted by the
Administrative Agent in the ordinary course of administration of the Loans and the exercise
of reasonable judgment, so long as such payment delay does not exceed five (5) days.

          16.10.3 Required Lenders. The Required Lenders before:

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               (a) Consenting to any action, amendment, or granting any waiver not covered in Subsections
16.10.1, 16.10.2, or 16.10.3; or

               (b) Agreeing to amend Article 16 of this Credit Agreement (other than Subsections 16.10.1,
16.10.2, or 16.10.3).

          16.10.4 Action Without Vote. Notwithstanding any other provisions of this Section,
the Administrative Agent or, with respect to Subsection 16.10.4(b) hereof, the Letter of Credit
Bank and the Administrative Agent, may take the following actions without obtaining the consent of
the Syndication Parties or the Voting Participants:

               (a) Determining (i) whether the conditions to an Advance have been met, and (ii) the amount of
such Advance;

               (b) Determining (i) whether the conditions and procedures as set forth in Article 5 hereof for
issuance of a Committed Letter of Credit have been properly satisfied and (ii) the amount of such
Letter of Credit;

               (c) Determining whether the Bid Advance conditions and procedures as set forth in Article 4
hereof have been properly satisfied.

          16.10.5 Voting Participants. Under the circumstances set forth in Section 16.29
hereof, each Voting Participant shall be accorded voting rights as though such Person was a
Syndication Party, and in such case the voting rights of the Syndication Party from which such
Voting Participant acquired its participation interest shall be reduced accordingly.

If no written consent or denial is received from a Syndication Party or a Voting Participant within
five (5) Banking Days after written notice of any proposed action as described in this Section is
delivered to such Syndication Party or Voting Participant by the Administrative Agent, such
Syndication Party or Voting Participant shall be conclusively deemed to have consented thereto for
the purposes of this Section.

     16.11 Distribution of Principal and Interest. The Administrative Agent will receive
and accept all payments (including prepayments) of principal and interest made by Borrower on the
Loans and the Notes and will hold all such payments in trust for the benefit of all appropriate
present and future Syndication Parties, and, if requested in writing by the Required Lenders, in an
account segregated from the Administrative Agent’s other funds and accounts (“Payment Account”).
After the receipt by the Administrative Agent of any payment representing interest or principal on
the Loans, the Administrative Agent shall remit to the appropriate (depending upon whether the
payment was made with respect to the 364-Day Facility and/or the 5-Year Facility) Syndication Party
its share of such payment as provided in Article 7 hereof, (“Payment Distribution”) no later than
3:00 P.M. (Central time) on the same Banking Day as such payment is received by the Administrative
Agent if received no later than 1:00 P.M. (Central time) or the next Banking Day if received by the
Administrative Agent thereafter. Any Syndication Party’s rights to its Payment Distribution shall
be subject to the rights of any Contributing Syndication Parties to such amounts as set forth in
Section 16.4 hereof.

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     16.12 Distribution of Certain Amounts. The Administrative Agent shall (a) receive and
hold in trust for the benefit of all present and future Syndication Parties, in the Payment Account
and, if requested in writing by the Required Lenders, segregated from the Administrative Agent’s
other funds and accounts and (b) shall remit to the Syndication Parties, as indicated, the amounts
described below:

          16.12.1 Funding Losses. To each Syndication Party the amount of any Funding Losses
paid by Borrower to the Administrative Agent in connection with a prepayment of any portion of a
LIBO Rate Loan or a Bid Rate Loan, in accordance with the Funding Loss Notice such Syndication
Party provided to the Administrative Agent, no later than 3:00 P.M. (Central time) on the same
Banking Day that payment of such Funding Losses is received by the Administrative Agent, if
received no later
than 1:00 P.M. (Central time), or the next Banking Day if received by the Administrative Agent
thereafter.

          16.12.2 Fees. To each Syndication Party its share of any 364-Day Facility Fees and
5-Year Facility Fees paid by Borrower to the Administrative Agent, no later than 3:00 P.M. (Central
time) on the same Banking Day that payment of such fees is received by the Administrative Agent, if
received no later than 1:00 P.M. (Central time), or the next Banking Day if received by the
Administrative Agent thereafter.

     16.13 Possession of Loan Documents. The Loan Documents (other than the Notes) shall
be held by the Administrative Agent in its name, for the ratable benefit of itself and the other
Syndication Parties without preference or priority.

     16.14 Collateral Application. The Syndication Parties shall have no interest in any
other loans made to Borrower by any other Syndication Party other than the Loans, or in any
property taken as security for any other loan or loans made to Borrower by any other Syndication
Party, or in any property now or hereinafter in the possession or control of any other Syndication
Party, which may be or become security for the Loans solely by reason of the provisions of a
security instrument that would cause such security instrument and the property covered thereby to
secure generally all indebtedness owing by Borrower to such other Syndication Party.
Notwithstanding the foregoing, to the extent such other Syndication Party applies such funds or the
proceeds of such property to reduction of one or more of the Loans, such other Syndication Party
shall share such funds or proceeds with all Syndication Parties according to their respective
Individual Commitments. In the event that any Syndication Party shall obtain payment, whether
partial or full, from any source in respect of one or more of the Loans, including without
limitation payment by reason of the exercise of a right of offset, banker’s lien, general lien, or
counterclaim, such Syndication Party shall promptly make such adjustments (which may include
payment in cash or the purchase of further Syndication Interests or participations in the Loans) to
the end that such excess payment shall be shared with all other Syndication Parties in accordance
with their respective Individual Commitments. Notwithstanding any of the foregoing provisions of
this Section or Article 9 hereof, no Syndication Party other than CoBank shall have any right to,
or to the proceeds of, or any right to the application to any amount owing to such Syndication
Party hereunder of any the proceeds of, (a) any Bank Equity Interests issued to Borrower by CoBank
or on account of any statutory lien held by CoBank on such Bank Equity Interests, or (b) any Bank
Equity Interests issued to Borrower by any Farm Credit System Institution which is a

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Syndication
Party hereunder or on account of any statutory lien held by such Farm Credit System Institution on
such Bank Equity Interests.

     16.15 Amounts Required to be Returned. If the Administrative Agent makes any payment
to a Syndication Party in anticipation of the receipt of final funds from Borrower, and such funds
are not received from Borrower, or if excess funds are paid by the Administrative Agent to any
Syndication Party as the result of a miscalculation by the Administrative Agent, then such
Syndication Party shall, on demand of the Administrative Agent, forthwith return to the
Administrative Agent any such amounts, plus interest thereon (from the day such amounts were
transferred by the
Administrative Agent to the Syndication Party to, but not including, the day such amounts are
returned by Syndication Party) at a rate per annum equal to the customary rate set by the
Administrative Agent for the correction of errors among banks for three (3) Banking Days and
thereafter at the Base Rate. If the Administrative Agent is required at any time to return to
Borrower or a trustee, receiver, liquidator, custodian, or similar official any portion of the
payments made by Borrower to the Administrative Agent, whether pursuant to any bankruptcy or
insolvency law or otherwise, then each Syndication Party shall, on demand of the Administrative
Agent, forthwith return to the Administrative Agent any such payments transferred to such
Syndication Party by the Administrative Agent but without interest or penalty (unless the
Administrative Agent is required to pay interest or penalty on such amounts to the person
recovering such payments).

     16.16 Reports and Information to Syndication Parties. The Administrative Agent shall
use reasonable efforts to provide to the Syndication Parties, as soon as practicable after actual
knowledge thereof is acquired by an officer thereof primarily responsible for the Administrative
Agent’s duties as such with respect to the Loans or primarily responsible for the credit
relationship between the Administrative Agent and Borrower, any material factual information which
has a material adverse effect on the creditworthiness of Borrower, and Borrower hereby authorizes
such disclosure by the Administrative Agent to the Syndication Parties (and by the Syndication
Parties to any of their participants). Failure of the Administrative Agent to provide the
information referred to in this Section or in Subsection 16.7.5 hereof shall not result in any
liability upon, or right to make a claim against, the Administrative Agent except where a court of
competent jurisdiction renders a final non-appealable determination that such failure is a result
of the willful misconduct or gross negligence of the Administrative Agent. Syndication Parties
acknowledge and agree that all information and reports received pursuant to this Credit Agreement
will be received in confidence in connection with their Syndication Interest, and that such
information and reports constitute confidential information and shall not, without the prior
written consent of the Administrative Agent or Borrower (which consent will not be unreasonably
withheld, provided that Borrower shall have no consent rights upon the occurrence and during the
continuance of an Event of Default), be (a) disclosed to any third party (other than the
Administrative Agent, another Syndication Party or potential Syndication Party, or a participant or
potential participant in the interest of a Syndication Party, which disclosure is hereby approved
by Borrower), except pursuant to appropriate legal or regulatory process, or (b) used by the
Syndication Party except in connection with the Loans and its Syndication Interest.

     16.17 Standard of Care. The Administrative Agent shall not be liable to Syndication
Parties for any error in judgment or for any action taken or not taken by the Administrative

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Agent
or its agents, except to the extent that a court of competent jurisdiction renders a final
non-appealable determination that any of the foregoing resulted from the gross negligence or
willful misconduct of the Administrative Agent. Subject to the preceding sentence, the
Administrative Agent will exercise the same care in administering the Loans and the Loan Documents
as it exercises for similar loans which it holds for its own account and risk, and the
Administrative Agent shall not have any further responsibility to the Syndication Parties. Without
limiting the foregoing, the Administrative Agent may rely on the advice of counsel concerning legal
matters and on any written document it believes to be genuine and correct and to have been signed
or sent by the proper Person or Persons.

     16.18 No Trust Relationship. Neither the execution of this Credit Agreement, nor the
sharing in the Loans, nor the holding of the Loan Documents in its name by the Administrative
Agent, nor the management and administration of the Loans and Loan Documents by the Administrative
Agent (including the obligation to hold certain payments and proceeds in the Payment Account in
trust for the Syndication Parties), nor any other right, duty or obligation of the Administrative
Agent under or pursuant to this Credit Agreement is intended to be or create, and none of the
foregoing shall be construed to be or create, any express, implied or constructive trust
relationship between the Administrative Agent and any Syndication Party. Each Syndication Party
hereby agrees and stipulates that the Administrative Agent is not acting as trustee for such
Syndication Party with respect to the Loans, this Credit Agreement, or any aspect of either, or in
any other respect.

     16.19 Sharing of Costs and Expenses. To the extent not paid by Borrower, each
Syndication Party will promptly upon demand reimburse the Administrative Agent for its
proportionate share (based on the ratio of the total of its Individual Commitments to the sum of
the 364-Day Commitment and the 5-Year Commitment), for all reasonable costs, disbursements, and
expenses incurred by the Administrative Agent on or after the date of this Credit Agreement for
legal, accounting, consulting, and other services rendered to the Administrative Agent in its role
as the Administrative Agent in the administration of the Loans, interpreting the Loan Documents,
and protecting, enforcing, or otherwise exercising any rights, both before and after default by
Borrower under the Loan Documents, and including, without limitation, all costs and expenses
incurred in connection with any bankruptcy proceedings and the exercise of any remedies with
respect to the Cash Collateral Account or otherwise; provided, however, that the costs and expenses
to be shared in accordance with this Section shall not include any costs or expenses incurred by
the Administrative Agent solely as a Syndication Party in connection with the Loans, nor to the
Administrative Agent’s internal costs and expenses.

     16.20 Syndication Parties’ Indemnification of the Administrative Agent and Bid Agent.
Each of the Syndication Parties agree to indemnify the Administrative Agent, including any
Successor Agent, and the Bid Agent, and their respective directors, officers, employees, agents,
professional advisers and representatives (“Indemnified Agency Parties”), (to the extent not
reimbursed by Borrower, and without in any way limiting the obligation of Borrower to do so),
ratably (based on the ratio of the total of its Individual Commitments to the sum of the 364-Day
Commitment and the 5-Year Commitment), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
whatsoever which may at any time (including, without limitation, at any time following the

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payment
of the Loans and/or the expiration or termination of this Credit Agreement) be imposed on, incurred
by or asserted against the Administrative Agent or the Bid Agent (or any of the Indemnified Agency
Parties while acting for the Administrative Agent or for any Successor Agent) in any way relating
to or arising out of this Credit Agreement or the Loan Documents, or the performance of the duties
of the Administrative Agent or the Bid Agent hereunder or thereunder or any action taken or omitted
while acting in the capacity of the Administrative Agent or the Bid Agent under or in connection
with any of the foregoing; provided that the Syndication Parties shall not be liable for the
payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or
disbursements of an Indemnified Agency Party to the extent that a court of competent
jurisdiction renders a final non-appealable determination that the foregoing are the result of the
willful misconduct or gross negligence of such Indemnified Agency Party. The agreements and
obligations in this Section shall survive the payment of the Loans and the expiration or
termination of this Credit Agreement.

     16.21 Books and Records. The Administrative Agent shall maintain such books of
account and records relating to the Loans as it maintains with respect to other loans of similar
type and amount, and which shall clearly and accurately reflect the Syndication Interest of each
Syndication Party. The Syndication Parties, or their agents, may inspect such books of account and
records at all reasonable times during the Administrative Agent’s regular business hours.

     16.22 Administrative Agent Fee. The Administrative Agent and any Successor Agent
shall be entitled to such fee as agreed upon between Borrower and the Administrative Agent for
acting as the Administrative Agent.

     16.23 The Administrative Agent’s Resignation or Removal. The Administrative Agent may
resign at any time by giving at least sixty (60) days’ prior written notice of its intention to do
so to each of the Syndication Parties and Borrower. After the receipt of such notice, the Required
Lenders shall appoint a successor (“Successor Agent”). If (a) no Successor Agent shall have been
so appointed which is either (i) a Syndication Party, or (ii) if not a Syndication Party, which is
a Person approved by Borrower, such approval not to be unreasonably withheld (provided that
Borrower shall have no approval rights upon the occurrence and during the continuance of an Event
of Default), or (b) if such Successor Agent has not accepted such appointment, in either case
within forty-five (45) days after the retiring Administrative Agent’s giving of such notice of
resignation, then the retiring Administrative Agent may, after consulting with, but without
obtaining the approval of, Borrower, appoint a Successor Agent which shall be a bank or a trust
company organized under the laws of the United States of America or any state thereof and having a
combined capital, surplus and undivided profit of at least $250,000,000. Any Administrative Agent
may be removed upon the written demand of the Required Lenders, which demand shall also appoint a
Successor Agent. Upon the appointment of a Successor Agent hereunder, (a) the term “Administrative
Agent” shall for all purposes of this Credit Agreement thereafter mean such Successor Agent, and
(b) the Successor Agent shall notify Borrower of its identity and of the information called for in
Subsection 17.4.2 hereof. After any retiring Administrative Agent’s resignation hereunder as the
Administrative Agent, or the removal hereunder of any Administrative Agent, the provisions of this
Credit Agreement shall

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continue to inure to the benefit of such Administrative Agent as to any
actions taken or omitted to be taken by it while it was the Administrative Agent under this Credit
Agreement.

     16.24 Representations and Warranties of All Parties. The Administrative Agent, the
Bid Agent, and each Syndication Party represents and warrants that: (a) the execution and delivery
of, and performance of its obligations under, this Credit Agreement is within its power and has
been duly authorized by all necessary corporate and other action by it; (b) this Credit Agreement
is in material compliance with all applicable laws and regulations promulgated under such laws and
does not conflict with
nor constitute a breach of its charter or by-laws nor any agreements by which it is bound, and
does not violate any judgment, decree or governmental or administrative order, rule or regulation
applicable to it; (c) no approval, authorization or other action by, or declaration to or filing
with, any governmental or administrative authority or any other Person is required to be obtained
or made by it in connection with the execution and delivery of, and performance of its obligations
under, this Credit Agreement; and (d) this Credit Agreement has been duly executed by it, and, to
its knowledge, constitutes the legal, valid, and binding obligation of such Person, enforceable in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors
generally and general equitable principles (regardless of whether such enforceability is considered
in a proceeding at law or in equity). Each Syndication Party that is a state or national bank
represents and warrants that the act of entering into and performing its obligations under this
Credit Agreement has been approved by its board of directors or its loan committee and such action
was duly noted in the written minutes of the meeting of such board or committee, and that it will,
upon the Administrative Agent’s written request following such Syndication Party’s default under
any of its obligations hereunder, furnish the Administrative Agent with a certified copy of such
minutes or an excerpt therefrom reflecting such approval.

     16.25 Representations and Warranties of CoBank. Except as expressly set forth in
Section 16.24 hereof, CoBank, in its role as a Syndication Party and as the Administrative Agent,
makes no express or implied representation or warranty and assumes no responsibilities with respect
to the due authorization, execution, or delivery of the Loan Documents; the accuracy of any
information, statements, or certificates provided by Borrower, the legality, validity, or
enforceability of the Loan Documents; the filing or recording of any document; the collectibility
of the Loans; the performance by Borrower of any of its obligations under the Loan Documents; or
the financial condition or solvency of Borrower or any other party obligated with respect to the
Loans or the Loan Documents.

     16.26 Syndication Parties’ Independent Credit Analysis. Each Syndication Party
acknowledges receipt of true and correct copies of all Loan Documents (other than any Note payable
to another Syndication Party) from the Administrative Agent. Each Syndication Party agrees and
represents that it has relied upon its independent review (a) of the Loan Documents, and (b) any
information independently acquired by such Syndication Party from Borrower or otherwise in making
its decision to acquire an interest in the Loans independently and without reliance on the
Administrative Agent. Each Syndication Party represents and warrants that it has obtained such
information as it deems necessary (including any information such Syndication Party independently
obtained from Borrower or others) prior to making its decision to acquire an

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interest in the Loans.
Each Syndication Party further agrees and represents that it has made its own independent analysis
and appraisal of and investigation into each Borrower’s authority, business, operations, financial
and other condition, creditworthiness, and ability to perform its obligations under the Loan
Documents and has relied on such review in making its decision to acquire an interest in the Loans.
Each Syndication Party agrees that it will continue to rely solely upon its independent review of
the facts and circumstances related to Borrower, and without reliance upon the Administrative
Agent, in making future decisions with respect to all matters under or in connection with the Loan
Documents and the Loans. The Administrative Agent
assumes no responsibility for the financial condition of Borrower or for the performance of
Borrower’s obligations under the Loan Documents. Except as otherwise expressly provided herein, no
Syndication Party shall have any duty or responsibility to furnish to any other Syndication Parties
any credit or other information concerning Borrower which may come into its possession.

     16.27 No Joint Venture or Partnership. Neither the execution of this Credit
Agreement, the sharing in the Loans, nor any agreement to share in payments or losses arising as a
result of this transaction is intended to be or to create, and the foregoing shall not be construed
to be, any partnership, joint venture or other joint enterprise between the Administrative Agent
and any Syndication Party, nor between or among any of the Syndication Parties.

     16.28 Purchase for Own Account; Restrictions on Transfer; Participations. Each
Syndication Party represents that it has acquired and is retaining its interest in the Loans for
its own account in the ordinary course of its banking or financing business and not with a view
toward the sale, distribution, further participation, or transfer thereof. Each Syndication Party
other than CoBank agrees that it will not sell, assign, convey or otherwise dispose of (“Transfer”)
to any Person, or create or permit to exist any lien or security interest on all or any part of its
interest in the Loans, without the prior written consent of the Administrative Agent and Borrower
(which consent will not be unreasonably withheld, provided that Borrower shall have no approval
rights upon the occurrence and during the continuance of an Event of Default); provided that: (a)
any such Transfer (except a Transfer to another Syndication Party or a Transfer by CoBank) must be
in a minimum amount of $10,000,000.00, unless it Transfers its entire Syndication Interest; (b)
each Syndication Party must maintain an Individual Commitment of no less than $5,000,000.00, unless
it Transfers its entire Syndication Interest; (c) the transferee must execute an agreement
substantially in the form of Exhibit 16.28 hereto (“Syndication Acquisition Agreement”) and
assume all of the transferor’s obligations hereunder and execute such documents as the
Administrative Agent may reasonably require; and (d) the Syndication Party making such Transfer
must pay, or cause the transferee to pay, the Administrative Agent an assignment fee of $3,500.00.
Any Syndication Party may participate any part of its interest in the Loans to any Person with the
prior written consent of the Administrative Agent and Borrower (which consent will not be
unreasonably withheld, provided that Borrower shall have no approval rights upon the occurrence and
during the continuance of an Event of Default), provided that no such consent shall be required
where the participant is a Person at least fifty percent (50%) the equity interest in which is
owned by such Syndication Party or which owns at least fifty percent (50%) of the equity interest
in such Syndication Party or at least fifty percent (50%) of the equity interest of which is owned
by the same Person which owns at least fifty percent (50%) of the equity interest of such
Syndication Party, and each Syndication Party

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understands and agrees that in the event of any such
participation: (x) its obligations hereunder will not change on account of such participation; (y)
the participant will have no rights under this Credit Agreement, including, without limitation,
voting rights (except as provided in Section 16.29 hereof with respect to Voting Participants) or
the right to receive payments or distributions; and (z) the Administrative Agent shall continue to
deal directly with the Syndication Party with respect to the Loans (including with respect to
voting rights, except as provided in Section 16.29 hereof with respect to Voting Participants) as
though no participation
had been granted and will not be obligated to deal directly with any participant (except as
provided in Section 16.29 hereof with respect to Voting Participants). Notwithstanding any
provision contained herein to the contrary, any Syndication Party may at any time pledge or assign
all or any portion of its interest in the Loans to any Federal Reserve Bank or any Farm Credit Bank
in accordance with applicable law. CoBank reserves the right to sell participations on a
non-patronage basis.

     16.29 Certain Participants’ Voting Rights. Any Farm Credit System Institution which
(a) has acquired and, at any time of determination maintains, a participation interest in the
minimum aggregate amount of $10,000,000.00 in a particular Syndication Party’s Syndication
Interest; and (b) has been designated in writing by such Syndication Party to the Administrative
Agent as having such entitlement (such designation to include for such participant, its name,
contact information, and dollar participation amount) (each a “Voting Participant”), shall be
entitled to vote (and such Syndication Party’s voting rights shall be correspondingly reduced), on
a dollar basis, as if such Voting Participant were a Syndication Party, on any matter requiring or
allowing a Syndication Party, to provide or withhold its consent, or to otherwise vote on any
proposed action. The voting rights of any Syndication Party so designating a Voting Participant
shall be reduced by an equivalent dollar amount.

     16.30 Method of Making Payments. Payment and transfer of all amounts owing or to be
paid or remitted hereunder, including, without limitation, payment of the Advance Payment by
Syndication Parties, and distribution of principal or interest payments or fees or other amounts by
the Administrative Agent, shall be by wire transfer in accordance with the instructions contained
on Exhibit 16.30 hereto (“Wire Instructions”).

     16.31 Events of Syndication Default/Remedies.

          16.31.1 Syndication Party Default. Any of the following occurrences, failures or
acts, with respect to any of the Syndication Parties shall constitute an “Event of Syndication
Default” hereunder by such party: (a) if any representation or warranty made by such party in this
Credit Agreement shall be found to have been untrue in any material respect; (b) if such party
fails to make any distributions or payments required under this Credit Agreement within five (5)
days of the date required; (c) if such party breaches any other covenant, agreement, or provision
of this Credit Agreement which breach shall have continued uncured for a period of thirty (30)
consecutive days after such breach first occurs, unless a shorter period is required to avoid
prejudicing the rights and position of the other Syndication Parties; (d) if any agency having
supervisory authority over such party, or any creditors thereof, shall file a petition to
reorganize or liquidate such party pursuant to any applicable federal or state law or regulation
and such petition shall not be discharged or denied within fifteen (15) days after the date on

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which it is filed; (e) if by the order of a court of competent jurisdiction or by any appropriate
supervisory agency, a receiver, trustee or liquidator shall be appointed for such party or for all
or any material part of its property or if such party shall be declared insolvent; or (f) if such
party shall be dissolved, or shall make an assignment for the benefit of its creditors, or shall
file a petition seeking to take advantage of any debtors’
act, including the bankruptcy act, or shall admit in writing its inability to pay its debts
generally as they become due, or shall consent to the appointment of a receiver or liquidator of
all or any material part of its property.

          16.31.2 Remedies. Upon the occurrence of an Event of Syndication Default, the
non-defaulting Syndication Parties, acting by, or through the direction of, a simple majority
(determined based on the ratio of (a) the total of their Individual Commitments to (b)(i) the sum
of the 364-Day Commitment and the 5-Year Commitment less (ii) the Individual Commitments of the
defaulting Syndication Party) of the non-defaulting Syndication Parties, may, in addition to any
other remedy specifically set forth in this Credit Agreement, have and exercise any and all
remedies available generally at law or equity, including the right to damages and to specific
performance.

     16.32 Withholding Taxes. Each Syndication Party represents that under the applicable
law in effect as of the date it becomes a Syndication Party, it is entitled to receive any payments
to be made to it hereunder without the withholding of any tax and will furnish to the
Administrative Agent and to Borrower such forms, certifications, statements and other documents as
the Administrative Agent or Borrower may request from time to time to evidence such Syndication
Party’s exemption from the withholding of any tax imposed by any jurisdiction or to enable the
Administrative Agent or Borrower, as the case may be, to comply with any applicable laws or
regulations relating thereto. Without limiting the effect of the foregoing, each Syndication Party
that was not created or organized under the laws of the United States of America or any state or
other political subdivision thereof (“Non-US Lender”), shall, on the Closing Date, or upon its
becoming a Syndication Party (for Persons that were not Syndication Parties on the Closing Date),
furnish to the Administrative Agent and Borrower two original copies of IRS Form W-8BEN, W-8ECI,
4224, or Form 1001, as appropriate, (or any successor forms), or such other forms, certifications,
statements of exemption, or documents as may be required by the IRS or by the Administrative Agent
or Borrower, in their reasonable discretion, duly executed and completed by such Syndication Party,
to establish, and as evidence of, such Syndication Party’s exemption from the withholding of United
States tax with respect to any payments to such Syndication Party of interest or fees payable under
any of the Loan documents. Further, each Non-US Lender hereby agrees, from time to time after the
initial delivery by such Syndication Party of such forms, whenever a lapse in time or change in
circumstances renders such forms, certificates or other evidence so delivered obsolete or
inaccurate in any material respect, that such Syndication Party shall promptly (a) deliver to the
Administrative Agent and to Borrower two original copies of renewals, amendments or additional or
successor forms, properly completed and duly executed by such Syndication Party, together with any
other certificate or statement of exemption required in order to confirm or establish that such
Syndication Party is not subject to United States withholding tax with respect to payments to such
Syndication Party under the Loan Documents or (b) notify the Administrative Agent and Borrower of
its inability to deliver any such forms, certificates or other evidence. Notwithstanding anything
herein to the contrary, Borrower shall not be obligated to make any

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payments hereunder to such
Syndication Party until such Syndication Party shall have furnished to the Administrative Agent and
Borrower each requested form, certification, statement or document.

     16.33 Replacement of Holdout Lender. If any action to be taken by the Syndication
Parties or the Administrative Agent hereunder requires the unanimous consent, authorization, or
agreement of all Syndication Parties, and a Syndication Party (“Holdout Lender”) fails to give its
consent, authorization, or agreement, then the Administrative Agent, upon at least five (5) Banking
Days prior irrevocable notice to the Holdout Lender, may permanently replace the Holdout Lender
with one or more substitute Syndication Parties (each, a “Replacement Lender”), and the Holdout
Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout
Lender shall specify an effective date for such replacement, which date shall not be later than
fifteen (15) Banking Days after the date such notice is given. Prior to the effective date of such
replacement, the Holdout Lender and each Replacement Lender shall execute and deliver a Syndication
Acquisition Agreement, subject only to the Holdout Lender being repaid its full share of the
outstanding Bank Debt without any premium, discount, or penalty of any kind whatsoever. If the
Holdout Lender shall refuse or fail to execute and deliver any such Syndication Acquisition
Agreement prior to the effective date of such replacement, the Holdout Lender shall be deemed to
have executed and delivered such Syndication Acquisition Agreement. The replacement of any Holdout
Lender shall be made in accordance with the terms of Section 16.28 hereof. Until such time as the
Replacement Lenders shall have acquired all of the Syndication Interest of the Holdout Lender
hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to provide
the Holdout Lender’s Funding Share of Advances.

     16.34 Amendments Concerning Agency Function. Neither the Administrative Agent nor the
Bid Agent shall be bound by any waiver, amendment, supplement or modification of this Credit
Agreement or any other Loan Document which affects its duties hereunder or thereunder unless it
shall have given its prior written consent thereto.

     16.35 Agent Duties and Liabilities. Neither the Co-Syndication Agents, Senior
Managing Agents, nor the Managing Agents, shall, in their capacity as such, have any powers,
duties, responsibilities or liabilities with respect to this Credit Agreement or the transactions
contemplated herein. Without limiting the foregoing, none of the Co-Syndication Agents, Senior
Managing Agents or Managing Agents shall be subject to any fiduciary or other implied duties.
Nothing in this Section shall be construed to relieve the Co-Syndication Agents, Senior Managing
Agents, nor the Managing Agents, of their duties, responsibilities and liabilities arising out of
their capacity as Syndication Parties.

     16.36 Further Assurances. The Administrative Agent and each Syndication Party agree
to take whatever steps and execute such documents as may be reasonable and necessary to implement
this Article 16 and to carry out fully the intent thereof.

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ARTICLE 17. MISCELLANEOUS

     17.1 Costs and Expenses. To the extent permitted by law, Borrower agrees to pay to
the Administrative Agent and the Syndication Parties, on demand, all out-of-pocket costs and
expenses (a) incurred by the Administrative Agent (including, without limitation, the reasonable
fees and expenses of counsel retained by the
Administrative Agent, and including fees and expenses incurred for consulting, appraisal,
engineering, inspection, and environmental assessment services) in connection with the preparation,
negotiation, and execution of the Loan Documents and the transactions contemplated thereby, and
processing the Borrowing Notices; and (b) incurred by the Administrative Agent or any Syndication
Party (including, without limitation, the reasonable fees and expenses of counsel retained by the
Administrative Agent and the Syndication Parties) in connection with the enforcement or protection
of the Syndication Parties’ rights under the Loan Documents upon the occurrence of an Event of
Default or upon the commencement of an action by Borrower against the Administrative Agent or any
Syndication Party, including without limitation collection of the Loan (regardless of whether such
enforcement or collection is by court action or otherwise). Borrower shall not be obligated to pay
the costs or expenses of any Person whose only interest in the Loan is as a holder of a
participation interest. In addition, To the extent permitted by law, Borrower agrees to pay to the
Bid Agent, on demand, all out-of-pocket costs and expenses incurred by the Bid Agent in connection
with the processing of Bid Rate Loans, including the Bid Requests, Bids, Bid Results Notices, and
Bid Selection Notices and the procedures related thereto.

     17.2 Service of Process and Consent to Jurisdiction. Borrower and each Syndication
Party hereby agrees that any litigation with respect to this Credit Agreement or to enforce any
judgment obtained against such Person for breach of this Credit Agreement or under the Notes or
other Loan Documents may be brought in the courts of the State of Colorado and in the United States
District Court for the District of Colorado (if applicable subject matter jurisdictional
requirements are present), as the Administrative Agent may elect; and, by execution and delivery of
this Credit Agreement, Borrower and each Syndication Party irrevocably submits to such
jurisdiction. With respect to litigation concerning this Credit Agreement or under the Notes or
other Loan Documents within the jurisdiction of the courts of the State of Colorado or the United
States District Court for the District of Colorado, Borrower and each Syndication Party hereby
irrevocably appoints, until six (6) months after the expiration of the 5-Year Maturity Date (as it
may be extended at anytime), The Corporation Company, or such other Person as it may designate to
the Administrative Agent, in each case with offices in Denver, Colorado and otherwise reasonably
acceptable to the Administrative Agent to serve as the agent of Borrower or such Syndication Party
to receive for and on its behalf at such agent’s Denver, Colorado office, service of process, which
service may be made by mailing a copy of any summons or other legal process to such Person in care
of such agent. Borrower and each Syndication Party agrees that it shall maintain a duly appointed
agent in Colorado for service of summons and other legal process as long as it remains obligated
under this Credit Agreement and shall keep the Administrative Agent advised in writing of the
identity and location of such agent. The receipt by such agent and/or by Borrower or such
Syndication Party, as applicable, of such summons or other legal process in any such litigation
shall be deemed personal service and acceptance by Borrower or such Syndication Party, as
applicable, for all purposes of such litigation.

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     17.3 Jury Waiver. IT IS MUTUALLY AGREED BY AND BETWEEN THE ADMINISTRATIVE AGENT, THE
BID AGENT, EACH SYNDICATION PARTY, AND BORROWER THAT THEY EACH WAIVE TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER
ARISING OUT OF
OR IN ANY WAY CONNECTED WITH THIS CREDIT AGREEMENT, THE NOTES, OR THE OTHER LOAN DOCUMENTS.

     17.4 Notices. All notices, requests and demands required or permitted under the terms
of this Credit Agreement shall be in writing and (a) shall be addressed as set forth below or at
such other address as either party shall designate in writing, (b) shall be deemed to have been
given or made: (i) if delivered personally, immediately upon delivery, (ii) if by telex, telegram
or facsimile transmission, immediately upon sending and upon confirmation of receipt, (iii) if by
nationally recognized overnight courier service with instructions to deliver the next Banking Day,
one (1) Banking Day after sending, and (iv) if by United States Mail, certified mail, return
receipt requested, five (5) days after mailing.

          17.4.1 Borrower:

CHS Inc.

5500 Cenex Drive

Inver Grove Heights, Minnesota 55077

FAX: (651) 355-4554

Attention: Executive Vice President and Chief Financial Officer

e-mail address: john.schmitz@chsinc.com

with a copy to:

CHS Inc.

5500 Cenex Drive

Inver Grove Heights, Minnesota 55077

FAX: (651) 355-4554

Attention: Sr. Vice President and General Counsel

e-mail address: david.kastelic@chsinc.com

          17.4.2 Administrative Agent:

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

FAX: (303) 694-5830

Attention: Administrative Agent

e-mail address: abahr@cobank.com

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          17.4.3 Bid Agent:

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

FAX: (303) 740-4100

Attention: Bid Agent

          17.4.4 Syndication Parties:

          See signature pages hereto.

     17.5 Liability of Administrative Agent and Bid Agent. Neither the Administrative
Agent nor the Bid Agent shall have any liabilities or responsibilities to Borrower or any
Subsidiary on account of the failure of any Syndication Party to perform its obligations hereunder
or to any Syndication Party on account of the failure of Borrower or any Subsidiary to perform
their respective obligations hereunder or under any other Loan Document.

     17.6 Successors and Assigns. This Credit Agreement shall be binding upon and inure to
the benefit of Borrower, the Administrative Agent, the Bid Agent, and the Syndication Parties, and
their respective successors and assigns, except that Borrower may not assign or transfer its rights
or obligations hereunder without the prior written consent of all of the Syndication Parties.

     17.7 Severability. The invalidity or unenforceability of any provision of this Credit
Agreement or the other Loan Documents shall not affect the remaining portions of such documents or
instruments; in case of such invalidity or unenforceability, such documents or instruments shall be
construed as if such invalid or unenforceable provisions had not been included therein.

     17.8 Entire Agreement. This Credit Agreement (together with all exhibits hereto,
which are incorporated herein by this reference) and the other Loan Documents represent the entire
understanding of the Administrative Agent, the Bid Agent, each Syndication Party, and Borrower with
respect to the subject matter hereof and shall replace and supersede any previous agreements of the
parties with respect to the subject matter hereof.

     17.9 Applicable Law. To the extent not governed by federal law, this Credit Agreement
and the other Loan Documents, and the rights and obligations of the parties hereto and thereto
shall be governed by and interpreted in accordance with the internal laws of the State of Colorado,
without giving effect to any otherwise applicable rules concerning conflicts of law.

     17.10 Captions. The captions or headings in this Credit Agreement and any table of
contents hereof are for convenience only and in no way define, limit or describe the scope or
intent of any provision of this Credit Agreement.

     17.11 Complete Agreement; Amendments. THIS CREDIT AGREEMENT, THE NOTES, AND THE OTHER
LOAN DOCUMENTS ARE INTENDED BY THE PARTIES HERETO TO BE A COMPLETE AND FINAL EXPRESSION OF THEIR
AGREEMENT

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AND MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR OR CONTEMPORANEOUS ORAL AGREEMENT. THE ADMINISTRATIVE AGENT, THE BID AGENT, EACH SYNDICATION PARTY, AND BORROWER ACKNOWLEDGE AND AGREE THAT NO UNWRITTEN ORAL
AGREEMENT EXISTS BETWEEN THEM WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT. This Credit Agreement may not be modified or amended unless such modification or amendment is in writing and is signed by Borrower,
the Administrative Agent, the Bid Agent, and all Syndication Parties (and each Syndication Party hereby agrees to execute any such amendment approved pursuant to Section 16.10 hereof). Borrower agrees that it shall
reimburse the Administrative Agent for all fees and expenses incurred by the Administrative Agent in retaining outside legal counsel in connection with any amendment or modification to this Credit Agreement requested by
Borrower.

     17.12 Additional Costs of Maintaining Loan. Borrower shall pay to the
Administrative Agent from time to time such amounts as the Administrative Agent may determine to be
necessary to compensate any Syndication Party for any increase in costs to such Syndication Party
which the Administrative Agent determines, based on information presented to it by such Syndication
Party, are attributable to such Syndication Party’s making or maintaining an Advance hereunder or
its obligation to make such Advance, or any reduction in any amount receivable by such Syndication
Party under this Credit Agreement or the Notes payable to it in respect to such Advance or such
obligation (such increases in costs and reductions in amounts receivable being herein called
“Additional Costs”), resulting from any change after the date of this Credit Agreement in United
States federal, state, municipal, or foreign laws or regulations (including Regulation D of the
Federal Reserve Board), or the adoption or making after such date of any interpretations,
directives, or requirements applying to a class of banks including such Syndication Party of or
under any United States federal, state, municipal, or foreign laws or regulations (whether or not
having the force of law) by any court or governmental or monetary authority charged with the
interpretation or administration thereof (“Regulatory Change”), which: (a) changes the basis of
taxation of any amounts payable to such Syndication Party under this Credit Agreement or the Notes
payable to such Syndication Party in respect of such Advance (other than taxes imposed on the
overall net income of such Syndication Party); or (b) imposes or modifies any reserve, special
deposit, or similar requirements relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of, such Syndication Party; or (c) imposes any other condition
affecting this Credit Agreement or the Notes payable to such Syndication Party (or any of such
extensions of credit or liabilities). The Administrative Agent will notify Borrower of any event
occurring after the date of this Credit Agreement which will entitle such Syndication Party to
compensation pursuant to this Section as promptly as practicable after it obtains knowledge thereof
and determines to request such compensation. The Administrative Agent shall include with such
notice, a certificate from such Syndication Party setting forth in reasonable detail the
calculation of the amount of such compensation. Determinations by the Administrative Agent for
purposes of this Section of the effect of any Regulatory Change on the costs of such Syndication
Party of making or maintaining an Advance or on amounts receivable by such Syndication Party in
respect of Advances, and of the additional amounts required to compensate such Syndication Party in
respect of any Additional Costs, shall be conclusive absent manifest error, provided that such
determinations are made on a reasonable basis.

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     17.13 Capital Requirements. In the event that the introduction of or any change in:
(a) any law or regulation; or (b) the judicial, administrative, or other governmental
interpretation of any law or regulation; or (c) compliance by any Syndication Party or any
corporation controlling any such Syndication Party with any guideline or request from any
governmental authority (whether or not having the force of law) has the effect of requiring an
increase in the amount of capital required or expected to be maintained by such Syndication Party
or any corporation controlling such Syndication Party, and such Syndication Party certifies that
such increase is based in any part upon such Syndication Party’s obligations hereunder with respect
to the 364-Day Facility and/or the 5-Year Facility, and other similar obligations, Borrower shall
pay to such Syndication Party such additional amount
as shall be certified by such Syndication Party to the Administrative Agent and to Borrower to
be the net present value (discounted at the Base Rate) of (a) the amount by which such increase in
capital reduces the rate of return on capital which such Syndication Party could have achieved over
the period remaining until the 364-Day Maturity Date or the 5-Year Maturity Date, as applicable
(depending upon which Facility or Facilities such claim to increase costs is based), but for such
introduction or change, (b) multiplied by (i) such Syndication Party’s Individual 364-Day
Commitment or (ii) such Syndication Party’s Individual 5-Year Commitment, as applicable. The
Administrative Agent will notify Borrower of any event occurring after the date of this Credit
Agreement that will entitle any such Syndication Party to compensation pursuant to this Section as
promptly as practicable after it obtains knowledge thereof and of such Syndication Party’s
determination to request such compensation. The Administrative Agent shall include with such
notice, a certificate from such Syndication Party setting forth in reasonable detail the
calculation of the amount of such compensation. Determinations by any Syndication Party for
purposes of this Section of the effect of any increase in the amount of capital required to be
maintained by any such Syndication Party and of the amount of compensation owed to any such
Syndication Party under this Section shall be conclusive absent manifest error, provided that such
determinations are made on a reasonable basis.

     17.14 Replacement Notes. Upon receipt by Borrower of evidence satisfactory to it of:
(a) the loss, theft, destruction or mutilation of any Note, and (in case of loss, theft or
destruction) of the agreement of the Syndication Party to which the Note was payable to indemnify
Borrower, and upon surrender and cancellation of such Note, if mutilated; or (b) the assignment by
any Syndication Party of its interest hereunder and the Notes relating thereto, or any portion
thereof, pursuant to this Credit Agreement, then Borrower will pay any unpaid principal and
interest (and Funding Losses, if applicable) then or previously due and payable on such Notes and
will (upon delivery of such Notes for cancellation, unless covered by subparagraph (a) of this
Section) deliver in lieu of each such Note a new Note or, in the case of an assignment of a portion
of any such Syndication Party’s Syndication Interest, new Notes, for any remaining balance. Each
new or replacement Note shall be dated as of May 19, 2005.

     17.15 Patronage Payments. Borrower acknowledges and agrees that: (a) only that
portion of the Loan represented by CoBank’s Individual 364-Day Pro Rata Share and/or CoBank’s
Individual 5-Year Pro Rata Share which is retained by CoBank for its own account at any time is
entitled to patronage distributions in accordance with CoBank’s bylaws and its practices and
procedures related to patronage distribution; (b) any patronage, or similar, payments to which
Borrower is entitled on account its ownership of Bank Equity Interests or

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otherwise will not be
based on any portion of CoBank’s interest in the Loans in which CoBank has at any time granted a
participation interest; and (c) that portion of the Loan represented by the Individual 364-Day Pro
Rata Share and/or the Individual 5-Year Pro Rata Share which is retained by any other Farm Credit
System Institution (other than CoBank) for its own account at any time is entitled to patronage
distributions in accordance with such Farm Credit System Institution’s bylaws and its practices and
procedures related to patronage distribution only if Borrower has a written agreement to that
effect from such Farm Credit System Institution.

17.16 Direct Website Communications; Electronic Mail Communications

          17.16.1 Delivery.

               (a) Borrower hereby agrees that it will provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent pursuant
to this Credit Agreement and any other Loan Document, including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and other information
materials, but, subject to the provisions of Subsection 17.16.3 hereof, excluding any such
communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or
other extension of credit (including any election of an interest rate or interest period relating
thereto), (ii) relates to the payment of any principal or other amount due under this Credit
Agreement prior to the scheduled date therefor, (iii) provides notice of any Potential Default or
Event of Default under this Credit Agreement, or (iv) is required to be delivered to satisfy any
condition precedent to the effectiveness of this Credit Agreement and/or any borrowing, issuance or
reissuance of a Letter of Credit, or other extension of credit hereunder (all such non-excluded
communications collectively, the “Communications”), by transmitting the Communications in an
electronic/soft medium and in a format acceptable to the Administrative Agent as follows (A) all
financial statements to closing@cobank.com and (B) all other Communications to
mtousignant@cobank.com. In addition, Borrower agrees to continue to provide the
Communications to the Administrative Agent in the manner specified in this Credit Agreement but
only to the extent requested by the Administrative Agent. Receipt of the Communications by the
Administrative Agent at the appropriate e-mail address as set forth above shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of this Credit
Agreement and any other Loan Documents. Nothing in this Section 17.16 shall prejudice the right of
the Administrative Agent or any Syndication Party to give any notice or other communication
pursuant to this Credit Agreement or any other Loan Document in any other manner specified in this
Credit Agreement or any other Loan Document.

               (b) Each Syndication Party agrees that receipt of e-mail notification that such Communications
have been posted pursuant to Subsection 17.16.2 below at the e-mail address(es) set forth beneath
such Syndication Party’s name on its signature page hereto or pursuant to the notice provisions of
any Syndication Acquisition Agreement shall constitute effective delivery of the Communications to
such Syndication Party for purposes of this Credit Agreement and any other Loan Document. Each
Syndication Party further agrees to notify the Administrative Agent in writing (including by
electronic communication) promptly of any change in its e-mail address or any extended disruption
in its internet delivery services.

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          17.16.2 Posting. Borrower further agrees that the Administrative Agent may make the
Communications available to the Syndication Parties by posting the Communications on “Synd-Trak”
(“Platform”). The Platform is secured with a dual firewall and a User ID/Password Authorization
System and through a single user per deal authorization method whereby each user may access the
Platform only on a deal-by-deal basis. Borrower acknowledges that the distribution of
Communications through an electronic medium
is not necessarily secure and that there are confidentiality and other risks associated with
such distribution.

          17.16.3 Additional Communications. The Administrative Agent reserves the right and
Borrower and each Syndication Party consents and agrees thereto, to, upon written notice to
Borrower and all Syndication Parties, implement and require use of a secure system whereby any
notices or other communications required or permitted by this Credit Agreement, but which are not
specifically covered by Subsection 17.16.1 hereof, and including, without limitation, Borrowing
Notices, Funding Notices, Bid Requests, Bids, Bid Results Notices, Bid Selection Notices, notices
of Overnight Rates, Overnight Advance Requests, and any communication described in clauses (i)
through (iv) of Subsection 17.16.1(a) hereof, shall be sent and received via electronic mail to the
e-mail addresses described in Subsection 17.16.1(b) hereof.

          17.16.4 Disclaimer. The Communications transmitted pursuant to this Section 17.16 and
the Platform are provided “as is” and “as available.” CoBank does not warrant the accuracy,
adequacy or completeness of the Communications or the Platform and CoBank expressly disclaims
liability for errors or omissions in the Communications or the Platform. No warranty of any kind,
express, implied or statutory, including without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or
other code defects, is made by CoBank in connection with the Communications or the Platform.

          17.16.5 Termination. The provisions of this Section 17.16 shall automatically
terminate on the date that CoBank, ACB ceases to be the Administrative Agent under this Credit
Agreement.

     17.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2003 Agreement
on the Closing Date. All Bid Rate Loans outstanding under the 2003 Credit Agreement on the
Closing Date shall remain outstanding (and the Bid Rate and Bid Maturity Date unchanged) and shall,
subject to any payments required by clause (2) of the next sentence, be deemed to be Bid Rate Loans
made under this Credit Agreement allocated to the Syndication Party which originally made the Bid
Rate Loan and treated as a 364-Day Advance (if made under the 364-Day Facility under the 2003
Credit Agreement) or as a 5-Year Advance (if made under the 3-Year Facility under the 2003 Credit
Agreement). Borrower agrees that immediately prior to the closing under this Credit Agreement and
on the Closing Date, it shall make the following payments of amounts owing under the 2003 Agreement
to the Administrative Agent under the 2003 Agreement: (1) the amount of all Overnight Advances
outstanding under the 2003 Credit Agreement as of the Closing Date; (2) the amount by which the Bid
Rate Loans allocated pursuant to the preceding sentence to any Syndication Party under either
Facility

84

 

exceeds the applicable Individual Commitment of such Syndication Party under such Facility
as determined under this Credit Agreement; (3) the amount, if any, by which the aggregate
outstanding balance of 364-Day Advances under the 2003 Credit Agreement as of the Closing Date
(after payment of the amount required pursuant to clause (1) of this Section) exceeds the 364-Day
Commitment (as defined herein); (4) the amount of all accrued interest on all outstanding 364-Day
Advances and all 3-Year Advances (as both
such terms are defined in the 2003 Agreement); and (5) the amount of Funding Losses
(determined as provided in the 2003 Agreement) attributable to (i) prepayments, if any, of Bid Rate
Loans pursuant to clause (2) of this Section and/or LIBO Rate Loans (as defined in the 2003
Agreement) pursuant to clause (3) of this Section or, and/or (ii) the amount, if any, of the
reduction in the outstanding balance of LIBO Rate Loans in which any Syndication Party hereunder
has a Syndication Interest on account of a Reduction as required below. Each of the Syndication
Parties agrees that: (a) the aggregate outstanding balance of 364-Day Advances under the 2003
Credit Agreement as of the Closing Date (other than Bid Rate Loans), after the application of the
payments by Borrower required under this Section, shall on such date be aggregated and reallocated
among each of the Syndication Parties (and thereafter treated as 364-Day Advances hereunder) in
accordance with their respective Individual 364-Day Pro Rata Shares (determined without considering
such 364-Day Advances, other than Bid Rate Loans) on such date as determined by the Administrative
Agent; (b) the aggregate outstanding balance of 3-Year Advances under the 2003 Credit Agreement as
of the Closing Date (other than Bid Rate Loans), after the application of the payments by Borrower
required under this Section, shall on such date be aggregated and reallocated among the Syndication
Parties (and thereafter treated as 5-Year Advances hereunder) in accordance with their respective
Individual 5-Year Pro Rata Shares (determined without considering such 5-Year Advances, other than
Bid Rate Loans) on such date as determined by the Administrative Agent; and (c) to the extent such
reallocation as described in clauses (a) and/or (b) of this Section (“Reallocation”) results in (x)
the 364-Day Advances allocated to any Syndication Party being in excess of the 364-Day Advances
which were allocated to such Syndication Party under the 2003 Credit Agreement immediately prior to
such Reallocation, and/or (y) the 5-Year Advances allocated to any Syndication Party being in
excess of the 3-Year Advances which were allocated to such Syndication Party under the 2003 Credit
Agreement immediately prior to such Reallocation, such Syndication Party shall remit to the
Administrative Agent funds in the amount of any such excess by 2:00 P.M. (Central time) on the
Closing Date in the manner provided in Section 16.30 hereof. To the extent such Reallocation
results in the 364-Day Advances and/or 5-Year Advances allocated to any Syndication Party being
less than the 364-Day Advances and/or 3-Year Advances, respectively, which were allocated to such
Syndication Party under the 2003 Credit Agreement and immediately prior to such Reallocation
(“Reduction”), the Administrative Agent shall remit the amount of such Reduction to such
Syndication Party in the manner provided in Section 16.30 hereof. To the extent that any
Syndication Party fails to remit funds to the Administrative Agent as required under clause (c) of
this Section, the Administrative Agent shall provide such funds and such funds shall be deemed to
be the Delinquent Amount, such Syndication Party shall be deemed to be a Delinquent Syndication
Party subject to all of the obligations set forth in Section 16.4 hereof, and the Administrative
Agent shall be deemed to be a Contributing Syndication Party with all of the rights set forth in
Section 16.4 hereof. All payments received by the Administrative Agent from

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Borrower pursuant to
clauses (1) through (4) of this Section shall be allocated and paid to the Syndication Parties
under the 2003 Agreement as therein provided.

     17.18 Affect of Amended and Restated Credit Agreement. This Credit Agreement shall be
effective from the Effective Date forward, and the execution of this Credit Agreement shall not
relieve any party to the 2003 Credit Agreement from their respective obligations thereunder for the
period from the Original Effective Date to the Effective Date or from any liability for the failure
to
perform such obligations or from any liability arising out of indemnification obligations
under the 2003 Credit Agreement.

     17.19 Mutual Release. Upon full indefeasible payment and satisfaction of the Bank
Debt and Notes and the other obligations contained in this Credit Agreement, the parties, including
Borrower, the Administrative Agent, the Bid Agent, and each Syndication Party shall, except as
provided in Article 14 hereof and except with respect to Borrower’s reimbursement obligation to the
issuer of each Letter of Credit with an expiry date beyond the 5-Year Maturity Date, thereupon
automatically each be fully, finally, and forever released and discharged from any further claim,
liability, or obligation in connection with the Bank Debt.

     17.20 Liberal Construction. This Credit Agreement constitutes a fully negotiated
agreement between commercially sophisticated parties, each assisted by legal counsel, and shall not
be construed and interpreted for or against any party hereto.

     17.21 Counterparts. This Credit Agreement may be executed by the parties hereto in
separate counterparts, each of which, when so executed and delivered, shall be an original, but all
such counterparts shall together constitute one and the same instrument. Each counterpart may
consist of a number of copies hereof, each signed by less than all, but together signed by all of
the parties hereto. Copies of documents or signature pages bearing original signatures, and
executed documents or signature pages delivered by a party by telefax, facsimile, or e-mail
transmission of an Adobe® file format document (also known as a PDF file) shall, in each such
instance, be deemed to be, and shall constitute and be treated as, an original signed document or
counterpart, as applicable. Any party delivering an executed counterpart of this Credit Agreement
by telefax, facsimile, or e-mail transmission of an Adobe® file format document also shall deliver
an original executed counterpart of this Credit Agreement, but the failure to deliver an original
executed counterpart shall not affect the validity, enforceability, and binding effect of this
Credit Agreement.

     17.22 Confidentiality. Each Syndication Party shall maintain the confidential nature
of, and shall not use or disclose, any of Borrower’s financial information, confidential
information or trade secrets without first obtaining Borrower’s written consent. Nothing in this
Section shall require any Syndication Party to obtain such consent after there is an Event of
Default. The obligations of the Syndication Parties shall in no event apply to: (a) providing
information about Borrower to any financial institution contemplated or described in Sections 16.7,
16.16, and 16.28 hereof or to such Syndication Party’s parent holding company or any of such
Syndication Party’s Affiliates, or to any actual or prospective counterparty to any securitization,
swap or derivative transaction relating to Borrower with respect to any Loan; (b) any situation in
which any Syndication Party is required by Law or required by any Governmental Authority to
disclose

86

 

information; (c) providing information to counsel to any Syndication Party in connection
with the transactions contemplated by the Loan Documents; (d) providing information to independent
auditors retained by the such Syndication Party; (e) any information that is in or becomes part of
the public domain otherwise than through a wrongful act of such Syndication Party or any of its
employees or agents thereof; (f) any information that is in the possession of any Syndication Party
prior to receipt thereof from
Borrower or any other Person known to such Syndication Party to be acting on behalf of
Borrower; (g) any information that is independently developed by any Syndication Party; and (h) any
information that is disclosed to any Syndication Party by a third party that has no obligation of
confidentiality with respect to the information disclosed. A Syndication Party’s confidentiality
requirements continue after it is no longer a Syndication Party under this Credit Agreement.
Notwithstanding any provision to the contrary in this Credit Agreement, the Administrative Agent
and each Syndication Party (and each employee, representative, or other agent thereof) may disclose
to any and all Persons, without limitations of any kind, the tax treatment and tax structure of the
transaction described in this Credit Agreement and all materials of any kind (including opinions or
other tax analyses), if any, that are provided to the Administrative Agent or such Syndication
Party relating to such tax treatment and tax structure. Nothing in the preceding sentence shall be
taken as an indication that such transaction would, but for such sentence, be deemed to be a
“reportable transaction” as defined in Treasury Regulation Section 1.6011-4.

     17.23 USA Patriot Act Notice. Each Syndication Party that is subject to the USA
Patriot Act and the Administrative Agent (for itself and not on behalf of any Syndication Party)
hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act, it is required
to obtain, verify and record information that identifies Borrower, which information includes the
name and address of Borrower and other information that will allow such Syndication Party or
Administrative Agent, as applicable, to identify Borrower in accordance with the USA Patriot Act.

     17.24 Waiver of Borrower’s Rights Under Farm Credit Act. Borrower, having been
represented by legal counsel in connection with this Credit Agreement and, in particular, in
connection with the waiver contained in this Section 17.23, does hereby voluntarily and knowingly
waive, relinquish, and agree not to assert at any time, any and all rights that Borrower may have
or be afforded under the sections of the Agricultural Credit Act of 1987 designated as 12 U.S.C.
Sections 2199 through 2202e and the implementing Farm Credit Administration regulations as set
forth in 12 C.F.R Sections 617.7000 through 617.7630, including those provisions which afford
Borrower certain rights, and/or impose on any lender to Borrower certain duties, with respect to
the collection of any amounts owing hereunder or the foreclosure of any liens securing any such
amounts, or which require the Administrative Agent or any present or future Syndication Party to
disclose to Borrower the nature of any such rights or duties. This waiver is given by Borrower
pursuant to the provisions of 12 C.F.R. Section 617.7010(c) to induce the Syndication Parties to
fund and extend to Borrower the credit facilities described herein and to induce those Syndication
Parties which are Farm Credit System Institutions to agree to provide such credit facilities
commensurate with their Individual Commitments as they may exist from time to time.

[Signature pages commence on the next page]

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     IN WITNESS WHEREOF, the parties have executed this 2005 Amended and Restated Credit Agreement
(Revolving Loans) as of the date first above written.

	 	 	 	 	 
	

	 	BORROWER:
	 	 
	 
	 	 	 	 
	

	 	CHS INC., a cooperative corporation formed under the
laws of the State of Minnesota	 	 
	 
	 	 	 	 
	

	 	By:

	 	 
	

	 	Name: John Schmitz	 	 
	

	 	Title: Executive Vice President and Chief Financial
Officer	 	 
	 
	 	 	 	 
	

	 	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 
	

	 	COBANK, ACB	 	 
	 
	 	 	 	 
	

	 	By:

	 	 
	

	 	Name: Michael Tousignant	 	 
	

	 	Title: Vice President	 	 
	 
	 	 	 	 
	

	 	BID AGENT:	 	 
	 
	 	 	 	 
	

	 	CoBANK, ACB	 	 
	 
	 	 	 	 
	

	 	By:

	 	 
	

	 	Name: Michael Tousignant	 	 
	

	 	Title: Vice President	 	 

88

 

	 	 	 
	

	 	SYNDICATION PARTY:
	 
	 	 
	

	 	CoBank, ACB
	 
	 	 
	

	 	By:

	

	 	Name: Michael Tousignant
	

	 	Title: Vice President
	 
	 	 
	

	 	Contact Name: Michael Tousignant
	

	 	Title: Vice President
	

	 	Address: 5500 South Quebec Street
	

	 	               Greenwood Village, CO 80111
	

	 	Phone No.: 303/694-5838
	

	 	Fax No.: 303/694-5830
	

	 	E-mail: mtousignant@cobank.com
	

	 	Individual 364-Day Commitment: $119,000,000.00
	

	 	Individual 5-Year Commitment: $51,000,000.00
	

	 	Payment Instructions:
	

	 	                CoBank, ACB
	

	 	                ABA No.: 307088754
	

	 	                Acct. Name: CoBank, ACB
	

	 	                Account No.: 22274433
	

	 	                Attn:
	

	 	                Reference: CHS

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	 	SYNDICATION PARTY:
	 
	 	 
	

	 	The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch
	 
	 	 
	

	 	By:

	

	 	Name: Patrick McCue
	

	 	Title: Vice President & Manager
	 
	 	 
	

	 	Contact Name: Patrick McCue
	

	 	Title: Vice President & Manager
	

	 	Address: 227 West Monroe, Suite 2300
	

	 	               Chicago, IL 60606
	

	 	Phone No.: 952/473-6110
	

	 	Fax No.: 952/473-5152
	

	 	E-mail: pmccue@btmna.com
	

	 	Individual 364-Day Commitment: $42,000,000.00
	

	 	Individual 5-Year Commitment: $18,000,000.00
	

	 	Payment Instructions:
	

	 	                The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch
	

	 	                ABA No.: 071002341
	

	 	                Acct. Name: The Bank of Tokyo-Misubishi, Ltd., Chicago Branch
	

	 	                Account No.: 1525720230
	

	 	                Reference: Cenex Harvest States

90

 

	 	 	 
	

	 	SYNDICATION PARTY:
	 
	 	 
	

	 	SunTrust Bank
	 
	 	 
	

	 	By:

	

	 	Name: Douglas O’ Bryan
	

	 	Title: Vice President
	 
	 	 
	

	 	Contact Name: Douglas O’Bryan
	

	 	Title: Vice President
	

	 	Address: 303 Peachtree Street
	

	 	               Atlanta, GA 30308
	

	 	Phone No.: 404/724-3163
	

	 	Fax No.: 404/230-5305
	

	 	E-mail: douglas.o’bryan@suntrust.com
	

	 	Individual 364-Day Commitment: $42,000,000.00
	

	 	Individual 5-Year Commitment: $18,000,000.00
	

	 	Payment Instructions:
	

	 	                SunTrust Bank
	

	 	                ABA No.: 061000104
	

	 	                Acct. Name: Corporate Banking Operations Support
	

	 	                Account No.: 9088000112
	

	 	                Reference: Cenex Harvest States

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	 	SYNDICATION PARTY:
	 
	 	 
	

	 	Bank of America, N.A.
	 
	 	 
	

	 	By:

	

	 	Name: Jennifer Gerdes
	

	 	Title: Senior Vice President
	 
	 	 
	

	 	Contact Name: Jennifer Gerdes
	

	 	Title: Senior Vice President
	

	 	Address: 231 S. LaSalle Street
	

	 	               Chicago, IL 60697
	

	 	Phone No.: 312/828-2892
	

	 	Fax No.: 312/974-0761
	

	 	E-mail: Jennifer.gerdes@bankofamerica.com
	

	 	Individual 364-Day Commitment: $42,000,000.00
	

	 	Individual 5-Year Commitment: $18,000,000.00
	

	 	Payment Instructions:
	

	 	                Bank of America N.A.
	

	 	                ABA No.: 026-009-593
	

	 	                Acct. Name: Commercial Loan Services
	

	 	                         New York, NY
	

	 	                Account No.: 109823-0000591
	

	 	                Reference: Attn: Torethia Merriwether

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	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Jacqueline Ryan	 	 
	 	 	Title: Vice President/Sr.Banker	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Ted Hanson	 	 
	 	 	Title: Assistant Vice President	 	 
	

	 	Address:
	 	Sixth & Marquette	 	 
	

	 	 	 	 	 	MAC-N9305-031	 	 
	

	 	 	 	 	 	Minneapolis, MN 55479	 	 
	 	 	Phone No.: 612/667-6508	 	 
	 	 	Fax No.: 612/667-2276	 	 
	 	 	E-mail: Jacqueline.Ryan@wellsfargo.com	 	 
	 	 	Individual 364-Day Commitment: $42,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $18,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Wells Fargo Bank, N.A.	 	 
	 	 	          ABA No.: 121-000-248	 	 
	 	 	          Acct. Name: MEMSYN/Commercial Banking	 	 
	 	 	Service
Center
	 	 
	 	 	          Account No.: 0271-2507201	 	 
	 	 	          Reference: Cenex Harvest States	 	 

93

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BNP Paribas	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Marcie Weiss	 	 
	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Chris Chapman	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Chris Chapman	 	 
	 	 	Title: Director	 	 
	

	 	Address:
	 	787 Seventh Avenue	 	 
	

	 	 	 	 	 	New York, NY 10019	 	 
	 	 	Phone No.: 212/841-2076	 	 
	 	 	Fax No.: 212/841-2536	 	 
	 	 	E-mail: christopher.c.chapman @americas.bnpparibas.com	 	 
	 	 	Individual 364-Day Commitment: $42,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $18,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          BNP PARIBAS, NEW YORK	 	 
	 	 	          ABA No.: 026 007 689	 	 
	 	 	          Acct. Name: Loan
Servicing Clearing	 	 
	 	 	Account
	 	 
	 	 	          Account No.: 103130 00103	 	 
	 	 	          Reference: Cenex Harvest	 	 

94

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Harris Trust and Savings Bank	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 	 	 
	

	 	Title:	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Robert H. Wolohan	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	111 West Monroe Street	 	 
	

	 	 	 	 	 	Chicago, IL 60603	 	 
	 	 	Phone No.: 312/461-6049	 	 
	 	 	Fax No.: 312/293-4280	 	 
	 	 	E-mail: Robert.wolohan@harrisbank.com	 	 
	 	 	Individual 364-Day Commitment: $42,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $18,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Harris Trust and Savings Bank Chicago, IL	 	 
	 	 	          ABA No.: 071 000 288	 	 
	 	 	          Acct. Name: Harris Nesbitt	 	 
	 	 	          Account No.: 109 215 4 Credit Services	 	 
	 	 	          Reference: Cenex Harvest States Cooperative	 	 
	 	 	          Notify: Violetta Smith 461-3715	 	 

95

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A., “Rabobank International” New York Branch	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Brad Peterson	 	 
	 	 	Title: Executive Director	 	 
	

	 	Address:
	 	245 Park Avenue	 	 
	

	 	 	 	 	 	New York, NY 10167	 	 
	 	 	Phone No.: 312/408-8222	 	 
	 	 	Fax No.: 312/408-8240	 	 
	 	 	E-mail: brad.peterson@rabobank.com	 	 
	 	 	Individual 364-Day Commitment: $42,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $18,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Pay to: JPMorgan Chase, N.A.	 	 
	 	 	          ABA No.: 021 000 021	 	 
	 	 	          Swift Address: CHASUS33	 	 
	 	 	          FOA: Rabobank International, NY Branch	 	 
	 	 	          A/C: 400-212307	 	 
	 	 	          Reference: CHS	 	 

96

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Deere Credit, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Jack Harris	 	 
	 	 	Title: Manager Credit Operations/Administration	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Jack Harris	 	 
	 	 	Title: Manager Credit Operations/Administration	 	 
	

	 	Address:
	 	6400 NW 86th Street	 	 
	

	 	 	 	 	P.O. Box 6650 — Dept. 140	 	 
	

	 	 	 	 	Johnston, IA 50131-6650	 	 
	 	 	Phone No.: 515/267-4349	 	 
	 	 	Fax No.: 515/267-4020	 	 
	 	 	E-mail: harrisjack@johndeere.com	 	 
	 	 	Individual 364-Day Commitment: $38,500,000.00	 	 
	 	 	Individual 5-Year Commitment: $16,500,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank One Chicago, IL	 	 
	 	 	          ABA No.: 071000013	 	 
	 	 	          Acct. Name: Deere Credit Services	 	 
	 	 	          Account No.: 51-52135	 	 
	 	 	          Reference: Cenex	 	 

97

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. Bank National Association	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Kathi L. Selimshayev	 	 
	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Kathi L. Selimshayev	 	 
	 	 	Title: Assistant Vice President	 	 
	

	 	Address:
	 	950 17th Street	 	 
	

	 	 	 	 	Denver, CO 80202	 	 
	 	 	Phone No.: 303/585-4926	 	 
	 	 	Fax No.: 303/585-4732	 	 
	 	 	E-mail: kathi.hatch@usbank.com	 	 
	 	 	Individual 364-Day Commitment: $32,200,000.00	 	 
	 	 	Individual 5-Year Commitment: $13,800,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          U.S. Bank	 	 
	 	 	          ABA No.: 123000220	 	 
	 	 	          Acct. Name: PL-7
Commercial Loan

Servicing West
	 	 
	 	 	          Account No.: 00340012160600	 	 
	 	 	          Reference: Participation Specialist, Loan	 	 
	

	 	 	 	 	 	          #6349061459-Cenex Harvest	 	 

98

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Natexis Banques Populaires	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Stephen Jendras	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Guillaume de Parscau	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Stephen Jendras	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	1251 Avenue of the Americas	 	 
	

	 	 	 	 	34th Floor	 	 
	

	 	 	 	 	New York, NY 10020	 	 
	 	 	Phone No.: 212/872-5157	 	 
	 	 	Fax No.: 212/354-9095	 	 
	 	 	E-mail: steve.jendras@nyc.nxlop.com	 	 
	 	 	Individual 364-Day Commitment: $32,200,000.00	 	 
	 	 	Individual 5-Year Commitment: $13,800,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Chase Manhattan Bank, New York, NY	 	 
	 	 	          ABA No.: 021-000-021	 	 
	 	 	          Acct. Name: In favor of Natexis Banques
	 	 
	 	 	          
                    Populaires	 	 
	 	 	          Account No.: 544-7-75330	 	 
	 	 	          Reference: For further credit to Cenex Harvest	 	 
	

	 	 	 	 	 	          States Account No. 101899	 	 

99

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Fortis Capital Corp.	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Edward Aldrich	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Edward Aldrich	 	 
	 	 	Title: Director	 	 
	

	 	Address: 301 Tresser Boulevard	 	 
	

	 	 	 	        Stamford, CT 06901-3239	 	 
	 	 	Phone No.: 203/705-5725	 	 
	 	 	Fax No.: 203/705-5924	 	 
	 	 	E-mail: Edward.Aldrich@fortiscapitalusa.com	 	 
	 	 	Individual 364-Day Commitment: $32,200,000.00	 	 
	 	 	Individual 5-Year Commitment: $13,800,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          J.P. Morgan-Chase New York	 	 
	 	 	          ABA No.: 021-000-021	 	 
	 	 	          Acct. Name: Fortis Capital Corp.	 	 
	 	 	          Account No.: 001-1-624-418	 	 
	 	 	          Reference: GCG — Cenex Harvest States	 	 

100

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 
	

	 	Title:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: James Belletire	 	 
	 	 	Title: Director	 	 
	

	 	Address:
	 	Scotia Capital	 	 
	

	 	 	 	 	181 West Madison St., Suite 3700	 	 
	

	 	 	 	 	Chicago, IL 60602	 	 
	 	 	Lending Office: 600 Peachtree St. N.E., Suite 2700	 	 
	 	 	                          Atlanta, GA 30308	 	 
	 	 	Phone No.: 312-201-4185	 	 
	 	 	Fax No.: 312-201-4108	 	 
	 	 	Individual 364-Day Commitment: $32,200,000.00	 	 
	 	 	Individual 5-Year Commitment: $13,800,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank:
The Bank of Nova Scotia, New York 
                     Agency	 	 
	 	 	          ABA No: 026-002-532	 	 
	 	 	          Acct. Name: Atlanta Agency Acct.	 	 
	 	 	          Acct. No.: 0606634	 	 
	 	 	          Ref: CHS Inc	 	 

101

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Calyon New York Branch	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name: Lee E. Greve
	 	 
	 	 	Title:   Managing Director, Deputy Manager	 	 
	 	 	 	 	   (312) 220-7317	 	 
	 	 	 	 	   lee.greve@us.calyon.com	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Thomas P. Gillis	 	 
	 	 	Title:   Managing Director	 	 
	 	 	 	 	   (312) 220-7301	 	 
	 	 	 	 	   thomas.gillis@us.calyon.com	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	Address:  227 W. Monroe, Suite 3800	 	 
	

	 	 	 	         Chicago, IL 60606	 	 
	 	 	Fax No.: (312) 641-0527	 	 
	 	 	 	 	 
	 	 	Individual 364-Day Commitment: $32,200,000.00	 	 
	 	 	Individual 5-Year Commitment: $13,800,000.00	 	 
	 	 	Payment Instructions:	 	 
	 
	 	 	 	 	                       	 
	 	 	          ABA No.: 0260-0807-3	 	 
	 	 	          Acct. Name: Loan Settlements	 	 
	 	 	          Account No.: 01-88179-3701-00-001-179	 	 
	 	 	          Attn: Jaikissoon Sanichar	 	 
	 	 	          Reference: SWIFT: CRLYUS33	 	 

102

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	National City Bank of Indiana	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Christopher A. Susott	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Christopher A. Susott	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	101 W. Washington Street, Suite 200 E	 	 
	

	 	 	 	 	Indianapolis, IN 46255	 	 
	 	 	Phone No.: 317/267-3668	 	 
	 	 	Fax No.: 317/267-8899	 	 
	 	 	E-mail: Christopher.susott@nationalcity.com	 	 
	 	 	Individual 364-Day Commitment: $17,500,000.00	 	 
	 	 	Individual 5-Year Commitment: $7,500,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          National City Bank of Indiana	 	 
	 	 	          ABA No.: 074000065	 	 
	 	 	          Acct. Name: Cenex Harvest States	 	 
	 	 	          Account No.: GL 151804	 	 
	 	 	          Reference: Att: Commercial Loan	 	 
	

	 	 	 	 	 	          #1526986323	 	 

103

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	M&I MARSHALL & ILSLEY BANK	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 
	

	 	Title:	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 
	

	 	Title:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Dean Davidson	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	651 Nicollete Mall	 	 
	

	 	 	 	 	Minneapolis, Minnesota
55402
 	 	 
	 	 	Phone No.: 612-904-8171	 	 
	 	 	Fax No.: 612-904-8012	 	 
	 	 	email: dean.Davidson@micorp.com	 	 
	 	 	Individual 364-Day Commitment: $17,500,000.00	 	 
	 	 	Individual 5-Year Commitment: $7,500,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank: M&I Marshall & Ilsely Bank	 	 
	 	 	          Bank Address: Milwaukee, WI	 	 
	 	 	          ABA No.: 0750-0005-1	 	 
	 	 	          Acct. Name: Commercial Loan Transfer Acct	 	 
	 	 	          Acct. No.: 24103937	 	 
	 	 	          Ref:	 	 
	 	 	          Attn: Loan Servicing	 	 

104

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Farm Credit Services of America, PCA	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Steven L. Moore	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Steven L. Moore	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	Farm Credit Services of America	 	 
	

	 	 	 	 	5015 South 118th Street	 	 
	

	 	 	 	 	Omaha, Nebraska 68137	 	 
	 	 	Phone No.: (402) 348-3339	 	 
	 	 	Fax No.: (402) 348-3324	 	 
	

	 	E-mail:	 	 	 	 	 
	 	 	Individual 364-Day Commitment: $16,100,000.00	 	 
	 	 	Individual 5-Year Commitment: $6,900,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank: _________	 	 
	 	 	          ABA No.: 096016972	 	 
	 	 	          Acct. Name:	 	 
	 	 	          Account No.: 362021040	 	 
	 	 	          Attn: Becky Haas	 	 
	 	 	          Reference: CHS, Inc.	 	 

105

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ING Capital LLC	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Bill Redmond	 	 
	 	 	Title: Managing Director	 	 
	

	 	Address: 1325 Avenue of the Americas, 8F1	 	 
	

	 	 	 	        New York, NY 10019	 	 
	 	 	Phone No.: (646) 424-6639	 	 
	 	 	Fax No.: (646) 424-6390	 	 
	 	 	E-mail: bill.redmond@americas.ing.com	 	 
	 	 	Individual 364-Day Commitment: $14,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $6,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank: JPMorgan Chase Bank	 	 
	 	 	          ABA No.: 0210 0002 1	 	 
	 	 	          Acct. Name: ING Capital LLC Loan/Agency	 	 
	 	 	          Account No.: 066 297 311	 	 
	 	 	          Attn: CFS Settlements	 	 
	 	 	          Reference: CHS INC	 	 

106

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	UFJ BANK LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	

	 	Name:	 	 	 
	

	 	Title:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Christine Dirringer	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	55 East 52nd Street	 	 
	

	 	 	 	 	New York, NY 10055	 	 
	 	 	Phone No.: (212) 339-6282	 	 
	 	 	Fax No.: (212) 754-2360	 	 
	 	 	E-mail: christine_dirringer@ufjbank.co.jp	 	 
	 	 	Individual 364-Day Commitment: $10,500,000.00	 	 
	 	 	Individual 5-Year Commitment: $4,500,000.00	 	 
	 	 	Payment Instructions:	 	 
	 	 	          Bank: UFJ Bank Limited	 	 
	 	 	          Bank Address: New York, NY	 	 
	 	 	          ABA No.: 026009820	 	 
	 	 	          Acct. Name: UFJBank Limited
SND (clearing 
                    
           Loans)	 	 
	 	 	          Account Number: 999315	 	 
	 	 	          Ref: CHS Inc. — SFD	 	 

107

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Comerica Bank, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Name: Timothy O’Rourke	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Timothy O’Rourke	 	 
	 	 	Title: Vice President	 	 
	

	 	Address:
	 	500 Woodward Ave. – M.C. 3269	 	 
	

	 	 	 	 	Detroit, MI 48226	 	 
	 	 	Phone No.: (313) 222-7044	 	 
	 	 	Fax No.: (313) 222-9516	 	 
	 	 	E-mail: thorourke@comerica.com	 	 
	 	 	Individual 364-Day Commitment: $7,000,000.00	 	 
	 	 	Individual 5-Year Commitment: $3,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	          ____________	 	 
	 	 	          ABA No.: 072000096	 	 
	 	 	          Acct. Name: CHS, Inc.	 	 
	 	 	          Account No.: 21585-90010	 	 
	 	 	          Attn: Commercial Loan Operation	 	 
	 	 	          Reference:	 	 

108

 

	 	 	 	 	 	 	 	 	 
	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AgStar Financial Services, PCA	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Troy Mostaert	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Troy Mostaert	 	 
	 	 	Title: Vice President	 	 
	

	 	Address: 14800 Galaxie Avenue	 	 
	

	 	 	 	 	 	    Suite 205	 	 
	

	 	 	 	 	 	    Apple Valley, Minnesota 55124	 	 
	 	 	Phone No.: (925) 997-4064	 	 
	 	 	Fax No.: (925) 997-4077	 	 
	 	 	E-mail: Troy.Mostaert@AgStar.com	 	 
	 	 	Individual 364-Day Commitment: $4,900,000.00	 	 
	 	 	Individual 5-Year Commitment: $2,100,000.00	 	 
	 	 	Payment Instructions:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	          ____________	 	 
	 	 	          ABA No.: 0960 16972	 	 
	 	 	          Acct. Name: AgriBank, FCB	 	 
	 	 	          Account No.: 362408688	 	 
	 	 	          Attn: AgStar Financial Services	 	 
	 	 	          Reference: CHS, Inc.	 	 

109

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1. DEFINED TERMS
	 	 	1	 
	1.1 Additional Costs
	 	 	1	 
	1.2 Adjusted Consolidated Funded Debt
	 	 	1	 
	1.3 Administrative Agent
	 	 	1	 
	1.4 Administrative Agent Office
	 	 	1	 
	1.5 Advance
	 	 	2	 
	1.6 Advance Date
	 	 	2	 
	1.7 Advance Payment
	 	 	2	 
	1.8 Affected Loans
	 	 	2	 
	1.9 Affiliate
	 	 	2	 
	1.10 Aggregate Commitment
	 	 	2	 
	1.11 Amortization
	 	 	2	 
	1.12 Annual Operating Budget
	 	 	2	 
	1.13 Anti-Terrorism Laws
	 	 	2	 
	1.14 Applicable Lending Office
	 	 	2	 
	1.15 Authorized Officer
	 	 	2	 
	1.16 Bank Debt
	 	 	2	 
	1.17 Banking Day
	 	 	2	 
	1.18 Bank Equity Interests
	 	 	3	 
	1.19 Base Rate
	 	 	3	 
	1.20 Base Rate Loans
	 	 	3	 
	1.21 Bid
	 	 	3	 
	1.22 Bid Advance
	 	 	3	 
	1.23 Bid Agent
	 	 	3	 

i

 

	 	 	 	 	 
	1.24 Bid Maturity Date
	 	 	3	 
	1.25 Bid Rate
	 	 	3	 
	1.26 Bid Rate Loan
	 	 	3	 
	1.27 Bid Request
	 	 	3	 
	1.28 Bid Results Notice
	 	 	3	 
	1.29 Bid Selection Notice
	 	 	3	 
	1.30 Borrower’s Account
	 	 	3	 
	1.31 Borrower Benefit Plan
	 	 	3	 
	1.32 Borrower Indemnification Payment
	 	 	4	 
	1.33 Borrowing Notice
	 	 	4	 
	1.34 Borrower Pension Plan
	 	 	4	 
	1.35 Capital Leases
	 	 	4	 
	1.36 Cash Collateral Account
	 	 	4	 
	1.37 CCC
	 	 	4	 
	1.38 CCC Guarantee
	 	 	4	 
	1.39 Change in Law
	 	 	4	 
	1.40 Closing Date
	 	 	4	 
	1.41 Code
	 	 	4	 
	1.42 Committed LC Request
	 	 	4	 
	1.43 Committed Letter of Credit
	 	 	4	 
	1.44 Committed Letter of Credit Fee
	 	 	4	 
	1.45 Committed 364-Day Advances
	 	 	4	 
	1.46 Committed 5-Year Advances
	 	 	5	 
	1.47 Compliance Certificate
	 	 	5	 
	1.48 Communications
	 	 	5	 

ii

 

	 	 	 	 	 
	1.49 Confirmation Amount
	 	 	5	 
	1.50 Confirmation Request
	 	 	5	 
	1.51 Consolidated Cash Flow
	 	 	5	 
	1.52 Consolidated Current Assets
	 	 	5	 
	1.53 Consolidated Current Liabilities
	 	 	5	 
	1.54 Consolidated Funded Debt
	 	 	5	 
	1.55 Consolidated Interest Expense
	 	 	5	 
	1.56 Consolidated Members’ and Patrons’ Equity
	 	 	5	 
	1.57 Consolidated Subsidiary
	 	 	6	 
	1.58 Contributing Syndication Parties
	 	 	6	 
	1.59 Control Agreement
	 	 	6	 
	1.60 Converted LC
	 	 	6	 
	1.61 Debt
	 	 	6	 
	1.62 Default Interest Rate
	 	 	6	 
	1.63 Delinquency Interest
	 	 	6	 
	1.64 Delinquent Amount
	 	 	6	 
	1.65 Delinquent Syndication Party
	 	 	6	 
	1.66 Depreciation
	 	 	6	 
	1.67 Effective Date
	 	 	6	 
	1.68 Embargoed Person
	 	 	6	 
	1.69 Environmental Laws
	 	 	7	 
	1.70 Environmental Regulations
	 	 	7	 
	1.71 ERISA
	 	 	7	 
	1.72 ERISA Affiliate
	 	 	7	 
	1.73 Event of Default
	 	 	7	 

iii

 

	 	 	 	 	 
	1.74 Event of Syndication Default
	 	 	7	 
	1.75 Executive Order
	 	 	7	 
	1.76 Existing Letters of Credit
	 	 	7	 
	1.77 Export Grain Transaction
	 	 	7	 
	1.78 Extended Duration LC
	 	 	7	 
	1.79 Farm Credit System Institution
	 	 	7	 
	1.80 Fiscal Quarter
	 	 	8	 
	1.81 Fiscal Year
	 	 	8	 
	1.82 5-Year Advance
	 	 	8	 
	1.83 5-Year Availability Period
	 	 	8	 
	1.84 5-Year Bid Advance
	 	 	8	 
	1.85 5-Year Bid Loan
	 	 	8	 
	1.86 5-Year Borrowing Notice
	 	 	8	 
	1.87 5-Year Commitment
	 	 	8	 
	1.88 5-Year Facility
	 	 	8	 
	1.89 5-Year Facility Fee Factor
	 	 	8	 
	1.90 5-Year Facility Fee
	 	 	8	 
	1.91 5-Year Facility Note
	 	 	8	 
	1.92 5-Year Funding Notice
	 	 	8	 
	1.93 5-Year Margin
	 	 	8	 
	1.94 5-Year Maturity Date
	 	 	8	 
	1.95 Funded Debt
	 	 	8	 
	1.96 Funding Losses
	 	 	9	 
	1.97 Funding Loss Notice
	 	 	9	 
	1.98 Funding Share
	 	 	9	 

iv

 

	 	 	 	 	 
	1.99 GAAP
	 	 	9	 
	1.100 Good Faith Contest
	 	 	9	 
	1.101 Governmental Authority
	 	 	9	 
	1.102 Hazardous Substances
	 	 	9	 
	1.103 Holdout Lender
	 	 	9	 
	1.104 Importer
	 	 	9	 
	1.105 Importer LC
	 	 	9	 
	1.106 Indemnification Date
	 	 	10	 
	1.107 Indemnified Agency Parties
	 	 	10	 
	1.108 Indemnified Parties
	 	 	10	 
	1.109 Individual Commitment
	 	 	10	 
	1.110 Individual 364-Day Commitment
	 	 	10	 
	1.111 Individual 5-Year Commitment
	 	 	10	 
	1.112 Individual 364-Day Lending Capacity
	 	 	10	 
	1.113 Individual 5-Year Lending Capacity
	 	 	10	 
	1.114 Individual Outstanding 364-Day Obligations
	 	 	10	 
	1.115 Individual Outstanding 5-Year Obligations
	 	 	10	 
	1.116 Individual 364-Day Pro Rata Share
	 	 	10	 
	1.117 Individual 5-Year Pro Rata Share
	 	 	11	 
	1.118 Intellectual Property
	 	 	11	 
	1.119 Investment
	 	 	11	 
	1.120 Issuance Fee
	 	 	11	 
	1.121 Issuing Syndication Party
	 	 	11	 
	1.122 LC Commitment
	 	 	11	 
	1.123 LC Confirmation
	 	 	12	 

v

 

	 	 	 	 	 
	1.124 LC Confirmation Commitment
	 	 	12	 
	1.125 Letters of Credit
	 	 	12	 
	1.126 Letter of Credit Bank
	 	 	12	 
	1.127 LIBO Rate
	 	 	12	 
	1.128 LIBO Rate Loan
	 	 	12	 
	1.129 LIBO Rate Period
	 	 	12	 
	1.130 LIBO Request
	 	 	12	 
	1.131 Licensing Laws
	 	 	12	 
	1.132 Lien
	 	 	12	 
	1.133 Loans
	 	 	12	 
	1.134 Loan Documents
	 	 	12	 
	1.135 Material Adverse Effect
	 	 	12	 
	1.136 Material Agreements
	 	 	12	 
	1.137 Multiemployer Plan
	 	 	13	 
	1.138 NCRA
	 	 	13	 
	1.139 Negotiated LC Request
	 	 	13	 
	1.140 Negotiated Letter of Credit
	 	 	13	 
	1.141 Non-US Lender
	 	 	13	 
	1.142 Note or Notes
	 	 	13	 
	1.143 OFAC
	 	 	13	 
	1.144 Operating Lease
	 	 	13	 
	1.145 Organization Documents
	 	 	13	 
	1.146 Other List
	 	 	13	 
	1.147 Original Effective Date
	 	 	13	 
	1.148 Overnight Advance
	 	 	13	 

vi

 

	 	 	 	 	 
	1.149 Overnight Advance Request
	 	 	13	 
	1.150 Overnight Funding Commitment
	 	 	13	 
	1.151 Overnight Lender
	 	 	13	 
	1.152 Overnight Maturity Date
	 	 	13	 
	1.153 Overnight Rate
	 	 	13	 
	1.154 Payment Account
	 	 	13	 
	1.155 Payment Distribution
	 	 	13	 
	1.156 PBGC
	 	 	13	 
	1.157 Permitted Encumbrance
	 	 	14	 
	1.158 Person
	 	 	14	 
	1.159 Plan
	 	 	14	 
	1.160 Platform
	 	 	14	 
	1.161 Potential Default
	 	 	14	 
	1.162 Prohibited Transaction
	 	 	14	 
	1.163 Reallocation
	 	 	14	 
	1.164 Reduction
	 	 	14	 
	1.165 Regulatory Change
	 	 	14	 
	1.166 Replacement Lender
	 	 	14	 
	1.167 Reportable Event
	 	 	14	 
	1.168 Requested 364-Day Advance
	 	 	14	 
	1.169 Requested 5-Year Advance
	 	 	14	 
	1.170 Required Lenders
	 	 	14	 
	1.171 Required License
	 	 	15	 
	1.172 Restricted Subsidiary
	 	 	15	 
	1.173 SDN List
	 	 	15	 

vii

 

	 	 	 	 	 
	1.174 Subsidiary
	 	 	15	 
	1.175 Successor Agent
	 	 	15	 
	1.176 Syndication Acquisition Agreement
	 	 	15	 
	1.177 Syndication Interest
	 	 	15	 
	1.178 Syndication Parties
	 	 	15	 
	1.179 Syndication Party Advance Date
	 	 	15	 
	1.180 Term Loan Credit Agreement
	 	 	15	 
	1.181 364-Day Advance
	 	 	15	 
	1.182 364-Day Availability Period
	 	 	16	 
	1.183 364-Day Bid Advance
	 	 	16	 
	1.184 364-Day Bid Loan
	 	 	16	 
	1.185 364-Day Borrowing Notice
	 	 	16	 
	1.186 364-Day Commitment
	 	 	16	 
	1.187 364-Day Facility
	 	 	16	 
	1.188 364-Day Facility Fee Factor
	 	 	16	 
	1.189 364-Day Facility Fee
	 	 	16	 
	1.190 364-Day Facility Note(s)
	 	 	16	 
	1.191 364-Day Funding Notice
	 	 	16	 
	1.192 364-Day Margin
	 	 	16	 
	1.193 364-Day Maturity Date
	 	 	16	 
	1.194 2003 Credit Agreement
	 	 	16	 
	1.195 Transfer
	 	 	16	 
	1.196 USA Patriot Act
	 	 	16	 
	1.197 Voting Participant
	 	 	16	 
	1.198 Wire Instructions
	 	 	16	 

viii

 

	 	 	 	 	 
	ARTICLE 2. 364-DAY FACILITY
	 	 	16	 
	2.1 364-Day Facility Loan
	 	 	16	 
	2.1.1 Individual Syndication Party 364-Day Commitment
	 	 	17	 
	2.1.2 Individual Syndication Party 364-Day Pro Rata Share
	 	 	17	 
	2.2 364-Day Commitment
	 	 	17	 
	2.3 364-Day Borrowing Notice; Funding Notice
	 	 	17	 
	2.4 364-Day Facility Promissory Notes
	 	 	18	 
	2.5 Advances Under 2003 Credit Agreement
	 	 	18	 
	2.6 Syndication Party Records
	 	 	18	 
	2.7 Use of Proceeds
	 	 	18	 
	2.8 Syndication Party Funding Failure
	 	 	18	 
	2.9 Reduction of 364-Day Commitment
	 	 	18	 
	ARTICLE 3. 5-YEAR FACILITY
	 	 	19	 
	3.1 5-Year Facility Loan
	 	 	19	 
	3.1.1 Individual Syndication Party 5-Year Commitment
	 	 	19	 
	3.1.2 Individual Syndication Party 5-Year Pro Rata Share
	 	 	19	 
	3.2 5-Year Commitment
	 	 	19	 
	3.3 5-Year Borrowing Notice
	 	 	19	 
	3.4 5-Year Facility Promissory Notes
	 	 	20	 
	3.5 Advances Under 2003 Credit Agreement
	 	 	20	 
	3.6 Syndication Party Records
	 	 	20	 
	3.7 Use of Proceeds
	 	 	21	 
	3.8 Syndication Party Funding Failure
	 	 	21	 
	3.9 Reduction of 5-Year Commitment
	 	 	21	 
	ARTICLE 4. BID RATE FACILITY; OVERNIGHT FACILITY
	 	 	21	 

ix

 

	 	 	 	 	 
	4.1 364-Day Facility Bid Rate Loans
	 	 	21	 
	4.1.1 Individual 364-Day Commitment
	 	 	22	 
	4.1.2 364-Day Commitment
	 	 	22	 
	4.1.3 Amounts
	 	 	22	 
	4.2 5-Year Facility Bid Rate Loans
	 	 	22	 
	4.2.1 Individual 5-Year Commitment
	 	 	22	 
	4.2.2 5-Year Commitment
	 	 	22	 
	4.2.3 Amounts
	 	 	22	 
	4.3 Bid Request
	 	 	22	 
	4.4 Bid Procedure
	 	 	23	 
	4.5 Bid Acceptance Procedure
	 	 	23	 
	4.6 Bid Rate Loan Funding
	 	 	24	 
	4.7 Syndication Party Funding Failure
	 	 	24	 
	4.8 Bid Rate
Loans - Bid Maturity Date Beyond Maturity Date
	 	 	24	 
	4.9 Failure to Implement Bid Process
	 	 	25	 
	4.10 Overnight Advances
	 	 	25	 
	4.11 Overnight Lender Funding Failure
	 	 	25	 
	4.12 LC Confirmation Indemnification
	 	 	26	 
	ARTICLE 5. LETTER OF CREDIT FACILITY
	 	 	26	 
	5.1 Letter of Credit Request
	 	 	26	 
	5.1.1 Request for Committed Letter of Credit
	 	 	27	 
	5.1.2 Request for Negotiated Letter of Credit
	 	 	27	 
	5.1.3 Purpose
	 	 	27	 
	5.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit
	 	 	27	 

x

 

	 	 	 	 	 
	5.2 Committed Letters of Credit
	 	 	27	 
	5.2.1 Available Amount
	 	 	28	 
	5.2.2 Availability
	 	 	28	 
	5.2.3 Issuance Fee
	 	 	28	 
	5.2.4 Treatment of Draws
	 	 	28	 
	5.3 Negotiated Letters of Credit
	 	 	28	 
	5.3.1 Available Amount
	 	 	28	 
	5.3.2 Availability
	 	 	28	 
	5.3.3 Fees
	 	 	28	 
	5.3.4 Treatment of Draws
	 	 	29	 
	5.4 Notice Regarding Negotiated Letters of Credit
	 	 	29	 
	5.5 Existing Letters of Credit
	 	 	29	 
	5.6 Cash Collateral Account
	 	 	29	 
	5.7 Reimbursement Obligation Unconditional
	 	 	30	 
	ARTICLE 6. INTEREST AND FEES
	 	 	31	 
	6.1 Interest
	 	 	31	 
	6.1.1 Base Rate Option
	 	 	31	 
	6.1.2 LIBO Rate Option
	 	 	31	 
	6.2 Additional Provisions for LIBO Rate Loans
	 	 	32	 
	6.2.1 Limitation on LIBO Rate Loans
	 	 	32	 
	6.2.2 LIBO Rate Loan Unlawful
	 	 	32	 
	6.2.3 Treatment of Affected Loans
	 	 	33	 
	6.3 Default Interest Rate
	 	 	33	 
	6.4 Interest Calculation
	 	 	33	 
	6.5 Fees
	 	 	33	 

xi

 

	 	 	 	 	 
	6.5.1 364-Day Facility Fee
	 	 	33	 
	6.5.2 5-Year Facility Fee
	 	 	34	 
	6.5.3 Committed Letter of Credit Fee
	 	 	34	 
	6.6 364-Day Margin; 5-Year Margin; 364-Day Facility Fee Factor; 5-Year Facility Fee Factor
	 	 	34	 
	6.7 Special Interest Rates
	 	 	34	 
	ARTICLE 7. PAYMENTS; FUNDING LOSSES
	 	 	34	 
	7.1 Principal Payments
	 	 	34	 
	7.2 Interest Payments
	 	 	35	 
	7.3 Application of Principal Payments
	 	 	35	 
	7.4 Manner of Payment
	 	 	35	 
	7.4.1 Payments to Be Free and Clear
	 	 	35	 
	7.4.2 Grossing-up of Payments
	 	 	36	 
	7.5 Voluntary Prepayments
	 	 	36	 
	7.6 Distribution of Principal and Interest Payments
	 	 	37	 
	7.6.1 Principal and Interest Payments on 364-Day Advances
	 	 	37	 
	7.6.2 Principal and Interest Payments on 5-Year Pro Rata Rate Advances
	 	 	37	 
	7.6.3 Principal and Interest Payments on Bid Advances
	 	 	37	 
	7.6.4 Principal and Interest Payments on Overnight Advances
	 	 	37	 
	ARTICLE 8. BANK EQUITY INTERESTS
	 	 	37	 
	ARTICLE 9. SECURITY
	 	 	38	 
	ARTICLE 10. REPRESENTATIONS AND WARRANTIES
	 	 	38	 
	10.1 Organization, Good Standing, Etc.
	 	 	38	 
	10.2 Corporate Authority, Due Authorization; Consents
	 	 	38	 
	10.3 Litigation
	 	 	39	 

xii

 

	 	 	 	 	 
	10.4 No Violations
	 	 	39	 
	10.5 Binding Agreement
	 	 	39	 
	10.6 Compliance with Laws
	 	 	39	 
	10.7 Principal Place of Business; Place of Organization
	 	 	39	 
	10.8 Payment of Taxes
	 	 	39	 
	10.9 Licenses and Approvals
	 	 	40	 
	10.10 Employee Benefit Plans
	 	 	40	 
	10.11 Equity Investments
	 	 	40	 
	10.12 Title to Real and Personal Property
	 	 	40	 
	10.13 Financial Statements
	 	 	41	 
	10.14 Environmental Compliance
	 	 	41	 
	10.15 Fiscal Year
	 	 	41	 
	10.16 Material Agreements
	 	 	41	 
	10.17 Regulations U and X
	 	 	41	 
	10.18 Trademarks, Tradenames, etc.
	 	 	42	 
	10.19 No Default on Outstanding Judgments or Orders
	 	 	42	 
	10.20 No Default in Other Agreements
	 	 	42	 
	10.21 Acts of God
	 	 	42	 
	10.22 Governmental Regulation
	 	 	42	 
	10.23 Labor Matters and Labor Agreements
	 	 	42	 
	10.24 Anti-Terrorism Laws
	 	 	43	 
	10.24.1 Violation of Law
	 	 	43	 
	10.24.2 Classification
	 	 	43	 
	10.24.3 Conduct of Business
	 	 	44	 
	10.25 Disclosure
	 	 	44	 

xiii

 

	 	 	 	 	 
	ARTICLE 11. CONDITIONS TO CLOSING AND ADVANCES
	 	 	44	 
	11.1 Conditions to Closing
	 	 	44	 
	11.1.1 Loan Documents
	 	 	44	 
	11.1.2 Approvals
	 	 	44	 
	11.1.3 Organizational Documents
	 	 	44	 
	11.1.4 Evidence of Corporate Action
	 	 	45	 
	11.1.5 Evidence of Insurance
	 	 	45	 
	11.1.6 Appointment of Agent for Service
	 	 	45	 
	11.1.7 No Material Change
	 	 	45	 
	11.1.8 Fees and Expenses
	 	 	45	 
	11.1.9 Bank Equity Interest Purchase Obligation
	 	 	45	 
	11.1.10 Opinion of Counsel
	 	 	45	 
	11.1.11 Further Assurances
	 	 	45	 
	11.2 Conditions to Advances and to Issuance of Letters of Credit
	 	 	46	 
	11.2.1 Default
	 	 	46	 
	11.2.2 Representations and Warranties
	 	 	46	 
	ARTICLE 12. AFFIRMATIVE COVENANTS
	 	 	46	 
	12.1 Books and Records
	 	 	46	 
	12.2 Reports and Notices
	 	 	46	 
	12.2.1 Annual Financial Statements
	 	 	46	 
	12.2.2 Quarterly Financial Statements
	 	 	47	 
	12.2.3 Notice of Default
	 	 	47	 
	12.2.4 ERISA Reports
	 	 	47	 
	12.2.5 Notice of Litigation
	 	 	48	 
	12.2.6 Notice of Material Adverse Effect
	 	 	48	 

xiv

 

	 	 	 	 	 
	12.2.7 Notice of Environmental Proceedings
	 	 	48	 
	12.2.8 Regulatory and Other Notices
	 	 	48	 
	12.2.9 Adverse Action Regarding Required Licenses
	 	 	48	 
	12.2.10 Budget
	 	 	48	 
	12.2.11 Additional Information
	 	 	48	 
	12.3 Maintenance of Existence and Qualification
	 	 	49	 
	12.4 Compliance with Legal Requirements and Agreements
	 	 	49	 
	12.5 Compliance with Environmental Laws
	 	 	49	 
	12.6 Taxes
	 	 	49	 
	12.7 Insurance
	 	 	49	 
	12.8 Maintenance of Properties
	 	 	50	 
	12.9 Payment of Liabilities
	 	 	50	 
	12.10 Inspection
	 	 	50	 
	12.11 Required Licenses; Permits; Intellectual Property; Etc.
	 	 	51	 
	12.12 ERISA
	 	 	51	 
	12.13 Maintenance of Commodity Position
	 	 	51	 
	12.14 Financial Covenants
	 	 	51	 
	12.14.1 Working Capital
	 	 	51	 
	12.14.2 Consolidated Funded Debt to Consolidated Cash Flow
	 	 	51	 
	12.14.3 Adjusted Consolidated Funded Debt to Consolidated Members’ and Patrons’ Equity
	 	 	51	 
	12.15 Embargoed Person
	 	 	51	 
	12.16 Anti-Money Laundering
	 	 	52	 
	ARTICLE 13. NEGATIVE COVENANTS
	 	 	52	 
	13.1 Borrowing
	 	 	52	 

xv

 

	 	 	 	 	 
	13.2 No Other Businesses
	 	 	52	 
	13.3 Liens
	 	 	53	 
	13.4 Sale of Assets
	 	 	54	 
	13.5 Liabilities of Others
	 	 	55	 
	13.6 Loans
	 	 	55	 
	13.7 Merger; Acquisitions; Business Form; Etc.
	 	 	55	 
	13.8 Investments
	 	 	56	 
	13.9 Transactions With Related Parties
	 	 	57	 
	13.10 Patronage Refunds, etc.
	 	 	57	 
	13.11 Change in Fiscal Year
	 	 	57	 
	13.12 ERISA
	 	 	57	 
	13.13 Anti-Terrorism Law
	 	 	58	 
	ARTICLE 14. INDEMNIFICATION
	 	 	58	 
	14.1 General; Stamp Taxes; Intangibles Tax
	 	 	58	 
	14.2 Indemnification Relating to Hazardous Substances
	 	 	59	 
	ARTICLE 15. EVENTS OF DEFAULT; RIGHTS AND REMEDIES
	 	 	60	 
	15.1 Events of Default
	 	 	60	 
	15.2 No Advance
	 	 	61	 
	15.3 Rights and Remedies
	 	 	61	 
	ARTICLE 16. AGENCY AGREEMENT
	 	 	62	 
	16.1 Funding of Syndication Interest
	 	 	62	 
	16.2 Syndication Parties’ Obligations to Remit Funds
	 	 	62	 
	16.3 Notices to Administrative Agent
	 	 	63	 
	16.4 Syndication Party’s Failure to Remit Funds
	 	 	63	 
	16.5 Agency Appointment
	 	 	64	 

xvi

 

	 	 	 	 	 
	16.6 Power and Authority of the Administrative Agent
	 	 	64	 
	16.6.1 Advice
	 	 	64	 
	16.6.2 Documents
	 	 	64	 
	16.6.3 Proceedings
	 	 	64	 
	16.6.4 Retain Professionals
	 	 	64	 
	16.6.5 Incidental Powers
	 	 	64	 
	16.7 Duties of the Administrative Agent
	 	 	64	 
	16.7.1 Possession of Documents
	 	 	65	 
	16.7.2 Distribute Payments
	 	 	65	 
	16.7.3 Loan Administration
	 	 	65	 
	16.7.4 Determination of Individual Lending Capacity and Individual Pro Rata Shares
	 	 	65	 
	16.7.5 Forwarding of Information
	 	 	65	 
	16.8 Action Upon Default
	 	 	66	 
	16.8.1 Indemnification as Condition to Action
	 	 	66	 
	16.9 Bid Agent’s Appointment, Power, Authority, Duties and Resignation or Removal; Fee
	 	 	66	 
	16.10 Consent Required for Certain Actions
	 	 	67	 
	16.10.1 Unanimous
	 	 	67	 
	16.10.2 Facility Lenders
	 	 	67	 
	16.10.3 Required Lenders
	 	 	67	 
	16.10.4 Action Without Vote
	 	 	68	 
	16.10.5 Voting Participants
	 	 	68	 
	16.11 Distribution of Principal and Interest
	 	 	68	 
	16.12 Distribution of Certain Amounts
	 	 	69	 

xvii

 

	 	 	 	 	 
	16.12.1 Funding Losses
	 	 	69	 
	16.12.2 Fees
	 	 	69	 
	16.13 Possession of Loan Documents
	 	 	69	 
	16.14 Collateral Application
	 	 	69	 
	16.15 Amounts Required to be Returned
	 	 	70	 
	16.16 Reports and Information to Syndication Parties
	 	 	70	 
	16.17 Standard of Care
	 	 	70	 
	16.18 No Trust Relationship
	 	 	71	 
	16.19 Sharing of Costs and Expenses
	 	 	71	 
	16.20 Syndication Parties’ Indemnification of the Administrative Agent and Bid Agent
	 	 	71	 
	16.21 Books and Records
	 	 	72	 
	16.22 Administrative Agent Fee
	 	 	72	 
	16.23 The Administrative Agent’s Resignation or Removal
	 	 	72	 
	16.24 Representations and Warranties of All Parties
	 	 	73	 
	16.25 Representations and Warranties of CoBank
	 	 	73	 
	16.26 Syndication Parties’ Independent Credit Analysis
	 	 	73	 
	16.27 No Joint Venture or Partnership
	 	 	74	 
	16.28 Purchase for Own Account; Restrictions on Transfer; Participations
	 	 	74	 
	16.29 Certain Participants’ Voting Rights
	 	 	75	 
	16.30 Method of Making Payments
	 	 	75	 
	16.31 Events of Syndication Default/Remedies
	 	 	75	 
	16.31.1 Syndication Party Default
	 	 	75	 
	16.31.2 Remedies
	 	 	76	 
	16.32 Withholding Taxes
	 	 	76	 

xviii

 

	 	 	 	 	 
	16.33 Replacement of Holdout Lender
	 	 	77	 
	16.34 Amendments Concerning Agency Function
	 	 	77	 
	16.35 Agent Duties and Liabilities
	 	 	77	 
	16.36 Further Assurances
	 	 	77	 
	ARTICLE 17. MISCELLANEOUS
	 	 	78	 
	17.1 Costs and Expenses
	 	 	78	 
	17.2 Service of Process and Consent to Jurisdiction
	 	 	78	 
	17.3 Jury Waiver
	 	 	79	 
	17.4 Notices
	 	 	79	 
	17.4.1 Borrower
	 	 	79	 
	17.4.2 Administrative Agent
	 	 	79	 
	17.4.3 Bid Agent
	 	 	80	 
	17.4.4 Syndication Parties
	 	 	80	 
	17.5 Liability of Administrative Agent and Bid Agent
	 	 	80	 
	17.6 Successors and Assigns
	 	 	80	 
	17.7 Severability
	 	 	80	 
	17.8 Entire Agreement
	 	 	80	 
	17.9 Applicable Law
	 	 	80	 
	17.10 Captions
	 	 	80	 
	17.11 Complete Agreement; Amendments
	 	 	80	 
	17.12 Additional Costs of Maintaining Loan
	 	 	81	 
	17.13 Capital Requirements
	 	 	82	 
	17.14 Replacement Notes
	 	 	82	 
	17.15 Patronage Payments
	 	 	82	 
	17.16 Direct Website Communications; Electronic Mail Communications
	 	 	83	 

xix

 

	 	 	 	 	 
	17.16.1 Delivery
	 	 	83	 
	17.16.2 Posting
	 	 	84	 
	17.16.3 Additional Communications
	 	 	84	 
	17.16.4 Disclaimer
	 	 	84	 
	17.16.5 Termination
	 	 	84	 
	17.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2003 Agreement on the Closing Date
	 	 	84	 
	17.18 Affect of Amended and Restated Credit Agreement
	 	 	86	 
	17.19 Mutual Release
	 	 	86	 
	17.20 Liberal Construction
	 	 	86	 
	17.21 Counterparts
	 	 	86	 
	17.22 Confidentiality
	 	 	86	 
	17.23 USA Patriot Act Notice
	 	 	87	 
	17.24 Waiver of Borrower’s Rights Under Farm Credit Act
	 	 	87	 

xx

 

EXHIBITS

	 	 	 
	Exhibit 1.47

	 	Compliance Certificate
	 
	 	 
	Exhibit 1.76

	 	Existing Letters of Credit
	 
	 	 
	Exhibit 1.172

	 	List of Restricted Subsidiaries
	 
	 	 
	Exhibit 1.174

	 	List of Subsidiaries
	 
	 	 
	Exhibit 2.3

	 	364-Day Borrowing Notice
	 
	 	 
	Exhibit 2.4

	 	364-Day Facility Note Form
	 
	 	 
	Exhibit 3.3

	 	5-Year Borrowing Notice
	 
	 	 
	Exhibit 3.4

	 	5-Year Facility Note Form
	 
	 	 
	Exhibit 4.3

	 	Bid Request Form (364-Day Facility)
	

	 	Bid Request Form (5-Year Facility)
	 
	 	 
	Exhibit 4.4

	 	Bid Form (364-Day Facility)
	

	 	Bid Form (5-Year Facility)
	 
	 	 
	Exhibit 4.5

	 	Bid Selection Notice (364-Day Facility)
	

	 	Bid Selection Notice (5-Year Facility)
	 
	 	 
	Exhibit 6.7

	 	Special Interest Rates
	 
	 	 
	Exhibit 10.3

	 	Litigation
	 
	 	 
	Exhibit 10.8

	 	Payment of Taxes
	 
	 	 
	Exhibit 10.10

	 	Employee Benefit Plans
	 
	 	 
	Exhibit 10.11

	 	Equity Investments
	 
	 	 
	Exhibit 10.14

	 	Environmental Compliance
	 
	 	 
	Exhibit 10.23

	 	Labor Matters and Agreements
	 
	 	 
	Exhibit 13.1

	 	Existing Indebtedness
	 
	 	 
	Exhibit 13.8(f)

	 	Existing Investments (excluding Restricted Subsidiaries)

xxi

 

	 	 	 
	Exhibit 13.8(i)

	 	Investment in NCRA
	 
	 	 
	Exhibit 13.8(j)

	 	Investment in Ventura Foods, LLC
	 
	 	 
	Exhibit 16.28

	 	Syndication Acquisition Agreement
	 
	 	 
	Exhibit 16.30

	 	Wire Instructions
	 
	 	 
	Schedule 1

	 	Syndication Parties and Individual Commitments
	 
	 	 
	Schedule 2

	 	Applicable Margins; Facility Fee Factors

xxii

 

EXHIBIT 1.47

to Credit Agreement

COMPLIANCE CERTIFICATE

CHS Inc.

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

          ATTN:          Administrative Agent, CHS Loan

Gentlemen:

     As required by Subsections 12.2.1 and 12.2.2 of that certain 2005 Amended and Restated Credit
Agreement (Revolving Loans) (“Credit Agreement”) dated as of May 19, 2005, by and between CHS Inc.
(“Company”), CoBank, ACB, in its capacity as Administrative Agent, and the Syndication Parties
described therein, a review of the activities of the Company for the [Fiscal Quarter ending
_________, 200_ ] or  [Fiscal Year ending _______ __, 200_ ] (the “Fiscal Period”) has been made
under my supervision with a view to determine whether the Company has kept, observed, performed and
fulfilled all of its obligations under the Credit Agreement and all other agreements and
undertakings contemplated thereby, and to the best of my knowledge, and based upon such review, I
certify that no event has occurred which constitutes, or which with the passage of time or service
of notice, or both, would constitute an Event of Default or a Potential Default as defined in the
Credit Agreement.

     In addition, I certify that the aggregate face amount of all letters of credit outstanding for
which the Company has a reimbursement obligation, other than Letters of Credit issued under the
Credit Agreement, is $_________.

     I further certify that the amounts set forth on the attachment, to the best of my knowledge
accurately present amounts required to be calculated on a consolidated basis by financial covenants
of the Credit Agreement as of the last day of the Fiscal Period (unless expressly specified
herein). All terms used herein and on the attachment have the identical meaning as in the Credit
Agreement.

	 	 	 	 	 
	 	 	Very truly yours,

CHS Inc.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	 	 	Title:  Chief Financial Officer

 

 

Capitalized terms used herein shall have the definitions set forth in the Loan Agreement.

 

 

 

SUBSECTION 12.14.1: WORKING CAPITAL

Test:               Consolidated Current Assets minus Consolidated Current Liabilities.

          Target:          Not less than $250,000,000.00 at all times.

          Consolidated Current Assets minus Consolidated Current Liabilities (Actual)

          For Fiscal Quarter ended ___/___/___          $_________

			
	 	 	 
	 

SUBSECTION 12.14.2: CONSOLIDATED FUNDED DEBT TO CONSOLIDATED CASH FLOW

Test:               Consolidated Funded Debt divided by Consolidated Cash Flow.

          Target:           Not greater than 3.00:1 at all times based on the previous consecutive four
Fiscal Quarters.

          Consolidated Funded Debt divided by Consolidated Cash Flow for the previous
consecutive four Fiscal Quarters (Actual)

          At the Fiscal Quarter ended ___/___/___           ___:1.00

			
	 	 	 
	 

SUBSECTION 12.14.3: ADJUSTED CONSOLIDATED FUNDED DEBT TO CONSOLIDATED MEMBERS’ AND PATRONS’ EQUITY

Test:               Adjusted Consolidated Funded Debt, divided by Consolidated Members’ and Patrons’ Equity.

          Target:          Not more than .80 to 1.00 at all times.

          Adjusted Consolidated Funded Debt, divided by Consolidated Members’ and Patrons’
Equity (Actual)

          For Fiscal Quarter ended ___/___/___           ___; 1.00

2

 

Exhibit 1.76

to

Credit Agreement

Existing Letters of Credit

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	AMT	 	 	 	 	 	 
	ISSUER	 	L/C NO.	 	L/C AMT	 	AVAILABLE	 	ISSUE DATE	 	EXPIRY DATE	 	BENEFICIARY
	CoBank, ACB

	 	 	96019	 	 	$	2,000,000.00	 	 	$	2,000,000.00	 	 	7/1/1999
	 	6/30/2005
	 	ZURICH-AMERICAN NEW YORK
	CoBank, ACB

	 	 	97012	 	 	$	425,000.00	 	 	$	425,000.00	 	 	7/1/1999
	 	6/30/2005
	 	LIBERTY MUTUAL, BOSTON MA
	CoBank, ACB

	 	 	612924	 	 	$	100,000.00	 	 	$	100,000.00	 	 	8/24/1998
	 	8/31/2006
	 	TAIWAN SUGAR, TAIPEI, TAIWAN
	CoBank, ACB

	 	 	612927	 	 	$	5,400,000.00	 	 	$	5,400,000.00	 	 	9/10/1998
	 	9/30/2005
	 	LIBERTY MUTUAL, BOSTON MA
	CoBank, ACB

	 	 	616718	 	 	$	495,495.00	 	 	$	495,495.00	 	 	3/28/2003
	 	8/20/2005
	 	RABOBANK, NETHERLANDS
	CoBank, ACB

	 	 	616747	 	 	$	206,811.00	 	 	$	206,811.00	 	 	7/10/2003
	 	7/9/2005
	 	MN RAIL SERVICES, MENDOTA HGTS, MN
	CoBank, ACB

	 	 	616748	 	 	$	50,000.00	 	 	$	50,000.00	 	 	7/15/2003
	 	5/30/2006
	 	CYPRUS GRAIN COMMISSION, NICOSIA, CYPRUS
	CoBank, ACB

	 	 	616754	 	 	$	450,000.00	 	 	$	450,000.00	 	 	9/19/2003
	 	9/29/2005
	 	FEDERATED RURAL ELECTRIC, JACKSON, MN
	CoBank, ACB

	 	 	617854	 	 	$	500,000.00	 	 	$	500,000.00	 	 	4/12/2005
	 	8/12/2005
	 	XIAMEN-ZHONGHE, XIAMEN CITY, TAIWAN
	CoBank, ACB

	 	 	617855	 	 	$	500,000.00	 	 	$	500,000.00	 	 	2/2/2005
	 	7/1/2005
	 	XIAMEN-ZHONGHE, XIAMEN CITY, TAIWAN
	CoBank, ACB

	 	 	617856	 	 	$	1,000,000.00	 	 	$	1,000,000.00	 	 	2/25/2005
	 	7/8/2005
	 	SHANDONG BOHAI OILS & FATS, SHANDONG, CHINA
	CoBank, ACB

	 	 	617857	 	 	$	1,500,000.00	 	 	$	1,500,000.00	 	 	3/3/2005
	 	6/28/2005
	 	BOARD OF TRADE CITY OF CHICAGO, CHICAGO, IL
	RaboBank

	 	 	10233	 	 	$	4,004,037.00	 	 	$	4,004,037.00	 	 	 	 	9/5/2005
	 	MONTANA ECONOMIC DEVELOPMENT BOARD
	U.S. Bank

	 	 	001167	 	 	$	450,000.00	 	 	$	450,000.00	 	 	8/28/2000
	 	8/28/2005
	 	DAKOTA VALLEY ELECTRIC
	Wells Fargo Bank

	 	 	335936	 	 	$	3,030,708.00	 	 	$	3,030,708.00	 	 	10/25/1999
	 	6/1/2005
	 	STATE OF MINNESOTA
	Wells Fargo Bank

	 	 	335937	 	 	$	445,222.00	 	 	$	445,222.00	 	 	10/25/1999
	 	6/1/2005
	 	SOUTH DAKOTA DEPARTMENT OF LABOR
	Wells Fargo Bank

	 	 	335938	 	 	$	180,000.00	 	 	$	180,000.00	 	 	10/25/1999
	 	6/1/2005
	 	ZURICH INSURANCE COMPANY
	Bank of America

	 	 	7412653	 	 	$	700,000.00	 	 	$	700,000.00	 	 	10/24/2003
	 	10/24/2005
	 	UNITED STATES FIRE INSURANCE COMPANY
	TOTAL

	 	 	 	 	 	$	21,437,273.00	 	 	$	21,437,273.00	 	 	 	 	 	 	 

 

 

Exhibit 1.172

to Credit Agreement

Restricted Subsidiaries

Fin-Ag, Inc.

 

 

Exhibit 1.174

to Credit Agreement

List of Subsidiaries

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	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
	 	 	81-0372838	 
	 	A

	 	 	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
	 	 	41-1795536	 
	 	A

	 	 	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
	 	 	41-1248837	 
	 	A

	 	 	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
	 	 	41-1847046	 
	 	A

	 	 	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
	 	 	 	 	 	Minnesota	 	 	 	 
	 	A

	 	 	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
	 	 	81-0513866	 
	 	A

	 	 	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
	 	 	52-2316147	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	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	 
	 	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-03	 	 	 	 	 	 	 	 	 	 
	 	A

	 	 	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 8884	 
	 	A

	 	 	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
	 	 	41-2008912	 
	 	A

	 	 	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:
	 	 	100% CHS
	 	 	4/20/1999
	 	 	4/20/1999
	 	 	31-Aug
	 	 	Minnesota
	 	 	41-1947300	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	Terra	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A

	 	 	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
	 	 	41-0251095	 
	 	A

	 	 	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
	 	 	52-2316156	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	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
	 	 	75-3133234	 
	 	A

	 	 	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
	 	 	73-1630482	 
	 	A

	 	 	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
	 	 	87-0711575	 
	 	A

	 	 	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	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	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
	 	 	75-3133243	 
	 	A

	 	 	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
	 	 	82-0585676	 
	 	A

	 	 	CHS-Edgeley
	 	 	602 - 2nd Street,
Edgeley, ND 58433
	 	 	SUB
	 	 	organized for the
purpose of carrying
on a grain elevator
and warehouse
business
	 	 	100% CHS
	 	 	5/26/2000
	 	 	5/26/2000
	 	 	31-Aug
	 	 	North Dakota
	 	 	45-0457956	 
	 	A

	 	 	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	 
	 	A

	 	 	CHS-Glasgow
	 	 	225 Railroad Alley

Glasgow, MT 59230
	 	 	SUB
	 	 	organized for the
purpose of carrying
on a grain elevator
and warehouse
business
	 	 	100% CHS
	 	 	6/12/2000
	 	 	6/12/2000
	 	 	31-Aug
	 	 	Montana
	 	 	81-0535014	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	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
	 	 	36-4456100	 
	 	A

	 	 	CHS-Highmore
	 	 	123 First Street

Highmore, SD 57345
	 	 	SUB
	 	 	organized for the
purpose of carrying
on a grain elevator
and warehouse
business
	 	 	100% CHS
	 	 	6/20/2000
	 	 	6/20/2000
	 	 	31-Aug
	 	 	South Dakota
	 	 	46-0457674	 
	 	A

	 	 	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
	 	 	43-2042326	 
	 	A

	 	 	CHS-Jasper
	 	 	401 South Railroad
Avenue, Jasper, MN
56144.
	 	 	SUB
	 	 	carrying on a grain
elevator and
warehouse business
	 	 	100% CHS
	 	 	3/8/2000
	 	 	3/8/2000
	 	 	31-Aug
	 	 	South Dakota
	 	 	91-2064383	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	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
	 	 	41-2023309	 
	 	A

	 	 	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	 
	 	A

	 	 	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
	 	 	75-3169237	 
	 	A

	 	 	CHS-Philip
	 	 	300 East Cherry

Street Philip, SD

57567-0400
	 	 	SUB
	 	 	Owns and leases to
CHSC grain elevator
and agricultural
and agronomy
businesses
	 	 	100% CHS
	 	 	9/11/2000
	 	 	9/11/2000
	 	 	31-Aug
	 	 	South Dakota
	 	 	41-1985526	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	CHS-Sioux Falls
	 	 	3900 North Cliff
Ave. Sioux Falls,
SD 57118
	 	 	SUB
	 	 	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
	 	 	11/29/2000
	 	 	11/29/2000
	 	 	31-Aug
	 	 	South Dakota
	 	 	41-1991671	 
	 	A

	 	 	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
	 	 	87-0711576	 
	 	A

	 	 	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	 
	 	A

	 	 	Circle Land
Management, Inc.
	 	 	 	 	 	 	 	 	Land Mgt. for
property around
Laurel MT refinery
	 	 	100% CHS
	 	 	5/5/1993
	 	 	5/5/1993
	 	 	 	 	 	Minnesota
	 	 	41-1750051	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	CoGrain
	 	 	560 W. Grain
Terminal Rd.,
Pasco, WA 99301
	 	 	 	 	 	 	 	 	Ritzville Warehouse
Company 7.273%; CHS
54.5%; Pendleton
Grain Growers
1.818%; Odessa
Union Warehouse
Co-op 36.364%
	 	 	9/21/1990
	 	 	6/1/1996
	 	 	 	 	 	Washington	 	 	 	 
	 	A

	 	 	Country Energy, LLC
	 	 	5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
	 	 	JV
	 	 	Alliance between
CHS and Farmland
	 	 	100% CHS - (CHS
acquired Farmland’s
50% 12/1/01)
	 	 	4/9/1998
	 	 	4/9/1998
	 	 	31-Aug
	 	 	Delaware
	 	 	43-1813211	 
	 	A

	 	 	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
	 	 	41-1556399	 
	 	A

	 	 	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
	 	 	46-0398764	 
	 	A

	 	 	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	 
	 	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
	 	 	Netherland	 	 	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	La Canasta of
Minnesota, Inc.
	 	 	5500 Cenex Drive,

Inver Grove

Heights, MN 55077
	 	 	SUB
	 	 	 	 	 	100% CHS (Acquired
with Sparta Foods,
wholly owned
subsidiary of
Sparta Foods)
	 	 	11/18/1980
	 	 	6/1/2000	 	 	 	 	 	 	 	 	 	 
	 	A

	 	 	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
	 	 	41-2015718	 
	 	A

	 	 	National

Cooperative

Refinery

Association (NCRA)
	 	 	534 S. Kansas Ave.
Topeka, KS 66603
	 	 	Corp.
	 	 	Manufacturer,
marketing, and
wholesale
distribution of
petroleum products.
	 	 	CHS - 74.2%, 25.5
Growmark and MFA
	 	 	7/7/1943
	 	 	7/7/1943
	 	 	30-Sep
	 	 	Kansas	 	 	 	 
	 	A

	 	 	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
	 	 	93-1156470	 
	 	A

	 	 	Sparta Foods, Inc.
	 	 	920 Second Avenue
South, Suite 1100,
Minneapolis, MN
55402
	 	 	SUB
	 	 	Production and
distribution of
tortilla and
value-added
tortilla products
	 	 	100% CHSC (Acquired

Stock 6/1/00)
	 	 	7/7/1988
	 	 	6/1/2000
	 	 	 	 	 	Minnesota
	 	 	41-1618240	 
	 	A

	 	 	St. Paul Maritime
Corporation
	 	 	 	 	 	SUB
	 	 	Company employing

stevedores at

Myrtle Grove

Terminal
	 	 	100% CHSC
	 	 	8/18/1995
	 	 	8/18/1995
	 	 	31-Aug
	 	 	Minnesota	 	 	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 	 	 	 	 
	 	Active/	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ownership	 	 	Incorp.	 	 	Interest	 	 	Fiscal	 	 	State of	 	 	Federal	 
	 	Inactive	 	 	Corporation	 	 	Address	 	 	Type	 	 	Business	 	 	By	 	 	Date	 	 	Acquired	 	 	End	 	 	Incorp.	 	 	ID #	 
	 	A

	 	 	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
	 	 	41-1961040	 
	 

 

 

EXHIBIT 2.3

to Credit Agreement

364-DAY BORROWING NOTICE NO. _______

________________, 20__          

	 	 	 
	To:

	 	The Administrative Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from time to time, the “Credit Agreement”) dated
as of May 19, 2005, Borrower, CoBank, ACB (“CoBank” and, in its capacity as such, the “Administrative Agent” and the “Bid
Agent”), and the other Syndication Parties signatory thereto.

              Pursuant to Section 2.3 of the Credit Agreement, Borrower hereby gives notice of its desire to
receive a 364-Day Advance in accordance with the terms set forth below (all capitalized terms used
herein and not defined herein shall have the meaning given them in the Credit Agreement):

	 	(a)  	The 364-Day Advance requested pursuant to this 364-Day 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 364-Day Advance requested hereunder shall be
__________________ Dollars ($___ ).
	 
	 	(c)  	The 364-Day 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.
	 
	 	(d)  	If the LIBO Rate is selected, the initial LIBO Rate Period shall be a ______ month period
[select one, two, three, or six month period].

	 	 	 	 	 
	 	 	CHS Inc.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

	1	 	Applicable only to Base Rate Loans
	 
	2	 	Applicable only to LIBO Rate Loans

 

 

EXHIBIT 2.4

to Credit Agreement

364-DAY FACILITY NOTE

			
	 	 	 
	$_________.00
	 	Effective Date: May 19, 2005

     FOR VALUE RECEIVED, CHS INC., a Minnesota cooperative corporation (“Maker”), promises to pay
to the order of _________ (“Payee”) at the office of the Administrative Agent (as defined in
the Credit Agreement), %CoBank, ACB at 5500 South Quebec Street, Greenwood Village, Colorado 80111,
or such other place as the Administrative Agent shall direct in writing, the principal sum of
_________ Dollars ($_________ .00) or, if less, the amount outstanding under this Note for (a)
364-Day Advances, and (b) 364-Day Bid Advances[, and (c) Overnight Advances] made pursuant to the
2005 Amended and Restated Credit Agreement (Revolving Loans) dated as of May 19, 2005, by and
between CoBank (for its own benefit as a Syndication Party, and as the Administrative Agent for the
benefit of the present and future Syndication Parties as named or defined therein, and as the Bid
Agent) and Maker (as it may be amended from time to time in the future, the “Credit Agreement”) and
any Bank Debt related thereto. This Note is issued and delivered to Payee pursuant to the Credit
Agreement. All capitalized terms used in this Note and not otherwise defined herein shall have the
same meanings as set forth in the Credit Agreement.

     The unpaid balance of this Note from time to time outstanding shall bear interest as set forth
in the Credit Agreement. Interest shall be payable as provided in the Credit Agreement. Principal
shall be payable on the 364-Day Maturity Date and as otherwise provided in the Credit Agreement.
This Note has been issued by Maker to Payee pursuant to the Credit Agreement and reference is made
thereto for specific terms and conditions under which this Note is made and to which this Note is
subject.

     This Note is subject to voluntary and mandatory prepayments as set forth in the Credit
Agreement. Amounts repaid may be reborrowed during the 364-Day Availability Period. Upon the
occurrence of an Event of Default, Maker agrees that the Administrative Agent and the Payee shall
have all rights and remedies set forth in the Credit Agreement, including without limitation the
rights of acceleration set forth in the Credit Agreement. In addition, the Administrative Agent
and the Payee shall have the right to recover all costs of collection and enforcement of this Note
as provided in the Credit Agreement.

     Maker and any endorser, guarantor, surety or assignor hereby waives presentment for payment,
demand, protest, notice of protest, and notice of dishonor and nonpayment of this Note, and all
defenses on the ground of delay, suretyship, impairment of collateral, or of extension of time at
or after maturity for the payment of this Note.

     This Note shall be governed in all respects by the law of the State of Colorado.

	 	 	 	 	 
	 	 	Maker:
	 
	 	 	 	 
	 	 	CHS INC.

a Minnesota corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

 

 

EXHIBIT 3.3

to Credit Agreement

5-YEAR BORROWING NOTICE NO. _______

________________, 20__          

	 	 	 
	To:

	 	The Administrative Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as
amended from time to time, the “Credit Agreement”) dated as of May
19, 2005, 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.

              Pursuant to Section 3.3 of the Credit Agreement, Borrower hereby gives notice of its desire to
receive a 5-Year Advance in accordance with the terms set forth below (all capitalized terms used
herein and not defined herein shall have the meaning given them in the Credit Agreement):

	 	(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]3 [not
less than three (3) Banking Days from]4 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.

If the LIBO Rate is selected, the initial LIBO Rate Period shall be a ______ month period [select
one, two, three, or six month period].

	 	 	 	 	 
	 	 	CHS INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

	1	 	Applicable only to Base Rate Loans
	 
	2	 	Applicable only to LIBO Rate Loans

 

 

EXHIBIT 3.4

to Credit Agreement

5-YEAR FACILITY NOTE

			
	 	 	 
	$_________ .00
	 	Effective Date: May 19, 2005

     FOR VALUE RECEIVED, CHS INC., a Minnesota cooperative corporation (“Maker”), promises to pay
to the order of _________ (“Payee”) at the office of the Administrative Agent (as defined in
the Credit Agreement), %CoBank, ACB at 5500 South Quebec Street, Greenwood Village, Colorado 80111,
or such other place as the Administrative Agent shall direct in writing, the principal sum of
_________ Dollars ($______ .00) or, if less, the amount outstanding under this Note for (a)
5-Year Advances, and (b) 5-Year Bid Advances made pursuant to the 2005 Amended and Restated Credit
Agreement (Revolving Loans) dated as of May 19, 2005, by and between CoBank (for its own benefit as
a Syndication Party, and as the Administrative Agent for the benefit of the present and future
Syndication Parties as named or defined therein, and as the Bid Agent) and Maker (as it may be
amended from time to time in the future, the “Credit Agreement”) and any Bank Debt related thereto.
This Note is issued and delivered to Payee pursuant to the Credit Agreement. All capitalized
terms used in this Note and not otherwise defined herein shall have the same meanings as set forth
in the Credit Agreement.

     The unpaid balance of this Note from time to time outstanding shall bear interest as set forth
in the Credit Agreement. Interest shall be payable as provided in the Credit Agreement. Principal
shall be payable on the 5-Year Maturity Date and as otherwise provided in the Credit Agreement.
This Note has been issued by Maker to Payee pursuant to the Credit Agreement and reference is made
thereto for specific terms and conditions under which this Note is made and to which this Note is
subject.

     This Note is subject to voluntary and mandatory prepayments as set forth in the Credit
Agreement. Amounts repaid may be reborrowed during the 5-Year Availability Period. Upon the
occurrence of an Event of Default, Maker agrees that the Administrative Agent and the Payee shall
have all rights and remedies set forth in the Credit Agreement, including without limitation the
rights of acceleration set forth in the Credit Agreement. In addition, the Administrative Agent
and the Payee shall have the right to recover all costs of collection and enforcement of this Note
as provided in the Credit Agreement.

     Maker and any endorser, guarantor, surety or assignor hereby waives presentment for payment,
demand, protest, notice of protest, and notice of dishonor and nonpayment of this Note, and all
defenses on the ground of delay, suretyship, impairment of collateral, or of extension of time at
or after maturity for the payment of this Note.

     This Note shall be governed in all respects by the law of the State of Colorado.

	 	 	 	 	 
	 	 	Maker:
	 
	 	 	 	 
	 	 	CHS INC.

a Minnesota corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

 

 

EXHIBIT 4.3

to Credit Agreement

BID REQUEST

(364-Day Facility)

________________, 200__          

VIA FACSIMILE (303) 740-4100

	 	 	 	 	 
	To:

	 	 	 	The Bid Agent and all Syndication Parties holding an Individual
364-Day Commitment under the Credit Agreement
	 
	 	 	 	 
	From:

	 	 	 	CHS Inc. (“Borrower”)
	 
	 	 	 	 
	

	 	Re:
	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

          We hereby give notice pursuant to Section 4.3 of the Credit Agreement that we request Bids for
the following proposed 364-Day Bid Advances (all capitalized terms used herein and not defined
herein shall have the meaning given them in the Credit Agreement) [maximum of five
amounts/maturities]:

Date of Borrowing: _______________

Aggregate Principal Amount of Borrowing: ________________

	 	 	 
	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 364-Day Maturity Date

	 	 	 	 	 
	 	 	CHS INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

 

 

EXHIBIT 4.3

to Credit Agreement

BID REQUEST

(5-Year Facility)

________________, 200__          

VIA FACSIMILE (303) 740-4100

	 	 	 	 	 
	To:

	 	 	 	The Bid Agent and all Syndication Parties holding an Individual
5-Year Commitment under the Credit Agreement
	 
	 	 	 	 
	From:

	 	 	 	CHS Inc. (“Borrower”)
	 
	 	 	 	 
	

	 	Re:
	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

          We hereby give notice pursuant to Section 4.3 of the Credit Agreement that we request Bids for
the following proposed 5-Year Bid Advances (all capitalized terms used herein and not defined
herein shall have the meaning given them in the Credit Agreement) [maximum of five
amounts/maturities]:

Date of Borrowing: _______________

Aggregate Principal Amount of Borrowing: ________________

	 	 	 
	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 4.4

to Credit Agreement

BID FORM

(364-Day Facility)

________________, 200__          

VIA FACSIMILE (303) 740-4100

	 	 	 	 	 
	To:

	 	 	 	CHS Inc. (“Borrower”) and the Bid Agent
	 
	 	 	 	 
	From:

	 	 	 	[NAME OF SYNDICATION PARTY]
	 
	 	 	 	 
	

	 	Re:
	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

          In response to the Bid Request of the Borrower dated ___, 200_, we hereby offer to make
364-Day Bid Advance(s) in the following principal amount(s), with the following Bid Maturity
Date(s) and at the following interest rate(s) (all capitalized terms used herein and not defined
herein shall have the meaning given them in the Credit Agreement):

	 	 	 	 	 
	Principal Amount	 	Bid Maturity Date	 	Bid* Rate
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    

	*	 	Specify rate of interest per annum (to the nearest 1/10,000 of 1%).

          The offer set forth in this Bid expires at 12:00 noon (Central time) on the date hereof to the
extent not accepted by Borrower on or before such time. Each offer set forth above is irrevocable,
but is subject to the satisfaction of the applicable conditions set forth in Articles 4 and 11 of
the Credit Agreement.

	 	 	 	 	 
	1.
	Person to contact:	  ___________________.
	 
	Telephone Number:	  (___) _______________

	 	 	 	 	 
	 	 	[Name of Bank]
	 
	 	 	 	 
	Dated: __________, 200_

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

 

 

EXHIBIT 4.4

to Credit Agreement

BID FORM

(5-Year Facility)

          _________, 200___

VIA FACSIMILE (303) 740-4100

	 	 	 	 	 
	To:

	 	 	 	CHS Inc. (“Borrower”) and the Bid Agent
	 
	 	 	 	 
	From:

	 	 	 	[NAME OF SYNDICATION PARTY]
	 
	 	 	 	 
	

	 	Re:
	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

          In response to the Bid Request of the Borrower dated ___, 200_, we hereby offer to make
5-Year Bid Advance(s) in the following principal amount(s), with the following Bid Maturity Date(s)
and at the following interest rate(s) (all capitalized terms used herein and not defined herein
shall have the meaning given them in the Credit Agreement):

	 	 	 	 	 
	Principal Amount	 	Bid Maturity Date	 	Bid* Rate
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    
	 
	 	 	 	 
	$                                        
	 	                                        	 	                    

	*	 	Specify rate of interest per annum (to the nearest 1/10,000 of 1%).

          The offer set forth in this Bid expires at 12:00 noon (Central time) on the date hereof to the
extent not accepted by Borrower on or before such time. Each offer set forth above is irrevocable,
but is subject to the satisfaction of the applicable conditions set forth in Articles 4 and 11 of
the Credit Agreement.

	 	 	 	 	 
	1.
	Person to contact:	   ___________________.
	 
	Telephone Number:	   (___) _______________

	 	 	 	 	 
	 	 	[Name of Bank]
	 
	 	 	 	 
	Dated: _________, 200_

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

 

 

EXHIBIT 4.5

to Credit Agreement

BID SELECTION NOTICE

(364-Day Facility)

                                        , 200__

	 	 	 
	To:

	 	[NAME OF SYNDICATION PARTY] (“Syndication Party”) and the Bid Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

     The Borrower hereby accepts the Syndication Party’s offer, set forth in its Bid dated ___,
200_, for 364-Day Bid Advances in the following principal amount(s), and for the following Bid
Maturity Date(s), and at the following interest rate(s) (all capitalized terms used herein and not
defined herein shall have the meaning given them in the Credit Agreement):

	 	 	 	 	 
	Principal Amount	 	Bid Maturity Date	 	Bid Rate
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    

	 	 	 	 	 	 	 
	 	 	CHS Inc.	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	 
	

	 	 	 	 	 	 

Dated:                                         , 200__.

 

 

EXHIBIT 4.5

to Credit Agreement

BID SELECTION NOTICE

(5-Year Facility)

                                        , 200__

	 	 	 
	To:

	 	[NAME OF SYNDICATION PARTY] (“Syndication Party”) and the Bid Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2005 Amended and Restated Credit Agreement (Revolving Loans) (as amended from
time to time, the “Credit Agreement”) dated as of May 19, 2005, 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.

     The Borrower hereby accepts the Syndication Party’s offer, set forth in its Bid dated ___,
200_, for 5-Year Bid Advances in the following principal amount(s), and for the following Bid
Maturity Date(s), and at the following interest rate(s) (all capitalized terms used herein and not
defined herein shall have the meaning given them in the Credit Agreement):

	 	 	 	 	 
	Principal Amount	 	Bid Maturity Date	 	Bid Rate
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    
	$                                         

	 	                                        
	 	                    

	 	 	 	 	 	 	 
	 	 	CHS Inc.	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	 
	

	 	 	 	 	 	 

     Dated:                                         , 200_.

 

 

EXHIBIT 6.7

to Credit Agreement

SPECIAL INTEREST RATES

Existing Loans Past Maturity

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Facility	 	Principal	 	 	Interest Rate	 	 	Maturity Date	 	 	Product Type	 
	3-Year Revolver*
	 	$	3,000,000.00	 	 	 	3.510000	%	 	 	5/20/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	2,000,000.00	 	 	 	3.517500	%	 	 	5/20/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	8,500,000.00	 	 	 	3.630000	%	 	 	5/20/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	4,500,000.00	 	 	 	3.640000	%	 	 	5/20/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	7,000,000.00	 	 	 	3.640000	%	 	 	5/20/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	1,439,359.00	 	 	 	3.740000	%	 	 	5/24/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	10,000,000.00	 	 	 	3.790000	%	 	 	5/24/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	9,992,709.00	 	 	 	3.825000	%	 	 	5/24/2005	 	 	Fix Bid
	3-Year Revolver*
	 	$	2,500,000.00	 	 	 	3.900000	%	 	 	5/24/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	16,000,000.00	 	 	 	3.460000	%	 	 	5/20/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	15,000,000.00	 	 	 	3.560000	%	 	 	5/20/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	24,999,999.00	 	 	 	3.580000	%	 	 	5/20/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	19,000,001.00	 	 	 	3.631300	%	 	 	5/20/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	4,166,667.00	 	 	 	3.640000	%	 	 	5/23/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	50,000,000.00	 	 	 	3.790000	%	 	 	5/23/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	12,500,000.00	 	 	 	3.925000	%	 	 	5/23/2005	 	 	Fix Bid
	364 Day Revolver
	 	$	30,000,000.00	 	 	 	3.470000	%	 	 	5/24/2005	 	 	Fix Bid

	*	 	Each of these are Bid Rate Loans made under the 3-Year Facility under the 2003 Credit
Agreement and will be treated as Bid Rate Loans made under the 5-Year Facility of this Credit
Agreement until the Bid Maturity Date therefore.

 

 

Exhibit 10.3

to Credit Agreement

Litigation

The Company is a party or could become a party to various lawsuits and administrative proceedings
incidental to its business, such as workers’ compensation cases, OSHA cases, pollution control
cases, employment discrimination cases, arbitration cases and others. It is impossible at this
time to estimate what the ultimate legal and financial liability of the Association will be;
however, management believes, based on the information available to date and the resolution of
prior proceedings, that the ultimate liability of all litigation and proceedings will not have a
material impact on the financial condition of the Association.

 

 

Exhibit 10.8

to Credit Agreement

Payment of Taxes

None.

 

 

Exhibit 10.10

to Credit Agreement

Employee Benefit Plans

Plan Name and Number

Plan 001 – CHS Pension Plan

Plan 002 – CHS Pension Plan for Production Employees

Plan 003 – CHS Savings Sharing Plan for Certain Montana Employees

Plan 014 – CHS Savings Plan

Plan 028 – CHS Savings Plan for Union Production Employees

Plan 501 – CHS Group Life Insurance Plan

Plan 502 – CHS Group Health Plan

Plan 515 – CHS Flexible Benefit Compensation Plan

Plan 517 – CHS Temporary Disability Benefits Plan

Plan 519 – CHS Educational Assistance Plan

Plan 520 – CHS Employee Assistance Plan

Plan 522 – CHS Health Maintenance Organization Plan

Plan 523 – CHS Long Term Disability Plan

Plan 533 – CHS Transitions Severance Plan

Plan 534 – CHS Pathways Severance Plan (Closed 2003)

Plan 535 – CHS FMS Severance Plan

CHS Acquisitions – Plan Name and Number

Plan 001 – Cenex-Swiss Valley 401(k) Plan

Plan 001 – Union Warehouse & Supply Company Employee Pension Plan

Plan 001 – Farmers Union Oil Company of Dickinson 401(k) Plan and Trust

Plan 001 – Farmers Union Oil Company of Drayton 401(k) Plan and Trust

 

 

Exhibit 10.11

to Credit Agreement

EQUITY INVESTMENTS

CHS Inc.

Investments > $5,000,000

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	Eliminations	 	 	Consolidated	 
	 	 	03/31/05	 	 	 	 	 	 	3/31/05	 
	Ag Processing
	 	 	24,993,463	 	 	 	 	 	 	 	24,993,463	 
	CF Industries
	 	 	117,995,500	 	 	 	 	 	 	 	117,995,500	 
	CoBank
	 	 	15,424,470	 	 	 	 	 	 	 	15,424,470	 
	Land O’ Lakes, Inc.
	 	 	31,054,505	 	 	 	 	 	 	 	31,054,505	 
	Universal Cooperatives, Inc.
	 	 	6,912,229	 	 	 	 	 	 	 	6,912,229	 
	 	 	     
	 
	INVESTMENTS IN COOPERATIVES & OTHER
	 	 	196,380,167	 	 	 	—	 	 	 	196,380,167	 
	 	 	     
	 
	CONSOLIDATED INVESTMENTS
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Country Operations Shell Subsidiaries
	 	 	26,756,987	 	 	 	(26,756,987	)	 	 	—	 
	Cenex Pipeline Company
	 	 	35,166,772	 	 	 	(35,166,772	)	 	 	—	 
	Front Range Pipeline Co
	 	 	45,253,563	 	 	 	(45,253,563	)	 	 	—	 
	National Co-op Refinery Association (NCRA)
	 	 	401,856,352	 	 	 	(401,856,352	)	 	 	—	 
	 	 	     
	 
	TOTAL CONSOLIDATED INVESTMENTS
	 	 	509,033,674	 	 	 	(509,033,674	)	 	 	—	 
	 	 	     
	 
	CORP, AGRONOMY, ENERGY, GRAIN MARKETING JV’S
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Tacoma Export Marketing Co, (Temco)
	 	 	10,533,634	 	 	 	 	 	 	 	10,533,634	 
	United Country Brands 50% (Agriliance LLC 25%)
	 	 	101,352,726	 	 	 	 	 	 	 	101,352,726	 
	United Country Brands Goodwill
	 	 	26,740,000	 	 	 	 	 	 	 	26,740,000	 
	 
	CHS Holding - Canada
	 	 	10,884,930	 	 	 	 	 	 	 	10,884,930	 
	 	 	     
	 
	TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
	 	 	149,511,290	 	 	 	—	 	 	 	149,511,290	 
	 	 	     
	 
	COUNTRY OPERATIONS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	     
	TOTAL COUNTRY OPERATIONS JVs
	 	 	—	 	 	 	—	 	 	 	—	 
	 	 	     
	 
	WHEAT MILLING JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Horizon Milling, LLC
	 	 	12,553,029	 	 	 	 	 	 	 	12,553,029	 
	Horizon Milling Contracts
	 	 	8,376,106	 	 	 	 	 	 	 	8,376,106	 
	 	 	     
	TOTAL WHEAT JV’S
	 	 	20,929,135	 	 	 	—	 	 	 	20,929,135	 
	 	 	     
	 
	FOODS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Ventura Foods, LLC
	 	 	106,532,000	 	 	 	 	 	 	 	106,532,000	 
	Ventura Foods-Original Goodwill
	 	 	5,758,060	 	 	 	 	 	 	 	5,758,060	 
	Ventura Foods-Additional 10% Goodwill
	 	 	12,431,024	 	 	 	 	 	 	 	12,431,024	 
	 	 	     
	 
	TOTAL FOODS JOINT VENTURES
	 	 	124,721,084	 	 	 	—	 	 	 	124,721,084	 
	 	 	     
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	     
	TOTAL INVESTMENTS
	 	 	1,000,575,351	 	 	 	(509,033,674	)	 	 	491,541,677	 
	 	 	     
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	NCRA Loan
	 	 	125,000,000	 	 	 	 	 	 	 	125,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	     
	TOTAL
	 	 	1,125,575,351	 	 	 	(509,033,674	)	 	 	616,541,677	 
	 	 	     

 

 

Exhibit 10.14

to Credit Agreement

Environmental Compliance

The Company is a party or could become a party to various environmental claims, investigations and
remediations; however, management believes, based on the information available to date and the
resolution of prior proceedings, that the ultimate liability of all environmental claims and
proceedings will not have a material impact on the financial condition of the Association.

 

 

Exhibit 10.23

to Credit Agreement

Labor Matters and Labor Agreements

None.

 

 

Exhibit 13.1

to Credit Agreement

EXISTING INDEBTEDNESS

CHS Inc. & Subsidiaries

Outstanding Debt & Committed Lines of Credit

March 31, 2005

	 	 	 	 	 	 	 	 	 
	Short-Term Notes
	 	 	 	 	 	 	 	 
	CHS 364 Seasonal Line
	 	$	750,000,000.00	 	 	(represents commitment - actual drawn was $392,999,999)
	3yr Revolver
	 	 	150,000,000.00	 	 	(represents commitment - actual drawn was -0- )
	NCRA’s 2yr Revolver
	 	 	15,000,000.00	 	 	(represents commitment - actual drawn was -0- )
	Misc Notes
	 	 	1,116,365.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	916,116,365.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	Indust Rev Bonds
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	Montana Econ
	 	 	3,925,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	Private Placement
	 	 	 	 	 	 	 	 
	Private Placement
	 	 	225,000,000.00	 	 	 	 	 
	Private Placement
	 	 	175,000,000.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	47,142,857.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	21,428,571.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	15,000,000.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	15,000,000.00	 	 	 	 	 
	Private Placement
	 	 	125,000,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	623,571,428.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	Cobank
	 	 	 	 	 	 	 	 
	Building Loan
	 	 	9,535,008.00	 	 	 	 	 
	Term Debt
	 	 	118,900,000.00	 	 	 	 	 
	NCRA’s Term Debt
	 	 	9,750,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	138,185,008.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	Other Notes Payable
	 	 	 	 	 	 	 	 
	 
	Corp Books
	 	 	 	 	 	 	 	 
	Robert L. Nygaard
	 	 	58,000.00	 	 	 	 	 
	Lemmon-Thunder Hawk (DISC)
	 	 	405,090.00	 	 	 	 	 
	Mahnomen MN
	 	 	587,421.00	 	 	 	 	 
	Greenbush MN
	 	 	203,696.00	 	 	 	 	 
	 
	Country Operations
	 	 	 	 	 	 	 	 
	Ag Svc Center-Elrosa
	 	 	113,982.00	 	 	 	 	 
	Prairie Lakes — GMAC
	 	 	0.00	 	 	 	 	 
	Prairie Lakes — State of MN
	 	 	129,389.00	 	 	 	 	 
	Milk River — Big Sandy
	 	 	192,850.00	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	CHS-French-Fergus Falls
	 	 	67,973.00	 	 	 	 	 
	 
	Oilseed
	 	 	 	 	 	 	 	 
	Rural Electric
	 	 	278,771.00	 	 	 	 	 
	MN Rail
	 	 	121,488.00	 	 	 	 	 
	 
	Grain Marketing
	 	 	 	 	 	 	 	 
	Met Life
	 	 	9,674,742.00	 	 	 	 	 
	Hall Prommisory Note
	 	 	114,393.00	 	 	 	 	 
	 
	Milling
	 	 	 	 	 	 	 	 
	MDT Rail Rehabilitation
	 	 	66,366.00	 	 	 	 	 
	Rural Econ Development Loan
	 	 	191,237.00	 	 	 	 	 
	 
	Foods
	 	 	 	 	 	 	 	 
	Mn Ag & Econ Development
	 	 	0.00	 	 	 	 	 
	MN Loan-Coulson Svc Corp
	 	 	0.00	 	 	 	 	 
	Sellers Note-Rodriquez
	 	 	250,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	12,455,398.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	Consolidated Total
	 	 	1,694,253,199	 	 	 	 	 

 

 

Exhibit 13.8(f)

to Credit Agreement

EXISTING INVESTMENTS

(excluding Restricted Subsidiaries)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	Eliminations	 	 	Consolidated	 
	 	 	03/31/05	 	 	 	 	 	 	3/31/05	 
	Ag Processing
	 	 	24,993,463	 	 	 	 	 	 	 	24,993,463	 
	Archer Daniels Midland
	 	 	1,121,349	 	 	 	 	 	 	 	1,121,349	 
	CF Industries
	 	 	117,995,500	 	 	 	 	 	 	 	117,995,500	 
	Cenex Finance Association
	 	 	1,101,920	 	 	 	 	 	 	 	1,101,920	 
	Co Grain Inc
	 	 	791,221	 	 	 	 	 	 	 	791,221	 
	CoBank
	 	 	15,424,470	 	 	 	 	 	 	 	15,424,470	 
	Intrade, NV
	 	 	757,714	 	 	 	 	 	 	 	757,714	 
	International Malting - Lesaffre
	 	 	700,000	 	 	 	 	 	 	 	700,000	 
	Land O’ Lakes, Inc.
	 	 	31,054,505	 	 	 	 	 	 	 	31,054,505	 
	Lewis-Clark Terminal, Inc
	 	 	2,006,734	 	 	 	 	 	 	 	2,006,734	 
	Universal Cooperatives, Inc.
	 	 	6,912,229	 	 	 	 	 	 	 	6,912,229	 
	Various: Transport Cooperatives
	 	 	166,637	 	 	 	 	 	 	 	166,637	 
	Electric & Telephone Coops
	 	 	1,515,357	 	 	 	 	 	 	 	1,515,357	 
	Other Cooperatives, Etc.
	 	 	1,892,777	 	 	 	(7,800	)	 	 	1,884,977	 
	Local Patron Coops
	 	 	2,293,307	 	 	 	—	 	 	 	2,293,307	 
	Other
	 	 	1,416,329	 	 	 	 	 	 	 	1,416,329	 
	 
	 	 	     
	INVESTMENTS IN COOPERATIVES & OTHER
	 	 	210,143,513	 	 	 	(7,800	)	 	 	210,135,713	 
	 	 	     
	 
	CONSOLIDATED INVESTMENTS
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Country Operations Shell Subsidiaries
	 	 	26,756,987	 	 	 	(26,756,987	)	 	 	—	 
	Cenex Ag, Inc.
	 	 	667,359	 	 	 	(667,359	)	 	 	—	 
	Cenex Petroleum, Inc.
	 	 	(1,642,068	)	 	 	1,642,068	 	 	 	—	 
	Circle Land Management, Inc.
	 	 	1,410,882	 	 	 	(1,410,882	)	 	 	—	 
	Cenex Pipeline Company
	 	 	35,166,772	 	 	 	(35,166,772	)	 	 	—	 
	Fin-Ag, Inc
	 	 	150,000	 	 	 	(150,000	)	 	 	—	 
	Front Range Pipeline Co
	 	 	45,253,563	 	 	 	(45,253,563	)	 	 	—	 
	HSC Brazil
	 	 	323,569	 	 	 	(323,569	)	 	 	—	 
	HSC Europe
	 	 	16,200	 	 	 	(16,200	)	 	 	—	 
	National Co-op Refinery Association (NCRA)
	 	 	401,856,352	 	 	 	(401,856,352	)	 	 	—	 
	Country Hedging, Inc
	 	 	875,000	 	 	 	(875,000	)	 	 	—	 
	Sparta Foods
	 	 	2,500,000	 	 	 	(2,500,000	)	 	 	—	 
	HSC/PGG Feed
	 	 	1,021,068	 	 	 	(1,021,068	)	 	 	—	 
	 	 	     
	TOTAL CONSOLIDATED INVESTMENTS
	 	 	514,355,685	 	 	 	(514,355,685	)	 	 	—	 
	 	 	     
	 
	CORP, AGRONOMY, ENERGY, GRAIN MARKETING JV’S
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Cenex Canada
	 	 	5,834	 	 	 	 	 	 	 	5,834	 
	Green Bay Terminal Corp.
	 	 	324,829	 	 	 	 	 	 	 	324,829	 
	Tacoma Export Marketing Co, (Temco)
	 	 	10,533,634	 	 	 	 	 	 	 	10,533,634	 
	United Harvest, LLC
	 	 	2,953,034	 	 	 	 	 	 	 	2,953,034	 
	United
Country Brands 50% (Agriliance LLC 25%)
	 	 	101,352,726	 	 	 	 	 	 	 	101,352,726	 
	United Country Brands Goodwill
	 	 	26,740,000	 	 	 	 	 	 	 	26,740,000	 
	CHS
Holding - Canada
	 	 	10,884,930	 	 	 	 	 	 	 	10,884,930	 
	Whitman Terminal Assn, LLC
	 	 	842,859	 	 	 	 	 	 	 	842,859	 
	NCRA - Investments in LLC’s
	 	 	4,976,585	 	 	 	(711,425	)	 	 	4,265,160	 
	 
	 	 	     
	TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
	 	 	158,614,430	 	 	 	(711,425	)	 	 	157,903,005	 
	 	 	     

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	Eliminations	 	 	Consolidated	 
	 	 	03/31/05	 	 	 	 	 	 	3/31/05	 
	COUNTRY OPERATIONS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Allied Agronomy, LLC
	 	 	350,953	 	 	 	 	 	 	 	350,953	 
	Allied Agronomy Goodwill
	 	 	(54,527	)	 	 	 	 	 	 	(54,527	)
	Battle Creek/CHS, LLC
	 	 	384,827	 	 	 	 	 	 	 	384,827	 
	Central Montana Propane, LLC
	 	 	383,700	 	 	 	 	 	 	 	383,700	 
	CHS/ADM, LLC
	 	 	657,469	 	 	 	 	 	 	 	657,469	 
	Classic Farms, LLC
	 	 	562,748	 	 	 	 	 	 	 	562,748	 
	Dakota Agronomy Partners
	 	 	1,846,965	 	 	 	 	 	 	 	1,846,965	 
	Energy Partners, LLC
	 	 	2,657,672	 	 	 	 	 	 	 	2,657,672	 
	Genetic Marketing Group, LLC
	 	 	3,823	 	 	 	 	 	 	 	3,823	 
	Kropf/CHS, LLC
	 	 	598,330	 	 	 	 	 	 	 	598,330	 
	Montevideo Grain, LLC
	 	 	566,504	 	 	 	 	 	 	 	566,504	 
	Mountain View of Montana, LLC
	 	 	1,564,259	 	 	 	 	 	 	 	1,564,259	 
	Norick Risk Funding Concepts, LLC
	 	 	1,828,880	 	 	 	 	 	 	 	1,828,880	 
	Prairie Lakes Grain Storage, LLC
	 	 	68,494	 	 	 	 	 	 	 	68,494	 
	Red Rock Cooperative
	 	 	6,955	 	 	 	 	 	 	 	6,955	 
	Tillamook/GTA Feeds, LLC
	 	 	782,173	 	 	 	 	 	 	 	782,173	 
	United Energy
	 	 	364,043	 	 	 	 	 	 	 	364,043	 
	 	 	     
	TOTAL COUNTRY OPERATIONS JVs
	 	 	12,573,268	 	 	 	—	 	 	 	12,573,268	 
	 	 	     
	 
	WHEAT MILLING JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Horizon Milling, LLC
	 	 	12,553,029	 	 	 	 	 	 	 	12,553,029	 
	Horizon Milling Contracts
	 	 	8,376,106	 	 	 	 	 	 	 	8,376,106	 
	 
	 	 	     
	TOTAL WHEAT JV’S
	 	 	20,929,135	 	 	 	—	 	 	 	20,929,135	 
	 	 	     
	 
	FOODS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	United Processors, LLC (Rocky Mountain Milling)
	 	 	903,302	 	 	 	 	 	 	 	903,302	 
	Ventura Foods, LLC
	 	 	106,532,000	 	 	 	 	 	 	 	106,532,000	 
	Ventura Foods-Original Goodwill
	 	 	5,758,060	 	 	 	 	 	 	 	5,758,060	 
	Ventura Foods-Additional 10% Goodwill
	 	 	12,431,024	 	 	 	 	 	 	 	12,431,024	 
	 
	 	 	     
	TOTAL FOODS JOINT VENTURES
	 	 	125,624,386	 	 	 	—	 	 	 	125,624,386	 
	 	 	     
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	     
	TOTAL INVESTMENTS
	 	 	1,042,240,418	 	 	 	(515,074,910	)	 	 	527,165,508	 
	 	 	     
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	NCRA Loan
	 	 	125,000,000	 	 	 	 	 	 	 	125,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	     
	TOTAL
	 	 	1,167,240,418	 	 	 	(515,074,910	)	 	 	652,165,508	 
	 	 	     

 

 

Exhibit 13.8(i)

to Credit Agreement

Investments in NCRA

CHS Cooperatives

Contributions — NCRA Investment

	 	 	 	 	 
	Stock Purchase (5/16/46)
	 	 	100	(1)
	Stock Purchase (3/6/58)
	 	 	499,900	(1)
	Stock Purchase (8/4/77)
	 	 	100	(1)
	Stock Purchase (5/7/74)
	 	 	100	(1)
	Stock Purchase from LOL (July 89)
	 	 	28,729,008	(1)
	Stock Purchase from Farmland (July 92)
	 	 	64,801,400	(2)

 

	(1)	 	To date, NCRA has redeemed 100% in cash
	 
	(2)	 	To date, NCRA has redeemed approximately 92% in cash

 

 

Exhibit 13.8(j)

to Credit Agreement

Investments in Ventura Foods, LLC

CHS Cooperatives

Contributions — Ventura Foods Investment

	 	 	 	 	 
	Initial Asset Transfers for 50% interest (8/30/96)
	 	 	38,490,680	 
	Cash Contribution (1/8/99)
	 	 	8,000,000	 
	Cash Purchase of additional 10% interest (3/31/00)
	 	 	25,620,000	 

 

 

Exhibit 16.28

to Credit Agreement

SYNDICATION ACQUISITION AGREEMENT

     This Syndication Acquisition Agreement entered into this ___day of ___, 200___(“Effective
Date”) pursuant to the Credit Agreement (as defined below) by and between CoBank, ACB, in its
capacity as the Administrative Agent under the Credit Agreement (in such role, “Administrative
Agent”),                                         , a Syndication Party under the Credit Agreement (“Transferor”), and
                                         (“Purchaser”).

Recitals

     A. Pursuant to the 2005 Amended and Restated Credit Agreement (Revolving Loans) by and between
Administrative Agent, the Syndication Parties named therein, and CHS Inc. (“Borrower”), dated as of
May 19, 2005 (as amended and as it may be amended in the future, the “Credit Agreement”), the
Syndication Parties have agreed to provide, limited to their respective Individual Commitments and
Pro Rata Shares, financing to Borrower through the 364-Day Facility and through the 5-Year
Facility, to be used for the purposes set forth in the Credit Agreement.

     B. Transferor wishes to sell and assign a portion of its Individual 364-Day Pro Rata Share of
the amounts outstanding under the 364-Day Facility and its obligations under a portion of its
Individual 364-Day Commitment (“364-Day Loan Interest”), and/or of its Individual 5-Year Pro Rata
Share of the amounts outstanding under the 5-Year Facility and/or its obligations under a portion
of its Individual 5-Year Commitment (“5-Year Loan Interest”), as indicated on Exhibit A
hereto, and Purchaser wishes to purchase and assume such 364-Day Loan Interest and/or 5-Year Loan
Interest [IF TRANSFEROR IS ALSO THE ADMINISTRATIVE AGENT, INSERT THE FOLLOWING (as Syndication
Party, and not as Administrative Agent)] under the Credit Agreement.

Agreement

     For good and valuable consideration, the receipt and sufficiency of which the parties hereto
hereby acknowledge, and each to induce the others to enter into this Syndication Acquisition
Agreement (“Agreement”), the parties hereto hereby agree as follows:

     DEFINITIONS

     Capitalized terms used herein without definition shall have the meaning given them in the
Credit Agreement, if defined therein.

     “Loan” as used herein shall, where the context requires, mean, as applicable, the 364-Day
Facility and/or the 5-Year Facility with respect to which Purchaser has acquired its 364-Day Loan
Interest and/or its 5-Year Loan Interest hereunder.

 

 

 1. Purchase and Sale of Syndication Interest.

     1.1. Purchaser hereby purchases from Transferor and Transferor hereby sells to Purchaser,
pursuant to the terms and conditions contained herein and in Article 16 of the Credit Agreement, a
Syndication Interest equal to: (a) the Individual 364-Day Commitment (“Purchaser’s 364-Day Loan
Commitment Amount”) and a portion of the amount outstanding under the 364-Day Facility as of the
Effective Date determined by application of the 364-Day Loan Percentage, in each case as set forth
in Exhibit A hereto to (“Purchaser’s Outstanding 364-Day Loan Obligations Amount”) and/or
(b) the Individual 5-Year Commitment (“Purchaser’s 5-Year Loan Commitment Amount”) and a portion of
the amount outstanding under the 5-Year Facility as of the Effective Date determined by application
of the 5-Year Loan Percentage, in each case as set forth in Exhibit A hereto (“Purchaser’s
Outstanding 5-Year Loan Obligations Amount”), and a proportionate undivided interest in the Loan
Documents (other than the Notes payable to the other Syndication Parties), and all applicable
amounts owing and all applicable payments made by Borrower thereunder (excluding Borrower’s
obligation to purchase Bank Equity Interests, and patronage dividends and patronage shares paid or
payable on account of such Bank Equity Interests). Purchaser’s Outstanding 364-Day Loan
Obligations Amount and Outstanding 5-Year Loan Obligations Amount shall be allocated
proportionately in all of the 364-Day Advances and/or 5-Year Advances, as applicable, outstanding
on the Effective Date.

     1.2. Purchaser’s obligation as set forth in Section 1.1 above to purchase the Purchaser’s
364-Day Loan Commitment Amount and/or the Purchaser’s 5-Year Loan Commitment Amount (individually
or collectively “Purchaser’s Commitment Amount”) shall, subject to the terms and conditions hereof
and of Article 16 of the Credit Agreement, be continuing, unconditional, and irrevocable.
Purchaser’s acquisition of Purchaser’s Commitment Amount shall be without recourse to Transferor
and shall not be construed as a loan from Purchaser to Transferor. The terms Purchaser’s
Outstanding 364-Day Loan Obligations Amount and Purchaser’s Outstanding 5-Year Loan Obligations
Amount may be hereinafter referred to individually or collectively as the “Purchaser’s Outstanding
Obligations Amount” and, collectively with Purchaser’s Commitment Amount as “Purchaser’s
Syndication Interest”.

     1.3. Purchaser agrees to remit to Transferor on the Effective Date, the Purchaser’s
Outstanding Obligations Amount. Transferor and Purchaser agree to make settlement among
themselves, without involvement of the Administrative Agent, with respect to any interest accrued
and outstanding on the Purchaser’s Outstanding Obligations Amount as of the Effective Date.

     1.4. Purchaser agrees to, as of the Effective Date, and at all times thereafter, comply with
all of the obligations of a Syndication Party holding an Individual Commitment as such obligations
are set forth in the Credit Agreement.

     1.5. Transferor agrees to pay, or cause Purchaser to pay, to Administrative Agent on the
Effective Date: (a) a fee in the amount of $3,500.00 for processing Purchaser’s acquisition of the
Purchaser’s Commitment Amount, and (b) Administrative Agent’s out of pocket fees and expenses
incurred in connection with the transaction described herein, including its attorney’s fees.

2

 

 2. Purchaser’s Representations, Warranties, and Agreements.

     2.1. Purchaser represents and warrants that: (a) the making and performance of this Agreement
including its agreement to be bound by the Credit Agreement is within its power and has been duly
authorized by all necessary corporate and other action by it; (b) this Agreement is in compliance
with all applicable laws and regulations promulgated thereunder and entering into this Agreement
and performance of its obligations hereunder and under the Credit Agreement will not conflict with
nor constitute a breach of its charter or by-laws nor any agreements by which it is bound, and will
not violate any judgment, decree or governmental or administrative order, rule or regulation
applicable to it; (c) no approval, authorization or other action by, or declaration to or filing
with, any governmental or administrative authority or any other Person is required to be obtained
or made by it in connection with the execution, delivery and performance of its duties under this
Agreement and the Credit Agreement; (d) this Agreement has been duly executed by it, and, this
Agreement and the Credit Agreement, constitute its legal, valid, and binding obligation,
enforceable in accordance with their terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
rights of creditors generally and general equitable principles (regardless of whether such
enforceability is considered in a proceeding at law or in equity); and (e) the act of entering into
and performing its obligations under this Agreement and the Credit Agreement have been approved by
its board of directors at an authorized meeting thereof (or by written consent in lieu of a
meeting) and such action was duly noted in the written minutes of such meeting, and that it will,
if requested by the Administrative Agent, furnish Administrative Agent with a certified copy of
such minutes or an excerpt therefrom reflecting such approval.

     2.2. Purchaser further represents that it is entitled to receive any payments to be made to it
under the Credit Agreement without the withholding of any tax and will furnish to Administrative
Agent and to Borrower such forms, certifications, statements and other documents as Administrative
Agent or Borrower may request from time to time to evidence Purchaser’s exemption from the
withholding of any tax imposed by any jurisdiction or to enable Administrative Agent or Borrower,
as the case may be, to comply with any applicable laws or regulations relating thereto. Without
limiting the effect of the foregoing, if Purchaser is not created or organized under the laws of
the United States of America or any state thereof, Purchaser will furnish to Administrative Agent
and Borrower the IRS Forms described in Section 16.32 of the Credit Agreement, or such other forms,
certifications, statements or documents, duly executed and completed by Purchaser, as evidence of
Purchaser’s exemption from the withholding of United States tax with respect thereto.
Notwithstanding anything herein to the contrary, Borrower shall not be obligated to make any
payments to Purchaser until Purchaser shall have furnished to Administrative Agent and Borrower the
requested form, certification, statement or document.

     2.3. Purchaser acknowledges receipt of true and correct copies of all Loan Documents from
Transferor and agrees and represents that: (a) it has relied upon its independent review (i) of
the Loan Documents, and (ii) any information independently acquired by it from Borrower or
otherwise in making its decision to acquire an interest in the Loan independently and without
reliance on Transferor or Administrative Agent; (b) it has obtained such information as it deems
necessary (including any information it independently obtained from Borrower or others) prior to
making its decision to acquire

3

 

the Purchaser’s Syndication Interest; (c) it has made its own independent analysis and
appraisal of and investigation into Borrower’s authority, business, operations, financial and other
condition, creditworthiness, and ability to perform its obligations under the Loan Documents and
has relied on such review in making its decision to acquire the Purchaser’s Syndication Interest,
and will continue to rely solely upon its independent review of the facts and circumstances related
to Borrower, and without reliance upon Transferor or Administrative Agent, in making future
decisions with respect to all matters under or in connection with the Loan Documents and its
participation in the Loan as a Syndication Party.

     2.4. Purchaser acknowledges and agrees that: (a) neither Administrative Agent nor Transferor
has made any representation or warranty, except as expressly stated in the Credit Agreement and
this Agreement, nor do they assume any responsibility with respect to the due execution, validity,
sufficiency, enforceability or collectibility of the Loan, the Loan Documents or the Notes or with
respect to the accuracy and completeness of matters disclosed, represented or warranted in the Loan
Documents by Borrower (including financial matters); (b) neither Administrative Agent nor
Transferor assumes any responsibility for the financial condition of Borrower or for the
performance of Borrower’s obligations under the Loan Documents; (c) except as otherwise expressly
provided in this Agreement or the Credit Agreement, neither Transferor nor Administrative Agent nor
any other Syndication Party shall have any duty or responsibility to furnish to any other
Syndication Parties any credit or other information concerning Borrower which may come into its or
their possession.

     2.5. Purchaser: (a) represents that it has acquired and is retaining the Purchaser’s
Syndication Interest in the Loan for its own account in the ordinary course of its banking or
financing business and not with a view toward the sale, distribution, further participation, or
transfer thereof; (b) agrees that it will not sell, assign, convey or otherwise dispose of
(“Transfer”), or create or permit to exist any lien or security interest on, all or any part of its
Syndication Interest in the Loan without the prior written consent of Administrative Agent and
Borrower (which consent will not be unreasonably withheld, provided that Borrower shall nave no
approval rights upon the occurrence and during the continuance of an Event of Default), provided
that (i) any such Transfer must be made in compliance with the applicable provisions of the Credit
Agreement and (except a Transfer to another Syndication Party) be in a minimum amount of the lesser
of (A) $10,000,000.00 or (B) the full amount of Purchaser’s Individual Commitment, and (ii)
Transferor must pay to, or cause to be paid to, Administrative Agent an assignment fee of $3,500.00
(“Assignment Fee”); (c) understands and agrees that it may, with the prior written consent of
Administrative Agent (which consent will not be unreasonably withheld) except where the Credit
Agreement requires no such consent, in compliance with the applicable provisions of the Credit
Agreement, participate any part of its Syndication Interest in the Loan to any Person, and that in
the event of any such participation except as provided in Section 16.29 of the Credit Agreement,
(i) neither its Individual Commitment nor the Purchaser’s Outstanding Obligations Amount, as
applicable, will change on account of such participation, and (ii) Administrative Agent shall
continue to deal directly with Purchaser with respect to the Loan and Purchaser’s Syndication
Interest as though no participation had been granted and will not be obligated to deal directly
with any participant; and (d) agrees that it will not divulge any non-public information regarding
Borrower which it acquires on account of its being a Syndication Party to any third Persons not an
employee or agent of Purchaser except (i) as may be required by law,

4

 

rule, regulation, or court order, (ii) in connection with an examination of its books or
affairs by any of its regulatory agencies or accountants, or (iii) in connection with a Transfer
of, or the sale of a participation interest in, its Syndication Interest in accordance with the
Credit Agreement.

     2.6. Purchaser:

2.6.1 Irrevocably consents and submits to the non-exclusive jurisdiction of
the courts of the State of Colorado and the United States District Court for the
District of Colorado and waives any objection based on venue or forum
non conveniens with respect to any action instituted therein
arising under this Agreement or the Credit Agreement or in any way connected with
or related or incidental to the dealings of the parties hereto in respect of this
Agreement or the Credit Agreement or the transactions related hereto, in each case
whether now existing or hereafter arising, and whether in contract, tort, equity or
otherwise, and agrees that any dispute with respect to any such matters shall be
heard only in the courts described above.

2.6.2 With respect to litigation concerning this Agreement or the Credit
Agreement within the jurisdiction of the courts of the State of Colorado or the
United States District Court for the District of Colorado: (a) hereby irrevocably
appoints CT Corporation Systems, 1600 Broadway, Denver, Colorado 80202, as its
agent to receive for and on its behalf, service of process, which service may be
made by mailing a copy of any summons or other legal process to such party in care
of such agent; (b) agrees that it shall maintain a duly appointed agent for service
of summons and other legal process as long as it remains obligated under the Credit
Agreement and shall keep Administrative Agent advised in writing of the identity
and location of such agent; (c) agrees that the receipt by such agent and/or by it
of such summons or other legal process in any such litigation shall be deemed
personal service and acceptance by Purchaser for all purposes of such litigation;
(d) in the event it shall fail to maintain a duly appointed agent for service of
summons as required by this Subsection, it hereby waives personal service of any
and all process upon it and consents that all such service or process may be made
by certified mail (return receipt requested) directed to its address set forth in
Section 17.4 of the Credit Agreement (as provided herein) and service so made shall
be deemed to be completed five (5) days after the same shall have been so deposited
in the U.S. mails, or, at the option of the party making such service, by service
in any other manner provided under the rules of any such courts; and (e) agrees
that within thirty (30) days after such service, Purchaser shall appear in answer
to such process, failing which it shall be deemed in default and judgment may be
entered against it for the amount of the claim and other relief requested.

2.6.3 HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR THE CREDIT AGREEMENT OR (b) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL

5

 

TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR THE CREDIT
AGREEMENT OR THE TRANSACTIONS RELATED THERETO IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. PURCHASER
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT, AGENT, TRANSFEROR, OR ANY
SYNDICATION PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF PURCHASER TO THE WAIVER OF ITS
RIGHT TO TRIAL BY JURY.

 3. Representations of Administrative Agent and Transferor.

     3.1. Transferor and Administrative Agent represent and warrant that (a) Transferor’s
Individual 364-Day Commitment is not less than Purchaser’s 364-Day Loan Commitment Amount, (b)
Transferor’s Individual 5-Year Commitment is not less than Purchaser’s 5-Year Loan Commitment
Amount, (c) the total principal amount advanced and outstanding by Transferor under the 364-Day
Facility as of the Effective Date is not less than Purchaser’s Outstanding 364-Day Loan Obligations
Amount, and (d) the total principal amount advanced and outstanding by Transferor under the 5-Year
Facility as of the Effective Date is not less than Purchaser’s Outstanding 5-Year Loan Obligations
Amount.

 4. General.

     4.1. Purchaser’s address for notice under Section 17.4 of the Credit Agreement shall be as set
forth on its signature page hereto as “Contact Name”.

6

 

     IN WITNESS HEREOF, the parties hereto have caused this Syndication Acquisition Agreement to be
executed as of the Effective Date by their duly authorized representatives.

	 	 	 	 	 	 	 
	 	 	Administrative Agent (as Administrative Agent):	 	 
	 
	 	 	 	 	 	 
	 	 	COBANK, ACB	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	 
	

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Transferor:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title	 	 	 	 
	

	 	 	 	 	 	 

BORROWER’S CONSENT

     Borrower hereby signifies its consent to Transferor’s sale of the Purchaser’s Syndication
Interest to Purchaser as described above.

	 	 	 	 	 	 	 
	 	 	CHS Inc.	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	 
	

	 	 	 	 	 	 

[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 364-Day Commitment: $.00	 	 
	 	 	Individual 5-Year Commitment: $.00	 	 
	 	 	Payment Instructions:	 	 
	

	 	 	 	Bank ___	 	 
	

	 	 	 	ABA -	 	 
	

	 	 	 	Acct. Name:	 	 
	

	 	 	 	Attention:	 	 
	

	 	 	 	Ref: CHS	 	 

8

 

EXHIBIT A TO

SYNDICATION ACQUISITION AGREEMENT

1. An Individual 364-Day Commitment of $                     , and

     The following percentage of the principal amount outstanding under the 364-Day Facility:
___% (“364-Day Loan Percentage”)

2. An Individual 5-Year Commitment of $                     , and

     The following percentage of the principal amount outstanding under 5-Year Facility: ___%
(“5-Year Loan Percentage”)

Rev. 5/19/2005

9

 

EXHIBIT 16.30

to Credit Agreement

WIRE INSTRUCTIONS When funds are to be wired to CoBank, including in its role as the
Administrative Agent, by any Syndication Party, the following wiring information must be used:

		
	To: 	CoBank, ACB

ABA # 3070-8875-4

CHS SYND

22274433

Attn: Agencyclosings

WIRE INSTRUCTIONS When funds are to be wired to any Syndication Party, the wiring information
provided on the signature page of the Credit Agreement with respect to such Syndication Party (as
it may be changed from time to time by notice to the Administrative Agent) must be used.

WIRE INSTRUCTIONS When funds are to be wired to Borrower by the Administrative Agent or by any
Syndication Party, the following wiring information must be used:

	 	 	 	 	 
	To:
	 	CHS Inc.	 	 
	 
	 	Bank Name:	 	Wells Fargo Bank Minnesota, N.A.

	 
	 	 	 	Sixth and Marquette

	 
	 	 	 	Minneapolis, MN 55479
	 
	 	Routing No. :	 	091000019
	 
	 	Account No.:	 	0000044070

 

 

SCHEDULE 1

to Credit Agreement (Revolving Loan)

SYNDICATION PARTIES AND INDIVIDUAL COMMITMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Syndication Party	 	 	Individual	 	 	 	Individual	 	 
	 	Name/Address	 	 	364-Day Commitment	 	 	 	5-Year Commitment	 	 
	 	CoBank, ACB

5500 South Quebec Street

Greenwood Village, CO 80111
	 	 	$	119,000,000.00	 	 	 	$	51,000,000.00	 	 
	 	The
Bank of Tokyo — Mitsubishi, Ltd.

Chicago Branch

227 West Monroe Street

Suite 2300

Chicago, IL 60606
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	SunTrust
Bank

303 Peachtree Street N.E., 3rd Floor

Atlanta, GA 30308
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	Bank
of America, N.A.

231 South LaSalle Street

Chicago, IL 60697
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	Wells
Fargo Bank, National Association

Sixth and Marquette

Minneapolis, MN 55479-0085
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	BNP
Paribas

787 Seventh Avenue

New York, NY 10019
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	Harris
Trust and Savings Bank

111 W. Monroe Street

20th Floor West

Chicago, IL 60603
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	Rabobank
International, New York Branch

245 Park Avenue

New York, NY 10167
	 	 	$	42,000,000.00	 	 	 	$	18,000,000.00	 	 
	 	Deere
Credit, Inc.

6400 NW
86th
Street

P.O. Box 6650-Dept 140

Johnston, IA 50131-6650
	 	 	$	38,500,000.00	 	 	 	$	16,500,000.00	 	 
	 	U.S.
Bank National Association

950 17th Street, Suite 350

DN-CO-T3CS

Denver, CO 80202
	 	 	$	32,200,000.00	 	 	 	$	13,800,000.00	 	 
	 	Natexis
Banques Populaires

1251 Avenue of the Americas

New York, NY 10020
	 	 	$	32,200,000.00	 	 	 	$	13,800,000.00	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Syndication Party	 	 	Individual	 	 	 	Individual	 	 
	 	Name/Address	 	 	364-Day Commitment	 	 	 	5-Year Commitment	 	 
	 	Fortis
Captial Corp.

301 Tresser Boulevard

Stamford, CT 06901-3239
	 	 	$	32,200,000.00	 	 	 	$	13,800,000.00	 	 
	 	The Bank of Nova Scotia

600 Peachtree Street, N.E.

Atlanta, GA 30308
	 	 	$	32,200,000.00	 	 	 	$	13,800,000.00	 	 
	 	Calyon New York Branch

1301 Avenue of the Americas

New York, NY 10019
	 	 	$	32,200,000.00	 	 	 	$	13,800,000.00	 	 
	 	National City Bank of Indiana

101 W. Washington St., Ste. 200 E

Indianapolis, IN 46255
	 	 	$	17,500,000.00	 	 	 	$	7,500,000.00	 	 
	 	M&I Marshall & Ilsley Bank

651 Nicollet Mall

Minneapolis, MN 55402
	 	 	$	17,500,000.00	 	 	 	$	7,500,000.00	 	 
	 	Farm Credit Services of America, PCA

5015 South 118th Street

Omaha, Nebraska 68137
	 	 	$	16,100,000.00	 	 	 	$	6,900,000.00	 	 
	 	ING Capital LLC

1325 Avenue of the Americas, 8F1

New York, NY 10019
	 	 	$	14,000,000.00	 	 	 	$	6,000,000.00	 	 
	 	UFJ Bank Limited

55 East 52nd Street

New York, NY 10055
	 	 	$	10,500,000.00	 	 	 	$	4,500,000.00	 	 
	 	Comerica Bank, Inc.
	 	 	$	7,000,000.00	 	 	 	$	3,000,000.00	 	 
	 	AgStar Financial Services, PCA

14800 Galaxie Ave., Suite 205

Apple Valley, Minnesota 55124
	 	 	$	4,900,000.00	 	 	 	$	2,100,000.00	 	 
	 	TOTAL
	 	 	$	700,000,000.00	 	 	 	$	300,000,000.00	 	 
	 

2

 

SCHEDULE 2

to Credit Agreement

APPLICABLE MARGINS AND FACILITY FEE FACTORS

The determination of the Applicable Margins and Facility Fee Factors will be made effective 5
Banking Days after the Administrative Agent receives quarterly financial statements from the
Borrower; however, no adjustments will be made to the LIBO Rate applicable to LIBO Rate Loans then
outstanding until the end of their then current LIBO Period. For the period from the Closing Date
and until the Administrative Agent receives quarterly financial statements from the Borrower for
two full Fiscal Quarters which commence on a date simultaneous with, or subsequent to, the Closing
Date, the Applicable Margins and Facility Fee Factors shall be determined pursuant to Tier 2 below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Ratio of Consolidated	 	 	 	 	 	 	 	 	364-Day Facility	 	 	5-Year Facility Fee	 
	 	TIER	 	 	Funded Debt to Cash Flow	 	 	364-Day Margin	 	 	5-Year Margin	 	 	Fee Factor	 	 	Factor	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Tier 5

	 	 	£ 1.00
	 	 	42.5 basis points
	 	 	40.0 basis points
	 	 	7.5 basis points
	 	 	10.0 basis points	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Tier 4

	 	 	> 1.00 £ 1.50
	 	 	52.5 basis points
	 	 	50.0 basis points
	 	 	10.0 basis points
	 	 	12.5 basis points	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Tier 3

	 	 	> 1.50 £ 2.00
	 	 	60.0 basis points
	 	 	57.5 basis points
	 	 	12.5 basis points
	 	 	15.0 basis points	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Tier 2

	 	 	> 2.00 £ 2.50
	 	 	70.0 basis points
	 	 	67.5 basis points
	 	 	15.0 basis points
	 	 	17.5 basis points	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Tier 1

	 	 	> 2.50
	 	 	87.5 basis points
	 	 	85.0 basis points
	 	 	17.5 basis points
	 	 	20.0 basis pointsexv10w1

 

Exhibit 10.1

Published CUSIP Number: ___________

CREDIT AGREEMENT

among

CENTEX CORPORATION,

Borrower

BANK OF AMERICA, N.A.,

Administrative Agent

and

THE LENDERS NAMED HEREIN,

Lenders

$1,500,000,000

Dated as of July 1, 2005

JPMORGAN CHASE BANK, N.A.

and

THE ROYAL BANK OF SCOTLAND PLC,

Co-Syndication Agents

CITICORP NORTH AMERICA, INC.,

and

CREDIT SUISSE, Cayman Islands Branch

Co-Documentation Agent

BNP PARIBAS,

and

CALYON NEW YORK BRANCH,

Senior Managing Agents

SUNTRUST BANK,

THE BANK OF TOKYO MITSUBISHI, LTD.,

and

LLOYDS TSB BANK PLC,

Managing Agents

BANC OF AMERICA SECURITIES LLC,

Sole Lead Arranger and Sole Book Manager

Credit Agreement

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	SECTION 1 DEFINITIONS AND TERMS
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	1.2 Number and Gender of Words; Other References
	 	 	16	 
	1.3 Accounting Principles
	 	 	17	 
	1.4 Time References
	 	 	17	 
	1.5 Letter of Credit Amounts
	 	 	17	 
	 
	 	 	 	 
	SECTION 2 BORROWING PROVISIONS
	 	 	17	 
	2.1 Commitments
	 	 	17	 
	2.2 Lenders; Increase in Total Commitment
	 	 	18	 
	2.3 Voluntary Termination or Reduction of Commitments
	 	 	19	 
	2.4 Borrowing Procedure
	 	 	19	 
	2.5 Letters of Credit
	 	 	20	 
	 
	 	 	 	 
	SECTION 3 TERMS OF PAYMENT
	 	 	28	 
	3.1 Notes and Payments
	 	 	28	 
	3.2 Interest and Principal Payments
	 	 	29	 
	3.3 Interest Options
	 	 	29	 
	3.4 Quotation of Rates
	 	 	30	 
	3.5 Default Rate
	 	 	30	 
	3.6 Interest Recapture
	 	 	30	 
	3.7 Interest Calculations
	 	 	30	 
	3.8 Maximum Rate
	 	 	30	 
	3.9 Interest Periods
	 	 	31	 
	3.10 Conversions; Continuations
	 	 	31	 
	3.11 Order of Application
	 	 	31	 
	3.12 Right of Set-off; Adjustments
	 	 	32	 
	3.13 Booking Borrowings
	 	 	32	 
	 
	 	 	 	 
	SECTION 4 CHANGE IN CIRCUMSTANCES
	 	 	33	 
	 
	 	 	 	 
	Credit Agreement
	 	 	 	 

i

 

	 	 	 	 	 
	 	 	 	Page	 
	4.1 Increased Cost and Reduced Return
	 	 	33	 
	4.2 Limitation on Types of Borrowings
	 	 	34	 
	4.3 Illegality
	 	 	34	 
	4.4 Treatment of Affected Loans
	 	 	34	 
	4.5 Compensation
	 	 	35	 
	4.6 Taxes
	 	 	35	 
	 
	 	 	 	 
	SECTION 5 FEES
	 	 	37	 
	5.1 Treatment of Fees
	 	 	37	 
	5.2 Fees of Administrative Agent
	 	 	37	 
	5.3 Facility Fees
	 	 	37	 
	5.4 Utilization Fee
	 	 	37	 
	5.5 Letter of Credit Fees
	 	 	37	 
	5.6 Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer
	 	 	38	 
	 
	 	 	 	 
	SECTION 6 CONDITIONS PRECEDENT
	 	 	38	 
	6.1 Conditions Precedent to Closing
	 	 	38	 
	6.2 Conditions to all Credit Extensions
	 	 	39	 
	 
	 	 	 	 
	SECTION 7 REPRESENTATIONS AND WARRANTIES
	 	 	40	 
	7.1 Purpose of Credit Facility
	 	 	40	 
	7.2 Existence, Good Standing, Authority, and Authorizations
	 	 	40	 
	7.3 Subsidiaries; Capital Stock
	 	 	40	 
	7.4 Authorization and Contravention
	 	 	40	 
	7.5 Binding Effect
	 	 	41	 
	7.6 Financial Statements
	 	 	41	 
	7.7 Litigation, Claims, Investigations
	 	 	41	 
	7.8 Taxes
	 	 	41	 
	7.9 Environmental Matters
	 	 	41	 
	7.10 Employee Benefit Plans
	 	 	42	 
	7.11 Properties; Liens
	 	 	42	 
	7.12 Government Regulations
	 	 	42	 
	7.13 Transactions with Affiliates
	 	 	42	 
	 
	 	 	 	 
	Credit Agreement
	 	 	 	 

ii

 

	 	 	 	 	 
	 	 	 	Page	 
	7.14 No Default
	 	 	42	 
	7.15 Solvency
	 	 	42	 
	7.16 Compliance with Legal Requirements
	 	 	42	 
	7.17 Full Disclosure
	 	 	43	 
	7.18 Senior Debt
	 	 	43	 
	 
	 	 	 	 
	SECTION 8 AFFIRMATIVE COVENANTS
	 	 	43	 
	8.1 Use of Proceeds
	 	 	43	 
	8.2 Books and Records
	 	 	43	 
	8.3 Items to be Furnished
	 	 	43	 
	8.4 Inspections
	 	 	45	 
	8.5 Taxes
	 	 	45	 
	8.6 Payment of Obligations
	 	 	46	 
	8.7 Maintenance of Existence, Assets, and Business
	 	 	46	 
	8.8 Insurance
	 	 	46	 
	8.9 Preservation and Protection of Rights
	 	 	46	 
	8.10 Environmental Laws
	 	 	46	 
	8.11 Compliance with Legal Requirements
	 	 	46	 
	8.12 Designation of Unrestricted Subsidiaries
	 	 	47	 
	 
	 	 	 	 
	SECTION 9 NEGATIVE COVENANTS
	 	 	48	 
	9.1 Employee Benefit Plans
	 	 	48	 
	9.2 Liens
	 	 	48	 
	9.3 Subsidiary Indebtedness; Limitations on Upstreaming
	 	 	49	 
	9.4 Transactions with Affiliates
	 	 	49	 
	9.5 Compliance with Documents
	 	 	50	 
	9.6 Assignment
	 	 	50	 
	9.7 Fiscal Year and Accounting Methods
	 	 	50	 
	9.8 Government Regulations
	 	 	50	 
	9.9 Sale of Assets
	 	 	50	 
	9.10 Mergers and Dissolutions; Sale of Capital Stock
	 	 	50	 
	9.11 New Business
	 	 	50	 
	9.12 Financial Covenants
	 	 	51	 
	 
	 	 	 	 
	Credit Agreement
	 	 	 	 

iii

 

	 	 	 	 	 
	 	 	 	Page	 
	SECTION 10 DEFAULT
	 	 	51	 
	10.1 Payment of Obligation
	 	 	51	 
	10.2 Covenants
	 	 	51	 
	10.3 Debtor Relief
	 	 	51	 
	10.4 Judgments and Attachments
	 	 	52	 
	10.5 Government Action
	 	 	52	 
	10.6 Misrepresentation
	 	 	52	 
	10.7 Change of Control
	 	 	52	 
	10.8 Default Under Other Debt and Agreements
	 	 	52	 
	10.9 Employee Benefit Plans
	 	 	52	 
	10.10 Validity and Enforceability of Loan Documents
	 	 	53	 
	 
	 	 	 	 
	SECTION 11 RIGHTS AND REMEDIES
	 	 	53	 
	11.1 Remedies Upon Default
	 	 	53	 
	11.2 Borrower Waivers
	 	 	54	 
	11.3 Performance by Administrative Agent
	 	 	54	 
	11.4 Delegation of Duties and Rights
	 	 	54	 
	11.5 Not in Control
	 	 	54	 
	11.6 Course of Dealing
	 	 	55	 
	11.7 Cumulative Rights
	 	 	55	 
	11.8 Application of Proceeds
	 	 	55	 
	11.9 Certain Proceedings
	 	 	55	 
	11.10 Expenses; Indemnification
	 	 	56	 
	 
	 	 	 	 
	SECTION 12 ADMINISTRATIVE AGENT
	 	 	57	 
	12.1 Appointment and Authorization of Administrative Agent
	 	 	57	 
	12.2 Delegation of Duties
	 	 	57	 
	12.3 Liability of Administrative Agent
	 	 	57	 
	12.4 Reliance by Administrative Agent
	 	 	58	 
	12.5 Notice of Event of Default
	 	 	58	 
	12.6 Credit Decision; Disclosure of Information by Administrative Agent
	 	 	58	 
	12.7 Indemnification of Administrative Agent
	 	 	59	 
	12.8 Administrative Agent in its Individual Capacity
	 	 	59	 
	12.9 Successor Administrative Agent
	 	 	60	 
	 
	 	 	 	 
	Credit Agreement
	 	 	 	 

iv

 

	 	 	 	 	 
	 	 	 	Page	 
	12.10 Administrative Agent May File Proofs of Claims
	 	 	60	 
	12.11 Other Agent; Arrangers; and Managers
	 	 	61	 
	 
	 	 	 	 
	SECTION 13 MISCELLANEOUS
	 	 	61	 
	13.1 Headings
	 	 	61	 
	13.2 Nonbusiness Days
	 	 	61	 
	13.3 Communications
	 	 	62	 
	13.4 Form and Number of Documents
	 	 	63	 
	13.5 Exceptions to Covenants
	 	 	63	 
	13.6 Survival
	 	 	63	 
	13.7
Governing
Law
	 	 	63	 
	13.8 Invalid Provisions
	 	 	64	 
	13.9 Entirety
	 	 	64	 
	13.10 Jurisdiction; Venue; Service of Process; Jury Trial
	 	 	64	 
	13.11 Amendments, Consents, Conflicts, and Waivers
	 	 	65	 
	13.12 Multiple Counterparts
	 	 	65	 
	13.13 Successors and Assigns; Assignments and Participations
	 	 	66	 
	13.14 Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances
	 	 	68	 
	13.15 Limited Waiver
	 	 	68	 
	13.16 Confidentiality
	 	 	68	 
	13.17 USA Patriot Act Notice
	 	 	69	 
	 
	 	 	 	 
	Credit Agreement
	 	 	 	 

v

 

EXHIBITS AND SCHEDULES

	 	 	 	 	 
	Exhibit A

	 	-
	 	Form of Revolving Note
	Exhibit B

	 	-
	 	Form of Compliance Certificate
	Exhibit C-1

	 	-
	 	Form of Notice of Borrowing
	Exhibit C-2

	 	-
	 	Form of Notice of Conversion/Continuation
	Exhibit C-3

	 	-
	 	Form of Notice of Prepayment
	Exhibit D

	 	-
	 	Form of Opinion of Counsel
	Exhibit E

	 	-
	 	Form of Assignment and Acceptance Agreement
	 
	 	 	 	 
	Schedule 1.1

	 	-
	 	Existing Letters of Credit
	Schedule 2.1

	 	-
	 	Lenders and Commitments; Addresses for Notice
	Schedule 7.3

	 	-
	 	Subsidiaries and Stock

Credit Agreement

vi

 

CREDIT AGREEMENT

     THIS CREDIT AGREEMENT is entered into as of July 1, 2005 (the “Closing Date”) among CENTEX
CORPORATION, a Nevada corporation (“Borrower”), Lenders (hereinafter defined), and BANK OF AMERICA,
N.A., as Administrative Agent (hereinafter defined) and as an L/C Issuer (hereinafter defined).

R E
C I T A L S

     A. Borrower has requested that Lenders extend credit to Borrower in the form of this
Agreement, providing for, among other things, a revolving credit facility in the aggregate
principal amount of up to $1,500,000,000.

     B. Upon and subject to the terms and subject to the conditions of this Agreement, Lenders are
willing to extend such credit to Borrower.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

SECTION 1 DEFINITIONS AND TERMS.

     1.1 Definitions.

     As used herein:

     Adjusted Eurodollar Rate means, for any Eurodollar Borrowing for any Interest Period therefor,
the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) determined by
Administrative Agent to be equal to the quotient obtained by dividing (a) the Eurodollar Rate for
such Eurodollar Borrowing for such Interest Period by (b) one (1) minus the Reserve Requirement for
such Eurodollar Borrowing for such Interest Period.

     Administrative Agent means Bank of America, N.A., and its permitted successors and assigns as
“Administrative Agent” for Lenders under this Agreement.

     Affiliate of any Person means any other Person who directly or indirectly controls, or is
controlled by, or is under common control with, such Person, and, for purposes of this definition
only, “control,” “controlled by,” and “under common control with” mean possession, directly or
indirectly, of the power to direct or cause the direction of management or policies (whether
through ownership of voting securities, by contract, or otherwise).

     Agent-Related Persons means Administrative Agent, together with its Affiliates (including
Arranger), and the officers, directors, employees, agents and attorneys-in-fact of such Persons and
Affiliates.

     Agreement means this Credit Agreement (as the same may hereafter be amended, modified,
supplemented, or restated from time to time).

Credit Agreement

 

 

     Applicable Lending Office means, for each Lender and for each Type of Borrowing, the “Lending
Office” of such Lender (or an Affiliate of such Lender) designated on Schedule 2.1 or such other
office as such Lender may from time to time specify to Administrative Agent and Borrower by written
notice in accordance with the terms hereof as the office by which its Borrowings of such Type are
to be made and maintained.

     Applicable Margin means, as of any date of determination, the interest margin over the Prime
Rate or the Adjusted Eurodollar Rate, and the applicable fees payable pursuant to Section 5.3 and
Section 5.4, as the case may be, that corresponds to the Moody’s Rating, the S & P Rating, and the
Fitch Rating set forth below on such date of determination:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Applicable Margin	 	 	Applicable Margin	 	 	 	 	 	 	Applicable Margin	 
	 	 	 	 	 	 	 	 	for Prime Rate	 	 	for Eurodollar	 	 	Applicable Margin	 	 	for Utilization	 
	Level	 	Moody’s Rating	 	S & P Rating	 	Fitch Rating	 	Borrowings	 	 	Borrowings	 	 	for Facility Fees	 	 	Fees	 
	1
	 	A3 or higher	 	A- or higher	 	A- or higher	 	 	0.0000	%	 	 	0.3000	%	 	 	0.1000	%	 	 	0.1250	%
	2
	 	Baa1	 	BBB+	 	BBB+	 	 	0.0000	%	 	 	0.3750	%	 	 	0.1250	%	 	 	0.1250	%
	3
	 	Baa2	 	BBB	 	BBB	 	 	0.0000	%	 	 	0.4750	%	 	 	0.1500	%	 	 	0.1250	%
	4
	 	Baa3	 	BBB-	 	BBB-	 	 	0.0000	%	 	 	0.5750	%	 	 	0.1750	%	 	 	0.1250	%
	5
	 	Ba1 or lower or Not Rated 	 	BB+ or lower or Not Rated	 	BB+ or lower or Not Rated	 	 	0.0000	%	 	 	0.7750	%	 	 	0.2250	%	 	 	0.2500	%

For purposes of the foregoing: (a) if a Debt Rating is issued by only two (2) of Moody’s, S & P,
and Fitch, and (i) such Debt Ratings shall fall within different Levels (but not more than one (1)
Level apart), then the Applicable Margin shall be determined by reference to the numerically lower
Level (e.g. if the S & P Rating is at Level 1 and the Moody’s Rating is at Level 2, then the
Applicable Margin shall be determined by reference to Level 1), or (ii) such Debt Ratings shall
fall within different Levels (two (2) or more Levels apart), the Applicable Margin shall be
determined by reference to the Level that is one Level higher than the numerically lowest Level
(e.g., if the S & P Rating is in Level 1 and the Moody’s Rating is in Level 3, then the Applicable
Margin shall be determined by reference to Level 2); and (b) if a Debt Rating is issued by each of
Moody’s, S & P, and Fitch, then the Applicable Margin shall be determined by reference to the Level
that corresponds to the lower of the two highest Debt Ratings (e.g. if the Moody’s Rating is at
Level 1, the S & P Rating is at Level 2, and the Fitch Rating is at Level 3, then the Applicable
Margin shall be determined by reference to Level 2). The pricing that is effective on the Closing
Date is that under Level 3. Thereafter, each change in the Applicable Margin shall be effective on
the earlier of: (i) the actual date of delivery by Borrower to Administrative Agent of notice of a
change in S & P Rating, Moody’s Rating, or Fitch Rating pursuant to Section 8.3(g); and (ii) the
date on which Borrower is obligated to deliver notice of a change in S & P Rating, Moody’s Rating,
or Fitch Rating to Administrative Agent pursuant to Section 8.3(g).

Credit Agreement

2

 

     Approved Fund is defined in Section 13.13(g).

     Arranger means Banc of America Securities LLC, and its successors and permitted assigns in its
capacity as “Sole Lead Arranger” under the Loan Documents.

     Attorney Costs means and includes all reasonable fees, expenses, and disbursements of any law
firm or other external counsel.

     Authorizations means all filings, recordings, and registrations with, and all validations or
exemptions, approvals, orders, authorizations, consents, franchises, licenses, certificates, and
permits from, any Governmental Authority.

     Borrower is defined in the preamble to this Agreement.

     Borrowing means any amount disbursed (a) by one or more Credit Parties to Borrower under the
Loan Documents, whether such amount constitutes an original disbursement of funds or the Conversion
or Continuation of an amount outstanding, or (b) by any Credit Party in accordance with, and to
satisfy the obligations of Borrower under, any Loan Document.

     Borrowing Date means any date on which a Credit Extension is made by Lenders pursuant to the
receipt by Administrative Agent of a Notice of Borrowing from Borrower.

     Business Day means (a) for all purposes, any day other than Saturday, Sunday, and any other
day on which commercial banking institutions are required or authorized by any Legal Requirement to
be closed at the place of Administrative Agent’s Payment Office or payments cannot be made on the
United States Fedwire System, and (b) in addition to the foregoing, in respect of any Eurodollar
Borrowing, a day on which dealings in United States dollars are conducted in the London interbank
market and commercial banks are open for international business in London.

     Capitalized Lease Obligations means all obligations under Capital Leases taken at the amount
thereof accounted for as liabilities in accordance with GAAP.

     Capital Lease means any capital lease or sublease which should be capitalized on a balance
sheet in accordance with GAAP.

     Cash Collateralize is defined in Section 2.5(i).

     Change in Control means, with respect to any Person, any event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such Person or its
Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, except that a Person or group shall be deemed to have
“beneficial ownership” of all securities that such Person or group has the right to acquire (such
right, an “option right”), whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of fifty percent (50%) or more of the equity securities of such
Person entitled to vote for members of the board of directors or equivalent governing body of such
Person on a fully-diluted basis (and taking into account all such securities that such Person or
group has the right to acquire pursuant to any option right); or

Credit Agreement

3

 

     (b) during any period of twelve (12) consecutive months, a majority of the members of the
board of directors or other equivalent governing body of such Person cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day of
such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body, or (iii) whose
election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office
as, a member of that board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of one or more directors
by any Person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors).

     Closing Date is defined in the preamble to this Agreement.

     Commitment means, for any Lender at any date of determination, the amount stated beside each
Lender’s name as set forth on Schedule 2.1 or on the most-recently amended Schedule 2.1, if any,
prepared by Administrative Agent pursuant to Section 2.2 or Section 13.13 (which amount is subject
to increase, reduction, or cancellation in accordance with this Agreement).

     Companies means, as of any date, Borrower and each of its Subsidiaries, and Company means any
one of the Companies.

     Compliance Certificate means a certificate signed by a Responsible Officer, substantially in
the form of Exhibit B.

     Consequential Loss is defined in Section 4.5.

     Consolidated Adjusted Net Income means, for any period of determination, consolidated net
earnings (after income taxes and without deduction for losses) of the Companies, but excluding (a)
gains from extraordinary items for such period, and (b) any aggregate net gain during such period
arising from the sale, exchange, or other disposition of capital assets by the Companies (including
any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the
disposition of fixed assets, and all securities (other than securities sold in the ordinary course
of business)).

     Consolidated Debt means, as of any date of determination, (a) all Debt (other than (x) with
respect to undrawn Performance Letters of Credit and (y) Contingent Obligations with respect to
guaranties of undrawn Performance Letters of Credit of Persons other than Borrower or a Restricted
Subsidiary) of the Restricted Companies, on a consolidated basis, minus (b) Excess Cash not subject
to any Liens or other restrictions not inherent in the particular investment or obligation;
provided that, for purposes of Section 8.12, Consolidated Debt means, as of the date of
determination, all Debt of the Restricted Companies, on a consolidated basis.

     Consolidated EBITDA means, for any period of determination and without duplication, the EBITDA
of the Restricted Companies, on a consolidated basis.

     Consolidated Interest Expense means, for any period of determination, the Interest Expense of
the Restricted Companies, on a consolidated basis.

Credit Agreement

4

 

     Consolidated Tangible Net Worth means, as of any date of determination, Tangible Net Worth of
the Companies (other than any Excluded Subsidiary), on a consolidated basis determined in
accordance with GAAP.

     Constituent Documents means, with respect to any Person, its articles or certificate of
incorporation, bylaws, partnership agreement, organizational documents, limited liability company
agreement, trust agreement, or such other documents as may govern such Person’s formation,
organization, and management.

     Contingent Obligations means as to any Person any obligation of such Person guaranteeing any
Debt, leases, dividends, or other obligations (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, and any other obligation of such
Person, whether or not contingent, pursuant to which such Person is liable under or with respect to
a primary obligation of a primary obligor, in each case that would be included on a balance sheet
of such Person (or disclosed and assigned a monetary value in the footnotes thereto) properly
prepared in accordance with GAAP as a “Contingent Obligation.”

     Continue, Continuation, and Continued refers to the continuation pursuant to Section 3.10 of a
Eurodollar Borrowing from one Interest Period to the next Interest Period.

     Convert, Conversion, and Converted refers to a conversion pursuant to Section 3.10 of one Type
of Borrowing into another Type of Borrowing.

     Credit Extension means, for any Credit Party, the funding of its portion of a Borrowing or an
L/C Credit Extension.

     Credit Parties means Administrative Agent, L/C Issuers, and Lenders, and Credit Party means
any one of the Credit Parties.

     Cumulative Consolidated Net Income means the sum of Quarterly Consolidated Net Income for the
fiscal quarter ended June 30, 2005, and for each succeeding fiscal quarter during the term hereof.

     Current Financials means, at the time of any determination thereof, the most recently
delivered to the Credit Parties of either (a) the Financial Statements for the fiscal year ended
March 31, 2005, calculated on a consolidated basis for the Companies, or (b) the Financial
Statements required to be delivered under Section 8.3(a) or 8.3(b), as the case may be.

     Debt means (without duplication), for any Person, the sum of the following: (a) all
liabilities, obligations, and indebtedness of such Person for money borrowed; (b) all liabilities,
obligations, and indebtedness of such Person which is evidenced by bonds, notes, debentures, or
other similar instruments; (c) all Capitalized Lease Obligations of such Person; (d) all
obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations of such Person, and obligations of such Person under any title
retention agreement (but excluding trade accounts payable arising in the ordinary course of
business that are not past-due for more than ninety (90) days); (e) all Contingent Obligations of
such Person; (f) all obligations of the type referred to in clauses (a) and (b) preceding of other
Persons secured by any Lien on any property or asset of such Person (whether or not such obligation
is assumed by such Person); (g) the face amount of all letters of credit and banker’s acceptances
issued for the account of such Person, and without duplication, all drafts drawn and unpaid
thereunder; (h) all Stock

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of such Person subject to repurchase or redemption by such Person other than at the sole
option of such Person; (i) all obligations of such Person to purchase Stock (or other property)
which arise out of or in connection with the sale by such Person of the same or substantially
similar Stock (or property); and (j) net obligations of such Person arising under Financial Hedges
entered into by such Person as determined in accordance with GAAP.

     Debtor Relief Laws means the Bankruptcy Code of the United States of America and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, fraudulent transfer or conveyance, suspension of payments, or similar
Legal Requirements from time to time in effect affecting the Rights of creditors generally.

     “Debt Rating” means any one of the Moody’s Rating, the S & P Rating, and the Fitch Rating, and
“Debt Ratings” means each Debt Rating taken collectively.

     Defaulting Lender means, as of any date, any Lender that has (a) failed to make a Credit
Extension required to be made by it hereunder, or (b) given notice to Administrative Agent or
Borrower that it will not make, or that it has disaffirmed or repudiated any obligation to make,
any Credit Extension hereunder (unless such notice is given by all Lenders).

     Default Rate means, (i) with respect to any Borrowing, on any date, a per annum rate of
interest equal from day to day to the lesser of (a) the non-default interest rate applicable to
such Borrowing, plus two percent (2%) and (b) the Maximum Rate, and (ii) with respect to any other
Obligation under the Loan Documents, the lesser of (a) the Prime Rate plus the then-effective
Applicable Margin for Prime Rate Borrowings, plus two percent (2%) and (b) the Maximum Rate.

     Dollars and the symbol $ mean lawful money of the United States of America.

     EBITDA means, with respect to any Person for any fiscal period, an amount equal to (a)
consolidated net income of such Person for such period, minus (b) the sum of (i) income tax
credits, (ii) interest income, (iii) gains from extraordinary items for such period, and (iv) any
aggregate net gain during such period arising from the sale, exchange, or other disposition of
capital assets by such Person (including any fixed assets, whether tangible or intangible, all
inventory sold in conjunction with the disposition of fixed assets, and all securities (other than
securities sold in the ordinary course of business)), in each case to the extent included in the
calculation of consolidated net income of such Person for such period in accordance with GAAP, but
without duplication, minus (c) any cash payments made in respect of any item of extraordinary loss
accrued during a prior period and added back to EBITDA in such prior period pursuant to clause
(d)(v) below, plus (d) the sum of (i) any provision for income taxes, (ii) Interest Expense, (iii)
the amount of depreciation and amortization for such period, (iv) the amount of any deduction to
consolidated net income as the result of any stock option expense, (v) the amount of any item of
extraordinary loss not paid in cash in such period, and (vi) the absolute value of any aggregate
net loss during such period arising from the sale, exchange, or other disposition of capital assets
by such Person (including any fixed assets, whether tangible or intangible, all inventory sold in
conjunction with the disposition of fixed assets, and all securities (other than securities sold in
the ordinary course of business)), in each case to the extent included in the calculation of
consolidated net income of such Person for such period in accordance with GAAP, but without
duplication.

     Eligible Assignee is defined in Section 13.13(g).

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     Employee Plan means an employee pension benefit plan covered by Title IV of ERISA and
established or maintained by Borrower or any ERISA Affiliate, but not including any Multiemployer
Plan.

     Environmental Law means any Legal Requirement relating to protection of the public health and
welfare and/or the environment, including any Legal Requirement relating to: the generation,
processing, treatment, storage, transport, disposal, investigation, and remediation or other
management of Hazardous Materials; the storage, handling, use, and transport of chemicals and
Hazardous Materials; and protection of areas of particular environmental concern, including
wetlands, areas inhabited by endangered species, historic sites, and areas above protected
aquifers.

     Equity Issuance means the issuance or sale by any Restricted Company of any Stock, other than
present and future Stock issued to other Companies or to employees, directors, officers, or
consultants of any of the Companies.

     ERISA means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and rulings thereunder.

     ERISA Affiliate means any company or trade or business (whether or not incorporated) which,
for purposes of Title IV of ERISA, is a member of Borrower’s controlled group or which is under
common control with Borrower within the meaning of Section 414(b), (c), (m), or (o) of the Tax
Code.

     Eurodollar Borrowing means a Borrowing bearing interest at the sum of the Adjusted Eurodollar
Rate plus the Applicable Margin for Eurodollar Borrowings.

     Eurodollar Rate means, for any Eurodollar Borrowing for any Interest Period, the rate per
annum equal to the British Bankers Association LIBOR Rate (BBA LIBOR), as published by Reuters (or
other commercially available source providing quotations of BBA LIBOR as designated by the
Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is
not available at such time for any reason, then the Eurodollar Rate for such Interest Period shall
be the rate per annum determined by Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate
amount of the Eurodollar Borrowing being made, continued or converted by Administrative Agent and
with a term equivalent to such Interest Period would be offered by Administrative Agent’s London
Branch to major banks in the London interbank eurodollar market at their request at approximately
11:00 a.m. (London time) two (2) Business Days prior to the commencement of such Interest Period.

     Event of Default is defined in Section 10.

     Excess Cash means, for the Restricted Companies as of any date of determination thereof, (a)
cash, plus (b) time deposits with, and certificates of deposit, bank notes and bankers’ acceptances
issued by, any Lender or any domestic bank, savings bank or savings and loan association having
capital, surplus and undivided profits aggregating at least $1,000,000,000, plus (c) investments in
direct obligations of the United States of America or any agency, government-sponsored enterprise
or instrumentality thereof, or obligations fully guaranteed by the United States of America or any
agency, government-sponsored enterprise or instrumentality thereof, provided that such obligations
mature within one (1) year of the date of acquisition thereof, plus (d) investments in commercial
paper rated (at the time

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of purchase) in one of the two highest short-term rating categories by two (2) or more
national credit rating agencies and maturing not more than two hundred and seventy (270) days from
the date of creation thereof, plus (e) repurchase agreements involving any of the obligations
described in clauses (b), (c) and (d) above so long as the other party to the repurchase agreement
has short-term unsecured debt obligations or short-term deposits rated (at the time of purchase) in
the highest grade by two (2) or more national credit rating agencies, plus (f) investments in
direct obligations of any money-market fund or other similar investment company that is rated
“AAAm” or “AAAm-G” by S & P and “Aaa” by Moody’s or whose investments consist, directly or
indirectly, primarily of short-term money market securities, which may include obligations
described in the foregoing clauses of this definition, minus (g) $15,000,000; provided that in no
event shall Excess Cash be less than zero.

     Excluded Subsidiary means any Unrestricted Subsidiary that has a continuing default or event
of default under any Debt in excess of $25,000,000 at any time.

     Excluded Taxes is defined in Section 4.6(a).

     Exhibit means an exhibit to this Agreement unless otherwise specified.

     Existing L/C Facility means the Letter of Credit and Reimbursement Agreement dated as of July
16, 2004, among Centex Corporation, as Borrower, the Lenders party thereto, and Bank of America,
N.A., as Administrative Agent, as such agreement may have been modified, amended, or restated.

     Existing Letters of Credit means those certain letters of credit listed on Schedule 1.1 and
any renewals and amendments thereof, and Existing Letter of Credit means any one of the Existing
Letters of Credit.

     Existing Revolver Credit Facility means the Credit Agreement dated as of July 16, 2004, among
Borrower, as borrower, the Lenders party thereto, and Bank of America, N.A., as Administrative
Agent, as such agreement may have been modified, amended, or restated.

     Federal Funds Rate means, for any day, the rate per annum equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to
Administrative Agent or its successors on such day on such transactions as determined by
Administrative Agent.

     Fee Letter means that certain letter agreement dated May 9, 2005 among Administrative Agent,
Arranger, and Borrower, as amended.

     Financial Hedge means a swap, collar, floor, cap, or other contract which is intended to
reduce or eliminate the risk of fluctuations in interest rates.

     Financial Statements means balance sheets, statements of operations, statements of
stockholders’ equity, and statements of cash flows prepared in accordance with GAAP, which
statements of operations and statements of cash flows shall be in comparative form to the
corresponding period of the preceding

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fiscal year, and which balance sheets and statements of stockholders’ equity shall be in
comparative form to the prior fiscal year-end figures.

     Fitch means Fitch IBCA, Duff & Phelps, a division of Fitch, Inc., or any successor thereto.

     Fitch Rating means the most recently-announced rating from time to time of Fitch assigned to
any class of long-term senior, unsecured debt securities issued by Borrower, as to which no letter
of credit, guaranty, or third-party credit support is in place, regardless of whether all or any
part of such Debt has been issued at the time such rating was issued.

     Fund is defined in Section 13.13(g).

     GAAP means generally accepted accounting principles in the United States of America as set
forth in the opinions and pronouncements of the American Institute of Certified Public Accountants
and the statements and pronouncements of the Financial Accounting Standards Board which are
applicable from time to time.

     Governmental Authority means any applicable (a) local, state, municipal, federal, or foreign
judicial, executive, or legislative instrumentality, (b) private arbitration board or panel, or (c)
central bank.

     Hazardous Material means “hazardous substance,” “pollutant or contaminant,” and “petroleum,”
and “natural gas liquids” as those terms are defined or used in Section 101 of the Comprehensive
Environmental Response, Compensation, and Liability Act (42 U.S.C. § 96.01 et
seq.), as amended or supplemented from time to time, and any other substances regulated
because of their effect or potential effect on public health and the environment including PCBs,
lead paint, asbestos, urea formaldehyde, radioactive materials, putrescible materials, petroleum
distillates, medical waste, and infectious materials.

     Increasing Lender is defined in Section 2.2(b).

     Indemnified Liabilities is defined in Section 11.10(b).

     Indemnitees is defined in Section 11.10(b).

     Interest Coverage Ratio means, as of any date of determination thereof, the ratio of (a)
Consolidated EBITDA, plus net income of each Unrestricted Subsidiary (without duplication and
determined in accordance with GAAP) that is earned and eligible for distribution, to (b)
Consolidated Interest Expense, in each case for the most-recent four (4) fiscal quarters ending on
or prior to the date of determination.

     Interest Expense means, for any period of calculation thereof, for any Person, the aggregate
amount of all interest (including facility and utilization fees) on all Debt of such Person,
whether paid in cash or accrued as a liability and payable in cash during such period, including
(a) imputed interest on Capitalized Lease Obligations, (b) the amortization of any original issue
discount on any Debt, (c) the interest portion of any deferred payment obligation, (d) all
commissions, discounts, and other fees and charges owed with respect to letters of credit or
bankers’ acceptance financing, (e) net interest costs associated with Financial Hedges, and (f) the
interest component of any Debt that is guaranteed or

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secured by such Person, and all cash premiums or penalties for the repayment, redemption, or
repurchase of Debt.

     Interest Period is determined in accordance with Section 3.9.

     L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in
any L/C Borrowing in accordance with its Pro Rata Part.

     L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit
which has not been reimbursed on the date when made or refinanced as a Prime Rate Borrowing.

     L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the renewal, amendment, or increase of the amount thereof.

     L/C Issuers means (a) with respect to any commercial Letters of Credit, Bank of America, N.A.,
and (b) with respect to any standby Letters of Credit, (i) Bank of America, N.A., JPMorgan Chase
Bank, N.A., Suntrust Bank, BNP Paribas, Comerica Bank, and (ii) such other Lenders which agree, at
the request of Borrower and with written notice to Administrative Agent, to issue one or more
standby Letters of Credit pursuant to the terms and conditions of this Agreement, and L/C Issuer
means any one of the L/C Issuers.

     L/C Obligations means, as at any date of determination, the aggregate amount available to be
drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts,
including all L/C Borrowings. For purposes of computing the amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.5. For all purposes of this Agreement, if on any date of determination a Letter of
Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of the “International Standby Practices 1998” published by the Institute of
International Banking Law & Practice (or such later version thereof as may be in effect at the
time), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

     Legal Requirements means all applicable statutes, laws, treaties, ordinances, tariff
requirements, rules, regulations, orders, writs, injunctions, decrees, judgments, opinions, or
interpretations of any Governmental Authority.

     Lenders means, on any date of determination, the financial institutions named on Schedule 2.1
(as the same may be amended from time to time by Administrative Agent to reflect the admission of a
Subsequent Lender in accordance with Section 2.2(b) and assignments made in accordance with Section
13.13(b)), and subject to the terms and conditions of this Agreement, their respective successors
and assigns.

     Letter of Credit Application means an application and agreement for the issuance or amendment
of a Letter of Credit in the form from time to time in use by each L/C Issuer.

     Letter of Credit Expiration Date means the date that is one (1) year after the Termination
Date.

     Letter of Credit Sublimit means an amount equal to $500,000,000, unless the Letter of Credit
Sublimit is increased pursuant to Section 2.5(k). The Letter of Credit Sublimit is part of, and
not in addition to, the Commitment.

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     Letters of Credit means, collectively, each of the letters of credit issued hereunder and each
Existing Letter of Credit, and Letter of Credit means any one of the Letters of Credit. A Letter
of Credit hereunder shall be a standby or commercial letter of credit.

     Leverage Ratio means, as of any date of determination thereof, the ratio of (a) Consolidated
Debt outstanding on such date minus Subordinated Debt in an amount not to exceed $200,000,000, to
(b) the sum of (i) Consolidated Debt outstanding on such date, plus (ii) Consolidated Tangible Net
Worth as of such date determined in accordance with GAAP.

     Lien means any lien, mortgage, security interest, pledge, assignment, charge, title retention
agreement, or encumbrance of any kind, and any other Right of or arrangement with any creditor
(other than under or relating to subordination or other intercreditor arrangements) to have its
claim satisfied out of any property or assets, or the proceeds therefrom, prior to the general
creditors of the owner thereof.

     Litigation means any action by or before any Governmental Authority.

     Loan Documents means (a) this Agreement, the Notes, and the Fee Letter, (b) the Letters of
Credit and Letter of Credit Applications, (c) all agreements, documents, or instruments in favor of
any Credit Party ever delivered by Borrower pursuant to this Agreement or otherwise delivered in
connection with all or any part of the Obligation, and (d) any and all future renewals, extensions,
restatements, reaffirmations, or amendments of, or supplements to, all or any part of the
foregoing.

     Material Adverse Event means any set of one or more circumstances or events which,
individually or collectively, could reasonably be expected to result in any (a) material impairment
of the ability of Borrower to perform any of its payment or other material obligations under the
Loan Documents, (b) material and adverse effect on the business, properties, condition (financial
or otherwise), or results of operations of the Companies (taken as a whole), (c) material and
adverse effect on the validity or enforceability of any of the Loan Documents or the Rights of any
Credit Party thereunder, or (d) Potential Default or Event of Default. The term Material Adverse
Event is used in this Agreement to qualify certain of the representations, warranties, and
covenants contained herein, but is not, in and of itself, a condition precedent to any Borrowings
hereunder or an independent representation (except as provided in the last sentence of Section
7.6), covenant, or Event of Default.

     Maximum Amount and Maximum Rate respectively mean, for each Lender, the maximum non-usurious
amount and the maximum non-usurious rate of interest which, under all Legal Requirements, such
Lender is permitted to contract for, charge, take, reserve, or receive on the Obligation.

     Moody’s means Moody’s Investors Service, Inc. and any successor thereto.

     Moody’s Rating means the most recently-announced rating from time to time of Moody’s assigned
to any class of long-term senior, unsecured debt securities issued by Borrower, as to which no
letter of credit, guaranty, or third-party credit support is in place, regardless of whether all or
any part of such Debt has been issued at the time such rating was issued.

     Multiemployer Plan means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of
ERISA or Section 414(f) of the Tax Code to which any Company or any ERISA Affiliate is making, or
has made, or is accruing, or has accrued, an obligation to make contributions.

Credit Agreement

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     Net Proceeds means, with respect to any Equity Issuance by Borrower or any Restricted
Subsidiary, the amount of cash received by such Company in connection with such transaction after
deducting therefrom the aggregate, without duplication, of the following amounts to the extent
properly attributable to such transaction: (a) reasonable brokerage commissions, attorneys’ fees,
finder’s fees, financial advisory fees, accounting fees, underwriting fees, investment banking
fees, and other similar commissions and fees (and expenses and disbursements of any of the
foregoing), in each case, to the extent paid or payable by such Company; (b) printing and related
expenses and filing, recording, or registration fees or charges or similar fees or charges paid by
such Company; and (c) taxes paid or payable by such Company to any Governmental Authority as a
result of such transaction.

     Notes means each revolving note substantially in the form of Exhibit A, executed by Borrower,
and all modifications, amendments, renewals, extensions, and restatements of all or any part
thereof, and Note means any one of the Notes.

     Notice of Borrowing means a notice substantially in the form of Exhibit C-1.

     Notice of Conversion/Continuation means a notice substantially in the form of Exhibit C-2.

     Notice of Prepayment means a notice substantially in the form of Exhibit C-3.

     Obligation means all present and future indebtedness, liabilities, and obligations, and all
renewals and extensions thereof, or any part thereof, now or hereafter owed to any Credit Party or
any Affiliate of any Credit Party by Borrower pursuant to any Loan Document, together with all
interest accruing thereon, fees, costs, and expenses (including all Attorney Costs incurred in the
enforcement or collection thereof) payable under the Loan Documents (including any amounts payable
under Section 4).

     Participant is defined in Section 13.13(d).

     Payment Office means Administrative Agent’s office located at Dallas, Texas or such other
office as Administrative Agent shall notify Borrower and the Credit Parties in writing.

     PBGC means the Pension Benefit Guaranty Corporation, or any successor thereof, established
pursuant to ERISA.

     Performance Letter of Credit means any letter of credit issued: (a) on behalf of a Person in
favor of a Governmental Authority, including, without limitation, any utility, water, or sewer
authority, or other similar entity, for the purpose of assuring such Governmental Authority that
such Person or an Affiliate of such Person will properly and timely complete work it has agreed to
perform for the benefit of such Governmental Authority; (b) in lieu of cash deposits to obtain a
license, in place of a utility deposit, or for land option contracts; (c) in lieu of other contract
performance, to secure performance warranties payable upon breach, and to secure the performance of
labor and materials, including, without limitation, construction, bid, and performance bonds; or
(d) to secure refund or advance payments on contractual obligations where default of a
performance-related contract has occurred.

     Permitted Liens means Liens permitted under Section 9.2 as described in such Section.

     Person means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity.

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     Platform has the meaning specified in Section 8.3(i).

     Potential Default means the occurrence of any event or existence of any circumstance which,
with the giving of notice or lapse of time or both, would become an Event of Default.

     Prime Rate means, for any day, a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Rate for such day plus one-half of one percent (0.5%), and (b) the per annum rate of
interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as
its prime rate, which rate may not be the lowest rate of interest charged by Bank of America, N.A.
to its customers for such day. The “prime rate” is a rate set by Bank of America, N.A. based upon
various factors including its costs and desired return, general economic conditions, and other
factors, and it is used as a reference point for pricing of some loans which may be priced at,
above, or below such announced rate. Any change in Bank of America, N.A.’s “prime rate” or the
Federal Funds Rate shall be effective on the effective date of such change in the “prime rate” or
the Federal Funds Rate.

     Prime Rate Borrowing means a Borrowing bearing interest at the sum of the Prime Rate plus the
Applicable Margin for Prime Rate Borrowings.

     Principal Debt means, for a Credit Party and at any time, the unpaid principal balance of all
outstanding Borrowings from such Credit Party hereunder as of such date.

     Pro Rata or Pro Rata Part, for each Lender, means (a) for purposes of any commitment to fund
Borrowings in respect of this Agreement, respectively, the percentage stated opposite such Lender’s
name as set forth on Schedule 2.1 or on the most recently amended Schedule 2.1, if any, prepared by
Administrative Agent pursuant to Section 2.2 or Section 13.13, (b) for purposes of sharing any
amount or fee payable to any Lender, the proportion which the portion of the Principal Debt
(whether held directly or through a participation in respect of the Letters of Credit and
determined after giving effect thereto) owed to such Lender bears to the Principal Debt owed to all
Lenders at the time in question, and (c) for all other purposes, the proportion which the portion
of the Principal Debt owed to such Lender bears to the Principal Debt owed to all Lenders at the
time in question, or if no Principal Debt is outstanding, then the proportion that the aggregate of
such Lender’s Commitment bears to the Total Commitment then in effect.

     Quarterly Consolidated Net Income means, for any fiscal quarter, Consolidated Adjusted Net
Income for such quarter; provided that if Consolidated Adjusted Net Income for any quarter is less
than $0, then Quarterly Consolidated Net Income for such fiscal quarter shall be equal to $0.

     Recourse Debt means all Debt of each Unrestricted Subsidiary on which any Restricted Company
is obligated, as a guarantor or otherwise.

     Register is defined in Section 13.13(c).

     Regulation D means Regulation D of the Board of Governors of the Federal Reserve System, as
amended.

     Regulation U means Regulation U of the Board of Governors of the Federal Reserve System, as
amended.

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     Release means any spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, or disposing into the environment (including air,
groundwater, surface water, soil, other environmental media, or natural resources).

     Reportable Event shall have the meaning specified in Section 4043 of ERISA or the regulations
issued thereunder in connection with an Employee Plan, excluding events for which the notice
requirement is waived under applicable PBGC regulations other than those events described in
Sections 2615.11, 2615.15 and 2615.19 of such regulations, including each such provision as it may
subsequently be renumbered.

     Representatives means representatives, officers, directors, employees, attorneys, and agents.

     Required Lenders means (a) on any date of determination prior to termination of the Total
Commitment, those Lenders (other than Defaulting Lenders) collectively holding more than fifty
percent (50%) of the Total Commitment (excluding the Commitments of any Defaulting Lenders), or (b)
on any date of determination occurring after the Total Commitment has terminated, those Lenders
collectively holding more than fifty percent (50%) of the Total Outstandings (excluding the
Principal Debt and Pro Rata Part of all L/C Obligations of any Defaulting Lenders).

     Reserve Requirement means, at any time, the maximum rate at which reserves (including any
marginal, special, supplemental, or emergency reserves) are required to be maintained under
regulations issued from time to time by the Board of Governors of the Federal Reserve System (or
any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as
such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve
Requirement shall reflect any other reserves required to be maintained by such member banks with
respect to (a) any category of liabilities which includes deposits by reference to which the
Adjusted Eurodollar Rate is to be determined, or (b) any category of extensions of credit or other
assets which include Eurodollar Borrowings. The Adjusted Eurodollar Rate shall be adjusted
automatically on and as of the effective date of any change in the Reserve Requirement.

     Responsible Officer of Borrower means its (or any) chairman, vice chairman, president, chief
executive officer, chief financial officer, executive vice president, senior vice president, or
treasurer, or, for all purposes under the Loan Documents, any other officer designated from time to
time by the Board of Directors or Executive Committee of the Board of Directors of Borrower, which
designated officer is acceptable to Administrative Agent.

     Restricted Company means Borrower and each Restricted Subsidiary.

     Restricted Subsidiary means each of Borrower’s Subsidiaries, other than Unrestricted
Subsidiaries.

     Rights means rights, remedies, powers, privileges, and benefits.

     Sarbanes-Oxley means the Sarbanes-Oxley Act of 2002.

     Schedule means, unless specified otherwise, a schedule attached to this Agreement, as the same
may be supplemented and modified from time to time in accordance with the terms of the Loan
Documents.

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     Securities Laws means the Securities Act of 1933, the Securities Exchange Act of 1934,
Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the Securities and Exchange Commission (or any
Governmental Authority succeeding to any of its principal functions) or the Public Company
Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable
date hereunder.

     Solvent means, as to a Person, that (a) the aggregate fair market value of such Person’s
assets exceeds its liabilities (whether contingent, subordinated, unmatured, unliquidated, or
otherwise), (b) such Person has sufficient cash flow to enable it to pay its Debts as they mature,
and (c) such Person does not have unreasonably small capital to conduct such Person’s businesses.

     S & P means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
and any successor thereto.

     S & P Rating means the most recently-announced rating from time to time of S & P assigned to
any class of long-term senior, unsecured debt securities issued by Borrower, as to which no letter
of credit, guaranty, or third-party credit support is in place, regardless of whether all or any
part of such Debt has been issued at the time such rating was issued.

     Stock means all shares, options, warrants, general or limited partnership interests,
membership interests, or other ownership interests (regardless of how designated) of or in a
corporation, partnership, limited liability company, trust, or other entity, whether voting or
nonvoting, including common stock, preferred stock, or any other similar “equity security” (as such
term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as amended).

     Subordinated Debt means any Debt of Borrower (a) subordinated to the Obligation and including
customary provisions regarding payment blockage, payover, standstill, voting rights, and notices,
(b) which, as of the date of calculation, is not considered a “current liability” in accordance
with GAAP, and (c) which requires no payments of principal until its maturity.

     Subsequent Lender is defined in Section 2.2(b).

     Subsidiary means, in respect of any Person (herein referred to as the “Parent”), any
corporation, partnership, limited liability company, association, or other business entity (a) of
which Stock representing more than fifty percent (50%) of the equity or more than fifty percent
(50%) of the ordinary voting power or more than fifty percent (50%) of the general partnership
interests are, at the time any determination is being made, owned, Controlled, or held, or (b)
which is, at the time any determination is made, otherwise Controlled, by the Parent or one or more
Subsidiaries of the Parent or by the Parent and one or more Subsidiaries of the Parent. “Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ownership of Stock, by contract, or
otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto.

     Tangible Net Worth means, for any Person as of any date of determination, the consolidated
stockholders’ equity of such Person determined in accordance with GAAP, less (without duplication),
the sum of the following: (a) all intangibles determined in accordance with GAAP (including,
without limitation, goodwill and deferred or capitalized acquisition costs), (b) unamortized Debt
discount and

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expense, (c) any non-cash gain (or plus any non-cash loss, as applicable) resulting from any
mark-to-market adjustments made directly to consolidated stockholders’ equity as a result of
fluctuations in the value of financial instruments owned by Borrower or any of its Subsidiaries as
mandated under FAS 133, and (d) all reserves (except contingency reserves not allocated to specific
purposes and not deducted from assets, which are properly treated as appropriations of surplus or
retained earnings) and any write-up in book value of assets resulting from a revaluation of such
asset subsequent to March 31, 2005.

     Tax Code means the Internal Revenue Code of 1986, as amended, together with the rules and
regulations promulgated thereunder.

     Taxes means, for any Person, taxes, assessments, duties, levies, imposts, deductions, charges,
or withholdings, or other governmental charges or levies imposed upon such Person, its income, or
any of its properties, franchises, or assets.

     Termination Date means the earlier of (a) July 1, 2010, and (b) the effective date of any
termination or cancellation of all of Lenders’ Commitments to lend under, and in accordance with,
this Agreement.

     Total Commitment means, on any date of determination, the sum of all Commitments for all
Lenders (as the same may have been reduced, increased, or canceled in accordance with this
Agreement) then in effect, which sum shall not exceed $1,500,000,000 unless the Total Commitment is
increased pursuant to Section 2.2(b).

     Total Outstandings means the aggregate amount of Total Principal Debt plus, without
duplication, all L/C Obligations.

     Total Principal Debt means, at any time, the sum of the Principal Debt of all Lenders.

     Type means any type of Borrowing determined with respect to the interest option applicable
thereto.

     Unreimbursed Amount has the meaning set forth in Section 2.5(c)(i).

     Type means any type of Borrowing determined with respect to the interest option applicable
thereto.

     Unrestricted Subsidiary means any Subsidiary (a) that is designated as an Unrestricted
Subsidiary on the Closing Date and listed on Schedule 7.3, or (b) as otherwise designated in a
writing delivered to Administrative Agent and meeting the requirements set forth in Section 8.12.

     Wholly-owned when used in connection with any Subsidiary shall mean a Subsidiary of which all
of the issued and outstanding shares of Stock (except shares required as directors’ qualifying
shares) shall be owned by Borrower or one or more of its Wholly-owned Subsidiaries.

     1.2 Number and Gender of Words; Other References. Unless otherwise specified in the Loan
Documents, (a) where appropriate, the singular includes the plural and vice versa, and words of any
gender include each other gender, (b) heading and caption references may not be construed in
interpreting provisions, (c) monetary references are to currency of the United States of America,
(d) section, paragraph, annex, schedule, exhibit, and similar references are to
the particular Loan Document in which

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they are used, (e) references to “telecopy,”
“facsimile,” “fax,” or similar terms are to facsimile or telecopy transmissions, (f) references to
“including” mean including without limiting the generality of any description preceding that word,
(g) the rule of construction that references to general items that follow references to specific
items are limited to the same type or character of those specific items is not applicable in the
Loan Documents, (h) references to any Person include that Person’s heirs, personal representatives,
successors, trustees, receivers, and permitted assigns, (i) references to any Legal Requirement
include every amendment or supplement to it, rule and regulation adopted under it, and successor or
replacement for it, and (j) references to any Loan Document or other document include every renewal
and extension of it, amendment and supplement to it, and replacement or substitution for it.

     1.3 Accounting Principles. All accounting and financial terms used in the Loan Documents and the
compliance with each financial covenant therein shall be determined in accordance with GAAP, and
all accounting principles shall be applied on a consistent basis so that the accounting principles
in a current period are comparable in all material respects to those applied during the preceding
comparable period. If Borrower or any Credit Party determines that a change in GAAP from that in
effect on the date hereof has altered the treatment of certain financial data to its detriment
under this Agreement, then such party may, by written notice to the others and Administrative Agent
not later than ten (10) days after the effective date of such change in GAAP, request renegotiation
of the financial covenants affected by such change. If Borrower and Required Lenders have not
agreed on revised covenants within thirty (30) days after delivery of such notice, then, for
purposes of this Agreement, GAAP will mean generally accepted accounting principles without giving
effect to the change that gave rise to the renegotiation.

     1.4 Time References. Unless otherwise specified in the Loan Documents (a) time references are to
time in Chicago, Illinois, and (b) in calculating a period from one date to another, the word
“from” means “from and including” and the word “to” or “until” means “to but excluding.”

     1.5 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided, however, that with respect to any Letter of Credit that, by its terms provides for
one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit
shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all
such increases, whether or not such maximum stated amount is in effect at such time.

SECTION 2 BORROWING PROVISIONS.

     2.1 Commitments. Subject to and in reliance upon the terms, conditions, representations, and
warranties in the Loan Documents, each Lender severally and not jointly agrees to lend to Borrower
such Lender’s Pro Rata Part of one or more Borrowings not to exceed such Lender’s Commitment, which
may be repaid and reborrowed from time to time in accordance with the terms and provisions of the
Loan Documents subject to the following conditions:

     (a) each Borrowing requested by Borrower hereunder must occur on a Business Day and no later
than the Business Day immediately preceding the Termination Date;

     (b) each Borrowing requested by Borrower must be in the amount of (i) $5,000,000 or a greater
integral multiple of $1,000,000 (if a Prime Rate Borrowing), or (ii) $5,000,000 or a greater
integral multiple of $1,000,000 (if a Eurodollar Borrowing);

     (c) the Total Outstandings may not exceed the Total Commitment; and

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     (d) no Lender’s Principal Debt plus, without duplication, such Lender’s Pro Rata Part of the
L/C Obligations may exceed such Lender’s Commitment.

     2.2 Lenders; Increase in Total Commitment.

     (a) The Lenders on the Closing Date shall be the Lenders set forth on Schedule 2.1 on the
Closing Date.

     (b) At any time after the Closing Date through the date that is one (1) year prior to the
Termination Date, Administrative Agent may, from time to time at the request of Borrower, increase
the Total Commitment by (i) admitting additional Lenders hereunder (each a “Subsequent Lender”), or
(ii) increasing the Commitment of any Lender (each an “Increasing Lender”), subject to the
following conditions:

     (A) each Subsequent Lender is an Eligible Assignee;

     (B) Borrower executes (i) a new Note payable to the order of a Subsequent Lender, if
requested, or (ii) a replacement Note payable to the order of an Increasing Lender if such
Increasing Lender previously received a Note;

     (C) each Subsequent Lender executes and delivers to Administrative Agent a signature
page to this Agreement;

     (D) after giving effect to the admission of any Subsequent Lender or the increase in
the Commitment of any Increasing Lender, the Total Commitment does not exceed $2,250,000,000
less the amount of any previous reductions pursuant to Section 2.3;

     (E) each increase in the Total Commitment shall be in the amount of $10,000,000 or a
greater integral multiple of $500,000;

     (F) no admission of any Subsequent Lender shall increase the Commitment of any existing
Lender without the written consent of such Lender;

     (G) no Potential Default or Event of Default exists or would occur after giving effect
to such increase;

     (H) no Lender shall be an Increasing Lender without the written consent of such Lender;
and

     (I) the amount of all increases in the Total Commitment pursuant to this Section 2.2
shall not exceed $750,000,000 in the aggregate.

After the admission of any Subsequent Lender or the increase in the Commitment of any Increasing
Lender, Administrative Agent shall promptly provide to each Lender and to Borrower a new Schedule
2.1 to this Agreement. In the event that there are any Borrowings outstanding after giving effect
to an increase in the Total Commitment pursuant to this Section 2.2, upon notice from
Administrative Agent to each Lender, the amount of such Borrowings owing to each Lender shall be
appropriately adjusted to

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reflect the new Pro Rata Parts of Lenders, and Borrower shall pay any
Consequential Losses associated therewith pursuant to Section 4.5.

     2.3 Voluntary Termination or Reduction of Commitments. Without premium or penalty, and upon
giving not less than ten (10) Business Days prior written and irrevocable notice to Administrative
Agent, Borrower may permanently terminate in whole or in part the Total Commitment; provided that:
(a) each partial termination shall be in the amount of $5,000,000 or a greater integral multiple of
$1,000,000; (b) the amount of the Total Commitment may not be reduced below the Total Outstandings;
(c) if, after giving effect to any reduction of the Total Commitment, the Letter of Credit Sublimit
exceeds fifty percent (50%) of the amount of the Total Commitment, the Letter of Credit Sublimit
shall be automatically reduced by the amount of such excess; and (d) each reduction shall be
allocated Pro Rata among Lenders in accordance with their respective Pro Rata Parts. Promptly
after receipt of such notice of termination or reduction, Administrative Agent shall notify each
Lender of the proposed termination or reduction. Such termination or partial reduction of the
Total Commitment shall be effective on the Business Day specified in Borrower’s notice (which date
must be at least ten (10) Business Days after Borrower’s delivery of such notice). In the event
that the Total Commitment is reduced to zero and there is no outstanding Principal Debt or L/C
Obligations, this Agreement shall be terminated to the extent specified in Section 13.14, and all
facility fees and other fees then earned and unpaid hereunder and all other amounts of the
Obligation then due and owing shall be immediately due and payable, without notice or demand by any
Credit Party.

     2.4 Borrowing Procedure. The following procedures apply to Borrowings (other than Conversions and
Continuations of Borrowings):

     (a) Notice of Borrowing. Each Borrowing shall be made pursuant to a Notice of Borrowing
delivered to Administrative Agent requesting that Lenders fund a Borrowing on a Borrowing Date,
which notice (i) shall be irrevocable and binding on Borrower, (ii) shall specify the Borrowing
Date, amount, Type, and (for a Borrowing comprised of Eurodollar Borrowings) Interest Period, and
(iii) must be received by Administrative Agent no later than 11:00 a.m. on the third (3rd) Business
Day preceding the Borrowing Date for any Eurodollar Borrowing or on the Borrowing Date for any
Prime Rate Borrowing. Administrative Agent shall promptly notify each Lender with respect to
Administrative Agent’s receipt of each Notice of Borrowing.

     (b) Funding. Each Lender shall remit its Pro Rata Part of each requested Borrowing to
Administrative Agent at its Payment Office in funds which are or will be available for immediate
use by Administrative Agent by 2:00 p.m. on the Borrowing Date therefor. Subject to receipt of
such funds, Administrative Agent shall (unless to its actual knowledge any of the conditions
precedent therefor have not been satisfied by Borrower or waived by Required Lenders) make such
funds available to Borrower by causing such funds to be deposited by 3:00 p.m. on the Borrowing
Date to Borrower’s account as designated to Administrative Agent by Borrower. Notwithstanding the
foregoing, unless Administrative Agent shall have been notified by a Lender prior to a Borrowing
Date that such Lender does not intend to make available to Administrative Agent such Lender’s Pro
Rata Part of the applicable Borrowing, Administrative Agent may assume that such Lender has made
such proceeds available to Administrative Agent on such date, as required herein, and Administrative Agent may (unless to its actual
knowledge any of the conditions precedent therefor have not been satisfied by Borrower or waived by
Required Lenders), in reliance upon such assumption (but shall not be required to), make available
to Borrower a corresponding amount in accordance with the foregoing terms, but, if such
corresponding amount is not in fact made available to Administrative Agent by such Lender on such
Borrowing Date, then Administrative Agent shall be entitled to recover such corresponding amount on
demand (i) from such

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Lender, together with interest at the Federal Funds Rate during the period
commencing on the date such corresponding amount was made available to Borrower and ending on (but
excluding) the date Administrative Agent recovers such corresponding amount from such Lender, or
(ii) if such Lender fails to pay such corresponding amount forthwith upon such demand, then from
Borrower, together with interest at a rate per annum equal to the applicable rate for such
Borrowing during the period commencing on such Borrowing Date and ending on (but excluding) the
date Administrative Agent recovers such corresponding amount from Borrower. The obligations of
Lenders hereunder to remit their Pro Rata Part of each requested Borrowing are several and not
joint. The failure of any Lender to make its Pro Rata Part of any Borrowing on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date,
and no Lender shall be responsible for the failure of any other Lender to make its Pro Rata Part of
any Borrowing.

     2.5 Letters of Credit.

     (a) The Letter of Credit Sublimit.

     (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees,
in reliance upon the agreements of the Lenders set forth in this Section 2.5, (1) from time
to time on any Business Day during the period from the Closing Date until the Termination
Date, to make L/C Credit Extensions for the account of Borrower or for the account of
Borrower and one or more of its Subsidiaries (provided that the issuance of a Letter of
Credit for the account of a Subsidiary of Borrower shall not relieve Borrower of any of its
obligations under this Agreement), and to amend or extend Letters of Credit previously
issued by it, in accordance with subsection (b) below, (2) from time to time on any Business
Day during the period from the Termination Date until the Business Day immediately prior to
the Letter of Credit Expiration Date, to amend Letters of Credit previously issued by it in
accordance with subsection (b) below; provided that no such amendment shall renew, extend,
or increase any such Letter of Credit, and (3) to honor drawings under the Letters of
Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for
the account of Borrower or its Subsidiaries and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the
Total Outstandings shall not exceed the Total Commitment, (y) the aggregate outstanding
amount of the Principal Debt of any Lender plus, without duplication, such Lender’s Pro Rata
Part of all L/C Obligations shall not exceed such Lender’s Commitment, and (z) the L/C
Obligations shall not exceed the Letter of Credit Sublimit. Each request by Borrower for
the issuance or amendment of a Letter of Credit shall be deemed to be a representation by
Borrower that the L/C Credit Extension so requested complies with the conditions set forth
in the proviso to the preceding sentence. Within the foregoing limits, and subject to the
terms and conditions hereof, Borrower’s ability to obtain Letters of Credit shall be fully
revolving, and accordingly Borrower may, during the foregoing period, obtain Letters of
Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant
hereto, and from and after the Closing Date shall be subject to and governed by the terms
and conditions hereof.

     (ii) No L/C Issuer shall issue any Letter of Credit if:

	 	(A)	 	any order, judgment, or decree of any
Governmental Authority with jurisdiction over such L/C Issuer shall by
its terms purport to enjoin or restrain such L/C Issuer from issuing
such Letter of Credit, or any Legal Requirement applicable to such L/C
Issuer or any request or directive

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	 	 	 	(whether or not having the force of
law) from any Governmental Authority with jurisdiction over such L/C
Issuer shall prohibit, or request that such L/C Issuer refrain from,
the issuance of letters of credit generally or such Letter of Credit in
particular or shall impose upon such L/C Issuer with respect to such
Letter of Credit any restriction, reserve, or capital requirement (for
which such L/C Issuer is not otherwise compensated hereunder) not in
effect on the Closing Date, or shall impose upon such L/C Issuer any
unreimbursed loss, cost, or expense which was not applicable on the
Closing Date and which such L/C Issuer in good faith deems material to
it;
	 
	 	(B)	 	the expiry date of such requested Letter of
Credit would occur after the earlier of (i) the Letter of Credit
Expiration Date or (ii) the date that is thirty-six (36) months after
the date of issuance, unless the Required Lenders have approved such
expiry date;
	 
	 	(C)	 	the issuance of such Letter of Credit would
violate any applicable Legal Requirement or one or more policies of
such L/C Issuer with respect to the issuance of letters of credit
generally;
	 
	 	(D)	 	such Letter of Credit is in an initial amount
less than $10,000 (unless otherwise agreed to by Administrative Agent
and the applicable L/C Issuer) or is to be used for a purpose other
than general corporate needs including insurance bonding requirements
or denominated in a currency other than Dollars;
	 
	 	(E)	 	a default of any Lender’s obligation to fund
under Section 2.1(c) exists or any Lender is at such time a Defaulting
Lender hereunder, unless (1) such L/C Issuer has entered into
satisfactory arrangements with Borrower or such Lender to eliminate
such L/C Issuer’s risk with respect to such Lender, or (2) after giving
effect to such Letter of Credit, the Total Outstandings do not exceed
the Total Commitment excluding the Commitment of such Defaulting
Lender. Nothing contained in this Section 2.5(a)(ii)(E) shall relieve
any Lender from liability to Borrower for any breach of its obligations
arising under this Agreement, including its obligations under Section
2.1(c)(iv); or
	 
	 	(F)	 	such L/C Issuer has received notice (which may
be by telephone or in writing) on or before the date of such issuance
from Administrative Agent, any Lender, or Borrower that one of more of
the applicable conditions specified in Section 6.2 have not been
satisfied.

     (iii) No L/C Issuer shall be obligated to amend (which may include renewals,
extensions, or increases in a Letter of Credit) any Letter of Credit if (A) such L/C Issuer
would have no obligation at such time to issue such Letter of Credit in its amended form
under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit.

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     (b) Procedures for Issuance and Amendment of Letters of Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of Borrower delivered to an L/C Issuer (with a copy to Administrative Agent) in the
form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of Borrower. Such Letter of Credit Application must be received by an L/C Issuer
and Administrative Agent not later than 11:00 a.m. at least five (5) Business Days (or such
later date and time as such L/C Issuer may agree in a particular instance in its sole
discretion) prior to the proposed issuance date or date of amendment, as the case may be.
In the case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail reasonably satisfactory to such L/C
Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address
of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of
any drawing thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder; (G) the name and address of any Subsidiary
that is an account party along with Borrower; and (H) such other matters as such L/C Issuer
may reasonably require. In the case of a request for an amendment of any outstanding Letter
of Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the applicable L/C Issuer: (A) the Letter of Credit to be amended; (B) the
proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the
proposed amendment; and (D) such other matters as such L/C Issuer may reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has
received a copy of such Letter of Credit Application from Borrower and, if not, the L/C
Issuer will provide Administrative Agent with a copy thereof. Upon receipt by such L/C
Issuer of confirmation from Administrative Agent that the requested issuance or amendment is
permitted in accordance with the terms hereof, then, subject to the terms and conditions
hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of Borrower or Borrower and the specified Subsidiary or enter into the applicable
amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and
customary business practices. If, prior to the issuance of a Letter of Credit, the
applicable L/C Issuer receives a request from Borrower to review the Letter of Credit to be
issued, such L/C Issuer shall send a copy of such proposed Letter of Credit to Borrower for
review. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed
to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a
risk participation in such Letter of Credit in an amount equal to the product of such
Lender’s Pro Rata Part times the amount of such Letter of Credit.

     (iii) If Borrower so requests in any applicable Letter of Credit Application, the
applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of
Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”);
provided that any such Auto-Renewal Letter of Credit must permit such L/C Issuer to prevent
any such renewal at least once in each twelve-month period (commencing with the date of
issuance of such Letter by Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time
such Letter of Credit is issued. Unless otherwise directed in writing by such L/C Issuer,
Borrower shall not be required to make a specific request to such L/C Issuer for any such
renewal. Once an Auto-Renewal Letter of Credit has been issued, such L/C Issuer shall be
permitted to renew such Letter of Credit at any time prior to the Letter of Credit
Expiration Date; provided, however, that such

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L/C Issuer shall not permit any such renewal
if (A) such L/C Issuer has determined that it could not at such time issue such Letter of
Credit in its renewed form under the terms hereof (by reason of the provisions of Section
2.5(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in
writing) on or before the day that is two Business Days before the Nonrenewal Notice Date
(1) from the Administrative Agent that the Required Lenders have elected not to permit such
renewal or (2) from the Administrative Agent, any Lender or Borrower that one or more of the
applicable conditions specified in Section 6.2 is not then satisfied.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to Borrower and Administrative Agent a true and complete copy of
such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the applicable L/C Issuer shall promptly notify
Borrower and Administrative Agent thereof. Not later than 11:00 a.m. on the date of any
payment by any L/C Issuer under a Letter of Credit (each such date, an “Honor Date”),
Borrower shall reimburse such L/C Issuer through Administrative Agent in an amount equal to
the amount of such drawing (prior to any conversion into a Borrowing, the “Unreimbursed
Amount”); provided that if the Honor Date for such Letter of Credit occurs prior to the
Termination Date, then, unless Borrower reimburses L/C Issuer through Administrative Agent
in respect of such drawing prior to 11:00 a.m. on such Honor Date, such Unreimbursed Amount
shall automatically convert into a Prime Rate Borrowing. In such event, Borrower shall be
deemed to have requested a Prime Rate Borrowing to be disbursed on the Honor Date in an
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.1 for the principal amount of Prime Rate Borrowings, but subject to
the amount of the unutilized portion of the Total Commitment and the conditions set forth in
Section 6.2 (other than the delivery of a Notice of Borrowing). Any notice given by the
applicable L/C Issuer or Administrative Agent pursuant to this Section 2.5(c)(i) may be
given by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

     (ii) Each Lender shall upon any notice pursuant to Section 2.5(c)(i) make funds
available to Administrative Agent for the account of the applicable L/C Issuer at the
Administrative Agent’s Office in an amount equal to its Pro Rata Part of the Unreimbursed
Amount not later than 1:00 p.m. on the Business Day specified in such notice by
Administrative Agent, whereupon, subject to the provisions of Section 2.5(c)(iii), each
Lender that so makes funds available shall be deemed to have made a Prime Rate Borrowing to
Borrower in such amount. Administrative Agent shall remit the funds so received to the
applicable L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Prime
Rate Borrowing because the conditions set forth in Section 6.2 cannot be satisfied or for
any other reason, Borrower shall be deemed to have incurred from the applicable L/C Issuer
an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear
interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for

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the account of the applicable L/C Issuer pursuant to Section 2.5(c)(ii) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Lender in satisfaction of its participation obligation under this Section 2.5.

     (iv) If Borrower fails to reimburse the applicable L/C Issuer on any Honor Date, then
Administrative Agent shall, upon notice from the applicable L/C Issuer, notify each Lender
of the Honor Date, the Unreimbursed Amount, whether the Unreimbursed Amount has been
converted into a Prime Rate Borrowing, and such Lender’s Pro Rata Part of such Unreimbursed
Amount or Borrowing. Each Lender (including the Lender acting as L/C Issuer) shall upon any
such notice make funds available to Administrative Agent for the account of the applicable
L/C Issuer at the Applicable Lending Office of Administrative Agent in an amount equal to
its Pro Rata Part of such Unreimbursed Amount or Borrowing not later than 1:00 p.m. on the
Business Day specified in such notice by Administrative Agent. Administrative Agent shall
remit the funds so received to the applicable L/C Issuer.

     (v) Until each Lender funds its participation, Pro Rata Part of a Borrowing, or L/C
Advance pursuant to Section 2.5(c)(iv) to reimburse the applicable L/C Issuer for any amount
drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Part of such
amount shall be solely for the account of such L/C Issuer.

     (vi) Each Lender’s obligation to fund participations, Borrowings, or L/C Advances to
reimburse each L/C Issuer for amounts drawn under Letters of Credit issued in accordance
with this Agreement, as contemplated by this Section 2.5(c), shall inure to the benefit of
all parties to this Agreement and shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense,
or other right which such Lender may have against an L/C Issuer, Borrower, or any other
Person for any reason whatsoever, (B) the occurrence or continuance of an Event of Default
or Potential Default, (C) any amendment, renewal, or extension of any Letter of Credit, or
(D) any other occurrence, event, or condition, whether or not similar to any of the
foregoing. No such making of an L/C Advance shall relieve or otherwise impair the
obligation of Borrower to reimburse the applicable L/C Issuer for the amount of any payment
made by the applicable L/C Issuer under any Letter of Credit, together with interest as
provided herein.

     (vii) If any Lender fails to make available to Administrative Agent for the account of
an L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.5(c) by the time specified in Section 2.5(c)(iv), such L/C
Issuer shall be entitled to recover from such Lender (acting through Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to such L/C Issuer at a
rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate
of an L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any
amounts owing under this Section 2.5(c)(vii) shall be conclusive absent manifest error.

     (d) Repayment of Participations or Borrowings.

     (i) At any time after an L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s funding of its participation in an Unreimbursed
Amount or Pro Rata Part of a Borrowing or L/C Advance as a result of such payment in
accordance with Section 2.5(c), if Administrative Agent receives for the account of such L/C

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Issuer any payment in respect of the related Unreimbursed Amount or Borrowing or interest
thereon (whether directly from Borrower or otherwise) Administrative Agent will distribute
to such Lender its Pro Rata Part thereof in the same funds as those received by
Administrative Agent.

     (ii) If any payment received by Administrative Agent for the account of an L/C Issuer
pursuant to Section 2.5(c)(i) is required to be returned under any of the circumstances
described in Section 13.14 (including pursuant to any settlement entered into by an L/C
Issuer in its discretion), each Lender shall pay to Administrative Agent for the account of
such L/C Issuer its Pro Rata Part thereof on demand of Administrative Agent, plus interest
thereon from the date of such demand to the date such amount is returned by such Lender, at
a rate per annum equal to the Federal Funds Rate from time to time in effect.

     (e) Obligations Absolute. The obligation of Borrower to reimburse an L/C Issuer for each
drawing under each Letter of Credit and to repay each Borrowing or L/C Borrowing shall be absolute,
unconditional, and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other agreement or instrument relating thereto;

     (ii) the existence of any claim, counterclaim, set-off, defense, or other right that
Borrower may have at any time against any beneficiary or any transferee of such Letter of
Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
any L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby, or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate, or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid, or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by any L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver, or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, Borrower.

Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is
delivered to it and, in the event of any claim of noncompliance with Borrower’s instructions or
other irregularity, Borrower will promptly notify the applicable L/C Issuer. Borrower shall be
conclusively

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deemed to have waived any such claim against each L/C Issuer and their correspondents
unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a
Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than
any sight draft, certificates, and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. No L/C Issuer, Agent-Related Person, or any of
the respective correspondents, participants, or assignees of any L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request or with the
approval of the Lenders or the Required Lenders, as applicable, (ii) any action taken or omitted in
the absence of gross negligence or willful misconduct, or (iii) the due execution, effectiveness,
validity, or enforceability of any document or instrument related to any Letter of Credit or Letter
of Credit Application. Borrower hereby assumes all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that
this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement.
No L/C Issuer, Agent-Related Person, or any of the respective correspondents, participants, or
assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in
Sections 2.5(e)(i) through (v); provided, however, that anything in such clauses or elsewhere in
this Agreement or any other Loan Document to the contrary notwithstanding, Borrower may have a
claim against an L/C Issuer, and an L/C Issuer may be liable to Borrower, to the extent, but only
to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by
Borrower which Borrower proves were caused by such L/C Issuer’s willful misconduct, bad faith, or
gross negligence or such L/C Issuer’s willful failure to pay under any Letter of Credit after the
presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with
the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the
foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary,
and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or
benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason.

     (g) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by any L/C Issuer and
Borrower when a Letter of Credit is issued, (i) the rules of the “International Standby Practices
1998” published by the Institute of International Banking Law & Practice (or such later version
thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit,
and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently
published by the International Chamber of Commerce (the “ICC”) at the time of issuance (including
the ICC decision published by the Commission on Banking Technique and Practice on April 6, 1998
regarding the European single currency (euro)) shall apply to each commercial Letter of Credit.

     (h) Conflict with Letter of Credit Application. In the event of any conflict between the
terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

     (i) Cash Collateral. If, as of the Termination Date, any Letter of Credit may for any reason
remain outstanding and partially or wholly undrawn, Borrower shall immediately Cash Collateralize
the then-undrawn amount of all outstanding Letters of Credit (in an amount equal to such
outstanding amount determined as of the Termination Date). For purposes hereof, “Cash
Collateralize” means to pledge and deposit with or deliver to Administrative Agent, for the ratable
benefit of each L/C Issuer and the

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Lenders, as collateral for the undrawn amount of all outstanding
Letters of Credit, cash or deposit account balances pursuant to documentation in form and substance
satisfactory to Administrative Agent and each L/C Issuer (which documents are hereby consented to
by the Lenders). Derivatives of such term have corresponding meanings. Effective as of the time
Borrower is required under this Section 2.5(i) or any other provision of this Agreement or the Loan
Documents to Cash Collateralize the then-undrawn amount of all outstanding Letters of Credit,
Borrower hereby grants to Administrative Agent, for the ratable benefit of each L/C Issuer and the
Lenders, a security interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing in an amount equal to such undrawn amount of outstanding Letters of
Credit. Cash collateral shall be maintained in blocked, non-interest bearing deposit accounts at
Administrative Agent. Cash collateral shall be released from such Lien as and to the extent that
Letters of Credit expire or terminate or are drawn upon and reimbursed.

     (j) L/C Issuer Reporting Requirements. Each L/C Issuer shall, no later than the third
(3rd) Business Day following the last day of each month, provide to Administrative Agent
a schedule of the Letters of Credit issued by it, in form and substance reasonably satisfactory to
Administrative Agent, showing the date of issuance of each Letter of Credit, the account party, the
original face amount (if any), the expiration date, and the reference number of any Letter of
Credit outstanding at any time during such month, and showing the aggregate amount (if any) payable
by Borrower to such L/C Issuer during the such month pursuant to Section 5.5. Promptly after the
receipt of such schedule from each L/C Issuer, Administrative Agent shall provide to Lenders a
summary of such schedules.

     (k) Increase of Letter of Credit Sublimit. At any time after the Closing Date and prior to
the Termination Date, Administrative Agent shall, from time to time upon three (3) Business Days
written request from Borrower, increase the Letter of Credit Sublimit subject to the following
conditions:

     (i) after giving effect to the increase in the Letter of Credit Sublimit, the Total
Outstandings do not exceed the Total Commitments, and the Letter of Credit Sublimit does not
exceed an amount equal to fifty percent (50%) of the Total Commitments;

     (ii) each increase in the Letter of Credit Sublimit shall be in the amount of
$10,000,000 or a greater integral multiple of $500,000; and

     (iii) no Potential Default or Event of Default exists or would occur after giving
effect to such increase.

     (l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued
or outstanding hereunder is in support of any obligations of, or is for the account of, a
Subsidiary, Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any
and all drawings under such Letter of Credit. Borrower hereby acknowledges that the issuance of
Letters of Credit for the account of Subsidiaries inures to the benefit of Borrower, and that
Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

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SECTION 3 TERMS OF PAYMENT.

     3.1 Notes and Payments.

     (a) Notes. The Credit Extensions owed to each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by Administrative Agent in the ordinary course of business.
The accounts or records maintained by Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions owed to such Lender and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit
or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to
the Obligation. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of Administrative Agent in respect of such matters, the
accounts and records of Administrative Agent shall control in the absence of manifest error. Upon
the request of any Lender made through Administrative Agent, Borrower shall execute and deliver to
such Lender (through Administrative Agent) a Note, which shall evidence the Borrowings owed to such
Lender and shall be in the face amount of such Lender’s Commitment in addition to such accounts or
records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of Borrowings and payments with respect thereto.

     (b) Payments Generally. Each payment or prepayment on the Obligation is due and must be paid
by Borrower to Administrative Agent at its Payment Office in Dollars and in immediately available
funds, without set-off, deduction, defense, recoupment, or counterclaim, by 12:00 noon on the day
due. Payments made after 12:00 noon shall be deemed made on the Business Day next following. If
any payment or prepayment on the Obligation is stated to be due on a day that is not a Business
Day, such payment shall be due on the next following Business Day, and, to the extent applicable,
interest and fees shall continue to accrue until such payment or prepayment is actually made.
Administrative Agent shall pay to each Lender any payment or prepayment to which such Lender is
entitled hereunder on the same day Administrative Agent shall have received the same from Borrower;
provided that such payment or prepayment is received by Administrative Agent prior to 12:00 noon,
and otherwise before 12:00 noon on the Business Day next following. If and to the extent
Administrative Agent shall not make such payments to Lenders when due as set forth in the preceding
sentence, then such unpaid amounts shall accrue interest, payable by Administrative Agent, at the
Federal Funds Rate from the due date until (but not including) the date on which Administrative
Agent makes such payments to Lenders.

     (c) Payments by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent
shall have received notice from Borrower prior to the date on which any payment is due to
Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that Borrower will
not make such payment, Administrative Agent may assume that Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or
the applicable L/C Issuer, as the case may be, the amount due. In such event, if Borrower has not
in fact made such payment, then each of the Lenders or the applicable L/C Issuer, as the case may
be, severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed
to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of
payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by
Administrative Agent in accordance with banking industry rules on interbank compensation.

     A notice of Administrative Agent to any Lender with respect to any amount owing under this
subsection (c) shall be conclusive, absent manifest error.

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     3.2 Interest and Principal Payments.

     (a) Interest Payments. Interest on each Eurodollar Borrowing shall be due and payable as it
accrues on the last day of its respective Interest Period and on the Termination Date, as
applicable; provided that, with respect to Eurodollar Borrowings having an Interest Period in
excess of three (3) months, Borrower shall pay interest on the respective dates that fall every
three (3) months after the beginning of such Interest Period and on the expiration of each Interest
Period. Interest on each Prime Rate Borrowing shall be due and payable as it accrues on each March
31, June 30, September 30, and December 31, and on the Termination Date.

     (b) Mandatory Payments.

     (i) The Total Principal Debt is due and payable on the Termination Date.

     (ii) On any date of determination, if the Total Outstandings exceed the Total
Commitment, then Borrower shall prepay the Principal Debt and/or Cash Collateralize or cause
to be canceled the undrawn amount of outstanding Letters of Credit in at least the amount of
such excess, together with (A) all accrued and unpaid interest on the Principal Debt
prepaid, and (B) any Consequential Loss arising as a result thereof.

     (iii) All mandatory payments pursuant to this Section 3.2(b) shall be applied to the
unpaid Principal Debt Pro Rata except as otherwise specifically provided herein.

     (c) Voluntary Prepayments. After giving Administrative Agent a Notice of Prepayment, Borrower
may voluntarily prepay all or any part of the Principal Debt from time to time and at any time, in
whole or in part, without premium or penalty; provided that: (i) such notice must be received by
Administrative Agent by 11:00 a.m. on (A) the third (3rd) Business Day preceding the date of
prepayment of a Eurodollar Borrowing, and (B) one (1) Business Day prior to a prepayment of a Prime
Rate Borrowing; (ii) each such partial prepayment must be in the amount of $5,000,000 or a greater
integral multiple of $1,000,000 (whether a Eurodollar Borrowing or a Prime Rate Borrowing); (iii)
all accrued interest on the Principal Debt being prepaid must also be paid in full, to the date of
such prepayment if such voluntary prepayment is a prepayment of all outstanding Principal Debt and
a termination of all Commitments under this Agreement or if the Principal Debt being prepaid is a
Eurodollar Borrowing; and (iv) Borrower shall pay any related Consequential Loss (for any
Eurodollar Borrowing) within ten (10) days after demand therefor. Each Notice of Prepayment shall
specify the prepayment date and the Type of Borrowing(s) and amount(s) of such Borrowing(s) to be
prepaid and shall constitute a binding obligation of Borrower to make a prepayment on the date
stated therein. Administrative Agent shall promptly notify each Lender of the contents of each
Notice of Prepayment upon its receipt.

     3.3 Interest Options. Except where specifically otherwise provided, Borrowings shall bear interest at
a rate per annum equal to the lesser of (a) as to the respective Type of Borrowing (as designated
by Borrower in accordance with this Agreement), the Prime Rate plus the Applicable Margin for Prime
Rate Borrowings or the Adjusted Eurodollar Rate plus the Applicable Margin for Eurodollar
Borrowings, and (b) the Maximum Rate. Each change in the Prime Rate, Applicable Margin, or the
Maximum Rate, subject to the terms of this Agreement, will become effective, without notice to Borrower or any other Person, upon the
effective date of such change.

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     3.4 Quotation of Rates. A Responsible Officer may call Administrative Agent on or before the date
on which a Notice of Borrowing is to be delivered by Borrower in order to receive an indication of
the rates then in effect, but such indicated rates shall neither be binding upon Administrative
Agent or Lenders nor affect the rate of interest which thereafter is actually in effect when the
Notice of Borrowing is given.

     3.5 Default Rate. At the option of Required Lenders at any time while an Event of Default exists
and to the extent permitted by all Legal Requirements, all past due Principal Debt and all past due
accrued interest thereon, and fees and expenses payable hereunder and under the other Loan
Documents shall bear interest at the Default Rate until paid, regardless whether such payment is
made before or after entry of a judgment.

     3.6 Interest Recapture. If the designated rate applicable to any Borrowing exceeds the Maximum
Rate, then the rate of interest on such Borrowing shall be limited to the Maximum Rate, but any
subsequent reductions in such designated rate shall not reduce the rate of interest thereon below
the Maximum Rate until the total amount of interest accrued thereon equals the amount of interest
which would have accrued thereon if such designated rate had at all times been in effect. In the
event that at maturity (stated or by acceleration), or at final payment of the Total Principal
Debt, the total amount of interest paid or accrued is less than the amount of interest which would
have accrued if such designated rates had at all times been in effect, then, at such time and to
the extent permitted by all Legal Requirements, Borrower shall pay an amount equal to the
difference between (a) the lesser of the amount of interest which would have accrued if such
designated rates had at all times been in effect and the amount of interest which would have
accrued if the Maximum Rate had at all times been in effect, and (b) the amount of interest
actually paid or accrued on the Total Principal Debt.

     3.7 Interest Calculations.

     (a) All computations of interest for Prime Rate Borrowings shall be made on the basis of a
year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
interest shall be calculated on the basis of actual number of days (including the first (1st) day
but excluding the last day) elapsed but computed as if each calendar year consisted of 360 days.
All interest rate determinations and calculations by Administrative Agent shall be conclusive and
binding absent manifest error.

     (b) The provisions of this Agreement relating to the calculation of the Prime Rate and the
Adjusted Eurodollar Rate are included only for the purpose of determining the rate of interest or
other amounts to be paid hereunder that are based upon such rate.

     3.8 Maximum Rate. Regardless of any provision contained in any Loan Document, no Credit Party
shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on
the Obligation, or any part thereof, any amount in excess of the Maximum Rate, and if any Credit
Party ever does so, then such excess shall be deemed a partial prepayment of principal and treated
hereunder as such and any remaining excess shall be refunded to Borrower. In determining if the
interest paid or payable exceeds the Maximum Rate, Borrower and the Credit Parties shall, to the
maximum extent permitted under all Legal Requirements, (a) treat all Borrowings as but a single extension of credit (and the Credit
Parties and Borrower agree that such is the case and that provision herein for multiple Borrowings
is for convenience only), (b) characterize any non-principal payment as an expense, fee, or premium
rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d)
amortize, prorate, allocate, and spread the total amount of interest throughout the entire
contemplated term of the Obligation;

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provided that if the Obligation is paid and performed in full
prior to the end of the full contemplated term thereof, and if the interest received for the actual
period of existence thereof exceeds the Maximum Amount, then the Credit Parties shall refund such
excess, and, in such event, the Credit Parties shall not, to the extent permitted by all Legal
Requirements, be subject to any penalties provided by any Legal Requirements for contracting for,
charging, taking, reserving, or receiving interest in excess of the Maximum Amount.

     3.9 Interest Periods. When Borrower requests any Eurodollar Borrowing, Borrower may elect the
interest period (each an “Interest Period”) applicable thereto, which shall be, at Borrower’s
option, one (1) month or two (2), three (3), or six (6) months, in each case to the extent
available from each Lender; provided, however, that: (a) the initial Interest Period for a
Eurodollar Borrowing shall commence on the date of such Borrowing (including the date of any
Conversion thereto), and each Interest Period occurring thereafter in respect of such Borrowing
shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(b) if any Interest Period for a Eurodollar Borrowing begins on a day for which there is no
numerically corresponding Business Day in the calendar month at the end of such Interest Period,
then such Interest Period shall end on the next Business Day immediately following what otherwise
would have been such numerically corresponding day in the calendar month at the end of such
Interest Period (unless such date would be in a different calendar month from what would have been
the month at the end of such Interest Period, or unless there is no numerically corresponding day
in the calendar month at the end of the Interest Period; whereupon, such Interest Period shall end
on the last Business Day in the calendar month at the end of such Interest Period); (c) no Interest
Period may be chosen with respect to any portion of the Total Principal Debt which would extend
beyond the scheduled repayment date (including any dates on which mandatory prepayments are
required to be made) for such portion of the Total Principal Debt; and (d) no more than an
aggregate of five (5) Interest Periods shall be in effect at one time.

     3.10 Conversions; Continuations. Borrower may (a) Convert a Eurodollar Borrowing on the last day
of an Interest Period to a Prime Rate Borrowing, (b) Convert a Prime Rate Borrowing at any time to
a Eurodollar Borrowing, and (c) elect to Continue a Borrowing by selecting a new Interest Period
(in the case of a Eurodollar Borrowing), by giving a Notice of Conversion/Continuation to
Administrative Agent no later than 11:00 a.m. on the third (3rd) Business Day prior to the date of
Conversion or the last day of the Interest Period, as the case may be; provided that, the principal
amount Converted to, or Continued as, a Eurodollar Borrowing shall be in a minimum amount of
$5,000,000 or a greater integral multiple of $1,000,000. Administrative Agent shall promptly
notify each Lender with respect to each Notice of Conversion/Continuation. Absent Borrower’s
Notice of Conversion/Continuation, a Eurodollar Borrowing shall be deemed Converted to a Prime Rate
Borrowing effective as of the expiration of the Interest Period applicable thereto. No Eurodollar
Borrowing may be either made or Continued as a Eurodollar Borrowing, and no Prime Rate Borrowing
may be Converted to a Eurodollar Borrowing, (i) if the interest rate for such Eurodollar Borrowing
would exceed the Maximum Rate, or (ii) while an Event of Default exists, unless Required Lenders
otherwise consent in writing.

     3.11 Order of Application.

     (a) Payments and prepayments of the Obligation shall be applied in the order and manner
specified in this Agreement; provided, however, if no order is otherwise specified and no Potential
Default or Event of Default exists, payments and prepayments of the Obligation shall be applied
first, to fees, second, to accrued interest then due and payable on the Total Principal Debt, and
then to the remaining Obligation in the order and manner as Borrower may direct.

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     (b) If a Potential Default or Event of Default exists (or if Borrower fails to give directions
as permitted under Section 3.11(a)), any payment or prepayment (including proceeds from the
exercise of any Rights) shall be applied to the Obligation in the following order: (i) to the
ratable payment of all fees, expenses, and indemnities for which the Credit Parties have not been
paid or reimbursed in accordance with the Loan Documents; (ii) to the ratable payment of accrued
and unpaid interest on the Total Principal Debt; (iii) to the ratable payment of the Total
Principal Debt; and (iv) to the payment of the remaining Obligation in the order and manner
Required Lenders deem appropriate.

     (c) Subject to the provisions of Section 12 and provided that Administrative Agent shall not
in any event be bound to inquire into or to determine the validity, scope, or priority of any
interest or entitlement of any Credit Party and may suspend all payments or seek appropriate relief
(including instructions from Required Lenders or an action in the nature of interpleader) in the
event of any doubt or dispute as to any apportionment or distribution contemplated hereby,
Administrative Agent shall promptly distribute such amounts to each Credit Party in accordance with
this Agreement and the related Loan Documents.

     3.12 Right of Set-off; Adjustments.

     (a) Set-Off. Upon the occurrence and during the continuance of any Event of Default, each
Lender (and each of its Affiliates) is hereby authorized at any time and from time to time, to the
fullest extent permitted by applicable Legal Requirements, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by such Lender (or any of its Affiliates) to or for the credit or
the account of Borrower against any and all of the obligations of Borrower now or hereafter
existing under this Agreement and the Note held by such Lender, irrespective of whether such Lender
shall have made any demand under this Agreement or such Note and although such obligations may be
unmatured. Each Lender agrees promptly to notify Borrower after any such set-off and application
made by such Lender; provided, however, that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of each Lender under this Section 3.12(a) are
in addition to other rights and remedies (including, without limitation, other rights of set-off)
that such Lender may have.

     (b) Sharing of Payments. If any Lender (a “Benefited Lender”) shall at any time receive any
payment of all or part of the Borrowings owing to it, or interest thereon, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, or otherwise), in
a greater proportion than any such payment to or collateral received by any other Lender, if any,
in respect of such other Lender’s Borrowings owing to it, or interest thereon, then such Benefited
Lender shall purchase for cash from the other Lenders a participating interest in such portion of
each such other Lender’s Borrowings owing to it, or shall provide such other Lenders with the
benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such
Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably
with all Lenders; provided, however, that if all or any portion of such excess payment or benefits
is thereafter recovered from such Benefited Lender, then such purchase shall be rescinded, and the
purchase price and benefits returned, to the extent of such recovery, but without interest. Borrower agrees that any Lender so purchasing a participation from a Lender
pursuant to this Section 3.12(b) may, to the fullest extent permitted by applicable Legal
Requirements, exercise all of its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Person were the direct creditor of Borrower in the amount
of such participation.

     3.13 Booking Borrowings. To the extent permitted by all Legal Requirements, any Lender may make,
carry, or transfer its Borrowings at, to, or for the account of any of its branch offices or the

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office of any of its Affiliates; provided that no Affiliate shall be entitled to receive any
greater payment under Section 4 than the transferor Lender would have been entitled to receive with
respect to such Borrowings.

SECTION 4 CHANGE IN CIRCUMSTANCES.

     4.1 Increased Cost and Reduced Return.

     (a) Change in Legal Requirements. If, after the date hereof, the adoption or phase-in of any
applicable Legal Requirement, or any change in any applicable Legal Requirement, or any change in
the interpretation or administration thereof by any Governmental Authority charged with the
interpretation or administration thereof, or compliance by any Lender (or its Applicable Lending
Office) with any request or directive (whether or not having the force of law) of any such
Governmental Authority:

     (i) shall subject such Lender (or its Applicable Lending Office) to any tax, duty, or
other charge with respect to any Eurodollar Borrowing, its Note, any Letter of Credit issued
by it or its obligation to make Eurodollar Borrowings or issue or participate in Letters of
Credit, or change the basis of taxation of any amounts payable to such Lender (or its
Applicable Lending Office) under this Agreement or its Note in respect of any Eurodollar
Borrowings or any L/C Obligations owing to it (other than taxes imposed on the overall net
income of such Lender by the jurisdiction in which such Lender has its principal office or
such Applicable Lending Office);

     (ii) shall impose, modify, or deem applicable any reserve, special deposit, assessment,
or similar requirement (other than the Reserve Requirement utilized in the determination of
the Adjusted Eurodollar Rate) relating to any extensions of credit or other assets of, or
any deposits with or other liabilities or commitments of, such Lender (or its Applicable
Lending Office), including the Commitment of such Lender hereunder; or

     (iii) shall impose on such Lender (or its Applicable Lending Office) or the London
interbank market any other condition affecting this Agreement or its Note or any of such
extensions of credit or liabilities or commitments;

and the result of any of the foregoing is or would be to increase the cost to such Lender (or its
Applicable Lending Office) of being obligated to make, making, Converting into, Continuing, or
maintaining any Eurodollar Borrowings or of issuing Letters of Credit or purchasing or maintaining
participations in Letters of Credit or to reduce any sum received or receivable by such Lender (or
its Applicable Lending Office) under this Agreement or its Note with respect to any Eurodollar
Borrowings or with respect to any L/C Obligations owing to it, then Borrower shall pay to such
Lender on demand such amount or amounts as will compensate such Lender for such increased cost or
reduction. If any Lender requests compensation by Borrower under this Section 4.1(a), then
Borrower may, by notice to such Lender (with a copy to Administrative Agent), suspend the
obligation of such Lender to make or Continue Eurodollar Borrowings, or Convert all Eurodollar Borrowings into Prime Rate Borrowings, until the event or
condition giving rise to such request ceases to be in effect (in which case the provisions of
Section 4.4 shall be applicable); provided that such suspension shall not affect the Right of such
Lender to receive the compensation so requested.

     (b) Capital Adequacy. If, after the date hereof, any Lender shall have determined that the
adoption or phase-in of any applicable Legal Requirement regarding capital adequacy or any change

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therein or in the interpretation or administration thereof by any Governmental Authority charged
with the interpretation or administration thereof, or any request or directive regarding capital
adequacy (whether or not having the force of law) of any such Governmental Authority, has or would
have the effect of reducing the rate of return on the capital of such Lender or any corporation
controlling such Lender as a consequence of such Lender’s obligations hereunder to a level below
that which such Lender or such corporation could have achieved but for such adoption, change,
request, or directive (taking into consideration its policies with respect to capital adequacy),
then from time to time upon demand Borrower shall pay to such Lender such additional amount or
amounts as will compensate such Lender for such reduction.

     (c) Notice. Each Lender shall promptly notify Borrower and Administrative Agent of any event
of which it has knowledge, occurring after the date hereof, which will entitle such Lender to
compensation pursuant to this Section 4.1 and will use reasonable efforts to designate a different
Applicable Lending Office if such designation will avoid the need for, or reduce the amount of,
such compensation and will not, in the judgment of such Lender, be otherwise disadvantageous to it.
Any Lender claiming compensation under this Section 4.1 shall furnish to Borrower and
Administrative Agent a statement setting forth the additional amount or amounts to be paid to it
hereunder which shall be conclusive in the absence of manifest error. In determining such amount,
such Lender may use any reasonable averaging and attribution methods.

     4.2 Limitation on Types of Borrowings.

     If on or prior to the first (1st) day of any Interest Period for any Eurodollar Borrowing:

     (a) Administrative Agent determines (which determination shall be conclusive) that by reason
of circumstances affecting the relevant market, adequate and reasonable means do not exist for
ascertaining the Eurodollar Rate for such Interest Period; or

     (b) Required Lenders determine (which determination shall be conclusive) and notify
Administrative Agent that the Adjusted Eurodollar Rate will not adequately and fairly reflect the
cost to Lenders of funding Eurodollar Borrowings for such Interest Period;

then Administrative Agent shall give Borrower and each Lender prompt notice thereof specifying the
relevant amounts or periods, and so long as such condition remains in effect, Lenders shall be
under no obligation to make additional Eurodollar Borrowings, Continue any Eurodollar Borrowings,
or to Convert any Prime Rate Borrowings to Eurodollar Borrowings and Borrower shall, on the last
day(s) of the then-current Interest Period(s) for the outstanding Eurodollar Borrowings, either
prepay such Borrowings or Convert such Borrowings into Prime Rate Borrowings in accordance with the
terms of this Agreement.

     4.3 Illegality. Notwithstanding any other provision of this Agreement, in the event that it
becomes unlawful for any Lender or its Applicable Lending Office to make, maintain, or fund
Eurodollar Borrowings
hereunder, then such Lender shall promptly notify Administrative Agent and Borrower thereof
and such Lender’s obligation to make or Continue Eurodollar Borrowings and to Convert Prime Rate
Borrowings into Eurodollar Borrowings shall be suspended until such time as such Lender may again
make, maintain, and fund Eurodollar Borrowings (in which case the provisions of Section 4.4 shall
be applicable).

     4.4 Treatment of Affected Loans. If the obligation of any Lender to make or Continue
Eurodollar Borrowings or to Convert Prime Rate Borrowings into Eurodollar Borrowings shall be

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suspended pursuant to Section 4.1, 4.2, or 4.3, then such Lender’s Eurodollar Borrowings shall be
automatically Converted into Prime Rate Borrowings on the last day(s) of the then current Interest
Period(s) for all Eurodollar Borrowings (or, in the case of a Conversion required by Section 4.3,
on such earlier date as such Lender may specify to Borrower with a copy to Administrative Agent)
and, unless and until such Lender gives notice as provided below that the circumstances specified
in Section 4.1, 4.2, or 4.3 that gave rise to such Conversion no longer exist:

     (a) to the extent that such Lender’s Eurodollar Borrowings have been so Converted, all
payments and prepayments of principal that would otherwise be applied to such Lender’s Eurodollar
Borrowings shall be applied instead to its Prime Rate Borrowings; and

     (b) all Borrowings that would otherwise be made or Continued by such Lender as Eurodollar
Borrowings shall be made or Continued instead as Prime Rate Borrowings, and all Borrowings of such
Lender that would otherwise be Converted into Eurodollar Borrowings shall be Converted instead into
(or shall remain as) Prime Rate Borrowings.

If such Lender gives notice to Borrower (with a copy to Administrative Agent) that the
circumstances specified in Section 4.1, 4.2, or 4.3 that gave rise to the Conversion of such
Lender’s Eurodollar Borrowings pursuant to this Section 4.4 no longer exist (which such Lender
agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurodollar
Borrowings made by other Lenders are outstanding, then such Lender’s Prime Rate Borrowings shall be
automatically Converted, on the first (1st) day(s) of the next succeeding Interest Period(s) for
such outstanding Eurodollar Borrowings, to the extent necessary so that, after giving effect
thereto, all Eurodollar Borrowings held by Lenders are held Pro Rata (as to principal amounts,
Types, and Interest Periods).

     4.5 Compensation. Upon the request of any Lender, Borrower shall pay to such Lender such
amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate
it for any loss, cost, or expense (herein called a “Consequential Loss”) incurred by it as a result
of:

     (a) any payment, prepayment, or Conversion of a Eurodollar Borrowing for any reason (including
the acceleration of the Obligation pursuant to Section 11.1) on a date other than the last day of
the Interest Period for such Borrowing; or

     (b) any failure by Borrower for any reason (including the failure of any condition precedent
specified in Section 6 to be satisfied) to borrow, Convert, Continue, or prepay a Eurodollar
Borrowing on the date for such Borrowing, Conversion, Continuation, or prepayment specified in the
relevant Notice of Borrowing, Notice of Conversion/Continuation, or Notice of Prepayment.

     4.6 Taxes.

     (a) Any and all payments by Borrower to or for the account of any Credit Party hereunder or
under any other Loan Document shall be made free and clear of and without deduction for any and all
present or future Taxes, excluding, in the case of each Credit Party, Taxes based on or measured by
its income, and franchise taxes imposed on it by the jurisdiction under the Legal Requirements of
which such Credit Party (or its Applicable Lending Office) is organized or any political
subdivision thereof (such income and franchise Taxes being “Excluded Taxes”). If Borrower shall be
required by any Legal Requirement to deduct any Taxes (other than Excluded Taxes) from or in
respect of any sum payable under this Agreement or any other Loan Document to any Credit Party,
then (i) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to

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additional sums payable under this Section 4.6) such
Credit Party receives an amount equal to the sum it would have received had no such deductions been
made, (ii) Borrower shall make such deductions, and (iii) Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with all Legal
Requirements.

     (b) In addition, Borrower agrees to pay any and all present or future stamp or documentary
Taxes and any other excise or property Taxes or charges or similar levies which arise from any
payment made under this Agreement or any other Loan Document or from the execution or delivery of,
or otherwise with respect to, this Agreement or any other Loan Document (hereinafter referred to as
“Other Taxes”).

     (c) Borrower agrees to indemnify each Credit Party for the full amount of Taxes (other than
Excluded Taxes) and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any
jurisdiction on amounts payable under this Section 4.6) paid by such Credit Party and any liability
(including penalties, interest, and expenses) arising therefrom or with respect thereto.

     (d) Each Lender organized under the Legal Requirements of a jurisdiction outside the United
States, on or prior to the date of its execution and delivery of this Agreement in the case of each
Lender listed on the signature pages hereof and on or prior to the date on which it becomes a
Lender in the case of each other Lender, and from time to time thereafter if requested in writing
by Borrower or Administrative Agent (but only so long as such Lender remains lawfully able to do
so), shall provide Borrower and Administrative Agent with (i) Internal Revenue Service Form 1001 or
4224, as appropriate, or any successor form prescribed by the Internal Revenue Service, certifying
that such Lender is entitled to benefits under an income tax treaty to which the United States is a
party which reduces the rate of withholding tax on payments of interest or certifying that the
income receivable pursuant to this Agreement is effectively connected with the conduct of a trade
or business in the United States, (ii) Internal Revenue Service Form W-8 or W-9, as appropriate, or
any successor form prescribed by the Internal Revenue Service, and (iii) any other form or
certificate required by any taxing authority (including any certificate required by Sections 871(h)
and 881(c) of the Tax Code), certifying that such Lender is entitled to an exemption from or a
reduced rate of tax on payments pursuant to this Agreement or any of the other Loan Documents.

     (e) For any period with respect to which a Lender referred to in the foregoing Section 4.6(d)
has failed to provide Borrower and Administrative Agent with the appropriate form pursuant to
Section 4.6(d) (unless such failure is due to a change in any Legal Requirement occurring
subsequent to the date on which a form originally was required to be provided), such Lender shall
not be entitled to indemnification under Sections 4.6(a) or (b) with respect to Taxes imposed by
the United States; provided, however, that should a Lender, which is otherwise exempt from or
subject to a reduced rate of withholding tax, become subject to Taxes (other than Excluded Taxes)
because of its failure to deliver a
form required hereunder, Borrower shall take such steps as such Lender shall reasonably
request to assist such Lender to recover such Taxes.

     (f) If Borrower is required to pay additional amounts to or for the account of any Lender
pursuant to this Section 4.6, then such Lender will agree to use reasonable efforts to change the
jurisdiction of its Applicable Lending Office so as to eliminate or reduce any such additional
payment which may thereafter accrue if such change, in the judgment of such Lender, is not
otherwise disadvantageous to such Lender.

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     (g) Within thirty (30) days after the date of any payment of Taxes or Other Taxes, Borrower
shall furnish to Administrative Agent the original or a certified copy of a receipt evidencing such
payment.

     (h) Without prejudice to the survival of any other agreement of Borrower hereunder, the
agreements and obligations of Borrower contained in Sections 4.1, 4.5, and 4.6 shall survive the
termination of the Total Commitment and the payment in full of the Notes.

SECTION 5 FEES.

     5.1 Treatment of Fees. Except as otherwise provided by any Legal Requirement, the fees
described in this Section 5: (a) do not constitute compensation for the use, detention, or
forbearance of money; (b) are in addition to, and not in lieu of, interest and expenses otherwise
described in this Agreement; (c) shall be payable in accordance with Section 3.1; (d) shall be
non-refundable; (e) shall, to the fullest extent permitted by all Legal Requirements, bear
interest, if not paid when due, at the Default Rate; and (f) shall be calculated on the basis of
actual number of days (including the first day but excluding the last day) elapsed, but computed as
if each calendar year consisted of 360 days.

     5.2 Fees of Administrative Agent. Borrower shall pay to Administrative Agent the fees
specified in the Fee Letter, which fees shall be for the account of Administrative Agent and for
the account of the Credit Parties as shall be agreed between Administrative Agent and each other
Credit Party.

     5.3 Facility Fees. Following the Closing Date, Borrower shall pay to Administrative Agent,
for the ratable account of Lenders, a facility fee, calculated daily but payable on (a) the last
day of each quarter for fees accrued through and including the last day of such quarter, (b) on the
Termination Date, and (c) thereafter on demand, commencing September 30, 2005. Each installment
shall be in an amount equal to the product of (a) the rate per annum equal to the Applicable Margin
for Facility Fees times (b) the daily amount of the Commitment of each Lender, whether used or
unused (or, after the Termination Date, on the Total Outstandings), in each case during the period
from and including the last payment date to and excluding the payment date for such installment.

     5.4 Utilization Fee. Following the Closing Date, Borrower shall pay to Administrative Agent,
for the ratable benefit of Lenders, a utilization fee, calculated daily but payable quarterly in
installments in arrears, on each payment date for facility fees as set forth in Section 5.3. Each
installment shall be in an amount equal to the product of (a) the rate per annum equal to the
Applicable Margin for Utilization Fees times (b) the daily Total Outstandings for each day in which
the Total Principal Debt exceeds an amount equal to fifty
percent (50%) of the Total Commitment during the period from and including the last payment
date to and excluding the payment date for such installment.

     5.5 Letter of Credit Fees. Borrower shall pay to Administrative Agent for the ratable account
of Lenders a Letter of Credit fee for each outstanding Letter of Credit equal to a rate per annum
equal to the product of (a) the Applicable Margin for Eurodollar Borrowings minus 0.10%, times (b)
the daily maximum amount available to be drawn under such Letter of Credit (whether or not such
maximum amount is then in effect under such Letter of Credit). Such Letter of Credit fees shall
accrue and be computed on a quarterly basis in arrears, and shall be due and payable (a) on the
fifteenth (15th) day after the last day of each March, June, September, and December for
fees accrued through the last day of the preceding quarter, (b) on the Letter of Credit Expiration
Date, and (c) thereafter on demand. If there is any change in the Applicable Margin during any
quarter, the daily maximum amount of each Letter of

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Credit shall be computed and multiplied by the
Applicable Margin separately for each period during such quarter that such Applicable Margin was in
effect.

     5.6 Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. Borrower shall
pay directly to the applicable L/C Issuer for its own account a fronting fee with respect to each
Letter of Credit issued or renewed by such L/C Issuer equal to a rate per annum equal to the
product of (a) 0.10% times (b) the daily maximum amount which is available to be drawn under such
Letter of Credit. Such fronting fee shall accrue and be computed on a quarterly basis in arrears,
and shall be due and payable (a) on the fifteenth (15th) day after the last day of each
March, June, September, and December for fees accrued through the last day of the preceding
quarter, (b) on the Letter of Credit Expiration Date, and (c) thereafter on demand. In addition,
Borrower shall pay directly to the applicable L/C Issuer for its own account the customary
issuance, presentation, amendment, and other processing fees, and other standard costs and charges,
of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable.

SECTION 6 CONDITIONS PRECEDENT.

     6.1 Conditions Precedent to Closing. This Agreement shall not become effective unless the
following conditions precedent are satisfied on or before the Closing Date:

     (a) Borrower Documents. Borrower shall deliver or cause to be delivered to Administrative
Agent the following, each, unless otherwise noted, dated as of the Closing Date:

     (i) certified copies of its Constituent Documents, together with existence and good
standing certificates from the Secretary of State of Nevada and foreign qualification and
good standing certificates from the State of Texas, each dated a recent date prior to the
Closing Date;

     (ii) a certificate of Responsible Officers of Borrower certifying (A) its Constituent
Documents, (B) resolutions of its Board of Directors (or of the Executive Committee of the
Board of Directors upon delivery of resolutions of the Board of Directors authorizing such
action by an Executive Committee) approving and authorizing the execution, delivery, and
performance of this Agreement and the other Loan Documents, certified as of the Closing Date
as being in full force and effect without modification or amendment, and (C) signatures and
incumbency of its officers executing this Agreement and the other Loan Documents;

     (iii) executed originals of this Agreement, the Notes, if any, payable to the order of
each applicable Lender and the other Loan Documents to be executed by Borrower; and

     (iv) such other documents as Administrative Agent may reasonably request.

     (b) Opinion of Counsel for Borrower. The Credit Parties and their respective counsel shall
have received originally executed copies of a favorable written opinion of counsel for Borrower, in
form and substance reasonably satisfactory to Administrative Agent and its counsel, dated as of the
Closing Date, addressed to the Administrative Agent and the Lenders, and setting forth
substantially the matters in the opinions designated in Exhibit D.

     (c) Fees. Borrower shall have paid to Administrative Agent, (i) for distribution (as
appropriate) to the Credit Parties, the fees payable on the Closing Date referred to in Section
5.2, and

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(ii) all reasonable fees and expenses incurred by Administrative Agent and Arranger in
connection with the negotiation, preparation, and closing of the transactions evidenced by the Loan
Documents (including, without limitation, Attorney Costs).

     (d) Completion of Proceedings. All corporate and other proceedings taken or to be taken in
connection with the transactions contemplated hereby and all documents incidental thereto not
previously found acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel
shall be satisfactory in form and substance to Administrative Agent and such counsel, and
Administrative Agent and such counsel shall have received all such counterpart originals or
certified copies of such documents as Administrative Agent may reasonably request.

     (e) Termination of Existing Credit Facilities. Borrower shall have provided to Administrative
Agent evidence of payment and cancellation of the Existing Revolver Credit Facility and the
Existing L/C Facility.

     6.2 Conditions to all Credit Extensions. The obligations of the Credit Parties to make each
Credit Extension (including the initial Credit Extension) are subject to the following further
conditions precedent:

     (a) Notice of Borrowing. Administrative Agent shall have received, in accordance with the
provisions of Section 2.4 and Section 3.10, an originally executed Notice of Borrowing or Notice of
Conversion/Continuation, as applicable.

     (b) Representations and Warranties; Performance of Agreements. As of the date of such Credit
Extension, Borrower’s representations and warranties in each Loan Document are true, correct, and
complete in all material respects (unless they speak to a specific date or are based on facts which
have changed by transactions expressly contemplated or permitted by this Agreement).

     (c) No Default. No Potential Default or Event of Default exists or would be caused by the
making of such Credit Extension.

     (d) No Injunction or Restraining Order. No order, judgment, or decree of any Governmental
Authority shall purport to enjoin or restrain any Credit Party from making such Credit Extension.

     (e) No Violation. The making of such Credit Extension shall not violate any Legal
Requirement, including Regulation T, Regulation U, or Regulation X of the Board of Governors of the
Federal Reserve System.

     (f) Other Matters. All matters related to such Credit Extension must be satisfactory to
Required Lenders and their respective counsel in their reasonable determination, and upon the
reasonable request of Administrative Agent, Borrower shall deliver to Administrative Agent evidence
substantiating any of the matters in the Loan Documents which are necessary to enable Borrower to
qualify for such Credit Extension.

Each condition precedent in this Agreement is material to the transactions contemplated in this
Agreement, and time is of the essence in respect of each thereof. Subject to the prior approval of
Required Lenders, the Credit Parties may make a Credit Extension without all conditions being
satisfied, but, to the extent permitted by all Legal Requirements, such Credit Extension shall not
be deemed to be a

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waiver of the requirement that each such condition precedent be satisfied as a
prerequisite for any subsequent Credit Extension, unless Required Lenders specifically waive each
such item in writing.

SECTION 7 REPRESENTATIONS AND WARRANTIES.

     Borrower represents and warrants to the Credit Parties as follows:

     7.1 Purpose of Credit Facility. Borrower will use (or will loan or contribute such proceeds
to its Subsidiaries to so use) all proceeds of Credit Extensions for one or more of the following:
(a) to refinance existing Debt of Borrower under the Existing Revolver Credit Facility and the
Existing L/C Facility; and (b) for lawful, corporate purposes including, without limitation,
liquidity support for commercial paper issued by Borrower and to satisfy its insurance bonding
requirements. No Restricted Company is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying any “margin stock”
within the meaning of Regulation U. No part of the proceeds of any Credit Extension will be used,
directly or indirectly, for a purpose which violates any Legal Requirement, including the
provisions of Regulation T, U, or X (as enacted by the Board of Governors of the Federal Reserve
System, as amended). “Margin Stock” (as defined in Regulation U) constitutes less than twenty-five
percent (25%) of those assets of the Companies that are subject to any limitation on sale, pledge,
or similar restrictions hereunder.

     7.2 Existence, Good Standing, Authority, and Authorizations. Each Restricted Company is duly
organized, validly existing, and in good standing under the Legal Requirements of its jurisdiction
of organization. Each Restricted Company is duly qualified to transact business and is in good
standing in each jurisdiction where the nature and extent of its business and properties require
the same, except where the failure to be so qualified could not constitute a Material Adverse
Event. Each Restricted Company possesses all the Authorizations necessary or required in the
conduct of its respective business(es), and the same are valid, binding, enforceable, and
subsisting without any defaults thereunder or enforceable adverse limitations thereon and are not
subject to any proceedings or claims opposing the issuance, development, or use thereof or
contesting the validity thereof, except for any such circumstance that could not be a Material
Adverse Event.

     7.3 Subsidiaries; Capital Stock. The Companies have no Subsidiaries except as disclosed on
Schedule 7.3, such schedule reflecting each Subsidiary’s jurisdiction of incorporation (as
supplemented and modified in writing from
time to time to reflect any changes to such Schedule as a result of transactions permitted or
not prohibited by the Loan Documents) and each Unrestricted Subsidiary is designated as such. All
of the outstanding Stock of each Subsidiary is duly authorized, validly issued, fully paid, and
nonassessable and, except (a) for directors’ qualifying shares, or (b) as otherwise set forth on
Schedule 7.3, are owned directly or indirectly by Borrower (as supplemented and modified in writing
from time to time to reflect any changes to such Schedule as a result of transactions permitted or
not prohibited by the Loan Documents), free and clear, in the case of all Restricted Subsidiaries,
of any Liens, restrictions (including restrictions on transfer), claims, or Rights of another
Person except for restrictions on transfer imposed by securities Legal Requirements and general
corporate Legal Requirements.

     7.4 Authorization and Contravention. The execution and delivery by Borrower of each Loan
Document and the performance by Borrower of its obligations thereunder (a) are within the corporate
power of Borrower, (b) have been duly authorized by all necessary corporate action on the part of
Borrower, (c) require no action by or in respect of Authorizations of or filing with, any
Governmental Authority, which action, Authorization, or filing has not been taken, received, or
made on or prior to the

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Closing Date (or if later, the date of execution and delivery of such Loan
Document) other than filing of the Loan Documents pursuant to securities Legal Requirements, (d)
will not violate any provision of the Constituent Documents of any Company, (e) will not violate
any provision of any Legal Requirement applicable to any Company, other than such violations which
individually or collectively could not be a Material Adverse Event, (f) will not violate any
material written or oral agreements, contracts, commitments, or understandings to which any Company
is a party, other than such violations which could not be a Material Adverse Event, or (g) will not
result in the creation or imposition of any Lien on any asset of any Company.

     7.5 Binding Effect. Upon execution and delivery by all parties thereto, each Loan Document to
which Borrower is a party will constitute a legal, valid, and binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as enforceability may be limited
by applicable Debtor Relief Laws and general principles of equity.

     7.6 Financial Statements. The Current Financials were prepared in accordance with GAAP and
present fairly, in all material respects, the consolidated financial condition, results of
operations, and cash flows of the Companies as of and for the portion of the fiscal year ending on
the date or dates thereof (subject only to normal year-end audit adjustments). There were no
material liabilities, direct or indirect, fixed or contingent, of the Companies as of the date or
dates of the Current Financials which are required under GAAP to be reflected therein or in the
notes thereto, and are not so reflected. No Material Adverse Event has occurred from March 31,
2005 to the Closing Date.

     7.7 Litigation, Claims, Investigations. No Company is subject to, or aware of the threat of,
any Litigation which is reasonably likely to be determined adversely to any Company, and, if so
adversely determined, could (individually or collectively with other Litigation) be a Material
Adverse Event. There are no outstanding orders or judgments for the payment of money in excess of
$25,000,000 (individually or collectively) or any warrant of attachment, sequestration, or similar
proceeding against the assets of any Company having a value (individually or collectively) of
$25,000,000 or more which is not either (a) stayed on appeal, or (b) being contested in good faith
by appropriate proceedings diligently conducted, and against which reserves or other provisions
required by GAAP have been made. There are no formal complaints, suits, claims, investigations, or
proceedings initiated at or by any Governmental Authority pending or, to the
best knowledge of Borrower, threatened against any Company which is reasonably likely to be
determined adversely and, if so adversely determined, could be a Material Adverse Event, nor any
judgments, decrees, or orders of any Governmental Authority outstanding against any Company that
could be a Material Adverse Event.

     7.8 Taxes. All Tax returns of each Company required to be filed have been filed (or
extensions have been granted) prior to delinquency, except for any such returns for which the
failure to so file could not be a Material Adverse Event, and all Taxes imposed upon each Company
which are due and payable have been paid prior to delinquency, other than Taxes (a) that are being
contested in good faith by appropriate proceedings diligently conducted, and against which reserves
or other provisions required by GAAP have been made, or (b) for which nonpayment thereof could not
be a Material Adverse Event.

     7.9 Environmental Matters. No Company, after reasonable inquiry, (a) knows of any
environmental condition or circumstance, such as the presence or Release of any Hazardous
Materials, on any property presently or previously owned or leased by any Company or to which
Hazardous Materials generated by any Company have been taken, that could be a Material Adverse
Event, (b) knows of any violation by any Company of any Environmental Law that could be a Material
Adverse Event, or

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(c) knows that any Company is under any obligation to remedy any violation of any
Environmental Law or any Release or threatened Release of any Hazardous Materials that could be a
Material Adverse Event.

     7.10 Employee Benefit Plans. (a) No Employee Plan has incurred an accumulated funding
deficiency, as defined in Section 302 of ERISA and Section 412 of the Tax Code, (b) neither
Borrower nor any ERISA Affiliate has incurred a liability which is currently due and remains unpaid
under Title IV of ERISA to the PBGC or to an Employee Plan in connection with any such Employee
Plan, (c) neither Borrower nor any ERISA Affiliate has withdrawn in whole or in part from
participation in a Multiemployer Plan, (d) Borrower has not engaged in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Tax Code), and (e) no Reportable Event
has occurred which is reasonably likely to result in the termination of an Employee Plan, if such
accumulated funding deficiency, liability, withdrawal, prohibited transaction, or Reportable Event
is reasonably likely to result individually or in the aggregate in liability on the part of
Borrower in excess of $25,000,000. The present value of all benefit liabilities within the meaning
of Title IV of ERISA under each Employee Plan (based on those actuarial assumptions used to fund
such Employee Plan) did not, as of the last annual valuation date for the most recent plan year of
such Employee Plan, exceed the value of the assets of such Employee Plan, and the total present
values of all benefit liabilities within the meaning of Title IV of ERISA of all Employee Plans
(based on the actuarial assumptions used to fund each such Employee Plan) did not, as of the
respective annual valuation dates for the most recent plan year of each such Plan, exceed the value
of the assets of all such Employee Plans.

     7.11 Properties; Liens. Each Restricted Company has good and indefeasible title to all its
property reflected on the Current Financials, except for property that (a) is obsolete, or (b) has
been disposed of in the ordinary course of business or as otherwise permitted by the Loan
Documents. Except for Permitted Liens, there is no Lien on any property of any Restricted Company.

     7.12 Government Regulations. No Company is subject to regulation under the Investment Company
Act of 1940, as amended, the
Public Utility Holding Company Act of 1935, as amended, or any other Legal Requirement (other than
Regulations T, U, and X of the Board of Governors of the Federal Reserve System) which regulates
the incurrence of Debt.

     7.13 Transactions with Affiliates. No Restricted Company is a party to a transaction with any
of its Affiliates, other than transactions upon fair and reasonable terms not materially less
favorable than such Restricted Company could obtain or could become entitled to in an arm’s-length
transaction with a Person that was not its Affiliate.

     7.14 No Default. No event has occurred and is continuing or would result from the incurring
of obligations by Borrower under this Agreement or any other Loan Document which constitutes an
Event of Default or a Potential Default. No Restricted Company is in default under or with respect
to any material written or oral agreements, contracts, commitments, or understandings to which any
Restricted Company is party which could, individually or together with all such defaults, be a
Material Adverse Event.

     7.15 Solvency. At the time of each Credit Extension hereunder, each Restricted Company is
(and after giving effect to the transactions contemplated by the Loan Documents and any incurrence
of additional Debt, will be) Solvent.

     7.16 Compliance with Legal Requirements. No Company is in violation of any Legal Requirements
(including Environmental Laws), other than such violations which could not, individually

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or
collectively, be a Material Adverse Event. No Company has received notice alleging any
non-compliance with any Legal Requirements, except for such non-compliance which no longer exists
or which could not be a Material Adverse Event.

     7.17 Full Disclosure. There is no material fact or condition relating to the Loan Documents
or the financial condition, business, or property of any Company which could be a Material Adverse
Event and which has not been disclosed, in writing, to Administrative Agent. All information
heretofore furnished by any Company to any Credit Party in connection with the Loan Documents was,
and all such information hereafter furnished by any Company to any Credit Party will be, true and
accurate in all material respects or based on reasonable estimates on the date as of which such
information is stated or certified.

     7.18 Senior Debt. The Obligation constitutes (and will constitute until payment in full and
cancellation of all Commitments hereunder) Borrower’s direct and unconditional obligation and ranks
at least pari passu with other unsecured and unsubordinated Debt of Borrower.

SECTION 8 AFFIRMATIVE COVENANTS.

     Borrower covenants and agrees to perform, observe, and comply with each of the following
covenants, from the Closing Date and so long thereafter as Lenders are committed to make any Credit
Extensions under this Agreement and thereafter until the payment in full of all Principal Debt and
payment in full of all interest, fees, and other amounts of the Obligation then due and owing, and
so long
as any Letter of Credit shall remain outstanding, unless Borrower receives a prior written consent
to the contrary by Administrative Agent as authorized by Required Lenders:

     8.1 Use of Proceeds. Borrower shall use the proceeds of all Credit Extensions only for the
purposes represented herein.

     8.2 Books and Records. Borrower shall, and shall cause each other Company to, maintain books,
records, and accounts necessary to prepare all Financial Statements delivered hereunder in
accordance with GAAP.

     8.3 Items to be Furnished. Borrower shall cause the following to be furnished to
Administrative Agent and each Lender:

     (a) Annual Financial Statements. Promptly after preparation, and no later than ninety (90)
days after the last day of each fiscal year of Borrower, Financial Statements showing the
consolidated and consolidating financial condition and results of operations of the Companies, as
of, and for the year ended on, such day, each accompanied by:

     (i) with respect to the consolidated Financial Statements, the unqualified opinion of a
firm of nationally-recognized independent certified public accountants, based on an audit
using generally accepted auditing standards and Securities Laws, that such Financial
Statements were prepared in accordance with GAAP and present fairly the consolidated
financial condition and results of operations of the Companies, and containing an
attestation report as to Borrower’s internal controls pursuant to Section 404 of
Sarbanes-Oxley;

     (ii) any management letter delivered to Borrower prepared by such accounting firm with
respect to such Financial Statements; and

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     (iii) a Compliance Certificate.

     (b) Periodic Financial Statements. Promptly after preparation, and no later than sixty (60)
days after the last day of each fiscal quarter of Borrower (other than the last fiscal quarter of
any fiscal year), Financial Statements showing the consolidated and consolidating financial
condition and results of operations calculated for the Companies for such fiscal quarter and for
the period from the beginning of the then-current fiscal year to such last day, accompanied by (i)
an internally prepared financial summary of the Companies and other information as Administrative
Agent may reasonably request, and (ii) a Compliance Certificate with respect to such Financial
Statements.

     (c) Management Letters. Promptly upon receipt thereof, copies of all auditor’s annual
management letters delivered to Borrower.

     (d) Notices of Litigation, Defaults, Etc. Notice, promptly after Borrower knows or has reason
to know of (i) the existence and status of any Litigation which is reasonably likely to be
determined adversely and, if so adversely determined, could be a Material Adverse Event, or of any
order or judgment for the payment of money which (individually or collectively) is in excess of
$25,000,000, or any warrant of attachment, sequestration, or similar proceeding against the assets
of any Company having a value (individually or collectively) of $25,000,000 or more, (ii) any
material change in any material fact or circumstance represented or warranted in any Loan Document,
(iii) a Potential Default or Event of
Default specifying the nature thereof and what action Borrower or any other Company has taken,
is taking, or proposes to take with respect thereto; provided, however, that Borrower shall have no
obligation to notify Administrative Agent or Lenders of a Potential Default under Section 9.12
unless Borrower has actual knowledge of such Potential Default and such Potential Default has
continued, or Borrower reasonably expects such Potential Default to continue, for a period of five
(5) consecutive days, (iv) the receipt by any Company of any notice from any Governmental Authority
of the expiration without renewal, termination, material modification or suspension of, or
institution of any proceedings to terminate, materially modify, or suspend, any Authorization which
any Company is required to hold in order to operate its business in compliance with all Legal
Requirements, other than such expirations, terminations, suspensions, or modifications which
individually or in the aggregate would not be a Material Adverse Event, (v) any federal, state, or
local statute, regulation, or ordinance or judicial or administrative order limiting or controlling
the operations of any Company which has been issued or adopted hereafter and which is of material
adverse importance or effect in relation to the operations of the Companies taken as a whole, (vi)
the receipt by any Company of notice of any violation or alleged violation of any Environmental
Law, which violation or alleged violation could, individually or collectively with other such
violations or allegations, reasonably be expected to be a Material Adverse Event, or (vii) (A) the
occurrence of a Reportable Event that, alone or together with any other Reportable Event, could
reasonably be expected to result in liability of any Company to the PBGC in an aggregate amount
exceeding $25,000,000; (B) any expressed statement in writing on the part of the PBGC of its

intention to terminate any Employee Plan or Plans; (C) Borrower’s or an ERISA Affiliate’s becoming
obligated to file with the PBGC a notice of failure to make a required installment or other payment
with respect to an Employee Plan; or (D) the receipt by Borrower or an ERISA Affiliate from the
sponsor of a Multiemployer Plan of either a notice concerning the imposition of withdrawal
liability in an aggregate amount exceeding $25,000,000 or of the impending termination or
reorganization of such Multiemployer Plan.

     (e) Schedule and Exhibit Updates. Concurrently with the delivery of each Compliance
Certificate, to the extent any of the information or disclosures provided on any of the Schedules
or

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Exhibits delivered pursuant to this Agreement or any Loan Documents has become outdated or
incorrect in any material respect, such revised or updated Schedules or Exhibits as may be
necessary or appropriate to update or correct such information or disclosures.

     (f) SEC Filings. Promptly after the filing thereof, a true, correct, and complete copy of
each Form 10-K and Form 10-Q filed by or on behalf of Borrower with the Securities and Exchange
Commission, and notice of the filing of any Form 8-K by or on behalf of Borrower with the
Securities and Exchange Commission.

     (g) Change in Ratings. Promptly upon the receipt of notice thereof, and in any event within
three (3) Business Days after any change in the Moody’s Rating, the S & P Rating, or the Fitch
Rating, notice of such change.

     (h) Other Information. Promptly upon request therefor by any Credit Party, such information
(not otherwise required to be furnished under the Loan Documents) respecting the business affairs,
assets, and liabilities of the Companies, as reasonably requested.

     (i) Borrower Materials. Borrower hereby acknowledges that (a) Administrative Agent will make
available to the Lenders and each L/C Issuer materials and/or information provided by or on behalf
of Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may
be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to Borrower or its securities) (each, a “Public Lender”). Borrower hereby
agrees that so long as Borrower is the issuer of any outstanding debt or equity securities that are
registered or issued pursuant to a private offering or is actively contemplating issuing any such
securities (w) all Borrower Materials that are to be made available to Public Lenders shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
Borrower shall be deemed to have authorized Administrative Agent, each L/C Issuer, and the Lenders
to treat such Borrower Materials as not containing any material non-public information with respect
to Borrower or its securities for purposes of United States Federal and state securities laws; (y)
all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor;” and (z) Administrative Agent shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not designated “Public Investor.” Notwithstanding the foregoing, the Borrower shall be
under no obligation to mark any Borrower Materials “PUBLIC.”

     8.4 Inspections. Borrower shall, and shall cause each other Company to, upon reasonable
notice, allow any Credit Party (or its Representatives) (except in the case of Administrative Agent
or its Representatives or unless an Event of Default exists (which in either case shall be at the
expense of Borrower), at the sole expense of such Credit Party) to inspect any of their properties,
to review reports, files, and other records and to make and take away copies thereof, to conduct
tests or investigations, and to discuss any of their affairs, conditions, and finances with other
creditors, directors, officers, employees, other representatives, and independent accountants of
the Companies, from time to time, during reasonable business hours.

     8.5 Taxes. Borrower shall, and shall cause each other Company to (a) promptly pay when due
any and all Taxes other than Taxes the failure to pay could not be a Material Adverse Event or the
applicability, amount, or validity of which is being contested in good faith by appropriate
proceedings diligently conducted, and against which reserves or other provisions required by GAAP
have been made,

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and in respect of which levy and execution of any lien securing same have been and
continue to be stayed, and (b) notify Administrative Agent immediately if the Internal Revenue
Service or any other taxing authority commences or notifies any Company of its intention to
commence an audit or investigation with respect to any Taxes of any kind due or alleged to be due
from any Company to the extent that the failure to pay such Taxes could be a Material Adverse
Event.

     8.6 Payment of Obligations. Borrower shall pay the Obligation in accordance with the terms
and provisions of the Loan Documents. Borrower shall, and shall cause each Restricted Company to,
promptly pay (or renew and extend) all of its material obligations as the same become due (unless
such obligations (other than the Obligation) are being contested in good faith by appropriate
proceedings).

     8.7 Maintenance of Existence, Assets, and Business. Except as otherwise permitted by Section
9.10, Borrower shall, and shall cause each other Company to, at all times: (a) maintain its
existence and good standing in the jurisdiction of its organization and its authority to transact
business in all other jurisdictions where the failure to so maintain could be a Material Adverse
Event; (b) maintain all licenses, permits, and franchises necessary for its business where the
failure to so maintain could be a Material Adverse Event; (c) keep all of its assets which are
useful in and necessary to its business in good working order and condition (ordinary wear and tear
excepted) and make all necessary repairs thereto and replacements thereof where the failure to do
so
could be a Material Adverse Event; and (d) do all things necessary to obtain, renew, extend,
and continue in effect all Authorizations which may at any time and from time to time be necessary
for the Companies to operate their businesses in compliance with all Legal Requirements, where the
failure to so obtain, renew, extend, or continue in effect could be a Material Adverse Event.

     8.8 Insurance. Borrower shall, and shall cause each other Company to, maintain with
financially sound, responsible, and reputable insurance companies or associations insurance
concerning its properties and businesses against casualties and contingencies and of types and in
amounts (and with co-insurance and deductibles) as is customary in the case of similar businesses.
At Administrative Agent’s request, Borrower shall, and shall cause each other Company to, promptly
deliver to Administrative Agent evidence of insurance for each policy of insurance and evidence of
payment of all premiums.

     8.9 Preservation and Protection of Rights. Borrower shall, and shall cause each other Company
to, perform such acts and duly authorize, execute, acknowledge, deliver, file, and record any
additional agreements, documents, instruments, and certificates as Administrative Agent or Required
Lenders may reasonably deem necessary or appropriate in order to preserve and protect the Rights of
the Credit Parties under any Loan Document.

     8.10 Environmental Laws. Borrower shall, and shall cause each other Company to (a) conduct
its business so as to comply with all applicable Environmental Laws and shall promptly take
corrective action to remedy any non-compliance with any Environmental Law, and (b) promptly
investigate and remediate any known Release or threatened Release of any Hazardous Material on any
property owned by any Company or at any facility operated by any Company to the extent and degree
necessary to comply with all Environmental Laws, except, in the cases of clauses (a) and (b), to
the extent that the failure to do so could not be a Material Adverse Event.

     8.11 Compliance with Legal Requirements. Borrower shall, and shall cause each other Company
to, comply with the provisions of all Legal Requirements applicable to it, and any material written
or oral agreement, contract, commitment, or understanding to which it is a party, unless the
failure

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to so comply alone, or when aggregated with all other such non-compliance, could not be a
Material Adverse Event.

     8.12 Designation of Unrestricted Subsidiaries

     (a) Borrower shall have the option of designating any Restricted Subsidiary as an Unrestricted
Subsidiary by giving prior written notice to the Administrative Agent and Lenders (as provided in
the next sentence), provided that (i) such designation does not result in an Event of Default or a
Potential Default, and (ii) the aggregate of (x) the Recourse Debt of such Restricted Subsidiary
(determined as at the date of such designation), and (y) the aggregate Recourse Debt of all other
Subsidiaries of Borrower, if any, which Borrower has previously designated as Unrestricted
Subsidiaries (determined for each such other Subsidiary as at the date of designation of the new
Unrestricted Subsidiary and determined for all such Subsidiaries (including the new Unrestricted
Subsidiary) on a consolidated basis in accordance with GAAP) does not exceed the greater of (a)
twenty-five percent (25%) of Consolidated Debt (determined as at the date of such designation)
excluding the Restricted Subsidiary to be so designated, or (b) $750,000,000. Each notice of
designation delivered pursuant to the preceding sentence shall be accompanied by the following
documents, each certified by a Responsible
Officer of Borrower and setting forth the relevant financial information as at a specified
date not earlier than ten (10) days before the effective date of such designation: (X) a statement
showing, in reasonable detail, the Tangible Net Worth, the total Debt, and the total assets of each
Restricted Subsidiary the subject of such notice of designation; and (Y) a Compliance Certificate
showing comparative figures for Borrower and the Restricted Subsidiaries before and after giving
effect to such notice of designation and a statement demonstrating, in reasonable detail,
compliance with clause (ii) of the first sentence of this Section 8.12(a). Any attempted
designation by Borrower of a Restricted Subsidiary as an Unrestricted Subsidiary other than in
compliance with the limitations contained in this Section 8.12(a) shall be ineffective as fully as
if such attempted designation had never occurred.

     (b) Borrower shall have the option of designating any newly formed or acquired Subsidiary as
an Unrestricted Subsidiary so long as such designation complies with the requirements of the
proviso in the first sentence of Section 8.12(a) and Administrative Agent receives a list of newly
formed or acquired Unrestricted Subsidiaries in connection with the delivery of each Compliance
Certificate delivered to Administrative Agent pursuant to Section 8.3, which Compliance Certificate
shall contain a statement that Borrower is in compliance with clause (ii) of the first sentence of
Section 8.12(a) (for such purpose the reference to “Restricted Subsidiary” in clause (ii) of the
first sentence of Section 8.12(a) shall be deemed to read “newly formed or acquired Subsidiary”).

     (c) If, as of any date, the aggregate Recourse Debt of the Unrestricted Subsidiaries
(determined on a consolidated basis in accordance with GAAP) exceeds the greater of (a) twenty-five
percent (25%) of Consolidated Debt as of such date or (b) $750,000,000, then Borrower shall
designate an Unrestricted Subsidiary or Subsidiaries to be a Restricted Subsidiary such that the
aggregate Recourse Debt of the remaining Unrestricted Subsidiaries does not exceed the greater of
(a) twenty-five percent (25%) of Consolidated Debt (including the newly designated Restricted
Subsidiary), or (b) $750,000,000. Borrower shall notify Administrative Agent and Lenders of any
such designation not later than ten (10) days after the requirement to make such designation arises
pursuant to the preceding sentence, accompanied by the following documents, each certified by a
Responsible Officer of Borrower and setting forth the relevant financial information as at a
specified date not earlier than ten (10) days before the effective date of such designation: (X) a
statement showing, in reasonable detail, the Tangible Net Worth, the total Debt, and the total
assets of the Subsidiary to be designated a Restricted Subsidiary, and (Y) a Compliance Certificate
showing comparative figures for Borrower and the Restricted Subsidiaries

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before and after giving
effect to such notice of designation and a statement demonstrating, in reasonable detail,
compliance with this Section 8.12(c).

SECTION 9 NEGATIVE COVENANTS.

     Borrower covenants and agrees to perform, observe, and comply with each of the following
covenants, from the Closing Date and so long thereafter as Lenders are committed to make any Credit
Extensions under this Agreement and thereafter until the payment in full of all Principal Debt and
payment in full of all other interest, fees, and other amounts of the Obligation then due and
owing, and so long as any Letter of Credit shall remain outstanding, unless Borrower receives a
prior written consent to the contrary by Administrative Agent as authorized by Required Lenders (or
all Lenders, in the case of Section 9.6):

     9.1 Employee Benefit Plans. Borrower shall not, and shall not permit any ERISA Affiliate to,
directly or indirectly, engage in any “prohibited transaction” (as defined in Section 406 of ERISA
or Section 4975 of the Tax Code), and the Companies and their respective ERISA Affiliates shall
not, directly or indirectly, (a) incur any
“accumulated funding deficiency” as such term is defined in Section 302 of ERISA with respect
to any Employee Plan, (b) permit any Employee Plan to be subject to involuntary termination
proceedings pursuant to Title IV of ERISA, or (c) fully or partially withdraw from any
Multiemployer Plan, if such prohibited transaction, accumulated funding deficiency, termination
proceeding, or withdrawal would result individually or in the aggregate in liability on the part of
Borrower in excess of $25,000,000.

     9.2 Liens. Borrower shall not, and shall not permit any other Restricted Company to, directly
or indirectly, (a) create, incur, or suffer or permit to be created or incurred or to exist any
Lien upon any Stock of any Restricted Subsidiary (other than Stock not owned by a Company), or (b)
create, incur, or suffer or permit to be created or incurred or to exist any Lien upon any of its
other assets, except in the case of clause (b):

     (i) pledges or deposits made to secure payment of worker’s compensation, or to
participate in any fund in connection with worker’s compensation, unemployment insurance,
pensions, or other social security programs;

     (ii) good-faith pledges or deposits made to secure performance of bids, tenders,
insurance or other contracts (other than for the repayment of borrowed money), or leases, or
to secure statutory obligations, surety or appeal bonds, or indemnity, performance, or other
similar bonds as all such Liens arise in the ordinary course of business of the Restricted
Companies;

     (iii) encumbrances consisting of zoning restrictions, easements, or other restrictions
on the use of real property, none of which impair in any material respect the use of such
property by the Person in question in the operation of its business, and none of which is
violated by existing or proposed structures or land use;

     (iv) Liens of landlords or of mortgagees of landlords, arising solely by operation of
law, on fixtures and movable property located on premises leased in the ordinary course of
business;

     (v) the following, so long as the applicability, amount, or validity of which is being
contested in good faith by appropriate proceedings diligently conducted, and against which

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reserves or other provisions required by GAAP have been made, levy and execution thereon
have been stayed and continue to be stayed, and they do not in the aggregate materially
detract from the value of the property of the Person in question, or materially impair the
use thereof in the operation of its business: (A) claims and Liens for Taxes (other than
Liens relating to Environmental Laws or ERISA); (B) claims and Liens upon, and defects of
title to, real or personal property, including any attachment of personal or real property
or other legal process prior to adjudication of a dispute of the merits; and (C) claims and
Liens of mechanics, materialmen, warehousemen, carriers, landlords, or other like Liens;

     (vi) Liens in favor of Administrative Agent to secure the Obligation;

     (vii) Liens in favor of Borrower;

     (viii) Liens in assets or properties acquired with purchase money Debt securing only
such purchase money Debt; provided that such Liens attach to such property concurrently with
or within one hundred eighty (180) days after the acquisition thereof;

     (ix) Liens on any property or asset of any corporation or other entity existing at the
time such corporation or other entity becomes a Subsidiary or is merged or consolidated with
or into any Restricted Company or at the time such property or asset is acquired from such
corporation or other entity, other than any Lien placed on any property or asset of such
corporation or other entity in contemplation of such acquisition, merger, or consolidation;

     (x) Liens securing non-recourse Debt incurred in connection with industrial revenue,
municipal utility district, or similar financing;

     (xi) Liens for current taxes not yet due;

     (xii) other Liens securing Debt or other obligations not to exceed in the aggregate for
all such Liens the sum of $25,000,000; and

     (xiii) any renewals, extensions, or refinancings (but not increase in the principal
amount thereof) of any of the foregoing Permitted Liens.

     9.3 Subsidiary Indebtedness; Limitations on Upstreaming. Borrower shall not permit any
Restricted Subsidiary to guaranty any Debt of Borrower unless such Restricted Subsidiary also
executes a pari passu guaranty of the Obligation. Borrower shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly agree to any restriction or limitation on the
making of dividends or distributions, the repaying of loans or advances or the transferring of
assets from any Restricted Subsidiary to Borrower or any other Restricted Subsidiary, except (a)
restrictions and limitations imposed by Legal Requirements, (b) customary restrictions and
limitations contained in agreements relating to the sale of a Subsidiary or its assets that is
permitted hereunder and (c) any other restrictions that could not reasonably be expected to cause a
Material Adverse Event.

     9.4 Transactions with Affiliates. Borrower shall not, and shall not permit any other
Restricted Company to, enter into any transaction with any of its Affiliates, other than
transactions upon fair and reasonable terms not materially less favorable than such Restricted
Company could obtain or could become entitled to in an arm’s-length transaction with a Person that
was not its Affiliate.

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     9.5 Compliance with Documents. Borrower shall not, and shall not permit any other Company to,
violate the provisions of its Constituent Documents, or modify, repeal, replace, or amend any
provision of its Constituent Documents, if such action could materially and adversely affect the
Rights of any Credit Party under this Agreement or the other Loan Documents.

     9.6 Assignment. Borrower shall not assign or transfer any of its Rights, duties, or
obligations under any of the Loan Documents.

     9.7 Fiscal Year and Accounting Methods. Borrower shall not, and shall not permit any other
Restricted Company to, change its method of accounting, other than immaterial changes in methods or
as required by GAAP. Borrower shall not, and shall not permit any other Restricted Company to,
change its fiscal year for book accounting purposes, except upon the delivery of written notice to
Administrative Agent.

     9.8 Government Regulations. Borrower shall not, and shall not permit any other Restricted
Company to, conduct its business in such a way that it will become subject to regulation under the
Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 1935, as
amended, or any other Legal Requirement (other than Regulations T, U, and X of the Board of
Governors of the Federal Reserve System) which regulates the incurrence of Debt.

     9.9 Sale of Assets. Borrower shall not, and shall not permit any other Restricted Company to,
sell, assign, transfer, or otherwise dispose of all or substantially all of its assets, other than
(a) sales, assignments, transfers, or other dispositions of assets by a Restricted Subsidiary to
Borrower or to another Restricted Subsidiary and (b) sales, assignments, transfers, or other
dispositions of assets (to Persons other than Borrower or a Restricted Subsidiary) of Restricted
Subsidiaries (i) having an aggregate fair market value not to exceed $100,000,000 in any fiscal
year, or (ii) in the ordinary course of business.

     9.10 Mergers and Dissolutions; Sale of Capital Stock. Borrower shall not, and shall not
permit any other Restricted Company to, directly or indirectly, merge or consolidate with any other
Person, other than (a) mergers or consolidations involving Borrower if Borrower is the surviving
entity, and (b) mergers or consolidations among Wholly-owned Companies, in each case so long as no
Potential Default or Event of Default exists or would result therefrom; provided that in any merger
involving any Restricted Company, a Restricted Company must be the surviving entity. Borrower
shall not, and shall not permit any other Restricted Company to, liquidate, wind up, or dissolve
(or suffer any liquidation or dissolution), other than liquidations, wind ups, or dissolutions
incident to mergers or consolidations permitted under this Section 9.10. Borrower shall not, and
shall not permit any other Company to, sell, assign, lease, transfer, or otherwise dispose of the
Stock of any other Restricted Company, other than sales, assignments, leases, transfers, or other
such dispositions to another Company. Notwithstanding the foregoing, nothing in this Agreement
shall prohibit any mergers, consolidations, liquidations, wind ups, or dissolutions of any
Subsidiary or the sale, assignment, lease, transfer, or other disposal of the Stock of any
Subsidiary so long as (i) no Potential Default or Event of Default exists or would result from such
merger, consolidation, liquidation, wind up, or dissolution or such sale, assignment, lease,
transfer, or other disposal of such Stock, (ii) after giving effect thereto, the character of the
business of the Restricted Companies, on a consolidated basis, will not be materially changed, and
(iii) the assets, annual revenues, and annual net income, in each case determined in accordance
with GAAP, of the affected Subsidiary does not exceed $100,000,000.

     9.11 New Business. Borrower shall not, and shall not permit any other Restricted Company to,
directly or indirectly, permit or suffer to exist any material change (on a consolidated basis) in
the type

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of businesses in which it is engaged from the businesses (on a consolidated basis) of the
Companies as conducted on the Closing Date.

     9.12 Financial Covenants.

     (a) Leverage Ratio. Borrower shall not permit the Leverage Ratio (expressed as a percent), as
of the last day of any fiscal quarter of Borrower, to be greater than fifty-five percent (55%).

     (b) Interest Coverage. Borrower shall not permit the Interest Coverage Ratio, as of the last
day of any fiscal quarter of Borrower, to be less than 2.0 to 1.0.

     (c) Minimum Tangible Net Worth. Borrower shall not permit Consolidated Tangible Net Worth, as
of the last day of any fiscal quarter of Borrower, to be less than the sum of (a) $2,716,220,000,
plus (b) fifty percent (50%) of the amount of Net Proceeds from any Equity Issuance subsequent to
March 31, 2005, plus (c) fifty percent (50%) of Cumulative Consolidated Net Income.

SECTION 10 DEFAULT.

     The term “Event of Default” means the occurrence of any one or more of the following events:

     10.1 Payment of Obligation. The failure or refusal of Borrower to pay (a) all or any part of
the Principal Debt or any L/C Obligation when the same becomes due (whether by its terms, by
acceleration, or as otherwise provided in the Loan Documents), or (b) any other part of the
Obligation within five (5) calendar days after the due date, or (c) the indemnification and
reimbursement obligations provided for in the Loan Documents after demand therefor.

     10.2 Covenants. The failure or refusal of Borrower (and, if applicable, any other Company) to
punctually and properly perform, observe, and comply with:

     (a) any covenant, agreement, or condition contained in Section 8.3 (other than Sections
8.3(e), 8.3(f), and 8.3(g)); or

     (b) any covenant, agreement, or condition contained in Sections 8.3(e), 8.3(f), 8.3(g), 8.12,
or 9, and such failure or refusal continues unremedied for ten (10) days after the earlier of (i)
notice given by Administrative Agent to Borrower of such failure or refusal, or (ii) Borrower’s
actual knowledge of such failure or refusal; or

     (c) any other covenant, agreement, or condition contained in any Loan Document (other than the
covenants to pay the Obligation and the covenants in clause (a) or (b) preceding) and such failure
or refusal continues unremedied for thirty (30) days after the earlier of (i) notice given by
Administrative Agent to Borrower of such failure or refusal, or (ii) Borrower’s actual knowledge of
such failure or refusal.

     10.3 Debtor Relief. Any Restricted Company (a) shall not be Solvent, (b) fails to pay its
Debts generally as they become due, (c) makes an assignment for the benefit of creditors, (d)
voluntarily seeks, consents to, or acquiesces in the benefit of any Debtor Relief Law, other than
as a creditor or claimant, or (e) becomes a party to or is made the subject of any proceeding
provided for by any Debtor Relief Law, other than as a creditor or claimant, that could suspend or
otherwise adversely affect the Rights of any Credit Party granted in the Loan Documents (unless, in
the event such proceeding is involuntary, the petition instituting same is dismissed within sixty
(60) days after its filing without the

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entry of an order for relief or the appointment of a
receiver) or an order of relief or judgment is entered in, or a receiver or similar officer is
appointed pursuant to, any such proceeding.

     10.4 Judgments and Attachments. Any Restricted Company fails, within sixty (60) days after
entry, to pay, bond, or otherwise discharge any judgment or order for the payment of money in
excess of $25,000,000 (individually or
collectively) or any warrant of attachment, sequestration, or similar proceeding against any
Restricted Company’s assets having a value (individually or collectively) of $25,000,000, in each
case, which is not stayed on appeal.

     10.5 Government Action.

     (a) A final non-appealable order is issued by any Governmental Authority, including, but not
limited to, the United States Justice Department, seeking to cause any Restricted Company to divest
assets with a fair market value in excess of $25,000,000, pursuant to any antitrust, restraint of
trade, unfair competition, industry regulation, or similar Legal Requirements; or

     (b) Any Governmental Authority shall condemn, seize, or otherwise appropriate, or take custody
or control of, the assets of any Restricted Company with a fair market value in excess of
$25,000,000.

     10.6 Misrepresentation. Any representation or warranty made by Borrower contained in any Loan
Document shall at any time prove to have been incorrect in any material respect when made.

     10.7 Change of Control. A Change in Control of Borrower shall occur.

     10.8 Default Under Other Debt and Agreements.

     (a) Any Restricted Company fails to make any payments when due (after lapse of any applicable
grace periods) with respect to any Debt of such Restricted Company (other than the Obligation) in
excess (individually or collectively) of $25,000,000; and

     (b) Any default exists under any agreement (other than the Loan Documents) to which any
Restricted Company is a party, which has not been waived by the parties thereto, the effect of
which has been to cause, or to permit any Person to cause, an amount of Debt of such Restricted
Company in excess (individually or collectively) of $25,000,000 to become due and payable by such
Restricted Company (whether by acceleration or by its terms).

     10.9 Employee Benefit Plans.

     (a) A “Reportable Event” or “Reportable Events,” or a failure to make a required installment
or other payment (within the meaning of Section 412(n)(1) of the Tax Code), shall have occurred
with respect to any Employee Plan or Plans that is reasonably expected to result in liability of
Borrower to the PBGC or to an Employee Plan in an aggregate amount exceeding $25,000,000; or

     (b) Borrower or any ERISA Affiliate has provided to any affected party a sixty (60) day notice
of intent to terminate an Employee Plan pursuant to a distress termination in accordance with
Section 4041(c) of ERISA if the liability reasonably expected to be incurred as a result of such
termination will exceed $25,000,000; or

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     (c) A trustee shall be appointed by a United States district court to administer any such
Employee Plan pursuant to Section 4042(b) of ERISA; or

     (d) The PBGC shall institute proceedings (including giving notice of intent thereof) to
terminate any such Employee Plan if such termination proceeding is reasonably expected to result in
liability on the part of Borrower in excess of $25,000,000; or

     (e) (i) Borrower or any ERISA Affiliate shall have been notified by the sponsor of a
Multiemployer Plan that it has incurred withdrawal liability (within the meaning of Section 4201 of
ERISA) to such Multiemployer Plan, (ii) Borrower or such ERISA Affiliate does not have reasonable
grounds for contesting such withdrawal liability or is not contesting such withdrawal liability in
a timely and appropriate manner and (iii) the amount of such withdrawal liability specified in such
notice, when aggregated with all other amounts required to be paid to Multiemployer Plans in
connection with withdrawal liabilities (determined as of the date or dates of such notification),
exceeds $25,000,000; or

     (f) Borrower or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning
of Title IV of ERISA, if solely as a result of such reorganization or termination the aggregate
annual contributions of Borrower and its ERISA Affiliates to all Multiemployer Plans that are then
in reorganization or have been or are being terminated have been or will be increased over the
amounts required to be contributed to such Multiemployer Plans for their most recently completed
plan years by an amount exceeding $25,000,000.

     10.10 Validity and Enforceability of Loan Documents. Any Loan Document shall, at any time after
its execution and delivery and for any reason, cease to be in full force and effect in any material
respect or be declared to be null and void (other than in accordance with the terms hereof or
thereof) or the validity or enforceability thereof be contested by Borrower or Borrower shall deny
in writing that it has any or any further liability or obligations under any Loan Document to which
it is a party.

SECTION 11 RIGHTS AND REMEDIES.

     11.1 Remedies Upon Default.

     (a) If an Event of Default exists under Section 10.3(c), 10.3(d), or 10.3(e) then (i) the
commitment to extend credit hereunder shall automatically terminate, (ii) the entire unpaid balance
of the Obligation shall automatically become due and payable, and (iii) Borrower shall
automatically be required to Cash Collateralize the then-undrawn amount of outstanding Letters of
Credit (in an amount equal to the outstanding amount thereof), in each case without any action or
notice of any kind whatsoever.

     (b) If any Event of Default exists, then Administrative Agent may (and, subject to the terms
of Section 12, shall upon the request of Required Lenders) or Required Lenders may, do any one or
more of the following: (i) if the maturity of the Obligation has not already been accelerated under
Section 11.1(a), then declare the entire unpaid balance of the Obligation, or any part thereof,
immediately due and payable, whereupon it shall be due and payable; (ii) terminate the commitments
of Lenders to extend credit hereunder; (iii) reduce any claim to judgment; (iv) to the extent
permitted by all Legal Requirements, exercise (or request each Lender to, and each Lender shall be
entitled to, exercise) the
Rights of offset or banker’s Lien against the interest of any Company in and to every account
and other property of any Company which are in the possession of any Credit Party to the extent of
the full amount

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of the Obligation (to the extent permitted by all Legal Requirements, Borrower
being deemed directly obligated to each Credit Party in the full amount of the Obligation for such
purposes); (v) require that Borrower Cash Collateralize the then-undrawn amount of outstanding
Letters of Credit (in an amount equal to the outstanding amount thereof); and (vi) exercise any and
all other legal or equitable Rights afforded by the Loan Documents, the Legal Requirements of the
State of Texas, or any other applicable jurisdiction as Administrative Agent shall deem
appropriate, or otherwise, including, but not limited to, the Right to bring suit or other
proceedings before any Governmental Authority either for specific performance of any covenant or
condition contained in any of the Loan Documents or in aid of the exercise of any Right granted to
any Credit Party in any of the Loan Documents; provided that each Lender reserves the Right to
bring suit to recover Obligations owing to such Lender after such Obligations become due and
payable in the event Administrative Agent or Required Lenders do not do so on its behalf.

     11.2 Borrower Waivers. To the extent permitted by all Legal Requirements, Borrower hereby waives
presentment and demand for payment, protest, notice of intention to accelerate, notice of
acceleration, and notice of protest and nonpayment, and agrees that its liability with respect to
the Obligation (or any part thereof) shall not be affected by any renewal or extension in the time
of payment of the Obligation (or any part thereof), by any indulgence, or by any release or change
in any security for the payment of the Obligation (or any part thereof).

     11.3 Performance by Administrative Agent. If any covenant, duty, or agreement of Borrower is not
performed in accordance with the terms of the Loan Documents, while an Event of Default exists,
then Administrative Agent may, at its option (but subject to the approval of Required Lenders),
perform or attempt to perform such covenant, duty, or agreement on behalf of Borrower. In such
event, any amount expended by Administrative Agent in such performance or attempted performance
shall be payable by Borrower to Administrative Agent on demand, shall become part of the
Obligation, and shall bear interest at the Default Rate from the date of such expenditure by
Administrative Agent until paid. Notwithstanding the foregoing, it is expressly understood that
Administrative Agent does not assume, and shall never have, except by its express written consent,
any liability or responsibility for the performance of any covenant, duty, or agreement of
Borrower.

     11.4 Delegation of Duties and Rights. The Credit Parties may perform any of their duties or
exercise any of their Rights under the Loan Documents by or through their respective
Representatives.

     11.5 Not in Control. Nothing in any Loan Document shall, or shall be deemed to (a) give any Credit
Party the Right to exercise control over the assets (including real property), affairs, or
management of any Company, (b) preclude or interfere with compliance by any Company with any Legal
Requirement, or (c) require any act or omission by any Company that may be harmful to Persons or
property. Any “Material Adverse Event” or other materiality qualifier in any representation,
warranty, covenant, or other provision of any Loan Document is included for credit documentation
purposes only and shall not, and shall not be deemed to, mean that any Credit Party acquiesces in
any non-compliance by any Company with any Legal Requirement or document, or that any Credit Party
does not expect any Company to promptly, diligently, and continuously carry out all appropriate
removal, remediation, and termination activities
required or appropriate in accordance with all Environmental Laws. The Credit Parties have no
fiduciary relationship with or fiduciary duty to any Company arising out of or in connection with
the Loan Documents, and the relationship between the Credit Parties, on the one hand, and the
Companies, on the other hand, in connection with the Loan Documents is solely that of debtor and
creditor. The power of the Credit Parties under the Loan Documents is limited to the Rights
provided in the Loan Documents, which Rights exist solely to assure payment and performance of the
Obligation

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and may be exercised in a manner calculated by the Credit Parties in their respective
good faith business judgment.

     11.6 Course of Dealing. The acceptance by any Credit Party at any time and from time to time of
partial payment on the Obligation shall not be deemed to be a waiver of any Event of Default then
existing. No waiver by any Credit Party of any Event of Default shall be deemed to be a waiver of
any other then-existing or subsequent Event of Default. No delay or omission by any Credit Party
in exercising any Right under the Loan Documents shall impair such Right or be construed as a
waiver thereof or any acquiescence therein, nor shall any single or partial exercise of any such
Right preclude other or further exercise thereof, or the exercise of any other Right under the Loan
Documents or otherwise.

     11.7 Cumulative Rights. All Rights available to the Credit Parties under the Loan Documents are
cumulative of and in addition to all other Rights granted to the Credit Parties at law or in
equity, whether or not the Obligation is due and payable and whether or not the Credit Parties have
instituted any suit for collection, foreclosure, or other action in connection with the Loan
Documents.

     11.8 Application of Proceeds. Any and all proceeds ever received by any Credit Party from the
exercise of any Rights pertaining to the Obligation shall be applied to the Obligation in the order
and manner set forth in Section 3.11.

     11.9 Certain Proceedings. Borrower will promptly execute and deliver, or cause the execution and
delivery of, all applications, certificates, instruments, registration statements, and all other
documents and papers any Credit Party may reasonably request in connection with the obtaining of
any consent, approval, registration, qualification, permit, license, or Authorization of any
Governmental Authority or other Person necessary or appropriate for the effective exercise of any
Rights under the Loan Documents. Because Borrower agrees that the Credit Parties’ remedies at law
for failure of Borrower to comply with the provisions of this Section 11.9 would be inadequate and
that such failure would not be adequately compensable in damages, Borrower agrees that the
covenants of this Section 11.9 may be specifically enforced.

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     11.10 Expenses; Indemnification.

     (a) Borrower agrees (i) to pay or reimburse Administrative Agent for all reasonable
out-of-pocket costs and expenses incurred in connection with the development, preparation,
negotiation, and execution of this Agreement and the other Loan Documents and any amendment,
waiver, consent, or other modification of the provisions hereof and thereof (whether or not the
transactions contemplated hereby or thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including all Attorney Costs,
and (ii) to pay or reimburse Administrative Agent and each Lender for all costs and expenses
incurred in connection with the enforcement, attempted enforcement, or preservation of any rights
or remedies under this Agreement or the other Loan Documents (including all such costs and expenses
incurred during any “workout” or restructuring in respect of the Obligation and during any legal
proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs.
The foregoing costs and expenses shall include all search, filing, recording, title insurance, and
appraisal charges and fees and taxes related thereto, and other out-of-pocket expenses incurred by
Administrative Agent and the cost of independent public accountants and other outside experts
retained by the Administrative Agent or any Lender. All amounts due under this Section 11.10(a)
shall be payable within ten (10) Business Days after demand therefor. The agreements in this
Section 11.10(a) shall survive the termination of the Commitments and repayment of the Obligation.

     (b) Whether or not the transactions contemplated hereby are consummated, Borrower shall
indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates,
directors, officers, employees, counsel, agents, and attorneys-in-fact (collectively,
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses, and disbursements (including Attorney
Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or
asserted against any such Indemnitee in any way relating to or arising out of or in connection with
(i) the execution, delivery, enforcement, performance or administration of any Loan Document or any
other agreement, letter or instrument delivered in connection with the transactions contemplated
thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment,
Borrowing, Letter of Credit, other Credit Extension, or the use or proposed use of the proceeds
therefrom, or (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property currently or formerly owned or operated by Borrower or any Subsidiary, or any liability
under Environmental Law related in any way to Borrower or any Subsidiary, or (iv) any actual or
prospective claim, litigation, investigation, or proceeding relating to any of the foregoing,
whether based on contract, tort, or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation, or proceeding) and
regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”), IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART,
OUT OF THE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses, or disbursements are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence, bad faith, or willful misconduct of such Indemnitee or such
Indemnitee’s willful failure to pay under any Letter of Credit after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of
a Letter of Credit. No Indemnitee shall be liable for any damages arising from the use by others
of any information or other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement, nor shall Borrower or any Indemnitee have
any liability for any indirect, punitive, or
consequential damages relating to this Agreement or any other Loan Document or arising out of
its

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activities in connection herewith or therewith (whether before or after the Closing Date). All
amounts due under this Section 11.10(b) shall be payable within ten (10) Business Days after demand
therefor. The agreements in this Section 11.10(b) shall survive the resignation of Administrative
Agent, the replacement of any Lender, the termination of the Commitments, and the repayment,
satisfaction or discharge of the Obligation.

SECTION 12 ADMINISTRATIVE AGENT.

     12.1 Appointment and Authorization of Administrative Agent.

     (a) Each Lender hereby irrevocably appoints, designates, and authorizes Administrative Agent
to take such action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Administrative Agent agrees to: (a) make available promptly after the date of
this Agreement to any Lender copies of all Loan Documents in its possession which are requested by
any such Lender, and (b) timely distribute to each Lender all material information (including
financial statements), requests, documents, and items received from Borrower under the Loan
Documents. Notwithstanding any provision to the contrary contained elsewhere herein or in any
other Loan Document, Administrative Agent shall not have any duties or responsibilities, except
those expressly set forth herein, nor shall Administrative Agent have or be deemed to have any
fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other
Loan Document or otherwise exist against Administrative Agent. Without limiting the generality of
the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with
reference to Administrative Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, such term is
used merely as a matter of market custom, and is intended to create or reflect only an
administrative relationship between independent contracting parties.

     (b) Each L/C Issuer shall act on behalf of Lenders with respect to the Letters of Credit
issued by it and the Letter of Credit Applications associated therewith, and such L/C Issuer shall
have all of the benefits and immunities (i) provided to Administrative Agent in this Section 12
with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters
of Credit issued by it or proposed to be issued by it and the Letter of Credit Applications
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in this
Section 12 and in the definition of “Agent-Related Person” included such L/C Issuer with respect to
such acts or omissions, and (ii) as additionally provided herein with respect to such L/C Issuer.

     12.2 Delegation of Duties. Administrative Agent may execute any of its duties under this Agreement
or any other Loan Document by or through agents, employees, or attorneys-in-fact and shall be
entitled to advice of counsel and other consultants or experts concerning all matters pertaining to
such duties. Administrative Agent shall not be responsible for the negligence or misconduct of any
agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

     12.3 Liability of Administrative Agent. No Agent-Related Person shall (a) be liable for any action
taken or omitted to be taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated
hereby (except for its own gross negligence or willful misconduct in connection with its duties
expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for
any recital, statement, representation or warranty made by any Company or any officer thereof,
contained herein or in any other Loan Document, or in any certificate,

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report, statement, or other
document referred to or provided for in, or received by Administrative Agent under or in connection
with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness,
enforceability, or sufficiency of this Agreement or any other Loan Document, or for any failure of
any Company or any other party to any Loan Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to
ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books,
or records of any Company or any Affiliate thereof.

     12.4 Reliance by Administrative Agent.

     (a) Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement, or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to any Company), independent accountants and other experts
selected by Administrative Agent. Administrative Agent shall be fully justified in failing or
refusing to take any action under any Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement or any other Loan Document in accordance with a request or consent of the Required
Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and
such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders.

     (b) For purposes of determining compliance with the conditions specified in Section 6.01, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have
received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

     12.5 Notice of Event of Default. Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of any Event of Default, except with respect to defaults in the payment of
principal, interest, and fees required to be paid to Administrative Agent for the account of the
Lenders, unless Administrative Agent shall have received written notice from a Lender or Borrower
referring to this Agreement, describing such Event of Default and stating that such notice is a
“notice of default.” Administrative Agent will notify Lenders of its receipt of any such notice
and of its giving of notice to Borrower pursuant to Sections 10.2(b) or (c). Administrative Agent
shall take such action with respect to such Event of Default as may be directed by the Required
Lenders in accordance with Section 10; provided, however, that unless and until Administrative
Agent has received any such direction, Administrative Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such Event of Default as it
shall deem advisable or in the best interest of the Lenders.

     12.6 Credit Decision; Disclosure of Information by Administrative Agent. Each Lender acknowledges
that no Agent-Related Person has made any representation or warranty to it, and that no act by
Administrative Agent hereafter taken, including any consent to and acceptance of any assignment or

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review of the affairs of any Company or any Affiliate thereof, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender as to any matter, including
whether Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to Administrative Agent that it has, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property,
financial, and other condition and creditworthiness of the Companies, and all applicable bank or
other regulatory Legal Requirements relating to the transactions contemplated hereby, and made its
own decision to enter into this Agreement and to extend credit to Borrower hereunder. Each Lender
also represents that it will, independently and without reliance upon any Agent-Related Person and
based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit analysis, appraisals, and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigations as it deems necessary to
inform itself as to the business, prospects, operations, property, financial, and other condition
and creditworthiness of Borrower. Except for notices, reports, and other documents expressly
required to be furnished to Lenders by Administrative Agent herein, Administrative Agent shall not
have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, prospects, operations, property, financial, and other condition or
creditworthiness of any Companies or any of their respective Affiliates which may come into the
possession of any Agent-Related Person.

     12.7 Indemnification of Administrative Agent. Whether or not the transactions contemplated hereby
are consummated, Lenders shall indemnify upon demand each Agent-Related Person (to the extent not
reimbursed by or on behalf of any Company and without limiting the obligation of any Company to do
so), Pro Rata, and hold harmless each Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to
any Agent-Related Person of any portion of such Indemnified Liabilities to the extent the same
shall have been determined in a final, nonappealable judgment by a court of competent jurisdiction
to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct;
provided, however, that no action taken in accordance with the directions of the Required Lenders
shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section
12.7. Without limitation of the foregoing, each Lender shall reimburse Administrative Agent upon
demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs)
incurred by Administrative Agent in connection with the preparation, execution, delivery,
administration, modification, amendment, or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the
extent that Administrative Agent is not reimbursed for such expenses by or on behalf of Borrower.
The undertaking in this Section 12.7 shall survive termination of the Total Commitments, the
payment of the Obligation and the resignation of Administrative Agent.

     12.8 Administrative Agent in its Individual Capacity. Administrative Agent and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, and generally
engage in any kind of banking, trust, financial advisory, underwriting, or other business with each
Company and its respective Affiliates as though Administrative Agent were not Administrative Agent
and without notice to or consent of Lenders. Lenders acknowledge that,
pursuant to such activities, Administrative Agent or its Affiliates may receive information
regarding any Company or its Affiliates (including information that may be subject to
confidentiality obligations in favor of such Company or such Affiliate) and acknowledge that
Administrative Agent shall be under no obligation to provide such information to them. With
respect to Borrowings, Administrative Agent shall have the same rights and powers under this
Agreement as any other Lender and may exercise such rights and powers as though it

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were not
Administrative Agent, and the terms “Lender” and “Lenders” include Administrative Agent in its
individual capacity.

     12.9 Successor Administrative Agent. Administrative Agent may at any time give notice of its
resignation to the Lenders, each L/C Issuer and Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, upon the consent of Borrower at all times
other than during the existence of an Event of Default (which consent of Borrower shall not be
unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the Lenders and each L/C
Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above
(including the consent of Borrower as set forth above); provided that if Administrative Agent shall
notify Borrower and the Lenders that no qualifying Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except that in the case of any collateral security held by Administrative
Agent on behalf of the Lenders or any L/C Issuer under any of the Loan Documents, the retiring
Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) all payments, communications and determinations provided
to be made by, to or through Administrative Agent shall instead be made by or to each Lender and
each L/C Issuer directly, until such time as the Required Lenders appoint a successor
Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as
provided above in this Section). The fees payable by Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and
such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 11.10 shall continue in effect for
the benefit of such retiring Administrative Agent, its sub agents and their respective
Agent-Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent was acting as Administrative Agent.

Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as an L/C Issuer. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer
shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

     12.10 Administrative Agent May File Proofs of Claims. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, or other
judicial proceeding relative to any Company, Administrative Agent (irrespective of whether the
principal of any Borrowing shall then be due and payable as herein expressed or by declaration or

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otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Borrowings and any other Obligation that are owing and unpaid and to file
such other documents as may be necessary or advisable in order to have the claims of Lenders and
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements,
and advances of Lenders and Administrative Agent and their respective agents and counsel and all
other amounts due Lenders and Administrative Agent under Sections 5 and 11.10) allowed in such
judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to
Administrative Agent and, in the event that Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of Administrative Agent and its
agents and counsel, and any other amounts due Administrative Agent under Sections 5 and 11.10.

Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent
to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment,
or composition affecting the Obligation or the rights of any Lender or to authorize Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding.

     12.11 Other Agent; Arrangers; and Managers. No Lender or other Persons identified on the facing
page or signature pages of this Agreement as a “syndication agent,” “documentation agent,” “senior
managing agent,” “managing agent,” “book manager,” “arranger,” or “lead arranger” shall have any
right, power, obligation, liability, responsibility, or duty under this Agreement other than, in
the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing,
no Lender or other Person so identified shall have or be deemed to have any fiduciary relationship
with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any
Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not
taking action hereunder.

SECTION 13 MISCELLANEOUS.

     13.1 Headings. The headings, captions, and arrangements used in any of the Loan Documents are,
unless specified otherwise, for convenience only and shall not be deemed to limit, amplify, or
modify the terms of the Loan Documents, nor affect the meaning thereof.

     13.2 Nonbusiness Days. In any case where any payment or action is due under any Loan Document on a
day which is not a Business Day, such payment or action may be delayed until the next-succeeding
Business Day, but interest and fees shall continue to accrue in respect of any payment to which it
is applicable until such payment is in fact made; provided that if, in the case of any such payment
in respect of a Eurodollar Borrowing, the next-succeeding Business Day is in the next calendar
month, then such payment shall be made on the next-preceding Business Day.

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     13.3 Communications.

     (a) General. Unless otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing (including by facsimile transmission). All such written
notices shall be mailed, faxed, or delivered to the applicable address, facsimile number, or
(subject to Section 13.3(c) below) electronic mail address, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number specified for such Person on Schedule 2.1 or to such other address,
facsimile number, electronic mail address, or telephone number as shall be designated by such party
in a notice to the other parties. All such notices and other communications shall be deemed to be
given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii)
(A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party
hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage
prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and
(D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section
13.3(c) below), when delivered; provided, however, that notices and other communications to
Administrative Agent pursuant to Section 2 shall not be effective until actually received by
Administrative Agent. In no event shall a voicemail message be effective as a notice,
communication or confirmation hereunder.

     (b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted
and/or signed by facsimile. The effectiveness of any such documents and signatures shall, subject
to applicable Law, have the same force and effect as manually-signed originals and shall be binding
on all Companies, Administrative Agent, and Lenders. Administrative Agent may also require that
any such documents and signatures be confirmed by a manually-signed original thereof; provided,
however, that the failure to request or deliver the same shall not limit the effectiveness of any
facsimile document or signature.

     (c) Electronic Mail. Notices and other communications to the Lenders and each L/C Issuer
hereunder may be delivered or furnished by electronic communication (including e mail and Internet
or intranet websites) pursuant to procedures approved by Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Section 2 if such
Lender or such L/C Issuer, as applicable, has notified Administrative Agent that it is incapable of
receiving notices under such Section by electronic communication. Administrative Agent or Borrower
may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

     Unless Administrative Agent otherwise prescribes, (i) notices and other communications sent to
an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the
intended recipient (such as by the “return receipt requested” function, as available, return e-mail
or other written acknowledgement), provided that if such notice or other communication is not sent
during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii)
notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the
website address therefor.

     (d) Reliance by Administrative Agent and Lenders. Administrative Agent and Lenders shall be
entitled to rely and act upon any notices (including telephonic Notices of Borrowing) purportedly

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given by or on behalf of Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. Borrower shall indemnify each Agent-Related Person and each Lender from all losses,
costs, expenses, and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of Borrower. All telephonic notices to and other communications
with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto
hereby consents to such recording.

     (e) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” ADMINISTRATIVE AGENT
AND THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE
ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ADMINISTRATIVE AGENT OR ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall Administrative Agent or
any Agent Party have any liability to the Borrower, any Lender, any L/C Issuer or any other Person
for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or
otherwise) arising out of Borrower’s or Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of Administrative Agent or such
Agent Party; provided, however, that in no event shall any Administrative Agent or any Agent Party
have any liability to Borrower, any Lender, any L/C Issuer or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

     13.4 Form and Number of Documents. Each agreement, document, instrument, or other writing to be
furnished under any provision of this Agreement must be in form and substance and in such number of
counterparts as may be reasonably satisfactory to Administrative Agent and its counsel.

     13.5 Exceptions to Covenants. Borrower shall not, and shall not permit any other Company to, take
any action or fail to take any action which is permitted as an exception to any of the covenants
contained in any Loan Document if such action or omission would result in the breach of any other
covenant contained in any of the Loan Documents.

     13.6 Survival. All covenants, agreements, undertakings, representations, and warranties made in
any of the Loan Documents shall survive the execution and delivery thereof and all closings under
the Loan Documents. All such representations and warranties have been or will be relied upon by
Administrative Agent and each Lender regardless of any investigation made by Administrative Agent
or any Lender or on their behalf and notwithstanding that Administrative Agent or any Lender may
have had notice or knowledge of any Potential Default or Event of Default at the time of any
Borrowing and shall continue in full force and effect as long as any Borrowing or other Obligation
is outstanding. All rights of, and provisions relating to, reimbursement and indemnification of
any Credit Party shall survive termination of this Agreement and payment in full of the Obligation.

     13.7 Governing Law. The Legal Requirements of the State of Texas and of the United
States of America shall govern the Rights and duties of the parties to the

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Loan Documents and the
validity, construction, enforcement, and interpretation of the Loan Documents.

     13.8 Invalid Provisions. If any provision in any Loan Document is held to be illegal, invalid, or
unenforceable, then such provision shall be fully severable; the appropriate Loan Document shall be
construed and enforced as if such provision had never comprised a part thereof; and the remaining
provisions thereof shall remain in full force and effect and shall not be affected by such
provision or by its severance therefrom. Each Credit Party and each Company party to such Loan
Document agree to negotiate, in good faith, the terms of a replacement provision as similar to the
severed provision as may be possible and be legal, valid, and enforceable.

     13.9 Entirety. THE RIGHTS AND OBLIGATIONS OF BORROWER AND THE CREDIT PARTIES SHALL BE DETERMINED
SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN
SUCH PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH WRITINGS. THIS AGREEMENT (AS AMENDED IN
WRITING FROM TIME TO TIME) AND THE OTHER WRITTEN LOAN DOCUMENTS EXECUTED BY BORROWER AND/OR ANY
CREDIT PARTY (TOGETHER WITH ALL COMMITMENT LETTERS AND FEE LETTERS AS THEY RELATED TO THE PAYMENT
OF FEES AFTER THE CLOSING DATE)REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     13.10 Jurisdiction; Venue; Service of Process; Jury Trial. Each Party Hereto, in Each Case for
Itself, its Successors and Assigns, Hereby (A) irrevocably Submits to the Jurisdiction of the State
and Federal Courts Located in Texas, and Agrees and Consents That Service of Process May Be Made
upon it in Any Legal Proceeding Arising out of or in Connection with the Loan Documents and the
Obligation 
by Service of Process as Provided by Texas Legal Requirements, (B) irrevocably Waives, to the
Fullest Extent Permitted by all Legal Requirements, Any Objection Which it May Now or Hereafter
Have to the Laying of Venue of Any Litigation Arising out of or in Connection with the Loan
Documents and the Obligation Brought in Any Such Court, (C) irrevocably Waives Any Claims That Any
Litigation Brought in Any Such Court Has Been Brought in an Inconvenient Forum, (D) irrevocably
Consents to the Service of Process out of Any of the Aforementioned Courts in Any Such Litigation
by the Mailing of Copies Thereof by Certified Mail, Return Receipt Requested, Postage Prepaid, at
its Address Set Forth Herein, (E) irrevocably Agrees That Any Legal Proceeding Against Any Party
Hereto Arising out of or in Connection with the Loan Documents or the Obligation Shall Be by Court
trial without jury, and (F) irrevocably Waives, to the Fullest Extent Permitted by all Legal
Requirements, its Respective Rights to a Jury Trial of Any Claim, Demand, Action, or Cause of
Action Based upon or Arising out of Any Loan Document, the Transactions Contemplated Thereby, or in
any way connected with or related or incidental to the dealings of the parties hereto or any of
them with respect to any Loan Document, or the transactions related thereto, in each case whether
now existing or hereinafter arising, and whether founded in contract or tort or otherwise; and that
any party to this Agreement may file an original counterpart or copy of this Section 13.10 with any
Court as written evidence of the consent of the signatories hereto to the waiver of their right to
trial by jury. The scope of each of the foregoing waivers is intended to be all-

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encompassing
of any and all disputes that may be filed in any court and that relate to the subject matter of
this transaction, including contract claims, tort claims, breach of duty claims, and all other
common law and statutory claims. Borrower and each other party to this Agreement acknowledge that
this waiver is a material inducement to the agreement of each party hereto to enter into a business
relationship, that each has already relied on this waiver in entering into this Agreement, and each
will continue to rely on each of such waivers in related future dealings. Borrower and each other
party to this Agreement warrant and represent that they have reviewed these waivers with their
legal counsel, and that they knowingly and voluntarily agree to each such waiver following
consultation with legal counsel. THE WAIVERS IN THIS SECTION 13.10 ARE IRREVOCABLE, MEANING THAT
THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THESE WAIVERS SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, SUPPLEMENTS, AND REPLACEMENTS TO OR OF THIS OR ANY OTHER Loan Document. In
the event of Litigation, this Agreement may be filed as a written consent to a trial by the court.

     13.11 Amendments, Consents, Conflicts, and Waivers.

     (a) Except as otherwise specifically provided, (i) this Agreement may only be amended,
modified or waived by an instrument in writing executed jointly by Borrower and Required Lenders,
and, in the case of any matter affecting Administrative Agent by Administrative Agent, and may only
be supplemented by documents delivered or to be delivered in accordance with the express terms
hereof, and (ii) the other Loan Documents (other than the Fee Letter) may only be the subject of an
amendment, modification, or waiver if Borrower and Required Lenders, and, in the case of any matter
affecting Administrative Agent (except as set forth above), Administrative Agent, have approved
same; provided that no such amendment or waiver shall, unless signed by each Lender directly
affected thereby, (i) increase the Commitment of such Lender, (ii) reduce the principal of or rate
of interest on any Unreimbursed Amount or Borrowing or any fees or other amounts payable hereunder,
(iii) postpone any date fixed for the payment of any scheduled installment of principal of or
interest on any Unreimbursed Amount or Borrowing or any fees or other amounts payable hereunder or
for termination of any of the
Total Commitment, (iv) change the percentage of the Total Commitment or of the unpaid
principal amount of the Notes, or the number of Lenders, which shall be required for Lenders or any
of them to take any action under this Section 13.11(a) or any other provision of this Agreement;
(v) amend, modify or waive this Section 13.11(a); or (vi) amend, modify or waive the Pro Rata or
ratable treatment of Lenders under this Agreement, or amend, modify or waive the obligation of
Borrower to Cash Collateralize the outstanding amount of Letters of Credit.

     (b) Any conflict or ambiguity between the terms and provisions herein and terms and provisions
in any other Loan Document shall be controlled by the terms and provisions herein.

     (c) No course of dealing nor any failure or delay by any Credit Party or any of its
Representatives with respect to exercising any Right of any Credit Party hereunder shall operate as
a waiver thereof. A waiver must be in writing and signed by Administrative Agent and Required
Lenders (or by all Lenders, if required hereunder) to be effective, and such waiver will be
effective only in the specific instance and for the specific purpose for which it is given.

     13.12 Multiple Counterparts. This Agreement may be executed in a number of identical counterparts,
each of which shall be deemed an original for all purposes and all of which constitute,
collectively, one agreement; but, in making proof of this Agreement, it shall not be necessary to
produce or account for more than one such counterpart. It is not necessary that each Lender
execute the same counterpart so long as identical counterparts are executed by Borrower, each
Lender, and Administrative

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Agent. This Agreement shall become effective when counterparts hereof
shall have been executed and delivered to Administrative Agent by each Lender, Administrative
Agent, and Borrower, or, when Administrative Agent shall have received telecopied, telexed, or
other evidence satisfactory to it that such party has executed and is delivering to Administrative
Agent a counterpart hereof.

     13.13 Successors and Assigns; Assignments and Participations.

     (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of
Section 13.13(b), (ii) by way of participation in accordance with the provisions of Section
13.13(d), or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 13.13(f). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in Section 13.13(d) and, to the
extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

     (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and
outstanding Borrowings (including for purposes of this Section 13.13(b) participations in L/C
Obligations) at the time owing to it); provided that: (i) except in the case of an assignment of
the entire remaining amount of the assigning Lender’s Commitment and outstanding Borrowings and
participations in Unreimbursed Amounts at the time owing to it or in the case of an assignment to a
Lender or an Affiliate of a Lender or an Approved Fund (as defined in Section 13.13(g)) with
respect to a Lender, the
aggregate amount of the Commitment (which for this purpose includes Borrowings and participations
in Unreimbursed Amounts outstanding thereunder) subject to each such assignment, determined as of
the date the Assignment and Assumption with respect to such assignment is delivered to
Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date, shall not be less than $5,000,000 or a whole multiple of $500,000 in excess thereof,
and after such assignment, no Lender shall hold a Commitment of less than $5,000,000 unless each of
Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Borrowings or the
Commitment assigned; (iii) any assignment of a Commitment must be approved by Administrative Agent
(which approval shall not be unreasonably withheld) unless the Person that is the proposed assignee
is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible
Assignee); and (iv) the parties to each assignment shall execute and deliver to Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500.
Subject to acceptance and recording thereof by Administrative Agent pursuant to Section 13.13(c),
from and after the effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 4.1, 4.5, and 4.6 (with respect to facts and circumstances
occurring prior to the effective date of

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such assignment) and 11.10). Upon request, Borrower (at
its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with Section 13.13(d).

     (c) Administrative Agent, acting solely for this purpose as an agent of Borrower, shall
maintain at Administrative Agent’s office a copy of each Assignment and Assumption delivered to it
and a register for the recordation of the names and addresses of Lenders, and the Commitments of,
and principal amounts of the Borrowings and L/C Obligations owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
in the absence of manifest error, and Borrower, Administrative Agent, and Lenders may treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by Borrower and any Lender, at any reasonable time and from time to time
upon reasonable prior notice.

     (d) Any Lender may at any time, without the consent of, or notice to, Borrower or
Administrative Agent, sell participations to any Person (other than a natural person or Borrower or
any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its
Commitment and/or Borrowings and participations in L/C Obligations owing to it); provided that (i)
such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations, and
(iii) Borrower, Administrative Agent, and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification, or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the
first proviso to Section 13.11(a) that directly affects such Participant. Subject to Section
13.13(e), Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.1,
4.5, and 4.6 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 13.13(b).

     (e) A Participant shall not be entitled to receive any greater payment under Sections 4.1 or
4.5 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with Borrower’s prior written consent. A Participant that would be a Lender that is not a
“United States person” within the meaning of Section 7701(a)(30) of the Tax Code, if it were a
Lender shall not be entitled to the benefits of Section 4.6 unless Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to
comply with Section 4.6 as though it were a Lender.

     (f) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

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     (g) As used herein, the following terms have the following meanings:

Approved Fund means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender, or (c) an entity or an Affiliate of an entity that administers or
manages a Lender.

Eligible Assignee means: (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund;
and (d) any other Person (other than a natural person) approved by (i) Administrative Agent
(provided that Administrative Agent shall not give such approval of any such other Person
unless such other Person has a combined capital and surplus of at least $250,000,000 and has
among its usual business activities the issuance of or the purchase of participations in
letters of credit), and (ii) unless an Event of Default has occurred and is continuing,
Borrower (each such approval not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include Borrower or any of
Borrower’s Affiliates or Subsidiaries.

Fund means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     (h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may
create a security interest in all or any portion of the Borrowings owing to it and the Note, if
any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund
as security for such obligations or securities, provided that unless and until such trustee
actually becomes a Lender in compliance with the other provisions of this Section 13.13, (i) no
such pledge shall release the pledging Lender from any of its obligations under the Loan Documents
and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the
Loan Documents even though such trustee may have acquired ownership rights with respect to the
pledged interest through foreclosure or otherwise.

     13.14 Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances. The obligations of
Borrower under the Loan Documents shall remain in full force and effect
until termination of the Total Commitment and payment in full of the Total Outstandings and of all
interest, fees, and other amounts of the Obligation then due and owing, except that Sections 4, 11,
and 13, and any other provisions under the Loan Documents expressly intended to survive by the
terms hereof or by the terms of the applicable Loan Documents, shall survive such termination. If
at any time any payment of the principal of or interest on any Note or any other amount payable by
Borrower under any Loan Document is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy, or reorganization of any Company or otherwise, then the obligations of
Borrower under the Loan Documents with respect to such payment shall be reinstated as though such
payment had been due but not made at such time.

     13.15 Limited Waiver. Each of the Lenders hereunder that is a Lender under the Existing Revolver
Credit Facility and the Existing L/C Facility hereby waives the requirement set forth in Section
2.3 of each of the Existing Revolver Credit Facility and the Existing L/C Facility that Borrower
provide ten (10) Business Days prior notice of the termination of the commitments thereunder. The
waiver set forth herein is limited as provided herein and shall not be deemed to be a waiver or
consent to any deviation from the terms of this Agreement or the other Loan Documents.

     13.16 Confidentiality. Each of Administrative Agent and Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a)
to its and its Affiliates’ directors, officers, employees, and agents, including accountants, legal
counsel, and

Credit Agreement

68

 

other advisors (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory authority (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d)
to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section 13.16, to (i) any assignee of
or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to Borrower and its obligations, (g) with the
consent of Borrower, or (h) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section 13.16 or (y) becomes available to Administrative Agent
or any Lender on a nonconfidential basis from a source other than Borrower. For purposes of this
Section, “Information” means all information received from any Company relating to any Company or
any of their respective businesses, other than any such information that is available to
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Company,
provided that, in the case of information received from a Company after the date hereof, such
information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section 13.16 shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own
confidential information.

     13.17 USA Patriot Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that
pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the Act), it is required to
obtain, verify and record information that identifies Borrower, which information includes the name
and address of Borrower and other information that will allow such Lender or Administrative Agent,
as applicable, to identify Borrower in accordance with the Act.

[Remainder of Page Intentionally Blank; Signature Pages Follow.]

Credit Agreement

69

 

     EXECUTED as of the first date written above.

	 	 	 	 	 
	 	CENTEX CORPORATION,

as Borrower

 	 
	 	By:  	/s/ Gail M. Peck
 	 
	 	 	Name:  	Gail M. Peck 	 
	 	 	Title:  Vice President and Treasurer 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Maria A. McClain
 	 
	 	 	Name:  	Maria A. McClain 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as an L/C Issuer and as a Lender

 	 
	 	By:  	/s/ Mark W. Lariviere
 	 
	 	 	Name:  	Mark W. Lariviere 	 
	 	 	Title:  Senior Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

as Co-Syndication Agent, as an L/C Issuer, and as a Lender

 	 
	 	By:  	/s/ David L. Howard
 	 
	 	 	Name:  	David L. Howard 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as Co-Syndication Agent and as a Lender

 	 
	 	By:  	/s/ Maria Amaral-LeBlanc
 	 
	 	 	Name:  	Maria Amaral-LeBlanc 	 
	 	 	Title:  Senior Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

as Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Jeanne M. Craig
 	 
	 	 	Name:  	Jeanne M. Craig 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CREDIT SUISSE, Cayman Islands Branch,

as Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Bill O’Daly
 	 
	 	 	Name:  	Bill O’Daly 	 
	 	 	Title: Director 	 

	 	 	 	 	 
	 	By:  	                        /s/ Cassandra Droogan
 	 
	 	 	Name:  	Cassandra Droogan 	 
	 	 	Title:  Associate 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS,

as a Senior Managing Agent, as an L/C Issuer, and as a Lender

 	 
	 	By:  	/s/ Jeff Tebeaux
 	 
	 	 	Name:  	Jeff Tebeaux 	 
	 	 	Title:  Vice President 	 

	 	 	 	 	 
	 	By:  	                         /s/ Henry F. Setina
 	 
	 	 	Name:  	Henry F. Setina 	 
	 	 	Title:  Director 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH,

as a Senior Managing Agent and as a Lender

 	 
	 	By:  	/s/ Philippe Soustra
 	 
	 	 	Name:  	Philippe Soustra 	 
	 	 	Title:  Executive Vice President 	 

	 	 	 	 	 
	 	By:  	                    /s/ Attila Coach
 	 
	 	 	Name:  	Attila Coach 	 
	 	 	Title:  Managing Director 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNTRUST BANK,

as a Managing Agent, as an L/C Issuer, and as a Lender

 	 
	 	By:  	/s/ Gregory T. Horstman
 	 
	 	 	Name:  	Gregory T. Horstman 	 
	 	 	Title:  Senior Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,

as a Managing Agent and as a Lender

 	 
	 	By:  	/s/ D. Barnell
 	 
	 	 	Name:  	D. Barnell 	 
	 	 	Title:  V.P. & Manager 	 

	 	 	 	 	 
	 	By:  	                        /s/ B. Trader
 	 
	 	 	Name:  	B. Trader 	 
	 	 	Title:  Banking Officer 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LLOYDS TSB BANK PLC,

as a Managing Agent and as a Lender

 	 
	 	By:  	/s/ Windsor R. Davies
 	 
	 	 	Name:  	Windsor R. Davies 	 
	 	 	Title:  Director, Corporate Banking, USA

                              D061 	 

	 	 	 	 	 
	 	By:  	           /s/ Deborah Carlson
 	 
	 	 	Name:  	VP & Manager – Business 	 
	 	 	Title:  Development C.B.

                              C103 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Timothy S. Blake
 	 
	 	 	Name:  	Timothy S. Blake 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMERICA BANK,

as an L/C Issuer and as a Lender

 	 
	 	By:  	/s/ Casey L. Ostrander
 	 
	 	 	Name:  	Casey L. Ostrander 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WASHINGTON MUTUAL BANK, FA,

as a Lender

 	 
	 	By:  	/s/ Paul Ulrich
 	 
	 	 	Name:  	Paul Ulrich 	 
	 	 	Title:  SVP 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as a Lender

 	 
	 	By:  	/s/ Nicholas Bell
 	 
	 	 	Name:  	Nicholas Bell 	 
	 	 	Title:  Director 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Douglas G. Paul
 	 
	 	 	Name:  	Douglas G. Paul 	 
	 	 	Title:  Senior Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

as a Lender

 	 
	 	By:  	/s/ Marie A. Haddad
 	 
	 	 	Name:  	Marie A. Haddad 	 
	 	 	Title:  Associate Director

           Banking Products Services, US 	 

	 	 	 	 	 
	 	By:  	              /s/ Barbara Ezell-McMichael
 	 
	 	 	Name:  	Barbara Ezell-McMichael 	 
	 	 	Title:  Associate Director

           Banking Products Services, US 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITY NATIONAL BANK, a
national banking association, as a Lender

 	 
	 	By:  	/s/ Mary Bowman
 	 
	 	 	Name:  	Mary Bowman 	 
	 	 	Title:  SVP 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY,

as a Lender

 	 
	 	By:  	/s/ Paul H. Theiss
 	 
	 	 	Name:  	Paul H. Theiss 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	US BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Christopher W. Rupp
 	 
	 	 	Name:  	Christopher W. Rupp 	 
	 	 	Title:  Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANCA DI ROMA – CHICAGO BRANCH,

as a Lender

 	 
	 	By:  	/s/ Joyce Montgomery
 	 
	 	 	Name:  	Joyce Montgomery 	 
	 	 	Title:  Vice President 	 

	 	 	 	 	 
	 	By:  	                       /s/ Enrico Verdoscia
 	 
	 	 	Name:  	Enrico Verdoscia 	 
	 	 	Title:  Sr. Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMPASS BANK,

as a Lender

 	 
	 	By:  	/s/ Key Coker
 	 
	 	 	Name:  	Key Coker 	 
	 	 	Title:  Executive Vice President 	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MERRILL LYNCH BANK USA,

as a Lender

 	 
	 	By:  	/s/ Louis Alder
 	 
	 	 	Name:  	Louis Alder 	 
	 	 	Title:  Director 	 
	 

Signature Page to Centex Corporation Credit Agreement (2005)

 

 

EXHIBIT A

FORM OF REVOLVING NOTE

			
	$                    
	 	July 1, 2005

     FOR VALUE RECEIVED, the undersigned, CENTEX CORPORATION, a Nevada corporation (“Borrower”),
hereby promises to pay to the order of
                                         (“Lender”), at the offices of BANK
OF AMERICA, N.A., as Administrative Agent for Lender and others as hereinafter described, on the
Termination Date, the lesser of (i)
                                                            
($                    ) and (ii)
the aggregate Principal Debt disbursed by Lender to Borrower and outstanding and unpaid on the
Termination Date (together with accrued and unpaid interest thereon).

     This note has been executed and delivered under, and is subject to the terms of, the Credit
Agreement dated as of July 1, 2005 (as amended, modified, supplemented, or restated from time to
time, the “Agreement”), among Borrower, Lender and other lenders named therein, and Agents, and is
one of the “Notes” referred to therein. Unless defined herein, capitalized terms used herein that
are defined in the Agreement have the meaning given to such terms in the Agreement. Reference is
made to the Agreement for provisions affecting this note regarding applicable interest rates,
principal and interest payment dates, final maturity, voluntary and mandatory prepayments,
acceleration of maturity, exercise of Rights, payment of attorneys’ fees, court costs and other
costs of collection, certain waivers by Borrower and others now or hereafter obligated for payment
of any sums due hereunder and security for the payment hereof. Without limiting the immediately
preceding sentence, reference is made to Section 3.8 of the Agreement for usury savings provisions.

     THE LAWS OF THE STATE OF TEXAS AND OF THE UNITED STATES OF AMERICA SHALL GOVERN THE RIGHTS AND
DUTIES OF BORROWER AND LENDER AND THE VALIDITY, CONSTRUCTION, ENFORCEMENT, AND INTERPRETATION
HEREOF.

	 	 	 	 	 	 	 	 	 
	 	 	CENTEX CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Centex Exhibits and Schedules (2005)

1

 

EXHIBIT B

FORM OF COMPLIANCE CERTIFICATE

(Centex Corporation)

	 	 	 
	DATE:

	 	                                        ,                     
	 
	 	 
	SUBJECT PERIOD:

	 	
                    ended                                         ,                     
	 
	 	 
	ADMINISTRATIVE AGENT:

	 	Bank of America, N.A.
	 
	 	 
	BORROWER:

	 	Centex Corporation

 

     This certificate is delivered under the Credit Agreement dated as of July 1, 2005 (as amended,
modified, supplemented, or restated from time to time, the “Credit Agreement”), among Borrower,
Administrative Agent, and other Agents and Lenders party thereto. Capitalized terms used herein
and not otherwise defined herein shall have the meaning given to such terms in the Credit
Agreement.

     The undersigned certifies to Lenders that:

     (a) the undersigned is a Responsible Officer of Borrower in the position(s) set forth under
the signature below;

     (b) the Financial Statements of the Companies attached to this certificate were prepared in
accordance with GAAP, and present fairly in all material respects the consolidated financial
condition and results of operations of the Companies as of, and for the [three, six, or nine
months, or fiscal year] ended on,                                         ,                      (the “Subject Period”) [(subject only to
normal year-end audit adjustments)];

     (c) a review of the activities of the Companies during the Subject Period has been made under
my supervision with a view to determining whether, during the Subject Period, the Companies have
kept, observed, performed, and fulfilled all of their respective obligations under the Loan
Documents, and during the Subject Period, (i) the Companies kept, observed, performed, and
fulfilled each and every covenant and condition of the Loan Documents (except for the deviations,
if any, set forth on Annex A to this certificate) in all material respects, and (ii) no Event of
Default (nor any Potential Default) has occurred which has not been cured or waived (except the
Events of Default or Potential Defaults, if any, described on Annex A to this certificate);

     (d) the status of compliance by Borrower with Section 9.12(a), (b), and (c) of the Credit
Agreement at the end of the Subject Period is as set forth on Annex B to this certificate; and

     (e) during the Subject Period, each Schedule to each Loan Document that was required to be
revised and supplied to Administrative Agent in accordance with the terms of the Loan Documents has
been so revised and supplied.

Centex Exhibits and Schedules (2005)

2

 

[Signature of Responsible Officer of Borrower]

	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Centex Exhibits and Schedules (2005)

3

 

ANNEX A TO COMPLIANCE CERTIFICATE

DEVIATIONS FROM LOAN DOCUMENTS/

DEFAULTS OR POTENTIAL DEFAULTS

(If none, so state.)

Centex Exhibits and Schedules (2005)

4

 

ANNEX B TO COMPLIANCE CERTIFICATE

(Centex Corporation)

Status of Compliance with Section 9.12(a), (b) and (c)of the Credit Agreement 1

     Borrower shall provide to Administrative Agent (for the benefit of Lenders) detailed
calculations, in form and substance reasonably acceptable to Administrative Agent, demonstrating
compliance with the following covenants:

Section 9.3 Indebtedness of Restricted Subsidiaries

Section 9.12(a) Leverage Ratio

Section 9.12(b) Interest Coverage

Section 9.12(c) Minimum Tangible Net Worth

 

	1 All as more particularly determined in accordance with the terms of the Credit
Agreement, which control in the event of conflicts with this
form.

Centex Exhibits and Schedules (2005)

5

 

EXHIBIT C-1

FORM OF NOTICE OF BORROWING

                                                             ,                     

	 	 	 
	Bank of America, N.A.
	 

	 	as Administrative Agent for the
	 

	 	Lenders as defined in the Credit
	 

	 	Agreement referred to below
	901 Main Street, 14th Floor
	Dallas, Texas 75202
	Attn: Taelitha Harris
	 

	 	Phone: 214.209.3645
	 

	 	Fax: 214.290.9644

     Reference is made to the Credit Agreement dated as of July 1, 2005 (as amended, modified,
supplemented, or restated from time to time, “Agreement”), among the undersigned, the Lenders named
therein, and Agents. Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement. The undersigned hereby gives you notice pursuant
to the Agreement that it requests a Borrowing under the Agreement, and in that connection sets
forth below the terms on which such Borrowing is requested to be made:

	 	 	 	 	 	 	 	 	 	 
	(A)
	 	Date of Borrowing*	 	 	(A)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(B)
	 	Amount of Borrowing**	 	 	(B)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(C)
	 	Type of Borrowing***	 	 	(C)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(D)
	 	For a Eurodollar Borrowing, the Interest Period and the last day thereof****	 	 	(D)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

     On the date the rate is set, please confirm the interest rate below and return by facsimile
transmission to                                         .

     Borrower hereby certifies that the following statements are true and correct on the date
hereof, and will be true and correct on the Borrowing Date specified herein after giving effect to
such Borrowing:

     (a) this Borrowing will not cause the Total Outstandings to exceed the Total
Commitment;

     (b) all of the representations and warranties of Borrower set forth in the Loan
Documents (excluding the representations and warranties which speak to a specific date or
are based on facts which have changed by transactions expressly contemplated or permitted by
the Agreement) are true and correct in all material respects;

Centex Exhibits and Schedules (2005)

6

 

     (c) no Event of Default or Potential Default has occurred and is continuing; and

     (d) the funding of such Borrowing is permitted by all applicable Legal Requirements.

	 	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	CENTEX CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

	 	 	 
	Facility Rate:
	 	 
	 

	 	 
	 
	 	 
	Confirmed by:
	 	 
	 

	 	 

 

	*	 	Must be a Business Day occurring prior to the Termination Date and be at least (i)
three (3) Business Days following receipt by Administrative Agent of this Notice of
Borrowing for any Eurodollar Borrowing, and (ii) one (1) Business Day following receipt by
Administrative Agent of this Notice of Borrowing for any Prime Rate Borrowing.
	 
	**	 	Not less than $5,000,000 or a greater integral multiple of $1,000,000 (whether a Prime
Rate Borrowing or a Eurodollar Borrowing).
	 
	***	 	Eurodollar Borrowing or Prime Rate Borrowing.
	 
	****	 	Eurodollar Borrowing — 1, 2, 3, or 6 months.
	 
	 	 	In no event may the Interest Period end after the Termination Date.

Centex Exhibits and Schedules (2005)

7

 

EXHIBIT C-2

FORM OF NOTICE OF CONVERSION/CONTINUATION

                                                              ,                     

	 	 	 
	Bank of America, N.A.
	 

	 	as Administrative Agent for the
	 

	 	Lenders as defined in the Credit
	 

	 	Agreement referred to below
	901 Main Street, 14th Floor
	Dallas, Texas 75202
	Attn: Taelitha Harris
	 

	 	Phone: 214.209.3645
	 

	 	Fax: 214.290.9644

     Reference is made to (i) the Credit Agreement dated as of July 1, 2005 (as amended, modified,
supplemented, or restated from time to time, “Agreement”), among the undersigned, the Lenders named
therein, and Agents. Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement. The undersigned hereby gives you notice pursuant
to Section 3.10 of the Agreement that it elects to Convert a Borrowing from one Type to another
Type or elects to Continue a Borrowing and select a new Interest Period for a Eurodollar Borrowing,
and in that connection, sets forth below the terms on which such Conversion or Continuation is
requested to be made:

	 	 	 	 	 	 	 	 	 	 
	(A)
	 	Date of Borrowing*	 	 	(A)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(B)
	 	Amount of Borrowing**	 	 	(B)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(C)
	 	Type of Borrowing***	 	 	(C)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(D)
	 	For Conversion to, or Continuation of, a Eurodollar Borrowing, the Interest Period and the last day thereof****	 	 	(D)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

     On the date the rate is set, please confirm the interest rate below and return by facsimile
transmission to ___.

	 	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	CENTEX CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

	 	 	 
	Facility Rate:
	 	 
	 

	 	 
	 
	 	 
	Confirmed by:
	 	 
	 

	 	 

Centex Exhibits and Schedules (2005)

8

 

 

	*	 	Must be a Business Day at least (i) three (3) Business Days following receipt by
Administrative Agent of this Notice of Conversion/Continuation for a Conversion from a
Prime Rate Borrowing to a Eurodollar Borrowing or a Continuation of a Eurodollar Borrowing
for an additional Interest Period, and (ii) one (1) Business Day following receipt by
Administrative Agent of this Notice of Conversion/Continuation for a Conversion from a
Eurodollar Borrowing to a Prime Rate Borrowing.
	 
	**	 	Not less than $5,000,000 or a greater integral multiple of $1,000,000 (if a Prime Rate
Borrowing); not less than $5,000,000 or a greater integral multiple of $1,000,000 (if a
Eurodollar Borrowing).
	 
	***	 	Eurodollar Borrowing or Prime Rate Borrowing.
	 
	****	 	Eurodollar Borrowing — 1, 2, 3, or 6 months.
	 
	 	 	In no event may the Interest Period end after the Termination Date.

Centex Exhibits and Schedules (2005)

9

 

EXHIBIT C-3

FORM OF NOTICE OF PREPAYMENT

______________ __, ____

	 	 	 
	Bank of America, N.A.
	 

	 	as Administrative Agent for the
	 

	 	Lenders as defined in the Credit
	 

	 	Agreement referred to below
	901 Main Street, 14th Floor
	Dallas, Texas 75202
	Attn:

	 	Taelitha Harris
	 

	 	Phone: 214.209.3645
	 

	 	Fax: 214.290.9644

     Reference is made to the Credit Agreement dated as of July 1, 2005 (as amended, modified,
supplemented, or restated from time to time, “Agreement”), among the undersigned, the Lenders named
therein, and Agents. Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement. The undersigned hereby gives you notice pursuant
to the Agreement that it plans to make a prepayment of a Borrowing under the Agreement, and in that
connection sets forth below the terms on which such prepayment will be made:

	 	 	 	 	 	 	 	 	 	 
	(A)
	 	Prepayment date*	 	 	(A)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(B)
	 	Amount of prepayment**	 	 	(B)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(C)
	 	Type of Borrowing to be prepaid***	 	 	(C)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	(D)
	 	For a Eurodollar Borrowing, the Interest Period and the
last day thereof for the prepayment to be applied****	 	 	(D)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	CENTEX CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Centex Exhibits and Schedules (2005)

10

 

 

	*	 	Must be a Business Day occurring on or prior to the Termination Date and be at least
(i) three (3) Business Days following receipt by Administrative Agent of this Notice of
Prepayment for any Eurodollar Borrowing, and (ii) one (1) Business Day following receipt by
Administrative Agent of this Notice of Prepayment for any Prime Rate Borrowing.
	 
	**	 	Not less than $5,000,000 or a greater integral multiple of $1,000,000 (whether a Prime
Rate Borrowing or a Eurodollar Borrowing).
	 
	***	 	Eurodollar Borrowing or Prime Rate Borrowing.
	 
	****	 	Eurodollar Borrowing — 1, 2, 3, or 6 months.

Centex Exhibits and Schedules (2005)

11

 

EXHIBIT D

FORM OF OPINION OF COUNSEL

     The opinion delivered by counsel to Borrower must be in form and substance acceptable to
Administrative Agent and its special counsel and cover the following matters:

     1. Borrower is duly incorporated, validly existing, and in good standing under the Legal
Requirements of the State of Nevada.

     2. Borrower is duly qualified to transact business and is in good standing as a foreign
corporation in the State of Texas and in each other jurisdiction where, to the best of that
counsel’s knowledge, the nature and extent of Borrower’s business and properties require due
qualification and good standing.

     3. Borrower possesses all requisite corporate power and authority to conduct its business as
is now being, or is contemplated by the Credit Agreement to be, conducted.

     4. The execution and delivery by Borrower of each Loan Document to which it is a party and the
performance by it of its obligations thereunder, (a) are within its corporate power, (b) have been
duly authorized by all necessary corporate action on its behalf, (c) except for any action or
filing that has been taken or made on or before the date of this opinion, and the filing of the
Loan Documents with the Securities and Exchange Commission pursuant to the Securities Exchange Act
of 1934, require no action by or filing with any Governmental Authority, (d) do not violate any
provision of its Constituent Documents, (e) do not to the best knowledge of counsel after
reasonable inquiry violate any Legal Requirement applicable to it or, to the best knowledge of
counsel after reasonable inquiry, any material agreements to which it is a party and of which
counsel is aware, and (f) do not result in the creation or imposition of any Lien on any asset of
Borrower pursuant to a material agreement of Borrower of which counsel is aware.

     5. Upon execution and delivery by all parties to it, each Loan Document will constitute a
legal and binding obligation of Borrower, enforceable against it in accordance with its terms,
except as enforceability may be limited by applicable Debtor Relief Laws and general principles of
equity.

     6. To the best knowledge of counsel after reasonable inquiry, (a) no Company is subject to, or
aware of the threat of, any Litigation that is reasonably likely to be determined adversely to it
and, if so adversely determined, would be a Material Adverse Event, and (b) no outstanding or
unpaid judgments against any Company exist that could be a Material Adverse Event.

Centex Exhibits and Schedules (2005)

12

 

EXHIBIT E

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date
set forth below and is entered into by and between [Insert name of Assignor] (“Assignor”) and
[Insert name of Assignee] (“Assignee”). Capitalized terms used but not defined herein shall have
the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, Assignor hereby irrevocably sells and assigns to Assignee, and
Assignee hereby irrevocably purchases and assumes from Assignor, subject to and in accordance with
the Standard Terms and Conditions and the Credit Agreement (including Section 13.13(b) thereof), as
of the Effective Date inserted by Administrative Agent as contemplated below (i) all of Assignor’s
rights and obligations as a Lender under the Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of Assignor under the respective
facilities identified below and (ii) to the extent permitted to be assigned under applicable law,
all claims, suits, causes of action, and any other right of Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto, or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims, and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to
clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment
is without recourse to Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by Assignor.

	 	 	 	 	 	 	 
	1.	 	Assignor:	 	                                                            
	 
	 	 	 	 	 	 
	2.	 	Assignee:	 	                                                             [and is an
Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 	 	 	 	 
	3.	 	Borrower:	 	Centex Corporation, a Nevada corporation
	 
	 	 	 	 	 	 
	4.

	 	Administrative Agent:
	 	 
	 	Bank of America, N.A., as the
administrative agent under the
Credit Agreement
	 
	 	 	 	 	 	 
	5.

	 	Credit Agreement:
	 	 	 	The Credit Agreement dated as
of July 1, 2005, among
Centex Corporation, the Lenders
parties thereto, and Bank of
America, N.A., as Administrative
Agent

 

	1 Select as applicable.

Centex Exhibits and Schedules (2005)

13

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total	 	 	Amount of	 	 	Percentage	 
	 	 	Commitment/Borrowings	 	 	Commitment/Borrowings	 	 	Assigned of	 
	Facility Assigned	 	for all Lenders*	 	 	Assigned*	 	 	Commitment/Borrowings2	 
	 
	 	$	 	 	 	$	 	 	 	 	 	%
	 
	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	 	%
	 
	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	 	%
	 
	 	 	 	 	 	 	 	 	 

[7. Trade Date: __________________]3

Effective Date:                                         , 20                     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 	 
	 	 	ASSIGNOR
	 	 	[NAME OF ASSIGNOR]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	ASSIGNEE
	 	 	[NAME OF ASSIGNEE]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Title:

Consented to and Accepted:

	 	 	 
	BANK OF AMERICA, N.A., as Administrative Agent
	 
	 	 
	By:
	 	 
	 

	 	 
	 

	 	Title:
	 
	 	 
	[Consented to and Accepted:
	 
	 	 
	CENTEX CORPORATION, a Nevada corporation
	 
	 	 
	By:
	 	 
	 

	 	 
	 

	 	Title:]

 

	*	 	Amount to be adjusted by the counterparties to
take into account any payments or prepayments made between the Trade Date and
the Effective Date.
	 
	2	 	Set forth, to at least 9 decimals, as a percentage of the
Commitment/Borrowings of all Lenders thereunder.
	 
	3	 	To be completed if Assignor and Assignee intend
that the minimum assignment amount is to be determined as of the Trade Date.

Centex Exhibits and Schedules (2005)

14

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1. Assignor. Assignor: (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance, or other adverse claim, and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties, or representations made in or in connection with the Credit Agreement or
any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency, or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates, or any other Person of any of their respective obligations under any
Loan Document.

     1.2. Assignee. Assignee: (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 8.3 thereof, as applicable, and such
other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on
Administrative Agent or any other Lender, and (v) if it is a Lender that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Tax Code, attached hereto is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by Assignee; and (b) agrees that (i) it will, independently and without
reliance on Administrative Agent, Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

     2. Payments. From and after the Effective Date, Administrative Agent shall make all
payments in respect of the Assigned interest (including payments of principal, interest, fees and
other amounts) to Assignee whether such amounts have accrued prior to or on or after the Effective
Date. The Assignor and Assignee shall make all appropriate adjustments in payments by
Administrative Agent for periods prior to the Effective Date or with respect to the making of this
assignment directly between themselves.

     3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one

Centex Exhibits and Schedules (2005)

15

 

instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of Texas.

Centex Exhibits and Schedules (2005)

16

 

SCHEDULE 1.1

EXISTING LETTERS OF CREDIT

	 	 	 	 	 
	All Centex Corporation Letters
of Credit Global
amounts as of
06/28/05.
	 	 	 	 
	
Total:
	 	$	279,286,514.29	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	916355
	 	$	8,000,000.00	 	 	12/20/1998	 	12/19/2005	 	Travelers Casualty A	 	increased 6,100,000.00 05/31/05
	3054936
	 	$	1,500,000.00	 	 	3/19/2003	 	3/14/2006	 	Donlen Trust	 	 	 	 
	3704341
	 	$	245,000.00	 	 	12/1/2000	 	12/1/2005	 	Mullrock Mortgage	 	 	 	 
	3704342
	 	$	500,000.00	 	 	1/23/2001	 	1/19/2006	 	Enterprise Leasing	 	 	 	 
	3704347
	 	$	1,000,000.00	 	 	3/1/2001	 	2/27/2006	 	Old Republic Insurance	 	 	 	 
	3704367
	 	$	647,160.00	 	 	6/27/2001	 	6/13/2006	 	Liberty Mutual Insurance	 	extended
	3704389
	 	$	7,000,000.00	 	 	11/14/2001	 	11/14/2005	 	Zurich-American Insurance	 	 	 	 
	3704393
	 	 	 	 	 	12/4/2001	 	12/5/2005	 	Arbor Commercial Mort.	 	cancelled 04/15
	3704394
	 	 	 	 	 	12/4/2001	 	12/5/2005	 	Arbor Commercial Mort.	 	cancelled 04/15
	3704403
	 	$	400,000.00	 	 	8/8/2002	 	8/6/2005	 	Liberty Mutual Insurance	 	 	 	 
	113767
	 	$	250,000.00	 	 	10/2/1999	 	10/1/2005	 	Commissioner of Insurance	 	 	 	 
	3055540
	 	$	755,631.87	 	 	4/16/2003	 	10/31/2005	 	Union County	 	 	 	 
	3056164
	 	$	25,047.00	 	 	5/16/2003	 	5/15/2006	 	City of Boynton Beach	 	extended
	3056469
	 	$	5,997.00	 	 	5/30/2003	 	5/28/2006	 	City of Boynton Beach	 	extended
	3056601
	 	 	 	 	 	6/5/2003	 	6/3/2005	 	City of Lake St Louis	 	expired
	3056852
	 	$	168,668.30	 	 	6/16/2003	 	6/16/2006	 	St Louis County, MO	 	 	 	 
	3056853
	 	$	65,112.18	 	 	6/16/2003	 	6/16/2005	 	St Louis County, MO	 	 	 	 
	3056854
	 	 	 	 	 	6/16/2003	 	6/16/2005	 	St Louis County, MO	 	decreased 1,784
05/17/05/ cancelled 05/31/05
	3056856
	 	 	 	 	 	6/16/2003	 	6/16/2005	 	St Louis County, MO	 	decreased 05/03
6,260/cancelled 05/24/05
	3056857
	 	$	131,057.28	 	 	6/16/2003	 	6/16/2005	 	St Louis County, MO	 	decreased 04/29 15,216.00
	3056858
	 	$	39,330.47	 	 	6/16/2003	 	6/16/2006	 	St Louis County, MO	 	decreased 04/07
	3057299
	 	$	121,675.00	 	 	7/2/2003	 	7/1/2006	 	County of Lexington	 	extended
	3057300
	 	$	154,249.00	 	 	7/2/2003	 	7/1/2006	 	County of Lexington	 	extended

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 17 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3057331
	 	 	 	 	 	7/8/2003	 	7/8/2005	 	St Louis County, MO	 	cancelled 04/14
	3057332
	 	$	165,654.67	 	 	7/8/2003	 	7/8/2005	 	St Louis County, MO	 	 	 	 
	3704335
	 	$	14,354.00	 	 	8/24/2000	 	10/31/2005	 	Board of County Comm	 	 	 	 
	3704336
	 	$	137,355.25	 	 	8/24/2000	 	9/1/2005	 	Board of County Comm	 	 	 	 
	3704337
	 	$	164,900.00	 	 	8/25/2000	 	9/1/2005	 	City of Farmington	 	 	 	 
	3704355
	 	$	24,620.00	 	 	5/25/2001	 	5/22/2006	 	Charter Township of	 	extended
	3704358
	 	$	286,080.00	 	 	5/25/2001	 	12/22/2005	 	Washtenaw County Dra	 	 	 	 
	3704364
	 	$	26,500.00	 	 	6/11/2001	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	3704372
	 	$	60,000.00	 	 	6/20/2001	 	6/20/2005	 	Raritan Township	 	 	 	 
	3704385
	 	$	48,900.00	 	 	10/31/2001	 	6/3/2006	 	County of Lexington	 	extended
	3704404
	 	$	87,960.40	 	 	8/19/2002	 	12/31/2005	 	The City of Inver Gr	 	 	 	 
	3704408
	 	$	17,857.00	 	 	10/7/2002	 	10/4/2005	 	Union County	 	decreased 354,702 05/19
	3704409
	 	$	13,553.00	 	 	10/7/2002	 	10/4/2005	 	Union County	 	 	 	 
	3704410
	 	$	12,902.00	 	 	10/7/2002	 	10/4/2005	 	Union County	 	decreased 317,843 05/19
	3704411
	 	$	19,440.00	 	 	10/7/2002	 	10/4/2005	 	Union County	 	 	 	 
	3704413
	 	$	37,000.00	 	 	1/15/2003	 	5/1/2006	 	County of Lexington	 	 	 	 
	3710150
	 	$	150,000.00	 	 	1/31/2003	 	1/27/2006	 	Walker Title & Escrow	 	 	 	 
	3043543
	 	$	77,942.60	 	 	8/26/2003	 	8/21/2005	 	St Louis County, MO	 	decreased 04/29 4,020.00
	3043546
	 	$	74,703.35	 	 	9/5/2003	 	9/4/2005	 	City of Raleigh	 	 	 	 
	3043547
	 	$	42,500.00	 	 	9/5/2003	 	9/4/2005	 	Gary W Purser, SR and Charvick	 	 	 	 
	3043548
	 	$	7,105.00	 	 	9/8/2003	 	9/4/2005	 	Union County	 	decreased 68,368 05/19
	3043549
	 	$	5,335.00	 	 	9/8/2003	 	9/4/2005	 	Union County	 	 	 	 
	3043550
	 	$	182,028.69	 	 	9/8/2003	 	9/4/2005	 	City of O’Fallon	 	 	 	 
	3704362
	 	$	500,000.00	 	 	8/7/2003	 	5/31/2006	 	Enterprise Leasing of DFW	 	extended
	3043557
	 	$	56,727.00	 	 	9/26/2003	 	9/24/2005	 	Town of Mount Pleasant	 	 	 	 
	3043554
	 	$	122,575.00	 	 	9/30/2003	 	9/22/2005	 	City of Inver Frove Heights	 	 	 	 
	3043733
	 	$	49,667.55	 	 	10/8/2003	 	10/7/2005	 	St Louis County, MO	 	decreased 05/03 11,472.00
	3043734
	 	$	23,461.22	 	 	10/8/2003	 	10/7/2005	 	St Louis County, MO	 	 	 	 
	3043735
	 	$	131,280.86	 	 	10/8/2003	 	10/7/2005	 	St Louis County, MO	 	decreased 05/03 27,840.00
	3043736
	 	$	31,000,000.00	 	 	10/8/2003	 	10/7/2005	 	Zurich-American Insurance	 	 	 	 
	3043542
	 	$	89,184.73	 	 	10/9/2003	 	10/7/2005	 	Village of Oswego	 	 	 	 
	3043732
	 	$	124,583.52	 	 	10/9/2003	 	10/7/2005	 	Village of Oswego	 	 	 	 
	3043559
	 	$	2,500,000.00	 	 	10/14/2003	 	10/10/2005	 	Glenn Goodpasture, Esquire AS	 	 	 	 
	3043741
	 	$	411,460.20	 	 	10/29/2003	 	10/23/2005	 	Union County	 	 	 	 
	3043742
	 	$	30,809.25	 	 	10/29/2003	 	10/23/2005	 	Union County	 	 	 	 
	3043745
	 	$	50,000.00	 	 	10/31/2003	 	10/29/2005	 	City of Rosemount	 	 	 	 
	3043746
	 	$	117,000.00	 	 	10/31/2003	 	10/29/2005	 	City of Inver Grove Heights	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 18 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3043747
	 	$	50,000.00	 	 	10/31/2003	 	6/30/2005	 	Round Lake Development	 	 	 	 
	3043883
	 	$	160,247.19	 	 	11/13/2003	 	11/11/2005	 	St Louis County, MO	 	decreased 05/03 28,884
	3043885
	 	 	 	 	 	11/19/2003	 	11/18/2005	 	Washington Metropolitan Area	 	cancelled 06/09/05
	3043749
	 	$	104,356.00	 	 	11/20/2003	 	11/18/2005	 	City of Romulus	 	 	 	 
	3043884
	 	$	808,032.00	 	 	11/20/2003	 	11/17/2005	 	City of Boca Raton	 	 	 	 
	3043886
	 	$	109,233.06	 	 	12/8/2003	 	12/8/2005	 	County of Lexington	 	 	 	 
	3043889
	 	$	750,000.00	 	 	12/11/2003	 	12/11/2005	 	Piedmont Title Agency	 	 	 	 
	3043891
	 	$	50,007.86	 	 	1/2/2004	 	1/2/2006	 	County of Lexington	 	 	 	 
	3043892
	 	$	925,000.00	 	 	1/22/2004	 	1/16/2006	 	Russell L Cheatham	 	 	 	 
	3043897
	 	$	3,000.00	 	 	1/20/2004	 	1/14/2006	 	Commerce Title Company	 	 	 	 
	3043899
	 	$	70,000.00	 	 	2/3/2004	 	1/30/2006	 	North Carolina	 	 	 	 
	3043900
	 	$	98,641.25	 	 	2/5/2004	 	2/4/2006	 	St Louis County, MO	 	 	 	 
	3043901
	 	$	14,835.30	 	 	2/5/2004	 	2/4/2006	 	South Valley Sewer	 	 	 	 
	3044035
	 	$	6,725,789.07	 	 	2/12/2004	 	2/12/2006	 	RFC Construction Funding, LLC	 	decreased 04/14 518,960.06
	3044037
	 	$	27,638.00	 	 	2/13/2004	 	2/13/2006	 	Town of Mount Pleasant	 	 	 	 
	3044036
	 	$	151,764.00	 	 	2/17/2004	 	2/11/2006	 	City of Durham	 	 	 	 
	3044041
	 	$	16,000.00	 	 	2/25/2004	 	2/23/2006	 	Commerce Title Comp	 	 	 	 
	3044042
	 	$	72,837.74	 	 	2/26/2004	 	2/24/2006	 	Union County	 	 	 	 
	3044043
	 	$	34,468.79	 	 	2/26/2004	 	2/24/2006	 	Union County	 	 	 	 
	3044044
	 	$	888,496.07	 	 	2/26/2004	 	2/24/2006	 	Union County	 	 	 	 
	3044049
	 	$	50,000.00	 	 	3/12/2004	 	3/10/2006	 	Robert H Hodgson	 	 	 	 
	3044050
	 	$	243,000.00	 	 	3/15/2005	 	5/4/2006	 	City of Elk River	 	reinstated 03/15 to
772,000 decreased 529,000 on 06/20/05
	3044051
	 	$	94,853.37	 	 	3/16/2004	 	3/15/2006	 	City of Inver Grove Heights	 	 	 	 
	3044052
	 	$	105,107.20	 	 	3/19/2004	 	3/18/2006	 	County of Lexington	 	 	 	 
	3044053
	 	$	856,200.00	 	 	3/22/2004	 	2/1/2006	 	City of Maple Grove	 	decreased 04/12 746,000
	3044111
	 	$	614,350.00	 	 	3/22/2004	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	3044206
	 	$	75,000.00	 	 	5/28/2004	 	5/28/2006	 	BRI/Legacy Park Business Cntr LTD	 	extended
	3044129
	 	$	500,000.00	 	 	6/1/2004	 	5/27/2006	 	Gainesville Village Place	 	extended
	3044128
	 	 	 	 	 	5/26/2004	 	5/26/2005	 	Delmarva Power and Light Company	 	 	 	 
	3044126
	 	$	1,500,000.00	 	 	5/10/2004	 	5/10/2006	 	Walker Title & Escrow	 	extended
	3044125
	 	 	 	 	 	5/7/2004	 	5/7/2005	 	Village of Shiloh	 	 	 	 
	3044127
	 	$	500,000.00	 	 	5/24/2004	 	5/19/2006	 	Rudgate Red Cedars Co	 	extended
	3044115
	 	 	 	 	 	4/7/2004	 	4/7/2005	 	Lennar Communities of Carolina	 	cancelled 04/07
	3044112
	 	$	21,550.00	 	 	4/8/2004	 	8/18/2005	 	Horry County	 	 	 	 
	3044113
	 	$	25,500.00	 	 	4/8/2004	 	8/18/2005	 	Horry County	 	 	 	 
	3044114
	 	$	250,000.00	 	 	4/12/2004	 	4/12/2006	 	Central Land Title	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 19 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3044116
	 	$	1,132,980.00	 	 	4/12/2004	 	4/12/2006	 	Liberty Mutual Insurance	 	 	 	 
	3044117
	 	$	771,400.00	 	 	4/15/2004	 	4/12/2006	 	Jefferson Water and Sewer District	 	decreased 05/04/05 45,800
	3044118
	 	$	812,000.00	 	 	4/15/2004	 	4/12/2006	 	Jefferson Water and Sewer District	 	decreased 05/04/05 50,600
	3044119
	 	$	7,166,666.67	 	 	4/16/2004	 	4/16/2006	 	Residential Funding Corporation	 	 	 	 
	3044120
	 	$	297,313.20	 	 	4/28/2004	 	4/27/2006	 	Union County	 	 	 	 
	3044121
	 	$	71,555.46	 	 	4/28/2004	 	4/27/2006	 	Union County	 	 	 	 
	3044122
	 	$	775,420.99	 	 	4/28/2004	 	4/27/2006	 	Union County	 	 	 	 
	3044123
	 	$	925,000.00	 	 	4/28/2004	 	4/28/2006	 	James F. Steffey	 	 	 	 
	3044124
	 	$	152,657.08	 	 	4/30/2004	 	4/30/2006	 	St Louis County, MO	 	 	 	 
	3044207
	 	 	 	 	 	6/8/2004	 	6/3/2005	 	Georgetown County	 	 	 	 
	3044208
	 	 	 	 	 	6/10/2004	 	6/10/2005	 	Horry County	 	cancelled 06/01/05
	3044209
	 	$	57,671.79	 	 	6/14/2004	 	6/14/2006	 	City of Ellisville	 	 	 	 
	3044210
	 	 	 	 	 	6/21/2004	 	6/18/2005	 	City of Spanish Fork	 	 	 	 
	3044211
	 	$	16,582.50	 	 	6/21/2004	 	6/18/2005	 	South Valley Sewer	 	 	 	 
	3044214
	 	$	3,000,000.00	 	 	7/1/2004	 	7/1/2005	 	Residential Funding Corporation	 	 	 	 
	3044216
	 	$	792,836.00	 	 	7/8/2004	 	7/7/2006	 	Horry County	 	extended
	3044217
	 	 	 	 	 	7/9/2004	 	7/8/2005	 	U S Bank National Association	 	cancelled 06/01/05
	3044215
	 	$	1,000,000.00	 	 	7/2/2004	 	7/1/2005	 	First American Title Isurance Co	 	 	 	 
	3044223
	 	$	15,054.56	 	 	7/19/2004	 	7/16/2005	 	City of Spanish Fork	 	decreased 198,325.77 05/26
	3044224
	 	$	219,991.26	 	 	7/19/2004	 	7/16/2005	 	City of Spanish Fork	 	decreased 878,313.71 05/26
	3044218
	 	$	688,960.50	 	 	7/19/2004	 	7/19/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044219
	 	$	72,737.50	 	 	7/19/2004	 	7/19/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044220
	 	$	95,844.50	 	 	7/19/2004	 	7/19/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044221
	 	$	78,458.75	 	 	7/19/2004	 	7/19/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044222
	 	$	22,350.00	 	 	7/19/2004	 	7/19/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044225
	 	$	39,724.00	 	 	7/26/2004	 	7/26/2005	 	City of Wentzville	 	 	 	 
	3044226
	 	$	175,000.00	 	 	7/26/2004	 	7/26/2005	 	Davidson Township Development LLC	 	 	 	 
	3044213
	 	$	1,078,988.65	 	 	7/27/2004	 	7/27/2005	 	Board of County Supervisors	 	 	 	 
	3044227
	 	$	601,631.84	 	 	7/27/2004	 	7/26/2005	 	Board of County Supervisors	 	 	 	 
	3044228
	 	$	270,014.70	 	 	7/28/2004	 	7/27/2005	 	City of Spanish Fork	 	 	 	 
	3044229
	 	$	2,925,890.44	 	 	8/4/2004	 	8/4/2005	 	Union County	 	 	 	 
	3044230
	 	$	137,060.10	 	 	8/4/2004	 	8/4/2005	 	Union County	 	 	 	 
	3044231
	 	$	292,083.77	 	 	8/5/2004	 	8/5/2005	 	City of Spanish Fork	 	 	 	 
	3044232
	 	$	229,500.00	 	 	8/5/2004	 	8/4/2005	 	City of Farmington	 	 	 	 
	3044233
	 	 	 	 	 	8/5/2004	 	7/1/2005	 	U S Bank National Association	 	cancelled 06/03
	3044234
	 	$	975,000.00	 	 	8/6/2005	 	8/5/2005	 	Union Title and Escrow	 	 	 	 
	3044235
	 	 	 	 	 	8/6/2005	 	8/5/2005	 	Union Title and Escrow	 	cancelled 05/24/05

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 20 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3044237
	 	 	 	 	 	8/17/2004	 	7/1/2005	 	US Bank National Association	 	 	 	 
	3044238
	 	 	 	 	 	8/17/2004	 	8/13/2005	 	Seaside Worcester Development Corp	 	 	 	 
	3044239
	 	$	32,496.75	 	 	8/17/2004	 	8/16/2005	 	Town of Mount Pleasant	 	 	 	 
	3044240
	 	$	101,673.80	 	 	8/26/2004	 	11/1/2005 *	 	Larimer County	 	 	 	 
	3044241
	 	$	64,816.28	 	 	8/26/2004	 	8/26/2005	 	City of Wentzville	 	 	 	 
	3044242
	 	$	297,512.00	 	 	8/27/2004	 	8/26/2005	 	Lower Colorado River Authority	 	 	 	 
	3044243
	 	$	32,918.00	 	 	8/31/2004	 	8/27/2005	 	County of Jefferson	 	 	 	 
	3044263
	 	$	35,024.55	 	 	8/31/2004	 	8/27/2005	 	City of O’Fallon	 	 	 	 
	3044266
	 	$	230,000.00	 	 	9/9/2004	 	9/9/2005	 	Walker Title & Escrow	 	 	 	 
	3044267
	 	$	380,000.00	 	 	9/9/2004	 	9/9/2005	 	Walker Title & Escrow	 	 	 	 
	3044268
	 	$	240,000.00	 	 	9/9/2004	 	9/9/2005	 	Walker Title & Escrow	 	 	 	 
	3044264
	 	$	40,561.00	 	 	9/15/2004	 	9/15/2005	 	City of Durham	 	 	 	 
	3044265
	 	$	57,219.00	 	 	9/15/2004	 	9/15/2005	 	City of Durham	 	 	 	 
	3044270
	 	$	176,506.25	 	 	9/17/2004	 	9/17/2005	 	Greenville County	 	 	 	 
	3044271
	 	$	142,981.25	 	 	9/17/2004	 	9/17/2005	 	Greenville County	 	 	 	 
	3044272
	 	$	180,807.19	 	 	9/17/2004	 	9/17/2005	 	Greenville County	 	 	 	 
	3044236
	 	$	228,000.00	 	 	9/21/2004	 	9/15/2005	 	Commerce Title Comp	 	 	 	 
	3044273
	 	 	 	 	 	9/21/2004	 	9/15/2005	 	Premier Title Co.	 	 	 	 
	3044269
	 	$	930,000.00	 	 	9/22/2004	 	9/22/2005	 	Residential Funding Corporation	 	 	 	 
	3044274
	 	$	558,634.00	 	 	9/29/2004	 	9/28/2005	 	The Ryland Group	 	 	 	 
	3044275
	 	$	335,057.52	 	 	9/29/2004	 	9/28/2005	 	The Ryland Group	 	 	 	 
	3044276
	 	$	132,214.00	 	 	10/12/2004	 	10/12/2005	 	Los Angeles Department of Water and	 	 	 	 
	3044277
	 	$	174,400.00	 	 	10/12/2004	 	10/12/2005	 	Los Angeles Department of Water and	 	 	 	 
	3044278
	 	$	1,386,153.64	 	 	10/18/2004	 	10/18/2005	 	City of Wentzville	 	 	 	 
	3044279
	 	$	30,000.00	 	 	10/22/2004	 	10/22/2005	 	Greenville County	 	 	 	 
	3044281
	 	$	70,741.00	 	 	10/27/2004	 	10/26/2005	 	City of Hazelwood	 	 	 	 
	3044415
	 	$	15,696.00	 	 	10/29/2004	 	10/26/2005	 	Town of Cary, North Carolina	 	 	 	 
	3044416
	 	$	256,346.00	 	 	11/3/2004	 	10/27/2005	 	Greenville County	 	 	 	 
	3044417
	 	$	850,377.62	 	 	11/3/2004	 	11/3/2005	 	Horry County	 	 	 	 
	3044419
	 	$	9,936,215.00	 	 	11/3/2004	 	11/3/2005	 	First American Title Isurance Co	 	 	 	 
	3044420
	 	$	700,000.00	 	 	11/5/2004	 	8/1/2005	 	Liberty Mutual Insurance	 	 	 	 
	3044421
	 	$	2,356,565.63	 	 	11/12/2004	 	11/12/2005	 	Horry County	 	 	 	 
	3044422
	 	$	382,533.20	 	 	11/12/2004	 	11/12/2005	 	City of Jonestown, Texas	 	 	 	 
	3044423
	 	$	715,587.06	 	 	11/12/2004	 	11/12/2005	 	Horry County	 	 	 	 
	3044424
	 	$	1,371,846.88	 	 	11/12/2004	 	11/12/2005	 	Horry County	 	 	 	 
	3044425
	 	$	466,162.50	 	 	11/17/2004	 	11/15/2005	 	City of Thornton	 	 	 	 
	3044280
	 	$	1,556,628.00	 	 	12/1/2004	 	12/1/2005	 	Harris-Fort Bend Counties	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 21 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3044427
	 	$	100,000.00	 	 	12/3/2004	 	12/2/2005	 	Washington Metropolitan Area	 	 	 	 
	3044428
	 	$	100,000.00	 	 	12/3/2004	 	12/2/2005	 	Washington Metropolitan Area	 	 	 	 
	3044426
	 	$	803,505.63	 	 	12/13/2004	 	12/3/2005	 	Greenville County	 	 	 	 
	3044429
	 	$	238,459.38	 	 	12/28/2004	 	12/28/2005	 	Greenville County	 	 	 	 
	3044430
	 	$	49,449.75	 	 	1/4/2005	 	1/4/2006	 	Town of Cary, North Carolina	 	 	 	 
	3044431
	 	$	23,963.00	 	 	1/4/2005	 	1/4/2006	 	City of Durham	 	 	 	 
	3044432
	 	$	136,143.00	 	 	1/4/2005	 	1/4/2006	 	Town of Cary, North Carolina	 	 	 	 
	3044433
	 	$	11,892.42	 	 	1/4/2005	 	1/4/2006	 	Grand Strand Water-Sewer Authority	 	 	 	 
	3066554
	 	$	175,463.00	 	 	1/4/2005	 	1/4/2006	 	South Valley Sewer	 	 	 	 
	3066566
	 	$	64,475.06	 	 	1/28/2005	 	1/28/2006	 	County of Lexington	 	 	 	 
	3066568
	 	$	2,386,516.33	 	 	1/28/2005	 	1/28/2006	 	Town of Bernalillo, New Mexico	 	 	 	 
	3066563
	 	$	144,163.50	 	 	1/27/2005	 	1/27/2006	 	Town of Cary, North Carolina	 	 	 	 
	3066564
	 	$	269,181.00	 	 	1/27/2005	 	1/27/2006	 	Town of Cary, North Carolina	 	 	 	 
	3066565
	 	$	26,195.63	 	 	1/27/2005	 	1/27/2006	 	Grand Strand Water-Sewer Authority	 	 	 	 
	3066561
	 	$	2,643,345.00	 	 	1/25/2005	 	1/25/2006	 	Windemere BLC Land Co, LLC	 	 	 	 
	3066562
	 	$	2,377,824.00	 	 	1/25/2005	 	1/25/2006	 	Windemere BLC Land Co, LLC	 	 	 	 
	3066560
	 	$	2,000,000.00	 	 	1/12/2005	 	1/12/2006	 	Commerce Title Comp	 	 	 	 
	3066555
	 	$	252,069.06	 	 	1/7/2005	 	1/7/2006	 	Horry County	 	 	 	 
	3066556
	 	$	1,015,386.80	 	 	1/7/2005	 	1/7/2006	 	Horry County	 	 	 	 
	3066557
	 	$	1,005,082.25	 	 	1/7/2005	 	1/7/2006	 	Horry County	 	 	 	 
	3066558
	 	$	320,520.69	 	 	1/7/2005	 	1/7/2006	 	Horry County	 	 	 	 
	3066559
	 	$	42,312.50	 	 	1/7/2005	 	1/7/2006	 	Horry County	 	 	 	 
	3066569
	 	$	50,995.82	 	 	2/7/2005	 	2/7/2006	 	City of Lake St Louis	 	 	 	 
	3066570
	 	$	29,419.00	 	 	2/14/2005	 	2/14/2006	 	Lower Colorado Authority	 	 	 	 
	3066567
	 	$	430,000.00	 	 	2/11/2005	 	2/10/2006	 	U S Bank National Association	 	 	 	 
	3066795
	 	$	23,081.25	 	 	4/1/2005	 	3/15/2006	 	Greenville County	 	 	 	 
	3066796
	 	$	36,725.00	 	 	4/1/2005	 	3/15/2006	 	Greenville County	 	 	 	 
	3066797
	 	$	30,331.25	 	 	4/1/2005	 	3/15/2006	 	Greenville County	 	 	 	 
	3066571
	 	$	71,074.50	 	 	3/23/2005	 	3/15/2006	 	Greenville County	 	 	 	 
	3066572
	 	$	537,500.00	 	 	3/10/2005	 	3/10/2006	 	City of Inver Grove	 	 	 	 
	3066573
	 	$	114,345.45	 	 	3/24/2005	 	7/1/2006	 	US Bank National Association	 	 	 	 
	3066794
	 	$	431,385.87	 	 	3/24/2005	 	7/1/2006	 	US Bank National Association	 	 	 	 
	3066805
	 	$	21,510.00	 	 	4/27/2005	 	6/27/2006	 	Horry County	 	New
	3066803
	 	$	35,206.00	 	 	5/4/2005	 	5/4/2006	 	St Louis County, MO	 	New
	3066806
	 	$	114,563.00	 	 	5/4/2005	 	5/15/2006	 	Greenville County	 	New
	3066798
	 	 	 	 	 	4/19/2005	 	4/19/2006	 	Georgetown County	 	New/cancelled 04/25 1,066,621.88
	3066799
	 	$	1,066,621.88	 	 	4/19/2005	 	4/19/2006	 	Georgetown County	 	New

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 22 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America	 	 	 	 	 	 	 	 	 	 	 	 
	 LC#	 	 Amount	 	 	Issued	 	Expires	 	Beneficiary	 	Action
	3066802
	 	$	21,494,086.00	 	 	4/18/2005	 	4/18/2006	 	Culpeper County Water and Sewer	 	New
	3066801
	 	$	9,274,133.00	 	 	4/13/2005	 	4/13/2006	 	Lawyers Title of Arizona	 	New
	3066800
	 	$	433,119.00	 	 	4/12/2005	 	10/5/2005	 	Jurupa Community Services District	 	New
	3066804
	 	$	664,330.63	 	 	4/25/2005	 	4/25/2006	 	Georgetown County	 	New
	3066807
	 	$	29,500.00	 	 	5/11/2005	 	7/11/2006	 	Horry County	 	New
	3066808
	 	$	270,887.55	 	 	5/17/2005	 	5/13/2006	 	City of Raleigh	 	New
	3066812
	 	$	20,384.37	 	 	5/27/2005	 	5/26/2006	 	City of Raleigh	 	New
	3066810
	 	$	500,000.00	 	 	5/24/2005	 	5/23/2006	 	1212 LLC	 	New
	3066811
	 	$	650,000.00	 	 	5/24/2005	 	5/23/2006	 	Wishing Well Trailer Park  JV	 	New
	3066813
	 	$	1,065,809.20	 	 	6/1/2005	 	6/1/2006	 	Horry County	 	New
	3066914
	 	$	79,209.06	 	 	6/1/2005	 	6/1/2006	 	Horry County	 	New
	3066915
	 	$	5,000,000.00	 	 	6/6/2005	 	12/1/2005	 	Zurich-American Insurance	 	New
	3066916
	 	$	1,425,500.00	 	 	6/7/2005	 	6/7/2006	 	City of Mascoutah	 	New
	3066917
	 	$	797,956.30	 	 	6/10/2005	 	6/10/2006	 	Union County	 	New
	3066918
	 	$	463,562.13	 	 	6/10/2005	 	6/10/2006	 	Union County	 	New
	3066919
	 	$	64,629.75	 	 	6/10/2005	 	6/10/2006	 	Union County	 	New
	3066920
	 	$	538,581.25	 	 	6/10/2005	 	6/10/2006	 	Union County	 	New
	3066921
	 	$	17,959.16	 	 	6/15/2005	 	6/15/2006	 	Grand Strand Water-Sewer Authority	 	New
	3066922
	 	$	461,664.57	 	 	6/23/2005	 	6/21/2006	 	City of Spanish Fork	 	New
	3066923
	 	$	12,405.00	 	 	6/22/2005	 	6/22/2006	 	Grand Strand Water-Sewer Authority	 	New
	3066924
	 	$	89,529.38	 	 	6/24/2005	 	7/15/2006	 	Greenville County	 	New
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank One	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	327902
	 	$	171,541.90	 	 	7/1/2003	 	7/1/2006	 	Union County	 	 	 	 
	327908
	 	$	7,863.00	 	 	7/1/2003	 	7/1/2006	 	Union County	 	 	 	 
	327885
	 	$	78,000.00	 	 	1/30/2003	 	1/27/2006	 	439 Development	 	 	 	 
	327894
	 	$	50,000.00	 	 	4/15/2003	 	7/1/2006	 	City of Elk River	 	decreased 06/20/05 50,000
	327900
	 	$	54,000.00	 	 	4/25/2003	 	4/25/2006	 	W&B Development	 	decrease 76,500.00 03/31/05
	327907
	 	$	10,527.00	 	 	7/1/2003	 	7/1/2006	 	Union County	 	decreased 194,927.45 05/19/05
	327904
	 	$	10,261.00	 	 	7/1/2003	 	7/1/2006	 	Union County	 	 	 	 
	327905
	 	$	109,367.35	 	 	7/1/2003	 	7/1/2006	 	Union County	 	extended
	327906
	 	$	14,673.00	 	 	7/1/2003	 	7/1/2006	 	Union County	 	extended
	313941
	 	 	 	 	 	5/4/1992	 	5/4/2005	 	County of Loudoun	 	 	 	 
	318615
	 	 	 	 	 	9/5/2000	 	2/1/2006	 	City of Maplegrove	 	cancelled 04/07
	318619
	 	$	370,596.50	 	 	9/21/2000	 	12/1/2005	 	City of Longmont	 	 	 	 
	318647
	 	$	351,600.00	 	 	7/26/2001	 	7/30/2005	 	Charter Townshio of Canton	 	 	 	 
	318648
	 	$	535,530.00	 	 	7/26/2001	 	7/30/2005	 	Washtenaw Co. Drain Commissioner	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 23 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank One	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	318650
	 	$	177,832.00	 	 	8/23/2001	 	8/20/2006	 	Washtenaw County Rd Commissioner	 	 	 	 
	318655
	 	$	111,538.00	 	 	9/26/2001	 	12/31/2005	 	City of Prior Lake	 	 	 	 
	 
	318671
	 	$	109,575.00	 	 	2/28/2002	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	318663
	 	$	43,093.00	 	 	4/15/2002	 	4/11/2005	 	City of Oceanside	 	 	 	 
	318673
	 	$	112,482.00	 	 	4/15/2002	 	4/11/2005	 	City of Oceanside	 	 	 	 
	318683
	 	 	 	 	 	6/13/2002	 	6/22/2005	 	City of Rosemont	 	cancelled 05/03
	318682
	 	$	87,000.00	 	 	5/28/2002	 	5/28/2005	 	Killeen thunder Creek	 	 	 	 
	318685
	 	$	41,384.50	 	 	7/2/2002	 	1/8/2006	 	County of Lexington, So. Carolina	 	 	 	 
	318689
	 	$	743,177.23	 	 	8/2/2002	 	7/30/2005	 	Union County	 	 	 	 
	318690
	 	$	36,063.19	 	 	8/2/2002	 	7/30/2005	 	Union County	 	 	 	 
	318691
	 	$	350,000.00	 	 	8/5/2004	 	8/5/2005	 	Waugh Chapel Limited Partnership	 	 	 	 
	318692
	 	$	36,274.39	 	 	8/15/2002	 	8/8/2005	 	Union County	 	 	 	 
	318693
	 	$	29,466.00	 	 	8/15/2002	 	8/12/2005	 	Union County	 	decreased 1,019,316.21 05/19/05
	318695
	 	 	 	 	 	8/15/2002	 	8/15/2005	 	City of Westminster	 	 	 	 
	382361
	 	 	 	 	 	8/13/1997	 	2/1/2006	 	City of Maple Grove	 	cancelled 04/07
	382375
	 	 	 	 	 	11/14/1997	 	8/27/2005	 	Town of Parker	 	 	 	 
	382702
	 	 	 	 	 	9/4/1998	 	9/4/2005	 	C.V. Perry & Co.	 	 	 	 
	327898
	 	$	21,577.61	 	 	4/15/2003	 	6/1/2006	 	Union County	 	extended
	327899
	 	$	245,100.45	 	 	4/15/2003	 	6/1/2005	 	Union County	 	extended
	327867
	 	$	32,000.00	 	 	9/18/2002	 	9/16/2005	 	Echo Development	 	 	 	 
	327878
	 	$	425,881.00	 	 	11/12/2002	 	11/11/2005	 	Village of Round Lake	 	 	 	 
	327877
	 	$	363,489.70	 	 	11/6/2002	 	11/30/2005	 	City of Longmont	 	 	 	 
	327872
	 	$	740,980.00	 	 	10/23/2002	 	10/31/2005	 	Wells Fargo Bank Minnesota	 	 	 	 
	327873
	 	$	1,500,000.00	 	 	10/23/2002	 	10/31/2005	 	Wells Fargo Bank Minnesota	 	 	 	 
	327879
	 	$	298,322.38	 	 	11/13/2002	 	11/11/2005	 	Village of Oswego	 	 	 	 
	327884
	 	$	357,774.50	 	 	1/13/2003	 	1/9/2006	 	City of Wheatridge	 	 	 	 
	327891
	 	$	50,000.00	 	 	4/2/2003	 	4/2/2006	 	City of Rosemont	 	 	 	 
	327886
	 	$	204,500.00	 	 	4/15/2003	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	318686
	 	$	50,000.00	 	 	8/7/2003	 	6/30/2005	 	Round Lake Development	 	 	 	 
	327911
	 	$	161,963.34	 	 	2/17/2004	 	2/12/2006	 	City of Champlin	 	 	 	 
	382411
	 	$	106,000.00	 	 	8/10/2004	 	5/1/2006	 	City of Joliet	 	 	 	 
	327895
	 	$	253,950.00	 	 	9/1/2004	 	8/31/2005	 	City of Elk River	 	 	 	 
	327892
	 	$	55,807.15	 	 	3/10/2005	 	6/1/2006	 	County of Union	 	 	 	 
	327893
	 	$	778,651.38	 	 	3/10/2005	 	6/1/2006	 	County of Union	 	 	 	 
	650295
	 	$	253,050.00	 	 	6/22/2005	 	6/22/2006	 	Encana Oil and Gas, Inc	 	New

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 24 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JP Morgan	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	D-221538
	 	$	7,000,000.00	 	 	1/23/2002	 	1/17/2006	 	Zurich American Insurance Group	 	 	 	 
	D-220589
	 	$	6,400,000.00	 	 	12/21/2001	 	1/9/2006	 	The Travelers Indemnity Company	 	 	 	 
	D-229664
	 	$	83,627.30	 	 	9/5/2002	 	3/1/2006	 	County of Lexington So. Carolina	 	 	 	 
	D-229684
	 	$	127,541.72	 	 	9/5/2002	 	3/1/2006	 	County of Lexington So. Carolina	 	 	 	 
	D-233345
	 	$	3,000,000.00	 	 	12/26/2002	 	12/31/2005	 	Old Republic Insurance Company	 	 	 	 
	D-249445
	 	$	250,000.00	 	 	6/30/2004	 	12/31/2005	 	Chase Manhattan Mortgage	 	 	 	 
	D-623257
	 	$	236,000.00	 	 	3/15/2005	 	3/14/2006	 	Rottlund Campany, Inc	 	 	 	 
	D-624251
	 	$	10,000,000.00	 	 	3/29/2005	 	3/28/2006	 	Insurance Commissioner St of Hawaii	 	 	 	 
	D-250200
	 	$	85,000.00	 	 	8/10/2004	 	8/9/2006	 	Douglas Emmett Realty Fund 1998	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Suntrust	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	F503221
	 	$	319,680.00	 	 	3/7/2002	 	3/1/2006	 	Liberty Mutual Ins	 	 	 	 
	F840258
	 	$	250,000.00	 	 	12/12/2002	 	12/12/2005	 	Liberty Mutual Ins	 	 	 	 
	P000126
	 	 	 	 	 	12/12/2002	 	12/12/2005	 	City of Mt. Juliet	 	 	 	 
	P000127
	 	 	 	 	 	12/12/2002	 	12/12/2005	 	City of Mt. Juliet	 	 	 	 
	P000184
	 	$	205,305.86	 	 	1/6/2003	 	12/1/2005	 	Union County	 	 	 	 
	P000185
	 	$	22,812.80	 	 	1/6/2003	 	12/1/2005	 	Union County	 	 	 	 
	P000262
	 	 	 	 	 	1/30/2003	 	5/1/2005	 	County of York c/o James McReynolds	 	expired 05/02
	P000379
	 	$	500,000.00	 	 	3/11/2003	 	3/11/2006	 	Commerce title Agenct	 	 	 	 
	P000473
	 	$	1,008,248.07	 	 	4/16/2003	 	10/31/2005	 	Union City	 	 	 	 
	P000474
	 	$	196,674.04	 	 	4/16/2003	 	10/31/2005	 	Union City	 	 	 	 
	P000475
	 	$	40,250.00	 	 	4/16/2003	 	6/30/2005	 	Union City	 	 	 	 
	P000487
	 	$	311,184.25	 	 	4/25/2003	 	12/31/2005	 	City bof Inner Grove Heights	 	 	 	 
	P000495
	 	$	1,000,000.00	 	 	4/28/2003	 	4/28/2006	 	County of York c/o James McReynolds	 	decreased 04/07 1,150,000.00
	P000635
	 	$	28,220.00	 	 	7/10/2003	 	7/9/2005	 	West Wilson Utility District	 	 	 	 
	P000685
	 	$	14,579.40	 	 	8/4/2003	 	8/4/2005	 	South Valley Sewer District	 	 	 	 
	P601230
	 	 	 	 	 	3/13/2001	 	2/1/2006	 	City of Maple Grove	 	cancelled 04/12/05
	P601250
	 	 	 	 	 	4/11/2001	 	4/1/2005	 	Powhatan Enterprises Inc	 	 	 	 
	P601253
	 	$	6,500.00	 	 	4/13/2001	 	4/11/2006	 	City of Brentwood	 	 	 	 
	P601272
	 	$	72,000.00	 	 	4/30/2001	 	4/27/2006	 	Williamson Cnty Regional Planning	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Commission	 	 	 	 
	P601275
	 	 	 	 	 	4/30/2001	 	4/27/2005	 	City of Brentwood	 	expired 04/27
	P601447
	 	$	105,000.00	 	 	1/29/2002	 	12/14/2005	 	Board of Supervisors of Fairfax County	 	 	 	 
	P601449
	 	$	337,100.00	 	 	1/30/2002	 	12/14/2005	 	Board of Supervisors of Fairfax County	 	 	 	 
	P601457
	 	$	215,000.00	 	 	2/11/2002	 	1/31/2006	 	Board of Supervisors of Fairfax County	 	 	 	 
	P601475
	 	 	 	 	 	3/20/2002	 	3/18/2006	 	Residential Funding Corp	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 25 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Suntrust	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	P601500
	 	$	161,800.00	 	 	4/18/2002	 	4/17/2006	 	Board of Supervisors of Fairfax County	 	 	 	 
	P601558
	 	$	146,150.00	 	 	6/14/2002	 	6/14/2006	 	City of Brentwood	 	extended
	P601559
	 	$	14,000.00	 	 	6/17/2002	 	6/3/2006	 	Metropolitan Dept of Water & Sewage	 	decreased 9,750.00 05/19/05/extended
	P601649
	 	$	358,200.00	 	 	10/16/2002	 	10/11/2005	 	Board of Supervisors of Fairfax County	 	 	 	 
	P001083
	 	$	206,200.00	 	 	2/5/2004	 	2/4/2006	 	Town of Smyrna	 	 	 	 
	P001084
	 	$	228,000.00	 	 	2/5/2004	 	2/4/2006	 	Town of Smyrna	 	 	 	 
	P001097
	 	$	35,000.00	 	 	2/11/2004	 	2/11/2006	 	Town of Smyrna	 	 	 	 
	P001300
	 	$	101,600.00	 	 	5/25/2004	 	5/24/2006	 	County of Henrico, Virginia	 	extended
	P001208
	 	$	80,445.00	 	 	4/20/2004	 	4/20/2006	 	City of Mt Juliet	 	 	 	 
	P001209
	 	$	343,092.00	 	 	4/20/2004	 	4/20/2006	 	City of Mt Juliet	 	 	 	 
	P001225
	 	 	 	 	 	4/14/2004	 	4/16/2005	 	City of Spring Hill	 	expired 04/18/05
	P001475
	 	$	62,350.00	 	 	8/19/2004	 	8/19/2006	 	City of Mt Juliet	 	extended
	P001878
	 	$	170,171.00	 	 	12/30/2004	 	12/30/2005	 	Orange County BOCC	 	 	 	 
	P001976
	 	$	130,000.00	 	 	2/9/2005	 	2/9/2006	 	City of Spring Hill	 	 	 	 
	P002080
	 	$	52,550.00	 	 	3/24/2005	 	4/25/2006	 	 	 	 	 	 
	P002052
	 	$	195,000.00	 	 	3/10/2005	 	3/10/2006	 	City of Murfreesboto	 	 	 	 
	P002053
	 	$	136,000.00	 	 	3/10/2005	 	3/10/2006	 	City of Murfreesboto	 	 	 	 
	F845981
	 	$	100,000.00	 	 	3/11/2005	 	3/10/2006	 	 	 	 	 	 
	F846221
	 	$	2,000,000.00	 	 	4/15/2005	 	4/14/2006	 	 	 	NEW
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BNP	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	S400150
	 	 	 	 	 	2/4/1994	 	2/8/2005	 	Travelers Indemnity Company	 	 	 	 
	91866446
	 	$	13,300,000.00	 	 	1/31/2003	 	1/31/2006	 	Zurich American Insurance Group	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	583342
	 	$	7,370.00	 	 	5/23/2003	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	583272
	 	 	 	 	 	5/21/2003	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	583273
	 	$	17,545.00	 	 	5/21/2003	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	583344
	 	$	3,520.00	 	 	5/23/2003	 	2/1/2006	 	City of Maple Grove	 	 	 	 
	583341
	 	$	1,022,774.00	 	 	5/23/2003	 	5/14/2006	 	Washtenaw County Rd Commission	 	 	 	 
	583402
	 	$	725,000.00	 	 	5/28/2003	 	5/28/2006	 	Wellington Partners LLC	 	 	 	 
	584189
	 	$	240,000.00	 	 	6/30/2003	 	6/27/2006	 	Washtenaw County Rd Commission	 	decreased 502,054 05/03/05
	584301
	 	 	 	 	 	7/7/2003	 	7/2/2005	 	City of Rosemont	 	 	 	 
	584302
	 	$	75,000.00	 	 	7/7/2003	 	7/2/2006	 	City of Rosemont	 	extended
	584752
	 	$	836,106.76	 	 	7/22/2003	 	7/23/2006	 	City of Woodbury	 	extended

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 26 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	584753
	 	$	54,022.20	 	 	7/22/2003	 	7/23/2006	 	City of Woodbury	 	extended
	584943
	 	$	2,307,000.00	 	 	7/30/2003	 	7/30/2006	 	Wal-Mart Stores East LP	 	extended
	584536
	 	$	753,918.00	 	 	7/14/2003	 	7/11/2006	 	Washtenaw County Rd Commission	 	 	 	 
	585535
	 	$	86,400.00	 	 	9/8/2003	 	9/8/2005	 	Charter Township of Canton	 	 	 	 
	585864
	 	$	91,400.00	 	 	9/12/2003	 	9/11/2005	 	City of Rosemont	 	 	 	 
	585865
	 	$	86,950.00	 	 	9/12/2003	 	9/11/2005	 	City of Rosemont	 	 	 	 
	586011
	 	$	60,000.00	 	 	9/22/2003	 	9/17/2005	 	Wayne County, MI	 	 	 	 
	586078
	 	$	329,957.00	 	 	9/22/2003	 	9/19/2005	 	Washtenaw County Drain Commission	 	 	 	 
	587497
	 	 	 	 	 	11/19/2003	 	11/18/2005	 	City of Loveland (Colorado)	 	 	 	 
	589030
	 	$	125,000.00	 	 	1/23/2004	 	1/21/2006	 	Village of Lake in the Hills	 	 	 	 
	589031
	 	$	105,000.00	 	 	1/23/2004	 	1/21/2006	 	Village of Lake in the Hills	 	 	 	 
	589113
	 	 	 	 	 	1/29/2004	 	1/26/2006	 	Harris County Municipal Utility District	 	cancelled
05/17/05
 
	589114
	 	$	386,286.98	 	 	1/29/2004	 	1/26/2006	 	Harris County Municipal Utility District	 	decreased 109,294.70 05/25/05
	589115
	 	$	33,072.99	 	 	1/29/2004	 	1/26/2006	 	Harris County Municipal Utility District	 	decreased 91,716.93 05/26/05
	589734
	 	$	78,729.00	 	 	2/24/2004	 	2/20/2006	 	Washtenaw County Drain Commissioners	 	 	 	 
	591080
	 	$	43,413.15	 	 	4/12/2004	 	4/7/2006	 	City of Oregon	 	decreased 05/06/05
	591090
	 	$	1,054,000.00	 	 	4/9/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591091
	 	$	99,000.00	 	 	4/9/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591092
	 	$	121,000.00	 	 	4/9/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591093
	 	$	301,395.00	 	 	4/9/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591094
	 	$	227,150.00	 	 	4/9/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591146
	 	$	1,517,300.00	 	 	4/13/2004	 	4/9/2006	 	City of Rosemont	 	 	 	 
	591726
	 	$	246,800.00	 	 	4/30/2004	 	4/29/2006	 	City of Rosemont	 	 	 	 
	591727
	 	$	49,500.00	 	 	4/30/2004	 	4/29/2006	 	City of Rosemont	 	 	 	 
	591728
	 	$	87,050.00	 	 	4/30/2004	 	4/29/2006	 	City of Rosemont	 	 	 	 
	591955
	 	$	70,000.00	 	 	5/10/2004	 	5/6/2006	 	Wayne County, MI	 	 	 	 
	593376
	 	$	150,000.00	 	 	6/30/2004	 	6/30/2006	 	City of Chaska, MN	 	 	 	 
	593377
	 	$	890,000.00	 	 	6/30/2004	 	6/29/2006	 	City of Buffalo, MN	 	 	 	 
	593576
	 	$	1,786,000.00	 	 	7/8/2004	 	7/9/2006	 	City of Shakopee, MN	 	extended
	593575
	 	$	168,750.00	 	 	7/8/2004	 	7/9/2005	 	City if Hugo, MN	 	 	 	 
	594103
	 	$	56,764.00	 	 	7/29/2004	 	7/27/2005	 	City if Hugo, MN	 	 	 	 
	594390
	 	$	66,000.00	 	 	8/9/2004	 	8/6/2006	 	Michigan Dept of Environmental
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Development	 	 	 	 
	594521
	 	$	74,842.00	 	 	8/13/2004	 	8/12/2006	 	City of Woodbury	 	extended
	594522
	 	$	1,517,301.00	 	 	8/13/2004	 	8/12/2006	 	City of Woodbury	 	extended

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 27 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	594842
	 	$	73,960.00	 	 	8/30/2004	 	8/30/2006	 	City of Shakopee, MN	 	extended
	594940
	 	$	2,598,000.00	 	 	9/1/2004	 	9/1/2006	 	City of Rochester Hills	 	extended
	594956
	 	$	582,550.00	 	 	9/1/2004	 	8/31/2005	 	City of Hugo	 	 	 	 
	594955
	 	$	349,000.00	 	 	9/3/2004	 	9/3/2006	 	Washtenaw County Rd Commission	 	extended
	595716
	 	$	4,125,000.00	 	 	9/30/2004	 	9/30/2006	 	GMAC Model Home Finance	 	extended
	596011
	 	$	180,000.00	 	 	10/13/2004	 	10/13/2005	 	City of Shakopee, MN	 	 	 	 
	596012
	 	$	21,500.00	 	 	10/13/2004	 	10/13/2005	 	City of Shakopee, MN	 	 	 	 
	596929
	 	$	364,000.00	 	 	11/17/2004	 	11/17/2005	 	City of Shakopee, MN	 	 	 	 
	597508
	 	$	28,836.08	 	 	12/6/2004	 	5/31/2006	 	City of Loveland (Colorado)	 	 	 	 
	597509
	 	 	 	 	 	12/6/2004	 	5/31/2006	 	City of Loveland (Colorado)	 	cancelled 06/16/05
	598322
	 	$	237,695.08	 	 	1/7/2005	 	1/6/2006	 	Harris County Municipal Utility District	 	 	 	 
	598855
	 	$	52,000.00	 	 	1/26/2005	 	1/26/2006	 	City of Wheat Ridge CO	 	 	 	 
	598640
	 	$	927,500.00	 	 	1/20/2005	 	1/21/2007	 	City of Oregon	 	 	 	 
	599703
	 	$	211,000.00	 	 	3/3/2005	 	3/3/2006	 	Charter Township of Canton	 	 	 	 
	600428
	 	$	162,124.00	 	 	4/1/2005	 	4/1/2006	 	Washtenaw County Road Commissioners	 	 	 	 
	600429
	 	$	609,600.00	 	 	4/1/2005	 	4/1/2006	 	City of Rosemont	 	 	 	 
	600430
	 	$	44,000.00	 	 	4/1/2005	 	4/1/2006	 	City of Rosemont	 	 	 	 
	600431
	 	$	60,830.00	 	 	4/1/2005	 	4/1/2006	 	City of Rosemont	 	 	 	 
	599734
	 	$	148,140.00	 	 	3/7/2005	 	3/4/2006	 	Michigan Dept of Environmental Quality	 	 	 	 
	599767
	 	$	225,000.00	 	 	3/7/2005	 	3/7/2006	 	Charter Township of Canton	 	 	 	 
	600125
	 	$	749,250.00	 	 	3/22/2005	 	3/21/2006	 	City of Shakopee, MN	 	 	 	 
	600126
	 	$	885,200.00	 	 	3/22/2005	 	3/21/2006	 	City of Shakopee, MN	 	 	 	 
	600890
	 	$	113,263.00	 	 	4/20/2005	 	4/19/2006	 	City of Farmington	 	NEW
	600822
	 	$	417,965.00	 	 	4/18/2005	 	4/18/2006	 	City of Hastings	 	NEW
	600504
	 	$	1,768,000.00	 	 	4/5/2005	 	4/5/2006	 	City of Hugo	 	NEW
	600579
	 	$	540,220.00	 	 	4/7/2005	 	4/7/2006	 	Washtenaw County Drain Commissioners	 	NEW
	600580
	 	$	54,022.00	 	 	4/7/2005	 	4/7/2006	 	Washtenaw County Drain Commissioners	 	NEW
	600951
	 	$	30,000.00	 	 	4/21/2005	 	4/20/2006	 	Charter Township of Ypsilanti	 	NEW
	601217
	 	$	228,000.00	 	 	5/3/2005	 	4/28/2005	 	Washtenaw County Drain Commissioners	 	NEW
	610573
	 	$	100,000.00	 	 	5/27/2005	 	5/27/2006	 	City of Milan	 	NEW
	610476
	 	$	2,096,921.00	 	 	5/25/2005	 	5/24/2006	 	City of Farmington	 	NEW
	610469
	 	$	1,375,000.00	 	 	5/25/2005	 	5/24/2006	 	City of Hastings	 	NEW
	610147
	 	$	278,300.00	 	 	5/13/2005	 	5/13/2006	 	Selective Delaware	 	NEW
	610304
	 	$	465,326.00	 	 	5/18/2005	 	5/18/2006	 	City of Apple Valley, MN	 	NEW

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 28 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica	 	 	 	 	 	Issued	 	Expire	 	Beneficiary	 	 	 	 
	611320
	 	$	100,000.00	 	 	6/15/2005	 	9/15/2005	 	Lima Township, Michigan	 	NEW
	611250
	 	$	300,544.00	 	 	6/23/2005	 	6/22/2006	 	Washtenaw County Drain Commissioners	 	NEW
	 
	TOTAL
	 	$	279,286,514.29	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Centex Exhibits and Schedules (2005)

	 	 29 

 

 

SCHEDULE 2.1

COMMITMENTS

AND APPLICABLE PERCENTAGES

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 
	Lender	 	Commitment	 	 	Percentage	 
	     
	Bank of America, N.A.
	 	$	149,000,000	 	 	 	9.93333333	%
	 
	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank
	 	$	134,000,000	 	 	 	8.933333333	%
	 
	 	 	 	 	 	 	 	 
	Royal Bank of Scotland plc
	 	$	134,000,000	 	 	 	8.933333333	%
	 
	 	 	 	 	 	 	 	 
	Citibank, N.A.
	 	$	134,000,000	 	 	 	8.933333333	%
	 
	 	 	 	 	 	 	 	 
	Credit Suisse First Boston
	 	$	134,000,000	 	 	 	8.933333333	%
	 
	 	 	 	 	 	 	 	 
	BNP Paribas
	 	$	95,000,000	 	 	 	6.333333333	%
	 
	 	 	 	 	 	 	 	 
	Calyon New York Branch
	 	$	95,000,000	 	 	 	6.333333333	%
	 
	 	 	 	 	 	 	 	 
	Suntrust Bank
	 	$	70,000,000	 	 	 	4.666666667	%
	 
	 	 	 	 	 	 	 	 
	The Bank of Tokyo-Mitsubishi, Ltd.
	 	$	70,000,000	 	 	 	4.666666667	%
	 
	 	 	 	 	 	 	 	 
	Lloyds TSB Bank, plc
	 	$	60,000,000	 	 	 	4.000000000	%
	 
	 	 	 	 	 	 	 	 
	Wachovia Bank, National Association
	 	$	50,000,000	 	 	 	3.333333333	%
	 
	 	 	 	 	 	 	 	 
	Comerica Bank
	 	$	50,000,000	 	 	 	3.333333333	%
	 
	 	 	 	 	 	 	 	 
	Washington Mutual Bank, FA
	 	$	50,000,000	 	 	 	3.333333333	%
	 
	 	 	 	 	 	 	 	 
	Barclays
	 	$	50,000,000	 	 	 	3.333333333	%
	 
	 	 	 	 	 	 	 	 
	PNC Bank, National Association
	 	$	35,000,000	 	 	 	2.333333333	%
	 
	 	 	 	 	 	 	 	 
	UBS Loan Finance LLC
	 	$	35,000,000	 	 	 	2.333333333	%
	 
	 	 	 	 	 	 	 	 
	City National
	 	$	30,000,000	 	 	 	2.000000000	%
	 
	 	 	 	 	 	 	 	 
	The Northern Trust Company
	 	$	25,000,000	 	 	 	1.666666667	%
	 
	 	 	 	 	 	 	 	 
	US Bank National Association
	 	$	25,000,000	 	 	 	1.666666667	%
	 
	 	 	 	 	 	 	 	 
	Banca di Roma – Chicago Branch
	 	$	25,000,000	 	 	 	1.666666667	%
	 
	 	 	 	 	 	 	 	 
	Compass
	 	$	25,000,000	 	 	 	1.666666667	%
	 
	 	 	 	 	 	 	 	 
	Merrill Lynch
	 	$	25,000,000	 	 	 	1.666666667	%
	 
	 	 	 	 	 	 	 	 
	Total
	 	$	1,500,000,000	 	 	 	100.000000000	%

Centex Exhibits and Schedules (2005)

30

 

ADMINISTRATIVE AGENT’S OFFICE;

CERTAIN ADDRESSES FOR NOTICES

ADMINISTRATIVE AGENT:

Administrative Agent’s Office:

(for payments and requests for Credit Extensions)

Bank of America, N.A.

901 Main Street

TX1-492-14-05

Dallas, TX 75202-3714

Attention: Taelitha Harris

Telephone: 214-209-3645

Facsimile: 214-290-9644

Electronic Mail: taelitha.m.harris@bankofamerica.com

Account No: 1292000883

ABA: 111 000 012

Ref: Centex Corporation

Other Notices as Administrative Agent:

Bank of America, N.A.

100 North Tryon Street

NC1-007-14-24

Charlotte, NC 28255

Attention: Kimberly Crane

Telephone: 704-387-5451

Facsimile: 704-409-0901

Electronic Mail: kimberly.crane@bankofamerica.com

LENDERS:

Bank of America, N.A.

231 South LaSalle Street

10th Floor

Chicago, IL 60697

Attention: Mark Lariviere

Telephone: 312-828-2513

Facsimile: 312-828-5086

Electronic Mail: mark.lariviere@BankofAmerica.com

Account No: 1292000883

ABA: 111 000 012

Ref: Centex Corporation

Centex Exhibits and Schedules (2005)

31

 

JPMorgan Chase Bank

2200 Ross Avenue, 3rd Floor

Dallas, TX 75201

Attention: David L. Howard

Telephone: 214.965.4756

Facsimile: 214.965.2044

Electronic Mail: David.L.Howard@chase.com

Account No: 457 0776 9284

ABA: 113000609

Ref: Centex Corp.

The Royal Bank of Scotland plc

101 Park Avenue, 12th Floor

New York, NY 10178

Attention: David Apps

Telephone: 212.401.3745

Facsimile: 212.401.3456

Electronic Mail: david.apps@rbos.com

Account No: 400931052

ABA: 021000021

Ref: Centex

Citicorp North America, Inc.

390 Greenwich St., 1st Floor

New York, NY 10013

Attention: Thomas J. Flanagan

Telephone: 212.723.6927

Facsimile: 646.862.8866

Electronic Mail: Thomas.j.flanagan@citigroup.com

Account No: 40784524

ABA: 021000089

Ref: Leverage Finance Centex

Credit Suisse First Boston, acting through its Cayman Islands Branch

Eleven Madison Avenue

New York, NY 10010

Attention: William O’Daly

Telephone: 212.325.1986

Facsimile: 212.743.2254

Electronic Mail: william.o’daly@csfb.com

Account No: 890-0387-742

ABA: 021 000 018

Ref: Centex Corp.

Centex Exhibits and Schedules (2005)

32

 

BNP Paribas

12201 Merit Drive, Suite 860

Dallas, TX 75251

Attention: Jeff Tebeaux

Telephone: 214.953.9737

Facsimile: 972.788.9140

Electronic Mail: jeff.tebeaux@americas.bnpparibas.com

Account No: 52131543461

ABA: 026007689

Ref: Centex Corporation

Calyon New York Branch

2200 Ross Avenue, Suite 4400 West

Dallas, TX 75201

Attention: Robert Smith

Telephone: 214.220.2311

Facsimile: 214.220.2323

Electronic Mail: Robert.smith@us.calyon.com

Account No: 01881793701

ABA: 0260-0807-3

Ref: Centex Corporation

Comerica Bank

500 Woodward Avenue, 7th Floor

MC: 3256

Detroit, MI 48226

Attention: Casey L. Ostrander

Telephone: 313.222.5286

Facsimile: 313.222.9295

Electronic Mail: casey_ostrander@comerica.com

Account No: 2158590010

ABA: 072-000-096

Ref: Centex Corporation

SunTrust Bank

8330 Boone Boulevard, 8th Floor

Vienna, VA 22182

Attention: W. John Wendler

Telephone: 703.442.1563

Facsimile: 703.442.1570

Electronic Mail: john.wendler@suntrust.com

Account No: 9175001700

ABA: 061000104

Ref: Centex Corporation

Centex Exhibits and Schedules (2005)

33

 

The Bank of Tokyo Mitsubishi, Ltd.11 Louisiana Ave., Suite 2800

Houston, TX 77002

Account No: 97770191

ABA: 0260-0963-2

Ref: Centex/Houston

With a copy to:

The Bank of Tokyo-Mitsubishi, Ltd.

2001 Ross Avenue, Suite 3150

Dallas, TX 75201

Attention: Brenda Trader

Telephone: 214.954.1200 ext. 111

Facsimile: 214.954.1007

Electronic Mail: btrader@btmna.com

Washington Mutual Bank, FA

620 W. Germantown Pike, Suite 200

Plymouth Meeting, PA 19462

Attention: Paul Ulrich

Telephone: 610.238.6929

Facsimile: 610.828.7293

Electronic Mail: Paul.Ulrich@wamu.net

Account No: 09507002714

ABA: 111993776

Ref: Centex Corporation

Lloyds TSB Bank plc

1251 Avenue of the Americas, 39th Floor

New York, NY 10020

Attention: Windsor Davies

Telephone: 212.930.8909

Facsimile: 212.930.5098

Electronic Mail: Wdavies@lloydstsb-usa.com

Account No: 655-010-1938

ABA: 026-009-593

Ref: Centex

PNC Bank, National Association

Two Tower Center, 18th Floor

East Brunswick, NJ 08816

Attention: Douglas Paul

Telephone: 732.220.3566

Facsimile: 732.220.3755

Electronic Mail: Douglas.paul@pnc.com

Account No: 130760016803

ABA: 043000096

Ref: Centex Corporation

Centex Exhibits and Schedules (2005)

34

 

UBS Loan Finance LLC

677 Washington Boulevard

6-South

Stamford, CT 06901

Attention: Safraz Hassan

Telephone: 203.719.3143

Facsimile: 203.719.3888

Electronic Mail: safraz.hassan@ubs.com

Account No: 101-WA-894001-001

ABA: 026007993

Ref: Centex

Banca di Roma – Chicago Branch

225 West Washington, Suite 1200

Chicago, IL 60606

Attention: Joyce Montgomery

Telephone: 312.704.2648

Facsimile: 312.726.3058

Electronic Mail: Bdrchjm@ameritech.net

Account No: 574022759541

ABA: 026009580

Ref: Centex

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60675

Attention: Paul Theiss

Telephone: 312.557.1791

Facsimile: 312.444.7028

Electronic Mail: PHT1@NTRS.COM

Account No: 5186401000

ABA: 071-000-152

Ref: Centex Corporation

U.S. Bank National Association

800 Nicollet Mall, 3rd Floor

BC-MN-H03N

Minneapolis, MN 55402

Attention: Christopher Rupp

Telephone: 612.303.3510

Facsimile: 612.303.2265

Electronic Mail: Christopher.rupp@usbank.com

Account No: 00018642160600

ABA: 081000210

Ref: Centex Corporation

Centex Exhibits and Schedules (2005)

35

 

Wachovia Bank, National Association

191 Peachtree Street NE, 21st Floor

Atlanta, GA 30303

Attention: Tim Blake

Telephone: 404.332.5582.

Facsimile: 404.332.1450

Electronic Mail: tim.blake@wachovia.com

Account No: 01459168116011

ABA: 053000219

Ref: Centex Corporation

Barclays Capital

200 Park Avenue, 4th Floor

New York, NY 10166

Attention: Nicholas Bell

Telephone: 212.412.4029

Facsimile: 212.412.7600

Electronic Mail: nicholas.bell@barcap.com

Account No: 050-019104

ABA: 026 002 574

Ref: Centex Corporation

City National Bank

2001 N. Main Street, Suite 200

Walnut Creek, CA 94596

Attention: Xavier Barrera

Telephone: 925.274.2783

Facsimile: 925.274.2758

Electronic Mail: Xavier.barreragonzalez@cnb.com

Account No: 101-306674

ABA: 122016066

Ref: Centex Corp.

Compass Bank

8080 N. Central Expwy., Suite 250

Dallas, TX 75206

Attention: Key Coker

Telephone: 214.706.8044

Facsimile: 214.346.2746

Electronic Mail: Key.coker@compassbnk.com

Account No: 90124099

ABA: 113010547

Ref: Centex

Centex Exhibits and Schedules (2005)

36

 

Merrill Lynch Bank USA

15 W. South Temple, Suite 300

Salt Lake City, UT 84101

Attention: Derek Befus

Telephone: 801.526.6814

Facsimile: 801.531.7470

Electronic Mail: Derek_Befus@ml.com

Account No: 62030

ABA: 124-084-669

Ref: Centex - CPR# 2273

Centex Exhibits and Schedules (2005)

37

 

SCHEDULE 7.3

SUBSIDIARIES 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	3333 DEVELOPMENT CORPORATION
	 	(Nevada)	 	 	100	%
	3333 HOLDING CORPORATION
	 	(Nevada)	 	 	100	%
	AAA HOLDINGS, L.P.
	 	(Delaware)	 	 	100	%
	ABC HOMES LIMITED
	 	(United Kingdom)	 	 	50	%
	ACCORD LENDING, L.P.
	 	(Texas)	 	 	50.01	%
	ADFITECH, INC.
	 	(Nevada)	 	 	100	%
	AMERICAN LANDMARK MORTGAGE, LTD.
	 	(Florida)	 	 	50.01	%
	ARMOR INSURANCE COMPANY
	 	(Vermont)	 	 	100	%
	ASSURANCE FINANCIAL SERVICES, L.P.
	 	(Washington)	 	 	50.01	%
	AT-HOME MORTGAGE ASSOCIATES, LTD.
	 	(Florida)	 	 	50.01	%
	BARRINGTON CARPET, LLC
	 	(Delaware)	 	 	100	%
	BATCHELLORS FOREST, LLC
	 	(Delaware)	 	 	50	%
	BATESON DAILEY, A JOINT VENTURE
	 	(Michigan)	 	 	65	%
	BENEFIT ASSET MANAGEMENT CORPORATION
	 	(California)	 	 	100	%
	BENICIA CS DEVELOPERS, LLC
	 	(Delaware)	 	 	50	%
	BLADON MORTGAGE, L.P.
	 	(Delaware)	 	 	50.01	%
	BUILDER’S HOME MORTGAGE, L.P.
	 	(Washington)	 	 	50.01	%
	CDC2020 PLC
	 	(UK)	 	 	99.95	%
	CDMC HOLDING, INC.
	 	(Nevada)	 	 	100	%
	CDPWH ACQUISITION LLC
	 	(Delaware)	 	 	100	%
	CL NORTH LAKES, LLC
	 	(Delaware)	 	 	100	%
	CENTEX BUILDING SERVICES, INC.
	 	(Nevada)	 	 	100	%
	CENTEX COMMERCIAL DEVELOPMENT, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX COMMERCIAL DEVELOPMENT, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX CONCORD
	 	(Tennessee)	 	 	50	%
	CENTEX CONCORD PROPERTY MANAGEMENT, L.L.C.
	 	(Tennessee)	 	 	50	%
	CENTEX CONSTRUCTION, INC.
	 	(Nevada)	 	 	100	%
	CENTEX CONSTRUCTION, LLC
	 	(Delaware)	 	 	100	%
	CENTEX CONSTRUCTION GROUP, INC.
	 	(Nevada)	 	 	100	%
	CENTEX DEVELOPMENT COMPANY UK-LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX DEVELOPMENT COMPANY, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX
DEVELOPMENT FUNDING COMPANY UK LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX DEVELOPMENT MANAGEMENT COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX ENGINEERING & CONSTRUCTION, INC.
	 	(Nevada)	 	 	100	%
	CENTEX EQUITY CORPORATION
	 	(Nevada)	 	 	100	%
	CENTEX FINANCIAL SERVICES, INC.
	 	(Nevada)	 	 	100	%
	CENTEX GOLDEN CONSTRUCTION COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX HOME EQUITY COMPANY, LLC
	 	(Delaware)	 	 	100	%
	CENTEX HOME EQUITY ADVANCE RECEIVABLES COMPANY
	 	(Delaware)	 	 	100	%

Centex Exhibits and Schedules (2005)

38

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	CENTEX HOME SERVICES COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX HOMES
	 	(Nevada)	 	 	99.95	%
	CENTEX HOMES INTERNATIONAL LIMITED
	 	(United Kingdom)	 	 	100	%
	CENTEX HOMES LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX HOMES UK LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX HOMES MARKETING, INC.
	 	(Georgia)	 	 	100	%
	CENTEX HOMES OF CALIFORNIA II, LLC
	 	(Delaware)	 	 	99.73	%
	CENTEX HOMES OF CALIFORNIA, LLC
	 	(Delaware)	 	 	99.73	%
	CENTEX HOMES REALTY COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX HOMES REALTY, INC.
	 	(Michigan)	 	 	100	%
	CENTEX HOMES, INC.
	 	(Texas)	 	 	100	%
	CENTEX HOMES, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX HOMES WESTSIDE URBAN RENEWAL I, LLC
	 	(New Jersey)	 	 	100	%
	CENTEX HOMES WESTSIDE URBAN RENEWAL II, LLC
	 	(New Jersey)	 	 	100	%
	CENTEX HOSPITALITY GROUP, LLC
	 	(Delaware)	 	 	100	%
	CENTEX/HOWARD/ROCA, A JOINT VENTURE
	 	(Texas)	 	 	85	%
	CENTEX INDUSTRIAL CAMARILLO IV, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX INTERNATIONAL, INC.
	 	(Nevada)	 	 	100	%
	CENTEX INTERNATIONAL, LLC
	 	(Delaware)	 	 	98.95	%
	CENTEX/JENNINGS, A JOINT VENTURE
	 	(Florida)	 	 	63	%
	CENTEX LAND HOLDINGS GENPAR, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND HOLDINGS, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND VISTA RIDGE LEWISVILLE III GEN. PART. , LLC
	 	(Delaware)	 	 	100	%
	CENTEX LAND VISTA RIDGE LEWISVILLE III, L.P.
	 	(Delaware)	 	 	100	%
	CENTEX LATIN AMERICA, INC.
	 	(Nevada)	 	 	100	%
	CENTEX LEE, LLC
	 	(Delaware)	 	 	80	%
	CENTEX/LENNAR AT MARTIN’S CROSSING, LLC
	 	(Florida)	 	 	50	%
	CENTEX/LENNAR AT PORTOFINO ISLES, LLC
	 	(Florida)	 	 	50	%
	CENTEX/LENNAR AT WOODFIELD, LLC
	 	(Delaware)	 	 	50	%
	CENTEX LOST CREEK RANCH, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX MANAGEMENT SERVICES LIMITED
	 	(United Kingdom)	 	 	98.95	%
	CENTEX MORTGAGE, TITLE AND INSURANCE GROUP, LLC
	 	(Delaware)	 	 	100	%
	CENTEX MOSELEY, LLC
	 	(Virginia)	 	 	90	%
	CENTEX MULTI-FAMILY COMMUNITITES, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY COMMUNITITES, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY COMPANY
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY INVESTMENTS, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY ST. PETE HOLDING CO., L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY ST. PETE II, L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY UPPER LANDING, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE CITYMARK I GENERAL PARTNER, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE CITYMARK I, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE GENERAL PARTNER, LLC
	 	(Delaware)	 	 	99.95	%

Centex Exhibits and Schedules (2005)

39

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	CENTEX OFFICE SOUTHPOINTE II, L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE VISTA RIDGE LEWISVILLE II, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX REAL ESTATE CONSTRUCTION COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX REAL ESTATE CORPORATION
	 	(Nevada)	 	 	100	%
	CENTEX REALTY, INC.
	 	(Florida)	 	 	100	%
	CENTEX ROONEY CONSTRUCTION CO., INC./LANDIS COMPANY,
INC. A JOINT VENTURE
	 	(Louisiana)	 	 	70	%
	CENTEX ROONEY CONSTRUCTION CO., INC./RATTLER
CONSTRUCTION CONTRACTORS, INC., A JOINT VENTURE
	 	(Florida)	 	 	75	%
	CENTEX ROONEY CONSTRUCTION COMPANY/ACI, A JOINT VENTURE
	 	(Florida)	 	 	50	%
	CENTEX ROONEY/BOND CLASSROOMS, LLC
	 	(Delaware)	 	 	50	%
	CENTEX ROONEY/GRAY CONSTRUCTION, A JOINT VENTURE
	 	(Florida)	 	 	85	%
	CENTEX ROONEY/LLT, A JOINT VENTURE
	 	(Florida)	 	 	75	%
	CENTEX ROONEY/PEREZ & PEREZ DESIGN/BUILDERS, L.L.C.
	 	(Delaware)	 	 	90	%
	CENTEX ROONEY/SCHENKEL SHULTZ DESIGN/BUILDERS, L.C.
	 	(Florida)	 	 	50	%
	CENTEX SECURITY, INC.
	 	(Nevada)	 	 	100	%
	CENTEX SEISMIC SERVICES, INC.
	 	(Nevada)	 	 	95	%
	CENTEX SERVICE COMPANY
	 	(Nevada)	 	 	100	%
	CENTEX SMITHGROUP, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX STRATEGIC LAND LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX/TAYLOR, LLC
	 	(Delaware)	 	 	100	%
	CENTEX TECHNOLOGY, INC.
	 	(Nevada)	 	 	100	%
	CENTEX/THACKER, A JOINT VENTURE
	 	(Florida)	 	 	80	%
	CENTEX TITLE & ANCILLARY SERVICES, INC.
	 	(Nevada)	 	 	100	%
	CENTEX UK LTD
	 	(UK)	 	 	99.95	%
	CENTEX/VESTAL, A JOINT VENTURE
	 	(Texas)	 	 	90	%
	CENTEX/F&S, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/FPC, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/HKS II, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/HKS, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/OMNIPLAN, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/PEGASUS, A JOINT VENTURE
	 	(Texas)	 	 	90	%
	CENTEX/SCHENKEL SHULTZ, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX/WORTHGROUP, L.L.C.
	 	(Delaware)	 	 	100	%
	CENTEX-3D/I, A JOINT VENTURE
	 	(Texas)	 	 	90	%
	CENTEX-AIM CONSTRUCTION, L.L.C.
	 	(Michigan)	 	 	80	%
	CENTEX-GILFORD, A JOINT VENTURE
	 	(Virginia)	 	 	79.58	%
	CENTEX-GILFORD, A JOINT VENTURE II
	 	(Virginia)	 	 	88	%
	CENTEX-ROONEY CONSTRUCTION CO. OF GEORGIA, LLC
	 	(Delaware)	 	 	100	%
	CENTEX-ROONEY CONSTRUCTION CO., INC./CONSTRUCT TWO
CONSTRUCTION MANAGERS, INC., A JOINT VENTURE
	 	(Florida)	 	 	90	%
	CHEC ASSET RECEIVABLE CORPORATION
	 	(Nevada)	 	 	100	%
	CHEC CONDUIT FUNDING, LLC
	 	(Delaware)	 	 	100	%

Centex Exhibits and Schedules (2005)

40

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	CHEC FUNDING, LLC
	 	(Delaware)	 	 	100	%
	CHEC INDUSTRIAL LOAN COMPANY
	 	(Tennessee)	 	 	100	%
	CHEC INDUSTRIAL LOAN CORPORATION
	 	(Minnesota)	 	 	100	%
	CHEC RESIDUAL, LLC
	 	(Delaware)	 	 	100	%
	CITY HOMEBUILDERS, INC.
	 	(Texas)	 	 	100	%
	CKC FACILITIES GROUP, L.C.
	 	(Florida)	 	 	60	%
	CL OCEAN VILLAS, LLC
	 	(Delaware)	 	 	50	%
	CP SUNRIDGE, LLC
	 	(Delaware)	 	 	50	%
	CLAREMONT HILLS LLC
	 	(Delaware)	 	 	50	%
	COMMERCE APPRAISAL SERVICES, LLC
	 	(Delaware)	 	 	100	%
	COMMERCE ESCROW COMPANY
	 	(Delaware)	 	 	100	%
	COMMERCE LAND TITLE AGENCY, LLC
	 	(Ohio)	 	 	100	%
	COMMERCE LAND TITLE, INC.
	 	(Nevada)	 	 	100	%
	COMMERCE TITLE COMPANY
	 	(California)	 	 	100	%
	COMMERCE TITLE COMPANY OF NEW MEXICO, LLC
	 	(Delaware)	 	 	100	%
	COMMERCE TITLE INSURANCE AGENCY, LLC
	 	(Utah)	 	 	100	%
	COMMERCE TITLE INSURANCE COMPANY
	 	(California)	 	 	100	%
	CROSLAND ACCEPTANCE ASSOCIATES V
	 	(North Carolina)	 	 	100	%
	CROSLAND BOND COMPANY
	 	(North Carolina)	 	 	100	%
	CTX BUILDERS SUPPLY SERVICES, LLC
	 	(Delaware)	 	 	99.95	%
	CTX HOLDING COMPANY
	 	(Nevada)	 	 	100	%
	CTX MORTGAGE COMPANY, LLC
	 	(Delaware)	 	 	100	%
	CTX MORTGAGE FUNDING III, LLC
	 	(Delaware)	 	 	100	%
	CTX MORTGAGE FUNDING, LLC
	 	(Delaware)	 	 	100	%
	CTX MORTGAGE VENTURES, LLC
	 	(Delaware)	 	 	100	%
	CTX SWAP I, LLC
	 	(Delaware)	 	 	100	%
	DARDEN FINANCIAL SERVICES, L.P.
	 	(Texas)	 	 	50.01	%
	DIAMOND LENDING GROUP, L.P.
	 	(Texas)	 	 	50.01	%
	DOVE BARRINGTON DEVELOPMENT LLC
	 	(Delaware)	 	 	50	%
	ELIZABETH RIVER MORTGAGE, L.P.
	 	(Texas)	 	 	50.01	%
	EMPRESAS INMOBILIARIAS DE MEXICO, S. DE R.L. DE C.V.
	 	(Mexico)	 	 	100	%
	FAIR CHASE DEVELOPMENT LLC
	 	(Delaware)	 	 	50	%
	FAIRCLOUGH HOMES GROUP LIMITED
	 	(UK)	 	 	99.95	%
	FAIRCLOUGH HOMES LIMITED
	 	(UK)	 	 	99.95	%
	FAIRFIELD, L.L.C.
	 	(Missouri)	 	 	50	%
	FAIRPINE LIMITED
	 	(UK)	 	 	50	%
	FOUR OAKS MORTGAGE, L.P.
	 	(North Carolina)	 	 	50.01	%
	FOX & JACOBS, INC.
	 	(Texas)	 	 	100	%
	GARDEN PLUS CO, INC.
	 	(California)	 	 	100	%
	GENBOND TWO, INC.
	 	(North Carolina)	 	 	100	%
	GHQ COMPANY, INC.
	 	(Nevada)	 	 	100	%
	GLG MORTGAGE, L.P.
	 	(Texas)	 	 	50.01	%
	GOLD DUST FINANCIAL, L.P.
	 	(Washington)	 	 	50.01	%
	GUNSTRA MORTGAGE SERVICES, L.P.
	 	(Texas)	 	 	50.01	%

Centex Exhibits and Schedules (2005)

41

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	HARWOOD INSURANCE SERVICES, LLC
	 	(California)	 	 	100	%
	HARWOOD SERVICE COMPANY OF GEORGIA, LLC
	 	(Georgia)	 	 	100	%
	HARWOOD SERVICE COMPANY OF NEW JERSEY, LLC
	 	(New Jersey)	 	 	100	%
	HARWOOD SERVICE COMPANY, LLC
	 	(Delaware)	 	 	100	%
	HARWOOD STREET FUNDING I, LLC
	 	(Delaware)	 	 	*	 
	HARWOOD STREET FUNDING II, LLC
	 	(Delaware)	 	 	100	%
	HEARTLAND MORTGAGE, L.P.
	 	(California)	 	 	50.01	%
	HOMESELECT SETTLEMENT SOLUTIONS, INC.
	 	(Delaware)	 	 	100	%
	HOMETEAM PEST DEFENSE, INC.
	 	(Nevada)	 	 	100	%
	HOMETEAM PEST DEFENSE, LLC
	 	(Delaware)	 	 	100	%
	INDEPENDENT GENERAL AGENCY, INC.
	 	(Texas)	 	 	100	%
	JACK JENINGS & SONES/CENTEZ ROONEY, A JOINT VENTURE
	 	(Florida)	 	 	51	%
	JOHN CROSLAND COMPANY
	 	(North Carolina)	 	 	100	%
	KAWEAH LENDING, L.P.
	 	(Texas)	 	 	50.01	%
	KIRCHMAN/CENTEX, A JOINT VENTURE
	 	(Florida)	 	 	75	%
	LMX FINANCIAL SERVICES, LTD.
	 	(Florida)	 	 	50.01	%
	LOWER MISSOURI RIVER, L.L.C.
	 	(Missouri)	 	 	66.64	%
	MEADOW VISTA COMPANY, LLC
	 	(Delaware)	 	 	100	%
	MELROSE PARK JOINT VENTURE
	 	(Florida)	 	 	53.31	%
	METROPOLITAN TAX SERVICE, INC.
	 	(Nevada)	 	 	100	%
	METROPOLITAN TITLE & GUARANTY COMPANY
	 	(Florida)	 	 	100	%
	MH ACQUISITION COMPANY, LLC
	 	(Delaware)	 	 	100	%
	MORTGAGE ACCEPTANCE ASSOCIATES NO. 2
	 	(North Carolina)	 	 	100	%
	MORTGAGE COLLATERAL ASSOCIATES NO. 1
	 	(North Carolina)	 	 	100	%
	MORTGAGE COLLATERAL ASSOCIATES NO. 3
	 	(North Carolina)	 	 	100	%
	MORTGAGE PORTFOLIO SERVICES, INC.
	 	(Delaware)	 	 	100	%
	MPS FUNDING CORPORATION
	 	(Delaware)	 	 	100	%
	NEW HOME MORTGAGE SPECIALISTS, L.P.
	 	(Washington)	 	 	50.01	%
	NOMAS CORP.
	 	(Nevada)	 	 	99.73	%
	NOVATO COMMUNITY PARTNERS, LLC
	 	(California)	 	 	50	%
	OAKDALE COMMUNITY PARTNERS, LLC
	 	(Delaware)	 	 	50	%
	PDNB MORTGAGE COMPANY, L.P.
	 	(Texas)	 	 	50.01	%
	PLANT 51, LLC
	 	(Delaware)	 	 	100	%
	PRIME HOME MORTGAGE, L.P.
	 	(Washington)	 	 	50.01	%
	POTOMAC YARD DEVELOPMENT LLC
	 	(Delaware)	 	 	50	%
	POTOMAC YARD DEVELOPMENT SOLE MEMBER LLC
	 	(Delaware)	 	 	50	%
	PWH HOSPITALITY LLC
	 	(Texas)	 	 	100	%
	QUALIFIED MORTGAGE SOLUTIONS, L.P.
	 	(Texas)	 	 	50.01	%
	REALTY ONE MORTGAGE, L.P.
	 	(North Carolina)	 	 	50.01	%
	ROBERG FINANCIAL, L.P.
	 	(Texas)	 	 	50.01	%
	S-C PERRIS, LLC
	 	(Delaware)	 	 	50	%
	SEABREEZE, LLC
	 	(California)	 	 	66.7	%
	SELECTIVE - DELAWARE, L.L.C.
	 	(Delaware)	 	 	99.95	%

Centex Exhibits and Schedules (2005)

42

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	SILVER FALLS, LLC
	 	(Delaware)	 	 	50	%
	ST LENDING, INC.
	 	(Delaware)	 	 	99.73	%
	SYCAMORE CREEK
	 	(California)	 	 	50.00	%
	T.W. LEWIS MORTGAGE COMPANY, L.P.
	 	(Texas)	 	 	50.01	%
	TECH VILLAGE PARTNERS II, LLC
	 	(Florida)	 	 	50	%
	THE JONES COMPANY BUILDING SERVICES, LLC
	 	(Nevada)	 	 	99.95	%
	THE JONES COMPANY HOMES REALTY, LLC
	 	(Nevada)	 	 	99.95	%
	THE JONES COMPANY HOMES, LLC
	 	(Nevada)	 	 	99.95	%
	TRIPLE A DELAWARE LIMITED, LLC
	 	(Delaware)	 	 	100	%
	TRIPLE A GENERAL, LLC
	 	(Delaware)	 	 	100	%
	TRIPLE CREEK, LLC
	 	(Delaware)	 	 	100	%
	TUSTIN LEGACY COMMUNITY PARTNERS, LLC
	 	(Delaware)	 	 	50	%
	VENTURE TITLE AGENCY, LTD., LLLP
	 	(Florida)	 	 	50.02	%
	VIEWTON PROPERTIES LIMITED
	 	(UK)	 	 	99.95	%
	WATERFORD AMERICAN MORTGAGE, LTD.
	 	(Florida)	 	 	50.01	%
	WAYNE HOMES MID ATLANTIC, LLC
	 	(Delaware)	 	 	99.95	%
	WAYNE HOMES, LLC
	 	(Delaware)	 	 	97.44	%
	WESTWOOD INSURANCE AGENCY
	 	(Nevada)	 	 	100	%
	WESTWOOD INSURANCE AGENCY
	 	(California)	 	 	100	%
	WESTWOOD INSURANCE AGENCY OF ARIZONA, INC.
	 	(Arizona)	 	 	100	%

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Unrestricted Subsidiary	 	Formation	 	Percentage	 
	3333 DEVELOPMENT CORPORATION
	 	(Nevada)	 	 	100	%
	3333 HOLDING CORPORATION
	 	(Nevada)	 	 	100	%
	ACCORD LENDING, L.P.
	 	(Texas)	 	 	50.01	%
	ADFITECH, INC.
	 	(Nevada)	 	 	100	%
	AMERICAN LANDMARK MORTGAGE, LTD.
	 	(Florida)	 	 	50.01	%
	ASSURANCE FINANCIAL SERVICES, L.P.
	 	(Washington)	 	 	50.01	%
	AT-HOME MORTGAGE ASSOCIATES, LTD.
	 	(Florida)	 	 	50.01	%
	BLADON MORTGAGE, L.P.
	 	(Delaware)	 	 	50.01	%
	BENEFIT ASSET MANAGEMENT CORPORATION
	 	(California)	 	 	100	%
	BUILDER’S HOME MORTGAGE, L.P.
	 	(Washington)	 	 	50.01	%
	CDC2020 PLC
	 	(UK)	 	 	99.95	%
	CDMC HOLDING, INC.
	 	(Nevada)	 	 	100	%
	CENTEX COMMERCIAL DEVELOPMENT, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX COMMERCIAL DEVELOPMENT, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX DEVELOPMENT COMPANY UK-LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX DEVELOPMENT COMPANY, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX
DEVELOPMENT FUNDING COMPANY UK LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX EQUITY CORPORATION
	 	(Nevada)	 	 	100	%
	CENTEX FINANCIAL SERVICES, INC.
	 	(Nevada)	 	 	100	%

Centex Exhibits and Schedules (2005)

43

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	CENTEX HOME EQUITY COMPANY, LLC
	 	(Delaware)	 	 	100	%
	CENTEX HOME EQUITY ADVANCE RECEIVABLES COMPANY
	 	(Delaware)	 	 	100	%
	CENTEX HOMES LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX HOMES UK LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX INDUSTRIAL CAMARILLO IV, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND HOLDINGS GENPAR, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND HOLDINGS, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND INVESTMENTS II, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX LAND VISTA RIDGE LEWISVILLE III GEN. PART. , LLC
	 	(Delaware)	 	 	100	%
	CENTEX LAND VISTA RIDGE LEWISVILLE III, L.P.
	 	(Delaware)	 	 	100	%
	CENTEX MORTGAGE, TITLE AND INSURANCE GROUP, LLC
	 	(Delaware)	 	 	100	%
	CENTEX MULTI-FAMILY COMMUNITITES, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY COMMUNITITES, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY COMPANY
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY INVESTMENTS, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY ST. PETE HOLDING CO., L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY ST. PETE II, L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX MULTI-FAMILY UPPER LANDING, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE CITYMARK I GENERAL PARTNER, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE CITYMARK I, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE GENERAL PARTNER, LLC
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE SOUTHPOINTE II, L.L.C.
	 	(Delaware)	 	 	99.95	%
	CENTEX OFFICE VISTA RIDGE LEWISVILLE II, L.P.
	 	(Delaware)	 	 	99.95	%
	CENTEX STRATEGIC LAND LIMITED
	 	(UK)	 	 	99.95	%
	CENTEX TECHNOLOGY, INC.
	 	(Nevada)	 	 	100	%
	CENTEX TITLE & ANCILLARY SERVICES, INC.
	 	(Nevada)	 	 	100	%
	CENTEX UK LTD
	 	(UK)	 	 	99.95	%
	CHEC ASSET RECEIVABLE CORPORATION
	 	(Nevada)	 	 	100	%
	CHEC CONDUIT FUNDING, LLC
	 	(Delaware)	 	 	100	%
	CHEC FUNDING, LLC
	 	(Delaware)	 	 	100	%
	CHEC INDUSTRIAL LOAN COMPANY
	 	(Tennessee)	 	 	100	%
	CHEC INDUSTRIAL LOAN CORPORATION
	 	(Minnesota)	 	 	100	%
	CHEC RESIDUAL, LLC
	 	(Delaware)	 	 	100	%
	COMMERCE APPRAISAL SERVICES, LLC
	 	(Delaware)	 	 	100	%
	COMMERCE LAND TITLE AGENCY, LLC
	 	(Ohio)	 	 	100	%
	COMMERCE LAND TITLE, INC.
	 	(Nevada)	 	 	100	%
	COMMERCE ESCROW COMPANY
	 	(Delaware)	 	 	100	%
	COMMERCE TITLE COMPANY
	 	(California)	 	 	100	%
	COMMERCE TITLE COMPANY OF NEW MEXICO, LLC
	 	(Delaware)	 	 	100	%
	COMMERCE TITLE INSURANCE AGENCY, LLC
	 	(Utah)	 	 	100	%
	COMMERCE TITLE INSURANCE COMPANY
	 	(California)	 	 	100	%
	CROSLAND ACCEPTANCE ASSOCIATES V
	 	(North Carolina)	 	 	100	%
	CROSLAND BOND COMPANY
	 	(North Carolina)	 	 	100	%
	CTX MORTGAGE COMPANY, LLC
	 	(Delaware)	 	 	100	%

Centex Exhibits and Schedules (2005)

44

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	CTX MORTGAGE FUNDING III, LLC
	 	(Delaware)	 	 	100	%
	CTX MORTGAGE FUNDING, LLC
	 	(Delaware)	 	 	100	%
	CTX MORTGAGE VENTURES, LLC
	 	(Delaware)	 	 	100	%
	CTX SWAP I, LLC
	 	(Delaware)	 	 	100	%
	DARDEN FINANCIAL SERVICES, L.P.
	 	(Texas)	 	 	50.01	%
	DIAMOND LENDING GROUP, L.P.
	 	(Texas)	 	 	50.01	%
	ELIZABETH RIVER MORTGAGE, L.P.
	 	(Texas)	 	 	50.01	%
	FAIRCLOUGH HOMES GROUP LIMITED
	 	(UK)	 	 	99.95	%
	FAIRCLOUGH HOMES LIMITED
	 	(UK)	 	 	99.95	%
	FOUR OAKS MORTGAGE, L.P.
	 	(North Carolina)	 	 	50.01	%
	GENBOND TWO, INC.
	 	(North Carolina)	 	 	100	%
	GLG MORTGAGE, L.P.
	 	(Texas)	 	 	50.01	%
	GOLD DUST FINANCIAL, L.P.
	 	(Washington)	 	 	50.01	%
	GREAT LAKES DEVELOPMENT CO., INC.
	 	(Nevada)	 	 	100	%
	GUNSTRA MORTGAGE SERVICES, L.P.
	 	(Texas)	 	 	50.01	%
	HARWOOD INSURANCE SERVICES, LLC
	 	(California)	 	 	100	%
	HARWOOD SERVICE COMPANY OF GEORGIA, LLC
	 	(Georgia)	 	 	100	%
	HARWOOD SERVICE COMPANY OF NEW JERSEY, LLC
	 	(New Jersey)	 	 	100	%
	HARWOOD SERVICE COMPANY, LLC
	 	(Delaware)	 	 	100	%
	HARWOOD STREET FUNDING I, LLC
	 	(Delaware)	 	 	*	 
	HARWOOD STREET FUNDING II, LLC
	 	(Delaware)	 	 	100	%
	HEARTLAND MORTGAGE, L.P.
	 	(California)	 	 	50.01	%
	HOMESELECT SETTLEMENT SOLUTIONS, INC.
	 	(Delaware)	 	 	100	%
	JOHN CROSLAND COMPANY
	 	(North Carolina)	 	 	100	%
	KAWEAH LENDING, L.P.
	 	(Texas)	 	 	50.01	%
	LMX FINANCIAL SERVICES, LTD.
	 	(Florida)	 	 	50.01	%
	METROPOLITAN TAX SERVICE, INC.
	 	(Nevada)	 	 	100	%
	METROPOLITAN TITLE & GUARANTY COMPANY
	 	(Florida)	 	 	100	%
	MH ACQUISITION COMPANY, LLC
	 	(Delaware)	 	 	100	%
	MORTGAGE ACCEPTANCE ASSOCIATES NO. 2
	 	(North Carolina)	 	 	100	%
	MORTGAGE COLLATERAL ASSOCIATES NO. 1
	 	(North Carolina)	 	 	100	%
	MORTGAGE COLLATERAL ASSOCIATES NO. 3
	 	(North Carolina)	 	 	100	%
	MORTGAGE PORTFOLIO SERVICES, INC.
	 	(Delaware)	 	 	100	%
	MPS FUNDING CORPORATION
	 	(Delaware)	 	 	100	%
	NEW HOME MORTGAGE SPECIALISTS, L.P.
	 	(Washington)	 	 	50.01	%
	PDNB MORTGAGE COMPANY, L.P.
	 	(Texas)	 	 	50.01	%
	PRIME HOME MORTGAGE, L.P.
	 	(Washington)	 	 	50.01	%
	QUALIFIED MORTGAGE SOLUTIONS, L.P.
	 	(Texas)	 	 	50.01	%
	REALTY ONE MORTGAGE, L.P.
	 	(North Carolina)	 	 	50.01	%
	ROBERG FINANCIAL, L.P.
	 	(Texas)	 	 	50.01	%
	T.W. LEWIS MORTGAGE COMPANY, L.P.
	 	(Texas)	 	 	50.01	%
	VENTURE TITLE AGENCY, LTD., L.P.
	 	(Florida)	 	 	50.02	%
	VIEWTON PROPERTIES LIMITED
	 	(UK)	 	 	99.95	%
	WATERFORD AMERICAN MORTGAGE, LTD.
	 	(Florida)	 	 	50.01	%

Centex Exhibits and Schedules (2005)

45

 

	 	 	 	 	 	 	 
	 	 	State of	 	Ownership	 
	Subsidiary	 	Formation	 	Percentage	 
	WESTWOOD INSURANCE AGENCY
	 	(Nevada)	 	 	100	%
	WESTWOOD INSURANCE AGENCY
	 	(California)	 	 	100	%
	WESTWOOD INSURANCE AGENCY OF ARIZONA, INC.
	 	(Arizona)	 	 	100	%

 

	*	 	Owned 100% by holders of various series of Subordinated Certificates issued by Harwood Street
Funding I, LLC. These holders are not affiliated with Centex Corporation.

Centex Exhibits and Schedules (2005)

46

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